Document:

EXECUTION COPY

                                 EXECUTION COPY
                      FIRST INDUSTRIAL REALTY TRUST, INC.,
                EQUISERVE INC. AND EQUISERVE TRUST COMPANY, N.A.
                                 AS DEPOSITARY,

                                       AND

                        THE HOLDERS FROM TIME TO TIME OF
                    THE DEPOSITARY RECEIPTS DESCRIBED HEREIN
       RELATING TO SERIES G FLEXIBLE CUMULATIVE REDEEMABLE PREFERRED STOCK

                                DEPOSIT AGREEMENT

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                            Dated as of May 27, 2004

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                                TABLE OF CONTENTS

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                                    ARTICLE I

                                   DEFINITIONS

                                   ARTICLE II

           FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,
                 TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

SECTION 2.1.  Form and Transfer of Receipts...................................2
SECTION 2.2.  Deposit of Stock; Execution and Delivery of Receipts in
                Respect Thereof...............................................4
SECTION 2.3.  Registration of Transfer of Receipts............................5
SECTION 2.4.  Split-ups and Combinations of Receipts; Surrender of Receipts
                and Withdrawal of Stock.......................................5
SECTION 2.5.  Limitations on Execution and Delivery, Transfer, Surrender and
                Exchange of Receipts..........................................6
SECTION 2.6.  Lost Receipts, etc..............................................7
SECTION 2.7.  Cancellation and Destruction of Surrendered Receipts............7
SECTION 2.8.  Redemption of Stock.............................................7
SECTION 2.9.  Stock Constituting Excess Stock.................................9

                                   ARTICLE III

           CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

SECTION 3.1.  Filing Proofs, Certificates and Other Information...............9
SECTION 3.2.  Payment of Taxes or Other Governmental Charges..................9
SECTION 3.3.  Warranty as to Stock...........................................10

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

SECTION 4.1.  Cash Distributions.............................................10
SECTION 4.2.  Distributions Other than Cash, Rights, Preferences or
                Privileges...................................................10
SECTION 4.3.  Subscription Rights, Preferences or Privileges.................11
SECTION 4.4.  Notice of Dividends, etc.; Fixing Record Date for Holders
                of Receipts..................................................12
SECTION 4.5.  Voting Rights..................................................12

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SECTION 4.6.  Changes Affecting Deposited Securities and Reclassifications,
                Recapitalizations, etc.......................................13
SECTION 4.7.  Delivery of Reports............................................13
SECTION 4.8.  List of Receipt Holders........................................13

                                    ARTICLE V

                        THE DEPOSITARY, THE DEPOSITARY'S
                      AGENTS, THE REGISTRAR AND THE COMPANY

SECTION 5.1.  Maintenance of Offices, Agencies and Transfer Books by the
                Depositary; Registrar........................................14
SECTION 5.2.  Prevention of or Delay in Performance by the Depositary, the
                Depositary's Agents, the Registrar or the Company............15
SECTION 5.3.  Obligation of the Depositary, the Depositary's Agents, the
                Registrar and the Company....................................15
SECTION 5.4.  Resignation and Removal of the Depositary; Appointment of
                Successor Depositary.........................................17
SECTION 5.5.  Corporate Notices and Reports..................................18
SECTION 5.6.  Indemnification by the Company.................................18
SECTION 5.7.  Charges and Expenses...........................................18
SECTION 5.8.  Tax Compliance.................................................18

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

SECTION 6.1.  Amendment......................................................19
SECTION 6.2.  Termination....................................................19

                                   ARTICLE VII

                                  MISCELLANEOUS

SECTION 7.1.  Counterparts...................................................20
SECTION 7.2.  Exclusive Benefit of Parties...................................20
SECTION 7.3.  Invalidity of Provisions.......................................20
SECTION 7.4.  Notices........................................................20
SECTION 7.5.  Appointment of Registrar.......................................21
SECTION 7.6.  Holders of Receipts Are Parties................................21
SECTION 7.7.  Governing Law..................................................21
SECTION 7.8.  Inspection of Deposit Agreement................................21
SECTION 7.9.  Headings.......................................................22

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     DEPOSIT AGREEMENT, dated as of May 27, 2004, among FIRST INDUSTRIAL REALTY
TRUST, INC., a Maryland corporation (the "Company"), EquiServe Trust Company,
N.A., a national banking association and EquiServe, Inc., a Delaware
corporation, (collectively EquiServe Trust Company, N.A. and EquiServe, Inc.
shall be referenced herein as "Depositary" or individually as the "Trust
Company" and "EQI", respectively), and the holders from time to time of the
Receipts described herein.

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit
Agreement, for the deposit of shares of Series G Flexible Cumulative Redeemable
Preferred Stock of the Company with the Depositary for the purposes set forth in
this Deposit Agreement and for the issuance hereunder of Receipts evidencing
Depositary Shares in respect of the Stock so deposited; and

     WHEREAS, the Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as
hereinafter provided in this Deposit Agreement;

     NOW, THEREFORE, in consideration of the promises contained herein, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

     The following definitions shall, for all purposes, unless otherwise
indicated, apply to the respective terms used in this Deposit Agreement:

     "Articles Supplementary" shall mean the Articles Supplementary filed with
the Secretary of State of the State of Maryland establishing the Stock as a
series of preferred stock of the Company.

     "Deposit Agreement" shall mean this Deposit Agreement, as amended or
supplemented from time to time.

     "Depositary" shall mean EquiServe Inc. and its fully owned subsidiary,
EquiServe Trust Company, N.A. and any successor as Depositary hereunder.

     "Depositary Shares" shall mean Depositary Shares, each representing 1/100
of a share of Stock and evidenced by a Receipt.

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                                      -2-

     "Depositary's Agent" shall mean one or more agents appointed by the
Depositary pursuant to Section 5.1 hereof and shall include the Registrar if
such Registrar is not the Depositary.

     "Depositary's Office", shall mean any office of the Depositary at which at
any particular time its depositary receipt business shall be administered.

     "Excess Stock" shall mean Excess Stock as defined in Section 7.4 of the
Company's Amended and Restated Articles of Incorporation.

     "Receipt" shall mean one of the Depositary Receipts, substantially in the
form set forth as Exhibit A hereto, issued hereunder, whether in definitive or
temporary form and evidencing the number of Depositary Shares held of record by
the record holder of such Depositary Shares. If the context so requires, the
term "Receipt" shall be deemed to include the DTC Receipt (as defined in Section
2.1 hereof).

     "record holder" or "holder" as applied to a Receipt shall mean the person
in whose name a Receipt is registered on the books of the Depositary maintained
for such purpose.

     "Registrar" shall mean the Depositary or such other bank or trust company
which shall be appointed to register ownership and transfers of Receipts as
herein provided.-

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Stock" shall mean shares of the Company's Series G Flexible Cumulative
Redeemable Preferred Stock, $.0l par value per share.

                                   ARTICLE II

           FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,
                 TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

     SECTION 2.1. Form and Transfer of Receipts. The Company and the Depositary
shall make application to The Depository Trust Company ("DTC") for acceptance of
all or a portion of the Receipts for its book-entry settlement system. The
Company hereby appoints the Depositary acting through any authorized officer
thereof as its attorney-in-fact, with full power to delegate, for purposes of
executing any agreements, certifications or other instruments or documents
necessary or desirable in order to effect the acceptance of such Receipts for
DTC eligibility. So long as the Receipts are eligible for book-entry settlement
with DTC, unless otherwise required by law, all Depositary Shares shall be
represented by a single receipt (the "DTC Receipt"), which shall be deposited
with DTC (or its designee) evidencing all such Depositary Shares and registered
in the name of the nominee of DTC (initially expected to be Cede & Co.).
EquiServe Trust Company, N.A. or such other entity as is agreed to by DTC may
hold the DTC

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                                      -3-

Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected
through, records maintained by (i) DTC or its nominee for such DTC Receipt or
(ii) institutions that have accounts with DTC.

     If DTC subsequently ceases to make its book-entry settlement system
available for the Receipts, the Company may instruct the Depositary regarding
making other arrangements for book-entry settlement. In the event that the
Receipts are not eligible for, or it is no longer desirable to have the Receipts
available in, book-entry form, the Depositary shall provide written instructions
to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the
Company shall instruct the Depositary to deliver to the beneficial owners of the
Depositary Shares previously evidenced by the DTC definitive Receipts in
physical form evidencing such Depositary Shares. Such definitive receipts shall
be in substantially the form annexed hereto as Annex A, with appropriate
insertions, modifications and omissions, as hereafter provided.

     The beneficial owners of Depositary Shares shall, except as stated above
with respect to Depositary Shares in book-entry form represented by the DTC
Receipt, be entitled to receive Receipts in physical, certificated form as
herein provided.

     The definitive Receipts shall be engraved or printed or lithographed on
steel-engraved borders, with appropriate insertions, modifications and
omissions, as hereinafter provided, if and to the extent required by any
securities exchange on which the Receipts are listed. The DTC Receipt shall bear
such legend or legends as may be required by DTC in order for it to accept the
Depository Shares for its book-entry settlement system. Pending the preparation
of definitive Receipts or if definitive Receipts are not required by any
securities exchange on which the Receipts are listed, the Depositary, upon the
written order of the Company, delivered in compliance with Section 2.2 hereof,
shall execute and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such
Receipts. If temporary Receipts are issued, the Company and the Depositary will
cause definitive Receipts to be prepared without unreasonable delay. After the
preparation of definitive Receipts, the temporary Receipts shall be exchangeable
for definitive Receipts upon surrender of the temporary Receipts at the
Depositary's Office or at such other place or places as the Depositary shall
determine, without charge to the holder. Upon surrender for cancellation of any
one or more temporary Receipts, the Depositary shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Company's expense and without any charge to the
holder therefor. Until so exchanged, the temporary Receipts shall in all
respects be entitled to the same benefits under this Deposit Agreement, and with
respect to the Stock, as definitive Receipts.

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                                      -4-

     Receipts shall be executed by the Depositary by the manual and/or facsimile
signature of a duly authorized officer of the Depositary. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed in accordance with the
foregoing sentence. The Depositary shall record on its books each Receipt so
signed and delivered as hereinafter provided.

     Receipts shall be in denominations of any number of whole Depositary
Shares. The Company shall deliver to the Depositary from time to time such
quantities of Receipts as the Depositary may request to enable the Depositary to
perform its obligations under this Deposit Agreement.

     Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Company or required to comply with
any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject, all as directed by the Company.

     Title to Depositary Shares evidenced by a Receipt which is properly
endorsed or accompanied by a properly executed instrument of transfer shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.3, the
Depositary may, notwithstanding any notice to the contrary, treat the record
holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for
all other purposes.

     SECTION 2.2. Deposit of Stock; Execution and Delivery of Receipts in
Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company may from time to time deposit shares of Stock under this Deposit
Agreement by delivery to the Depositary of a certificate or certificates for the
Stock to be deposited, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depositary, together with (i) all such certifications as may
be required by the Depositary in accordance with the provisions of this Deposit
Agreement, including the resolutions of the Board of Directors of the Company,
as certified by the Secretary or any Assistant Secretary of the Company on the
date thereof as being as being complete, accurate and in effect, relating to
issuance and sale of the Preferred Stock, (ii) a letter of counsel to the
Company authorizing reliance on such counsel's opinions delivered to the
underwriters named therein relating to (A) the existence and good standing of
the Company, (B) the due authorization of the Depositary Shares and the status
of the Depositary Shares as validly issued, fully paid and non-assessable, and
(C) the effectiveness of any registration statement under the Securities Act
relat-

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                                      -5-

ing to the Depositary Shares, and (iii) a written letter of instruction of the
Company or such holder, as the case may be, directing the Depositary to execute
and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts for the number of Depositary Shares
representing such deposited Stock.

     Deposited Stock shall be held by the Depositary at the Depositary's Office
or at such other place or places as the Depositary shall determine.

     Upon receipt by the Depositary of a certificate or certificates for Stock
deposited in accordance with the provisions of this Section, together with the
other documents required as above specified, and upon recordation of the Stock
on the books of the Company in the name of the Depositary or its nominee, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver, to or upon the order of the person or persons named in the
written order delivered to the Depositary referred to in the first paragraph of
this Section 2.2, a Receipt or Receipts for the whole number of Depositary
Shares representing, in the aggregate, the Stock so deposited and registered in
such name or names as may be requested by such person or persons. The Depositary
shall execute and deliver such Receipt or Receipts at the Depositary's Office or
such other offices, if any, as the Depositary may designate. Delivery at other
offices shall be at the risk and expense of the person requesting such delivery.

     SECTION 2.3. Registration of Transfer of Receipts. Subject to the terms and
conditions of applicable law and of this Deposit Agreement, the Depositary shall
register on its books from time to time transfers of Receipts upon any surrender
thereof by the holder in person or by a duly authorized attorney, agent or
representative, properly endorsed or accompanied by a properly executed
instrument of transfer including a guarantee of the signature thereon by a
participant in a signature guarantee medallion program approved by the
Securities Transfer Association ("Signature Guarantee"). Thereupon, the
Depositary shall execute a new Receipt or Receipts evidencing the same aggregate
number of Depositary Shares as those evidenced by the Receipt or Receipts
surrendered and deliver such new Receipt or Receipts to or upon the order of the
person entitled thereto.

     SECTION 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts
and Withdrawal of Stock. Upon surrender of a Receipt or Receipts at the
Depositary's Office or at such other offices as it may designate for the purpose
of effecting a split-up or combination of such Receipt or Receipts, and subject
to the terms and conditions of this Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered; provided, however, that the
Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

     Any holder of a Receipt or Receipts representing any number of whole shares
of Stock may (unless the related Depositary Shares have previously been called
for redemption) withdraw the Stock and all money and other property, if any,
represented thereby by surrender-

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                                      -6-

ing such Receipt or Receipts at the Depositary's Office or at such other offices
as the Depositary may designate for such withdrawals and paying any unpaid
amount due the Depositary. If such holder's Depositary Shares are being held by
DTC or its nominee pursuant to Section 2.1 hereof, such holder shall request
withdrawal from the book-entry system of Receipts representing any number of
whole shares. Thereafter, without unreasonable delay, the Depositary shall
deliver to such holder or to the person or persons designated by such holder as
hereinafter provided the number of whole shares of Stock and all money and other
property, if any, represented by the Receipt or Receipts so surrendered for
withdrawal, but holders of such whole shares of Stock will not thereafter be
entitled to deposit such Stock hereunder or to receive Depositary Shares
therefor. If a Receipt delivered by the holder to the Depositary in connection
with such withdrawal shall evidence a number of Depositary Shares in excess of
the number of Depositary Shares representing the number of whole shares of Stock
to be so withdrawn, the Depositary shall at the same time, in addition to such
number of whole shares of Stock and such money and other property, if any, to be
so withdrawn, deliver to such holder, or upon his order, a new Receipt
evidencing such excess number of Depositary Shares; provided, however, that the
Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

     Delivery of the Stock and money and other property being withdrawn may be
made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by proper instruments of
transfer.

     If the Stock and the money and other property being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or
Receipts being surrendered for withdrawal of Stock, such holder shall execute
and deliver to the Depositary a written order so directing the Depositary and
the Depositary may require that the Receipt or Receipts surrendered by such
holder for withdrawal of such shares of Stock be properly endorsed in blank or
accompanied by a properly executed instrument of transfer in blank.

     Delivery of the Stock and the money and other property, if any, represented
by Receipts surrendered for withdrawal shall be made by the Depositary at the
Depositary's Office, except that, at the request, risk and expense of the holder
surrendering such Receipt or Receipts and for the account of the holder thereof,
such delivery may be made at such other place as may be designated by such
holder.

     SECTION 2.5. Limitations on Execution and Delivery, Transfer, Surrender and
Exchange of Receipts. As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, surrender or exchange of any
Receipt, the Depositary, any of the Depositary's Agents or the Company may
require payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to
it) of any charges or expenses payable by the holder of a Receipt pursuant to
Sections 3.2 and 5.7 hereof, may require the production of evidence satisfactory
to it as to the

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identity and genuineness of any signature including a Signature Guarantee, and
may also require compliance with such regulations, if any, as the Depositary or
the Company may establish consistent with the provisions of this Deposit
Agreement.

     The deposit of Stock may be refused, the delivery of Receipts against Stock
may be suspended, the registration of transfer of Receipts may be refused and
the registration of transfer, surrender or exchange of outstanding Receipts may
be suspended (i) during any period when the register of stockholders of the
Company is closed, or (ii) if any such action is deemed necessary or advisable
by the Depositary, any of the Depositary's Agents or the Company at any time or
from time to time because of any requirement of law or of any government or
governmental body or commission or under any provision of this Deposit
Agreement.

     SECTION 2.6. Lost Receipts, etc. In case any Receipt shall be mutilated,
destroyed, lost or stolen, the Depositary in its reasonable discretion may
execute and deliver a Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt, or in lieu of and in substitution for
such destroyed, lost or stolen Receipt, upon (i) the filing by the holder
thereof with the Depositary of evidence reasonably satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof, (ii) the furnishing of
the Depositary with reasonable indemnification and the provision of an open
penalty surety bond satisfactory to the Depositary and holding it and the
Company harmless, and (iii) the payment of any reasonable expense (including
reasonable fees, charges and expenses of the Depositary) in connection with such
execution and delivery.

     Cancellation and Destruction of Surrendered Receipts. All Receipts
surrendered to the Depositary or any Depositary's Agent shall be cancelled by
the Depositary. Except as prohibited by applicable law or regulation, the
Company is authorized to destroy all Receipts so cancelled.

     SECTION 2.7. Redemption of Stock. Whenever the Company shall be permitted
and shall elect to redeem shares of Stock in accordance with the provisions of
the Company's Articles of Incorporation or Articles Supplementary, it shall
(unless otherwise agreed to in writing with the Depositary) give or cause to be
given to the Depositary not less than 45 days notice of the date of such
proposed redemption or exchange of Stock and of the number of such shares held
by the Depositary to be so redeemed and the applicable redemption price, as set
forth in the Articles Supplementary, which notice shall be accompanied by a
certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Company's Articles of Incorporation or
Articles Supplementary. On the date of such redemption, provided that the
Company shall then have paid or caused to be paid in full to the Depositary the
redemption price of the Stock to be redeemed, plus an amount equal to any
accrued and unpaid dividends thereon to the date fixed for redemption, in
accordance with the provisions of the Articles Supplementary, the Depositary
shall redeem the number of Depositary Shares representing such Stock. The
Depositary shall mail notice of

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                                      -8-

the Company's redemption of Stock and the proposed simultaneous redemption of
the number of Depositary Shares representing the Stock to be redeemed by
first-class mail, postage prepaid, not less than 30 and not more than 60 days
prior to the date fixed for redemption of such Stock and Depositary Shares (the
"Redemption Date") to the record holders of the Receipts evidencing the
Depositary Shares to be so redeemed, at the address of such holders as they
appear on the records of the Depositary; but neither failure to mail any such
notice of redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or more such
holders shall affect the sufficiency of the proceedings for redemption as to the
other holders. The Company will provide the Depositary with the information
necessary for the Depositary to prepare such notice and each such notice shall
state: (i) the Redemption Date; (ii) the number of Depositary Shares to be
redeemed and, if fewer than all the Depositary Shares held by any such holder
are to be redeemed, the number of such Depositary Shares held by such holder to
be so redeemed; (iii) the redemption price per Depositary Share; (iv) the place
or places where Receipts evidencing Depositary Shares are to be surrendered for
payment of the redemption price; and (v) that dividends in respect of the Stock
represented by the Depositary Shares to be redeemed will cease to accrue on such
Redemption Date and will bear no interest. In case fewer than all the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so
redeemed shall be determined pro rata or by lot in a manner determined by the
Board of Directors.

     Notice having been mailed by the Depositary as aforesaid, from and after
the Redemption Date (unless the Company shall have failed to provide the funds
necessary to redeem the Stock evidenced by the Depositary Shares called for
redemption) (i) dividends on the shares of Stock so called for redemption shall
cease to accrue from and after such date, (ii) the Depositary Shares being
redeemed from such proceeds shall be deemed no longer to be outstanding, (iii)
all rights of the holders of Receipts evidencing such Depositary Shares (except
the right to receive the redemption price) shall, to the extent of such
Depositary Shares, cease and terminate and (iv) upon surrender in accordance
with such redemption; notice of the Receipts evidencing any such Depositary
Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to
the same fraction of the redemption price per share paid with respect to the
shares of Stock as the fraction each Depositary Share represents of a share of
Stock plus the same fraction of all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the Company
in respect of dividends which on the Redemption Date have accumulated on the
shares of Stock to be so redeemed and have not theretofore been paid. Any funds
deposited by the Company with the Depositary for any Depositary Shares that the
holders thereof fail to redeem will, upon the written request of the Company, be
returned to the Company after a period of five years from the date such funds
are so deposited.

     If fewer than all of the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the

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                                      -9-

Depositary, together with the redemption payment, a new Receipt evidencing the
Depositary Shares evidenced by such prior Receipt and not called for redemption;
provided, however, that the Depositary shall not issue any Receipt evidencing a
fractional Depositary Share.

     SECTION 2.8. Stock Constituting Excess Stock. As provided in the Articles
of Incorporation or Articles Supplementary, upon the happening of certain
events, shares of Stock shall be deemed to automatically constitute Excess
Stock. In the event of such a conversion, the Receipt representing the deposited
Stock so converted shall no longer represent, to the extent of the shares so
converted, such deposited Stock. Promptly upon its knowledge of the conversion
of such deposited Stock into Excess Shares, the Company shall notify the
Depositary of such conversion, the number of shares of deposited Stock so
converted, and the identity of the holder of the Receipt so affected, whereupon
the Depositary shall promptly notify the holder of such Receipt as to the
foregoing information and the requirement for the holder to surrender such
Receipt to the Depositary for cancellation of the number of Depositary Shares
evidenced thereby equal to the deposited Stock constituting Excess Shares
represented thereby.

     If fewer than all of the Depositary Shares evidenced by a Receipt are
required to be surrendered for cancellation, the Depositary will deliver to the
holder of such Receipt upon its surrender to the Depositary a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not
required to be surrendered for cancellation. Upon the conversion of the
deposited Stock and cancellation of the Depositary Shares represented thereby,
the Depositary will make appropriate adjustments in its records to reflect such
conversion and cancellation (including the reduction of any fractional share of
deposited Stock and the issuance of any Excess Shares).

                                   ARTICLE III

           CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     SECTION 3.1. Filing Proofs, Certificates and Other Information. Any holder
of a Receipt may be required from time to time to file such proof of residence,
or other matters or other information, to execute such certificates and to make
such representations and warranties as the Depositary or the Company may
reasonably deem necessary or proper or otherwise reasonably request. Subject to
applicable law, the Depositary or the Company may withhold the delivery, or
delay the registration of transfer, redemption or exchange, of any Receipt or
the withdrawal or conversion of the Stock represented by the Depositary Shares
evidenced by any Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof until such
proof or other information is filed or such certificates are executed or such
representations and warranties are made.

     SECTION 3.2. Payment of Taxes or Other Governmental Charges. Holders of
Receipts shall be obligated to make payments to the Depositary of certain
charges and ex-

<PAGE>
                                      -10-

penses, as provided in Section 5.7 hereof. Subject to applicable law,
registration of transfer of any Receipt or any withdrawal of Stock and all money
or other property, if any, represented by the Depositary Shares evidenced by
such Receipt may be refused until any such payment due is made, and any
dividends, interest payments or other distributions may be withheld or any part
of or all the Stock or other property represented by the Depositary Shares
evidenced by such Receipt and not theretofore sold may be sold for the account
of the holder thereof (after attempting by reasonable means to notify such
holder prior to such sale), and such dividends, interest payments or other
distributions or the proceeds of any such sale may be applied to any payment of
such charges or expenses, the holder of such Receipt remaining liable for any
deficiency.

     SECTION 3.3. Warranty as to Stock. The Company hereby represents and
warrants that the Stock, when issued, will be duly authorized, validly issued,
fully paid and nonassessable. Such representation and warranty shall survive the
deposit of the Stock and the issuance of Receipts.

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

     SECTION 4.1. Cash Distributions. Whenever the Depositary shall receive any
cash dividend or other cash distribution on Stock, the Depositary shall, subject
to Sections 3.1 and 3.2 hereof, distribute to record holders of Receipts on the
record date fixed pursuant to Section 4.4 hereof such amounts of such dividend
or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that in case the Company or the Depositary shall be
required to withhold and shall withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes or as
otherwise required by law, regulation or court process, the amount made
available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. In the event that the calculation of any such cash
dividend or other cash distribution to be paid to any record holder on the
aggregate number of Depositary Receipts held by such holder results in an amount
which is a fraction of a cent, the amount the Depositary shall distribute to
such record holder shall be rounded to the next highest whole cent if such
fraction of a cent is equal to or greater than $.005; otherwise such fractional
interest shall be disregarded; and upon request of the Depositary, the Company
shall pay the additional amount to the Depositary for distribution.

     SECTION 4.2. Distributions Other than Cash, Rights, Preferences or
Privileges. Whenever the Depositary shall receive any distribution other than
cash, rights, preferences or privileges upon Stock, the Depositary shall,
subject to Sections 3.1 and 3.2 hereof, distribute to record holders of Receipts
on the record date fixed pursuant to Section 4.4 hereof such amounts of the
securities or property received by it as are, as nearly as may be practicable,
in proportion to the respective numbers of Depositary Shares evidenced by the
Receipts

<PAGE>
                                      -11-

held by such holders, in any manner that the Depositary may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the
Depositary such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes) the Depositary deems
(after consultation with the Company) such distribution not to be feasible, the
Depositary may, with the approval of the Company, adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property
thus received, or any part thereof, at such place or places and upon such terms
as it may deem equitable and appropriate. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2 hereof, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders of
Receipts as provided by Section 4.1 hereof in the case of a distribution
received in cash.

     SECTION 4.3. Subscription Rights, Preferences or Privileges. If the Company
shall at any time offer or cause to be offered to the persons in whose names
Stock is recorded on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, the offering of such rights,
preferences or privileges shall in each such instance be communicated to the
Depositary and thereafter made available by the Depositary to the record holders
of Receipts in such manner as the Depositary may determine, either by the issue
to such record holders of warrants representing such rights, preferences or
privileges or by such other method as may be approved by the Depositary in its
discretion with the approval of the Company; provided, however, that (i) if at
the time of issue or offer of any such rights, preferences or privileges the
Depositary determines that it is not lawful or (after consultation with the
Company) not feasible to make such rights, preferences or privileges available
to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to
the extent so instructed by holders of Receipts who do not desire to execute
such rights, preferences or privileges, then EQI, in its discretion (with
approval of the Company, in any case where the Depositary has determined that it
is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit
such transfer, sell such rights, preferences or privileges at public or private
sale, at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2 hereof, be
distributed by EQI to the record holders of Receipts entitled thereto as
provided by Section 4.1 hereof in the case of a distribution received in cash.

     If registration under the Securities Act of the securities to which any
rights, preferences or privileges relate is required in order for holders of
Receipts to be offered or sold the securities to which such rights, preferences
or privileges relate, the Company will file promptly a registration statement
pursuant to the Securities Act with respect to such rights, preferences or
privileges and securities and use its best efforts and take all steps available
to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable
such holders to exercise such rights, preferences or privileges.

<PAGE>
                                      -12-

In no event shall the Depositary make available to the holders of Receipts any
right, preference or privilege to subscribe for or to purchase any securities
unless and until it has received written notice from the Company that such
registration statement shall have become effective, or that the offering and
sale of such securities to such holders are exempt from registration under the
provisions of the Securities Act and the Company shall have provided to the
Depositary an opinion of counsel reasonably satisfactory to the Depositary to
such effect.

     If any other action under the laws of any jurisdiction or any governmental
or administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to holders of Receipts,
the Company will use its reasonable best efforts to take such action or obtain
such authorization, consent or permit sufficiently in advance of the expiration
of such rights, preferences or privileges to enable such holders to exercise
such rights, preferences or privileges.

     SECTION 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of
Receipts. Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock,
or whenever the Depositary shall receive notice of any meeting at which holders
of Stock are entitled to vote or of which holders of Stock are entitled to
notice, or whenever the Depositary and the Company shall decide it is
appropriate, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date fixed by the Company with respect to
or otherwise in accordance with the terms of the Stock) for the determination of
the holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, or to give instructions for the exercise of voting rights at any such
meeting, or who shall be entitled to notice of such meeting or for any other
appropriate reasons.

     SECTION 4.5. Voting Rights. Upon receipt of notice of any meeting at which
the holders of Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice which
shall contain (i) such information as is contained in such notice of meeting and
(ii) a statement that the holders may, subject to any applicable restrictions,
instruct the Depositary as to the exercise of the voting rights pertaining to
the amount of Stock represented by their respective Depositary Shares (including
an express indication that instructions may be given to the Depositary to give a
discretionary proxy to a person designated by the Company) and a brief statement
as to the manner in which such instructions may be given. Upon the written
request of the holders of Receipts on the relevant record date, the Depositary
shall use its best efforts to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole shares of
Stock represented by the Depositary Shares evidenced by all Receipts as to which
any particular voting instructions are received. The Company hereby agrees to
take all action which may be deemed necessary by the Depositary in order to
enable the Depositary to vote such Stock or cause such Stock to be voted. In the
absence of specific instructions from

<PAGE>
                                      -13-

the holder of a Receipt, the Depositary will not vote to the extent of the Stock
represented by the Depositary Shares evidenced by such Receipt.

     SECTION 4.6. Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations, etc. Upon any change in par value or liquidation preference,
split-up, combination or any other reclassification of the Stock, or upon any
recapitalization, reorganization, merger or consolidation affecting the Company
or to which it is a party, the Depositary may in its discretion with the
approval (not to be unreasonably withheld) of, and shall upon the instructions
of, the Company, and (in either case) in such manner as the Depositary may deem
equitable, (i) make such adjustments in the fraction of an interest in one share
of Stock represented by one Depositary Share as may be necessary (as certified
by the Company) fully to reflect the effects of such change in par value or
liquidation preference, split-up, combination or other reclassification of
Stock, or of such recapitalization, reorganization, merger or consolidation and
(ii) treat any securities which shall be received by the Depositary in exchange
for or upon conversion of or in respect of the Stock as new deposited securities
so received in exchange for or upon conversion or in respect of such Stock. In
any such case, the Depositary may in its discretion, with the approval of the
Company, execute and deliver additional Receipts or may call for the surrender
of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited securities. Anything to the contrary herein
notwithstanding, holders of Receipts shall have the right from and after the
effective date of any such change in par value or liquidation preference,
split-up, combination or other reclassification of the Stock or any such
recapitalization, reorganization, merger or consolidation to surrender such
Receipts to the Depositary with instructions to convert, exchange or surrender
the Stock represented thereby only into or for, as the case may be, the kind and
amount of shares of stock and other securities and property and cash into which
the Stock represented by such Receipts would have been converted or for which
such Stock would have been exchanged or surrendered had such Receipt been
surrendered immediately prior to the effective date of such transaction.

     SECTION 4.7. Delivery of Reports. The Depositary shall furnish to holders
of Receipts any reports and communications received from the Company which are
received by the Depositary as the holder of Stock.

     SECTION 4.8. List of Receipt Holders. Promptly upon request from time to
time by the Company, the Depositary shall furnish to it a list, as of the most
recent practicable date, of the names, addresses and holdings of Depositary
Shares of all record holders of Receipts. The Company shall be entitled to
receive such list four times annually.

<PAGE>
                                      -14-

                                   ARTICLE V

                        THE DEPOSITARY, THE DEPOSITARY'S
                      AGENTS, THE REGISTRAR AND THE COMPANY

     SECTION 5.1. Maintenance of Offices, Agencies and Transfer Books by the
Depositary; Registrar. Upon execution of this Deposit Agreement, the Depositary
shall maintain at the Depositary's Office facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of
Receipts, and at the offices of the Depositary's Agents, if any, facilities for
the delivery, registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement, provided that, to
the extent provisions of this Deposit Agreement regarding transfer or registrar
functions of the Depositary conflict with the terms of any transfer agency
agreement into which the Company and the Depositary may enter, the transfer
agency agreement shall control.

     The Depositary shall keep books at the Depositary's Office for the
registration and registration of transfer of Receipts, which books during normal
business hours shall be open for inspection by the record holders of Receipts;
provided that any such holder requesting to exercise such right shall certify to
the Depositary that such inspection shall be for a proper purpose reasonably
related to such person's interest as an owner of Depositary Shares evidenced by
the Receipts. Books kept hereunder by the Depositary may be maintained in
electronic form.

     The Depositary may close such books, at any time or from time to time, when
deemed expedient by it in connection with the performance of its duties
hereunder.

     The Depositary may, with the approval of the Company, appoint a Registrar
for registration of the Receipts or the Depositary Shares evidenced thereby. If
the Receipts or the Depositary Shares evidenced thereby or the Stock represented
by such Depositary Shares shall be listed on one or more national securities
exchanges, the Depositary will appoint a Registrar (acceptable to the Company)
for registration of such Receipts or Depositary Shares in accordance with any
requirements of such exchange. Such Registrar (which may be the Depositary if so
permitted by the requirements of any such exchange) may be removed and a
substitute registrar appointed by the Depositary upon the request or with the
approval of the Company. If the Receipts, such Depositary Shares or such Stock
is listed on one or more other stock exchanges, the Depositary will, at the
request and at the expense of the Company, arrange such facilities for the
delivery, registration, registration of transfer, surrender and exchange of such
Receipts, such Depositary Shares or such Stock as may be required by law or
applicable securities exchange regulation.

     The Depositary may from time to time appoint Depositary's Agents to act in
any respect for the Depositary for the purposes of this Deposit Agreement and
may at any time appoint additional Depositary's Agents and vary or terminate the
appointment of such Depositary's Agents. The Depositary will notify the Company
of any such action.

<PAGE>
                                      -15-

     SECTION 5.2. Prevention of or Delay in Performance by the Depositary, the
Depositary's Agents, the Registrar or the Company. Neither the Depositary nor
any Depositary's Agent nor the Registrar nor the Company shall incur any
liability to any holder of any Receipt if by reason of any provision of any
present or future law, or regulation thereunder, of the United States of America
or of any other governmental authority or, in the case of the Depositary, the
Depositary's Agent or the Registrar, by reason of any provision, present or
future, of the Company's Amended and Restated Articles of Incorporation or by
reason of any act of God or war or other circumstance beyond the control of the
relevant party, the Depositary, the Depositary's Agent, the Registrar or the
Company shall be prevented, delayed or forbidden from, or subjected to any
penalty on account of, doing or performing any act or thing which the terms of
this Deposit Agreement provide shall be done or performed; nor shall the
Depositary, any Depositary's Agent, the Registrar or the Company incur liability
to any holder of a Receipt (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this
Deposit Agreement shall provide shall or may be done or performed, or (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for
in this Deposit Agreement except, in the case of any such exercise or failure to
exercise discretion not caused as aforesaid, if caused by the gross negligence
or willful misconduct of the party charged with such exercise or failure to
exercise.

     SECTION 5.3. Obligation of the Depositary, the Depositary's Agents, the
Registrar and the Company. Neither the Depositary nor any Depositary's Agent nor
the Registrar nor the Company assumes any obligation or shall be subject to any
liability under this Deposit Agreement or any Receipt to holders of Receipts
other than for its gross negligence, willful misconduct or bad faith.

     Neither the Depositary nor any Depositary's Agent nor the Registrar nor the
Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of the Stock, the Depositary Shares
or the Receipts which in its reasonable opinion may involve it in expense or
liability unless indemnity reasonably satisfactory to it against expense and
liability be furnished as often as may be reasonably required.

     Neither the Depositary nor any Depositary's Agent nor the Registrar nor the
Company shall be liable for any action or any failure to act by it in reliance
upon the written advice of legal counsel or accountants, or information from any
person presenting Stock for deposit, any holder of a Receipt or any other person
believed by it in good faith to be competent to give such information. The
Depositary, any Depositary's Agent, the Registrar and the Company may each rely
and shall each be protected in acting upon any written notice, request,
direction or other document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties.

     The Depositary shall not be responsible for any failure to carry out any
instruction to vote any of the shares of Stock or for the manner or effect of
any such vote made, as long as

<PAGE>
                                      -16-

any such action or inaction is in good faith. The Depositary will indemnify the
Company and hold it harmless from any loss, liability or expense (including the
reasonable costs and expenses of defending itself) which arises from its
negligence, wilful misconduct or bad faith. The Depositary undertakes and any
Registrar shall be required to undertake only such duties as specifically set
forth herein and no implied covenants or obligations shall be read into this
Deposit Agreement against the Depositary or Registrar. In no event shall the
Depositary's aggregate liability during the term of this Deposit Agreement with
respect to, arising from, or arising in connection with this Deposit Agreement,
or from all services provided or omitted to be provided under this Deposit
Agreement, whether in contract, or in tort, or otherwise, exceed an amount equal
to three (3) times the amounts paid by the Company to Depositary as fees and
charges, but not including reimbursable expenses. The indemnification
obligations of the Depositary set forth in this Section 5.3 hereof shall survive
any termination of this Deposit Agreement and any succession of any Depositary.

     The Depositary, its parent, affiliates or subsidiaries, the Depositary's
Agents and the Registrar may own, buy, sell and deal in any class of securities
of the Company and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Company or its affiliates
may be interested or contract with or lend money to any such person or otherwise
act as fully or as freely as if it were not the Depositary, parent, affiliate or
subsidiary or Depositary's Agent or Registrar hereunder. The Depositary may also
act as trustee, transfer agent or registrar of any of the securities of the
Company and its affiliates.

     It is intended that neither the Depositary nor any Depositary's Agent nor
the Registrar, acting as the Depositary's Agent or Registrar, as the case may
be, shall be deemed to be an "issuer" of the securities under the federal
securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary, any Depositary's Agent and the
Registrar are acting only in a ministerial capacity as Depositary or Registrar
for the Stock.

     Neither the Depositary (or its officers, directors, employees or agents)
nor any Depositary's Agent nor the Registrar makes any representation or has any
responsibility as to the validity of the registration statement pursuant to
which the Depositary Shares are registered under the Securities Act, the Stock,
the Depositary Shares or the Receipts (except for its counter-signatures
thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein.

     The Depositary assumes no responsibility for the correctness of the
description that appears in the Receipts. Notwithstanding any other provision
herein or in the Receipts, the Depositary makes no warranties or representations
as to the validity or genuineness of any Stock at any time deposited with the
Depositary hereunder or of the Depositary Shares, as to the validity or
sufficiency of this Deposit Agreement, as to the value of the Depositary Shares
or as to any right, title or interest of the record holders of Receipts in and
to the Depositary Shares. The De-

<PAGE>
                                      -17-

positary shall not be accountable for the use or application by the Company of
the Depositary Shares or the Receipts or the proceeds thereof.

     The Depositary shall not be liable for any incidental, indirect, special or
consequential damages of any nature whatsoever, including, but not limited to,
loss of anticipated profits, occasioned by breach of any provisions of this
Agreement even if apprised of the possibility of such damages.

     SECTION 5.4. Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by delivering notice of its election to do so to the Company, such
resignation to take effect upon the appointment of a successor Depositary and
its acceptance of such appointment as hereinafter provided.

     The Depositary may at any time be removed by the Company by notice of such
removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as
hereinafter provided.

     In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus of at least
$150,000,000. If no successor Depositary shall have been so appointed and have
accepted appointment within 60 days after delivery of such notice, the resigning
or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute
and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be
the Depositary under this Deposit Agreement, and such predecessor, upon payment
of all sums due it and on the written request of the Company, shall execute and
deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder to
such successor, and shall deliver to such successor a list of the record holders
of all outstanding Receipts and such records, books and other information in its
possession relating thereto. Any successor Depositary shall promptly mail notice
of its appointment to the record holders of Receipts.

     Any corporation into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act, and notice thereof shall
not be required hereunder. Such successor Depositary may authenticate the
Receipts in the name of the predecessor Depositary or in the name of the
successor Depositary.

<PAGE>
                                      -18-

     SECTION 5.5. Corporate Notices and Reports. The Company agrees that it will
deliver to the Depositary, and the Depositary will, promptly after receipt
thereof, transmit to the record holders of Receipts, in each case at the
addresses recorded in the Depositary's books, copies of all notices and reports
(including without limitation financial statements) required by law or by the
rules of any national securities exchange upon which the Stock, the Depositary
Shares or the Receipts are listed, to be furnished to the record holders of
Receipts. Such transmission will be at the Company's expense and the Company
will provide the Depositary with such number of copies of such documents as the
Depositary may reasonably request.

     SECTION 5.6. Indemnification by the Company. The Company shall indemnify
the Depositary, any Depositary's Agent and the Registrar against, and hold each
of them harmless from, any loss, liability or expense (including the reasonable
costs and expenses of defending itself) which may arise out of acts performed or
omitted in connection with this Deposit Agreement and the Receipts by the
Depositary, any Registrar or any of their respective agents (including any
Depositary's Agent), except for any liability arising out of negligence, willful
misconduct or bad faith on the respective parts of any such person or persons,
subject to the provisions of Section 5.3, above. The obligations of the Company
set forth in this Section 5.6 hereof shall survive any termination of this
Deposit Agreement or any succession of any Depositary or Depositary's Agent.

     SECTION 5.7. Charges and Expenses. The Company shall pay all transfer and
other taxes and governmental charges arising solely from the existence of the
depositary arrangements. The Company shall pay charges of the Depositary in
connection with the initial deposit of the Stock and the initial issuance of the
Depositary Shares, all withdrawals of shares of the Stock by owners of
Depositary Shares, and any redemption of the Stock at the option of the Company.
All other transfer and other taxes and governmental charges shall be at the
expense of holders of Depositary Shares. If, at the request of a holder of
Receipts, the Depositary incurs charges or expenses for which it is not
otherwise liable hereunder, such holder will be liable for such charges and
expenses. All other charges and expenses of the Depositary and any Depositary's
Agent hereunder (including, in each case, reasonable fees and expenses of
counsel) incident to the performance of their respective obligations hereunder
will be paid upon consultation and agreement between the Depositary and the
Company as to the amount and nature of such charges and expenses. The Depositary
shall present its statement for charges and expenses to the Company at such
intervals as the Company and the Depositary may agree.

     SECTION 5.8. Tax Compliance. EQI and, where applicable, the Depositary, on
its own behalf and on behalf of the Company, will comply with all applicable
certification, information reporting and withholding (including "backup"
withholding) requirements imposed by applicable tax laws, regulations or
administrative practice with respect to (i) any payments made with respect to
the Depositary Shares or (ii) the issuance, delivery, holding,

<PAGE>
                                      -19-

transfer, redemption or exercise of rights under the Depositary Receipts or the
Depositary Shares. Such compliance shall include, without limitation, the
preparation and timely filing of required returns and the timely payment of all
amounts required to be withheld to the appropriate taxing authority or its
designated agent.

     The Depositary shall comply with any direction received from the Company
with respect to the application of such requirements to particular payments or
holders or in other particular circumstances, and may for purposes of this
Deposit Agreement rely on any such direction in accordance with the provisions
of Section 5.3 hereof.

     The Depositary shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available on
request to the Company or to its authorized representatives.

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

     SECTION 6.1. Amendment. The form of the Receipts and any provisions of this
Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary in any respect which they may deem
necessary or desirable; provided, however, that no such amendment (other than
any change in the fees) which shall materially adversely alter the rights of the
holders of Receipts shall be effective unless such amendment shall have been
approved by the holders of at least a majority of the Depositary Shares then
outstanding. Every holder of an outstanding Receipt at the time any such
amendment becomes effective shall be deemed, by continuing to hold such Receipt,
to be bound by the Deposit Agreement as amended thereby. Subject to Section 2.9
hereof, notwithstanding the foregoing, in no event may any amendment impair the
right of any holder of any Depositary Shares, upon surrender of the Receipts
evidencing such Depositary Shares and subject to any conditions specified in
this Deposit Agreement, to receive shares of Stock and any money or other
property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law.

     SECTION 6.2. Termination. This Deposit Agreement may be terminated by the
Company at any time upon not less than 30 days' prior written notice to the
Depositary, in which case, on a date that is not later than 30 days after the
date of such notice, the Depositary shall deliver or make available for delivery
to holders of Depositary Shares, upon surrender of the Receipts evidencing such
Depositary Shares, such number of whole or fractional shares of Stock as are
represented by such Depositary Shares. This Deposit Agreement will automatically
terminate after (i) all outstanding Depositary Shares have been redeemed
pursuant to Section 2.8 hereof or (ii) there shall have been made a final
distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have

<PAGE>
                                      -20-

been distributed to the holders of Depositary Receipts pursuant to Section 4.1
or 4.2 hereof, as applicable.

     Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary, the Registrar and any Depositary's Agent under
Sections 5.6 and 5.7 hereof.

                                  ARTICLE VII

                                  MISCELLANEOUS

     SECTION 7.1. Counterparts. This Deposit Agreement may be executed in any
number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument.

     SECTION 7.2. Exclusive Benefit of Parties. This Deposit Agreement is for
the exclusive benefit of the parties hereto, and their respective successors
hereunder, and shall not be deemed to give any legal or equitable right, remedy
or claim to any other person whatsoever.

     SECTION 7.3. Invalidity of Provisions. In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.

     SECTION 7.4. Notices. Any and all notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or
facsimile transmission confirmed by letter, addressed to the Company at:

                  First Industrial Realty Trust, Inc.
                  311 S. Wacker Drive, Suite 4000
                  Chicago, Illinois 60606
                  Attn:  John Clayton, Esq.
                  Facsimile No.:  (312) 922-6320

or at any other address of which the Company shall have notified the Depositary
in writing.

     Any and all notices to be given to the Depositary hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by telegram or facsimile transmission
confirmed by letter, addressed to the Depositary at the Depositary's Office, at:

<PAGE>
                                      -21-

                  EquiServe Trust Company, N.A.
                  c/o EquiServe Inc.
                  150 Royall Street
                  Canton, Massachusetts  02021
                  Attn:  General Counsel
                  Facsimile No.:   781-575-4210

or at any other address of which the Depositary shall have notified the Company
in writing.

     Any and all notices to be given to any record holder of a Receipt hereunder
or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by telegram or facsimile
transmission confirmed by letter, addressed to such record holder at the address
of such record holder as it appears on the books of the Depositary, or if such
holder shall have filed with the Depositary a written request that notices
intended for such holder be mailed to some other address, at the address
designated in such request.

     Delivery of a notice sent by mail or by telegram or facsimile transmission
shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a telegram or
facsimile transmission) is deposited for mailing by first class mail, postage
prepaid. The Depositary or the Company may, however, act upon any telegram or
facsimile transmission received by it from the other or from any holder of a
Receipt, notwithstanding that such telegram or facsimile transmission shall not
subsequently be confirmed by letter or as aforesaid.

     SECTION 7.5. Appointment of Registrar. The Company hereby also appoints the
Depositary as Registrar in respect of the Receipts and the Depositary hereby
accepts such appointments.

     SECTION 7.6. Holders of Receipts Are Parties. The holders of Receipts from
time to time shall be parties to this Deposit Agreement and shall be bound by
all of the terms and conditions hereof and of the Receipts by acceptance of
delivery thereof.

     SECTION 7.7. Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL
RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO CONTRACTS
MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAWS PRINCIPLES THEREOF.

     SECTION 7.8. Inspection of Deposit Agreement. Copies of this Deposit
Agreement shall be filed with the Depositary and the Depositary's Agent and
shall be open to

<PAGE>
                                      -22-

inspection during business hours at the Depositary's office or respective
offices of the Depositary's Agent, if any, by any holder of a Receipt.

     SECTION 7.9. Headings. The headings of articles and sections in this
Deposit Agreement have been inserted for convenience only and are not to be
regarded as a part of this Deposit Agreement or the Receipts or to have any
bearing upon the meaning or interpretation of any provision contained herein or
in the Receipts.

<PAGE>
                                      -23-

     IN WITNESS WHEREOF, the Company and the Depositary have duly executed this
Agreement as of the day and year first above set forth, and all holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery
of Receipts issued in accordance with the terms hereof.

                            FIRST INDUSTRIAL REALTY TRUST, INC.

                            /s/ John Clayton
                            -------------------------------------------
                            Name:  John Clayton
                            Title: Vice President -- Corporate Legal,
                            Secretary

                            EQUISERVE, INC.

                            /s/ Thomas Ferrari
                            -------------------------------------------
                            Name:  Thomas Ferrari
                            Title:    Senior Managing Director

                            EQUISERVE TRUST COMPANY, N.A.

                            /s/ John Ruocco
                            -------------------------------------------
                            Name:  John Ruocco
                            Title:    Senior Account Manager

<PAGE>

                                                                         ANNEX A

                            [FORM OF FACE OF RECEIPT]

      NUMBER                                      SHARES
DR-                                         (CUSIP 32054K830)
                                            see reverse for certain definitions

THIS CERTIFICATE IS TRANSFERABLE
     IN NEW YORK, NY

                                     [Logo]

                         RECEIPT FOR DEPOSITARY SHARES,
                      EACH REPRESENTING 1/100 OF A SHARE OF
             SERIES G FLEXIBLE CUMULATIVE REDEEMABLE PREFERRED STOCK

                       FIRST INDUSTRIAL REALTY TRUST, INC.
             (INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND)

     EquiServe Trust Company, N.A., a national banking association duly
organized and existing under the laws of the United States of America, and
EquiServe, Inc., a Delaware corporation, with an office at the time of execution
of the Deposit Agreement (as defined below) at 150 Royall Street, Canton,
Massachusetts 02021, as Depositary (the "Depositary"), hereby certifies that
_____________is a registered owner of ___________________ DEPOSITARY SHARES
("Depositary Shares"), each Depositary Share representing 1/100 of one fully
paid and non-assessable share of Series G Flexible Cumulative Redeemable
Preferred Stock, $.01 par value per share (the "Shares"), of First Industrial
Realty Trust, Inc., a Maryland corporation (the "Company"), on deposit with the
Depositary, subject to the terms and entitled to the benefits of the Deposit
Agreement dated as of May 27, 2004 (the "Deposit Agreement"), among the Company,
the Depositary and the holders from time to time of Receipts for Depositary
Shares. By accepting this Receipt, the holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement.
This Receipt shall not be valid or obligatory for any purpose or be entitled to
any benefits under the Deposit Agreement unless it shall have been executed by
the Depositary by the manual or facsimile signature of a duly authorized officer
or, if a Registrar in respect of the Receipts (other than the Depositary) shall
have been appointed, by the manual signature of a duly authorized officer of
such Registrar.

Dated:
Countersigned and Registered:
         EQUISERVE TRUST COMPANY, N.A.
         Depositary and Registrar

By:  ____________________________________

                         By:  ___________________________________
                               SECRETARY AND TREASURER

                         By:  ___________________________________
                               PRESIDENT

                                      A-1
<PAGE>

                          [FORM OF REVERSE OF RECEIPT]
                       FIRST INDUSTRIAL REALTY TRUST, INC.

     THE SHARES OF STOCK REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO
RESTRICTIONS ON TRANSFER FOR THE PURPOSE OF THE CORPORATION'S MAINTENANCE OF ITS
QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED. NO PERSON MAY BENEFICIALLY OWN SHARES OF STOCK IN EXCESS OF
9.9% (OR SUCH GREATER PERCENTAGE AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS
OF THE CORPORATION) OF THE OUTSTANDING STOCK OF THE CORPORATION. ANY PERSON WHO
ATTEMPTS TO BENEFICIALLY OWN SHARES OF STOCK IN EXCESS OF THE ABOVE LIMITATION
MUST IMMEDIATELY NOTIFY THE CORPORATION. ALL CAPITALIZED TERMS IN THIS LEGEND
HAVE THE MEANINGS DEFINED IN THE CORPORATION'S ARTICLES OF INCORPORATION, A COPY
OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER, WILL BE SENT WITHOUT CHARGE TO
EACH STOCKHOLDER WHO SO REQUESTS. IF THE RESTRICTIONS ON TRANSFER ARE VIOLATED,
THE SHARES OF STOCK REPRESENTED HEREBY MAY BE AUTOMATICALLY EXCHANGED FOR SHARES
OF EXCESS STOCK WHICH WILL BE HELD IN TRUST BY THE CORPORATION.

     THE CORPORATION WILL FURNISH TO ANY STOCKHOLDER ON REQUEST AND WITHOUT
CHARGE A FULL STATEMENT OF THE DESIGNATIONS AND ANY PREFERENCES, CONVERSIONS AND
OTHER RIGHTS, VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS,
QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH
CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE AND, WITH RESPECT TO ANY
PREFERRED OR SPECIAL CLASS IN A SERIES, THE DIFFERENCES IN THE RELATIVE RIGHTS
AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN
SET AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND
PREFERENCES OF SUBSEQUENT SERIES.

     The following abbreviations, when used in the inscription on the face of
this Depositary Receipt, shall be construed as though they were written out in
full according to applicable laws or regulations:

<TABLE>
<CAPTION>

<S>        <C>                                         <C>
TEN COM--  as tenants in common                        UNIF GIFT MIN ACT -. . . Custodian . . . .
TEN ENT--  tenants by the entireties                                             (Cust)
JT TEN--   as joint tenants with right of              Minor under Uniform Gifts to Minors Act . . . . .
           survivorship and not as tenants in common                             (State)

</TABLE>

Additional abbreviations may also be used though not in the above list.

For Value Received, _____________________ hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

Depositary Shares represented by the within Depositary Receipt, and do hereby
irrevocably constitute and appoint ________________ Attorney to transfer the
said Depositary Shares on the books of the within named Depositary with full
power of substitution in the premises.

         Dated                                      Signed

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THIS DEPOSITARY RECEIPT IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURE(S) GUARANTEED

By:  ___________________

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15.

                                      A-2EXECUTION COPY

                             FIRST INDUSTRIAL, L.P.

                           EIGHTH AMENDED AND RESTATED

                          LIMITED PARTNERSHIP AGREEMENT

        THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
        RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER
        THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE
        SECURITIES LAWS PURSUANT TO A REGISTRATION OR EXEMPTION THEREFROM.

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I - INTERPRETIVE PROVISIONS
   Section 1.1    Certain Definitions.........................................1
   Section 1.2    Rules of Construction......................................13

ARTICLE II - CONTINUATION
   Section 2.1    Continuation...............................................13
   Section 2.2    Name.......................................................13
   Section 2.3    Place Of Business; Registered Agent........................13

ARTICLE III - BUSINESS PURPOSE
   Section 3.1    Business...................................................14
   Section 3.2    Authorized Activities......................................14

ARTICLE IV - CAPITAL CONTRIBUTIONS
   Section 4.1    Capital Contributions......................................14
   Section 4.2    Additional Partnership Interests...........................14
   Section 4.3    No Third Party Beneficiaries...............................15
   Section 4.4    Capital Accounts...........................................15
   Section 4.5    Return of Capital Account; Interest........................16
   Section 4.6    Preemptive Rights..........................................16
   Section 4.7    REIT Share Purchases.......................................16

ARTICLE V - ALLOCATIONS AND DISTRIBUTIONS
   Section 5.1    Limited Liability..........................................17
   Section 5.2    Profits, Losses and Distributive Shares....................17
   Section 5.3    Distributions..............................................22
   Section 5.4    Distribution Upon Redemption...............................24
   Section 5.5    Distributions upon Liquidation.............................24
   Section 5.6    Amounts Withheld...........................................24

ARTICLE VI - PARTNERSHIP MANAGEMENT
   Section 6.1    Management and Control of Partnership Business.............24
   Section 6.2    No Management By Limited Partners; Limitation of
                    Liability................................................25
   Section 6.3    Limitations on Partners....................................25
   Section 6.4    Business with Affiliates...................................26
   Section 6.5    Compensation; Reimbursement of Expenses....................26
   Section 6.6    Liability for Acts and Omissions...........................26
   Section 6.7    Indemnification............................................27

ARTICLE VII - ADMINISTRATIVE, FINANCIAL AND TAX MATTERS
   Section 7.1    Books and Records..........................................27
   Section 7.2    Annual Audit and Accounting................................27
   Section 7.3    Partnership Funds..........................................27
   Section 7.4    Reports and Notices........................................27
   Section 7.5    Tax Matters................................................28
   Section 7.6    Withholding................................................28

ARTICLE VIII - TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF PARTNERS
   Section 8.1    Transfer By General Partner................................29
   Section 8.2    Obligations of a Prior General Partner.....................29

                                      -i-
<PAGE>

   Section 8.3    Successor General Partner..................................29
   Section 8.4    Restrictions On Transfer And Withdrawal By Limited
                    Partner..................................................29
   Section 8.5    Substituted Limited Partner................................30
   Section 8.6    Timing and Effect of Transfers.............................31
   Section 8.7    Additional Limited Partners................................31
   Section 8.8    Amendment of Agreement and Certificate.....................31

ARTICLE IX - REDEMPTION
   Section 9.1    Right of Redemption........................................31
   Section 9.2    Timing of Redemption.......................................33
   Section 9.3    Redemption Price...........................................33
   Section 9.4    Assumption of Redemption Obligation........................33
   Section 9.5    Further Assurances; Certain Representations................33
   Section 9.6    Effect of Redemption.......................................33
   Section 9.7    Registration Rights........................................34
   Section 9.8    Redemption upon REIT Share Repurchases by the General
                    Partner..................................................34

ARTICLE X - DISSOLUTION AND LIQUIDATION
   Section 10.1      Term and Dissolution....................................34
   Section 10.2      Liquidation of Partnership Assets.......................34
   Section 10.3      Effect of Treasury Regulations..........................36
   Section 10.4      Time for Winding-Up.....................................36

ARTICLE XI - AMENDMENTS AND MEETINGS
   Section 11.1      Amendment Procedure.....................................36
   Section 11.2      Meetings and Voting.....................................37
   Section 11.3      Voting of LB Units......................................37

ARTICLE XII - MISCELLANEOUS PROVISIONS
   Section 12.1      Title To Property.......................................37
   Section 12.2      Other Activities of Limited Partners....................38
   Section 12.3      Power of Attorney.......................................38
   Section 12.4      Notices.................................................39
   Section 12.5      Further Assurances......................................39
   Section 12.6      Titles and Captions.....................................39
   Section 12.7      Applicable Law..........................................39
   Section 12.8      Binding Agreement.......................................39
   Section 12.9      Waiver of Partition.....................................39
   Section 12.10     Counterparts and Effectiveness..........................39
   Section 12.11     Survival of Representations.............................39
   Section 12.12     Entire Agreement........................................39

                                      -ii-
<PAGE>

Exhibit 1A    -   First Highland Partners
Exhibit 1B    -   Schedule of Partners
Exhibit 1C    -   LB Partners
Exhibit 1D    -   Contributor Partners
Exhibit 2     -   Form of Redemption Notice
Exhibit 3     -   Form of Registration Rights Agreement

                                     -iii-
<PAGE>

                             FIRST INDUSTRIAL, L.P.

                           EIGHTH AMENDED AND RESTATED

                          LIMITED PARTNERSHIP AGREEMENT

     The undersigned, being the sole general partner of First Industrial, L.P.
(the "Partnership"), a limited partnership formed under the Delaware Revised
Uniform Limited Partnership Act, does hereby amend and restate the Seventh
Amended and Restated Partnership Agreement (as described below) this 2nd day of
June, 2004 as follows:

                                R E C I T A L S:

     A. The Partnership was formed pursuant to a Certificate of Limited
Partnership filed on November 23, 1993 with the Secretary of State of the State
of Delaware under the name "ProVest, L.P." and a Limited Partnership Agreement
dated November 23, 1993 (the "Original Partnership Agreement").

     B. The Original Partnership Agreement was amended and restated as of
January 28, 1994 (such amended and restated partnership agreement, the "Prior
Partnership Agreement").

     C. A Second Amended and Restated Limited Partnership Agreement was executed
as of June 30, 1994, a Third Amended and Restated Partnership Agreement was
executed as of May 14, 1997, a Fourth Amended and Restated Partnership Agreement
was executed as of June 6, 1997, a Fifth Amended and Restated Partnership
Agreement was executed as of February 4, 1998, a Sixth Amended and Restated
Partnership Agreement was executed as of March 18, 1998 and a Seventh Amended
and Restated Partnership Agreement was executed as of May 26, 2004 (the "Seventh
Partnership Agreement").

     D. The General Partner desires to amend and restate the Seventh Partnership
Agreement to (i) reflect the interests granted to the Class H Limited Partner
(as hereinafter defined) and (ii) set forth the understandings and agreements,
including certain rights and obligations, among the Partners (as hereinafter
defined) with respect to the Partnership.

--------------------------------------------------------------------------------

                      ARTICLE I - INTERPRETIVE PROVISIONS

--------------------------------------------------------------------------------

     Section 1.1 Certain Definitions. The following terms have the definitions
hereinafter indicated whenever used in this Agreement with initial capital
letters:

     Act: The Delaware Revised Uniform Limited Partnership Act, Sections 17-101
to 17-1109 of the Delaware Code Annotated, Title 6, as amended from time to
time.

     Additional Limited Partner: A Person admitted to the Partnership as a
Limited Partner in accordance with Section 8.7 hereof and who is shown as such
on the books and records of the Partnership.

     Adjusted Capital Account: With respect to any Partner, such Partner's
Capital Account maintained in accordance with Section 4.4 hereof, as of the end
of the relevant Fiscal Year of the Partnership, after giving effect to the
following adjustments:

     (A) Credit to such Capital Account such Partner's share of Partnership
Minimum Gain determined in accordance with Treasury Regulations Section
1.704-2(g)(1) and such Partner's share of Partner Minimum Gain determined in
accordance with Treasury Regulations Section 1.704-2(i)(5).

<PAGE>
                                      -2-

     (B) Debit to such Capital Account the items described in Treasury
Regulations Section 1.704- 1(b)(2)(ii)(d)(4), (5) and (6).

     The foregoing definition of "Adjusted Capital Account" is intended to
comply with the provisions of Treasury Regulations Sections 1.704-1(b)(2)(ii)
and 1.704-2 and shall be interpreted consistently therewith.

     Adjusted Capital Account Deficit: With respect to any Partner, the deficit
balance, if any, in that Partner's Adjusted Capital Account as of the end of the
relevant Fiscal Year of the Partnership.

     Affiliate: With respect to any referenced Person, (i) a member of such
Person's immediate family; (ii) any Person who directly or indirectly owns,
controls or holds the power to vote ten percent (10%) or more of the outstanding
voting securities of the Person in question; (iii) any Person ten percent (10%)
or more of whose outstanding securities are directly or indirectly owned,
controlled, or held with power to vote by the Person in question; (iv) any
Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with the Person in question; (v) if the Person in
question is a corporation, any executive officer or director of such Person or
of any corporation directly or indirectly controlling such Person; and (vi) if
the Person in question is a partnership, any general partner of the partnership
or any limited partner owning or controlling ten percent (10%) or more of either
the capital or profits interest in such partnership. As used herein, "control"
shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract, or otherwise.

     Aggregate Protected Amount: With respect to the Contributor Partners, as a
group, the aggregate balances of the Protected Amounts, if any, of the
Contributor Partners, as determined on the date in question.

     Agreed Value: In the case of any (i) Contributed Property acquired pursuant
to a Contribution Agreement, the value of such Contributed Property as set forth
in such Contribution Agreement or, if no such value is set forth for such
Contributed Property, the portion of the consideration provided for under such
Contribution Agreement allocable to such Contributed Property, as determined by
the General Partner in its reasonable discretion, (ii) Contributed Property
acquired other than pursuant to a Contribution Agreement, the fair market value
of such property at the time of contribution, as determined by the General
Partner using such method of valuation as it may adopt in its reasonable
discretion and (iii) property distributed to a Partner by the Partnership, the
Partnership's Book Value of such property at the time such property is
distributed without taking into account, in the case of each of (i), (ii) and
(iii), the amount of any related indebtedness assumed by the Partnership (or the
Partner in the case of clause (iii)) or to which the Contributed Property (or
distributed property in the case of clause (iii)) is taken subject.

     Agreement: This Eighth Amended and Restated Limited Partnership Agreement
and all Exhibits attached hereto, as the same may be amended or restated and in
effect from time to time.

     Assignee: Any Person to whom one or more Partnership Units have been
Transferred as permitted under this Agreement but who has not become a
Substituted Limited Partner in accordance with the provisions hereof.

     Bankruptcy: Either (i) a referenced Person's making an assignment for the
benefit of creditors, (ii) the filing by a referenced Person of a voluntary
petition in bankruptcy, (iii) a referenced Person's being adjudged insolvent or
having entered against him an order for relief in any bankruptcy or insolvency
proceeding, (iv) the filing by a referenced Person of an answer seeking any
reorganization, composition, readjustment, liquidation, dissolution, or similar
relief under any law or regulation, (v) the filing by a referenced Person of an
answer or other pleading admitting or failing to contest the material
allegations of a petition filed against him in any proceeding of reorganization,
composition, readjustment, liquidation, dissolution, or for similar relief under
any statute, law or regulation or (vi) a referenced Person's seeking, consenting
to, or acquiescing in the appointment of a trustee, receiver or liquidator for
all or substantially all of his property (or court appointment of such trustee,
receiver or liquidator).

<PAGE>
                                      -3-

     Book-Tax Disparity: With respect to any item of Contributed Property, or
property the Book Value of which has been adjusted in accordance with Section
4.4(D), as of the date of determination, the difference between the Book Value
of such property and the adjusted basis of such property for federal income tax
purposes.

     Book Value: With respect to any Contributed Property, the Agreed Value of
such property reduced (but not below zero) by all Depreciation with respect to
such property properly charged to the Partners' Capital Accounts, and with
respect to any other asset, the asset's adjusted basis for federal income tax
purposes; provided, however, (a) the Book Value of all Partnership Assets shall
be adjusted in the event of a revaluation of Partnership Assets in accordance
with Section 4.4(D) hereof, (b) the Book Value of any Partnership Asset
distributed to any Partner shall be the fair market value of such asset on the
date of distribution as determined by the General Partner and (c) such Book
Value shall be adjusted by the Depreciation taken into account with respect to
such asset for purposes of computing Profits and Losses.

     Capital Account: The account maintained by the Partnership for each Partner
described in Section 4.4 hereof.

     Capital Contribution: The total amount of cash or cash equivalents and the
Agreed Value (reduced to take into account the amount of any related
indebtedness assumed by the Partnership, or to which the Contributed Property is
subject) of Contributed Property which a Partner contributes or is deemed to
contribute to the Partnership pursuant to the terms of this Agreement.

     Cash Payment: The payment to a Redeeming Party of a cash amount determined
by multiplying (i) the number of Partnership Units tendered for redemption by
such Redeeming Party pursuant to a validly proffered Redemption Notice by (ii)
the Unit Value on the date the Redemption Notice is received by the General
Partner.

     Certificate: The Partnership's Certificate of Limited Partnership filed in
the office of the Secretary of State of the State of Delaware, as amended from
time to time.

     Class C Deemed Original Issue Date: (i) in the case of any Class C Unit
which is part of the first issuance of such units or part of a subsequent
issuance of such units prior to October 1, 1997, the date of such first issuance
and (ii) in the case of any such unit which is part of a subsequent issuance of
such units on or after October 1, 1997, the later of (x) October 1, 1997 and (y)
the last Class C Distribution Period Commencement Date which precedes the date
of issuance of such unit and which succeeds the last Class C Distribution Period
for which full cumulative Class C Priority Return Amounts have been paid;
provided, however, that, in the case of any such unit which is part of a
subsequent issuance on or after October 1, 1997, the date of issuance of which
falls between (a) the record date for dividends payable on the Series C
Preferred Shares on the first succeeding dividend payment date on such stock and
(b) such dividend payment date, the "Class C Deemed Original Issue Date" means
the date of the Class C Distribution Period Commencement Date that immediately
follows the date of issuance of such unit.

     Class C Distribution Period: The Class C Initial Distribution Period and
each quarterly distribution period thereafter, commencing on January 1, April 1,
July 1 and October 1 of each year and ending on and including the day preceding
the next Class C Distribution Period Commencement Date.

     Class C Distribution Period Commencement Date: January 1, April 1, July 1
and October 1 of each year commencing October 1, 1997.

     Class C Initial Distribution Period: The period from the Class C Deemed
Original Issue Date for a Class C Unit to, but excluding, October 1, 1997.

     Class C Limited Partner: First Industrial Realty Trust, Inc., a Maryland
corporation, in its capacity as a limited partner in the Partnership holding
Class C Units.

     Class C Priority Return Amount: With respect to each Class C Unit, (i) for
the Class C Initial Distribution Period, the pro rata portion of the amount
referred to in clause (ii) of this definition, computed in

<PAGE>
                                      -4-

accordance with the last sentence of Section 5.3(A) hereof, and (ii) for each
Class C Distribution Period thereafter, an amount equal to 2.15625% of that
portion of the Capital Contribution of the Class C Limited Partner allocable to
each such unit. Class C Priority Return Amounts on each Class C Unit that are
not distributed as provided in Section 5.3(A) shall be cumulative from the Class
C Deemed Original Issue Date of such unit.

     Class C Redemption: As defined in Section 9.1(C) hereof.

     Class C Redemption Price: As defined in Section 9.1(C) hereof.

     Class C Unit: The Partnership Interest held by the Class C Limited Partner,
each full Class C Unit representing a $2,500 Capital Contribution.

     Class D Deemed Original Issue Date: (i) in the case of any Class D Unit
which is part of the first issuance of such units or part of a subsequent
issuance of such units prior to April 1, 1998, the date of such first issuance
and (ii) in the case of any such unit which is part of a subsequent issuance of
such units on or after April 1, 1998, the later of (x) April 1, 1998 and (y) the
last Class D Distribution Period Commencement Date which precedes the date of
issuance of such unit and which succeeds the last Class D Distribution Period
for which full cumulative Class D Priority Return Amounts have been paid;
provided, however, that, in the case of any such unit which is part of a
subsequent issuance on or after April 1, 1998, the date of issuance of which
falls between (a) the record date for dividends payable on the Series D
Preferred Shares on the first succeeding dividend payment date on such stock and
(b) such dividend payment date, the "Class D Deemed Original Issue Date" means
the date of the Class D Distribution Period Commencement Date that immediately
follows the date of issuance of such unit.

     Class D Distribution Period: The Class D Initial Distribution Period and
each quarterly distribution period thereafter, commencing on January 1, April 1,
July 1 and October 1 of each year and ending on and including the day preceding
the next Class D Distribution Period Commencement Date.

     Class D Distribution Period Commencement Date: January 1, April 1, July 1
and October 1 of each year commencing April 1, 1998.

     Class D Initial Distribution Period: The period from the Class D Deemed
Original Issue Date for a Class D Unit to, but excluding, April 1, 1998.

     Class D Limited Partner: First Industrial Realty Trust, Inc., a Maryland
corporation, in its capacity as a limited partner in the Partnership holding
Class D Units.

     Class D Priority Return Amount: With respect to each Class D Unit, (i) for
the Class D Initial Distribution Period, the pro rata portion of the amount
referred to in clause (ii) of this definition, computed in accordance with the
last sentence of Section 5.3(B) hereof, and (ii) for each Class D Distribution
Period thereafter, an amount equal to 1.9875% of that portion of the Capital
Contribution of the Class D Limited Partner allocable to each such unit. Class D
Priority Return Amounts on each Class D Unit that are not distributed as
provided in Section 5.3(B) shall be cumulative from the Class D Deemed Original
Issue Date of such unit.

     Class D Redemption: As defined in Section 9.1(D) hereof.

     Class D Redemption Price: As defined in Section 9.1(D) hereof.

     Class D Unit: The Partnership Interest held by the Class D Limited Partner,
each full Class D Unit representing a $2,500 Capital Contribution.

     Class E Deemed Original Issue Date: (i) in the case of any Class E Unit
which is part of the first issuance of such units or part of a subsequent
issuance of such units prior to July 1, 1998, the date of such first issuance
and (ii) in the case of any such unit which is part of a subsequent issuance of
such units on or after July 1, 1998, the later of (x) July 1, 1998 and (y) the
last Class E Distribution Period Commencement Date which precedes the date of

<PAGE>
                                      -5-

issuance of such unit and which succeeds the last Class E Distribution Period
for which full cumulative Class E Priority Return Amounts have been paid;
provided, however, that, in the case of any such unit which is part of a
subsequent issuance on or after July 1, 1998, the date of issuance of which
falls between (a) the record date for dividends payable on the Series E
Preferred Shares on the first succeeding dividend payment date on such stock and
(b) such dividend payment date, the "Class E Deemed Original Issue Date" means
the date of the Class E Distribution Period Commencement Date that immediately
follows the date of issuance of such unit.

     Class E Distribution Period: The Class E Initial Distribution Period and
each quarterly distribution period thereafter, commencing on January 1, April 1,
July 1 and October 1 of each year and ending on and including the day preceding
the next Class E Distribution Period Commencement Date.

     Class E Distribution Period Commencement Date: January 1, April 1, July 1
and October 1 of each year commencing July 1, 1998.

     Class E Initial Distribution Period: The period from the Class E Deemed
Original Issue Date for a Class E Unit to, but excluding, July 1, 1998.

     Class E Limited Partner: First Industrial Realty Trust, Inc., a Maryland
corporation, in its capacity as a limited partner in the Partnership holding
Class E Units.

     Class E Priority Return Amount: With respect to each Class E Unit, (i) for
the Class E Initial Distribution Period, the pro rata portion of the amount
referred to in clause (ii) of this definition, computed in accordance with the
last sentence of Section 5.3(C) hereof, and (ii) for each Class E Distribution
Period thereafter, an amount equal to 7.90% of that portion of the Capital
Contribution of the Class E Limited Partner allocable to each such unit. Class E
Priority Return Amounts on each Class E Unit that are not distributed as
provided in Section 5.3(C) shall be cumulative from the Class E Deemed Original
Issue Date of such unit.

     Class E Redemption: As defined in Section 9.1(E) hereof.

     Class E Redemption Price: As defined in Section 9.1(E) hereof.

     Class E Unit: The Partnership Interest held by the Class E Limited Partner,
each full Class E Unit representing a $2,500 Capital Contribution.

     Class F Distribution Date: Each dividend payment date for the Series F
Preferred Shares.

     Class F Limited Partner: First Industrial Realty Trust, Inc., a Maryland
Corporation, in its capacity as a limited partner in the Partnership holding
Class F Units.

     Class F Priority Return Amount: With respect to each Class F Unit, that
portion of the Capital Contribution of the Class F Limited Partner, allocable to
each such unit, multiplied by the Dividend Rate in effect for the Series F
Preferred Shares, in each case during the period with respect to which the Class
F Priority Return Amount is to be determined.

     Class F Redemption: As defined in Section 9.1(F) hereof.

     Class F Redemption Price: As defined in Section 9.1(F) hereof.

     Class F Unit: The Partnership Interest held by the Class F Limited Partner,
each full Class F Unit representing a $100,000 Capital Contribution.

     Class G Distribution Date: Each dividend payment date for the Series G
Preferred Shares.

<PAGE>
                                      -6-

     Class G Limited Partner: First Industrial Realty Trust, Inc., a Maryland
Corporation, in its capacity as a limited partner in the Partnership holding
Class G Units.

     Class G Priority Return Amount: With respect to each Class G Unit, that
portion of the Capital Contribution of the Class G Limited Partner, allocable to
each such unit, multiplied by the Dividend Rate in effect for the Series G
Preferred Shares, in each case during the period with respect to which the Class
G Priority Return Amount is to be determined.

     Class G Redemption: As defined in Section 9.1(G) hereof.

     Class G Redemption Price: As defined in Section 9.1(G) hereof.

     Class G Unit: The Partnership Interest held by the Class G Limited Partner,
each full Class G Unit representing a $100,000 Capital Contribution.

     Class H Distribution Date: Each dividend payment date for the Series H
Preferred Shares.

     Class H Limited Partner: First Industrial Realty Trust, Inc., a Maryland
Corporation, in its capacity as a limited partner in the Partnership holding
Class H Units.

     Class H Priority Return Amount: With respect to each Class H Unit, that
portion of the Capital Contribution of the Class H Limited Partner, allocable to
each such unit, multiplied by the Dividend Rate in effect for the Series H
Preferred Shares, in each case during the period with respect to which the Class
H Priority Return Amount is to be determined.

     Class H Redemption: As defined in Section 9.1(H) hereof.

     Class H Redemption Price: As defined in Section 9.1(H) hereof.

     Class H Unit: The Partnership Interest held by the Class H Limited Partner,
each full Class H Unit representing a $250,000 Capital Contribution.

     Code: The Internal Revenue Code of 1986, as amended from time to time.

     Consent: Either the written consent of a Person or the affirmative vote of
such Person at a meeting duly called and held pursuant to this Agreement, as the
case may be, to do the act or thing for which the consent is required or
solicited, or the act of granting such consent, as the context may require.

     Contributed Property: Each property or other asset (excluding cash and cash
equivalents) contributed or deemed contributed to the Partnership.

     Contribution Agreements: Those certain agreements among one or more of the
Initial Limited Partners (or Persons in which such Initial Limited Partners have
direct or indirect interests) and the Partnership pursuant to which, inter alia,
the Initial Limited Partners (or such Persons), directly or indirectly, are
contributing property to the Partnership on the Effective Date in exchange for
Partnership Units.

     Contributor Partner(s): That or those Limited Partner(s) listed as
Contributor Partner(s) on Exhibit 1D attached hereto and made a part hereof, as
such Exhibit may be amended from time to time by the General Partner, whether by
express amendment to this Partnership Agreement or by execution of a written
instrument by and between any additional Contributor Partner(s) being affected
thereby and the General Partner, acting on behalf of the Partnership and without
the prior consent of the Limited Partners (whether or not Contributor Partners
other than the Contributor Partner(s) being affected thereby). For purposes
hereof, any successor, assignee, or transferee of the Interest of a Contributor
Partner (other than the Partnership in connection with a redemption pursuant to
Article IX hereof) shall be considered a Contributor Partner for purposes
hereof.

<PAGE>
                                      -7-

     Conversion Factor: The factor applied for converting Partnership Units to
REIT Shares, which shall initially be 1.0; provided, however, in the event that
the REIT (i) declares or pays a dividend on its outstanding REIT Shares in REIT
Shares or makes a distribution to all holders of its outstanding REIT Shares in
REIT Shares, (ii) subdivides its outstanding REIT Shares or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares, the Conversion
Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the
numerator of which shall be the number of REIT Shares issued and outstanding on
the record date (assuming for such purposes that such dividend, distribution,
subdivision or combination has occurred as of such time), and the denominator of
which shall be the actual number of REIT Shares (determined without the above
assumption) issued and outstanding on the record date for such dividend,
distribution, subdivision or combination; provided, further, in the event that
the Partnership (a) declares or pays a distribution on the outstanding
Partnership Units in Partnership Units or makes a distribution to all Partners
in Partnership Units, (b) subdivides the outstanding Partnership Units or (c)
combines the outstanding Partnership Units into a smaller number of Partnership
Units, the Conversion Factor shall be adjusted by multiplying the Conversion
Factor by a fraction, the numerator of which shall be the actual number of
Partnership Units issued and outstanding on the record date (determined without
giving effect to such dividend, distribution, subdivision or combination), and
the denominator of which shall be the actual number of Partnership Units
(determined after giving effect to such dividend, distribution, subdivision or
combination) issued and outstanding on such record date. 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.

     Depreciation: For each Fiscal Year or other period, an amount equal to the
depreciation, amortization or other cost recovery deduction allowable with
respect to an asset for such year or other period, except that if the Book Value
of an asset differs from its adjusted basis for federal income tax purposes at
the beginning of such year or other period, Depreciation shall be adjusted as
necessary so as to be an amount which bears the same ratio to such beginning
Book Value as the federal income tax depreciation, amortization, or other cost
recovery deduction for such year or other period bears to the beginning adjusted
tax basis; provided, however, that if the federal income tax depreciation,
amortization or other cost recovery deduction for such year or other period is
zero, Depreciation for such year or other period shall be determined with
reference to such beginning Book Value using any reasonable method approved by
the General Partner.

     Distributable Cash: with respect to any period, and without duplication:

     (i) all cash receipts of the Partnership during such period from all
sources;

     (ii) less all cash disbursements of the Partnership during such period,
including, without limitation, disbursements for operating expenses, taxes, debt
service (including, without limitation, the payment of principal, premium and
interest), redemption of Partnership Interests and capital expenditures;

     (iii) less amounts added to reserves in the sole discretion of the General
Partner, plus amounts withdrawn from reserves in the reasonable discretion of
the General Partner.

     Effective Date: June 30, 1994.

     ERISA: The Employee Retirement Income Security Act of 1976, as amended from
time to time.

     First Highland Limited Partners: Those Limited Partners identified on
Exhibit 1A hereto.

     First Highland Properties: Those certain properties acquired by the
Partnership pursuant to that certain Contribution Agreement, dated as of March
19, 1996.

     First Highland Units: The Partnership Units issued to the First Highland
Limited Partners in connection with the acquisition of the First Highland
Properties by the Partnership.

     Fiscal Year: The calendar year or in the event of a termination of the
Partnership pursuant to Code Section 708, an appropriate portion of such year.

<PAGE>
                                      -8-

     General Partner: First Industrial Realty Trust, Inc., a Maryland
corporation, and its respective successor(s) who or which become Successor
General Partner(s) in accordance with the terms of this Agreement.

     General Partner Interest: A Partnership Interest held by the General
Partner including both its General Partner and Limited Partner Interests. A
General Partner Interest may be expressed as a number of Partnership Units.

     Involuntary Withdrawal: As to any (i) individual shall mean such
individual's death, incapacity or adjudication of incompetence, (ii) corporation
shall mean its dissolution or revocation of its charter (unless such revocation
is promptly corrected upon notice thereof), (iii) partnership shall mean the
dissolution and commencement of winding up of its affairs, (iv) trust shall mean
the termination of the trust (but not the substitution of trustees), (v) estate
shall mean the distribution by the fiduciary of the estate's complete interest
in the Partnership and (vi) any Partner shall mean the Bankruptcy of such
Partner.

     IRS: The Internal Revenue Service, which administers the internal revenue
laws of the United States.

     LB Closing Date: January 31, 1997.

     LB Partners: The persons identified on Exhibit 1C hereto, following their
admission to the Partnership as Additional Limited Partners.

     LB Units: The Partnership Units issued to the LB Partners in connection
with the acquisition by the Partnership of certain properties on the LB Closing
Date.

     Limited Partner: Those Persons listed as such on Exhibit 1B attached hereto
and made a part hereof, as such Exhibit may be amended from time to time,
including any Person who becomes a Substituted Limited Partner or an Additional
Limited Partner in accordance with the terms of this Agreement; provided such
term shall not include the Class C Limited Partner, the Class D Limited Partner,
the Class E Limited Partner, the Class F Limited Partner, the Class G Limited
Partner or the Class H Limited Partner.

     Limited Partner Interest: A Partnership Interest held by a Limited Partner
that is a limited partner interest. A Limited Partner Interest may be expressed
as a number of Partnership Units.

     Nonrecourse Liability: A liability as defined in Treasury Regulations
Section 1.704-2(b)(3).

     Notice: A writing containing the information required by this Agreement to
be communicated to a Person and delivered to such Person in accordance with
Section 12.4; provided, however, that any written communication containing such
information actually received by such Person shall constitute Notice for all
purposes of this Agreement.

     Partner Minimum Gain: The gain (regardless of character) which would be
realized by the Partnership if property of the Partnership subject to a partner
nonrecourse debt (as such term is defined in Treasury Regulations Section
1.704-2(b)(4)) were disposed of in full satisfaction of such debt on the
relevant date. The adjusted basis of property subject to more than one partner
nonrecourse debt shall be allocated in a manner consistent with the allocation
of basis for purposes of determining Partnership Minimum Gain hereunder. Partner
Minimum Gain shall be computed hereunder using the Book Value, rather than the
adjusted tax basis, of the Partnership property in accordance with Treasury
Regulations Section 1.704-2(d)(3).

     Partner Nonrecourse Deductions: With respect to any partner nonrecourse
debt (as such term is defined in Treasury Regulations Section 1.704-2(b)(4)),
the increase in Partner Minimum Gain during the tax year plus any increase in
Partner Minimum Gain for a prior tax year which has not previously generated a
Partner Nonrecourse Deduction hereunder. The determination of which Partnership
items constitute Partner Nonrecourse Deductions shall be made in a manner
consistent with the manner in which Partnership Nonrecourse Deductions are
determined hereunder.

<PAGE>
                                      -9-

     Partners: The General Partner, the Class C Limited Partner, the Class D
Limited Partner, the Class E Limited Partner, the Class F Limited Partner, the
Class G Limited Partner, the Class H Limited Partner and the Limited Partners as
a group. The term "Partner" shall mean a General Partner, the Class C Limited
Partner, the Class D Limited Partner, the Class E Limited Partner, the Class F
Limited Partner, the Class G Limited Partner, the Class H Limited Partner or a
Limited Partner. Such terms shall be deemed to include such other Persons who
become Partners pursuant to the terms of this Agreement.

     Partnership: The Delaware limited partnership referred to herein as First
Industrial, L.P., as such partnership may from time to time be constituted.

     Partnership Assets: At any particular time, any assets or property
(tangible or intangible, choate or inchoate, fixed or contingent) owned by the
Partnership.

     Partnership Interest or Interest: As to any Partner, such Partner's
ownership interest in the Partnership and including such Partner's right to
distributions under this Agreement and any other rights or benefits which such
Partner has in the Partnership, together with any and all obligations of such
Person to comply with the terms and provisions of this Agreement. A Partnership
Interest may be expressed as a number of Partnership Units.

     Partnership Minimum Gain: The aggregate gain (regardless of character)
which would be realized by the Partnership if all of the property of the
Partnership subject to nonrecourse debt (other than partner nonrecourse debt as
such term is defined in Treasury Regulations Section 1.704-2(b)(4)) were
disposed of in full satisfaction of such debt and for no other consideration on
the relevant date. In the case of any Nonrecourse Liability of the Partnership
which is not secured by a mortgage with respect to any specific property of the
Partnership, any and all property of the Partnership to which the holder of said
liability has recourse shall be treated as subject to such Nonrecourse Liability
for purposes of the preceding sentence. Partnership Minimum Gain shall be
computed separately for each Nonrecourse Liability of the Partnership. For this
purpose, the adjusted basis of property subject to two or more liabilities of
equal priority shall be allocated among such liabilities in proportion to the
outstanding balance of such liabilities, and the adjusted basis of property
subject to two or more liabilities of unequal priority shall be allocated to the
liability of inferior priority only to the extent of the excess, if any, of the
adjusted basis of such property over the outstanding balance of the liability of
superior priority. Partnership Minimum Gain shall be computed hereunder using
the Book Value, rather than the adjusted tax basis, of the Partnership property
in accordance with Treasury Regulations Section 1.704-2(d)(3).

     Partnership Nonrecourse Deductions: The amount of Partnership deductions
equal to the increase, if any, in the amount of the aggregate Partnership
Minimum Gain during the tax year (plus any increase in Partnership Minimum Gain
for a prior tax year which has not previously generated a Partnership
Nonrecourse Deduction) reduced (but not below zero) by the aggregate
distributions made during the tax year of the proceeds of a Nonrecourse
Liability of the Partnership which are attributable to an increase in
Partnership Minimum Gain within the meaning of Treasury Regulations Section
1.704-2(d). The Partnership Nonrecourse Deductions for a Partnership tax year
shall consist first of depreciation or cost recovery deductions with respect to
each property of the Partnership giving rise to such increase in Partnership
Minimum Gain on a pro rata basis to the extent of each such increase, with any
excess made up pro rata of all items of deduction.

     Partnership Unit: A fractional, undivided share of the Partnership
Interests of all Partners (other than the Class C Limited Partner, the Class D
Limited Partner, the Class E Limited Partner, the Class F Limited Partner, the
Class G Limited Partner and the Class H Limited Partner) issued pursuant to
Section 4.1 hereof.

     Percentage Interest: As to any Partner, the percentage in the Partnership,
as determined by dividing the Partnership Units then owned by such Partner by
the total number of Partnership Units then outstanding, as the same may be
automatically adjusted from time to time to reflect the issuance and redemption
of Partnership Units in accordance with this Agreement, without requiring the
amendment of Exhibit 1B to reflect any such issuance or redemption.

     Person: Any individual, partnership, corporation, trust or other entity.

<PAGE>
                                      -10-

     Profits and Losses: For each Fiscal Year or other period, an amount equal
to the Partnership's taxable income or loss (as the case may be) for such year
or period, determined in accordance with Code Section 703(a) (for this purpose,
all items of income, gain, loss or deduction required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments:

          a. Any income of the Partnership that is exempt from federal income
     tax and not otherwise taken into account in computing Profits or Losses
     pursuant to this definition shall be added to such taxable income or loss;

          b. Any expenditures of the Partnership described in Code Section
     705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
     to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise
     taken into account in computing Profits or Losses pursuant to this
     definition, shall be subtracted from such taxable income or loss;

          c. Gain or loss resulting from any disposition of Partnership property
     with respect to which gain or loss is recognized for federal income tax
     purposes shall be computed by reference to the Book Value of the property
     disposed of notwithstanding that the adjusted tax basis of such property
     differs from such Book Value;

          d. In lieu of the depreciation, amortization, and other cost recovery
     deductions taken into account in computing such taxable income or loss,
     there shall be taken into account Depreciation for such Fiscal Year or
     other period, computed in accordance with the definition of "Depreciation"
     herein; and

          e. In the event that any item of income, gain, loss or deduction that
     has been included in the initial computation of Profit or Loss is subject
     to the special allocation rules of Sections 5.2(C), 5.2(D) and 5.2(I)
     through 5.2(N), Profit or Loss shall be recomputed without regard to such
     item.

     Protected Amount: With respect to any Contributor Partner, the amount set
forth or otherwise described opposite the name of such Contributor Partner on
Exhibit 1D attached hereto and made a part hereof, as such Exhibit may be
modified from time to time by an amendment to the Partnership Agreement or by
execution of a written instrument by and between the Contributor Partner being
affected thereby and the General Partner, acting on behalf of the Partnership
and without the prior written consent of the Limited Partners (whether or not
Contributor Partners other than the Contributor Partner being affected thereby);
provided, however, that no Contributor Partner shall be considered to have a
Protected Amount from and following the first date upon which such Partner is no
longer a Partner of the Partnership.

     Record Date: The record date established by the General Partner for
distributions pursuant to Section 5.3 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.

     Recourse Liabilities: The amount of liabilities owed by the Partnership
(other than nonrecourse liabilities and liabilities to which Partner Nonrecourse
Deductions are attributable in accordance with Treasury Regulations Section
1.704-2(i)).

     Redeeming Party: A Limited Partner or Assignee (other than the General
Partner) who tenders Partnership Units for redemption pursuant to a Redemption
Notice.

     Redemption Date: The date for redemption of Partnership Units as set forth
in Section 9.2.

     Redemption Effective Date: The first date on which a Redeeming Party may
elect to redeem Partnership Units, which date shall be the later of (i) the
first anniversary of the date such Partnership Units are issued and (ii) the
effective date of any registration statement filed by the Partnership with
respect to the REIT Shares to be issued upon redemption of Partnership Units by
a Redeeming Party.

<PAGE>
                                      -11-

     Redemption Notice: A Notice to the General Partner by a Redeeming Party,
substantially in the form attached as Exhibit 2, pursuant to which the Redeeming
Party requests the redemption of Partnership Units in accordance with Article
IX.

     Redemption Obligation: The obligation of the Partnership to redeem the
Partnership Units as set forth in Section 9.1(A).

     Redemption Period: The 45-day period immediately following the filing with
the SEC by the General Partner of an annual report of the General Partner on
Form 10-K or a quarterly report of the General Partner on Form 10-Q or such
other period or periods as the General Partner may otherwise determine.

     Redemption Restriction: A restriction on the ability of the Partnership to
redeem the Partnership Units as set forth in Section 9.1(A).

     Registration Rights Agreement: A Registration Rights Agreement,
substantially in the form of Exhibit 3 hereto, pursuant to which First
Industrial will agree to register under the Securities Act of 1933, as amended,
REIT Shares issued in connection with Share Payments made under Article IX
hereof.

     REIT: A real estate investment trust, as defined in Code Section 856.

     REIT Charter: The Articles of Incorporation of First Industrial filed with
the Department of Assessments and Taxation of the State of Maryland on August
10, 1993, as the same may be amended or restated and in effect from time to
time.

     REIT Share: A share of common stock representing an ownership interest in
the General Partner.

     REIT Share Rights: Rights to acquire additional REIT Shares issued to all
holders of REIT Shares, whether in the form of rights, options, warrants or
convertible or exchangeable securities, to the extent the same have been issued
without additional consideration after the initial acquisition of such REIT
Shares.

     SEC: The Securities and Exchange Commission.

     Series C Preferred Shares: 8 5/8% Series C Cumulative Preferred Stock of
First Industrial Realty Trust, Inc.

     Series D Preferred Shares: 7.95% Series D Cumulative Preferred Stock of
First Industrial Realty Trust, Inc.

     Series E Preferred Shares: 7.90% Series E Cumulative Preferred Stock of
First Industrial Realty Trust, Inc.

     Series F Preferred Shares: Series F Flexible Cumulative Redeemable
Preferred Stock of First Industrial Realty Trust, Inc.

     Series G Preferred Shares: Series G Flexible Cumulative Redeemable
Preferred Stock of First Industrial Realty Trust, Inc.

     Series H Preferred Shares: Series H Flexible Cumulative Redeemable
Preferred Stock of First Industrial Realty Trust, Inc.

     Share Payment: The payment to a Redeeming Party of a number of REIT Shares
determined by multiplying (i) the number of Partnership Units tendered for
redemption by such Redeeming Party pursuant to a validly proffered Redemption
Notice by (ii) the Conversion Factor. In the event the General Partner grants
any REIT

<PAGE>
                                      -12-

Share Rights prior to such payment, any Share Payment shall include for the
Redeeming Party his ratable share of such REIT Share Rights other than REIT
Share Rights which have expired.

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

     Substituted Limited Partner: That Person or those Persons admitted to the
Partnership as substitute Limited Partner(s), in accordance with the provisions
of this Agreement. A Substituted Limited Partner, upon his admission as such,
shall succeed to the rights, privileges and liabilities of his predecessor in
interest as a Limited Partner.

     Successor General Partner: Any Person who is admitted to the Partnership as
substitute General Partner pursuant to this Agreement. A Successor General
Partner, upon its admission as such, shall succeed to the rights, privileges and
liabilities of its predecessor in interest as General Partner, in accordance
with the provisions of the Act.

     Tax Matters Partner: The General Partner or such other Partner who becomes
Tax Matters Partner pursuant to the terms of this Agreement.

     Terminating Capital Transaction: The sale or other disposition of all or
substantially all of the Partnership Assets or a related series of transactions
that, taken together, result in the sale or other disposition of all or
substantially all of the Partnership Assets.

     Threshold Percentage: A percentage equal to 85% on the LB Closing Date and
thereafter adjusted upwards (but not downwards) immediately prior to each
solicitation of any vote of, or the seeking of any consent, approval or waiver
from, the Limited Partners generally, to the sum of (i) 85% and (ii) the number
of percentage points equal to the positive difference, if any, between (a) the
aggregate Percentage Interest represented by the LB Units immediately following
the LB Closing Date and (b) the aggregate Percentage Interest represented by the
LP Units immediately prior to any such solicitation. For example, if on the LB
Closing Date the LB Units represent a 10% aggregate Percentage Interest, and if
immediately prior to a solicitation the Threshold Percentage is 85% and the
aggregate Percentage Interest represented by the LB Units is 8%, the Threshold
Percentage would be increased to 87% (85% + (10% - 8%)).

     Transfer: With respect to any Partnership Unit shall mean a transaction in
which a Partner assigns his Partnership Interest to another Person and includes
any sale, assignment, gift, pledge, mortgage, exchange, hypothecation,
encumbrance or other disposition by law or otherwise; provided, however, the
redemption of any Partnership Interest pursuant to Article IX hereof shall not
constitute a "Transfer" for purposes hereof.

     Transfer Restriction Date: June 23, 1995.

     Treasury Regulations: The Income Tax Regulations promulgated under the
Code, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

     Unit Value: With respect to any Partnership Unit, the average of the daily
market price for a REIT Share for the ten (10) consecutive trading days
immediately preceding the date of receipt of a Redemption Notice by the General
Partner multiplied by the Conversion Factor. If the REIT Shares are traded on a
securities exchange or the NASDAQ-National Market System, the market price for
each such trading day shall be the reported last sale price on such day or, if
no sales take place on such day, the average of the closing bid and asked prices
on such day. If the REIT Shares are not traded on a securities exchange or the
NASDAQ-National Market System, the market price for each such trading day shall
be determined by the General Partner using any reasonable method of valuation.
If a Share Payment would include any REIT Share Rights, the value of such REIT
Share Rights shall be determined by the General Partner using any reasonable
method of valuation, taking into account the Unit Value determined

<PAGE>
                                      -13-

hereunder and the factors used to make such determination and the value of such
REIT Share Rights shall be included in the Unit Value.

     Voting Termination Date: The first date after the LB Closing Date on which
either (i) the General Partner holds 90% or more of all Partnership Units or
(ii) the aggregate number of Partnership Units held by the General Partner and
the LB Partners is less than the product of the Threshold Percentage and the
total number of Partnership Units then outstanding.

     Section 1.2 Rules of Construction. The following rules of construction
shall apply to this Agreement:

          (A) All section headings in this Agreement are for convenience of
     reference only and are not intended to qualify the meaning of any section.

          (B) All personal pronouns used in this Agreement, whether used in the
     masculine, feminine or neuter gender, shall include all other genders, the
     singular shall include the plural, and vice versa, as the context may
     require.

          (C) Each provision of this Agreement shall be considered severable
     from the rest, and if any provision of this Agreement or its application to
     any Person or circumstances shall be held invalid and contrary to any
     existing or future law or unenforceable to any extent, the remainder of
     this Agreement and the application of any other provision to any Person or
     circumstances shall not be affected thereby and shall be interpreted and
     enforced to the greatest extent permitted by law so as to give effect to
     the original intent of the parties hereto.

          (D) Unless otherwise specifically and expressly limited in the
     context, any reference herein to a decision, determination, act, action,
     exercise of a right, power or privilege, or other procedure by the General
     Partner shall mean and refer to the decision, determination, act, action,
     exercise or other procedure by the General Partner in its sole and absolute
     discretion.

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                           ARTICLE II - CONTINUATION

--------------------------------------------------------------------------------

     Section 2.1 Continuation. The Partners hereby continue the Partnership as a
limited partnership under the Act. The General Partner shall take all action
required by law to perfect and maintain the Partnership as a limited partnership
under the Act and under the laws of all other jurisdictions in which the
Partnership may elect to conduct business, including but not limited to the
filing of amendments to the Certificate with the Delaware Secretary of State,
and qualification of the Partnership as a foreign limited partnership in the
jurisdictions in which such qualification shall be required, as determined by
the General Partner. The General Partner shall also promptly register the
Partnership under applicable assumed or fictitious name statutes or similar
laws.

     Section 2.2 Name. The name of the Partnership is First Industrial, L.P. The
General Partner may adopt such assumed or fictitious names as it deems
appropriate in connection with the qualifications and registrations referred to
in Section 2.1.

     Section 2.3 Place Of Business; Registered Agent. The principal office of
the Partnership is located at 311 S. Wacker Drive, Suite 4000, Chicago, Illinois
60606, which office may be changed to such other place as the General Partner
may from time to time designate. The Partnership may establish offices for the
Partnership within or without the State of Delaware as may be determined by the
General Partner. The initial registered agent for the Partnership in the State
of Delaware is The Corporation Trust Company, whose address is c/o Corporation
Trust Center, 1209 Orange Street, Wilmington, Delaware 19801.

--------------------------------------------------------------------------------
<PAGE>
                                      -14-

                         ARTICLE III - BUSINESS PURPOSE

--------------------------------------------------------------------------------

     Section 3.1 Business. The business of the Partnership shall be (i)
conducting any business that may be lawfully conducted by a limited partnership
pursuant to the Act including, without limitation, acquiring, owning, managing,
developing, leasing, marketing, operating and, if and when appropriate, selling,
industrial properties, (ii) entering into any partnership, joint venture or
other relationship to engage in any of the foregoing or the ownership of
interests in any entity engaged in any of the foregoing, (iii) making loans,
guarantees, indemnities or other financial accommodations and borrowing money
and pledging its assets to secure the repayment thereof, (iv) to do any of the
foregoing with respect to any Affiliate or Subsidiary and (v) doing anything
necessary or incidental to the foregoing; provided, however, that business of
the Partnership shall be limited so as to permit the General Partner to elect
and maintain its status as a REIT (unless the General Partner determines no
longer to qualify as a REIT).

     Section 3.2 Authorized Activities. In carrying out the purposes of the
Partnership, but subject to all other provisions of this Agreement, the
Partnership is authorized to engage in any kind of lawful activity, and perform
and carry out contracts of any kind, necessary or advisable in connection with
the accomplishment of the purposes and business of the Partnership described
herein and for the protection and benefit of the Partnership; provided that the
General Partner shall not be obligated to cause the Partnership to take, or
refraining from taking, any action which, in the judgment of the General
Partner, (i) could adversely affect the ability of the General Partner to
qualify and continue to qualify as a REIT, (ii) could subject the General
Partner to additional taxes under Code Section 857 or 4981 or (iii) could
violate any law or regulation of any governmental body or agency having
jurisdiction over the General Partner or its securities.

--------------------------------------------------------------------------------

                       ARTICLE IV - CAPITAL CONTRIBUTIONS

--------------------------------------------------------------------------------

     Section 4.1 Capital Contributions.

     (A) Upon the contribution to the Partnership of property in accordance with
a Contribution Agreement, Partnership Units shall be issued in accordance with,
and as contemplated by, such Contribution Agreement, and the Persons receiving
such Partnership Units shall become Partners and shall be deemed to have made a
Capital Contribution as set forth on Exhibit 1. Exhibit 1 also sets forth the
initial number of Partnership Units owned by each Partner and the Percentage
Interest of each Partner, which Percentage Interest shall be adjusted from time
to time by the General Partner to reflect the issuance of additional Partnership
Units, the redemption of Partnership Units, additional Capital Contributions and
similar events having an effect on a Partner's Percentage Interest. Except as
set forth in Section 4.2 (regarding issuance of additional Partnership Units) or
Section 7.6 (regarding withholding obligations), no Partner shall be required
under any circumstances to contribute to the capital of the Partnership any
amount beyond that sum required pursuant to this Article IV.

     (B) Anything in the foregoing Section 4.1(A) or elsewhere in this Agreement
notwithstanding, the Partnership Units held by the General Partner shall, at all
times, be deemed to be General Partner units and shall constitute the General
Partner Interest.

     Section 4.2 Additional Partnership Interests.

     (A) The Partnership may issue additional limited partnership interests in
the form of Partnership Units for any Partnership purpose at any time or from
time to time, to any Partner or other Person (other than the General Partner,
except in accordance with Section 4.2(B) below).

     (B) The Partnership also may from time to time issue to the General Partner
additional Partnership Units or other Partnership Interests in such classes and
having such designations, preferences and relative rights (including preferences
and rights senior to the existing Limited Partner Interests) as shall be

<PAGE>
                                      -15-

determined by the General Partner in accordance with the Act and governing law.
Except as provided in Article IX, any such issuance of Partnership Units or
Partnership Interests to the General Partner shall be conditioned upon (i) the
undertaking by the General Partner of a related issuance of its capital stock
(with such shares having designations, rights and preferences such that the
economic rights of the holders of such capital stock are substantially similar
to the rights of the additional Partnership Interests issued to the General
Partner) and the General Partner making a Capital Contribution (a) in an amount
equal to the net proceeds raised in the issuance of such capital stock, in the
event such capital stock is sold for cash or cash equivalents or (b) the
property received in consideration for such capital stock, in the event such
capital stock is issued in consideration for other property or (ii) the issuance
by the General Partner of capital stock under any stock option or bonus plan and
the General Partner making a Capital Contribution in an amount equal to the
exercise price of the option exercised pursuant to such stock option or other
bonus plan.

     (C) Except as contemplated by Article IX (regarding redemptions) or Section
4.2(B), the General Partner shall not issue any (i) additional REIT Shares, (ii)
rights, options or warrants containing the right to subscribe for or purchase
REIT Shares or (iii) securities convertible or exchangeable into REIT Shares
(collectively, "Additional REIT Securities") other than to all holders of REIT
Shares, pro rata, unless (x) the Partnership issues to the General Partner (i)
Partnership Interests, (ii) rights, options or warrants containing the right to
subscribe for or purchase Partnership Interests or (iii) securities convertible
or exchangeable into Partnership Interests such that the General Partner
receives an economic interest in the Partnership substantially similar to the
economic interest in the General Partner represented by the Additional REIT
Securities and (y) the General Partner contributes to the Partnership the net
proceeds from, or the property received in consideration for, the issuance of
the Additional REIT Securities and the exercise of any rights contained in any
Additional REIT Securities.

     Section 4.3 No Third Party Beneficiaries. The foregoing provisions of this
Article IV are not intended to be for the benefit of any creditor of the
Partnership or other Person to whom any debts, liabilities or obligations are
owed by (or who otherwise has any claim against) the Partnership or any of the
Partners and no such creditor or other Person shall obtain any right under any
such foregoing provision against the Partnership or any of the Partners by
reason of any debt, liability or obligation (or otherwise).

     Section 4.4 Capital Accounts.

     (A) The Partnership shall establish and maintain a separate Capital Account
for each Partner in accordance with Code Section 704 and Treasury Regulations
Section 1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited
with:

     (1) the amount of all Capital Contributions made to the Partnership by such
Partner in accordance with this Agreement; plus

     (2) all income and gain of the Partnership computed in accordance with this
Section 4.4 and allocated to such Partner pursuant to Article V (including for
purposes of this Section 4.4(A), income and gain exempt from tax);

and shall be debited with the sum of:

     (1) all losses or deductions of the Partnership computed in accordance with
this Section 4.4 and allocated to such Partner pursuant to Article V,

     (2) such Partner's distributive share of expenditures of the Partnership
described in Code Section 705(a)(2)(B), and

     (3) all cash and the Agreed Value (reduced to take into account the amount
of any related indebtedness assumed by the Partner, or to which the distributed
property is subject) of any property actually distributed or deemed distributed
by the Partnership to such Partner pursuant to the terms of this Agreement.

<PAGE>
                                      -16-

     Any reference in any section or subsection of this Agreement to the Capital
Account of a Partner shall be deemed to refer to such Capital Account as the
same may be credited or debited from time to time as set forth above.

     (B) For purposes of computing the amount of any item of income, gain,
deduction or loss to be reflected in the Partners' Capital Accounts, the
determination, recognition and classification of each such item shall be the
same as its determination, recognition and classification for federal income tax
purposes, determined in accordance with Code Section 703(a) and accounting for
those adjustments set forth in the definition of Profits and Losses, with the
following additional adjustments:

     (1) the computation of all items of income, gain, loss and deduction shall
be made without regard to any Code Section 754 election that may be made by the
Partnership, except to the extent required in accordance with the provisions of
Treasury Regulations Section 1.704-1(b)(2)(iv)(m); and

     (2) in the event the Book Value of any Partnership Asset is adjusted
pursuant to Section 4.4(D) below, the amount of such adjustment shall be treated
as gain or loss from the disposition of such asset.

     (C) Any transferee of a Partnership Interest shall succeed to a pro rata
portion of the transferor's Capital Account transferred.

     (D) Consistent with the provisions of Treasury Regulations Section
1.704-1(b)(2)(iv)(f), (i) immediately prior to the acquisition of an additional
Partnership Interest by any new or existing Partner in connection with the
contribution of money or other property (other than a de minimis amount) to the
Partnership, (ii) immediately prior to the distribution by the Partnership to a
Partner of Partnership property (other than a de minimis amount) as
consideration for a Partnership Interest, (iii) immediately prior to the
liquidation of the Partnership as defined in Treasury Regulations Section
1.704-1(b)(2)(ii)(g) and (iv) immediately prior to any other event for which the
Treasury Regulation Section 1.704-1(b)(2)(iv)(f) permits an adjustment to book
value, the Book Value of all Partnership Assets shall be revalued upward or
downward to reflect the fair market value of each such Partnership Asset as
determined by the General Partner using such reasonable method of valuation as
it may adopt.

     (E) The foregoing provisions of this Section 4.4 are intended to comply
with Treasury Regulations Section 1.704-1(b) and shall be interpreted and
applied in a manner consistent with such Treasury Regulations. In the event the
General Partner shall determine that it is prudent to modify the manner in which
the Partners' Capital Accounts are computed hereunder in order to comply with
such Treasury Regulations, the General Partner may make such modification if
such modification is not likely to have a material effect on the amount
distributable to any Partner under the terms of this Agreement and the General
Partner notifies the other Partners in writing of such modification prior to
making such modification.

     Section 4.5 Return of Capital Account; Interest. Except as otherwise
specifically provided in this Agreement, (i) no Partner shall have any right to
withdraw or reduce its Capital Contributions or Capital Account, or to demand
and receive property other than cash from the Partnership in return for its
Capital Contributions or Capital Account; (ii) no Partner shall have any
priority over any other Partners as to the return of its Capital Contributions
or Capital Account; (iii) any return of Capital Contributions or Capital
Accounts to the Partners shall be solely from the Partnership Assets, and no
Partner shall be personally liable for any such return; and (iv) no interest
shall be paid by the Partnership on Capital Contributions or on balances in
Partners' Capital Accounts.

     Section 4.6 Preemptive Rights. No Person shall have any preemptive or
similar rights with respect to the issuance or sale of additional Partnership
Units.

     Section 4.7 REIT Share Purchases. If the General Partner acquires
additional REIT Shares pursuant to Article IX of the REIT Charter, the
Partnership shall purchase from the General Partner that number of Partnership
Units determined by applying the Conversion Multiple to the number of REIT
Shares purchased by the

<PAGE>
                                      -17-

General Partner at the same price and on the same terms as those upon which the
General Partner purchased such REIT Shares.

--------------------------------------------------------------------------------

                   ARTICLE V - ALLOCATIONS AND DISTRIBUTIONS

--------------------------------------------------------------------------------

     Section 5.1 Limited Liability. For bookkeeping purposes, the Profits of the
Partnership shall be shared, and the Losses of the Partnership shall be borne,
by the Partners as provided in Section 5.2 below; provided, however, that except
as expressly provided in this Agreement, neither any Limited Partner (in its
capacity as a Limited Partner), the Class C Limited Partner (in its capacity as
Class C Limited Partner), the Class D Limited Partner (in its capacity as Class
D Limited Partner), the Class E Limited Partner (in its capacity as Class E
Limited Partner), the Class F Limited Partner (in its capacity as Class F
Limited Partner), the Class G Limited Partner (in its capacity as Class G
Limited Partner) nor the Class H Limited Partner (in its capacity as Class H
Limited Partner) shall be personally liable for losses, costs, expenses,
liabilities or obligations of the Partnership in excess of its Capital
Contribution required under Article IV hereof.

     Section 5.2 Profits, Losses and Distributive Shares.

     (A) Profits. After giving effect to the special allocations, if any,
provided in Section 5.2(C), (D), (I), (J), (K), (L), (M), and (N), Profits in
each Fiscal Year shall be allocated in the following order:

     (1) First, to the General Partner until the cumulative Profits allocated to
the General Partner under this Section 5.2(A)(1), whether in the current or in
any prior Fiscal Year equal the cumulative Losses allocated to such Partner
under Section 5.2(B)(6), whether in the current or in any prior Fiscal Year;

     (2) Second, to, Class C Limited Partner, Class D Limited Partner, Class E
Limited Partner, Class F Limited Partner, Class G Limited Partner and Class H
Limited Partner, in proportion to the cumulative Losses allocated to each such
Partner under Section 5.2(B)(5), whether in the current or in any prior Fiscal
Year until the cumulative Profits allocated to each such Partner under this
Section 5.2(A)(2) equal the cumulative Losses allocated to each such Partner
under Section 5.2(B)(5), whether in the current or in any prior Fiscal Year;

     (3) Third, to each Partner in proportion to the cumulative Losses allocated
to such Partner under Section 5.2(B)(4), whether in the current or in any prior
Fiscal Year, until the cumulative Profits allocated to such Partner under this
Section 5.2(A)(3) equal the cumulative Losses allocated to such Partner under
Section 5.2(B)(4), whether in the current or in any prior Fiscal Year;

     (4) Fourth, to the General Partner until the cumulative Profits allocated
to the General Partner under this Section 5.2(A)(4), whether in the current or
in any prior Fiscal Year equal the cumulative Losses allocated to such Partner
under Section 5.2(B)(3), whether in the current or in any prior Fiscal Year;

     (5) Fifth, to each Partner in proportion to the cumulative Losses allocated
to such Partner under Section 5.2(B)(2), whether in the current or in any prior
Fiscal Year, until the cumulative Profits allocated to such Partner under this
Section 5.2(A)(5) equal the cumulative Losses allocated to such Partner under
Section 5.2(B)(2), whether in the current or in any prior Fiscal Year;

     (6) Sixth, to each Partner in proportion to the cumulative Losses allocated
to such Partner under Section 5.2(B)(1), whether in the current or in any prior
Fiscal Year, until the cumulative Profits allocated to such Partner under this
Section 5.2(A)(6) equal the cumulative Losses allocated to such Partner under
Section 5.2(B)(1), whether in the current or in any prior Fiscal Year; and

     (7) Then, the balance, if any, to the Partners in proportion to their
respective Percentage Interests.

<PAGE>
                                      -18-

     (B) Losses. After giving effect to the special allocations, if any,
provided in Section 5.2(C), (D), (I), (J), (K), (L), (M) and (N), Losses in each
Fiscal Year shall be allocated in the following order of priority:

     (1) First, to the Partners (other than the Class C Limited Partner, the
Class D Limited Partner, the Class E Limited Partner, the Class F Limited
Partner, the Class G Limited Partner and the Class H Limited Partner), in
proportion to their respective Percentage Interests, but not in excess of the
positive Adjusted Capital Account balance of any Partner prior to the allocation
provided for in this Section 5.2(B)(1);

     (2) Second, to the Partners (other than the Class C Limited Partner, the
Class D Limited Partner, the Class E Limited Partner, the Class F Limited
Partner, the Class G Limited Partner and the Class H Limited Partner) with
positive Adjusted Capital Account balances prior to the allocation provided for
in this Section 5.2(B)(2), in proportion to the amount of such balances until
all such balances are reduced to zero;

     (3) Third, to the General Partner until (i) the excess of (a) the
cumulative Losses allocated under this Section 5.2(B)(3), whether in the current
or in any prior Fiscal Year, over (b) the cumulative Profits allocated under
Section 5.2(A)(4), whether in the current or in any prior Fiscal Year, equals
(ii) the excess of (a) the amount of Recourse Liabilities over (b) the Aggregate
Protected Amount;

     (4) Fourth, to and among the Contributor Partners, in accordance with their
respective Protected Amounts, until the excess of (a) the cumulative Losses
allocated under this Section 5.2(B)(4), whether in the current or in any prior
Fiscal Year, over (b) the cumulative Profits allocated under 5.2(A)(3), whether
in the current or in any prior Fiscal Year, equals the Aggregate Protected
Amount (as of the close of the Fiscal Year to which such allocation relates);

     (5) Fifth, to the Class C Limited Partner, the Class D Limited Partner, the
Class E Limited Partner, the Class F Limited Partner, the Class G Limited
Partner and the Class H Limited Partner, in accordance with their respective
Adjusted Capital Accounts, until their Adjusted Capital Accounts are reduced to
zero; and

     (6) Thereafter, to the General Partner;

provided, however, (i) that, from and following the first Fiscal Year upon which
a Contributor Partner is no longer a Partner of the Partnership, the provisions
of this Section 5.2(B) shall be null, void and without further force and effect
with respect to such Contributor Partner; (ii) that, this Section 5.2(B) shall
control, notwithstanding any reallocation or adjustment of taxable income, loss
or other items by the Internal Revenue Service or any other taxing authority;
provided, however, that neither the Partnership nor the General Partner (nor any
of their respective affiliates) is required to indemnify any Contributor Partner
(or its affiliates) for the loss of any tax benefit resulting from any
reallocation or adjustment of taxable income, loss or other items by the
Internal Revenue Service or other taxing authority; and (iii) that, during such
period as there are Contributor Partners in the Partnership, the provisions of
Section 5.2(B)(4) shall not be amended in a manner which adversely affects the
Contributor Partners (without the consent of each Contributor Partner so
affected).

     (C) Special Allocations. Except as otherwise provided in this Agreement,
the following special allocations will be made in the following order and
priority:

     (1) Partnership Minimum Gain Chargeback. Notwithstanding any other
provision of this Article V, if there is a net decrease in Partnership Minimum
Gain during any tax year or other period for which allocations are made, each
Partner will be specially allocated items of Partnership income and gain for
that tax year or other period (and, if necessary, subsequent periods) in an
amount equal to such Partner's share of the net decrease in Partnership Minimum
Gain during such tax year or other period determined in accordance with Treasury
Regulations Section 1.704-2(g). Allocations pursuant to the preceding sentence
shall be made in proportion to the respective amounts required to be allocated
to each Partner pursuant thereto. The items to be so allocated shall be
determined in accordance with Treasury Regulations Sections 1.704-2(f)(6) and
1.704-2(j)(2). This Section

<PAGE>
                                      -19-

5.2(C)(1) is intended to comply with the minimum gain chargeback requirements
set forth in Treasury Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith, including the exceptions to the minimum gain chargeback
requirement set forth in Treasury Regulations Section 1.704-2(f) and (3). If the
General Partner concludes, after consultation with tax counsel, that the
Partnership meets the requirements for a waiver of the minimum gain chargeback
requirement as set forth in Treasury Regulations Section 1.704-2(f)(4), the
General Partner may take steps reasonably necessary or appropriate in order to
obtain such waiver.

     (2) Partner Nonrecourse Debt Minimum Gain Chargeback. Notwithstanding any
other provision of this Section (other than Section 5.2(C)(1) which shall be
applied before this Section 5.2(C)(2)), if there is a net decrease in Partner
Minimum Gain during any tax year or other period for which allocations are made,
each Partner with a share of Partner Minimum Gain determined in accordance with
Treasury Regulations Section 1.704-2(i)(5) shall be specially allocated items of
Partnership income and gain for that period (and, if necessary, subsequent
periods) in an amount equal to such Partner's share of the net decrease in
Partner Minimum Gain determined in accordance with Treasury Regulations Section
1.704-2(i)(4). The items to be so allocated shall be determined in accordance
with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii). This
Section 5.2(C)(2) is intended to comply with the minimum gain chargeback
requirements of Treasury Regulations Section and shall be interpreted
consistently therewith, including the exceptions set forth in Treasury
Regulations Section 1.704-2(f)(2) and (3) to the extent such exceptions apply to
Treasury Regulations Sections 1.704-2(i)(4). If the General Partner concludes,
after consultation with tax counsel, that the Partnership meets the requirements
for a waiver of the Partner Minimum Gain chargeback requirement set forth in
Treasury Regulation 1.704-2(f), but only to the extent such exception applies to
Treasury Regulations Section 1.704-2(i)(4), the General Partner may take steps
necessary or appropriate to obtain such waiver.

     (3) Qualified Income Offset. A Partner who unexpectedly receives any
adjustment, allocation or distribution described in Treasury Regulations Section
1.704-1(b)(2)(ii)(d)(4), (5) or (6) will be specially allocated items of
Partnership income and gain in an amount and manner sufficient to eliminate, to
the extent required by Treasury Regulations 1.704-1(b)(2)(ii)(d), the Adjusted
Capital Account Deficit of the Partner as quickly as possible, provided that an
allocation pursuant to this Section 5.2(C)(3) shall be made if and only to the
extent that such Partner would have an Adjusted Capital Account Deficit after
all other allocations provided for in this Article V have been tentatively made
as if this Section 5.2(C)(3) were not contained in this Agreement.

     (4) Partnership Nonrecourse Deductions. Partnership Nonrecourse Deductions
for any taxable year or other period for which allocations are made will be
allocated among the Partners in proportion to their respective Percentage
Interests.

     (5) Partner Nonrecourse Deductions. Notwithstanding anything to the
contrary in this Agreement, any Partner Nonrecourse Deductions for any taxable
year or other period for which allocations are made will be allocated to the
Partner who bears the economic risk of loss with respect to the liability to
which the Partner Nonrecourse Deductions are attributable in accordance with
Treasury Regulations Section 1.704-2(i).

     (6) Code Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Partnership asset under Code Section 734(b) or 743(b)
is required to be taken into account in determining Capital Accounts under
Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or (4), the amount of the
adjustment to the Capital Accounts will be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases the basis of the asset), and the gain or loss will be specially
allocated to the Partners in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted under Treasury Regulations Section
1.704-1(b)(2)(iv)(m).

     (7) Depreciation Recapture. In the event there is any recapture of
Depreciation or investment tax credit, the allocation thereof shall be made
among the Partners in the same proportion as the deduction for such Depreciation
or investment tax credit was allocated.

     (8) Interest in Partnership. Notwithstanding any other provision of this
Agreement, no allocation

<PAGE>
                                      -20-

of Profit or Loss (or item of Profit or Loss) will be made to a Partner if the
allocation would not have "economic effect" under Treasury Regulations Section
1.704-1(b)(2)(ii)(a) or otherwise would not be in accordance with the Partner's
interest in the Partnership within the meaning of Treasury Regulations Section
1.704-1(b)(3).

     (D) Curative Allocations. The allocations set forth in Section 5.2(C)(1)
through (8) (the "Regulatory Allocations") are intended to comply with certain
requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. The
Regulatory Allocations may not be consistent with the manner in which the
Partners intend to divide Partnership distributions. Accordingly, the General
Partner is authorized to further allocate Profits, Losses, and other items among
the Partners in a reasonable manner so as to prevent the Regulatory Allocations
from distorting the manner in which Partnership distributions would be divided
among the Partners under Section 5.3, but for application of the Regulatory
Allocations. In general, the reallocation will be accomplished by specially
allocating other Profits, Losses and items of income, gain, loss and deduction,
to the extent they exist, among the Partners so that the net amount of the
Regulatory Allocations and the special allocations to each Partner is zero. The
General Partner may accomplish this result in any reasonable manner that is
consistent with Code Section 704 and the related Treasury Regulations.

     (E) Tax Allocations.

     (1) Except as otherwise provided in Section 5.2(E)(2), each item of income,
gain, loss and deduction shall be allocated for federal income tax purposes in
the same manner as each correlative item of income, gain, loss or deduction, is
allocated for book purposes pursuant to the provisions of Section 5.1 hereof.

     (2) Notwithstanding anything to the contrary in this Article V, in an
attempt to eliminate any Book-Tax Disparity with respect to a Contributed
Property, items of income, gain, loss or deduction with respect to each such
property shall be allocated for federal income tax purposes among the Partners
as follows:

          (a) Depreciation, Amortization and Other Cost Recovery Items. In the
     case of each Contributed Property with a Book-Tax Disparity, any item of
     depreciation, amortization or other cost recovery allowance attributable to
     such property shall be allocated as follows: (x) first, to Partners (the
     "Non-Contributing Partners") other than the Partners who contributed such
     property to the Partnership (or are deemed to have contributed the property
     pursuant to Section 4.1(A)) (the "Contributing Partners") in an amount up
     to the book allocation of such items made to the Non-Contributing Partners
     pursuant to Section 5.1 hereof, pro rata in proportion to the respective
     amount of book items so allocated to the Non-Contributing Partners pursuant
     to Section 5.1 hereof; and (y) any remaining depreciation, amortization or
     other cost recovery allowance to the Contributing Partners in proportion to
     their Percentage Interests. In no event shall the total depreciation,
     amortization or other cost recovery allowance allocated hereunder exceed
     the amount of the Partnership's depreciation, amortization or other cost
     recovery allowance with respect to such property.

          (b) Gain or Loss on Disposition. In the event the Partnership sells or
     otherwise disposes of a Contributed Property with a Book-Tax Disparity, any
     gain or loss recognized by the Partnership in connection with such sale or
     other disposition shall be allocated among the Partners as follows: (x)
     first, any gain or loss shall be allocated to the Contributing Partners in
     proportion to their Percentage Interests to the extent required to
     eliminate any Book-Tax Disparity with respect to such property; and (y) any
     remaining gain or loss shall be allocated among the Partners in the same
     manner that the correlative items of book gain or loss are allocated among
     the Partners pursuant to Section 5.1 hereof.

     (3) In the event the Book Value of a Partnership Asset (including a
Contributed Property) is adjusted pursuant to Section 4.4(D) hereof, all items
of income, gain, loss or deduction in respect of such property shall be
allocated for federal income tax purposes among the Partners in the same manner
as provided in Section 5.2(E)(2) hereof to take into account any variation
between the fair market value of the property, as

<PAGE>
                                      -21-

determined by the General Partner using such reasonable method of valuation as
it may adopt, and the Book Value of such property, both determined as of the
date of such adjustment.

     (4) The General Partner shall have the authority to elect alternative
methods to eliminate the Book-Tax Disparity with respect to one or more
Contributed Properties, as permitted by Treasury Regulations Sections 1.704-3
and 1.704-3T, and such election shall be binding on all of the Partners.

     (5) The Partners hereby intend that the allocation of tax items pursuant to
this Section 5.2(E) comply with the requirements of Code Section 704(c) and
Treasury Regulations Sections 1.704-3 and 1.704-3T.

     (6) The allocation of items of income, gain, loss or deduction pursuant to
this Section 5.2(E) are solely for federal, state and local income tax purposes,
and the Capital Account balances of the Partners shall be adjusted solely for
allocations of "book" items in respect of Partnership Assets pursuant to Section
5.1 hereof.

     (F) Other Allocation Rules. The following rules will apply to the
calculation and allocation of Profits, Losses and other items:

     (1) Except as otherwise provided in this Agreement, all Profits, Losses and
other items allocated to the Partners will be allocated among them in proportion
to their Percentage Interests.

     (2) For purposes of determining the Profits, Losses or any other item
allocable to any period, Profits, Losses and other items will be determined on a
daily, monthly or other basis, as determined by the General Partner using any
permissible method under Code Section 706 and the related Treasury Regulations.

     (3) Except as otherwise provided in this Agreement, all items of
Partnership income, gain, loss and deduction, and other allocations not provided
for in this Agreement will be divided among the Partners in the same proportions
as they share Profits and Losses, provided that any credits shall be allocated
in accordance with Treasury Regulations Section 1.704-1(b)(4)(ii).

     (4) For purposes of Treasury Regulations Section 1.752-3(a), the Partners
hereby agree that any Nonrecourse Liabilities of the Partnership in excess of
the sum of (i) the Partnership Minimum Gain and (ii) the aggregate amount of
taxable gain that would be allocated to the Partners under Section 704(c) (or in
the same manner as Section 704(c) in connection with a revaluation of
Partnership property) if the Partnership disposed of (in a taxable transaction)
all Partnership property subject to one or more Nonrecourse Liabilities of the
Partnership in full satisfaction of such Liabilities and for no other
consideration, shall be allocated among the Partners in accordance with their
respective Partnership Interests; provided that the General Partner shall have
discretion in any Fiscal Year to allocate such excess Nonrecourse Liabilities
among the Partners (a) in a manner reasonably consistent with allocations (that
have substantial economic effect) of some other significant item of Partnership
income or gain or (b) in accordance with the manner in which it is reasonably
expected that the deductions attributable to the excess Nonrecourse Liabilities
will be allocated.

     (G) Partner Acknowledgment. The Partners agree to be bound by the
provisions of this Section 5.2 in reporting their shares of Partnership income,
gain, loss, deduction and credit for income tax purposes.

     (H) Regulatory Compliance. The foregoing provisions of this Section 5.2
relating to the allocation of Profits, Losses and other items for federal income
tax purposes are intended to comply with Treasury Regulations Sections
1.704-1(b), 1.704-2, 1.704-3 and 1.704-3T and shall be interpreted and applied
in a manner consistent with such Treasury Regulations.

     (I) Class C Priority Allocation. The holders of the Class C Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the Fiscal Year to which

<PAGE>
                                      -22-

the allocation relates, including the year of liquidation of the Partnership in
accordance with Article X, the sum of all priority allocations pursuant to this
Section 5.2(I) equals (or approaches as nearly as possible) the sum of all Class
C Priority Return Amounts accrued through the end of the fiscal year to which
the allocation relates.

     (J) Class D Priority Allocation. The holders of Class D Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the fiscal year to which the allocation relates, including the year
of liquidation of the Partnership in accordance with Article X, the sum of all
priority allocations pursuant to this Section 5.2(J) equals (or approaches as
nearly as possible) the sum of all Class D Priority Return Amounts accrued
through the end of the fiscal year to which the allocation relates.

     (K) Class E Priority Allocation. The holders of Class E Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the fiscal year to which the allocation relates, including the year
of liquidation of the Partnership in accordance with Article X, the sum of all
priority allocations pursuant to this Section 5.2(K) equals (or approaches as
nearly as possible) the sum of all Class E Priority Return Amounts accrued
through the end of the fiscal year to which the allocation relates.

     (L) Class F Priority Allocation. The holders of Class F Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the fiscal year to which the allocation relates, including the year
of liquidation of the Partnership in accordance with Article X, the sum of all
priority allocations pursuant to this Section 5.2(L) equals (or approaches as
nearly as possible) the sum of all Class F Priority Return Amounts accrued
through the end of the fiscal year to which the allocation relates.

     (M) Class G Priority Allocation. The holders of Class G Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the fiscal year to which the allocation relates, including the year
of liquidation of the Partnership in accordance with Article X, the sum of all
priority allocations pursuant to this Section 5.2(M) equals (or approaches as
nearly as possible) the sum of all Class G Priority Return Amounts accrued
through the end of the fiscal year to which the allocation relates.

     (N) Class H Priority Allocation. The holders of Class H Units shall be
allocated gross income such that, from the inception of the partnership through
the end of the fiscal year to which the allocation relates, including the year
of liquidation of the Partnership in accordance with Article X, the sum of all
priority allocations pursuant to this Section 5.2(N) equals (or approaches as
nearly as possible) the sum of all Class H Priority Return Amounts accrued
through the end of the fiscal year to which the allocation relates.

     Section 5.3 Distributions.

     (A) The General Partner shall cause the Partnership to distribute to the
holder of each Class C Unit an amount in cash equal to the cumulative
undistributed Class C Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this Section 5.3(A) shall
not be in excess of the Distributable Cash) on March 31, June 30, September 30
and December 31 of each year, commencing on September 30, 1997 (or in the case
of a Class C Unit with a Class C Deemed Original Issue Date after September 30,
1997, on the first such distribution date following the applicable Class C
Deemed Original Issue Date); provided that, if any such distribution date shall
be a Saturday, Sunday or day on which banking institutions in the State of New
York are authorized or obligated by law to close, or a day which is declared a
national or New York State holiday (any of the foregoing, a "Non-business Day"),
then such distribution shall be made on the next succeeding day which is not a
Non-business Day. Class C Priority Return Amounts that are distributable with
respect to a period greater or less than a full Class C Distribution Period
shall be computed on the basis of a 360-day year consisting of 12 30-day months.

     (B) The General Partner shall cause the Partnership to distribute to the
holder of each Class D Unit an amount in cash equal to the cumulative
undistributed Class D Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this Section 5.3(B) shall
not be in excess of the Distributable Cash) on March 31, June 30, September 30
and December 31 of each year, commencing on March 31, 1998 (or in the case of a
Class D Unit with a Class D Deemed Original Issue Date

<PAGE>
                                      -23-

after March 31, 1998, on the first such distribution date following the
applicable Class D Deemed Original Issue Date); provided that, if any such
distribution date shall be a Saturday, Sunday or day on which banking
institutions in the State of New York are authorized or obligated by law to
close, or a day which is declared a national or New York State holiday (any of
the foregoing, a "Non-business Day"), then such distribution shall be made on
the next succeeding day which is not a Non-business Day. Class D Priority Return
Amounts that are distributable with respect to a period greater or less than a
full Class D Distribution Period shall be computed on the basis of a 360-day
year consisting of 12 30-day months.

     (C) The General Partner shall cause the Partnership to distribute to the
holder of each Class E Unit an amount in cash equal to the cumulative
undistributed Class E Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this Section 5.3(C) shall
not be in excess of the Distributable Cash) on March 31, June 30, September 30
and December 31 of each year, commencing on June 30, 1998 (or in the case of a
Class E Unit with a Class E Deemed Original Issue Date after June 30, 1998, on
the first such distribution date following the applicable Class E Deemed
Original Issue Date); provided that, if any such distribution date shall be a
Saturday, Sunday or day on which banking institutions in the State of New York
are authorized or obligated by law to close, or a day which is declared a
national or New York State holiday (any of the foregoing, a "Non-business Day"),
then such distribution shall be made on the next succeeding day which is not a
Non-business Day. Class E Priority Return Amounts that are distributable with
respect to a period greater or less than a full Class E Distribution Period
shall be computed on the basis of a 360-day year consisting of 12 30-day months.

     (D) The General Partner shall cause the Partnership to distribute to the
holder of each Class F Unit an amount in cash equal to the cumulative
undistributed Class F Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this section 5.3(D) shall
not be in excess of the Distributable Cash) on each Class F Distribution Date.

     (E) The General Partner shall cause the Partnership to distribute to the
holder of each Class G Unit an amount in cash equal to the cumulative
undistributed Class G Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this section 5.3(E) shall
not be in excess of the Distributable Cash) on each Class G Distribution Date.

     (F) The General Partner shall cause the Partnership to distribute to the
holder of each Class H Unit an amount in cash equal to the cumulative
undistributed Class H Priority Return Amount with respect to each such unit
(provided that the amount distributable pursuant to this section 5.3(F) shall
not be in excess of the Distributable Cash) on each Class H Distribution Date.

     (G) After giving effect to Sections 5.3(A), (B), (C), (D), (E) and (F), if
applicable, the General Partner shall have the authority to cause the
Partnership to make distributions from time to time as it determines, including
without limitation, distributions which are sufficient to enable the General
Partner to (i) maintain its status as a REIT, (ii) avoid the imposition of any
tax under Code Section 857 and (iii) avoid the imposition of any excise tax
under Code Section 4981. Except as otherwise expressly set forth in this Section
5.3(G), all Distributions pursuant to this Section 5.3 shall be made on a pari
passu basis.

     (H) Distributions pursuant to Section 5.3(G) shall be made pro rata among
the Partners of record on the Record Date established by the General Partner for
the distribution, in accordance with their respective Percentage Interests,
without regard to the length of time the record holder has been such except that
the first distribution paid on Units issued after June 1, 1996 shall be pro
rated to reflect the actual portion of the period for which the distribution is
being paid during which such Units were outstanding, or shall be in such other
amount or computed on such other basis as may be agreed by the General Partner
and the holders of such Units, provided that such other amount or the amount so
computed, as applicable, may not exceed the aforementioned pro rated amount.

     (I) The General Partner shall use its reasonable efforts to make
distributions to the Partners so as to preclude any distribution or portion
thereof from being treated as part of a sale of property to

<PAGE>
                                      -24-

the Partnership by a Partner under Section 707 of the Code or the Treasury
Regulations thereunder; provided that the General Partner and the Partnership
shall not have liability to a Limited Partner under any circumstances as a
result of any distribution to a Partner being so treated.

     Section 5.4 Distribution Upon Redemption. Notwithstanding any other
provision hereof, proceeds of (i) a Class C Redemption shall be distributed to
the Class C Limited Partner in accordance with Section 9.1(C), (ii) a Class D
Redemption shall be distributed to the Class D Limited Partner in accordance
with Section 9.1(D), (iii) a Class E Redemption shall be distributed to the
Class E Limited Partner in accordance with Section 9.1(E), (iv) a Class F
Redemption shall be distributed to the Class F Limited Partner in accordance
with Section 9.1(F), (v) a Class G Redemption shall be distributed to the Class
G Limited Partner in accordance with Section 9.1(G) and (vi) a Class H
Redemption shall be distributed to the Class H Limited Partner in accordance
with Section 9.1(H).

     Section 5.5 Distributions upon Liquidation. Notwithstanding any other
provision hereof, proceeds of a Terminating Capital Transaction shall be
distributed to the Partners in accordance with Section 10.2.

     Section 5.6 Amounts Withheld. All amounts withheld pursuant to the Code or
any provision of state or local tax law and Section 7.6 of this Agreement with
respect to any allocation, payment or distribution to the General Partner, the
Class C Limited Partner, the Class D Limited Partner, the Class E Limited
Partner, the Class F Limited Partner, the Class G Limited Partner, the Class H
Limited Partner, the Limited Partners or Assignees shall be treated as amounts
distributed to such General Partner, the Class C Limited Partner, the Class D
Limited Partner, the Class E Limited Partner, the Class F Limited Partner, the
Class G Limited Partner, the Class H Limited Partner, the Limited Partners or
Assignees, as applicable, pursuant to Section 5.3 of this Agreement.

--------------------------------------------------------------------------------

                      ARTICLE VI - PARTNERSHIP MANAGEMENT

--------------------------------------------------------------------------------

     Section 6.1 Management and Control of Partnership Business.

     (A) Except as otherwise expressly provided or limited by the provisions of
this Agreement, the General Partner shall have full, exclusive and complete
discretion to manage the business and affairs of the Partnership, to make all
decisions affecting the business and affairs of the Partnership and to take all
such action as it deems necessary or appropriate to accomplish the purposes of
the Partnership as set forth herein. Except as set forth in this Agreement, the
Limited Partners shall not have any authority, right, or power to bind the
Partnership, or to manage, or to participate in the management of the business
and affairs of the Partnership in any manner whatsoever. Such management shall
in every respect be the full and complete responsibility of the General Partner
alone as herein provided.

     (B) In carrying out the purposes of the Partnership, the General Partner
shall be authorized to take all actions it deems necessary and appropriate to
carry on the business of the Partnership. The Limited Partners, the Class C
Limited Partner, the Class D Limited Partner, the Class E Limited Partner, the
Class F Limited Partner, the Class G Limited Partner and the Class H Limited
Partner, by execution hereof, agree that the General Partner is authorized to
execute, deliver and perform any agreement and/or transaction on behalf of the
Partnership.

     (C) The General Partner and its Affiliates may acquire Limited Partner
Interests from Limited Partners who agree so to transfer Limited Partner
Interests or from the Partnership in accordance with Section 4.2(A). Any Limited
Partner Interest acquired by the General Partner shall be converted into a
General Partner Interest. Upon acquisition of any Limited Partner Interest, any
Affiliate of the General Partner shall have all the rights of a Limited Partner.

<PAGE>
                                      -25-

     Section 6.2 No Management By Limited Partners; Limitation of Liability.

     (A) Neither the Limited Partners, in their capacity as Limited Partners,
the Class C Limited Partner, in its capacity as Class C Limited Partner, the
Class D Limited Partner, in its capacity as Class D Limited Partner, the Class E
Limited Partner, in its capacity as Class E Limited Partner, the Class F Limited
Partner, in its capacity as Class F Limited Partner, the Class G Limited
Partner, in its capacity as Class G Limited Partner, nor the Class H Limited
Partner, in its capacity as Class H Limited Partner, shall take part in the
day-to-day management, operation or control of the business and affairs of the
Partnership or have any right, power, or authority to act for or on behalf of or
to bind the Partnership or transact any business in the name of the Partnership.
Neither the Limited Partners, the Class C Limited Partner, in its capacity as
Class C Limited Partner, the Class D Limited Partner, in its capacity as Class D
Limited Partner, the Class E Limited Partner, in its capacity as Class E Limited
Partner, the Class F Limited Partner, in its capacity as Class F Limited
Partner, the Class G Limited Partner, in its capacity as Class G Limited
Partner, nor the Class H Limited Partner, in its capacity as Class H Limited
Partner, shall have any rights other than those specifically provided herein or
granted by law where consistent with a valid provision hereof. Any approvals
rendered or withheld by the Limited Partners, the Class C Limited Partner, the
Class D Limited Partner, the Class E Limited Partner, the Class F Limited
Partner, the Class G Limited Partner or the Class H Limited Partner pursuant to
this Agreement shall be deemed as consultation with or advice to the General
Partner in connection with the business of the Partnership and, in accordance
with the Act, shall not be deemed as participation by the Limited Partners, the
Class C Limited Partner, the Class D Limited Partner, the Class E Limited
Partner, the Class F Limited Partner, the Class G Limited Partner or the Class H
Limited Partner in the business of the Partnership and are not intended to
create any inference that the Limited Partners, the Class C Limited Partner, the
Class D Limited Partner, the Class E Limited Partner, the Class F Limited
Partner, the Class G Limited Partner or the Class H Limited Partner should be
classified as general partners under the Act.

     (B) Neither the Limited Partner, the Class C Limited Partner, the Class D
Limited Partner, the Class E Limited Partner, the Class F Limited Partner, the
Class G Limited Partner nor the Class H Limited Partner, shall have any
liability under this Agreement except with respect to withholding under Section
7.6, in connection with a violation of any provision of this Agreement by such
Limited Partner, the Class C Limited Partner, the Class D Limited Partner, the
Class E Limited Partner, the Class F Limited Partner, the Class G Limited
Partner or the Class H Limited Partner or as provided in the Act.

     (C) The General Partner shall not take any action which would subject a
Limited Partner (in its capacity as Limited Partner), the Class C Limited
Partner (in its capacity as Class C Limited Partner), the Class D Limited
Partner (in its capacity as Class D Limited Partner), the Class E Limited
Partner (in its capacity as Class E Limited Partner), the Class F Limited
Partner (in its capacity as Class F Limited Partner), the Class G Limited
Partner (in its capacity as Class G Limited Partner) or the Class H Limited
Partner (in its capacity as Class H Limited Partner) to liability as a general
partner.

     Section 6.3 Limitations on Partners.

     (A) No Partner or Affiliate of a Partner shall have any authority to
perform (i) any act in violation of any applicable law or regulation thereunder,
(ii) any act prohibited by Section 6.2(C), or (iii) any act which is required to
be Consented to or ratified pursuant to this Agreement without such Consent or
ratification.

     (B) No action shall be taken by a Partner if it would cause the Partnership
to be treated as an association taxable as a corporation for federal income tax
purposes or, without the consent of the General Partner, as a publicly-traded
partnership within the meaning of Section 7704 of the Code. A determination of
whether such action will have the above described effect shall be based upon a
declaratory judgment or similar relief obtained from a court of competent
jurisdiction, a favorable ruling from the IRS or the receipt of an opinion of
counsel.

<PAGE>
                                      -26-

     Section 6.4 Business with Affiliates.

     (A) The General Partner, in its discretion, may cause the Partnership to
transact business with any Partner or its Affiliates for goods or services
reasonably required in the conduct of the Partnership's business; provided that
any such transaction shall be effected only on terms competitive with those that
may be obtained in the marketplace from unaffiliated Persons. The foregoing
proviso shall not apply to transactions between the Partnership and its
Subsidiaries. In addition, neither the General Partner nor any Affiliate of the
General Partner may sell, transfer or otherwise convey any property to, or
purchase any property from, the Partnership, except (i) on terms competitive
with those that may be obtained in the marketplace from unaffiliated Persons or
(ii) where the General Partner determines, in its sole judgment, that such sale,
transfer or conveyance confers benefits on the General Partner or the
Partnership in respect of matters of tax or corporate or financial structure;
provided, in the case of this clause (ii), such sale, transfer, or conveyance is
not being effected for the purpose of materially disadvantaging the Limited
Partners.

     (B) In furtherance of Section 6.4(A), the Partnership may lend or
contribute to its Subsidiaries on terms and conditions established by the
General Partner.

     Section 6.5 Compensation; Reimbursement of Expenses. In consideration for
the General Partner's services to the Partnership in its capacity as General
Partner, the Partnership shall pay on behalf of or reimburse to the General
Partner (i) all expenses of the General Partner incurred in connection with the
management of the business and affairs of the Partnership, including all
employee compensation of employees of the General Partner and indemnity or other
payments made pursuant to agreements entered into in furtherance of the
Partnership's business, (ii) all amounts payable by the General Partner under
the Registration Rights Agreement and (iii) all general and administrative
expenses incurred by the General Partner. Except as otherwise set forth in this
Agreement, the General Partner shall be fully and entirely reimbursed by the
Partnership for any and all direct and indirect costs and expenses incurred in
connection with the organization and continuation of the Partnership pursuant to
this Agreement. In addition, the General Partner shall be reimbursed for all
expenses incurred by the General Partner in connection with (i) the initial
public offering of REIT Shares by the General Partner and (ii) any other
issuance of additional Partnership Interests or REIT Shares.

     Section 6.6 Liability for Acts and Omissions.

     (A) The General Partner shall not be liable, responsible or accountable in
damages or otherwise to the Partnership or any of the other Partners for any act
or omission performed or omitted in good faith on behalf of the Partnership and
in a manner reasonably believed to be (i) within the scope of the authority
granted by this Agreement and (ii) in the best interests of the Partnership or
the stockholders of the General Partner. In exercising its authority hereunder,
the General Partner may, but shall not be under any obligation to, take into
account the tax consequences to any Partner of any action it undertakes on
behalf of the Partnership. Neither the General Partner nor the Partnership shall
have any liability as a result of any income tax liability incurred by a Partner
as a result of any action or inaction of the General Partner hereunder and, by
their execution of this Agreement, the Limited Partners acknowledge the
foregoing.

     (B) Unless otherwise prohibited hereunder, the General Partner shall be
entitled to exercise any of the powers granted to it and perform any of the
duties required of it under this Agreement directly or through any agent. The
General Partner shall not be responsible for any misconduct or negligence on the
part of any agent; provided that the General Partner selected or appointed such
agent in good faith.

     The General Partner acknowledges that it owes fiduciary duties both to its
stockholders and to the Limited Partners and it shall use its reasonable efforts
to discharge such duties to each; provided, however, that in the event of a
conflict between the interests of the stockholders of the General Partner and
the interests of the Limited Partners, the Limited Partners agree that the
General Partner shall discharge its fiduciary duties to the Limited Partners by
acting in the best interests of the General Partner's stockholders. Nothing
contained in the preceding sentence shall be construed as entitling the General
Partner to realize any profit or gain from any transaction between the General
Partner and the Partnership (except in connection with a distribution in
accordance with this

<PAGE>
                                      -27-

Agreement), including from the lending of money by the General Partner to the
Partnership or the contribution of property by the General Partner to the
Partnership, it being understood that in any such transaction the General
Partner shall be entitled to cost recovery only.

     Section 6.7 Indemnification.

     (A) The Partnership shall indemnify the General Partner and each director,
officer and stockholder of the General Partner and each Person (including any
Affiliate) designated as an agent by the General Partner in its reasonable
discretion (each, an "Indemnified Party") to the fullest extent permitted under
the Act (including any procedures set forth therein regarding advancement of
expenses to such Indemnified Party) from and against any and all losses, claims,
damages, liabilities, expenses (including reasonable attorneys' fees),
judgments, fines, settlements and any other amounts arising out of or in
connection with any claims, demands, actions, suits or proceedings (civil,
criminal or administrative) relating to or resulting (directly or indirectly)
from the operations of the Partnership, in which such Indemnified Party becomes
involved, or reasonably believes it may become involved, as a result of the
capacity referred to above.

     (B) The Partnership shall have the authority to purchase and maintain such
insurance policies on behalf of the Indemnified Parties as the General Partner
shall determine, which policies may cover those liabilities the General Partner
reasonably believes may be incurred by an Indemnified Party in connection with
the operation of the business of the Partnership. The right to procure such
insurance on behalf of the Indemnified Parties shall in no way mitigate or
otherwise affect the right of any such Indemnified Party to indemnification
pursuant to Section 6.7(A) hereof.

     (C) The provisions of this Section 6.7 are for the benefit of the
Indemnified Parties, their heirs, successors, assigns and administrators and
shall not be deemed to create any rights in or benefit to any other Person.

--------------------------------------------------------------------------------

            ARTICLE VII - ADMINISTRATIVE, FINANCIAL AND TAX MATTERS

--------------------------------------------------------------------------------

     Section 7.1 Books and Records. The General Partner shall maintain at the
office of the Partnership full and accurate books of the Partnership showing all
receipts and expenditures, assets and liabilities, profits and losses, names and
current addresses of Partners, and all other records necessary for recording the
Partnership's business and affairs. Each Limited Partner shall have, upon
written demand and at such Limited Partner's expense, the right to receive true
and complete information regarding Partnership matters to the extent required
(and subject to the limitations) under Delaware law.

     Section 7.2 Annual Audit and Accounting. The books and records of the
Partnership shall be kept for financial and tax reporting purposes on the
accrual basis of accounting in accordance with generally accepted accounting
principles ("GAAP"). The accounts of the Partnership shall be audited annually
by a nationally recognized accounting firm of independent public accountants
selected by the General Partner (the "Independent Accountants").

     Section 7.3 Partnership Funds. The General Partner shall have
responsibility for the safekeeping and use of all funds and assets of the
Partnership, whether or not in its direct or indirect possession or control. All
funds of the Partnership not otherwise invested shall be deposited in one or
more accounts maintained in such banking institutions as the General Partner
shall determine, and withdrawals shall be made only in the regular course of
Partnership business on such signatures as the General Partner may from time to
time determine.

     Section 7.4 Reports and Notices. The General Partner shall provide all
Partners with the following reports no later than the dates indicated or as soon
thereafter as circumstances permit:

<PAGE>
                                      -28-

     (A) By March 31 of each year, IRS Form 1065 and Schedule K-1, or similar
forms as may be required by the IRS, stating each Partner's allocable share of
income, gain, loss, deduction or credit for the prior Fiscal Year;

     (B) Within ninety (90) days after the end of each of the first three (3)
fiscal quarters, as of the last day of the fiscal quarter, a report containing
unaudited financial statements of the Partnership, or of the General Partner if
such statements are prepared on a consolidated basis with the General Partner,
and such other information as may be legally required or determined to be
appropriate by the General Partner; and

     (C) Within one hundred twenty (120) days after the end of each Fiscal Year,
as of the close of the Fiscal Year, an annual report containing audited
financial statements of the Partnership, or of the General Partner if such
statements are prepared on a consolidated basis with the General Partner,
presented in accordance with GAAP and certified by the Independent Accountants.

     Section 7.5 Tax Matters.

     (A) The General Partner shall be the Tax Matters Partner of the Partnership
for federal income tax matters pursuant to Code Section 6231(a)(7)(A). The Tax
Matters Partner is authorized and required to represent the Partnership (at the
expense of the Partnership) in connection with all examinations of the affairs
of the Partnership by any federal, state, or local tax authorities, including
any resulting administrative and judicial proceedings, and to expend funds of
the Partnership for professional services and costs associated therewith. The
Tax Matters Partner shall deliver to the Limited Partners within ten (10)
business days of the receipt thereof a copy of any notice or other communication
with respect to the Partnership received from the IRS (or other governmental tax
authority), or any court, in each case with respect to any administrative or
judicial proceeding involving the Partnership. The Partners agree to cooperate
with each other in connection with the conduct of all proceedings pursuant to
this Section 7.5(A).

     (B) The Tax Matters Partner shall receive no compensation for its services
in such capacity. If the Tax Matters Partner incurs any costs related to any tax
audit, declaration of any tax deficiency or any administrative proceeding or
litigation involving any Partnership tax matter, such amount shall be an expense
of the Partnership and the Tax Matters Partner shall be entitled to full
reimbursement therefor.

     (C) The General Partner shall cause to be prepared all federal, state and
local income tax returns required of the Partnership at the Partnership's
expense.

     (D) Except as set forth herein, the General Partner shall determine whether
to make (and, if necessary, revoke) any tax election available to the
Partnership under the Code or any state tax law; provided, however, upon the
request of any Partner, the General Partner shall make the election under Code
Section 754 and the Treasury Regulations promulgated thereunder. The Partnership
shall elect to deduct expenses, if any, incurred by it in organizing the
Partnership in accordance with the provisions of Code Section 709.

     Section 7.6 Withholding. Each Partner hereby authorizes the Partnership to
withhold from or pay to any taxing authority on behalf of such Partner any tax
that the General Partner determines the Partnership is required to withhold or
pay with respect to any amount distributable or allocable to such Partner. Any
amount paid to any taxing authority which does not constitute a reduction in the
amount otherwise distributable to such Partner shall be treated as a loan from
the Partnership to such Partner, which loan shall bear interest at the "prime
rate" as published from time to time in The Wall Street Journal plus two (2)
percentage points, and shall be repaid within ten (10) business days after
request for repayment from the General Partner. The obligation to repay any such
loan shall be secured by such Partner's Partnership Interest and each Partner
hereby grants the Partnership a security interest in his Partnership Interest
for the purposes set forth in this Section 7.6, this Section 7.6 being intended
to serve as a security agreement for purposes of the Uniform Commercial Code
with the General Partner having in respect hereof all of the remedies of a
secured party under the Uniform Commercial Code. Each Partner agrees to take
such reasonable actions as the General Partner may request to perfect and
continue the perfection of the security interest granted hereby. In the event
any Partner fails to repay any deemed loan pursuant to this Section 7.6 the
Partnership

<PAGE>
                                      -29-

shall be entitled to avail itself of any rights and remedies it may have.
Furthermore, upon the expiration of ten (10) business days after demand for
payment, the General Partner shall have the right, but not the obligation, to
make the payment to the Partnership on behalf of the defaulting Partner and
thereupon be subrogated to the rights of the Partnership with respect to such
defaulting Partner.

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    ARTICLE VIII - TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF PARTNERS

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     Section 8.1 Transfer By General Partner. The General Partner may not
voluntarily withdraw or Transfer all or any portion of its General Partner
Interest. Notwithstanding the foregoing, the General Partner may pledge its
General Partner Interest in furtherance of the Partnership's business (including
without limitation, in connection with a loan agreement under which the
Partnership is a borrower) without the consent of any Partner.

     Section 8.2 Obligations of a Prior General Partner. Upon an Involuntary
Withdrawal of the General Partner and the subsequent Transfer of the General
Partner's Interest, such General Partner shall (i) remain liable for all
obligations and liabilities (other than Partnership liabilities payable solely
from Partnership Assets) incurred by it as General Partner before the effective
date of such event and (ii) pay all costs associated with the admission of its
Successor General Partner. However, such General Partner shall be free of and
held harmless by the Partnership against any obligation or liability incurred on
account of the activities of the Partnership from and after the effective date
of such event, except as provided in this Agreement.

     Section 8.3 Successor General Partner. A successor to all of a General
Partner's General Partner Interest who is proposed to be admitted to the
Partnership as a Successor General Partner shall be admitted as the General
Partner, effective upon the Transfer. Any such transferee shall carry on the
business of the Partnership without dissolution. In addition, the following
conditions must be satisfied:

     (A) The Person 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

     (B) An amendment to this Agreement evidencing the admission of such Person
as a General Partner shall have been executed by all General Partners and an
amendment to the Certificate shall have been filed for recordation as required
by the Act.

     (C) Any consent required under Section 10.1(A) hereof shall have been
obtained.

     Section 8.4 Restrictions On Transfer And Withdrawal By Limited Partner.

     (A) Subject to the provisions of Section 8.4(D), no Limited Partner may
Transfer all or any portion of his Partnership Interest without first obtaining
the Consent of the General Partner, which Consent may be granted or withheld in
the sole and absolute discretion of the General Partner. Any such purported
transfer undertaken without such Consent shall be considered to be null and void
ab initio and shall not be given effect. Each Limited Partner acknowledges that
the General Partner has agreed not to grant any such consent prior to the
Transfer Restriction Date.

     (B) No Limited Partner may withdraw from the Partnership other than as a
result of a permitted Transfer (i.e., a Transfer consented to as contemplated by
clause (A) above or clause (D) below or a Transfer pursuant to clause (C) below)
of all of his Partnership Units pursuant to this Article VIII or pursuant to a
redemption or exchange of all of his Partnership Units pursuant to Article IX.
Upon the permitted Transfer or redemption of all of a Limited Partner's
Partnership Units, such Limited Partner shall cease to be a Limited Partner.

<PAGE>
                                      -30-

     (C) Upon the Involuntary Withdrawal of any Limited Partner (which shall
under no circumstance cause the dissolution of the Partnership), the executor,
administrator, trustee, guardian, receiver or conservator of such Limited
Partner's estate shall become a Substituted Limited Partner upon compliance with
the provisions of Section 8.5(A)(1)-(3).

     (D) Subject to Section 8.4(E), a Limited Partner may Transfer, with the
Consent of the General Partner, all or a portion of his Partnership Units to (a)
a parent or parents, spouse, natural or adopted descendant or descendants,
spouse of such a descendant, or brother or sister, or a trust created by such
Limited Partner for the benefit of such Limited Partner and/or any such
person(s), of which trust such Limited Partner or any such person(s) is a
trustee, (b) a corporation controlled by a Person or Persons named in (a) above,
or (c) if the Limited Partner is an entity, its beneficial owners, and the
General Partner shall grant its Consent to any Transfer pursuant to this Section
8.4(D) unless such Transfer, in the reasonable judgment of the General Partner,
would cause (or have the potential to cause) the General Partner to fail to
qualify for taxation as a REIT, in which case the General Partner shall have the
absolute right to refuse to permit such Transfer, and any purported Transfer in
violation of this Section 8.4(D) shall be null and void ab initio.

     (E) No Transfer of Limited Partnership Units shall be made if such Transfer
would (i) in the opinion of Partnership counsel, cause the Partnership to be
terminated for federal income tax purposes or to be treated as an association
taxable as a corporation (rather than a partnership) for federal income tax
purposes; (ii) be effected through an "established securities market" or a
"secondary market (or the substantial equivalent thereof)" within the meaning of
Code Section 7704 and the Treasury Regulations thereunder, (iii) in the opinion
of Partnership counsel, violate the provisions of applicable securities laws;
(iv) violate the terms of (or result in a default or acceleration under) any
law, rule, regulation, agreement or commitment binding on the Partnership; (v)
cause the Partnership to become, with respect to any employee benefit plan
subject to Title I of ERISA, a "party-in-interest" (as defined in Section 3(14)
of ERISA) or a "disqualified person" (as defined in Section 4975(e) of the
Code); (vi) in the opinion of counsel to the Partnership, cause any portion of
the underlying assets of the Partnership to constitute assets of any employee
benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; or
(vii) result in a deemed distribution to any Partner attributable to a failure
to meet the requirements of Treasury Regulations Section 1.752-2(d)(1), unless
such Partner consents thereto.

     (F) Prior to the consummation of any Transfer under this Section 8.4, 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.

     Section 8.5 Substituted Limited Partner.

     (A) No transferee shall become a Substituted Limited Partner in place of
his assignor unless and until the following conditions have been satisfied:

     (1) The assignor and transferee file a Notice or other evidence of Transfer
and such other information reasonably required by the General Partner,
including, without limitation, names, addresses and telephone numbers of the
assignor and transferee;

     (2) The transferee executes, adopts and acknowledges this Agreement, or a
counterpart hereto, and such other documents as may be reasonably requested by
the General Partner, including without limitation, all documents necessary to
comply with applicable tax and/or securities rules and regulations;

     (3) The assignor or transferee pays all costs and fees incurred or charged
by the Partnership to effect the Transfer and substitution; and

     (4) The assignor or transferee obtains the written Consent of the General
Partner, which may be given or withheld in its sole and absolute discretion.

<PAGE>
                                      -31-

     (5) If a transferee of a Limited Partner does not become a Substituted
Limited Partner pursuant to Section 8.5(A), such transferee shall be an Assignee
and shall not have any rights to require any information on account of the
Partnership's business, to inspect the Partnership's books or to vote or
otherwise take part in the affairs of the Partnership (such Partnership Units
being deemed to have been voted in the same proportion as all other Partnership
Units held by Limited Partners have been voted). Such Assignee shall be
entitled, however, to all the rights of an assignee of a limited partnership
interest under the Act. Any Assignee wishing to Transfer the Partnership Units
acquired shall be subject to the restrictions set forth in this Article VIII.

     Section 8.6 Timing and Effect of Transfers. Unless the General Partner
agrees otherwise, Transfers under this Article VIII may only be made as of the
first day of a fiscal quarter of the Partnership. Upon any Transfer of a
Partnership Interest in accordance with this Article VIII or redemption of a
Partnership Interest in accordance with Article IX, the Partnership shall
allocate all items of Profit and Loss between the assignor Partner and the
transferee Partner in accordance with Section 5.2(F)(2) hereof. The assignor
Partner shall have the right to receive all distributions as to which the Record
Date precedes the date of Transfer and the transferee Partner shall have the
right to receive all distributions thereafter.

     Section 8.7 Additional Limited Partners. Other than in accordance with the
transactions specified in the Contribution Agreements, after the initial
execution of this Agreement and the admission to the Partnership of the Initial
Limited Partners, any Person making a Capital Contribution to the Partnership in
accordance herewith shall be admitted as an Additional Limited Partner of the
Partnership only (i) with the Consent of the General Partner and (ii) upon
execution, adoption and acknowledgment of this Agreement, or a counterpart
hereto, and such other documents as may be reasonably requested by the General
Partner, including without limitation, the power of attorney required under
Section 12.3. Upon satisfaction of the foregoing requirements, such Person shall
be admitted as an Additional Limited Partner effective on the date upon which
the name of such Person is recorded on the books of the Partnership.

     Section 8.8 Amendment of Agreement and Certificate. Upon any admission of a
Person as a Partner to the Partnership, the General Partner shall make any
necessary amendment to this Agreement to reflect such admission and, if required
by the Act, to cause to be filed an amendment to the Certificate.

--------------------------------------------------------------------------------

                            ARTICLE IX - REDEMPTION

--------------------------------------------------------------------------------

     Section 9.1 Right of Redemption.

     (A) Subject to any restriction on the General Partner, which restriction
may arise as a result of the REIT Charter, the laws governing the General
Partner or otherwise (a "Redemption Restriction"), beginning on the Redemption
Effective Date, during each Redemption Period each Redeeming Party shall have
the right to require the Partnership to redeem all or a portion of the
Partnership Units held by such Redeeming Party by providing the General Partner
with a Redemption Notice. A Limited Partner may invoke its rights under this
Article IX with respect to 100 Partnership Units or an integral multiple thereof
or all of the Partnership Units held by such Limited Partner. Upon the General
Partner's receipt of a Redemption Notice from a Redeeming Party, the Partnership
shall be obligated (subject to the existence of any Redemption Restriction) to
redeem the Partnership Units from such Redeeming Party (the "Redemption
Obligation").

     (B) Upon receipt of a Redemption Notice from a Redeeming Party, the General
Partner shall either (i) cause the Partnership to redeem the Partnership Units
tendered in the Redemption Notice, (ii) assume the Redemption Obligation, as set
forth in Section 9.4 hereof, or (iii) provide written Notice to the Redeeming
Party of each applicable Redemption Restriction.

     (C) On and after June 6, 2007 at any time or from time to time, the
Partnership may redeem all or such other number of Class C Units (any such
redemption, a "Class C Redemption") at a cash redemption price per Class C Unit
equal to that portion of the Capital Contribution of the Class C Limited

<PAGE>
                                      -32-

Partner allocable to each such unit, plus all accumulated and unpaid Class C
Priority Return Amounts to the date of Class C Redemption (such price, the
"Class C Redemption Price"). Upon any Class C Redemption, an amount equal to the
product of the Class C Redemption Price and the number of Class C Units redeemed
by the Partnership shall be distributed by the Partnership to the Class C
Limited Partner.

     (D) On and after February 4, 2003 at any time or from time to time, the
Partnership may redeem all or such other number of Class D Units (any such
redemption, a "Class D Redemption") at a cash redemption price per Class D Unit
equal to that portion of the Capital Contribution of the Class D Limited Partner
allocable to each such unit, plus all accumulated and unpaid Class D Priority
Return Amounts to the date of Class D Redemption (such price, the "Class D
Redemption Price"). Upon any Class D Redemption, an amount equal to the product
of the Class D Redemption Price and the number of Class D Units redeemed by the
Partnership shall be distributed by the Partnership to the Class D Limited
Partner. The Class D Redemption Price (other than the portion thereof consisting
of accumulated and unpaid Class D Priority Return Amounts) is payable solely out
of the sale proceeds of an issuance of capital stock of the General Partner. For
purposes of the immediately preceding sentence "capital stock" means any common
stock, preferred stock, depositary shares, interests, participations or other
ownership interests (however designated) and any rights (other than debt
securities convertible into or exchangeable for equity interests or options to
purchase any of the foregoing).

     (E) On and after March 18, 2003 at any time or from time to time, the
Partnership may redeem all or such other number of Class E Units (any such
redemption, a "Class E Redemption") at a cash redemption price per Class E Unit
equal to that portion of the Capital Contribution of the Class E Limited Partner
allocable to each such unit, plus all accumulated and unpaid Class E Priority
Return Amounts to the date of Class E Redemption (such price, the "Class E
Redemption Price"). Upon any Class E Redemption, an amount equal to the product
of the Class E Redemption Price and the number of Class E Units redeemed by the
Partnership shall be distributed by the Partnership to the Class E Limited
Partner. The Class E Redemption Price (other than the portion thereof consisting
of accumulated and unpaid Class E Priority Return Amounts) is payable solely out
of the sale proceeds of an issuance of capital stock of the General Partner. For
purposes of the immediately preceding sentence "capital stock" means any common
stock, preferred stock, depositary shares, interests, participations or other
ownership interests (however designated) and any rights (other than debt
securities convertible into or exchangeable for equity interests or options to
purchase any of the foregoing).

     (F) The Partnership may redeem all or such other number of Class F Units
(any such redemption, a "Class F Redemption") on any applicable date of
redemption of any Class F Preferred Shares, at a cash redemption price per Class
F Unit equal to that portion of the Capital Contribution of the Class F Limited
Partner allocable to each such unit, plus all accumulated and unpaid Class F
Priority Return Amounts to the date of Class F Redemption (such price, the
"Class F Redemption Price"). Upon any Class F Redemption, an amount equal to the
product of the Class F Redemption Price and the number of Class F Units redeemed
by the Partnership shall be distributed by the Partnership to the Class F
Limited Partner.

     (G) The Partnership may redeem all or such other number of Class G Units
(any such redemption, a "Class G Redemption") on any applicable date of
redemption of any Class G Preferred Shares, at a cash redemption price per Class
G Unit equal to that portion of the Capital Contribution of the Class G Limited
Partner allocable to each such unit, plus all accumulated and unpaid Class G
Priority Return Amounts to the date of Class G Redemption (such price, the
"Class G Redemption Price"). Upon any Class G Redemption, an amount equal to the
product of the Class G Redemption Price and the number of Class G Units redeemed
by the Partnership shall be distributed by the Partnership to the Class G
Limited Partner.

     (H) The Partnership may redeem all or such other number of Class H Units
(any such redemption, a "Class H Redemption") on any applicable date of
redemption of any Class H Preferred Shares, at a cash redemption price per Class
H Unit equal to that portion of the Capital Contribution of the Class H Limited
Partner allocable to each such unit multiplied by the redemption premium then
applicable to the Class H Preferred Shares, plus all accumulated and unpaid
Class H Priority Return Amounts to the date of Class H Redemption (such price,
the "Class H Redemption Price"). Upon any Class H Redemption, an amount equal to

<PAGE>
                                      -33-

the product of the Class H Redemption Price and the number of Class H Units
redeemed by the Partnership shall be distributed by the Partnership to the Class
H Limited Partner.

     Section 9.2 Timing of Redemption. The Redemption Obligation (or the
obligation to provide Notice of an applicable Redemption Restriction, if one
exists) shall mature on the date which is seven (7) business days after the
receipt by the General Partner of a Redemption Notice from the Redeeming Party
(the "Redemption Date").

     Section 9.3 Redemption Price. On or before the Redemption Date, the
Partnership (or the General Partner if it elects pursuant to Section 9.4 hereof)
shall deliver to the Redeeming Party, in the sole and absolute discretion of the
General Partner either (i) a Share Payment or (ii) a Cash Payment. In order to
enable the Partnership to effect a redemption by making a Share Payment pursuant
to this Section 9.3, the General Partner in its sole and absolute discretion may
issue to the Partnership the number of REIT Shares required to make such Share
Payment in exchange for the issuance to the General Partner of Partnership Units
equal in number to the quotient of the number of REIT Shares issued and
Conversion Factor.

     Section 9.4 Assumption of Redemption Obligation. Upon receipt of a
Redemption Notice, the General Partner, in its sole and absolute discretion,
shall have the right to assume the Redemption Obligation of the Partnership. In
such case, the General Partner shall be substituted for the Partnership for all
purposes of this Article IX and, upon acquisition of the Partnership Units
tendered by the Redeeming Party pursuant to the Redemption Notice shall be
treated for all purposes of this Agreement as the owner of such Partnership
Units. Such exchange transaction shall be treated for federal income tax
purposes by the Partnership, the General Partner and the Redeeming Party as a
sale by the Redeeming Party as seller to the General Partner as purchaser.

     Section 9.5 Further Assurances; Certain Representations. Each party to this
Agreement agrees to execute any documents deemed reasonably necessary by the
General Partner to evidence the issuance of any Share Payment to a Redeeming
Party. Notwithstanding anything herein to the contrary, each holder of First
Highland Units agrees that, if the General Partner shall elect to satisfy a
Redemption Obligation with respect to First Highland Units by making a Share
Payment, such Redemption Obligation shall mature on the date which is seven (7)
business days after receipt by the Partnership and the General Partner of
documents similar to the "Investor Materials" submitted in connection with the
sale of the First Highland Properties to the Partnership and any other similar
documents reasonably required by, and in form reasonably satisfactory to, the
Partnership. Each Limited Partner, by executing this Agreement, shall be deemed
to have represented to the General Partner and the Partnership that (i) its
acquisition of its Partnership Interest on the date hereof is made as a
principal for its own account, for investment purposes only and not with a view
to the resale or distribution of such Partnership Interest and (ii) if it shall
receive REIT Shares pursuant to this Article IX other than pursuant to an
effective registration statement under the Securities Act of 1933, as amended,
that its acquisition of such REIT Shares is made as a principal for its own
account, for investment purposes only and not with a view to the resale or
distribution of such REIT Shares and agrees that such REIT Shares may bear a
legend to the effect that such REIT Shares have not been so registered and may
not be sold other than pursuant to such a registration statement or an exemption
from the registration requirements of such Act.

     Section 9.6 Effect of Redemption. Upon the satisfaction of the Redemption
Obligation by the Partnership or the General Partner, as the case may be, the
Redeeming Party shall have no further right to receive any Partnership
distributions in respect of the Partnership Units so redeemed and shall be
deemed to have represented to the Partnership and the General Partner that the
Partnership Units tendered for redemption are not subject to any liens, claims
or encumbrances. Upon a Class C Redemption by the Partnership, the Class C
Limited Partner shall have no further right to receive any Partnership
distributions or allocations in respect of the Class C Units so redeemed. Upon a
Class D Redemption by the Partnership, the Class D Limited Partner shall have no
further

<PAGE>
                                      -34-

right to receive any Partnership distributions in respect of the Class D Units
so redeemed. Upon a Class E Redemption by the Partnership, the Class E Limited
Partner shall have no further right to receive any Partnership distributions in
respect of the Class E Units so redeemed. Upon a Class F Redemption by the
Partnership, the Class F Limited Partner shall have no further right to receive
any Partnership distributions in respect of the Class F Units so redeemed. Upon
a Class G Redemption by the Partnership, the Class G Limited Partner shall have
no further right to receive any Partnership distributions in respect of the
Class G Units so redeemed. Upon a Class H Redemption by the Partnership, the
Class H Limited Partner shall have no further right to receive any Partnership
distributions in respect of the Class H Units so redeemed.

     Section 9.7 Registration Rights. In the event a Limited Partner receives
REIT Shares in connection with a redemption of Partnership Units originally
issued to Initial Limited Partners on June 30, 1994 pursuant to this Article IX,
such Limited Partner shall be entitled to have such REIT Shares registered under
the Securities Act of 1933, as amended, as provided in the Registration Rights
Agreement.

     Section 9.8 Redemption upon REIT Share Repurchases by the General Partner.
If the General Partner acquires outstanding REIT Shares then the Partnership
shall redeem from the General Partner the General Partner's interest in the
Partnership representing such acquired REIT Shares and pay to the General
Partner, in cash, an amount equal to the consideration, if any, paid by or for
the account of the General Partner for the acquired REIT Shares. The Partnership
shall make such cash payment, if any, to the General Partner within three (3)
business days after the General Partner notifies the Partnership that the
General Partner is committed to acquiring REIT Shares and requests payment under
this Section 9.8. Any REIT Shares acquired by the General Partner that are
thereafter disposed of by the General Partner (which term shall not include
cancellation) shall for the purposes of Sections 4.2(B) and (C), be deemed
issued at the time of such disposition.

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                    ARTICLE X - DISSOLUTION AND LIQUIDATION

--------------------------------------------------------------------------------

     Section 10.1 Term and Dissolution. The Partnership commenced as of November
23, 1993, and shall continue until December 31, 2092, at which time the
Partnership shall dissolve or until dissolution occurs prior to that date for
any one of the following reasons:

     (A) An Involuntary Withdrawal or a voluntary withdrawal, even though in
violation of this Agreement, of the General Partner unless, within ninety (90)
days after such event of withdrawal all the remaining Partners agree in writing
to the continuation of the Partnership and to the appointment of a Successor
General Partner;

     (B) Entry of a decree of judicial dissolution of the Partnership under the
Act; or

     (C) The sale, exchange or other disposition of all or substantially all of
the Partnership Assets.

     Section 10.2 Liquidation of Partnership Assets.

     (A) Subject to Section 10.2(E), in the event of dissolution pursuant to
Section 10.1, the Partnership shall continue solely for purposes of winding up
the affairs of, achieving a final termination of, and satisfaction of the
creditors of, the Partnership. The General Partner (or, if there is no General
Partner remaining, any Person elected by a majority in interest of the Limited
Partners (the "Liquidator")) shall be responsible for oversight of the winding
up and dissolution of the Partnership. The Liquidator shall obtain a full
accounting of the assets and liabilities of the Partnership and such Partnership
Assets shall be liquidated (including, at the discretion of the Liquidator, in
exchange, in whole or in part, for REIT Shares) as promptly as the Liquidator is
able to do so without any undue loss in value, with the proceeds therefrom
applied and distributed in the following order:

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

     (2) Second, to the discharge of Partnership debts and liabilities to the
Partners;

<PAGE>
                                      -35-

     (3) Third, after giving effect to all contributions, distributions, and
allocations for all periods, to (i) the Class C Limited Partner in an amount
equal to any unpaid Class C Priority Return Amounts, (ii) the Class D Limited
Partner in an amount equal to any unpaid Class D Priority Return Amounts, (iii)
the Class E Limited Partner in an amount equal to any unpaid Class E Priority
Return Amounts, (iv) the Class F Limited Partner in an amount equal to any
unpaid Class F Priority Return Amounts, (v) the Class G Limited Partner in an
amount equal to any unpaid Class G Priority Return Amounts and (vi) the Class H
Limited Partner in an amount equal to any unpaid Class H Return Amounts;
provided, that if the proceeds are inadequate to pay all of the unpaid Class C
Priority Return Amounts, the unpaid Class D Priority Return Amounts, the unpaid
Class E Priority Return Amounts, the unpaid Class F Priority Return Amounts, the
unpaid Class G Priority Return Amounts and the unpaid Class H Priority Return
Amounts, such proceeds shall be distributed to the Class C Limited Partner, the
Class D Limited Partner, the Class E Limited Partner, the Class F Limited
Partner, the Class G Limited Partner and the Class H Limited Partner pro rata
based on the unpaid Class C Priority Return Amounts, the unpaid Class D Priority
Return Amounts, the unpaid Class E Priority Return Amounts, the unpaid Class F
Priority Return Amounts, the unpaid Class G Priority Return Amounts and the
unpaid Class H Priority Return Amounts;

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

     (B) In accordance with Section 10.2(A), the Liquidator shall proceed
without any unnecessary delay to sell and otherwise liquidate the Partnership
Assets; provided, however, that if the Liquidator shall determine that an
immediate sale of part or all of the Partnership Assets would cause undue loss
to the Partners, the Liquidator may defer the liquidation except (i) to the
extent provided by the Act or (ii) as may be necessary to satisfy the debts and
liabilities of the Partnership to Persons other than the Partners.

     (C) If, in the sole and absolute discretion of the Liquidator, there are
Partnership Assets that the Liquidator will not be able to liquidate, or if the
liquidation of such assets would result in undue loss to the Partners, the
Liquidator may distribute such Partnership Assets to the Partners in-kind, in
lieu of cash, as tenants-in-common in accordance with the provisions of Section
10.2(A). The foregoing notwithstanding, such in-kind distributions shall only be
made if in the Liquidator's good faith judgment that is in the best interest of
the Partners.

     (D) Upon the complete liquidation and distribution of the Partnership
Assets, the Partners shall cease to be Partners of the Partnership, and the
Liquidator shall execute, acknowledge and cause to be filed all certificates and
notices required by law to terminate the Partnership. Upon the dissolution of
the Partnership pursuant to Section 10.1, the Liquidator shall cause to be
prepared, and shall furnish to each Partner, a statement setting forth the
assets and liabilities of the Partnership. Promptly following the complete
liquidation and distribution of the Partnership Assets, the Liquidator shall
furnish to each Partner a statement showing the manner in which the Partnership
Assets were liquidated and distributed.

     (E) Notwithstanding the foregoing provisions of this Section 10.2, in the
event that the Partnership shall dissolve as a result of the expiration of the
term provided for herein or as a result of the occurrence of an event of the
type described in Section 10.1(B) or (C), then each Limited Partner shall be
deemed to have delivered a Redemption Notice on the date of such dissolution. In
connection with each such Redemption Notice, the General Partner shall have the
option of either (i) complying with the redemption procedures contained in
Article IX or (ii) at the request of any Limited Partner, delivering to such
Limited Partner, Partnership property approximately equal in value to the value
of such Limited Partner's Partnership Units upon the assumption by such Limited
Partner of such Limited Partner's proportionate share of the Partnership's
liabilities and payment by such Limited Partner (or the Partnership) of any
excess (or deficiency) of the value of the property so delivered over the value
of such Limited Partner's Partnership Units. In lieu of requiring such Limited
Partner to assume its proportionate share of Partnership liabilities, the
General Partner may deliver to such Limited Partner unencumbered Partnership
property approximately equal in value to the net value of such Limited Partner's
Partnership Units.

<PAGE>
                                      -36-

     Section 10.3 Effect of Treasury Regulations.

     (A) In the event the Partnership is "liquidated" within the meaning of
Treasury Regulations Section 1.704-1(b)(2)(ii)(g), distributions made to
Partners pursuant to Section 10.2 shall be made within the time period provided
in Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Contributor
Partner has a deficit balance in its Capital Account (after giving effect to all
contributions (without regard to this Section 10.3(A)), distributions and
allocations), each such Contributor Partner shall contribute to the capital of
the Partnership an amount equal to its respective deficit balance, such
obligation to be satisfied within ninety (90) days following the liquidation and
dissolution of the Partnership in accordance with the provisions of this Article
X hereof. Conversely, if any Partner other than a Contributor Partner has a
deficit balance in its Capital Account (after giving effect to all contributions
(without regard to this Section 10.3(A)), distributions and allocations), such
Partner shall have no obligation to make any contribution to the capital of the
Partnership. Any deficit restoration obligation pursuant to the provisions
hereof shall be for the benefit of creditors of the Partnership or any other
Person to whom any debts, liabilities, or obligations are owed by (or who
otherwise has any claim against) the Partnership or the general partner, in its
capacity as General Partner of the Partnership. For purposes of computing each
Contributor Partner's deficit balance in its Capital Account and its
corresponding obligations to contribute additional capital to the Partnership,
only items of income, gain and loss actually recognized shall be reflected.

     (B) In the event the Partnership is "liquidated" within the meaning of
Treasury Regulations Section 1.704-1(b)(2)(ii)(g) but there has been no
dissolution of the Partnership under Section 10.1 hereof, then the Partnership
Assets shall not be liquidated, the Partnership's liabilities shall not be paid
or discharged and the Partnership's affairs shall not be wound up. In the event
of such a liquidation there shall be deemed to have been a distribution of
Partnership Assets in kind to the Partners in accordance with Section 10.2
followed by a recontribution of such Partnership Assets by the Partners in the
same proportions.

     Section 10.4 Time for Winding-Up. Anything in this Article X
notwithstanding, a reasonable time shall be allowed for the orderly winding-up
of the business and affairs of the Partnership and the liquidation of the
Partnership Assets in order to minimize any potential for losses as a result of
such process. During the period of winding-up, this Agreement shall remain in
full force and effect and shall govern the rights and relationships of the
Partners inter se.

--------------------------------------------------------------------------------

                      ARTICLE XI - AMENDMENTS AND MEETINGS

--------------------------------------------------------------------------------

     Section 11.1 Amendment Procedure.

     (A) Amendments to this Agreement may be proposed by the General Partner. An
amendment proposed at any time when the General Partner holds less than 90% of
all Partnership Units will be adopted and effective only if it receives the
Consent of the holders of a majority of the Partnership Units not then held by
the General Partner and an amendment proposed at any time when the General
Partner holds 90% or more of all Partnership Units may be made by the General
Partner without the Consent of any Limited Partner; provided, however, no
amendment shall be adopted if it would (i) convert a Limited Partner's Interest
in the Partnership into a general partner interest, (ii) increase the liability
of a Limited Partner under this Agreement, (iii) except as otherwise permitted
in this Agreement, alter the Partner's rights to distributions set forth in
Article V, or the allocations set forth in Article V, (iv) alter or modify any
aspect of the Partners' rights with respect to redemption of Partnership Units,
(v) cause the early termination of the Partnership (other than pursuant to the
terms hereof) or (vi) amend this Section 11.1(A), in each case without the
Consent of each Partner adversely affected thereby. In connection with any
proposed amendment of this Agreement requiring Consent, the General Partner
shall either call a meeting to solicit the vote of the Partners or seek the
written vote of the Partners to such amendment. In the case of a request for a
written vote, the General Partner shall be authorized to impose such reasonable
time limitations for response, but in no event less than ten (10) days, with the
failure to respond being deemed a vote consistent with the vote of the General
Partner.

<PAGE>
                                      -37-

     (B) Notwithstanding the foregoing, amendments may be made to this Agreement
by the General Partner, without the Consent of any Limited Partner, to (i) add
to the representations, duties or obligations of the General Partner or
surrender any right or power granted to the General Partner herein; (ii) cure
any ambiguity, correct or supplement any provision herein which may be
inconsistent with any other provision herein or make any other provisions with
respect to matters or questions arising hereunder which will not be inconsistent
with any other provision hereof; (iii) reflect the admission, substitution,
termination or withdrawal of Partners in accordance with this Agreement; or (iv)
satisfy any requirements, conditions or guidelines contained in any order,
directive, opinion, ruling or regulation of a federal or state agency or
contained in federal or state law. The General Partner shall reasonably promptly
notify the Limited Partners whenever it exercises its authority pursuant to this
Section 11.1(B).

     (C) Within ten (10) days of the making of any proposal to amend this
Agreement, the General Partner shall give all Partners Notice of such proposal
(along with the text of the proposed amendment and a statement of its purposes).

     Section 11.2 Meetings and Voting.

     (A) Meetings of Partners may be called by the General Partner. The General
Partner shall give all Partners Notice of the purpose of such proposed meeting
not less than seven (7) days nor more than thirty (30) days prior to the date of
the meeting. Meetings shall be held at a reasonable time and place selected by
the General Partner. Whenever the vote or Consent of Partners is permitted or
required hereunder, such vote or Consent shall be requested by the General
Partner and may be given by the Partners in the same manner as set forth for a
vote with respect to an amendment to this Agreement in Section 11.1(A).

     (B) Any action required or permitted to be taken at a meeting of the
Partners may be taken without a meeting if a written consent setting forth the
action to be taken is signed by the Partners owning Percentage Interests
required to vote in favor of such action, which consent may be evidenced in one
or more instruments. Consents need not be solicited from any other Partner if
the written consent of a sufficient number of Partners has been obtained to take
the action for which such solicitation was required.

     (C) Each Limited Partner may authorize any Person or Persons, including
without limitation the General Partner, to act for him by proxy on all matters
on which a Limited Partner may participate. Every proxy (i) must be signed by
the Limited Partner or his attorney-in-fact, (ii) shall expire eleven (11)
months from the date thereof unless the proxy provides otherwise and (iii) shall
be revocable at the discretion of the Limited Partner granting such proxy.

     Section 11.3 Voting of LB Units.

     On any matter on which the Limited Partners shall be entitled to vote,
consent or grant an approval or waiver, following the admissions of the LB
Partners to the Partnership as Additional Limited Partners and through the
Voting Termination Date, each holder of the LB Units shall be deemed (i) in
connection with any matter submitted to a vote, to have cast all votes
attributable to such holder's LB Units in the same manner as the votes
attributable to the Units held by the General Partner are cast on such matter,
and (ii) in connection with any consent, approval or waiver, to have taken the
same action as the General Partner shall have taken with respect to its Units in
connection therewith. If the General Partner shall not have the right to vote,
consent or grant an approval or waiver on a matter, each holder of LB Units
shall vote or act as directed by the General Partner.

--------------------------------------------------------------------------------

                     ARTICLE XII - MISCELLANEOUS PROVISIONS

--------------------------------------------------------------------------------

     Section 12.1 Title To Property. All property owned by the Partnership,
whether real or personal, tangible or intangible, shall be deemed to be owned by
the Partnership as an entity, and no Partner, individually, shall have any
ownership of such property. The Partnership may hold any of its assets in its
own name or, in the

<PAGE>
                                      -38-

name of its nominee, which nominee may be one or more individuals, corporations,
partnerships, trusts or other entities.

     Section 12.2 Other Activities of Limited Partners. Except as expressly
provided otherwise in this Agreement or in any other agreement entered into by a
Limited Partner or any Affiliate of a Limited Partner and the Partnership, the
General Partner or any Subsidiary of the Partnership or the General Partner, any
Limited Partner or any Affiliate of any Limited Partner may engage in, or
possess an interest in, other business ventures of every nature and description,
independently or with others, including, without limitation, real estate
business ventures, whether or not such other enterprises shall be in competition
with any activities of the Partnership, the General Partner or any Subsidiary of
the Partnership or the General Partner; and neither the Partnership, the General
Partner, any such Subsidiary nor the other Partners shall have any right by
virtue of this Agreement in and to such independent ventures or to the income or
profits derived therefrom.

     Section 12.3 Power of Attorney.

     (A) Each Partner hereby irrevocably appoints and empowers the General
Partner (which term shall include the Liquidator, in the event of a liquidation,
for purposes of this Section 12.3) and each of their authorized officers and
attorneys-in-fact with full power of substitution as his true and lawful agent
and attorney-in-fact, with full power and authority in his name, place and stead
to:

     (1) make, execute, acknowledge, publish and file in the appropriate public
offices (a) any duly approved amendments to the Certificate pursuant to the Act
and to the laws of any state in which such documents are required to be filed;
(b) any certificates, instruments or documents as may be required by, or may be
appropriate under, the laws of any state or other jurisdiction in which the
Partnership is doing or intends to do business; (c) any other instrument which
may be required to be filed by the Partnership under the laws of any state or by
any governmental agency, or which the General Partner deems advisable to file;
(d) any documents which may be required to effect the continuation of the
Partnership, the admission, withdrawal or substitution of any Partner pursuant
to Article VIII, dissolution and termination of the Partnership pursuant to
Article X, or the surrender of any rights or the assumption of any additional
responsibilities by the General Partner; (e) any document which may be required
to effect an amendment to this Agreement to correct any mistake, omission or
inconsistency, or to cure any ambiguity herein, to the extent such amendment is
permitted by Section 11.1(B); and (f) all instruments (including this Agreement
and amendments and restatements hereof) relating to the determination of the
rights, preferences and privileges of any class or series of Partnership Units
issued pursuant to Section 4.2(B) of this Agreement; and

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

     (B) Nothing herein contained shall be construed as authorizing the General
Partner to amend this Agreement except in accordance with Article XI or as may
be otherwise expressly provided for in this Agreement.

     (C) The foregoing grant of authority (i) is a special power of attorney,
coupled with an interest, and it shall survive the Involuntary Withdrawal of any
Partner and shall extend to such Partner's heirs, successors, assigns and
personal representatives; (ii) may be exercised by the General Partner for each
and every Partner acting as attorney-in-fact for each and every Partner; and
(iii) shall survive the Transfer by a Limited Partner of all or any portion of
its Interest and shall be fully binding upon such transferee; except that the
power of attorney shall survive such assignment with respect to the assignor
Limited Partner for the sole purpose of enabling the General Partner to execute,
acknowledge and file any instrument necessary to effect the admission of the
transferee as a Substitute Limited Partner. Each Partner hereby agrees to be
bound by any representations made by the General Partner, acting in good faith
pursuant to such power of attorney. Each Partner shall execute and deliver to
the General Partner, within fifteen (15) days after receipt of the General

<PAGE>
                                      -39-

Partner's request therefor, such further designations, powers of attorney and
other instruments as the General Partner deems necessary to effectuate this
Agreement and the purposes of the Partnership.

     (D) Each LB Partner hereby irrevocably appoints and empowers the General
Partner and the Liquidator, in the event of a liquidation, and each of their
authorized officers and attorneys-in-fact with full power of substitution, as
the true and lawful agent and attorney-in-fact of such LB Partner with full
power and authority in the name, place and stead of such LB Partner to take such
actions (including waivers under the Partnership Agreement) or refrain from
taking such action as the General Partner reasonably believes are necessary or
desirable to achieve the purposes of Section 11.3 of the Partnership Agreement.

     Section 12.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery, (i) if to a Limited Partner, at the most current address given by such
Limited Partner to the General Partner by means of a notice given in accordance
with the provisions of this Section 12.4, which address initially is the address
contained in the records of the General Partner, or (ii) if to the General
Partner, 311 S. Wacker Drive, Suite 4000, Chicago, Illinois 60606, Attn:
President.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if hand delivered; five (5) business days
after being deposited in the mail, postage prepaid, if mailed; when answered
back, if telexed; or when receipt is acknowledged, if telecopied.

     Section 12.5 Further Assurances. The parties agree to execute and deliver
all such documents, provide all such information and take or refrain from taking
any action as may be necessary or desirable to achieve the purposes of this
Agreement and the Partnership.

     Section 12.6 Titles and Captions. All article or section titles or captions
in this Agreement are solely for convenience and shall not be deemed to be part
of this Agreement or otherwise define, limit or extend the scope or intent of
any provision hereof.

     Section 12.7 Applicable Law. This Agreement, and the application or
interpretation thereof, shall be governed exclusively by its terms and by the
law of the State of Delaware, without regard to its principles of conflicts of
laws.

     Section 12.8 Binding Agreement. This Agreement shall be binding upon the
parties hereto, their heirs, executors, personal representatives, successors and
assigns.

     Section 12.9 Waiver of Partition. Each of the parties hereto irrevocably
waives during the term of the Partnership any right that it may have to maintain
any action for partition with respect to any property of the Partnership.

     Section 12.10 Counterparts and Effectiveness. This Agreement may be
executed in several counterparts, which shall be treated as originals for all
purposes, and all so executed shall constitute one agreement, binding on all of
the parties hereto, notwithstanding that all the parties are not signatory to
the original or the same counterpart. Any such counterpart shall be admissible
into evidence as an original hereof against each Person who executed it. The
execution of this Agreement and delivery thereof by facsimile shall be
sufficient for all purposes, and shall be binding upon any party who so
executes.

     Section 12.11 Survival of Representations. All representations and
warranties herein shall survive the dissolution and final liquidation of the
Partnership.

     Section 12.12 Entire Agreement. This Agreement (and all Exhibits hereto)
contains the entire understanding among the parties hereto and supersedes all
prior written or oral agreements among them respecting the within subject
matter, unless otherwise provided herein. There are no representations,
agreements, arrangements

<PAGE>
                                      -40-

or understandings, oral or written, among the Partners hereto relating to the
subject matter of this Agreement which are not fully expressed herein and in
said Exhibits.

<PAGE>
                                      -41-

     IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
the parties hereto as of the day and year first above written.

General Partner:                FIRST INDUSTRIAL REALTY TRUST INC.,
                                  as sole General Partner of the Partnership

                                By:   /s/ John H. Clayton
                                      ----------------------------------------
                                      Vice President - Corporate Legal

Class H Limited Partner         FIRST INDUSTRIAL REALTY TRUST, INC.,
                                  as Class H Limited Partner

                                By:   /s/ John H. Clayton
                                      ----------------------------------------
                                      Vice President - Corporate Legal

<PAGE>

                                                                      Exhibit 1A

First Highland Partners                                 Number of Units
-----------------------                                 ---------------

Highland Associates Limited Partnership                        69,039

Peter Murphy                                                   56,184

North Star Associates Limited Partnership                      19,333

Peter O'Connor                                                 56,844

Partridge Road Associates Limited Partnership                   2,751

Shadeland Associates Limited Partnership                       42,976

Ellen Margaret Smith                                            1,000

Joseph Edward Smith                                             1,000

Kevin Smith                                                    10,571

Olivia Jane Smith                                               1,000

Jonathan Stott                                                 80,026

<PAGE>

                                                                      Exhibit 1B

<TABLE>
<CAPTION>

                              Schedule of Partners
                              --------------------

General Partner                                                                        Number of Units
---------------                                                                        ---------------
<S>                                                                                       <C>

First Industrial Realty Trust, Inc.                                                       30,892,739

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Kerry Acker                                                                                      154

Sanders H. Acker                                                                                 307

Sterling Alsip Trust DTD 8-1-89 Donald W. Schaumberger Trustee                                   794

Charles T. Andrews                                                                               754

Daniel R. Andrew TR of the Daniel R.                                                         137,489
Andrew Trust UA 12-29-92

The Arel Company                                                                                 307

Arnold Y. Aronoff                                                                              7,955

Daniel J. Aronoff                                                                              2,809

Lynn E. Aronoff                                                                                2,690

William J. Atkins                                                                              5,691

E. Donald Bafford                                                                              3,374

William Baloh                                                                                  8,731

Thomas K. Barad & Jill E. Barad CO-TTEES of the
Thomas K. Barad & Jill E. Barad Trust DTD 10-18-89                                             2,283

Enid Barden TTEE of the Enid Barden
Trust DTD 6-28-95                                                                             56,082

Enid Barden TTEE of the Enid Barden
Trust of 6-28-96                                                                              23,088

Emil Billich                                                                                      77

Don N. Blurton & Patricia H. Blurton Trustees UA DTD 4-11-96 Blurton 1996
Revocable Family Trust                                                                           598

Harriett Bonn TTEE UA DTD 3-5-97 FBO The Harriett Bonn                                        24,804
Revocable Living Trust

<PAGE>
                                      -2-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Michael W. Brennan                                                                             3,806

Helen Brown                                                                                      307

Henry D. Bullock & Terri D. Bullock &
Shawn Stevenson TR of the Bullock
Childrens Education Trust UA 12-20-94,
FBO Benjamin Dure Bullock                                                                      4,620

Henry D. Bullock & Terri D. Bullock &
Shawn Stevenson TR of the Bullock
Childrens Education Trust UA 12-20-94,
FBO Christine Laurel Bullock                                                                   4,620

Edward Burger                                                                                  9,261

Barbara Lee O'Brien Burke                                                                        666

Ernestine Burstyn                                                                              5,007

Calamer, Inc.                                                                                  1,233

Perry C. Caplan                                                                                1,388

Carew Corporation                                                                             13,650

Magdalena G. Castleman                                                                           307

Cliffwood Development Company                                                                 64,823

Collins Family Trust DTD 5-6-69 James Collins Trustee                                        100,000

Kelly Collins                                                                                 11,116

Michael Collins                                                                               17,369

Charles S. Cook and Shelby H. Cook TEN ENT
                                                                                                 634
Cotswold Properties                                                                           34,939

Caroline Atkins Coutret                                                                        5,845

David Cleborn Crow                                                                             5,159

Gretchen Smith Crow                                                                            2,602

Michael G. Damone TR of the Michael G.
Damone Trust UA 11-4-69                                                                      144,296

<PAGE>
                                       -3-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

John E. De B Blockey TR of the John E. De B Blockey Trust                                      8,653

Robert L. Denton                                                                               6,286

Henry E. Dietz Trust UA 1-16-81                                                               36,476

Steven Dizio & Helen Dizio JT TEN                                                             12,358

Nancy L. Doane                                                                                 2,429

W. Allen Doane                                                                                 1,987

Timothy Donohue                                                                                  100

Darwin B. Dosch                                                                                1,388

Charles F. Downs                                                                               1,508

Greg & Christina Downs JT TEN                                                                    474

Gregory Downs                                                                                     48

Draizin Family Partnership, L.P.                                                             357,896

Joseph S. Dresner                                                                            149,531

Milton H. Dresner TR of the Milton H. Dresner Revocable Trust UA 10-22-76                    149,531

James O'Neil Duffy, Jr.                                                                          513

Martin Eglow                                                                                     330

Rand H. Falbaum                                                                               17,022

Patricia O'Brien Ferrell                                                                         666

Rowena Finke                                                                                     154

First & Broadway Limited Partnership                                                          18,203

Fourbur Family Co., L.P.                                                                     588,273

Aimee Freyer-Valls                                                                            10,000

David Fried                                                                                    1,326

Ester Fried                                                                                    3,177

<PAGE>
                                      -4-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Jack Friedman TR of the Jack Friedman Revocable                                               26,005
Living Trust UA 3-23-78

Robert L. Friedman                                                                            28,500

Nancy Gabel                                                                                       14

J. Peter Gaffney                                                                                 727

Gerlach Family Trust DTD 6-28-85 Stanley & Linda Gerlach                                         874
Trustees

Martin Goodstein                                                                                 922

Dennis G. Goodwin and Jeannie L. Goodwin TEN ENT                                               6,166

Jeffrey L. Greenberg                                                                             330

Stanley Greenberg & Florence Greenberg JT TEN                                                    307

Thelma C. Gretzinger Trust                                                                       450

Stanley Gruber                                                                                30,032

Melissa C. Gudim                                                                              24,028

Timothy Gudim                                                                                  5,298

H.L. Investors LLC                                                                             4,000

H.P. Family Group LLC                                                                        103,734

H/Airport Gp Inc.                                                                              1,433

Vivian M. Hack TTEE UA DTD 12-26-97 Hack Living Trust                                         22,522

Clay Hamlin & Lynn Hamlin JT TEN                                                              15,159

Turner Harshaw                                                                                 1,132

Cathleen Hession                                                                               3,137

Edwin Hession & Cathleen Hession JT TEN                                                        7,979

Highland Associates Limited Partnership                                                       69,039

Andrew Holder                                                                                     97

Ruth Holder                                                                                    2,612

<PAGE>
                                      -5-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Robert W. Holman, Jr.                                                                        150,213

Holman/Shidler Investment Corporation                                                         22,079

Robert S. Hood Living Trust DTD 1-9-90 & amended 12-16-96 Robert S. Hood                       3,591
Trustee

Howard Trust DTD 4-30-79 Howard F. Sklar Trustee                                                 653

Steven B. Hoyt                                                                               150,000

Jerry Hymowitz                                                                                   307

Karen L. Hymowitz                                                                                154

IBS Delaware Partners LP                                                                       2,708

Seymour Israel                                                                                15,016

Frederick K. Ito Trustee UA DTD 9-9-98 FBO The Frederick K. Ito Trust                          1,940

Frederick K. Ito and June Y. Ito Trustees UA DTD 9-9-98 FBO The June Y. Ito                    1,940
Trust

JP Trusts LLC                                                                                 35,957

Jacob Family Trust UA DTD 10-1-92 Thomas V. Clagett Trustee                                   20,260

Michael W. Jenkins                                                                               460

Jernie Holdings Corp.                                                                        180,499

Jane Terrell Johnson                                                                           3,538

Jeffrey E. Johnson                                                                               809

Johnson Living Trust DTD 2-18-83 H. Stanton & Carol A. Johnson Trustees                        1,078

Thomas Johnson, Jr. and Sandra L. Johnson TEN ENT                                              2,142

Martha O'Brien Jones                                                                             665

Charles Mark Jordan                                                                               57

Mary Terrell Joseph                                                                              837

Nourhan Kailian                                                                                2,183

<PAGE>
                                      -6-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

H.L. Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES
of the Joseph C. Kaltenbacher Credit Shelter TR                                                1,440

Sarah Katz                                                                                       307

Carol F. Kaufman                                                                                 166

KEP LLC                                                                                       98,626

Peter Kepic                                                                                    9,261

Jack Kindler                                                                                   1,440

Kirshner Family Trust #1 DTD 4-8-76 Berton & Barbara Kirshner Trustees                        29,558

Kirshner Trust #4 FBO Todd Kirshner DTD 12-30-76 Berton Kirshner Trustee                      20,258

Arthur Kligman                                                                                   307

Joan R. Krieger TTEE of the Joan R. Krieger Revocable Trust                                   15,184
DTD 10-21-97

William L. Kreiger, Jr.                                                                        3,374

Babette Kulka                                                                                    330

Jack H. Kulka                                                                                    330

LP Family Group LLC                                                                          102,249

Lambert Investment Corporation                                                                13,606

Paul T. Lambert                                                                               39,816

Chester A. Latcham & Co.                                                                       1,793

Constance Lazarus                                                                            417,961

Jerome Lazarus                                                                                18,653

Susan Lebow                                                                                      740

Arron Leifer                                                                                   4,801

Duane Lund                                                                                       617

Barbara Lusen                                                                                    307

William J. Mallen Trust DTD 4-29-94 William J. Mallen Trustee                                  8,016

<PAGE>
                                      -7-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Stephen Mann                                                                                      17

Manor LLC                                                                                     80,556

R. Craig Martin                                                                                  754

J. Stanley Mattison                                                                               79

Henry E. Mawicke                                                                                 636

Richard McClintock                                                                               623

McElroy Management Inc.                                                                        5,478

Eileen Millar                                                                                  3,072

Linda Miller                                                                                   2,000

Lila Atkins Mulkey                                                                             7,327

Peter Murphy                                                                                  56,184

Anthony Muscatello                                                                            81,654

Ignatius Musti                                                                                 1,508

New Land Associates Limited Partnership                                                        1,664

Kris Nielsen                                                                                     178

North Star Associates Limited Partnership                                                     19,333

George F. Obrecht                                                                              5,289

Paul F. Obrecht                                                                                4,455

Richard F. Obrecht                                                                             5,289

Thomas F. Obrecht                                                                              5,289

Catherine A. O'Brien                                                                             832

Lee O'Brien TTEE of the Martha J. Harbison
Testamentary Trust FBO Christopher C. O'Brien                                                    666

Martha E. O'Brien                                                                                832

Patricia A. O'Brien                                                                            6,387

Peter O'Connor                                                                                56,844

<PAGE>
                                      -8-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Steve Ohren                                                                                   33,366

P&D Partners LP                                                                                1,440

Partridge Road Associates                                                                      2,751

Sybil T. Patten                                                                                1,816

PeeGee L.P.                                                                                    4,817

Lawrence Peters                                                                                  960

Jeffrey Pion                                                                                   2,879

Pipkin Family Trust DTD 10-6-89 Chester & Janice Pipkin Trustees                               3,140

Peter M. Polow                                                                                   557

Keith J. Pomeroy TTEE of Keith J. Pomeroy
Revocable TR Agreement DTD 12-13-76 as
Amended & Restated 6-28-95                                                                   104,954

Princeton South at Lawrenceville LLC                                                           4,692

Princeton South at Lawrenceville One                                                           4,426

Abraham Punia                                                                                    307

RBZ LLC                                                                                          155

R.E.A. Associates                                                                              8,908

RJB Ford City Limited Partnership                                                            158,438

RJB II Limited Partnership                                                                    40,788

Marilyn Rangel IRA DTD 2-5-86 Custodian Smith Barney Shearson                                    969

Richard Rapp                                                                                      23

Jack F. Ream                                                                                   1,071

Seymour D. Reich                                                                                 154

James C. Reynolds                                                                             40,247

Andre G. Richard                                                                               1,508

Rebecca S. Roberts                                                                             8,308

<PAGE>
                                      -9-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Leslie A. Rubin Ltd.                                                                           4,048

SPM Industrial LLC                                                                             5,262

SRS Partnership                                                                                2,142

James Sage                                                                                     2,156

James R. Sage                                                                                  3,364

Kathleen Sage                                                                                  3,350

Wilton Wade Sample                                                                             5,449

Debbie B. Schneeman                                                                              740

Edward R. Schulak                                                                              8,073

Jane Schulak                                                                                   2,690

Norma A. Schulze                                                                                 307

Sciport Discovery Center                                                                          30

Sealy & Company, Inc.                                                                         37,119

Sealy Florida, Inc.                                                                              675

Sealy Professional Drive, L.L.C.                                                               2,906

Sealy Real Estate Services, Inc.                                                             148,478

Sealy Unitholder, L.L.C.                                                                      31,552

Mark P. Sealy                                                                                  8,451

Scott P. Sealy                                                                                40,902

Shadeland Associates Limited Partnership                                                      42,976

Frances Shankman Insurance Trust,
Frances Shankman Trustee                                                                      16,540

Sam Shamie, Trustee of the Sam Shamie
Trust Agreement DTD 3-16-78, as Restated 11-16-93                                            400,000

Garrett E. Sheehan                                                                               513

Jay H. Shidler                                                                                68,020

<PAGE>
                                      -10-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Jay H. Shidler and Wallette A. Shidler TEN ENT                                                 1,223

Shidler Equities LP                                                                          254,541

D.W. Sivers Co.                                                                               28,265

Dennis W. Sivers                                                                              27,636

Sivers Family Real Property, Limited Liability Company                                        12,062

Sivers Investment Partnership                                                                283,500

Wendel C. Sivers Marital Trust UW DTD 2-20-81 Dennis W. Sivers & G. Burke
Mims CO-TTEES                                                                                 14,020

Estate of Albert Sklar, Miriam M. Sklar Executrix                                              3,912

Michael B. Slade                                                                               2,829

Ellen Margaret Smith                                                                           1,000

Joseph Edward Smith                                                                            1,000

Kevin Smith                                                                                   10,571

Olivia Jane Smith                                                                              1,000

Arnold R. Sollar TTEE for the

Dorothy Sollar Residuary TR                                                                      307

Spencer and Company                                                                              154

Robert Stein TTEE UA DTD 5-21-96 FBO Robert Stein                                             63,630

S. Larry Stein TTEE under Revocable Trust Agreement DTD
9-22-99 S. Larry Stein Grantor                                                                63,630

Sterling Family Trust DTD 3-27-80 Donald & Valerie A. Sterling Trustees                        3,559

Jonathan Stott                                                                                80,026

Victor Strauss                                                                                    77

Catherine O'Brien Sturgis                                                                        666

Mitchell Sussman                                                                                 410

Donald C. Thompson TTEE UA DTD 12-31-98 FBO Donald C. Thompson Revocable
Family Trust                                                                                  39,243

<PAGE>
                                      -11-

Limited Partners                                                                       Number of Units
----------------                                                                       ---------------

Michael T. Tomasz UA DTD 2-5-90 Trustee of the Michael T. Tomasz Trust
                                                                                              36,033
Barry L. Tracey                                                                                2,142

William S. Tyrrell                                                                             2,906

Burton S. Ury                                                                                  9,072

WSW 1998 Exchange Fund L.P.                                                                   32,000

James J. Warfield                                                                                330

Phyllis M. Warsaw Living Trust                                                                16,540

Wilson Management Company LLC                                                                 35,787

Elmer H. Wingate, Jr.                                                                          1,688

Ralph G. Woodley TTEE under Revocable Trust Agreement                                         16,319

World's Fair Limited Partnership                                                               1,664

Sam L. Yaker TTEE of the Sam L. Yaker Revocable Trust Agreement DTD 2-14-84
                                                                                              37,870
Johannson Yap                                                                                  1,680

Richard H. Zimmerman Trustee of the Richard H. Zimmerman
Living Trust DTD 10-15-90 as amended                                                          43,988

Gerald & Sharon Zuckerman JT TEN                                                                 615

</TABLE>

<PAGE>

                                                                      Exhibit 1C

                                   LB Partners
                                   -----------

Jernie Holdings Corp., a New York corporation

Fourbur Co., L.L.C., a New York limited liability company

Fourbur Family Co., L.P., a New York limited partnership

Jerome Lazarus

Constance Lazarus

Susan Burman

Judith Draizin

Jan Burman

Judith Draizin as custodian
under the NYUGMA until
age 21 for Danielle Draizin

Judith Draizin as custodian
under the NYUGMA until
age 21 for Heather Draizin

Judith Draizin as custodian
under the NYUGMA until
age 21 for Jason Draizin

<PAGE>

                                                                      Exhibit 1D

<TABLE>
<CAPTION>

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

<S>                                                                                      <C>
Kerry Acker                                                                              *See Below

Sanders H. Acker                                                                         *See Below

Charles T. Andrews                                                                       *See Below

Daniel R. Andrew, TR of the Daniel R.                                                    *See Below
Andrew Trust UA 12-29-92

The Arel Company                                                                         *See Below

Arnold Y. Aronoff                                                                        *See Below

Daniel J. Aronoff                                                                        *See Below

Lynn E. Aronoff                                                                          *See Below

E. Donald Bafford                                                                        *See Below

William Baloh                                                                            *See Below

Enid Barden TTEE of the Enid Barden                                                      *See Below
Trust DTD 6-28-95

Enid Barden TTE of the Enid Barden                                                       *See Below
Trust of 6-28-96

Emil Billich                                                                             *See Below

Don N. Blurton & Patricia H. Blurton Trustees UA DTD 4-11-96 Blurton                     *See Below
Revocable Family Trust

Michael W. Brennan                                                                       *See Below

Helen Brown                                                                              *See Below

Henry D. Bullock & Terri D. Bullock &
Shawn Stevenson TR of the Bullock
Childrens Education Trust UA 12-20-94,                                                   *See Below
FBO Benjamin Dure Bullock

Henry D. Bullock & Terri D. Bullock &
Shawn Stevenson TR of the Bullock
Childrens Education Trust UA 12-20-94,                                                   *See Below
FBO Christine Laurel Bullock

Ernestine Burstyn                                                                        *See Below

<PAGE>
                                      -2-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Calamer, Inc.                                                                            *See Below

Perry C. Caplan                                                                          *See Below

Carew Corporation                                                                        *See Below

Magdalena G. Castleman                                                                   *See Below

Cliffwood Development Company                                                            *See Below

Michael G. Damone TR of the Michael G.                                                   *See Below
Damone Trust UA 11-4-69

John E. De B Blockey TR of the John E. De B Blockey Trust                                *See Below

Robert L. Denton                                                                         *See Below

Henry E. Dietz Trust UA 1-16-81                                                          *See Below

Darwin B. Dosch                                                                          *See Below

Charles F. Downs                                                                         *See Below

Greg & Christina Downs JT TEN                                                            *See Below

Gregory Downs                                                                            *See Below

Draizin Family Partnership, L.P.                                                         *See Below

Joseph S. Dresner                                                                        *See Below

Milton H. Dresner TR of the Milton H. Dresner Revocable Trust UA 10-22-76                *See Below

Martin Eglow                                                                             *See Below

Rand H. Falbaum                                                                          *See Below

Rowena Finke                                                                             *See Below

First & Broadway Limited Partnership                                                     *See Below

Fourbur Family Co., L.P.                                                                 *See Below

Ester Fried                                                                              *See Below

Jack Friedman TR of the Jack Friedman Revocable Living Trust UA 3-23-78                  *See Below

Robert L. Friedman                                                                       *See Below

Nancy Gabel                                                                              *See Below

<PAGE>
                                      -3-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Gerlach Family Trust DTD 6-28-85 Stanley & Linda Gerlach Trustees                        *See Below

Martin Goodstein                                                                         *See Below

Dennis G. Goodwin and Jeannie L. Goodwin TEN ENT                                         *See Below

Jeffrey L. Greenberg                                                                     *See Below

Stanley Greenberg & Florence Greenberg JT TEN                                            *See Below

Thelma C. Gretzinger Trust                                                               *See Below

Stanley Gruber                                                                           *See Below

H.P. Family Group LLC                                                                    *See Below

Vivian M. Hack TTEE UA DTD 12-26-97 Hack Living Trust                                    *See Below

Clay Hamlin & Lynn Hamlin JT TEN                                                         *See Below

Andrew Holder                                                                            *See Below

Ruth Holder                                                                              *See Below

Robert W. Holman, Jr.                                                                    *See Below

Holman/Shidler Investment Corporation                                                    *See Below

Robert S. Hood Living Trust DTD 1-9-90 & amended 12-16-96 Robert S. Hood                 *See Below
Trustee

Steven B. Hoyt                                                                           *See Below

Jerry Hymowitz                                                                           *See Below

Karen L. Hymowitz                                                                        *See Below

Seymour Israel                                                                           *See Below

Frederick K. Ito Trustee UA DTD 9-9-98 FBO The Frederick K. Ito Trust                    *See Below

Frederick K. Ito and June Y. Ito Trustees UA DTD 9-9-98 FBO The June Y. Ito              *See Below
Trust

JP Trusts LLC                                                                            *See Below

Jacob Family Trust UA DTD 10-1-92 Thomas V. Clagett Trustee                              *See Below

Michael W. Jenkins                                                                       *See Below

Jernie Holdings Corp.                                                                    *See Below

<PAGE>
                                      -4-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Charles Mark Jordan                                                                      *See Below

Nourhan Kailian                                                                          *See Below

H.L. Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES                                   *See Below
of the Joseph C. Kaltenbacher Credit Shelter TR

Sarah Katz                                                                               *See Below

Carol F. Kaufman                                                                         *See Below

KEP LLC                                                                                  *See Below

Jack Kindler                                                                             *See Below

Kirshner Family Trust #1 DTD 4-8-76 Berton & Barbara Kirshner Trustees                   *See Below

Kirshner Trust #4 FBO Todd Kirshner DTD 12-30-76 Berton Kirshner Trustee                 *See Below

Arthur Kligman                                                                           *See Below

Joan R. Krieger TTEE of the Joan R. Krieger Revocable Trust DTD 1021-97                  *See Below

William L. Kreiger, Jr.                                                                  *See Below

LP Family Group LLC                                                                      *See Below

Paul T. Lambert                                                                          *See Below

Constance Lazarus                                                                        *See Below

Jerome Lazarus                                                                           *See Below

Susan Lebow                                                                              *See Below

Arron Leifer                                                                             *See Below

Barbara Lusen                                                                            *See Below

William J. Mallen Trust DTD 4-29-94,                                                     *See Below
William J. Mallen Trustee

Stephen Mann                                                                             *See Below

R. Craig Martin                                                                          *See Below

J. Stanley Mattison                                                                      *See Below

Henry E. Mawicke                                                                         *See Below

<PAGE>
                                      -5-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Eileen Millar                                                                            *See Below

Linda Miller                                                                             *See Below

Peter Murphy                                                                             *See Below

Anthony Muscatello                                                                       *See Below

New Land Associates Limited Partnership                                                  *See Below

Kris Nielsen                                                                             *See Below

North Star Associates Limited Partnership                                                *See Below

George F. Obrecht                                                                        *See Below

Paul F. Obrecht                                                                          *See Below

Richard F. Obrecht                                                                       *See Below

Thomas F. Obrecht                                                                        *See Below

Peter O'Connor                                                                           *See Below

P&D Partners LP                                                                          *See Below

Partridge Road Associates                                                                *See Below

Sybil T. Patten                                                                          *See Below

PeeGee L.P.                                                                              *See Below

Lawrence Peters                                                                          *See Below

Jeffrey Pion                                                                             *See Below

Peter M. Polow                                                                           *See Below

Keith J. Pomeroy TTEE of Keith J. Pomeroy
Revocable TR Agreement DTD 12-13-76 as                                                   *See Below
Amended & Restated 6-28-95

Princeton South at Lawrenceville LLC                                                     *See Below

Princeton South at Lawrenceville One                                                     *See Below

Abraham Punia                                                                            *See Below

RBZ LLC                                                                                  *See Below

R.E.A. Associates                                                                        *See Below

<PAGE>
                                      -6-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Richard Rapp                                                                             *See Below

Jack F. Ream                                                                             *See Below

Seymour D. Reich                                                                         *See Below

James C. Reynolds                                                                        *See Below

Rebecca S. Roberts                                                                       *See Below

Leslie A. Rubin Ltd.                                                                     *See Below

SRS Partnership                                                                          *See Below

Kathleen Sage                                                                            *See Below

Debbie B. Schneeman                                                                      *See Below

Norma A. Schulze                                                                         *See Below

Shadeland Associates Limited Partnership                                                 *See Below

Frances Shankman Insurance Trust,                                                        *See Below
Frances Shankman Trustee

Sam Shamie, Trustee of the Sam Shamie
Trust Agreement DTD 3-16-78, as                                                          *See Below
Restated 11-16-93

Jay H. Shidler                                                                           *See Below

Jay H. Shidler and Wallette A. Shidler TEN ENT                                           *See Below

Shidler Equities LP                                                                      *See Below

D.W. Sivers Co.                                                                          *See Below

Dennis W. Sivers                                                                         *See Below

Sivers Family Real Property, Limited Liability Company                                   *See Below

Sivers Investment Partnership                                                            *See Below

Wendel C. Sivers Marital Trust UW DTD 2-20-81 Dennis W. Sivers & G. Burke                *See Below
Mims CO-TTEES

Kevin Smith                                                                              *See Below

Spencer and Company                                                                      *See Below

Robert Stein TTEE UA DTD 5-21-96 FBO Robert Stein                                        *See Below

S. Larry Stein TTEE under Revocable Trust Agreement DTD 9-22-99 S. Larry                 *See Below

<PAGE>
                                      -7-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Stein Grantor

Sterling Family Trust DTD 3-27-80 Donald & Valerie A. Sterling Trustees                  *See Below

Jonathan Stott                                                                           *See Below

Victor Strauss                                                                           *See Below

Mitchell Sussman                                                                         *See Below

Donald C. Thompson TTEE UA DTD 12-31-98 FBO Donald C. Thompson Revocable                 *See Below
Family Trust

Michael T. Tomasz UA DTD 2-5-90 Trustee of the Michael T. Tomasz Trust                   *See Below

Barry L. Tracey                                                                          *See Below

William S. Tyrrell                                                                       *See Below

Burton S. Ury                                                                            *See Below

James J. Warfield                                                                        *See Below

Phyllis M. Warsaw Living Trust                                                           *See Below

Wilson Management Co. LLC                                                                *See Below

Elmer H. Wingate, Jr.                                                                    *See Below

Ralph G. Woodley TTEE under Revocable Trust Agreement                                    *See Below

World's Fair Limited Partnership                                                         *See Below

Sam L. Yaker TTEE of the Sam L. Yaker Revocable Trust Agreement DTD 2-14-84              *See Below

Richard H. Zimmerman Trustee of the Richard H. Zimmerman Living Trust DTD                *See Below
10-15-90 as amended

Gerald & Sharon Zuckerman JT TEN                                                         *See Below

New Land Associates LP                                                                    2,195,750

World's Fair Partners, LP                                                                   211,208

Princeton South at Lawrenceville                                                          5,267,344

Stanley Gruber                                                                            1,388,338

Stephen Mann                                                                                120,174

<PAGE>
                                      -8-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

Seymour Israel                                                                              120,169

James O'Neil Duffy, Jr.                                                                       4,107

Garrett E. Sheehan                                                                            4,107

Andrew Holder                                                                                10,000

Arron Leifer                                                                                300,000

Arthur Kligman                                                                               80,000

Barbara Lusen                                                                                80,000

Carol F. Kaufman                                                                             50,000

Debbie B. Schneeman                                                                          30,000

Emil Billich                                                                                 25,000

Ernestine Burstyn                                                                           160,000

H.L. Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES of the Joseph C.                     100,000
Kaltenbacher Credit Shelter TR

HP Family Group, LLC                                                                     16,110,000

Jack Kindler                                                                                100,000

Jerry Hymowitz                                                                               80,000

JP Trusts LLC                                                                             4,729,000

Karen L. Hymowitz                                                                            45,000

Kerry Acker                                                                                  45,000

Lawrence Peters                                                                              75,000

LP Family Group LLC                                                                      16,015,000

Magdalena G. Castleman                                                                       80,000

Martin Goodstein                                                                            250,000

Mitchell Sussman                                                                            110,000

Nancy Gabel                                                                                   5,000

Norma A. Schulze                                                                             80,000

P&D Partners LP                                                                             100,000

<PAGE>
                                      -9-

Contributor Partner                                                                  Protected Amount
-------------------                                                                  ----------------

PeeGee L.P.                                                                                  25,000

Peter M. Polow                                                                               75,000

R.E.A. Associates                                                                         4,192,000

Richard Rapp                                                                                 10,000

Sanders H. Acker                                                                             80,000

Sarah Katz                                                                                   80,000

Seymour D. Reich                                                                             45,000

Spencer and Company                                                                          45,000

Susan Lebow                                                                                  30,000

The Arel Company                                                                             80,000

Victor Strauss                                                                               25,000

WSW 1998 Exchange Fund L.P.                                                                 315,000

Rowena Finke                                                                                 45,000

Ruth Holder                                                                                 230,000

Stanley Greenberg & Florence Greenberg JT TEN                                                80,000

Alvin R. Brown & Helen Brown                                                                 80,000

Abraham Punia                                                                                80,000

Francis Shankman Insurance Trust, Francis Shankman Trustee                                  200,000

Jerome Lazarus                                                                           17,000,000

Constance Lazarus                                                                         3,600,000

Jernie Holdings Corp.                                                                       100,000

Fourbur Family Co., L.P.                                                                  5,985,000

Robert L. Friedman                                                                          249,000

Phyllis M. Warsaw Living Trust                                                              212,000

</TABLE>

*    An amount equal to (a) the taxable gain, if any, that would be realized by
     such Additional Limited Partner if such Additional Limited Partner were to
     dispose of its Interest for no consideration other than the release or
     deemed release of liabilities of the partnership assumed by or otherwise
     allocable to

<PAGE>
                                      -10-

     such Additional Limited Partner under Code Section 752, as such
     hypothetical gain is determined from time to time, less (b) such Additional
     Limited Partner's share of "qualified nonrecourse financing" as defined in
     Code Section 465(b)(6) and the Treasury Regulations thereunder, as such
     share is determined in accordance with Treasury Regulations Section
     1.752-3(a).

<PAGE>

                             FIRST INDUSTRIAL, L.P.

                                    EXHIBIT 2

                                       TO

                           EIGHTH AMENDED AND RESTATED

                          LIMITED PARTNERSHIP AGREEMENT

                            Form of Redemption Notice

<PAGE>

                                                                       Exhibit 2

                                Redemption Notice

     The undersigned hereby irrevocably (i) elects to exercise its redemption
rights contained in Section 9.1(A) of the Eighth Amended and Restated Limited
Partnership Agreement of First Industrial, L.P. (the "Partnership Agreement")
with respect to an aggregate of _____ Partnership Units (as defined in the
Partnership Agreement), (ii) surrenders such Partnership Units and all right,
title and interest therein and (iii) directs that the REIT shares (as defined in
the Partnership Agreement), or applicable cash amount if so determined by the
General Partner (as defined in the Partnership Agreement) in accordance with the
Partnership Agreement, deliverable upon redemption of such Partnership Units be
delivered to the address specified below.

Dated:  ______________________

Name of Limited Partner:  ______________________

Social Security or
Federal Employer ID Number:  ______________________

                                        ---------------------------------------
                                            (Signature of Limited Partner)

                                        ---------------------------------------
                                                  (Street Address)

                                        ---------------------------------------
                                        (City)               (State)(Zip Code)

                                 Signature Guaranteed by:

                                 ----------------------------------------------

<PAGE>

                             FIRST INDUSTRIAL, L.P.

                                    EXHIBIT 3

                                       TO

                           EIGHTH AMENDED AND RESTATED

                          LIMITED PARTNERSHIP AGREEMENT

                      Form of Registration Rights Agreement

<PAGE>

                                                                       Exhibit 3

--------------------------------------------------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                            Dated as of June __, 1994

                                       of

                       First Industrial Realty Trust, Inc.

                               for the benefit of

                      HOLDERS OF LIMITED PARTNERSHIP UNITS

                                       of

                             First Industrial, L.P.

<PAGE>
                                      -2-

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made and entered
into as of June , 1994, by First Industrial Realty Trust, Inc. (the "Company")
for the benefit of the persons who own limited partnership units ("Units") of
First Industrial, L.P. (the "Partnership") on the date hereof and their
successors, assigns and transferees (herein referred to collectively as the
"Holders" and individually as a "Holder").

     WHEREAS, on the date hereof each Holder is or will become the owner of
Units in the Partnership in connection with the contribution (the
"Contributions") of certain real properties and other assets to the Partnership;

     WHEREAS, on the date hereof the company is consummating an initial public
offering of its common stock and is becoming the sole general partner of the
Partnership;

     WHEREAS, in connection with the foregoing, the Company has agreed, subject
to the terms, conditions and limitations set forth in the limited partnership
agreement of the Partnership (the "Partnership Agreement"), to provide the
Holders with certain registration rights.

     NOW, THEREFORE, the Company for the benefit of the Holders agrees as
follows:

     Section 1. Definitions.

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     Exchange Act: The Securities Exchange Act of 1934, as amended form time to
time.

     Holders or Holders: As set forth in the preamble.

     Majority Holders: At any time, Holders of Registrable Securities and Units
then redeemable for Registrable Securities, who if all Units were so redeemed,
would then hold a majority of the Registrable Securities.

     NASD: The National Association of Securities Dealers, Inc.

     Person: Any individual, partnership, corporation, trust or other entity.

     Prospectus: A prospectus included in the Shelf Registration statement,
including any preliminary prospectus, and any such prospectus as amended or
supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by the Shelf
Registration Statement, and by all other amendments and supplements to such
prospectus, including post-effective amendments, and in each case including all
material incorporated by reference therein.

     Registrable Securities: The Shares, excluding (i) Shares for which the
Shelf Registration Statement shall have become effective under the Securities
Act and which have been disposed of under the Shelf Registration Statement (ii)
Shares sold or otherwise distributed pursuant to Rule 144 under the Securities
Act and (iii) Shares as to which registration under the Securities Act is not
required to permit the sale thereof to the public.

     Registration Expenses: shall mean any and all expenses incident to
performance of or compliance with this Agreement, including, without limitation:
(i) all SEC, stock exchange or NASD registration and filing fees, (ii) all fees
and expenses incurred in connection with compliance with state securities or
blue sky laws (including reasonable fees and disbursements of counsel in
connection with blue sky qualification of any of the Registrable Securities and
the preparation of a Blue Sky Memorandum) and compliance with the rules of the
NASD, (iii) all expenses of any Persons in preparing or assisting in preparing,
word processing, printing and distributing the Shelf Registration Statement, any
Prospectus, certificates and other documents relating to the performance of and
compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing, if any, of any of the Registrable Securities on any
securities exchange or exchanges pursuant to Section 3(1) hereof, and (v) the
fees and disbursements of counsel for the Company and of the independent public
accountants of the Company, including the expenses of any special audits or
"cold comfort" letters, if any, required by or incident to such performance and
compliance. Registration Expenses shall specifically exclude underwriting
discounts and commissions, brokerage or dealer fees, the fees and disbursements
of counsel, accountants or other representatives of a selling Holder, and
transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a selling Holder, all of which shall be borne by such Holder in
all cases.

     Registration Notice: As set forth in Section 3(b) hereof.

     Sale Period: The 45-day period immediately following the filing with the
SEC by the Company of an annual report of the Company on Form 1-K or a quarterly
report of the Company on Form 10-Q or such other period as the Company may
determine.

     SEC: The Securities and Exchange Commission.

     Securities Act: The Securities Act of 1933, as amended from time to time.

     Shares: The shares of common stock, $.01 par value, of the Company issued
to Holders of Unites upon redemption or exchange of their Units.

     Shelf Registration: A registration required to be effected pursuant to
Section 2 hereof.

     Shelf Registration Statement: shall mean a "shelf" registration statement
of the Company and any other entity required to be a registrant with respect to
such shelf registration statement pursuant to the requirements of the Securities
Act which covers all of the Registrable Securities on an appropriate form under
Rule 415 under the Securities Act, or any similar rule that may be adopted by
the SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all materials incorporated by
reference therein.

     Units: Limited partnership interests in the Partnership issued to the
holders in connection with the Contributions.

     Section 2. Shelf Registration Under the Securities Act.

     (a) Filing of Shelf Registration Statement. Within 13 months following the
date hereof, the Company shall cause to be filed a Shelf Registration Statement
providing for the sale by the Holders of all of the Registrable Securities ion
accordance with the terms hereof and will use its reasonable best efforts to
cause such Shelf Registration Statement to be declared effective by the SEC as
soon as reasonably practicable. The Company agrees to use it reasonable best
efforts to keep the Shelf Registration Statement continuously effective under
the Securities Act until such time as the aggregate number of Units and
Registrable Securities outstanding is less than 5% of the aggregate number of
Units outstanding on the date hereof (after giving effect to the Contributions)
and, subject to Section 3(b) and Section 3(i), further agrees to supplement or
amend the Shelf Registration Statement, if and as required by the rules,
regulations or instructions applicable to the registration form used by the
Company for such Shelf Registration Statement

<PAGE>
                                      -3-

or by the Securities Act or by any other rules and regulations thereunder for
Shelf Registration. Each Holder who sells Shares as part of the Shelf
Registration shall be deemed to have agreed to all of the terms and conditions
of this Agreement and to have agreed to perform any and all obligations of a
Holder hereunder.

     (b) Expenses. The Company shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a). Each Holder shall pay all
underwriting discounts and commissions, brokerage or dealer fees, the fees and
disbursements of counsel, accountants or other representatives of such Holder
and transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to the Shelf Registration Statement or Rule 144
under the Securities Act.

     (c) Inclusion in Shelf Registration Statement. Not later than 30 days prior
to filing the Shelf Registration Statement with the SEC, the Company shall
notify each Holder of its intention to make such filing and request advice from
each Holder as to whether such Holder desires to have Registrable Securities
held by it or which it is entitled to receive not later than the last day of the
first Sale Period occurring in whole or in part after the date of such notice
included in the Shelf Registration Statement at such time. Any Holder who does
not provide the information reasonably requested by the Company in connection
with the Shelf Registration Statement as promptly as practicable after receipt
of such notice, but in no event later than 20 days thereafter, shall not be
entitled to have its Registrable Securities included in the Shelf Registration
Statement at the time it becomes effective, but shall have the right thereafter
to deliver to the Company a Sale Notice as contemplated by Section 3(b).

     Section 3. Registration Procedures.

     In connection with the obligations of the Company with respect to the Shelf
Registration Statement pursuant to Section 2 hereof, the Company shall:

     (a) prepare and file with the SEC, within the time period set forth in
Section 2(a) hereof, a Shelf Registration Statement, which Shelf Registration
Statement (i) shall be available for the sale of the Registrable Securities in
accordance with the intended method or methods of distribution by the selling
Holders thereof and (ii) shall comply as to form in all material respects with
the requirements of the applicable form and include all financial statements
required by the SEC to be filed therewith.

     (b) subject to the last three sentences of this Section 3(b) and to Section
3(i) hereof, (i) prepare and file with the SEC such amendments and
post-effective amendments to the Shelf Registration Statement as may be
necessary to keep the Shelf Registration Statement effective for the applicable
period; (ii) cause each Prospectus to be supplemented by any required prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424 or any
similar rule that may be adopted under the Securities Act; (iii) respond
promptly to any comments received from the SEC with respect to the Shelf
Registration Statement, or any amendment, post-effective amendment or supplement
relating thereto; and (iv) comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by the Shelf Registration
Statement during the applicable period in accordance with the intended method or
methods of distribution by the selling Holders thereof. Notwithstanding anything
to the contrary contained herein, the Company shall not be required to take any
of the actions described in clauses (i), (ii) or (iii) above with respect to
each particular Holder of Registrable Securities unless and until the Company
has received either a written notice (a "Registration Notice") from a Holder
that such Holder intends to make offers or sales under the Shelf Registration
Statement as specified in such Registration Notice or a written response from
such Holder of the type contemplated by Section 2(c); provided, however, that
the Company shall have 7 business days to prepare and file any such amendment or
supplement after receipt of a Registration Notice. Once a Holder has delivered
such a written response or a Registration Notice to the Company, such Holder
shall promptly provide to the Company such information as the Company reasonably
requests in order to identify such Holder and the method of distribution in a
post-effective amendment to the Shelf Registration Statement or a supplement to
a Prospectus. Offers or sales under the Shelf Registration Statement may be made
only during a Sale Period. Such Holder also shall notify the Company in writing
upon completion of such offer or sale or at such time as such Holder no longer
intends to make offers or sales under the Shelf Registration Statement.

<PAGE>
                                      -4-

     (c) furnish to each Holder of Registrable Securities that has delivered a
Registration Notice to the Company, without charge, as many copies of each
applicable Prospectus, including each preliminary Prospectus, and any amendment
or supplement thereto and such other documents as such Holder may reasonably
request, in order to facilitate the public sale or other disposition of the
Registrable Securities; the Company consents to the use of such Prospectus,
including each preliminary Prospectus, by each such Holder of Registrable
Securities in connection with the offering and sale of the Registrable
Securities covered by such Prospectus or the preliminary Prospectus.

     (d) use its reasonable best efforts to register or qualify the Registrable
Securities by the time the Shelf Registration Statement is declared effective by
the SEC under all applicable state securities or "blue sky" laws of such
jurisdictions as any Holder of Registrable Securities covered by the Shelf
Registration Statement shall reasonably request in writing, keep each such
registration or qualification effective during the period the Shelf Registration
Statement is required to be kept effective or during the period offers or sales
are being made by a Holder that has delivered a Registration Notice to the
Company, whichever is shorter, and do any and all other acts and things which
may be reasonably necessary or advisable to enable such Holder to consummate the
disposition in each such jurisdiction of such Registrable Securities owned by
such Holder; provided, however, that the Company shall not be required (i) to
qualify generally to do business in any jurisdiction or to register as a broker
or dealer in such jurisdiction where it would not be required so to qualify or
register but for this Section 3(d), (ii) to subject itself to taxation in any
such jurisdiction or (iii) to submit to the general service of process in any
such jurisdiction.

     (e) notify each Holder when the Shelf Registration Statement has become
effective and notify each Holder of Registrable Securities that has delivered a
Registration Notice to the Company promptly and, if requested by such Holder,
confirm such advice in writing (i) 3hen any post-effective amendments and
supplements to the Shelf Registration Statement become effective, (ii) of the
issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of the Shelf Registration Statement or the
initiation of any proceedings for that purpose, (iii) if the Company receives
any notification with respect to the suspension of the qualification of the
Registrable Securities for sale in any jurisdiction or the initiation of any
proceeding for such purpose and (iv) of the happening of any event during the
period the Shelf Registration Statement is effective as a result of which the
Shelf Registration Statement or a related Prospectus contains any untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein (in the case of the
Prospectus, in light of the circumstances under which they were made) not
misleading.

     (f) make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of the Shelf Registration Statement at the earliest
possible moment.

     (g) furnish to each Holder of Registrable Securities that has delivered a
Registration Notice to the Company, without charge, at least one conformed copy
of the Shelf Registration Statement and any post-effective amendment thereto
(without documents incorporated therein by reference or exhibits thereto, unless
requested).

     (h) cooperate with the selling Holders of Registrable Securities to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any Securities Act legend; and
enable certificates for such Registrable Securities to be issued for such
numbers of shares and registered in such names as the selling Holders may
reasonably request at least two (2) business days prior to any sale of
Registrable Securities.

     (i) subject to the last three sentences of Section 3(b) hereof, upon the
occurrence of any event contemplated by Section 3(e)(iv) hereof, use its
reasonable best efforts promptly to prepare and file a supplement or prepare,
file and obtain effectiveness of a post-effective amendment to the Shelf
Registration Statement or a related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities, such Prospectus will
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

<PAGE>
                                      -5-

     (j) make available for inspection by representatives of the Holders of the
Registrable Securities and any counsel or accountant retained by such Holders,
all financial and other records, pertinent corporate documents and properties of
the Company, and cause the respective officers, directors and employees of the
Company to supply all information reasonably requested by any such
representative, counsel or accountant in connection with the Shelf Registration
Statement; provided, however, that such records, documents or information which
the Company determines in good faith to be confidential, and notifies such
representatives, counsel or accountants in writing that such records, documents
or information are confidential, shall not be disclosed by the representatives,
counsel or accountants unless (i) the disclosure of such records, documents or
information is necessary to avoid or correct a material misstatement or omission
in the Shelf Registration Statement, (ii) the release of such records, documents
or information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction or (iii) such records, documents or information have been
generally made available to the public otherwise than in violation of this
Agreement.

     (k) a reasonable time prior to the filing of any Prospectus, any amendment
to the Shelf Registration Statement or amendment or supplement to a Prospectus,
provide copies of such document (not including any documents incorporated by
reference therein unless requested) to the Holders of Registrable Securities
that have provided a Registration Notice to the Company.

     (l) use its reasonable best efforts to cause all Registrable Securities to
be listed on any securities exchange on which similar securities issued by the
Company are then listed.

     (m) obtain a CUSIP number for all Registrable Securities, not later than
the effective date of the Shelf Registration Statement.

     (n) otherwise use its reasonable efforts to comply with all applicable
rules and regulations of the SEC and make available to its security holders, as
soon as reasonably practicable, an earnings statement covering at least 12
months which shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder. (o) use its reasonable best efforts to cause the
Registrable Securities covered by the Shelf Registration Statement to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company to
enable Holders that have delivered Registration Notices to the Company to
consummate the disposition of such Registrable Securities.

     The Company may require each Holder of Registrable Securities to furnish to
the Company in writing such information regarding the proposed distribution by
such Holder of such Registrable Securities as the Company may from time to time
reasonably request in writing.

     In connection with and as a condition to the Company's obligations with
respect to the Shelf Registration Statement pursuant to Section 2 hereof and
this Section 3, each Holder agrees that (i) it will not offer or sell its
Registrable Securities under the Shelf Registration Statement until (A) it has
either (1) provided a Registration Notice pursuant to Section 3(b) hereof or (2)
had Registrable Securities included in the Shelf Registration Statement at the
time it became effective pursuant to Section 2(c) hereof and (B) it has received
copies of the supplemented or amended Prospectus contemplated by Section 3(b)
hereof and receives notice that any post-effective amendment has become
effective; (ii) upon receipt of nay notice from the Company of the happening of
any event of the kind described in Section 3(b)(iv) hereof, such Holder will
forthwith discontinue disposition of Registrable Securities pursuant to the
Shelf Registration Statement until such Holder receives copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof and
receives notice that any post-effective amendment has become effective, and, if
so directed by the Company, such Holder will deliver to the Company (at the
expense of the Company) all copies in its possession, other than permanent file
copies then in such Holder's possession, of the Prospectus covering such
registrable Securities current at the time of receipt of such notice; and (iii)
all offers and sales under the Shelf Registration Statement shall be completed
within forty-five (45) days after the first date on which offers or sales can be
made pursuant to clause (i) above, and

<PAGE>
                                      -6-

upon expiration of such forty-five (45) day period the Holder will not offer or
sell its Registrable Securities under the Shelf Registration Statement until it
has again complied with the provisions of clauses (i)(A)(1) and (B) above,
except that if the applicable Registration Notice was delivered to the Company
at a time which was not part of a Sale Period, such forty-five (45) day period
shall be the next succeeding Sale Period.

     Section 4. Restrictions on Public Sale by Holders of Registrable
Securities.

     Each Holder agrees with the Company that:

     (a) If the Company determines in its good faith judgment, after
consultation with counsel, that the filing of the Shelf Registration Statement
under Section 2 hereof or the use of any Prospectus would require the disclosure
of important information which the Company has a bona fide business purpose for
preserving as confidential or the disclosure of which would impede the Company's
ability to consummate a significant transaction, upon written notice of such
determination by the Company, the rights of the Holders to offer, sell or
distribute any Registrable Securities pursuant to the Shelf Registration
Statement or to require the Company to take action with respect to the
registration or sale of any Registrable Securities pursuant to the Shelf
Registration Statement (including any action contemplated by Section 3 hereof)
will be suspended until the date upon which the Company notifies the Holders in
writing that suspension of such rights for the grounds set forth in this Section
4(a) is no longer necessary.

     (b) In the case of the registration of any underwritten equity offering
proposed by the Company (other than any registration by the Company on Form S-8,
or a successor or substantially similar form, of (i) an employee stock option,
stock purchase or compensation plan or of securities issued or issuable pursuant
to any such plan or (ii) a dividend reinvestment plan), each Holder agrees, if
requested in writing by the managing underwriter or underwriters administering
such offering, not to effect any offer, sale or distribution of Registrable
Securities ) or any option or right to acquire Registrable Securities) during
the period commencing on the 10th 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 and ending on the date
specified by such managing underwriter in such written request to such Holder,
which date shall not be later than six months after such expected date of
effectiveness;

     (c) In the event that any Holder uses a Prospectus in connection with the
offering and sale of Registrable Securities covered by such Prospectus, such
Holder will use only the latest version of such Prospectus provided to it by the
Company.

     Section 5. Indemnification Contribution.

     (a) Indemnification by the Company. The Company agrees to indemnify and
hold harmless each Holder and its officers and directors and each person, if
any, who controls any Holder within the meaning of Section 15 of the Securities
Act as follows:

          (i) against any and all loss, liability, claim, damage and expense
     whatsoever, as incurred, arising out of any untrue statement or alleged
     untrue statement of a material fact contained in the Shelf Registration
     Statement (or any amendment thereto) or any Prospectus, including all
     documents incorporated therein by reference, or the omission or alleged
     omission therefrom of a material fact necessary in order to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading;

          (ii) against any and all loss, liability, claim, damage and expense
     whatsoever, as incurred, to the extent of the aggregate amount paid in
     settlement of any litigation, or investigation or proceeding by any
     governmental agency or body, commenced or threatened, or of any claim
     whatsoever based upon any such untrue statement or omission, or any such
     alleged untrue statement or omission, if such settlement is effected with
     the written consent of the Company; and

<PAGE>
                                      -7-

          (iii) against any and all expense whatsoever, as incurred (including
     reasonable fees and disbursements of counsel), reasonably incurred in
     investigating, preparing or defending against any litigation, or
     investigation or proceeding by any governmental agency or body, commenced
     or threatened, in each case whether or not a party, or any claim whatsoever
     based upon any such untrue statement or omission, or any such alleged
     untrue statement or omission, to the extent that any such expense is not
     paid under clause (i) or (ii) above;

provided, however, that the indemnity provided pursuant to this Section 5(a)
does not apply to any Holder with respect to any loss, liability, claim, damage
or expense to the extent arising out of any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity
with written information furnished to the Company by such Holder expressly for
use in the Shelf Registration Statement (or any amendment thereto) or any
Prospectus.

     (b) Indemnification by Holders. Each Holder severally agrees to indemnify
and hold harmless the Company and the other selling Holders, and each of their
respective directors and officers (including each director and officer of the
Company who signed the Shelf Registration Statement), and each person, if any,
who controls the Company or any other selling Holder within the meaning of
Section 15 of the Securities Act, to the same extent as the indemnity contained
in Section 5(a) hereof (except that any settlement described in Section 5(a)(2)
shall be effected with the written consent of such Holder), but only insofar as
such loss, liability, claim, damage or expense arises out of or is based upon
any untrue statement or omission, or alleged untrue statement or omission, made
in the Shelf Registration Statement (or any amendment thereto) or any Prospectus
in reliance upon and in conformity with written information furnished to the
Company by such selling Holder expressly for use in the Shelf Registration
Statement (or any amendment thereto) or such Prospectus. In no event shall the
liability of any Holder under this Section 5(b) be greater in amount than the
dollar amount of the proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

     (c) Each indemnified party shall give reasonably prompt notice to each
indemnifying party of any action or proceeding commenced against it in respect
of which indemnity may be sought hereunder, but failure so to notify an
indemnifying party (i) shall not relieve it from any liability which it may have
under the indemnity agreement provided in Section 5(a) or (b) unless and to the
extent it did not otherwise learn of such action and the lack of notice by the
indemnified party results in the forfeiture by the indemnifying party of
substantial rights and defenses and (ii) shall not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided under Section 5(a) or (b). If the
indemnifying party so elects within a reasonable time after receipt of such
notice, the indemnifying party may assume the defense of such action or
proceeding at such indemnifying party's own expense with counsel chosen by the
indemnifying party; provided, however, that, if such indemnified party or
parties reasonably determine that a conflict of interest exists where it is
advisable for such indemnified part or parties to be represented by separate
counsel or that, upon advice of counsel, there may be legal defenses available
to them which are different from or in addition to those available to the
indemnifying party, then the indemnifying party shall not be entitled to assume
such defense and the indemnified party or parties in the aggregate shall be
entitled to one separate counsel at the indemnifying party's expense. If an
indemnifying party is not so entitled to assume the defense of such action or
does not assume such defense, after having received the notice referred to in
the first sentence of this Section 5(c), the indemnifying party or parties will
pay the reasonable fees and expenses of counsel for the indemnified party or
parties. In such event however, no indemnifying party will be liable for any
settlement effected without the written consent of such indemnifying party. If
an indemnifying party is entitled to assume, and assumes, the defense of such
action or proceeding in accordance with this paragraph, such indemnifying party
shall not be liable for any fees and expenses of counsel for the indemnified
parties incurred thereafter in connection with such action or proceeding.

     (d) In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement provided for in this Section 5 is
for any reason held to be unenforceable although applicable in accordance with
its terms, the Company and the selling Holders shall contribute to the aggregate
losses, liabilities, claims, damages and expenses of the nature contemplated by
such indemnity agreement incurred by the Company and the selling Holders, in
such proportion as is appropriate to reflect

<PAGE>
                                      -8-

the relative fault of and benefits to the Company on the one hand the selling
Holders on the other (in such proportions that the selling Holders are
severally, not jointly, reasonable for the balance), in connection with the
statements or omissions which resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations. The
relative benefits to the indemnifying party and indemnified parties shall be
determined by reference to, among other things, the total proceeds received by
the indemnifying party and indemnified parties in connection with the offering
to which such losses, liabilities, claims, damages, or expenses relate. The
relative fault of the indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether the action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such indemnifying party or the indemnified parties, and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such action.

     The Company and the Holders agree that it would not be just or equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no selling Holder shall be
required to contribute any amount in excess of the amount by which the total
price at which the Registrable Securities of such selling Holder were offered to
the public exceeds the amount of any damages which such selling Holder is
otherwise required to pay by reason of such untrue statement or omission.

     Notwithstanding the foregoing, no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person w ho was not guilty of such
fraudulent misrepresentation. For purposes of this Section 5(d), each Person, if
any, who controls a Holder within the meaning of Section 15 of the Securities
Act and directors and officers of a Holder shall have the same rights to
contribution as such Holder, and each director of the Company, each officer of
the Company w ho signed the Shelf Registration Statement and each Person, if
any, who controls the Company within the meaning of Section 15 of the Securities
Act shall have the same rights to contribution as the Company.

     Section 6. Rule 144 Sales.

     (a) The Company covenants that it will file the reports requires to be
filed by the Company under the Securities Act and the Exchange Act, so as to
enable any H older to sell Registrable Securities pursuant to Rule 144 under the
Securities Act.

     (b) In connection with any sale, transfer or other disposition by any
Holder of any Registrable Securities pursuant to Rule 144 under the Securities
Act, the Company shall cooperate with such Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any Securities Act legend, and enable certificates for
such Registrable Securities to be for such number of shares and registered in
such names as the selling Holders may reasonably request at least two business
days prior to any sale of Registrable Securities.

     Section 7. Miscellaneous.

     (a) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given
without consent of the Company and Holders constituting Majority Holders;
provided, however, that no amendment, modification or supplement or waiver or
consent to the departure with respect to the provisions of Sections 2, 3, 4, 5,
6 or 7(a) hereof or the definition of Registrable Securities or which would
impair the rights of any Holder under such provisions, shall be effective as
against any Holder of Registrable Securities or Units redeemable for Registrable
Securities unless consented to in writing by such Holder of Registrable
Securities or Units. Notice of any amendment, modification or supplement to this
Agreement adopted in accordance with this Section 7(a) shall be provided by
Company to each Holder of Registrable Securities or Units redeemable for
Registrable

<PAGE>
                                      -9-

Securities at least thirty (30) days prior to the effective date of such
amendment, modification or supplement.

     (b) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, registered first-class
mail, telex, telecopier or any courier guaranteeing overnight delivery, (i) if
to a Holder, at the most current address given by such Holder to the Company by
means of a notice given in accordance with the provisions of this Section 7(b),
which address initially is, with respect to each H older, the address set forth
in the Partnership Agreement, or (ii) to the Company, at 150 N. Wacker Drive,
Suite 150, Chicago, Illinois 60606, Attention: President.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five (5) business
days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; or at
the time delivered if delivered by an air courier guaranteeing overnight
delivery.

     (c) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors, assigns and transferees of each of the
Company and the Holders, including without limitation and without the need for
an express assignment, subsequent Holders. If any successor, assignee or
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be entitled to receive the
benefits hereof and shall be conclusively deemed to have agreed to be bound by
all of the terms and provisions hereof.

     (d) Headings. The headings in this Agreement are for the convenience of
reference only and shall not limited or otherwise affect the meaning hereof.

     (e) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT GIVING EFFECT TO THE
CONFLICTS OF LAW PROVISIONS THEREOF.

     (f) Specific Performance. The Company and the Holders acknowledge that
there would be no adequate remedy at law if any party fails to perform any of
its obligations hereunder, and accordingly agree that the Company and each
Holder, in addition to any other remedy to which it may be entitled at law or in
equity, shall be entitled to compel specific performance of the obligations of
another under this Agreement in accordance with the terms and conditions of this
Agreement in any court of the United States or any State thereof having
jurisdictions.

     (g) Entire Agreement. This Agreement is intended by the Company as a final
expression of its agreement and is intended to be a complete and exclusive
statement of the agreement and understanding of the Company in respect of the
subject matter contained herein. This Agreement supersedes all prior agreements
and understandings of the Company with respect to such subject matter.

     IN WITNESS WHEREOF, the Company has executed this Agreement as of the date
first written above.

                               FIRST INDUSTRIAL REALTY TRUST, INC.

                               By:      _________________________________
                               Name:    _________________________________
                               Title:   _________________________________

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