Document:

FORM OF ADVISORY AGREEMENT

BY AND AMONG

UNITED REALTY TRUST INCORPORATED,

UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P.,

AND

UNITED REALTY ADVISORS LP

Dated as of ________________, 2012

 

    	 

    	 

    
 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT	7
	 	 	 
	3.	DUTIES OF THE ADVISOR	7
	 	 	 
	4.	AUTHORITY OF ADVISOR.	11
	 	 	 
	5.	FIDUCIARY RELATIONSHIP	11
	 	 	 
	6.	NO PARTNERSHIP OR JOINT VENTURE	11
	 	 	 
	7.	BANK ACCOUNTS	11
	 	 	 
	8.	RECORDS; ACCESS	11
	 	 	 
	9.	LIMITATIONS ON ACTIVITIES	12
	 	 	 
	10.	FEES.	12
	 	 	 
	11.	EXPENSES.	14
	 	 	 
	12.	OTHER SERVICES	15
	 	 	 
	13.	REIMBURSEMENT TO THE ADVISOR	15
	 	 	 
	14.	OTHER ACTIVITIES OF THE ADVISOR	15
	 	 	 
	15.	THE UNITED REALTY NAME	16
	 	 	 
	16.	TERM OF AGREEMENT	17
	 	 	 
	17.	TERMINATION BY THE PARTIES	17
	 	 	 
	18.	ASSIGNMENT TO AN AFFILIATE	17
	 	 	 
	19.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.	17
	 	 	 
	20.	INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT	18
	 	 	 
	21.	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP.	18
	 	 	 
	22.	INDEMNIFICATION BY ADVISOR	19

 

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	23.	NOTICES	19
	 	 	 
	24.	MODIFICATION	20
	 	 	 
	25.	SEVERABILITY	21
	 	 	 
	26.	GOVERNING LAW	21
	 	 	 
	27.	ENTIRE AGREEMENT	21
	 	 	 
	28.	NO WAIVER	21
	 	 	 
	29.	PRONOUNS AND PLURALS	21
	 	 	 
	30.	HEADINGS	21
	 	 	 
	31.	EXECUTION IN COUNTERPARTS	21

 

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ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (this “Agreement”),
dated as of _____________, 2012, is entered into by and among United Realty Trust Incorporated, a Maryland corporation (the “Company”),
United Realty Capital Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”)
and United Realty Advisors LP, a Delaware limited partnership.

 

WITNESSETH

 

WHEREAS, the Company is a Maryland corporation
created in accordance with Maryland General Corporation Law and intends to qualify as a REIT;

 

WHEREAS, the Company is the general partner
of the Operating Partnership;

 

WHEREAS, the Company and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
of, the Board of Directors of the Company, all as provided herein; and

 

WHEREAS, the Advisor is willing to render such
services, subject to the supervision of the Board of Directors of the Company, on the terms and subject to the conditions hereinafter
set forth;

 

NOW, THEREFORE, in consideration of the foregoing
and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

1.          DEFINITIONS.
As used in this Agreement, the following terms have the definitions set forth below:

 

“Acquisition Expenses”
means expenses actually incurred by the Advisor related to selecting, evaluating and acquiring Investments on the Company’s
behalf in addition to any investment-related expenses due to third parties, including, but not limited to, legal fees and expenses,
travel and communications expenses, costs of appraisals, accounting fees and expenses, third-party brokerage or finders fees, title
insurance expenses, survey expenses, property inspection expenses and other closing costs, regardless of whether the Company acquires
the related Investments.

 

“Acquisition Fee”
means the fee payable to the Advisor or its assignees pursuant to Section 10(a).

 

“Advisor” means United
Realty Advisors LP, a Delaware limited partnership, any successor advisor to the Company and the Operating Partnership, or any
Person to which United Realty Advisors LP or any successor advisor subcontracts substantially all its functions. Notwithstanding
the foregoing, a Person hired or retained by United Realty Advisors LP to perform property management and related services for
the Company or the Operating Partnership that is not hired or retained to perform substantially all the functions of United Realty
Advisors LP with respect to the Company and the Operating Partnership as a whole shall not be deemed to be an Advisor.

 

    	 

    	 

    

 

“Affiliate” or “Affiliated”
means, with respect to any Person, (i) any other Person directly or indirectly owning, controlling or holding, with the power to
vote, ten percent (10.0%) or more of the outstanding voting securities of such Person; (ii) any other Person ten percent (10.0%)
or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by
such Person; (iii) any other Person directly or indirectly controlling, controlled by or under common control with such Person;
(iv) any executive officer, director, trustee or general partner of such Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,”
“is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights,
by contract or otherwise.

 

‘‘Amount Advanced for a Loan
or Other Investment’’ means the amount actually allocated in respect of the purchase, development, construction
or improvement of Real Estate Assets or the amount actually paid or allocated in respect of the purchase of Loans or other real
estate-related assets, in each case inclusive of Acquisition Expenses and any indebtedness assumed or incurred in respect of such
Investment but exclusive of Acquisition Fees and financing fees.

 

“Articles of Incorporation”
means the Articles of Incorporation of the Company, as amended from time to time.

 

“Asset Management Fee”
means the fees payable to the Advisor pursuant to Section 10(d).

 

“Average Invested Assets”
means, for any period, the average of the aggregate book value of the assets of the Company (including lease intangibles) invested,
directly or indirectly, in financial instruments, debt and equity securities and equity interests in and Loans secured by Real
Estate Assets (including amounts invested in REITs and other real estate operating companies) before reserves for depreciation
or bad debts or other similar non-cash reserves, computed by taking the average of these values at the end of each month during
the period.

 

“Board of Directors”
or “Board” means the Board of Directors of the Company.

 

“Business Day” means
any day on which the New York Stock Exchange is open for trading.

 

“By-laws” means the
by-laws of the Company, as amended and as the same are in effect from time to time.

 

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“Change of Control”
means a change of control of the Company of a nature that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as enacted and in force on the date hereof, whether or not the Company is then subject to such reporting requirements; provided,
however, that, without limitation, a Change of Control shall be deemed to have occurred if: (i) any “person” (within
the meaning of Section 13(d) of the Exchange Act, as enacted and in force on the date hereof) is or becomes the “beneficial
owner” (as that term is defined in Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act) of securities
of the Company representing 9.8% or more of the combined voting power of the Company’s securities then outstanding; (ii)
there occurs a merger, consolidation or other reorganization of the Company which is not approved by the Board of Directors; (iii)
there occurs a Sale, exchange, transfer or other disposition of substantially all the assets of the Company to another Person,
which disposition is not approved by the Board of Directors; or (iv) there occurs a contested proxy solicitation of the Stockholders
that results in the contesting party electing candidates to a majority of the Board of Directors’ positions next up for election.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall
mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted
by any applicable regulations as in effect from time to time.

 

“Common Shares” means
shares of the Company’s common stock, par value $0.01 per share.

 

“Competitive Real Estate Commission”
means a real estate or brokerage commission for the purchase or Sale of a Real Estate Asset which is reasonable, customary and
competitive in light of the size, type and location of the Real Estate Asset.

 

“Contract Purchase Price”
has the meaning set forth in the Articles of Incorporation.

 

“Contract Sales Price”
means the total consideration received by the Company for the Sale of an Investment.

 

“Dealer Manager” means
Allied Beacon Partners, Inc., or such other Person selected by the Board of Directors to act as the dealer manager for the Offering.

 

“Dealer Manager Fee”
means three and fifty-five hundredths percent (3.55%) of the per share purchase price of Common Shares (exclusive of Selling Commissions
and Dealer Manager Fee) in the Primary Offering, paid to the Dealer Manager for serving as the dealer manager of the Primary Offering.

 

“Director” means a
member of the Board of Directors.

 

“Distribution” means
any distribution of money or other property by the Company to Stockholders, including any distribution that may constitute a return
of capital for U.S. federal income tax purposes.

 

“Expense Year” has
the meaning set forth in Section 13.

  

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“Financing Coordination Fee”
means the fees payable to the Advisor pursuant to Section 10(e).

 

“GAAP” means United
States generally accepted accounting principles, consistently applied.

 

“Indemnitee” has the
meaning set forth in Section 21(a).

 

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

 

“Independent Valuation Advisor”
means a firm that is (i) engaged in the business of conducting appraisals on real estate properties, (ii) not an Affiliate of the
Advisor and (iii) engaged by the Company with the Board’s approval to appraise the Real Properties and other Investments
pursuant to the Valuation Guidelines.

 

“Investment” means
any investment by the Company or the Operating Partnership, directly or indirectly, in Real Estate Assets, Real Estate-Related
Loans or any other asset.

 

“Joint Venture” means
any joint venture or partnership or other similar arrangement (other than between the Company and the Operating Partnership) in
which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer, member or partner, which is established
to own Investments.

 

“Listing” means the
listing of the Common Shares on a national securities exchange.

 

“Loan” means any indebtedness
or obligation in respect of borrowed money or evidenced by a bond, notes, debenture, deed of trust, letter of credit or similar
instrument, including any mortgage or mezzanine loan.

 

“NASAA REIT Guidelines”
means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association on May 7, 2007, as the same may be amended from time to time.

 

“NAV” means the Company’s
net asset value, calculated pursuant to the Valuation Guidelines.

 

‘‘NAV Pricing Start Date’’
means the earliest to occur of: (a) the Company investing in Investments with an aggregate cost, including the Company’s
pro rata share of debt attributable to such Investments, in excess of $1 billion; (b) the Company raising net offering proceeds
of in excess of six hundred fifty million dollars ($650 million) in the Company’s Primary Offering; and (c) the date that
is twenty-nine (29) months following the commencement of the Company’s initial public Offering.

 

“Net Income” means,
for any period, the Company’s total revenues applicable to such period, less the expenses applicable to such period other
than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding the gain from the Sale
of the Company’s assets.

 

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“Notice” has the meaning
set forth in Section 23.

 

“Offering” means the
public offering of Common Shares pursuant to a Prospectus.

 

“Operating Partnership Agreement”
means the Agreement of Limited Partnership of the Operating Partnership, by among the Company, the Operating Partnership and URTI
LP, LLC, a Delaware limited liability company, as the same may be amended from time to time.

 

“OP Units” means units
of limited partnership interest in the Operating Partnership.

 

“Organization and Offering Expenses”
means all expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection with
the Offering, including the Company’s legal, accounting, printing, mailing and filing fees, charges of the Company’s
escrow agent, due diligence expense reimbursements to the Dealer Manager and participating broker-dealers, amounts to reimburse
the Advisor for its portion of the salaries of the employees of its Affiliates who provide services to the Advisor and other costs
in connection with administrative oversight of the Offering and marketing process and preparing supplemental sales materials, holding
educational conferences and attending retail seminars conducted by the Dealer Manager or participating broker-dealers.

 

“Person” means an
individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise), trust, bank
or other entity, or any government or any agency or political subdivision of a government.

 

“Primary Offering”
means the portion of an Offering other than the offering of Common Shares pursuant to the Company’s distribution reinvestment
program.

 

“Prospectus” means
a final prospectus of the Company filed pursuant to Rule 424(b) of the Securities Act, as the same may be amended or supplemented
from time to time.

 

“Property Management
Agreement” means the Master Property Management, Leasing and Construction Agreement, dated as of ____________, 2012,
among the Company, the Operating Partnership and URA Property Management LLC, a Delaware limited liability company, as the same
may be amended from time to time.

 

“Real Estate Asset”
means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold
interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

 

“Real Estate Disposition Commission”
means the fees payable to the Advisor pursuant to Section 10(c).

 

“Real Estate-Related Loan”
means any investment in mortgage loans and other types of real estate-related debt financing, including, mezzanine loans, bridge
loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations
in such loans, by the Company or the Operating Partnership, directly, through one or more subsidiaries or through a Joint Venture.

  

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“Real Property” means
real property owned from time to time by the Company or the Operating Partnership, directly, through one or more subsidiaries or
through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings only,
or (iv) such Investments the Board or the Advisor designate as Real Property to the extent such Investments could be classified
as Real Property.

 

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

 

“Sale” means any transaction
or series of transactions whereby: (i) the Company or the Operating Partnership directly or indirectly (except as described in
other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any
Real Estate Asset, Loan or other Investment or portion thereof, including the lease of any Real Estate Asset consisting of a building
only, and including any event with respect to any Real Estate Asset that gives rise to a significant amount of insurance proceeds
or condemnation awards; (ii) the Company or the Operating Partnership directly or indirectly (except as described in other subsections
of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all the direct or
indirect interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer, member or partner;
(iii) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company
or the Operating Partnership as a co-venturer, member or partner sells, grants, transfers, conveys, or relinquishes its direct
or indirect ownership of any Real Estate Asset or portion thereof, including any event with respect to any Real Estate Asset which
gives rise to insurance claims or condemnation awards; or (iv) the Company or the Operating Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, conveys or relinquishes its direct or indirect interest
in any Real Estate-Related Loan or portion thereof (including, with respect to any Real Estate-Related Loan, all payments thereunder
or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a significant amount
of insurance proceeds or similar awards; or (v) the Company or the Operating Partnership directly or indirectly (except as described
in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of
any other asset not previously described in this definition or any portion thereof, but not including any transaction or series
of transactions specified in clauses (i) through (v) above in which the proceeds of such transaction or series of transactions
are reinvested by the Company in one or more assets within 180 days thereafter.

 

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

 

“Selling Commission”
means six and forty-five one hundredths percent (6.45%) of the per share purchase price of Common Shares (exclusive of Selling
Commissions and Dealer Manager Fee) in the Primary Offering, paid to the Dealer Manager and reallowable to participating broker-dealers
with respect to Common Shares sold by them.

 

“Sponsor” means United
Realty Advisor Holdings LLC, a Delaware limited liability company.

 

“Stockholder” means
a registered holder of the Common Shares.

 

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“Total Operating Expenses”
of a Person means all expenses paid or incurred by such Person, as determined under GAAP, that are in any way related to the Company’s
operation, including advisory fees, but excluding: (a) the expenses of raising capital such as Organization and Offering Expenses,
legal, audit, accounting, underwriting, brokerage, Listing, registration and other fees, printing and other such expenses and taxes
incurred in connection with the issuance, distribution, transfer, registration and Listing of the Company’s stock; (b) interest
payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive
fees based on the gain from the Sale of the Investments; and (f) Acquisition Fees, origination fees, Acquisition Expenses and origination
expenses (including expenses relating to potential Investments that the Company does not close), disposition commissions on the
resale of property and other expenses (including the Asset Management Fee) connected with the acquisition, origination, disposition
and ownership of real estate interests, Loans or other property (other than disposition commissions on the Sale of Investments
other than Real Property), including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement
of property. The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses
which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding
the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines
shall not be treated as part of Total Operating Expenses for purposes hereof.

 

“Valuation Guidelines”
means the valuation guidelines adopted by the Board, as may be amended from time to time.

 

2.            APPOINTMENT.
The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor to perform the services set forth
herein on the terms and subject to the conditions set forth in this Agreement and subject to the supervision of the Board, and
the Advisor hereby accepts such appointment.

 

3.            DUTIES
OF THE ADVISOR. The Advisor will use its reasonable best efforts to find, evaluate, present and recommend to the Company and
the Operating Partnership investment opportunities consistent with the Company’s investment policies and objectives as adopted
from time to time by the Board. In its performance of this undertaking, subject to the supervision of the Board and consistent
with the provisions of the Articles of Incorporation, the By-laws and the Operating Partnership Agreement, the Advisor, either
directly or indirectly, shall, among other duties:

 

(a)          serve
as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic
and statistical data in connection with the Company’s assets and investment policies;

 

(b)          
provide daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions
necessary for the day-to-day management of the operations of the Company and the Operating Partnership;

 

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(c)          
investigate, select and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise
the performance of such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (including
consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries,
escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property
owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, the registrar
and the transfer agent and any and all agents for any of the foregoing), including Affiliates of the Advisor and Persons acting
in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services (including
entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing);

 

(d)          
consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of Investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken
by the Company or the Operating Partnership;

 

(e)          
subject to the provisions of Section 4, (i) use commercially reasonable efforts to present a continuing and suitable investment
program to the Board that is consistent with the Company’s investment policies and objectives; (ii) locate, analyze and select
potential Investments; (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and
dispositions of Investments will be made; (iv) research, identify, review and recommend acquisitions and dispositions of Investments
to the Board and make Investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives
and policies of the Company; (v) arrange for financing and refinancing and make other changes in the asset or capital structure
of, and dispose of, reinvest the proceeds from the Sale of, or otherwise deal with, Investments; (vi) enter into leases and service
contracts for Real Estate Assets and, to the extent necessary, perform all other operational functions for the maintenance and
administration of such Real Estate Assets; (vii) actively oversee and manage Investments for purposes of meeting the Company’s
investment objectives and reviewing and analyzing financial information for each of the Investments and the overall portfolio;
(viii) select Joint Venture partners (to be evaluated based on the Real Estate Assets that such joint venture owns or is being
formed to own under the same criteria as the Advisor would use to evaluate the Company’s other Investments), structure corresponding
agreements and oversee and monitor these relationships; (ix) oversee, supervise and evaluate Affiliated and non-Affiliated property
managers who perform services for the Company or the Operating Partnership; (x) oversee Affiliated and non-Affiliated Persons with
whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting
and other recordkeeping functions for the Company and the Operating Partnership, including reviewing and analyzing the capital
and operating budgets for the Real Estate Assets and generating an annual budget for the Company; (xii) recommend various liquidity
events to the Board when appropriate; and (xiii) source and structure Real Estate-Related Loans;

 

(f)          upon
request, provide the Board with periodic reports regarding prospective Investments;

 

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(g)          
make investments in, and dispositions of, Investments based on a developed disciplined investment approach (including, without
limitation, a well-defined exit strategy) within the discretionary limits and authority as granted by the Board;

 

(h)          perform
an in-depth review of each Real Property acquired, which review shall encompass, among other factors, the following:

 

(i)          geographic
location and property type;

 

(ii)         condition
and use;

 

(iii)        market
growth demographics;

 

(iv)         historical
performance;

 

(v)          current
and projected cash flow;

 

(vi)         potential
for capital appreciation;

 

(vii)        presence
of existing and potential competition;

 

(viii)       prospects
for liquidity through Sale, financing or refinancing; and

 

(ix)         tax
considerations;

 

(i)          perform
a diligence review on each Investment prior to closing, including, with respect to Real Properties, obtaining an environmental
site assessment for each proposed acquisition (which at a minimum will include a Phase I assessment, but which may include a Phase
II assessment if the Advisor determines that the results of a Phase I assessment would warrant it);

 

(j)          negotiate
on behalf of the Company and the Operating Partnership with banks or other lenders for Loans to be made to the Company, the Operating
Partnership or any of their subsidiaries, and negotiate with investment banking firms and broker-dealers on behalf of the Company,
the Operating Partnership or any of their subsidiaries, or negotiate private sales of Shares or obtain Loans for the Company, the
Operating Partnership or any of their subsidiaries, but in no event in such a manner that the Advisor shall be acting as broker-dealer
or underwriter; provided, however, that any fees and costs payable to third parties incurred by the Advisor in connection
with the foregoing shall be the responsibility of the Company, the Operating Partnership or any of their subsidiaries;

 

(k)          obtain
reports (which may, but are not required to be, prepared by the Advisor or its Affiliates), where appropriate, concerning the
value of Investments or contemplated Investments of the Company and the Operating Partnership;

 

(l)          
from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to
the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest
involving the Advisor or any of its Affiliates;

 

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(m)         provide
the Company and the Operating Partnership with all necessary cash management services;

 

(n)          in
connection with any acquisition of a Real Estate Asset, unless the Company gives the Advisor Notice to the contrary, obtain an
appraisal by a competent, independent appraiser who is a member in good standing of the Appraisal Institute;

 

(o)          deliver
to, or maintain on behalf of, the Company copies of all appraisal reports;

 

(p)          notify
the Board of all proposed material transactions before they are completed;

 

(q)          effect
any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board;

 

(r)          
perform investor relations and Stockholder communications functions for the Company;

 

(s)          render
such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions herein;

 

(t)          maintain
the Company’s accounting and other records and assist the Company in filing all reports required to be filed by it with the
Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies;

 

(u)          do
all things reasonably necessary to assure its ability to render the services described in this Agreement;

 

(v)          at
the end of each Business Day, calculate the NAV as provided in the Valuation Guidelines, and in connection therewith, obtain independent
appraisals (which the Advisor shall not be obligated to independently verify) performed by the Independent Valuation Advisor. For
the avoidance of doubt, such calculation will involve estimating certain accrued fees and expenses that are part of the NAV;

 

(w)         supervise
one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement;

 

(x)          make
decisions regarding marketing methods with respect to the initial public Offering, the termination or extension of the initial
public Offering, the initiation of a follow-on Offering, mergers and other Change of Control transactions and certain significant
press releases; and

 

(y)          administer
the Company’s share repurchase program.

 

 

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Notwithstanding the foregoing, the Advisor may
delegate any of the foregoing duties to any Person so long as the Advisor or its Affiliate remains responsible for the performance
of the duties set forth in this Section 3.

 

4.            AUTHORITY
OF ADVISOR.

 

(a)          Pursuant
to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 9), and subject
to the continuing and exclusive authority of the Board over the supervision of the Company, the Company, acting on the authority
of the Board of Directors, hereby delegates to the Advisor the authority to perform the services described in Section 3.

 

(b)          Notwithstanding
anything herein to the contrary, all Investments will require the prior approval of the Board, any particular Directors specified
by the Board or any committee of the Board specified by the Board, as the case may be.

 

(c)          If
a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents
and other information reasonably required by them to evaluate properly the proposed transaction.

 

(d)          The
Board may, at any time upon the giving of Notice to the Advisor, modify or revoke the authority set forth in this Section 4;
provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall
not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior
to the date of receipt by the Advisor of such notification.

 

5.            FIDUCIARY
RELATIONSHIP. The Advisor, as a result of its relationship with the Company and the Operating Partnership pursuant to this
Agreement, stands in a contractual and fiduciary relationship with the Stockholders and the partners in the Operating Partnership.

 

6.            NO
PARTNERSHIP OR JOINT VENTURE. The parties to this Agreement are not partners or joint venturers with each other and nothing
herein shall be construed to make them partners or joint venturers or impose any liability as such on either of them.

 

7.            BANK
ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the name of the Company or the Operating Partnership
and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf
of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided, that no
funds shall be commingled with the funds of the Advisor; and, upon request, the Advisor shall render appropriate accountings of
such collections and payments to the Board and to the auditors of the Company.

 

8.            RECORDS;
ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time and from time to time. The
Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.

 

    	11

    	 

    

 

9.           LIMITATIONS
ON ACTIVITIES. Notwithstanding anything herein to the contrary, the Advisor shall refrain from taking any action which, in
its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect the status of the Company
as a REIT, unless the Board has determined that REIT qualification is not in the best interests of the Company and its Stockholders,
(b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation
or statement of policy of any governmental body or agency having jurisdiction over the Company, the Operating Partnership or the
Common Shares, or otherwise not be permitted by the Articles of Incorporation or By-laws, except if such action shall be ordered
by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact
of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board.
In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.

 

10.          FEES.

 

(a)          Acquisition
Fee. Subject to Section 10(b), the Company will pay to the Advisor or its assignees one percent (1.0%) of the Contract
Purchase Price of each Real Estate Asset acquired (including the Company’s pro rata share of debt attributable to such Real
Estate Asset) and one percent (1.0%) of the Amount Advanced for a Loan or Other Investment (including the Company’s pro rata
share of debt attributable to such Investment).

 

(b)          Limitation
on Total Acquisition Fees and Acquisition Expenses. In no event will the total of all Acquisition Fees and Acquisition
Expenses (including those paid to third parties) payable with respect to a particular Investment exceed six percent (6.0%) of the
Contract Purchase Price of each Real Estate Asset (including the Company’s pro rata share of debt attributable to such Real
Estate Asset) or six percent (6.0%) of the Amount Advanced for a Loan or Other Investment (including the Company’s pro rata
share of debt attributable to such Investment).

 

(c)          Real
Estate Disposition Commission. For substantial assistance in connection with the Sale of Real Estate Assets, the Company
will pay the Advisor or its Affiliates a Real Estate Disposition Commission equal to two percent (2.0%) of the Contract Sales Price
of such Real Estate Assets; provided, however, that a Real Estate Disposition Commission shall not exceed one-half
of the total brokerage commission paid if a brokerage commission is paid to a third-party broker in addition to the Real Estate
Disposition Commission; provided, further, however, that the Real Estate Disposition Commission shall not
exceed the lesser of six percent (6.0%) of the Contract Sales Price and the Competitive Real Estate Commission. The Independent
Directors will determine whether the Advisor or its Affiliates have provided substantial assistance to the Company in connection
with the Sale of a Real Estate Asset. Substantial assistance in connection with the Sale of a Real Estate Asset includes the preparation
by the Advisor or its Affiliates of an investment package for the Real Estate Asset (including an investment analysis, an asset
description and other due diligence information) or such other substantial services performed by the Advisor or its Affiliates
in connection with a Sale. If the Company sells an Investment to an Affiliate, the Advisor shall not receive a Real Estate Disposition
Commission in connection with such Sale.

 

    	12

    	 

    

 

(d)          Asset
Management Fee. Until the NAV Pricing Start Date, the Company shall pay the Advisor or its assignees a monthly fee equal
to one-twelfth (1/12) of seventy-five hundredths percent (0.75%) of the Contract Purchase Price of each Real Estate Asset (including
the Company’s pro rata share of debt attributable to such Real Estate Asset) then owned plus one-twelfth (1/12) of seventy-five
hundredths percent (0.75%) of the amount advanced for each Loan or other Investment (including the Company’s pro rata share
of debt attributable to such Investment) then owned, payable on the first Business Day of each month. Following the NAV Pricing
Start Date, the Company will pay the Advisor or its assignees a monthly fee equal to the greater of (i) the amount as calculated
in the preceding sentence and (ii) one-twelfth (1/12) of one percent (1.0%) of the average of the Company’s daily NAV for
the preceding month, payable on the first Business Day of each month.

 

(e)          Financing
Coordination Fee. If the Advisor provides services in connection with the origination or refinancing of any debt that the
Company obtains and uses to finance Real Properties or other permitted Investments, or that is assumed, directly or indirectly,
in connection with the acquisition of Real Properties or other permitted Investments, the Company will pay the Advisor or its assignees
a Financing Coordination Fee equal to one percent (1.0%) of the amount available or outstanding under such financing or such assumed
debt. The Advisor may reallow some of or all the Financing Coordination Fee to reimburse third parties with whom it may subcontract
to procure such financing.

 

(f)          Subordinated
Share of Annual Cash Flows. The Company shall pay the Advisor, from time to time when available, fifteen percent (15.0%)
of remaining net cash flows each year after payment to Stockholders of a seven percent (7.0%) pre-tax, non-compounded annual return
on the capital contributed by Stockholders.

 

(g)          Oversight
Fee. For services in overseeing property management and leasing services provided by any Person that is not the Company’s
property manager or an Affiliate of the Company’s property manager, the Company will pay the Advisor an Oversight Fee equal
to one percent (1.0%) of the gross revenues of the Real Property managed.

 

(h)          Payment
of Fees. In the sole discretion of the Advisor, the Advisor may elect to have the Acquisition Fee, the Operating Expenses,
the Financing Coordination Fee and/or the Real Estate Disposition paid, in whole or in part, in cash or Common Shares, or any combination
thereof. For the purposes of the payment of these fees in Common Shares, prior to the NAV Pricing Start Date, if an Offering is
underway, each Common Share will be valued at the per Common Share Offering price minus the maximum Selling Commission and Dealer
Manager Fee allowed in the Offering. Following the NAV Pricing Start Date, each Common Share will be valued at NAV per Common Share.

 

(i)          Stock
Incentive Plan. Employees of the Advisor could receive compensation in the form of an award under the Stock Incentive Plan,
which will be administered under the full authority of the Board.

 

    	13

    	 

    

 

11.          EXPENSES.

 

(a)          In
addition to the compensation paid to the Advisor pursuant to Section 10, the Company or the Operating Partnership shall
pay directly or reimburse the Advisor for all the expenses paid or incurred by the Advisor or its Affiliates in connection with
the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including the following:

 

(i)          Organization
and Offering Expenses, including third-party due diligence fees related to the Primary Offering, as set forth in detailed and itemized
invoices; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would
cause the total amount of Organization and Offering Expenses paid by the Company and the Operating Partnership to exceed two percent
(2.0%) of the total offering price paid by investors in the Primary Offering (which includes proceeds to the Company from the sale
of Common Shares, plus applicable Selling Commissions and Dealer Manager Fee);

 

(ii)         Acquisition
Expenses incurred in connection with the selection and acquisition of Investments, regardless of whether or not the Company actually
acquires the related assets, subject to the aggregate six percent (6.0%) cap on Acquisition Fees and Acquisition Expenses set forth
in Section 10(b);

 

(iii)        the
actual cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;

 

(iv)         interest
and other costs for Loans, including discounts, points and other similar fees;

 

(v)          taxes
and assessments on income of the Company or Investments;

 

(vi)         costs
associated with insurance required in connection with the business of the Company or by the Board;

 

(vii)        expenses
of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a non-Affiliated
Person;

 

(viii)      all
expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;

 

(ix)         expenses
associated with a Listing, if applicable, or with the issuance and distribution of Common Shares, such as selling commissions and
fees, advertising expenses, taxes, legal and accounting fees, Listing and registration fees;

 

(x)          expenses
connected with payments of Distributions;

 

(xi)         expenses
of organizing, revising, amending, converting, modifying or terminating the Company, the Operating Partnership or any subsidiary
thereof or the Articles of Incorporation, By-laws or governing documents of the Operating Partnership or any subsidiary of the
Company or the Operating Partnership;

  

    	14

    	 

    

  

(xii)        expenses
of maintaining communications with Stockholders, including the cost of preparing, printing and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities;

 

(xiii)      administrative
service expenses, including all costs and expenses incurred by the Advisor or its Affiliates in fulfilling its duties hereunder,
including reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services;
provided, however, that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates
to the extent that such employees perform services for which the Advisor receives a separate fee; and

 

(xiv)        audit,
accounting and legal fees.

 

(b)          Commencing
twelve (12) months after the commencement of the Offering, the Company will reimburse the Advisor’s costs of providing administrative
services, subject to the limitation set forth in Section 13.

 

12.         OTHER
SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company
and the Operating Partnership other than as set forth in Section 3, such services shall be separately compensated at such
customary rates and in such customary amounts as are agreed upon by the Advisor and the Board, including a majority of the Independent
Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant
to the terms of this Agreement.

 

13.         REIMBURSEMENTS.
The Company shall not reimburse the Advisor for any amount by which the Company’s operating expenses (including the Asset
Management Fee) at the end of the four (4) preceeding fiscal quarters exceeds the greater of (a) two percent (2.0%) of Average
Invested Assets and (b) twenty-five percent (25.0%) of Net Income. Commencing twelve (12) months after the commencement of the
Offering, the Advisor shall reimburse the Company the amount by which the Company’s aggregate total operating expenses for
the four (4) fiscal quarters then ended exceed the limit set forth in the preceding sentence, unless the Independent Directors
have determined that such excess expenses were justified based on unusual and non-recurring factors. The Company shall reimburse
the Advisor for personnel costs in connection with other services during the operational stage, in addition to paying an Asset
Management Fee; however, the Company shall not reimburse the Advisor for personnel costs in connection with services for which
the Advisor receives Acquisition Fees or Real Estate Disposition Commissions.

 

14.         OTHER
ACTIVITIES OF THE ADVISOR. Except as set forth in this Section 14, nothing herein contained shall prevent the Advisor
or any of its Affiliates from engaging in or earning fees from other activities, including the rendering of advice to other Persons
(including other REITs) and the management of other programs advised, sponsored or organized by the Sponsor or its Affiliates;
nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee or stockholder of the
Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other
Person and earn fees for rendering such services; provided, however, that the Advisor must devote sufficient resources
to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with respect
to any investment in which the Company is a participant, also render advice and service to each and every other participant therein,
and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures
or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures
or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn
fees for rendering such advice and service.

  

    	15

    	 

    

  

The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict
of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person.
If the Advisor or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment
funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied by the Advisor
in allocating investment opportunities among the Company and competing investment entities and shall provide regular updates to
the Board of the investment opportunities provided by the Advisor to competing programs in order for the Board (including the Independent
Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their reasonable best efforts to apply such method
fairly to the Company.

 

15.         THE
UNITED REALTY NAME. The Advisor and its Affiliates have or may have a proprietary interest in the names “United Realty,”
“URTI” and “URA.” The Advisor hereby grants to the Company, to the extent of any proprietary interest the
Advisor may have in any of the names “United Realty,” “URTI” and “URA,” a non-transferable,
non-assignable, non-exclusive, royalty-free right and license to use the names “United Realty,” “URTI”
and “URA” during the term of this Agreement. The Company agrees that the Advisor and its Affiliates will have the right
to approve any use by the Company of the names “United Realty,” “URTI” and “URA,” such approval
not to be unreasonably withheld or delayed. Accordingly, and in recognition of this right, if at any time the Company ceases to
retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt
of a written request from the Advisor, cease to conduct business under or use the names “United Realty,” “URTI”
and “URA” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries
to a name that does not contain the names “United Realty,” “URTI” and “URA” or any other word
or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between
the Company and the Advisor or any its Affiliates. At such time, the Company also will make any changes to any trademarks, servicemarks
or other marks necessary to remove any references to the words “United Realty,” “URTI” and “URA.”
Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past
and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment
in real estate) and financial and service organizations having any of the names “United Realty,” “URTI”
and “URA” as a part of their name, all without the need for any consent (and without the right to object thereto) by
the Company. Neither the Advisor nor any of its Affiliates makes any representation or warranty, express or implied, with respect
to the names “United Realty,” “URTI” and “URA” licensed hereunder or the use thereof (including,
without limitation, as to whether the use of the names “United Realty,” “URTI” and “URA” will
be free from infringement of the intellectual property rights of third parties. Notwithstanding the preceding, the Advisor represents
and warrants that it is not aware of any pending claims or litigation or of any claims threatened in writing regarding the use
or ownership of the names “United Realty,” “URTI” and “URA.”

 

    	16

    	 

    

 

16.         TERM
OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof. Thereafter, the term may
be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties.

 

17.         TERMINATION
BY THE PARTIES. This Agreement may be terminated on sixty (60) days’ written Notice, without cause and without penalty,
by the Advisor or a majority of the Independent Directors. The provisions of Sections 19 through 31 of this Agreement
shall survive termination of this Agreement.

 

18.         ASSIGNMENT
TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors
(including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under
this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company
or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating
Partnership to a Person which is a successor to all the assets, rights and obligations of the Company or the Operating Partnership,
in which case such successor Person shall be bound hereunder and by the terms of said assignment in the same manner as the Company
or the Operating Partnership, as applicable, is bound by this Agreement.

 

19.         PAYMENTS
TO AND DUTIES OF ADVISOR UPON TERMINATION.

 

(a)          Amounts
Owed. The Advisor shall be entitled to receive from the Company or the Operating Partnership within thirty (30) days of
the termination of this Agreement all amounts then accrued and owing to the Advisor.

 

(b)          Advisor’s
Duties. The Advisor shall promptly upon termination of this Agreement:

 

(i)          pay
over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it
is then entitled;

 

(ii)         deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board;

 

(iii)        deliver
to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody
of the Advisor; and

 

(iv)         cooperate
with the Company and the Operating Partnership and take all reasonable steps requested to provide an orderly management transition.

 

    	17

    	 

    

 

20.         INCORPORATION
OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT. To the extent that the Articles of Incorporation
or the Operating Partnership Agreement impose obligations or restrictions on the Advisor or grant the Advisor certain rights which
are not set forth in this Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to
the benefit of the Advisor with the same force and effect as if they were set forth herein.

 

21.         INDEMNIFICATION
BY THE COMPANY AND THE OPERATING PARTNERSHIP.

 

(a)          The
Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, as well as their respective
officers, directors, equity holders, members, partners, Stockholders, other equity holders and employees (collectively, the “Indemnitees,”
and each, an “Indemnitee”), from all liabilities, claims, damages or losses arising in the performance of their
duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liabilities, claims, damages
or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be
inconsistent with the laws of the State of New York, the Articles of Incorporation or the provisions of Section II.G of the NASAA
REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification
of an Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless
for any loss or liability suffered by the Company and the Operating Partnership, unless all the following conditions are met:

 

(i)          the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest
of the Company and the Operating Partnership;

 

(ii)         the
Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;

 

(iii)        such
liability or loss was not the result of negligence or willful misconduct by the Indemnitee; and

 

(iv)         such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

 

(b)          Notwithstanding
the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more
of the following conditions is met:

 

(i)          there
has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee;

 

(ii)         such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or

  

    	18

    	 

    

 

(iii)        a
court of competent jurisdiction has approved a settlement of the claims against the Indemnitee and found that indemnification of
the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
of a jurisdiction in which securities of the Company or the Operating Partnership were offered or sold as to indemnification for
violations of securities laws.

 

(c)          In
addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for reasonable legal
expenses and other costs incurred in advance of the final disposition of a proceeding for which indemnification is being sought
is permissible only if all the following conditions are satisfied:

 

(i)          the
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the
Operating Partnership;

 

(ii)         the
Indemnitee provides the Company and the Operating Partnership with a written affirmation of the Indemnitee’s good faith belief
that the standard of conduct necessary for indemnification has been met;

 

(iii)        the
legal action is initiated by a third party who is not a Stockholder or, if the legal action is initiated by a Stockholder acting
in such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and

 

(iv)         the
Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification.

 

22.         INDEMNIFICATION
BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other
liabilities, claims, damages, taxes or losses and related expenses, including reasonable attorneys’ fees, to the extent that
such liabilities, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred
by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard
of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in following
or declining to follow any advice or recommendation given by the Advisor.

 

23.         NOTICES.
Any notice, report or other communication (each, a “Notice”) required or permitted to be given hereunder
shall be in writing unless some other method of giving such Notice is required by the Articles of Incorporation or the By-laws,
and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses
set forth below:

 

    	19

    	 

    

  

	To the Company:	United Realty Trust Incorporated
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002

	 	Attention: Jacob Frydman,
	 	                 Chief Executive Officer
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention:  Peter M. Fass, Esq.
	 	                  James P. Gerkis, Esq.
	 	 
	To the Operating Partnership:	United Realty Capital Operating Partnership, L.P.
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002
	 	Attention:  Jacob Frydman,
	 	                  Chief Executive Officer
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention:  Peter M. Fass, Esq.
	 	                  James P. Gerkis, Esq.
	 	 
	To the Advisor:	United Realty Advisors LP
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002
	 	Attention:  Jacob Frydman,
	 	                  Chief Executive Officer
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention:  Peter M. Fass, Esq.
	 	                  James P. Gerkis, Esq.

 

Any party may at any time give Notice in writing to the other parties
of a change in its address for the purposes of this Section 23.

 

24.         MODIFICATION.
This Agreement shall not be amended, supplemented, terminated, or discharged, in whole or in part, except by an instrument
in writing signed by the parties hereto, or their respective successors or assignees.

 

 

    	20

    	 

    

 

25.         SEVERABILITY.
The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.

 

26.         GOVERNING
LAW. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York
as at the time in effect, without regard to the principles of conflicts of laws thereof.

 

27.         ENTIRE
AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

28.         NO
WAIVER. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted
to have granted such waiver.

 

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

 

30.         HEADINGS.
The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of
this Agreement nor are they to be used in the construction or interpretation hereof.

 

31.         EXECUTION
IN COUNTERPARTS. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in
any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon,
and all of which shall together constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

    	21

    	 

    

  

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

 

	 	UNITED REALTY TRUST INCORPORATED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P.
	 	 
	 	By:	United Realty Trust Incorporated
	 	 	 
	 	 	its General Partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	UNITED REALTY ADVISORS LP
	 	 	 
	 	By:	URTI GP, LLC
	 	 	 
	 	 	its General Partner
	 	 	 
	 	By:	UNITED REALTY ADVISOR HOLDINGS LLC
	 	 	 
	 	 	its Managing Member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

United Realty Trust Incorporated –
Advisory AgreementFORM OF PROPERTY MANAGEMENT AGREEMENT

 

THIS PROPERTY MANAGEMENT AGREEMENT (“Agreement”)
is made and entered into as of _______, 2012, by and among UNITED REALTY TRUST INCORPORATED, a Maryland corporation (“REIT”),
UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP”), and URA PROPERTY MANAGEMENT
LLC, a Delaware limited liability company (“Property Manager”).

 

RECITALS:

 

A.           OP
is a newly formed limited partnership whose limited partner is REIT, and was formed to acquire, own, operate, lease, finance and
manage properties throughout the eastern United States. For purposes of this Agreement, OP and REIT, as well as any of their direct
and indirect subsidiaries and any joint ventures into which any of the foregoing may enter and which are controlled by the OP or
REIT, are individually or collectively referred to herein as “Owner.”

 

B.           Property
Manger is a newly formed limited liability company, and was formed to operate, manage, lease and manage construction with respect
to properties located throughout the eastern Unites States

 

C.           Owner
desires to engage Property Manager, and Property Manager desires to accept such engagement, to manage the properties hereafter
acquired by Owner under the terms and conditions set forth herein.

 

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

 

1.    
      Definitions. Except as otherwise specified or as the context may otherwise
require, the following terms have the respective meanings set forth below for all purposes of this Agreement, and the
definitions of such terms are equally applicable both to the singular and plural forms thereof:

 

(a)          “Improvements”
means buildings, structures, and equipment from time to time located on the Properties and all parking and common areas located
on the Properties.

 

(b)          “Management
Fees” means the fees and expenses payable to Property Manager pursuant to Section 6, “Compensation,” hereof.

 

(c)          “On-Site
Personnel” means persons hired or retained as employees of Property Manager to perform services at the Properties

 

(d)          “Owner”
has the meaning set forth in Recital A.

 

(e)          “Property
Manager” has the meaning set forth in the introductory paragraph above.

 

    	 

    	 

    
(f) 
         “Property” means an individual real estate asset
owned by Owner and all tracts acquired by Owner related to that asset subject to this Agreement as more fully described in a
Property Addendum (as defined below).

 

(g)          “Properties”
means all the real estate assets of Owner covered by this Agreement, collectively.

 

(h)          “Property
Addendum” means an addendum (as the same may be modified, amended or supplemented in writing, from time to time) which
shall be attached to this Agreement and incorporated herein by reference as each Property is purchased and made subject to this
Agreement describing the Property, including the services to be provided by, and the Management Fees to be charged by, Property
Manager. If any Property is sold by Owner, the Property Addendum with respect to such Property may, at Owner’s election,
be deemed of no further force or effect from and after the closing of any such sales, except to the extent of post-closing management
and accounting functions thereafter to be performed.

 

2.     
     Appointment of Property Manager.

 

(a)          Owner
hereby engages and retains Property Manager as the sole and exclusive manager of each Property for which a Property Addendum is
executed with respect to the property management function to perform such functions as are specified herein and/or on the Property
Addendum related to each such Property. Property Manager hereby accepts such appointment.

 

(b)          Owner
hereby engages and retains Property Manager as the sole and exclusive leasing agent for the leasing of all space in each Property
for which a Property Addendum is executed with respect to the leasing agent function as well as for obtaining ground leases on
any outparcels. Property Manager shall perform such functions as are specified herein and/or on the Property Addendum related to
each such Property. Property Manager hereby accepts such appointment.

 

(c)          Owner
hereby engages and retains Property Manager as the sole and exclusive construction manager of each Property for which a Property
Addendum is executed with respect to the construction management function to perform such functions as are specified herein and/or
on the Property Addendum related to such Property. Property Manager hereby accepts such appointment.

 

(d)          Property
Manager shall act under this Agreement as an independent contractor and not as the Owner’s agent or employee. Property Manager
shall not have the right, power or authority to enter into agreements or incur liability on behalf of the Owner except as expressly
set forth herein or in a Property Addendum. Any action taken by Property Manager which is not expressly permitted by this Agreement
shall not bind the Owner.

 

    	2

    	 

    
3.      
    Standards. Property Manager shall in good faith, with due diligence and in accordance
with generally accepted management and construction management standards within the geographical areas of the Properties,
perform its management, leasing and construction management duties and obligations described herein. Property Manager shall
devote its commercially reasonable efforts to performing its duties hereunder to manage, operate, maintain and lease the
Properties in a diligent, careful and professional manner to maximize all potential revenues to the Owner and to minimize
expenses and losses to the Owner. The services of Property Manager are to be of a scope and quality not less than those
generally performed by first class, professional managers of properties similar in type and quality to the Properties and
located in the same market area as the Properties. Property Manager will make available to the Owner the full benefit of the
judgment, experience and advice of the members of Property Manager’s organization. Property Manager will at all times
act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection of
and accounting for the Owner’s assets.

 

4.       
   Term. This Agreement shall have an initial term of one year from the date hereof and may be
renewed for an unlimited number of successive one-year terms until terminated in accordance with Section 10.

 

5.       
   Duties of Property Manager.

 

(a)          Property
Manager’s duties as property manager for the Properties include the following for each of the Properties (as may be supplemented
with additional duties as detailed in the applicable Property Addendum for each Property) and for Owner, as applicable:

 

(i)          For
Accounting:

 

(A)         Calculate,
bill and collect rental payments and other charges due to the Owner from tenants in the Properties under the respective tenant
leases or otherwise with regard to the Properties. To the extent tenant leases affecting any Property so require, Property Manager
shall timely make or verify any calculations that are required to determine the amount of rent due from tenants, including without
limitation calculating percentage rent, operating expense “pass-throughs” and consumer price index adjustments and,
where required, shall give timely notice thereof to tenants.

 

(B)         Cash
Management.

 

(1)         Property
Manager will establish on behalf of the OP a concentration account (a “Concentration Account”) at a bank to be specified
in writing by Owner, which such Concentration Account will be tied into each Operating Account (as defined below) via a daily automated
two-way sweep. This automated two-way sweep shall work in the following manner: all checks or wires presented on behalf of each
Property’s Operating Account will be funded by having the cash automatically pulled down from the Concentration Account to
fund the check or wire, and all cash deposited into each Property’s Operating Account or lockbox accounts will be automatically
swept up to the Concentration Account on a daily basis.

 

    	3

    	 

    
(2)         Notwithstanding
the preceding, if (a) an Owner is not a wholly owned subsidiary of the REIT or OP and its governing documents so require, or (b)
the payments in respect of a Property are required by a lender to be made into a lockbox account, or (c) if the payments in respect
of a Property are required to be handled otherwise by a contractual restriction agreed to by Owner, then such requirements shall
be followed by Property Manager following written notice thereof by Owner. Funds released from any such lockbox account or other
arrangement to the custody of the Owner shall otherwise follow the above procedures.

 

(3)         Property
Manager will establish on behalf of the Owner for each Property an operating account (an “Operating Account”) at a
bank to be agreed upon in writing by Owner upon receipt of a fully-executed Property Addendum and a W-9 completed by the Owner.
The signature card for the Operating Account shall indicate that Property Manager is dealing with the Operating Account as a fiduciary
of the Owner. The Operating Account and all funds therein shall at all times be the property of the Owner. The Owner shall have
electronic banking system access to the Operating Account which shall permit it to obtain account information and make withdrawals
from the Operating Account.

 

(4)         Notwithstanding
anything to the contrary contained herein, the Owner may direct payments or deposits received by Property Manager or payments or
transfers from the Operating Account for a Property to deviate from the above procedures by a written request to Property Manager.
In such event, Property Manager shall provide the Owner with all information necessary to effect such deposits, transfers or payments.

 

(5)         If
required by state law, Property Manager will deposit security deposits and/or advance rentals in separate accounts in the name
of the Owner at the financial institution designated by Owner with respect to the applicable Property.

 

(6)         Property
Manager agrees to pay all invoices directly from the Operating Account unless directed otherwise by the Owner.

 

(7)         On
or before the 25th day of each month, Property Manager shall prepare and submit an invoice to the Owner accompanied by a computation
of the fees and expense reimbursements due to Property Manager in accordance with this Agreement. The Owner shall have the right
to review such invoice and obtain any supporting documentation with respect thereto from Property Manager. To the extent that the
Owner believes the computation provided by Property Manager is inconsistent with the computation permitted hereunder, the Owner
and Property Manager shall work together in good faith to reach a computation of such fees which is reasonably agreeable to both
parties.

 

    	4

    	 

    
(8)         Without
in any way limiting the foregoing, (i) Property Manager shall not commingle its funds or property or the funds or property
of any other entities for which it provides services with any other funds or property of Owner, and (ii) Property Manager shall
deposit amounts relating to a Property in the respective Property’s Operating Account within one (1) business day of receipt.
Property Manager shall have no proprietary interest in the Clearing Account or any Operating Account, or in any other account authorized
hereby, and all sums collected by Property Manager relating to the Properties and all sums placed in such account or accounts will
be the property of the Owner and to the extent not yet deposited shall be held in trust by Property Manager for the Owner.

 

(C)         Subject
to the terms of this Agreement relating to allocation of expenses, pay fees, charges, expenses and commissions of independent contractors,
architects, engineers, subcontractors, suppliers which contract with Property Manager and Property Manager utilized in the management,
operation, maintenance or repair of the Properties, subject to the Property Manager’s review of same to confirm accuracy
and agreement with same.

 

(D)         Owner
expressly authorizes Property Manager to promptly and diligently enforce the Owner’s rights under any tenant leases affecting
any Property, including without limitation taking the following actions where appropriate: (i) with the Owner’s prior written
consent: (a) terminating tenancies, (b) instituting and prosecuting actions, and evicting tenants, (c) settling, compromising and
releasing such actions or suits or re-instituting such tenancies, and (d) recovering rents and other sums due by legal proceedings
in a court of general jurisdiction; and (ii) without the Owner’s prior written consent: (a) in a magistrates court or other
court of special jurisdiction as applicable, signing and serving such notices as are deemed necessary by Property Manager, and
(b) recovering rents and other sums due by legal proceedings in a magistrates court or similar jurisdiction, in each case Property
Manager shall promptly notify the Owner of such action in writing. If authorized by the Owner, Property Manager shall consult an
attorney for the purpose of enforcing the Owner’s rights or taking any such actions and the Owner shall have the right to
designate counsel for any matter and to control all litigation affecting or arising out of the operation of any Property. Property
Manager shall keep the Owner informed of any dissatisfaction with the law firm or such services or the reasonableness of the cost
thereof.

 

(E)         Prepare
and maintain routine and customary financial and business books and records for Owner and the Properties and to employ and supervise
outside accountants for preparation of income and other tax returns and specialty accounting services for Owner and the Properties.
The preparation of income and other tax returns and the performance of such specialty accounting services shall be supervised by
Property Manager but will be completed at Owner’s expense. Property Manager will use the accrual method of accounting in
accordance with GAAP, with such policies as are to be determined by management subject to Owner’s determination (including,
without limitation, capitalization policies, depreciation and amortization policies, and such other accounting policies as Owner
may direct from time to time).

 

    	5

    	 

    
(F)         Maintain
fixed asset accounting detail and related depreciation.

 

(G)         Property
Manager shall prepare and submit to Owner a proposed operating and capital budget, including an itemized statement of the estimated
receipts and disbursements in reasonable detail, which shall include, without limitation, reasonable detail as to employee expenses
to be reimbursed to Property Manager for the operation, repair and maintenance of the Properties (the “Budget”) and
a marketing and leasing plan on the Properties (a “Plan”) (assuming Property Manager is retained as leasing agent),
in each case for the calendar year immediately following such submission. Each Budget and Plan will be in the form approved by
the Owner prior to the date thereof. A draft Budget and, as applicable, Plan for each Property shall be submitted to Owner on or
prior to October 31 of the year preceding the January 1 of the year to which such budget shall apply. Owner shall have 21 days
after receipt thereof within which to approve or reject in writing such Budget and, as applicable, Plan, any such rejection to
be accompanied by a reasonably detailed explanation of such rejection. Property Manager shall then submit a revised draft Budget
and, as applicable, Plan to Owner within 10 days thereafter. Owner shall have 10 days after receipt thereof to approve or
reject the same in writing, any such rejection to be accompanied by a reasonably detailed explanation of such rejection. The foregoing
process shall then repeat with 10 days between receipt and revision, on Property Manager’s end, and receipt and acceptance
or rejection on Owner’s end, until each Budget and, as applicable, Plan has been approved. If the parties cannot come to
agreement on a Budget and, as applicable, Plan for a Property, Property Manager shall operate the applicable Property on the Budget
and, as applicable, Plan most recently approved by Owner. To the extent any expenditure to be made by Property Manager shall exceed
the applicable line item in such prior year’s Budget by 5% or more, the same shall require Owner’s prior written consent;
provided, that excluded from the foregoing expenditures requiring such consent shall be expenditures related to snow and
ice removal, electricity, insurance premiums and emergency items outside the control of Property Manager. Property Manager shall
provide supporting information reasonably requested by the Owner in connection with their review of any Budget or Plan submitted
by Property Manager for their review.

 

Property Manager shall implement the
Budget and Plan and use its commercially reasonable efforts to ensure that the actual cost of operating the Properties shall not
exceed the Budget. The Budget shall constitute an authorization for Property Manager to expend necessary monies to manage and operate
the Properties in accordance with the Budget and subject to the provisions of this Agreement until a subsequent Budget is approved.
The approval of non-recurring costs and capital improvements in the Budget and Plan shall constitute an authorization for Property
Manager to collect bids for the expenditure and present a final recommendation to the Owner for expenditure of monies to implement
such items called for in the Budget and Plan.

 

    	6

    	 

    
Without affecting any other limitation
imposed by this Agreement and except as may be expressly provided to the contrary elsewhere in this Agreement, Property Manager
shall secure the prior written approval of the Owner prior to incurring any liability or obligation for any item in excess of $10,000
not reflected on the Budget or the Plan approved in writing by the Owner except with respect to emergency items as described in
this subsection (G) or unless another threshold with respect to any matter is specified elsewhere in this Agreement or in a written
directive or authorization of Owner, in which case the threshold for such matter shall be as so set forth.

 

(H)         Pay
wages, salaries, commissions and employee benefits of all On-Site Personnel, including, without limitation, workers’ compensation
insurance, social security taxes, unemployment insurances and other taxes or levies now in force or hereafter imposed with respect
to any such On-Site Personnel, all of which shall be deemed an operating expense of the Properties and shall be in accordance with
approved Budgets.

 

(I)         Deliver
to Owner, within 15 days after the end of each month during the term hereof, the monthly reporting package detailed on Exhibit
A attached hereto, which shall relate to the Properties and the immediately preceding calendar month or any portion thereof.
Such reporting package shall be made on an accrual basis and shall include all such transactions, whether or not reimbursable pursuant
to the provisions hereof.

 

(J)         Deliver
to Owner, within 15 days after the end of each calendar quarter during the term hereof, the quarterly reporting package detailed
on Exhibit B attached hereto, which shall relate to the Properties and the immediately preceding calendar quarter or any
portion thereof. Such reporting package shall be made on an accrual basis and shall include all such transactions, whether or not
reimbursable pursuant to the provisions hereof.

 

(K)         Deliver
to Owner, within 30 days after the end of each calendar year during the term hereof, the annual reporting package detailed on Exhibit
C attached hereto, which shall relate to the Properties and the immediately preceding calendar year or any portion thereof.
Such reporting package shall be made on an accrual basis and shall include all such transactions, whether or not reimbursable pursuant
to the provisions hereof.

 

(L)         File
real, personal and ad valorem (real or personal) property tax returns required to be filed by Owner with respect to the Properties
and pay all such ad valorem taxes and assessments out of the operating accountants of each of the Properties. Property Manager
shall also utilize, on Owner’s behalf, the services of independent tax consultants and attorneys to appeal or challenge any
real, personal and ad valorem (real or personal) property taxes and Property Manager shall manage such process on Owner’s
behalf by supplying needed information and making required payments out of the operating funds for each Property or the separate
funds of Owner.

 

    	7

    	 

    
(ii)         For
Operations. Property Manager shall use commercially reasonable efforts to operate in accordance with the Budget and Plan unless
otherwise specifically approved in writing by Owner and except in the case of emergencies:

 

(A)         Property
Manager will investigate, hire, train, pay, supervise, establish policies for and discharge the On-Site Personnel necessary to
maintain and operate the Properties including, without limitation, property managers and building and maintenance personnel who
shall have experience and education satisfactory to the Owner. Such personnel shall in every instance be agents or employees of
Property Manager and not of the Owner, but Owner shall have the right to approve via the annual budget process, the compensation
of Property Manager’s personnel for which Property Manager has the right to be reimbursed hereunder. Property Manager has
the right to be reimbursed for: (i) On-Site Personnel that are employed at the Properties or at management field offices or corporate
offices, should there be no office located on site. The management field office and corporate office employees shall be charged
to the respective Property on the basis of the percentage of time spent attending to such Property based on actual wages and fringe
benefits, unless the Owner and Property Manager agree in writing to another basis; and (ii) roving maintenance personnel to the
extent needed at the Properties from time to time, and these employees shall be charged to the respective Properties at a reasonable
hourly or monthly rate pre-approved by the Owner and only for the actual and reasonably necessary time spent on such Property by
such personnel. The Owner shall have no right to supervise or direct such agents or employees.

 

Property Manager, at Property Manager’s
sole cost and expense, shall maintain during the term of this Agreement a bond or applicable insurance covering Property Manager
and all persons who handle, have access to or are responsible for Owner’s monies, in an amount and form reasonably acceptable
to Owner. Property Manager shall provide Owner with a certificate or other satisfactory documentation evidencing the existence
and terms of such bond(s) upon execution of this Agreement.

 

Property Manager shall supervise, and
at Owner’s cost and expense, shall retain, to the extent such services are not sufficiently provided by On-Site Personnel,
but in accordance with the Budget, independent contractors, subcontractors, and suppliers to provide for the management, maintenance,
repair and operation of the Properties as well as security functions.

 

(B)         If
commercially reasonable within the geographic area in which a Property is located, to obtain not fewer than three (3) competing
bids for, contract with and supervise onsite management of, contractors.

 

    	8

    	 

    
(C)         Assist
in coordinating the opening and closing of the businesses of tenants, including, but not limited to, obtaining of insurance and
signage approval.

 

(D)         In
accordance with the operating budget, purchase necessary supplies and equipment required for the proper operation, maintenance,
repair and restoration of the Properties.

 

(E)         Supervise
all maintenance activity at the Properties, and make or cause to be made repairs, replacements, renovations and capital improvements
on the Properties.

 

(F)         Contract
and pay charges for utilities used in the operation of the Properties, including, without limitation, water, electricity, gas,
telephone and sewerage services unless carried or covered under the respective tenant’s name.

 

(G)         Contract
for and maintain such policies of commercial general liability and bodily injury and property damage insurance with respect to
the Properties as are acceptable to Owner.

 

(H)         Advertise
the Properties by such means and media and at such costs as are in accordance with the Budget and Plan and as Property Manager
shall deem appropriate (and at Property Manager’s expense, except as set forth in the last sentence of this subsection (H))
to implement an effective leasing program for the Properties on a local and regional basis. To the extent Owner shall request specific
advertising that differs from or is in addition to Property Manager’s planned approach, the incremental cost of such specific
advertising shall be borne by Owner.

 

(I)         Assist
in securing leases with temporary tenants or licensees for use of the Properties.

 

(J)         Actively
promote and market the Properties to potential tenants, current tenants and the general community.

 

(K)         Conduct
complete inspections of the Properties as is prudent to determine that the same are in good order and repair, but no less frequently
than once per calendar quarter, during the term of this Agreement.

 

(L)         Forward
to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters
or any insurance company, and make such recommendations regarding compliance with such notice as shall be appropriate.

 

(M)         Maintain
business-like relations with the tenants of the Properties and respond promptly to tenant complaints in a prudent, businesslike
manner. Property Manager shall maintain a record of all written tenant complaints and Property Manager’s response to such
complaints for no less than one year, which record shall be available for review by Owner.

 

    	9

    	 

    
(N)         Analyze
all bills received for services, work and supplies in connection with the maintaining and operating the Properties, and pay all
such bills and any other amount payable in respect to the Properties. Property Manager shall use commercially reasonable efforts
to pay all bills within the time required to obtain discounts, if any. Owner may from time to time request that Property Manager
forward certain bills to Owner promptly after receipt, and Property Manager shall comply with any such request. Property Manager
will ensure timely 1099 reporting to the IRS, with 1099s filed under Property Manager’s name and Property Manager’s
taxpayer identification number (TIN), listing Property Manager as the “payer”. Property Manager will provide annually
a signed declaration indicating compliance with 1099 reporting; Property Manager will provide this declaration to Owner with the
February Reporting Package. Penalties for misfilings as a result of Property Manager’s negligence are not to be charged to
the property, but are payable by Property Manager.

 

(iii)        Other:

 

(A)         In
accordance with the Budget or as otherwise approved in writing by Owner, employ in-house or outside attorneys, at Owner’s
expense, to handle any legal matters involving the Properties.

 

(B)         Perform
leasing analysis and credit underwriting with respect to prospective tenants (and subtenants and assignees); prepare leases and
other tenant related documents; and engage in a competitive construction bidding process for lease-related construction projects
expected to exceed $25,000 not otherwise within the duties of a construction manager (as, for example, pursuant to Section 5(c)
below).

 

(C)         Take
such other actions and perform such other functions as Property Manager reasonably deems advisable or necessary for the efficient
and economic management, operation and maintenance of the Properties.

 

(b)          Property
Manager’s duties as leasing agent for any of the Properties indicated on a Property Addendum as being subject to the leasing
agent services as provided herein and subject to the Budget and Plan include the following:

 

(i)          Leasing
Functions. Property Manager will coordinate and negotiate the leasing of the Properties using commercially reasonable efforts
to secure executed leases (both new and renewal) from qualified tenants for available space in the Properties. Such leases must
be consistent with a form and terms approved by Owner unless a tenant requires use of its own lease form. Property Manager shall
be responsible for the hiring of all leasing agents as necessary for the leasing of the Properties, to work with outside brokers
and leasing agents, and otherwise to oversee and manage the leasing process on behalf of Owner. Property Manager’s duties
in this regard shall include, without limitation: (1) the preparation and distribution of listings to potential tenants and/or
their representatives and to reputable and active real estate agents; (2) the supplying of sufficient information to cooperating
brokers and agents to enable them to promote the rental of the Properties; (3) the marketing and promotion of the Properties;
(4) at all times maintaining and updating a merchandising and leasing plan for each Property; and (5) providing an updated leasing
budget and leasing reforecast for the following twelve (12) month period. Additionally, in connection with the budgeting process
referred to above, Property Manager shall submit a yearly leasing budget for approval in accordance (and simultaneously) with the
procedure set forth above for the approval of each Property’s budget by Owner.

 

    	10

    	 

    
(ii)         Advertising.
Owner authorizes Property Manager to advertise and to place signage on the Properties regarding the leasing; provided, that
such signage complies with all applicable governmental laws, regulations and requirements. Property Manager will provide a marketing
package, aerial photographs, demographic reports, site plans, signage and a two-sided flyer for each Property at Property Manager’s
expense consistent with Section 5(a)(ii)(H). Any additional advertising and promotion requested by Owner will be done at Owner’s
expense pursuant to a program and budget agreed upon by Owner and Property Manager.

 

(iii)        Other
Actions. Property Manager will take such other action and perform such other functions as Property Manager or Owner deems reasonably
advisable or necessary for the efficient and economic leasing of the Properties.

 

(c)          Property
Manager’s duties as construction manager for the Properties shall be in accordance with a capital budget established by Owner
and Property Manager prior to the commencement of construction activities and shall include the following:

 

(i)          General.
Property Manager shall secure or assist in securing licenses, registrations, or permits required by law and shall comply with ordinances,
laws, orders, codes, rules, and regulations pertaining to building improvements and/or the services described herein. Property
Manager shall secure lien waivers and affidavits and properly file, to the extent required, terminations of notices of commencement
prior to payment to contractors.

 

(ii)         Bidding.
For all projects estimated to cost more than $25,000, Property Manager shall obtain bids from at least three outside contractors.
Property Manager shall select the low bid unless it has supplied Owner with a reasonable justification in writing for the selection
of a bidder other than the low bidder (e.g., Property Manager determines in its reasonable discretion that the bidder to
be selected is more likely to complete the job on time, with commercially reasonable workmanship and in the most efficient manner).

 

(iii)        New
Construction, Tenant Improvements, and Redevelopments. Property Manager will perform the following duties for construction
of Improvements on undeveloped land (“New Construction”) and for construction of Improvements that are to be made at
the direction of, or in conformity with lease obligations to, tenants (“Tenant Improvements”) or for the improvement
to Improvements that change the size or nature of such Improvements or for the redevelopment of Improvements (collectively, “Redevelopments”):

 

    	11

    	 

    
(A)         Provide
updated and detailed project budgets to Owner.

 

(B)         Arrange
for, coordinate, supervise and advise Owner with respect to the selection of architects, contractors, design firms and consultants,
and the execution of design, construction and consulting contracts.

 

(C)         Review
design documents, and drafts thereof, submitted by the architect or other consultants, and notify Owner in writing of any mistakes,
errors or omissions that Property Manager observes in the documents and any recommendations it may have with respect to such mistakes,
errors or omissions; provided, that Property Manager shall not in any manner be responsible for the accuracy, adequacy or
completeness of such documents.

 

(D)         Evaluate
and make recommendations to Owner concerning cost estimates prepared by others.

 

(E)         Review
and evaluate proposed schedules for construction.

 

(F)         Procure
subcontractors through a minimum of three quotes for any jobs estimated to involve in excess of $25,000.

 

(G)         Coordinate
the work of subcontractors.

 

(H)         Monitor
the progress of construction.

 

(I)        
 Endeavor to work with the general contractor to identify any deficiencies in the work performed by subcontractors.

 

(J)        
 Provide Owner with monthly written status reports.

 

(K)         Advise
Owner with respect to alterations and modifications in any design documents submitted by the architect or other consultants that
may be in Owner’s interest, including obtaining advantages in terms of cost savings, scheduling, leasing, operation and maintenance
issues and other matters affecting the overall benefit of the project.

 

(L)         Review
and advise Owner on change order proposals and requests for additional services submitted to Owner.

 

(M)        Schedule,
coordinate, and attend necessary or appropriate project meetings.

 

(N)         Monitor
and coordinate punch list preparation and resolution by the subcontractors.

 

    	12

    	 

    
(O)         Make
recommendations to Owner concerning, and monitor, the use of the site by subcontractors, particularly as it relates to staging
and storage, ingress and egress, temporary signage, fencing, barricades, restrictions on hours of operation, safety considerations
and similar considerations.

 

(P)         Coordinate,
monitor, supervise and advise Owner with respect to preparation, execution, completion and filing of project-related documents,
including, but not limited to, contracts, permit applications, licenses, certifications, zoning requirements, land use restrictions,
governmental filings applicable to the project and any other similar documents.

 

(Q)         Review
and advise Owner with respect to draw requests submitted on the project.

 

(R)         Upon
completion of construction, walk the completed New Construction, Tenant Improvements, or Redevelopments with Owner to ensure that
everything has been completed in accordance with the specifications. Property Manager shall cause the subcontractors to repair
or replace any items that are determined to be deficient during this walk.

 

(S)         As
instructed by Owner, perform additional related project management functions.

 

(T)         Collect
warranties and operation manuals, certificates, guarantees, as-builts and any similar documentation for the benefit of Owner.

 

(iv)        New
Construction and Redevelopments. In addition, Property Manager will perform the following duties with respect to New Construction
and Redevelopments:

 

(A)         Provide
Owner with a budget for each Improvement to be built prior to beginning construction of the respective Improvement.

 

(B)         Meet
on a regular basis with Owner’s leasing agents and representatives of prospective tenants.

 

(C)         Arrange
for, coordinate, supervise and advise Owner with respect to various development services prior to design and construction of the
Project, including due diligence, site investigations, land use and zoning matters, and similar development services.

 

(v)         Tenant
Improvements. In addition, Property Manager will perform the following duties related to Tenant Improvements:

 

(A)         Arrange
for and supervise the performance of all installations and improvements in space leased to any tenant which are either expressly
required under the terms of a Lease of such space or which are customarily provided to tenants.

 

    	13

    	 

    
(B)         Meet
with tenants and prospective tenants and their architects, engineers, consultants and contractors to facilitate design and construction
of leasehold improvements.

 

(C)         Maintain
separate files as to each tenant, and thereby document the entire design and construction process for each tenant.

 

(D)         Compile
and disseminate such data regarding each tenant as Owner may reasonably require.

 

(vi)    
    Duties with Respect to Tenant-Directed Improvements. Property Manager will supervise and
facilitate tenant installations performed by the tenant and/or tenant’s contractors, including:

 

(A)         Review
and evaluate lease exhibit language that identifies the scope and nature of tenant construction of the improvements.

 

(B)         Review
tenant construction documents for compliance with landlord criteria and requirements applicable to the improvements.

 

(C)         Review
and evaluate proposed schedules for tenant construction.

 

(D)         Coordinate
delivery of shell space to tenants as required by the tenant’s lease.

 

(E)         Monitor
the progress of tenant construction including but not limited to compliance with scheduling requirements, compliance with rules
and regulations of the Property, verify that tenant has obtained proper permits, etc., coordinating requests for tenant improvement
allowance draws.

 

(F)         Maintain
appropriate files and records as to each project documenting the design and construction process for each tenant in a manner consistent
with Property Manager’s record retention guidelines.

 

(vii)     
  Duties with Respect to All Improvements. Property Manager will supervise all Improvement projects, such
supervision to include, but not be limited to, preparation of budgets, plans, bidding, subcontractor selection, material
selection, job supervision, collection of lien waivers, sworn statements, affidavits and the like. Property Manager shall
require such lien waivers, sworn statements, affidavits and similar documentation as a condition to disbursement.

 

(d)          Other.
Property Manager shall in all events comply with the reasonable requests of Owner related to property management of, leasing of,
and construction management of the Improvements to be made to, the Properties. Owner shall maintain sufficient funds in an account
or accounts so that Property Manager will have funds available to pay all obligations contemplated hereunder when due. Under no
circumstances shall Property Manager have any obligations or duty to advance funds to or for the account of Owner.

 

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(e)          Ownership
Agreements. Owner agrees to obtain and review copies of all (1) agreements of limited partnership, joint venture partnership
agreements and operating agreements of Owner and its affiliates as well as the articles of incorporation, bylaws, and registration
statement on Form S-11 (No. 333-178651) of REIT, including all prospectus supplements and post-effective amendments thereto (collectively,
the “Ownership Agreements”) and (2) mortgages on all Properties and inform Property Manager of any restrictions relating
to property use arising therefrom. Property Manager will use reasonable care to avoid any act or omission which, in the performance
of its duties hereunder, in any way conflicts with the terms of the Ownership Agreements or the mortgages in the absence of the
express direction of the REIT’s board of directors, and Property Manager shall promptly notify Owner if any such conflict
arises.

 

(f)          Periodic
Meetings. As reasonably required by Owner, Property Manager, its personnel or contractors engaged or involved in the management,
operation, leasing or construction management of the Properties shall meet to discuss the historical results of operations, to
consider deviations from any budget, and to discuss any other matters so requested by the Owner upon reasonable notice from Owner.

 

6.          Compensation
and Expense Reimbursement.

 

(a)          For
each Property for which Property Manager provides property management services, Owner shall pay Property Manager a monthly management
fee equal to four and one-half percent (4.5%) of the Gross Receipts (as defined below) for that month, payable from that month’s
receipts. “Gross Receipts” means (i) all fixed and minimum rent, percentage rent and license fees paid by tenants and
other occupants of each Property, (ii) the profit of Owner derived from the sale of electricity (i.e., the spread between the wholesale
and retail prices of electricity that is re-sold to tenants of the Properties), utilities and heating, ventilation and air conditioning
to tenants and other occupants of each Property, (iii) all amounts paid by tenants and other occupants of each Property for common
area maintenance, real estate taxes, insurance, interest and any other payments of any nature (including attorneys’ fees
and late fees) made by any such tenants or other occupants, and (iv) proceeds of rent insurance.

 

(b)          For
each Property for which Property Manager provides leasing services, Owner shall pay Property Manager a leasing fee equal to two
percent (2%) of the sum of all rent payments that a tenant will be contractually obligated to make under a renewal lease at the
time of the execution of such renewal lease and five percent (5%) of the sum of all rent payments that a tenant will be contractually
obligated to make under a new lease at the time of the execution of such new lease. A leasing fee will be payable upon the execution
of the applicable lease. Property Manager may pay a portion of its leasing fees to any third parties to whom Property Manager subcontracts
the performance of its leasing duties as contemplated by Section 5(b)(1).

 

(c)          For
each Improvement with respect to which Property Manager provides construction management services as set forth in Section 5(c)
(other than as provided in the next sentence), Property Manager shall be entitled to a fee equal to two percent (2%) of the cost
of such Improvement. For each Tenant Improvement with respect to which Property Manager provides construction management services
as set forth in Section 5(c)(v), Property Manager may in its discretion charge a fee equal to up to five percent (5%) of the cost
of such Tenant Improvement.

 

    	15

    	 

    
(d)          In
connection with the fees set forth in subsections (a), (b) and (c) of this Section 6, Owner shall pay such fees to Property Manager
in cash or in shares of common stock (“Common Shares”) of REIT, or a combination of both, the form of payment to be
determined in the sole discretion of Property Manager. For the purposes of the payment of such fees in Common Shares, each Common
Share will be valued as set forth in the final prospectus of the Company for its initial public offering filed pursuant to Rule
424(b) of the Securities Act of 1933, as amended.

 

(e)          Property
Manager will pay such other reimbursable expenses and costs as Owner has approved and deems advisable or necessary for the efficient
and economic management and leasing of the Properties through its annual budgets or as otherwise provided for in this Agreement
(e.g., for marketing or leasing programs that exceed in scope that which Property Manager would normally utilize, as provided
for in Sections 5(a)(ii)(H) and 5(b)(ii)). Owner shall reimburse Property Manager for such costs and expenses, which shall include,
to the extent included in the applicable Property budgets or a general property management and leasing budget to be agreed upon,
personnel costs for On-Site Personnel providing direct services for the Properties and for roving maintenance personnel to the
extent needed at the Properties from time to time, cost of travel and entertainment, printing and stationery, advertising, marketing,
signage, long distance phone calls and other expenses that are directly related to the management of specific Properties. Notwithstanding
the foregoing, Owner shall not reimburse Property Manager for its general overhead costs or, other than as set forth in this subsection
6(e), for the wages and salaries and other employee-related expenses of its employees.

 

7.          Insurance.
Property Manager shall obtain and keep in full force and effect at Owner’s expense insurance (1) on the Properties, and (2)
on activities at the Properties against such hazards as Owner and Property Manager shall deem appropriate and as may be required
under any mortgage or other loan documents binding upon Owner. In any event, Property Manager shall procure, for the Properties
for which Property Manager is property manager, insurance sufficient to comply with the leases and the Ownership Agreements. All
liability policies shall provide sufficient insurance satisfactory to both Owner and Property Manager and shall contain waivers
of subrogation for the benefit of Property Manager and the applicable Owner.

 

(a)          Property
Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located,
workers’ compensation insurance covering all employees of Property Manager at the Properties and all persons engaged in the
performance of any work required hereunder. Property Manager shall also obtain and keep in full force and effect, in accordance
with the laws of the state in which each Property is located, employer’s liability, employee theft, commercial general liability,
and umbrella insurance, and Property Manager shall furnish Owner certificates of insurers naming Owner as co-insureds and evidencing
that such insurance is in effect and that insurer will provide directly to Owner no less than 30 days’ notice of any cancellation
or non-renewal. If any work under this Agreement is subcontracted as permitted herein, Property Manager shall include in each subcontract
a provision that the subcontractor also shall furnish Owner, as appropriate, with such a certificate evidencing coverage (and any
other coverage Property Manager deems appropriate in the circumstances) and the naming of Owner as co-insureds and evidencing that
such insurance is in effect and that insurer will provide directly to Owner no less than 30 days’ notice of any cancellation
or non-renewal, as well as indemnification as is customary. The cost of such insurance procured by Property Manager shall be reimbursable
to the same extent as provided in this Agreement.

 

    	16

    	 

    
(b)          Property
Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance
brokers with respect to insurance which is in effect or for which application has been made. Property Manager shall use its good
faith efforts in a commercially reasonable manner to comply with all requirements of insurers.

 

(c)          Property
Manager shall promptly investigate and shall report in detail to Owner and the applicable insurance carriers all accidents, claims
for damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties
and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by the applicable insurance
company in connection with any such accident, claim, damage, or destruction. Owner shall reimburse Property Manager’s third
party costs in connection therewith. Such reports shall be given to Owner promptly and any report not so given within 10 days after
the occurrence of any such accident, claim, damage or destruction shall be noted in the monthly reports delivered to Owner. Property
Manager is authorized to settle any claim against an insurance company arising out of any policy and, in connection with such claim,
to execute proofs of loss and adjustments of loss and to collect and provide receipts for loss proceeds using commercially reasonable
good faith efforts.

 

8.          Liability
of Property Manager. Property Manager shall not be liable for any errors in judgment or for mistakes of fact or of law
or for anything which it may in good faith do or refrain from doing, except in the case of gross negligence, fraud or willful misconduct.

 

9.          Indemnity.
Owner shall indemnify Property Manager and its managers, employees and officers against and agrees to defend, protect, hold and
save them free and harmless from any liability or expenses (including reasonable attorney’s fees and court costs) arising
out of injuries or damages to persons or property by reason of any cause relating to the Properties, except to the extent caused
by the gross negligence, fraud or willful misconduct and which is not otherwise covered by insurance held by Owner. Owner shall
name Property Manager as an “additional insured” or “co-insured” on any and all liability insurance policies
for the Properties. Property Manager shall indemnify Owner and its employees and officers against and agrees to defend, protect,
hold and save them free and harmless from any liability or expenses (including reasonable attorney’s fees and court costs)
arising out of injuries or damages to persons or property by reason of any cause relating to the Properties caused by the gross
negligence, fraud or willful misconduct, which is not otherwise covered by insurance held by Owner.

 

    	17

    	 

    
10. 
      Termination. This Agreement may be terminated by either party upon thirty
(30) days’ written notice, in toto or only with respect to any Property; provided, that such termination
shall not affect any rights or obligations accrued to either party prior to termination (subject to any offsetting claims for
damages), including, but not limited to, payment of Management Fees earned to the date of termination (provided, that
if termination occurs before a construction project is completed, the construction management fee to be earned shall be
prorated based upon the reasonably estimated portion of the applicable project that had been completed up to the date of
termination). If this Agreement is terminated, only Management Fees with respect to any Properties that are subject to such
termination and that have accrued prior to the termination date shall be due to Property Manager. Notwithstanding anything to
the contrary contained in this Agreement, if either Owner or Property Manager defaults in performing any of its
obligations under this Agreement, the other party may terminate this Agreement effective upon delivery of notice of such
default. The indemnification obligations of the parties hereunder shall survive the expiration or termination of this
Agreement. Property Manager’s obligations under this Agreement for physical property management, leasing and
construction management may, at Owner’s election, terminate as to any particular Property upon its sale; provided,
that Property Manager’s obligations for the performance of accounting and other so-called “back office
functions” shall terminate only at such time as a final tax return with respect to the applicable Property has been
prepared and filed and such customary and ordinary information related to the Property or Properties has been provided to
Owner. Property Manager shall cooperate subsequent to any termination of this Agreement as to a particular Property to
provide final property reconciliations and other reports as reasonably requested by Owner.

 

11.         Property
Manager’s Obligations After Termination. Upon the termination of this Agreement, Property Manager shall have the
following duties:

 

(a)          Property
Manager shall deliver to Owner, or its designee, all books and records (including data files in magnetic or other similar storage
media but specifically excluding any licensed software) with respect to the Properties.

 

(b)          Property
Manager shall transfer and assign to Owner, or its designee, or terminate upon Owner’s direction, all service contracts (designated
by Owner for transfer and assignment) and personal property relating to or used in the operation and maintenance of the Properties,
except personal property paid for and owned by Property Manager. Property Manager shall also, for a period of sixty (60) days immediately
following the date of such termination (with respect to this entire Agreement or any Property terminated as being subject to this
Agreement), make itself available to consult with and advise Owner, or its designee, regarding the operation, maintenance and leasing
of the Properties at no additional cost to Owner.

 

(c)          Property
Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of Management
Fees claimed to be due Property Manager and shall cause funds of Owner held by Property Manager relating to the Properties to be
paid to Owner or their designees and shall assist in the transferring of approved signatories on all Accounts.

 

12.         No
Obligation to Third Parties. None of the obligations and duties of Property Manager under the Agreement shall in any way
or in any manner be deemed to create any obligations of Property Manager to any third party with the exception of Owner.

 

    	18

    	 

    
13.         Additional
Services. The services contemplated hereunder are normal and customary property management, leasing and general and construction
management services. If Property Manager is required or requested to perform additional services beyond the scope of this Agreement,
then Owner shall pay Property Manager fees for these additional services at market rates as mutually agreed upon in advance by
the parties.

 

14.         Property
Manager’s Action on Tenant’s Default. If the reasonably expected costs are less than a threshold to be agreed
upon by Property Manager and Owner with respect to each Property (or with respect to leases or contracts less than certain thresholds
with respect to each Property), Property Manager shall have the right, in its own name or in the name of Owner, to take any and
all actions, including distraint, which Property Manager deems advisable and which Owner shall have the right to take, in the event
of any tenant’s breach of any covenant, provision or condition binding upon such tenant under its lease with Owner. Nothing
in this paragraph shall be deemed to require Property Manager to institute legal action against any tenant. If the reasonably expected
costs exceed the agreed-upon thresholds, then Owner shall only be responsible for such costs if it pre-approves such actions. In
addition, if Owner desires to commence legal action notwithstanding Property Manager’s recommendation to the contrary, it
shall pay for all costs and reasonable attorneys’ fees in connection therewith.

 

15.         Binding
Effect. This Agreement and all the provisions hereof shall be binding upon, and shall inure to the benefit of, the parties
hereto and their respective successors and assigns.

 

16.         Entire
Agreement. This Agreement supersedes all agreements previously made between the parties relating to its subject matter.
There are no other understandings or agreements between them.

 

17.         Assignment.
Property Manager may delegate partially or in full its duties and rights under this Agreement but only with the prior written consent
of Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective successors and assigns.

 

18.         Amendments.
This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is
sought.

 

19.         Other
Business. Nothing herein contained shall prevent Property Manager from engaging in other activities or business ventures,
whether or not such other activities or ventures are in competition with Owner or the business of Owner, including, without limitation,
property management activities for other parties (including other REITs) and the provision of services to other programs advised,
sponsored or organized by Property Manager or its affiliates or third parties; nor shall this Agreement limit or restrict the right
of any manager, officer, employee, or member of Property Manager or its affiliates to engage in any other business or to render
services of any kind to any other partnership, corporation, firm, individual, trust or association. Property Manager may, with
respect to any investment in which the Owner is a participant, also render advice and service to each and every other participant
therein. Property Manager shall report to the board of directors of REIT the existence of any condition or circumstance, existing
or anticipated, of which it has knowledge, which creates or could create a conflict of interest between Property Manager’s
obligations to Owner and its obligations to or its interest in any other partnership, limited liability company, corporation, firm,
individual, trust or association.

 

    	19

    	 

    
20.         Notices.
All notices under this Agreement shall be in writing and delivered personally or mailed by certified mail, postage prepaid, addressed
to the parties at their last known addresses. All notices, approvals, consents and other communications hereunder shall be in writing,
and, except when receipt is required to start the running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt
requested, to the other party, at the addresses set forth after their respect name below or at such different addresses as either
party shall have theretofore advised the other party in writing in accordance with this Section.

 

	OP:	United Realty Capital Operating Partnership, L.P.,
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10005
	 	Attention:  Jacob Frydman, [Chief Executive Officer]
	 	 
	REIT:	United Realty Trust Incorporated
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10005
	 	Attention:  Jacob Frydman, Chief Executive Officer
	 	 
	With a copy to:	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10005
	 	Attention:	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.
	 	 
	Property Manager:	URA Property Management LLC
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10005
	 	Attention:  Jacob Frydman, [Chief Executive Officer]
	 	 
	With a copy to:	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10005
	 	Attention:	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.

 

    	20

    	 

    
21.         Non-Waiver.
No delay or failure by either party to exercise any right under this Agreement, and no partial or single exercise of that right,
shall constitute a waiver of that or any other right, unless otherwise expressly provided herein.

 

22.         Headings.
Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.

 

23.         Severability.
If any term, covenant or condition of this Agreement or the application thereof to any Person or circumstance shall, to any extent,
be held to be invalid or unenforceable, then the remainder of this Agreement, or the application of such term, covenant or condition
to persons or circumstances other than those as to which it is held to be invalid or unenforceable, shall not be affected thereby,
and each term, covenants or condition of this Agreement shall be valid and shall be enforced to the fullest extent permitted by
law.

 

24.         Governing
Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York. Any action
to enforce this Agreement or an action for a breach of this Agreement shall be maintained in a binding arbitration proceeding before
the American Arbitration Association in New York, NY.

 

25.         Counterpart.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

26.         Audit
Right. Property Manager shall cooperate with the REIT’s independent auditors with respect to the annual audit of
the REIT for the purpose of expressing an opinion on the financial statements of the REIT (the “Annual REIT Audit”).
In addition, the REIT shall have the right to conduct an audit of Property Manager’s books and records solely with respect
to the fees and expense reimbursements relating to the services provided pursuant to this Agreement (the “Fee Audit”).
The REIT may conduct the Fee Audit by using its own internal auditors or by employing independent auditors no more than once per
year. Costs associated with conducting such Fee Audits by internal or independent auditors, and costs of the Annual REIT Audit,
shall be borne by REIT. If any Fee Audit conducted by or on behalf of REIT reveals a discrepancy in excess of ten percent (10%),
and greater than $10,000, for the aggregate fees and expense reimbursements payable during the period under audit pursuant to the
Fee Audit, Property Manager shall be responsible for the reasonable expenses of such audit.

 

Signatures on next page.

 

    	21

    	 

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

 

	 	On behalf of “OWNER”:
	 	 
	 	OP:
	 	 
	 	UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	UNITED REALTY CAPITAL INCORPORATED,
	 	 	a Maryland corporation,
	 	 	 
	 	Its General Partner
	 	 
	 	By:	 
	 	 	Jacob Frydman, Chief Executive Officer
	 	 	 
	 	REIT:
	 	 
	 	UNITED REALTY TRUST INCORPORATED
	 	a Maryland corporation
	 	 	 
	 	By: 	 
	 	 	Jacob Frydman, Chief Executive Officer
	 	 	 
	 	Property Manager:
	 	 
	 	URA PROPERTY MANAGEMENT LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	UNITED REALTY ADVISOR HOLDINGS LLC,
	 	 	a Delaware limited liability company,
	 	 	 
	 	Its Managing Member
	 	 
	 	By:	 
	 	 	[Jacob Frydman, Chief Executive Officer]

 

    	 

    	 

    
EXHIBIT
A

MONTHLY REPORTING PACKAGE 

 

For the current month and year to date, statements presenting, on
a comparative basis, actual to budget (and/or forecast or other projections), including variance explanations for material variances:

 

		·	Executive summary (operations, leasing, capital, tenant/market issues, other).

 

		·	Balance sheet.

 

		·	Income statement.

 

		·	Aged receivables and delinquencies report.

 

		·	Rent rolls (as requested in writing by Owner).

 

		·	Month-to-date and year-to-date variance report with explanations (budget to actual and actual to previous year actual).

 

		·	List of any material accrual adjustment that may have been missed on the last business day of each month.

 

		·	Leasing update.

 

		·	Consolidated financial statements.

 

		·	Reforecast operating projections and cash flow.

 

		·	Any additional reports that Owner shall reasonably request.

 

    	 

    	 

    
EXHIBIT
B

QUARTERLY REPORTING PACKAGE 

 

		·	All items in the monthly reporting package.

 

		·	Quarter-to-date variance reports with explanations compared to budget and same period prior year.

 

		·	Copy of cash receipts ledger entries for such period, if requested.

 

		·	The originals (or copies, as Owner may request) of all contracts entered into by Property Manager on behalf of Owner during
such period, if requested.

 

		·	Consolidated financial statements.

 

		·	Such other reports as may be required by Owner.

 

    	 

    	 

    
EXHIBIT
C

ANNUAL REPORTING PACKAGE 

 

		·	All items in the quarterly reporting package which shall include annual operating statements and a list of variances and explanations
of material variances (budget to actual and actual to previous year actual).

 

		·	All information required for tax filings, as determined by Owner.

 

		·	Certifications of assessment, testing and compliance with internal controls.

 

		·	Any other reports reasonably requested by Owner.

 

    	 

    	 

    
Form
of Property Addendum

 

PROPERTY DESCRIPTION:

 

Property Name:

 

Street Address:

 

City, State, Zip Code:

 

County:

 

Owner Name:

 

Owner Tax ID#:

 

Tax Parcel ID #:

 

SERVICES TO BE PROVIDED AND MANAGEMENT FEES TO BE CHARGED:

 

		 ̈	Property management services, as specified in Section 5(a) of the Agreement, with:

 

_____ No changes

 

_____ Changes as follows: _______________________________________________________________________

 

 _____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Threshold pursuant to Section 14: _________________________________________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

		 ̈	Property management fees, as specified in Section 6(a), with:

 

_____ No changes

 

_____ Changes as follows: _______________________________________________________________________

 

    	C-2

    	 

    
_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

		 ̈	Leasing services, as specified in Section 5(b) of the Agreement, with:

 

_____ No changes

 

_____ Changes as follows:  _______________________________________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

		 ̈	Leasing fees, as set forth in Section 6(b) of the Agreement, with:

 

_____ No changes

 

_____ Changes as follows:   _______________________________________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Co-Brokers: As leasing agent for the Properties, Property
Manager may cooperate with independent real estate brokers or agents. If Property Manager hires a co-broker in order to assist
Property Manager in securing a tenant or if an opportunity is brought to Property Manager by an independent broker, Property Manager
shall be paid in accordance with the Agreement and the co-broker’s commission will be the responsibility of Property Manager.
If the co-broker’s fee would exceed what Property Manager would otherwise be entitled to pursuant to the above fee schedule,
such co-broker’s commission may be paid only upon written approval of Owner.

 

		 ̈	Construction management services, as specified in Section 5(c) of the Agreement, with:

 

_____ No changes

 

_____ Changes as follows (add attachments as necessary):
  ______________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

    	C-3

    	 

    
_____________________________________________________________________________________________

 

		 ̈	Construction management fees, as set forth in Section 6(c) of the Agreement, with:

 

_____ No changes

 

_____ Changes as follows:    _______________________________________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

    	C-4

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