Document:

Exhibit 10.4

 

FIRST
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

STRAWBERRY
FIELDS REALTY LP

(a Delaware limited partnership)

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I	DEFINED
    TERMS	1
	 	 	 
	ARTICLE
    II	FORMATION
    OF THE PARTNERSHIP	7
	 	 	 
	2.1	Formation
    of the Partnership	7
	2.2	Name	7
	2.3	Registered
    Office and Agent; Principal Office	8
	2.4	Term
    and Dissolution	8
	2.5	Filing
    of Certificate and Perfection of Limited Partnership	8
	2.6	Certificates
    Describing Partnership Units	9
	 	 	 
	ARTICLE
    III	BUSINESS
    OF THE PARTNERSHIP	9
	 	 	 
	ARTICLE
    IV	CAPITAL
    CONTRIBUTIONS AND ACCOUNTS	9
	 	 	 
	4.1	Capital
    Contributions	9
	4.2	Additional
    Capital Contributions and Issuances of Additional Partnership Units	10
	4.3	Additional
    Funding	11
	4.4	Capital
    Accounts	12
	4.5	Percentage
    Interests	12
	4.6	No
    Interest on Contributions	12
	4.7	Return
    of Capital Contributions	12
	4.8	No
    Third-Party Beneficiary	12
	 	 	 
	ARTICLE
    V	PROFITS
    AND LOSSES; DISTRIBUTIONS	12
	 	 	 
	5.1	Allocation
    of Profit and Loss	12
	5.2	Distribution
    of Cash	14
	5.3	REIT
    Distribution Requirements	15
	5.4	No
    Right to Distributions in Kind	15
	5.5	Limitations
    on Return of Capital Contributions	15
	5.6	Distributions
    Upon Liquidation	15
	5.7	Substantial
    Economic Effect	15
	5.8	Tax
    Protection Agreement	15
	 	 	 
	ARTICLE
    VI	RIGHTS,
    OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	15
	 	 	 
	6.1	Management
    of the Partnership	15
	6.2	Delegation
    of Authority	17
	6.3	Indemnification
    and Exculpation of Indemnitees	18
	6.4	Liability
    of the General Partner	19
	6.5	Partnership
    Obligations	19
	6.6	Outside
    Activities	20
	6.7	Employment
    or Retention of Affiliates	20
	6.8	General
    Partner Activities	20
	6.9	Title
    to Partnership Assets	20
	 	 	 
	ARTICLE
    VII	CHANGES
    IN GENERAL PARTNER	21
	 	 	 
	7.1	Transfer
    of the General Partner’s Partnership Interest	21
	7.2	Admission
    of a Substitute or Additional General Partner	22
	7.3	Effect
    of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	22
	7.4	Removal
    of General Partner	23

 

    	-i-

    	 

    

 

TABLE
OF CONTENTS 

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE
    VIII	RIGHTS
    AND OBLIGATIONS OF THE LIMITED PARTNERS	24
	 	 	 
	8.1	Management
    of the Partnership	24
	8.2	Power
    of Attorney	24
	8.3	Limitation
    on Liability of Limited Partners	24
	8.4	Common
    Unit Redemption Right	24
	8.5	Registration	26
	 	 	 
	ARTICLE
    IX	TRANSFERS
    OF PARTNERSHIP INTERESTS	29
	 	 	 
	9.1	Purchase
    for Investment	29
	9.2	Restrictions
    on Transfer of Partnership Units	29
	9.3	Admission
    of Substitute Limited Partner	30
	9.4	Rights
    of Assignees of Partnership Units	31
	9.5	Effect
    of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	31
	9.6	Joint
    Ownership of Partnership Units	31
	 	 	 
	ARTICLE
    X	BOOKS
    AND RECORDS; ACCOUNTING; TAX MATTERS	32
	 	 	 
	10.1	Books
    and Records	32
	10.2	Custody
    of Partnership Funds; Bank Accounts	32
	10.3	Fiscal
    and Taxable Year	32
	10.4	Annual
    Tax Information and Report	32
	10.5	Partnership
    Representative; Tax Elections; Special Basis Adjustments	32
	 	 	 
	ARTICLE
    XI	AMENDMENT
    OF AGREEMENT; MERGER	33
	 	 	 
	11.1	Amendment
    of Agreement	33
	11.2	Merger
    of Partnership	33
	 	 	 
	ARTICLE
    XII	GENERAL
    PROVISIONS	34
	 	 	 
	12.1	Notices	34
	12.2	Survival
    of Rights	34
	12.3	Additional
    Documents	34
	12.4	Severability	34
	12.5	Entire
    Agreement	34
	12.6	Pronouns
    and Plurals	34
	12.7	Headings	34
	12.8	Counterparts	34
	12.9	Governing
    Law	34

 

EXHIBITS

 

EXHIBIT
A – Partners, Capital Contributions and Percentage Interests

EXHIBIT
B – Notice of Exercise of Common Unit Redemption Right

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

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

EXHIBIT
D – Tax Protection Agreement

 

    	-ii-

    	 

    

 

FIRST
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

STRAWBERRY FIELDS REALTY LP

RECITALS

 

Strawberry
Fields Realty LP (the “Partnership”) was formed as a limited partnership under the laws of the State of Delaware,
pursuant to a Certificate of Limited Partnership filed with the Secretary of State of the State of Delaware on July 9, 2019 and a Limited
Partnership Agreement entered into as of July 9, 2019 (the “Original Agreement”), by and between Strawberry Fields
REIT, Inc., a Maryland corporation (the “General Partner”), and Strawberry Fields REIT, LLC, an Indiana limited liability
company (the “Limited Partner”). This First Amended and Restated Agreement of Limited Partnership is entered into
this 1st day of June, 2021 between the General Partner and the Limited Partner for the purpose of amending and restating the Original
Agreement.

 

AGREEMENT

 

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

 

ARTICLE
I

DEFINED TERMS

 

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

 

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

 

“Additional
Funds” has the meaning set forth in Section 4.3 hereof.

 

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

 

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

 

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

 

    	1

    	 

    

 

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

 

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

 

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

 

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

 

“Capital
Account” has the meaning set forth in Section 4.4 hereof.

 

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

 

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

 

“Certificate”
means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership
conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney
granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware
or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal or substitution
of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of
the State of Delaware or such other jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

“Common
Unit Redemption Right” has the meaning set forth in Section 8.4(a) hereof.

 

    	2

    	 

    

 

“Contribution
Agreement” means each or any, as the context implies, agreement or instrument entered into by a Limited Partner and the Partnership
relating to a Capital Contribution of assets to the Partnership by the Limited Partner in exchange for Partnership Units.

 

“Conversion
Factor” means a factor of 1.0, as such factor may be adjusted as provided in this definition and in Section 6.8. The Conversion
Factor will be adjusted in the event that the General Partner (i) declares or pays a dividend on its outstanding REIT Shares in REIT
Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares
or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares. In each of such events, the Conversion Factor shall
be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares issued and
outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend,
distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT
Shares (determined without the above assumption) issued and outstanding on such record date and, provided further, that in the
event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation
or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor
shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted
pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment
to the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if
any, for such event. If, however, the General Partner receives a Notice of Redemption after the record date, if any, but prior to the
effective date of such event, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption
immediately prior to the record date for the event.

 

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

 

“Distributable
Amount” has the meaning set forth in Section 5.2(c) hereof.

 

“Event
of Bankruptcy” as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt under
the Bankruptcy Code of 1978, as amended, or similar provision of law of any jurisdiction (except if such petition is contested by such
Person and has been dismissed within 120 days); (ii) the insolvency or bankruptcy of such Person as finally determined by a court proceeding;
(iii) the filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee
for such Person or a substantial part of his assets; or (iv) the commencement of any proceedings relating to such Person as a debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence
or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such
Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person
and has not been finally dismissed within 120 days.

 

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

 

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

 

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

 

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

 

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

 

    	3

    	 

    

 

“Indemnified
Party” has the meaning set forth in Section 8.5(f) hereof.

 

“Indemnifying
Party” has the meaning set forth in Section 8.5(f) hereof.

 

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

 

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

 

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

 

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

 

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

 

“Loss”
has the meaning set forth in Section 5.1(g) hereof.

 

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

 

“NASDAQ”
means the Nasdaq Stock Market, Inc.

 

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

 

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

 

“Offer”
has the meaning set forth in Section 7.1(c)(ii) hereof.

 

“Original
Date” means the date of this Agreement.

 

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

 

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

 

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

 

“Partnership
Interest” means an ownership interest in the Partnership held by a Partner, and includes any and all benefits to which the
holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Common Units or other
Partnership Units.

 

    	4

    	 

    

 

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

 

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

 

“Partnership
Record Date” means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2
hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders
of some or all of its portion of such distribution.

 

“Partnership
Representative” has the meaning set forth within Section 6223 of the Code.

 

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

 

“Partnership
Unit Designation” has the meaning set forth in Section 4.2(a)(i) hereof.

 

“Percentage
Interest” means, the percentage determined by dividing the number of Common Units of a Partner by the aggregate number of Common
Units of all Partners (the “Common Percentage Interest”).

 

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

 

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

 

“Profit”
has the meaning set forth in Section 5.1(g) hereof.

 

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

 

“Redeeming
Limited Partner” has the meaning set forth in Section 8.4(a) hereof.

 

“Redemption
Shares” has the meaning set forth in Section 8.5(a) hereof.

 

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

 

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

 

    	5

    	 

    

 

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

 

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

 

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

 

“Restriction
Notice” has the meaning set forth in Section 8.4(f) hereof.

 

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

 

“Rule
144” has the meaning set forth in Section 8.5(a)(2) hereof.

 

“S-3
Eligible Date” has the meaning set forth in Section 8.5(a) hereof.

 

“Safe
Harbor” has the meaning set forth in Section 10.5(d) hereof.

 

“Safe
Harbor Election” has the meaning set forth in Section 11.1 hereof.

 

“Safe
Harbor Interests” has the meaning set forth in Section 11.1 hereof.

 

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

 

“Service”
means the Internal Revenue Service.

 

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

 

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

 

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

 

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

 

“Substitute
Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof.

 

    	6

    	 

    

 

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

 

“Survivor”
has the meaning set forth in Section 7.1(d) hereof.

 

“Tax
Protection Agreement” means that certain Tax Protection Agreement dated as of the date hereof, by and among the General Partner,
the Partnership and the parties identified as a signatory thereto the form of which is attached to this Agreement as Exhibit D.

 

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

 

“Transaction”
has the meaning set forth in Section 7.1(c) hereof.

 

“Transfer”
has the meaning set forth in Section 9.2(a) hereof.

 

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

 

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

 

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

 

ARTICLE
II

FORMATION
OF THE PARTNERSHIP

 

2.1
Formation of the Partnership. The Partnership was formed as a limited partnership pursuant to the provisions of the Act
and upon the terms and conditions set forth in the Original Agreement. Except as expressly provided herein to the contrary, the rights
and obligations of the Partners and administration and termination of the Partnership shall be governed by the Act. The Partnership Interest
of each Partner shall be personal property for all purposes.

 

2.2
Name. The Name of the Partnership shall be “Strawberry Fields Realty LP” and the Partnership’s business
may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or
any Affiliate thereof. The words “Limited Partnership,” “LP,” “L.P.” or “Ltd.” or similar
words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any
jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any
time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners; provided,
however, failure to so notify the Partners shall not invalidate such change or the authority granted hereunder.

 

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2.3
Registered Office and Agent; Principal Office. The registered office of the Partnership in the State of Delaware is located
at 3411 Silverside Road, Tatnall Building #104, Wilmington, Delaware 19810 and the registered agent for service of process on the Partnership
in the State of Delaware at such registered office is Corporate Creations Network Inc. The principal office of the Partnership is located
at 6101 Nimtz Parkway, South Bend, Indiana 46628, or such other place as the General Partner may from time to time designate. Upon such
a change of the principal office of the Partnership, the General Partner shall notify the Partners of such change in the next regular
communication to the Partners; provided, however, failure to so notify the Partners shall not invalidate such change or
the authority granted hereunder. The Partnership may maintain offices at such other place or places within or outside the State of Delaware
as the General Partner deems necessary or desirable.

 

2.4
Term and Dissolution.

 

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

 

(i)
the occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on
the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal,
removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business
of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General
Partner and such partners comply with any other applicable requirements of this Agreement;

 

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

 

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

 

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

 

(b)
Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof), the General
Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s
assets and apply and distribute the proceeds thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating
General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership
(including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in
kind.

 

2.5
Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and
file at the expense of the Partnership the Certificate and any and all amendments thereto and all requisite fictitious name statements
and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under,
and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

 

    	8

    	 

    

 

2.6
Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may
issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the class or series
and number of Partnership Units owned and the Percentage Interest represented by such Partnership Units as of the date of such certificate.
Any such certificate (i) shall be in form and substance as determined by the General Partner, (ii) shall not be negotiable and (iii)
shall bear a legend to the following effect:

 

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

 

ARTICLE
III

BUSINESS OF THE PARTNERSHIP

 

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

 

ARTICLE
IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

4.1
Capital Contributions. The General Partner and each Limited Partner has made a capital contribution to the Partnership
in exchange for the Partnership Units set forth opposite such Partner’s name on Exhibit A hereto, as it may be amended or
restated from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers,
redemptions, Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s
ownership of Partnership Units. Notwithstanding any provision of this Agreement, the provisions of the Contribution Agreement shall override,
control and supersede the provisions of this Agreement in the event of any inconsistency or contradiction between the Contribution Agreement
and this Agreement.

 

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4.2
Additional Capital Contributions and Issuances of Additional Partnership Units. Except as provided in this Section 4.2
or in Section 4.3 hereof, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the
Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Interests, in the form of Partnership Units, in respect thereof, in the manner contemplated in this Section 4.2.

 

(a)
Issuances of Additional Partnership Units.

 

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

 

(1)
(A) the additional Partnership Units are issued in connection with an issuance of REIT Shares or other capital stock of, or other interests
in, the General Partner, which REIT Shares, capital stock or other interests have designations, preferences and other rights, all such
that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership
Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) by the Partnership in
accordance with this Section 4.2 and (B) the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
shall make a Capital Contribution to the Partnership in an amount equal to the cash consideration received by the General Partner, if
any, from such grant, award or issuance of such REIT Shares, capital stock or other interests in the General Partner;

 

(2)
(A) the additional Partnership Units are issued in connection with a grant award or issuance of REIT Shares or other capital stock of,
or other interests in, the General Partner pursuant to a taxable share dividend declared by the General Partner, which REIT Shares, capital
stock or interests have designations, preferences and other rights, all such that the economic interests are substantially similar to
the designations, preferences and other rights of the additional Partnership Units issued to the General Partner (or any direct or indirect
wholly owned Subsidiary of the General Partner) by the Partnership in accordance with this Section 4.2, (B) if the General Partner allows
the holders of its REIT Shares to elect whether to receive such dividend in REIT Shares or other capital stock of, or other interests
in, the General Partner, or cash, the Partnership will give the Limited Partners (excluding the General Partner or any direct or indirect
Subsidiary of the General Partner) the same ability to elect to receive (I) Partnership Units or cash or, (II) at the election of the
General Partner, REIT Shares, capital stock or other interests in the General Partner or cash, and (C) if the Partnership issues additional
Partnership Units pursuant to this Section 4.2(a)(i)(2), then an amount of income equal to the value of the Partnership Units received
will be allocated to those holders of Common Units that elect to receive additional Partnership Units;

 

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

 

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

 

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

 

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(ii)
Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities (other than REIT Shares
issued in connection with an exchange pursuant to Section 8.4 hereof or REIT Shares or other capital stock of or other interests in the
General Partner issued in connection with a taxable stock dividend as described in Section 4.2(a)(i)(2) hereof) or Rights other than
to all holders of REIT Shares, Preferred Shares, Junior Shares, or New Securities, as the case may be, unless (A) the General Partner
shall cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
Partnership Units or Rights having designations, preferences and other rights, all such that the economic interests are substantially
similar to those of the Additional Securities, and (B) the General Partner (or any direct or indirect wholly owned Subsidiary of the
General Partner) contributes the proceeds from the issuance of such Additional Securities and from any exercise of Rights contained in
such Additional Securities to the Partnership; provided, however, that the General Partner is allowed to issue Additional
Securities in connection with an acquisition of Property to be held directly by the General Partner, but if and only if, such direct
acquisition and issuance of Additional Securities have been approved by a majority of the Independent Directors. Without limiting the
foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and the General
Partner is authorized to cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of
the General Partner) corresponding Partnership Units, so long as (x) the General Partner concludes in good faith that such issuance is
in the best interests of the General Partner and the Partnership and (y) the General Partner (or any direct or indirect wholly owned
Subsidiary of the General Partner) contributes all proceeds from such issuance to the Partnership, including without limitation, the
issuance of REIT Shares and corresponding Partnership Units pursuant to a stock purchase plan providing for purchases of REIT Shares
at a discount from fair market value or pursuant to stock awards, including stock options that have an exercise price that is less than
the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise, and restricted or other stock awards
approved by the Board of Directors. For example, in the event the General Partner issues REIT Shares for a cash purchase price and the
General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) contributes all of the proceeds of such issuance
to the Partnership as required hereunder, the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
shall be issued a number of additional Partnership Units equal to the product of (A) the number of such REIT Shares issued by the General
Partner, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator
of which is the Conversion Factor in effect on the date of such contribution.

 

(b)
Certain Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make Capital Contributions to the Partnership
of the proceeds therefrom (if any), provided that if the proceeds actually received and contributed by the General Partner (or
any direct or indirect wholly owned Subsidiary of the General Partner) are less than the gross proceeds of such issuance as a result
of any underwriter’s discount, commissions, placement fees or other expenses paid or incurred in connection with such issuance,
then the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be deemed to have made a Capital
Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of such underwriter’s
discount, commissions, placement fees or other expenses paid by the General Partner, and the Partnership shall be deemed simultaneously
to have reimbursed such discount, commissions, placement fees and expenses as an Administrative Expense for the benefit of the Partnership
for purposes of Section 6.5(b).

 

(c)
Repurchases of General Partner Securities. If the General Partner shall repurchase shares of any class or series of its capital
stock, the purchase price thereof and all costs incurred in connection with such repurchase shall be reimbursed to the General Partner
by the Partnership pursuant to Section 6.5 hereof and the General Partner shall cause the Partnership to redeem an equivalent number
of Partnership Units of the appropriate class or series held by the General Partner, or by the General Partner in its capacity as a Limited
Partner (which, in the case of REIT Shares, shall be a number equal to the quotient of the number of such REIT Shares divided by the
Conversion Factor).

 

4.3
Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for
additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the
Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner or any of its Affiliates provide
such Additional Funds to the Partnership through loans or otherwise.

 

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4.4
Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained
for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership
Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than
a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the Partnership is liquidated within
the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) the Partnership grants a Partnership Interest (other than a de minimis
Partnership Interest) as consideration for the provision of services to or for the benefit of the Partnership to an existing Partner
acting in a Partner capacity, or to a new Partner acting in a Partner capacity or in anticipation of being a Partner, the General Partner
may elect to revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and
absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f);
provided that the General Partner may elect not to revalue the property of the Partnership in connection with the issuance of
additional Partnership Units pursuant to Section 4.2 to the extent the General Partner determines, in its sole and absolute discretion,
that revaluing the property of the Partnership in not necessary or appropriate to reflect the relative economic interests of the Partners.
When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance
with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner
in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would
be allocated among the Partners pursuant to Section 5.1 hereof if there were a taxable disposition of such property for its fair market
value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code)
on the date of the revaluation.

 

4.5
Percentage Interests. If the number of outstanding Common Units increases or decreases during a taxable year, each Partner’s
Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to
a percentage equal to the number of Common Units held by such Partner divided by the aggregate number of Common Units outstanding after
giving effect to such increase or decrease. If the Partner’s Percentage Interests are adjusted during any Fiscal Year in compliance
with the provisions of this Section 4.5, then Profits, Losses and all other items attributable to the Percentage Interests for such period
shall be divided and allocated between the Partners by taking into account their varying interests during the period in accordance with
Code Section 706(d), using any conventions permitted by the Code as selected by the General Partner in its sole and absolute discretion.
The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for
the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based
on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted
Percentage Interests.

 

4.6
No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

 

4.7
Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided
herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution
for so long as the Partnership continues in existence.

 

4.8
No Third-Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right
to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder
or at law or in equity, it being understood and agreed that the provisions of this Agreement, except as provided in Section 6.3(h), shall
be solely for the benefit of, and may be enforced solely by, the parties to this Agreement and their respective successors and assigns.
None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be
deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold,
transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the
Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner
shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation
shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit
Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership, and no
Partner shall have any obligation to the Partnership (or any Partner) to contribute any portion of that Partner’s negative Capital
Account to the Partnership upon dissolution or liquidation.

 

ARTICLE
V

PROFITS AND LOSSES; DISTRIBUTIONS

 

5.1
Allocation of Profit and Loss.

 

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

 

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

 

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

 

(d)
Qualified Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs
(4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital
Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as
determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable
year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital
Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation
of income or gain to a Partner in accordance with this Section 5.1(d), to the extent permitted by Regulations Section 1.704-1(b), items
of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such
Partner under this Section 5.1(d).

 

(e)
Capital Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit
in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain.
Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the
General Partner in accordance with this Section 5.1(e), to the extent permitted by Regulations Section 1.704-1(b), Profit first shall
be allocated to the General Partner in an amount necessary to offset the Loss previously allocated to the General Partner under this
Section 5.1(e).

 

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

 

(g)
Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain, expense
or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by
Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially
allocated pursuant to Sections 5.1(c), (d) or (e) hereof. All allocations of income, Profit, gain, Loss and expense (and all items contained
therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as
otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). With respect to properties acquired by the Partnership,
the General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain and
expense as required by Section 704(c) of the Code with respect to such properties, and such election shall be binding on all Partners.

 

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

 

5.2
Distribution of Cash.

 

(a)
Subject to Sections 5.2(c), (d) and (e) hereof and to the terms of any Partnership Unit Designation, the Partnership shall distribute
cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to the Partners
who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in proportion with their
respective Common Units on the Partnership Record Date.

 

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

 

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

 

Any
amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(c) shall bear interest at the lesser of
(i) 300 basis points above the base rate on corporate loans at large United States money center commercial banks, as published from time
to time in The Wall Street Journal or, if not so published, in any similar publication, or (ii) the maximum lawful rate of interest
on such obligation, such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend
the loan until such loan is repaid in full.

 

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

 

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5.3
REIT Distribution Requirements. The General Partner shall use commercially reasonable efforts to cause the Partnership
to distribute amounts sufficient to enable the General Partner to pay distributions to its stockholders that will allow the General Partner
to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal
income or excise tax liability imposed by the Code, other than to the extent the General Partner elects to retain and pay income tax
on its net capital gain.

 

5.4
No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any
distributions by the Partnership.

 

5.5
Limitations on Return of Capital Contributions. Notwithstanding any of the provisions of this Article V, no Partner shall
have the right to receive, and the General Partner shall not have the right to make, a distribution that includes a return of all or
part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership
liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value
of the Partnership’s assets.

 

5.6
Distributions Upon Liquidation.

 

(a)
Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including
any Partner loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance
with the provisions of Section 5.2.

 

(b)
For purposes of Section 5.6(a) hereof, the Capital Account of each Partner shall be determined after all adjustments made in accordance
with Sections 5.1 and 5.2 hereof resulting from Partnership operations and from all sales and dispositions of all or any part of the
Partnership’s assets.

 

(c)
Any distributions pursuant to this Section 5.6 shall be made by the end of the Partnership’s taxable year in which the liquidation
occurs (or, if later, within 90 days after the date of the liquidation). To the extent deemed advisable by the General Partner, appropriate
arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent
debts or obligations.

 

5.7
Substantial Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under this Agreement
have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation
of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated
pursuant thereto. Article V and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

 

5.8
Tax Protection Agreement. Notwithstanding any provision of this Agreement, the provisions of the Tax Protection Agreement
shall override, control and supersede the provisions of this Agreement in the event of any inconsistency or contradiction between the
Tax Protection Agreement and this Agreement.

 

ARTICLE
VI

RIGHTS,
OBLIGATIONS AND POWERS OF THE GENERAL PARTNER

 

6.1
Management of the Partnership.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6.2
Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and
may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person
may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.

 

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6.3
Indemnification and Exculpation of Indemnitees.

 

(a)
The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses
(including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as
set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless
it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either
was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal
benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe
that the act or omission was unlawful. The termination of any proceeding by judgment, order or settlement does not create a presumption
that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 6.3(a). The termination of any proceeding
by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a
rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 6.3(a). Any indemnification pursuant
to this Section 6.3 shall be made only out of the assets of the Partnership.

 

(b)
The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s
good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 6.3 has
been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that
the standard of conduct has not been met.

 

(c)
The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person
may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to
an Indemnitee who has ceased to serve in such capacity.

 

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

 

(e)
For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee
benefit plan whenever the performance by the Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves
services by, the Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect
to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken
or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed
by the Indemnitee to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose that is
not opposed to the best interests of the Partnership.

 

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

 

(g)
An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in
the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 

(h)
The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall
not be deemed to create any rights for the benefit of any other Persons.

 

(i)
Any amendment, modification or repeal of this Section 6.3 or any provision hereof shall be prospective only and shall not in any way
affect the indemnification of an Indemnitee by the Partnership under this Section 6.3 as in effect immediately prior to such amendment,
modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless
of when claims relating to such matters may arise or be asserted.

 

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6.4
Liability of the General Partner.

 

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

 

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

 

(c)
Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the
powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in
good faith.

 

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

 

(e)
Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the General Partner’s or any of its officers’, directors’, agents’ or employees’
liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification
or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when
claims relating to such matters may arise or be asserted.

 

6.5
Partnership Obligations.

 

(a)
Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles V and VI hereof regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as
general partner of the Partnership.

 

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

 

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6.6
Outside Activities. Subject to Section 6.8 hereof, the Articles and any agreements entered into by the General Partner
or its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of
the General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in addition
to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the
Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business
ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement
or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall
have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership
or any Limited Partner, even if such opportunity is of a character that, if presented to the Partnership or any Limited Partner, could
be taken by such Person.

 

6.7
Employment or Retention of Affiliates.

 

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

 

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

 

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

 

6.8
General Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner,
including activities pertaining to the acquisition, development, ownership of or investment in real property or other property, shall
be conducted through the Partnership or one or more Subsidiaries of the Partnership; provided, however, that the General
Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with
the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent
Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the
Partnership) without transferring such assets to the Partnership, the definition of “REIT Shares Amount” may be adjusted,
as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Share attributable to the General Partner’s
Partnership Units and other assets held on behalf of the Partnership.

 

6.9
Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest
in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership,
the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General
Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or
any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance
with the provisions of this Agreement; provided, however, that the General Partner shall use its commercially reasonable
efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership
assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to
such Partnership assets is held.

 

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ARTICLE
VII

CHANGES IN GENERAL PARTNER

 

7.1
Transfer of the General Partner’s Partnership Interest.

 

(a)
The General Partner shall not transfer all or any portion of its General Partnership Interests, and the General Partner shall not withdraw
as General Partner, except as provided in or in connection with a transaction contemplated by Sections 7.1(c), (d) or (e) hereof.

 

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

 

(c)
Except as otherwise provided in Section 7.1(d) or (e) hereof, the General Partner shall not engage in any merger, consolidation or other
combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change in
the General Partner’s state of incorporation or organizational form), in each case which results in a Change of Control of the
General Partner (a “Transaction”), unless at least one of the following conditions is met:

 

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

 

(ii)
as a result of such Transaction, all Limited Partners (other than the General Partner and any Subsidiary of the General Partner) will
receive, or have the right to receive, for each Partnership Unit an amount of cash, securities or other property equal or substantially
equivalent in value, as determined by the General Partner in good faith, to the product of the Conversion Factor and the greatest amount
of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided
that if, in connection with such Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made
to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units (other than the General
Partner and any Subsidiary of the General Partner) shall be given the option to exchange its Partnership Units for an amount of cash,
securities or other property equal or substantially equivalent in value, as determined by the General Partner in good faith, to the greatest
amount of cash, securities or other property that such Limited Partner would have received had it (A) exercised its Common Unit Redemption
Right pursuant to Section 8.4 hereof and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares Amount that would be receivable
upon exercise of the Common Unit Redemption Right immediately prior to the expiration of the Offer; or

 

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

 

(d)
Notwithstanding Section 7.1(c) hereof, the General Partner may merge with or into or consolidate with another entity if immediately after
such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”),
other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution
in exchange for Partnership Units, or for economically equivalent partnership interests issued by a Subsidiary Partnership established
at the direction of the Board of Directors, with a fair market value equal to the value of the assets so contributed as determined by
the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner hereunder. Upon such
contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(d).
The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and Conversion
Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as
closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash
and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights
relating thereto, and which a holder of Partnership Units could have acquired had such Partnership Units been redeemed in exchange for
the REIT Shares Amount immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment
to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect
to the Conversion Factor. The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Section
8.4 hereof so as to approximate the existing rights and obligations set forth in Section 8.4 hereof as closely as reasonably possible.
The above provisions of this Section 7.1(d) shall similarly apply to successive mergers or consolidations permitted hereunder.

 

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

 

(e)
Notwithstanding anything in this Article VII,

 

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

 

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

 

7.2
Admission of a Substitute or Additional General Partner. A Person shall be admitted as a substitute or additional General
Partner of the Partnership only if the following terms and conditions are satisfied:

 

(a)
the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and
provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate
in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a
General Partner shall have been filed for recordation and all other actions required by Section 2.5 hereof in connection with such admission
shall have been performed;

 

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

 

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

 

7.3
Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner.

 

(a)
Upon the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death,
withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence a partnership,
the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be
a dissolution of the General Partner if the business of the General Partner is continued by the remaining partner or partners), the Partnership
shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner
with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed
to be the withdrawal, dissolution or removal of the General Partner.

 

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(b)
Following the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence
a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed
not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners),
the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of
the term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute
General Partner by consent of a Majority in Interest. If the Limited Partners elect to continue the business of the Partnership and admit
a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership
shall be governed by this Agreement.

 

7.4
Removal of General Partner.

 

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

 

(b)
If the General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3 hereof,
the General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General
Partner approved by a Majority in Interest in accordance with Section 7.3(b) hereof and otherwise be admitted to the Partnership in accordance
with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General
Partner the fair market value of the General Partnership Interest of such removed General Partner. Such fair market value shall be determined
by an appraiser mutually agreed upon by the General Partner and a Majority in Interest (excluding the General Partner and any Subsidiary
of the General Partner) within ten days following the removal of the General Partner. In the event that the parties are unable to agree
upon an appraiser, the removed General Partner and a Majority in Interest (excluding, for purposes of determining a Majority in Interest,
Partnership Interests held by the General Partner and any Subsidiary of the General Partner) each shall select an appraiser. Each such
appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within
30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership
Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower
appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General
Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s
General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the
removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in dollar value.

 

(c)
The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b) hereof,
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have
any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense,
profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such
removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been
entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b) hereof.

 

(d)
All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary and sufficient to effect all the foregoing provisions of this Section 7.4.

 

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ARTICLE
VIII

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

 

8.1
Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business
nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers
being vested solely and exclusively in the General Partner. The Limited Partners covenant and agree not to hold themselves out in a manner
that could reasonably be considered in contravention of the terms hereof by any third party.

 

8.2
Power of Attorney. Each Limited Partner by entry into this Agreement through execution, execution by power of attorney
or other consent, hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited
Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the
appropriate public offices, any and all documents, certificates and instruments (including, without limitation, this Agreement and all
amendments or restatements thereof) as may be deemed necessary or desirable by the General Partner to carry out fully the provisions
of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the
death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership
Interest.

 

8.3
Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or
obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution,
if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required
by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

 

8.4
Common Unit Redemption Right.

 

(a)
Subject to Sections 8.4(b), (c), (d), (e) and (f) hereof and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Common Units held by them, each Limited Partner (other than the General Partner or any Subsidiary of
the General Partner) shall have the right (the “Common Unit Redemption Right”) to require the Partnership to redeem
on a Specified Redemption Date all or a portion of the Common Units held by such Limited Partner at a redemption price equal to and in
the form of the Common Redemption Amount to be paid by the Partnership, provided that (i) Common Units outstanding as of the Original
Date shall have been outstanding for at least one year (or such lesser time as determined by the General Partner in its sole and absolute
discretion) and (ii) Common Units issued after the Original Date shall be subject to any restriction agreed to in writing between the
Redeeming Limited Partner and the General Partner. The Common Unit Redemption Right shall be exercised pursuant to a Notice of Exercise
of Redemption Right in the form attached hereto as Exhibit B delivered to the Partnership (with a copy to the General Partner)
by the Limited Partner who is exercising the Common Unit Redemption Right (the “Redeeming Limited Partner”) and such
notice shall be irrevocable unless otherwise agreed upon by the General Partner. In such event, the Partnership shall deliver the Cash
Amount to the Redeeming Limited Partner. Notwithstanding the foregoing, the Partnership shall not be obligated to satisfy such Common
Unit Redemption Right if the General Partner elects to purchase the Common Units subject to the Notice of Redemption pursuant to Section
8.4(b) hereof. No Limited Partner may deliver more than two Notices of Redemption during each calendar year unless otherwise agreed by
the General Partner. A Limited Partner may not exercise the Common Unit Redemption Right for less than one thousand (1,000) Common Units
or, if such Limited Partner holds less than one thousand (1,000) Common Units, all of the Common Units held by such Limited Partner.
The Redeeming Limited Partner shall have no right, with respect to any Common Units so redeemed, to receive any distribution paid with
respect to Common Units if the record date for such distribution is on or after the Specified Redemption Date.

 

(b)
Notwithstanding the provisions of Section 8.4(a) hereof, if a Limited Partner exercises the Common Unit Redemption Right by delivering
to the Partnership a Notice of Redemption, then the General Partner may, in its sole and absolute discretion, elect to purchase directly
and acquire some or all of such Common Units by paying to the Redeeming Limited Partner either the Cash Amount or the REIT Shares Amount,
as elected by the General Partner (in its sole and absolute discretion) on the Specified Redemption Date, whereupon the General Partner
shall acquire the Common Units offered for redemption by the Redeeming Limited Partner and shall be treated for all purposes of this
Agreement as the owner of such Common Units.

 

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

 

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

 

(c)
Notwithstanding the provisions of Sections 8.4(a) and 8.4(b) hereof, a Limited Partner shall not be entitled to exercise the Common Unit
Redemption Right if the delivery of REIT Shares to such Limited Partner on the Specified Redemption Date by the General Partner pursuant
to Section 8.4(b) hereof (regardless of whether or not the General Partner would in fact purchase the Common Units pursuant to Section
8.4(b) hereof) would (i) result in such Limited Partner or any other Person (as defined in the Articles) owning, directly or indirectly,
REIT Shares in excess of the Common Stock Ownership Limit, the Preferred Stock Ownership Limit (each as defined in the Articles) or other
ownership limit or restriction specified in the Articles and calculated in accordance therewith, except as provided in the Articles,
(ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), (iii) result
in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, (iv) cause the General Partner
to own, actually or constructively, 10% or more of the ownership interests in a tenant (other than a TRS) of the General Partner’s,
the Partnership’s or a Subsidiary Partnership’s real property, within the meaning of Section 856(d)(2)(B) of the Code, (v)
otherwise cause the General Partner to fail to qualify as a REIT under the Code, or (vi) cause the acquisition of REIT Shares by such
Limited Partner to be “integrated” with any other distribution of REIT Shares or Common Units for purposes of complying with
the registration provisions of the Securities Act. The General Partner, in its sole and absolute discretion, may waive the restriction
on redemption set forth in this Section 8.4(c).

 

(d)
Any Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.4 shall be paid on the Specified Redemption Date;
provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an
additional 90 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to
be used to make such payment of the Cash Amount and may also delay such Specified Redemption Date to the extent necessary to effect compliance
with applicable requirements of the law. Any REIT Shares Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.4
shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified
Redemption Date to be delayed to the extent necessary to effect compliance with applicable requirements of the law. Notwithstanding the
foregoing, the General Partner agrees to use its commercially reasonable efforts to cause the closing of the acquisition of redeemed
Common Units hereunder to occur as quickly as reasonably possible.

 

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

 

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

 

8.5
Registration. Subject to the terms of any agreement between the General Partner and a Limited Partner with respect to Common
Units held by such Limited Partner:

 

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

 

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

 

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

 

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

 

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

 

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

 

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In
connection with and as a condition to the General Partner’s obligations with respect to the filing of the Registration Statement
pursuant to this Section 8.5, each Limited Partner agrees with the General Partner that:

 

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

 

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

 

(d)
if the General Partner determines in its good faith judgment, after consultation with counsel, that the use of the Registration Statement,
including any pre- or post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require
the disclosure of important information that the General Partner has a bona fide business purpose for preserving as confidential
or the disclosure of which, in the judgment of the General Partner, would impede the General Partner’s ability to consummate a
significant transaction, upon written notice of such determination by the General Partner (which notice shall be deemed sufficient if
given through the issuance of a press release or filing with the Commission and, if such notice is not publicly distributed, the Limited
Partner agrees to keep the subject information confidential and acknowledges that such information may constitute material non-public
information subject to the applicable restrictions under securities laws), the rights of each Limited Partner to offer, sell or distribute
its Redemption Shares pursuant to such Registration Statement or prospectus or to require the General Partner to take action with respect
to the registration or sale of any Redemption Shares pursuant to a Registration Statement (including any action contemplated by this
Section 8.5) will be suspended until the date upon which the General Partner notifies such Limited Partner in writing (which notice shall
be deemed sufficient if given through the issuance of a press release or filing with the Commission and, if such notice is not publicly
distributed, the Limited Partner agrees to keep the subject information confidential and acknowledges that such information may constitute
material non-public information subject to the applicable restrictions under securities laws) that suspension of such rights for the
grounds set forth in this paragraph is no longer necessary; provided, however, that the General Partner may not suspend
such rights for an aggregate period of more than 180 days in any 12-month period; and

 

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

 

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

 

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

 

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

 

(i)
Indemnification.

 

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

 

(ii)
Promptly upon receipt by a party indemnified under this Section 8.5(e) of notice of the commencement of any action against such indemnified
party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this Section 8.5(e), such indemnified
party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so notify the indemnifying
party shall not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 8.5(e) unless
such failure shall materially adversely affect the defense of such action. In case notice of commencement of any such action shall be
given to the indemnifying party as above provided, the indemnifying party shall be entitled to participate in and, to the extent it may
wish, jointly with any other indemnifying party similarly notified, to assume the defense of such action at its own expense, with counsel
chosen by it and reasonably satisfactory to such indemnified party. The indemnified party shall have the right to employ separate counsel
in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the indemnified
party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying party fails to assume the defense of such action
with counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded
parties) have been advised by such counsel that representation of such indemnified party and the indemnifying party by the same counsel
would be inappropriate under applicable standards of professional conduct (in which case the indemnified party shall have the right to
separate counsel and the indemnifying party shall pay the reasonable fees and expenses of such separate counsel, provided that, the indemnifying
party shall not be liable for more than one separate counsel). No indemnifying party shall be liable for any settlement of any proceeding
entered into without its consent.

 

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(j)
Contribution.

 

(i)
If for any reason the indemnification provisions contemplated by Section 8.5(e) hereof are either unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party that would
otherwise be required to provide indemnification or the indemnifying party (in either case, for purposes of this Section 8.5(f), the
“Indemnifying Party”) in respect of such losses, claims, damages or liabilities, shall contribute to the amount paid
or payable by the party that would otherwise be entitled to indemnification or the indemnified party (in either case, for purposes of
this Section 8.5(f), the “Indemnified Party”) as a result of such losses, claims, damages, liabilities or expense,
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well as any
other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact related to information supplied by the Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party
as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party.

 

(ii)
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8.5(f) were determined by pro
rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation that does not
take account of the equitable considerations referred to in the immediately preceding paragraph. No person or entity determined to have
committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(iii)
The contribution provided for in this Section 8.5(f) shall survive the termination of this Agreement and shall remain in full force and
effect regardless of any investigation made by or on behalf of any Indemnified Party.

 

ARTICLE
IX

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.1
Purchase for Investment.

 

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

 

(b)
Subject to the provisions of Section 9.2 hereof, each Limited Partner agrees that such Limited Partner will not sell, assign or otherwise
transfer such Limited Partner’s Partnership Units or any fraction thereof, whether voluntarily or by operation of law or at judicial
sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a)
hereof.

 

9.2
Restrictions on Transfer of Partnership Units.

 

(a)
Subject to the provisions of Sections 9.2(b) and (c) hereof, no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise
transfer all or any portion of such Limited Partner’s Partnership Units, or any of such Limited Partner’s economic rights
as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”)
without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided,
however, that the term Transfer does not include (a) any redemption of Common Units by the Partnership or the General Partner,
or acquisition of Common Units by the General Partner, pursuant to Section 8.4 or (b) any redemption of Partnership Units pursuant to
any Partnership Unit Designation. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor
assume all costs incurred by the Partnership in connection therewith (including, but not limited to, cost of legal counsel).

 

(b)
No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented
to as contemplated by clause (a) above or a Transfer pursuant to Section 9.5 hereof) of all of such Limited Partner’s Partnership
Units pursuant to this Article IX or pursuant to a redemption of all of such Limited Partner’s Common Units pursuant to Section
8.4 hereof. Upon the permitted Transfer or redemption of all of a Limited Partner’s Common Units, such Limited Partner shall cease
to be a Limited Partner.

 

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

 

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

 

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

 

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

 

9.3
Admission of Substitute Limited Partner.

 

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

 

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

 

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

 

(iii)
The assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth
in Section 9.1(b) hereof.

 

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

 

(v)
The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof.

 

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

 

    	30

    	 

    

 

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

 

(b)
For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall
be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described
in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date
on which the General Partner has received all necessary instruments of transfer and substitution.

 

(c)
The General Partner and the Substitute Limited Partner shall cooperate with each other by preparing the documentation required by this
Section 9.3 and making all required filings and publications. The Partnership shall take all such action as promptly as practicable after
the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of the Partnership.

 

9.4
Rights of Assignees of Partnership Units.

 

(a)
Subject to the provisions of Sections 9.1, 9.2 and 9.3 hereof, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Units until the Partnership has received
notice thereof.

 

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

 

9.5
Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy
as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall
include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the
Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver
of his estate or, if such Limited Partner dies, such Limited Partner’s executor, administrator or trustee, or, if such Limited
Partner is finally adjudicated incompetent, such Limited Partner’s committee, guardian or conservator, shall have the rights of
such Limited Partner for the purpose of settling or managing such Limited Partner’s estate property and such power as the bankrupt,
deceased or incompetent Limited Partner possessed to assign all or any part of such Limited Partner’s Partnership Units and to
join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

 

9.6
Joint Ownership of Partnership Units. A Partnership Unit may be acquired by two individuals as joint tenants with right
of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common.
The written consent or vote of both owners of any such jointly held Partnership Unit shall be required to constitute the action of the
owners of such Partnership Unit; provided, however, that the written consent of only one joint owner will be required if
the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner
can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership
Unit held in a joint tenancy with a right of survivorship, the Partnership Unit shall become owned solely by the survivor as a Limited
Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Unit
until it shall have received certificated notice of such death. Upon notice to the General Partner from either owner, the General Partner
shall cause the Partnership Unit to be divided into two equal Partnership Units, which shall thereafter be owned separately by each of
the former owners.

 

    	31

    	 

    

 

ARTICLE
X

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.1
Books and Records. At all times during the continuance of the Partnership, the General Partner shall keep or cause to be
kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting
principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate
of Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income
tax returns and reports, (d) copies of this Agreement and any financial statements of the Partnership for the three most recent years
and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs
of collection, duplication and mailing, shall be entitled to a copy of such records if reasonably requested.

 

10.2
Custody of Partnership Funds; Bank Accounts.

 

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

 

(b)
All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner. The
funds of the Partnership shall not be commingled with the funds of any Person other than the General Partner except for such commingling
as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b).

 

10.3
Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year unless otherwise required
by the Code.

 

10.4
Annual Tax Information and Report. Within 75 days after the end of each fiscal year of the Partnership, the General Partner
shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such Limited
Partner’s individual tax returns as shall be reasonably required by law.

 

10.5
Partnership Representative; Tax Elections; Special Basis Adjustments.

 

(a)
The General Partner shall designate each year a Partnership Representative of the Partnership, which may be the General Partner and shall
be the General Partner if no other person is designated, and the Partnership Representative shall appoint a designated individual with
substantial presence in the United States through which the Partnership Representative will act.. As Partnership Representative, the
General Partner shall have the right and obligation to take all actions authorized and required of such position by Sections 6222 through
6241 of the Code and any Treasury Regulations thereunder and comparable provisions of state and local law (the “Partnership
Audit Rules”). The General Partner shall have the right to retain professional assistance in respect of any audit of the Partnership
by the Service or to retain the services of a Partnership Representative, and all out-of-pocket expenses and fees incurred by the Partnership
Representative shall constitute Partnership expenses. Any person who serves as Partnership Representative shall not be liable to the
Partnership or any Partner for any action it takes or fails to take in such capacity, unless such action or failure to act constitutes
bad faith, willful misconduct, gross negligence, fraud or a material breach of this Agreement. Upon the Partnership’s request,
each Partner shall provide to the Partnership within the required time frame any information that the Partnership Representative believes
may be necessary or appropriate to resolve any tax issue relating to the Partnership or comply with or be eligible to invoke any aspect
of the Partnership Audit Rules. Notwithstanding any provision of this Agreement to the contrary, any taxes, penalties, and interest payable
by the Partnership under the Partnership Audit Rules shall be treated as attributable to the Partners, and, to the extent possible, the
Partnership Representative shall allocate the burden of any such amounts to those Partners to whom such amounts are reasonably attributable.
Any such amounts allocated to a Partner, at the option of the Partnership Representative, shall (a) be promptly paid to the Partnership
by such Partner or (b) be paid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise
have been made to such Partner. The obligations of each Partner (or former Partner) under this Section 10.5(a) shall survive the Transfer
by such Partner of its interest in the Partnership or the dissolution of the Partnership. In the event of a transfer of a Partner’s
Interest, the transferee and transferor shall be jointly and severally liable for any liability with respect to the obligations of the
transferor Partner under the Partnership Audit Rules. The Partnership shall indemnify Partnership Representative as provided in Section
6.3.

 

    	32

    	 

    

 

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

 

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

 

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

 

ARTICLE
XI

AMENDMENT OF AGREEMENT; MERGER

 

11.1
Amendment of Agreement. The General Partner’s consent shall be required for any amendment to this Agreement. The
General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect; provided, however,
that the following amendments shall require the consent of a Majority in Interest (excluding, for purposes of determining a Majority
in Interest, Partnership Interests held by the General Partner or any Subsidiary of the General Partner):

 

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

 

(b)
any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder,
other than with respect to the issuance of additional Partnership Units pursuant to Section 4.2 hereof;

 

(c)
any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect
to the issuance of additional Partnership Units pursuant to Section 4.2 hereof;

 

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

 

(e)
any amendment to this Article XI.

 

11.2
Merger of Partnership. The General Partner, without the consent of the Limited Partners, may (i) merge or consolidate the
Partnership with or into any other domestic or foreign partnership, limited partnership, limited liability company or corporation or
(ii) sell all or substantially all of the assets of the Partnership, in each case in a transaction pursuant to which the Limited Partners
(other than the General Partner or any Subsidiary of the General Partner) receive consideration as set forth in Section 7.1(c)(ii) hereof
or in a transaction that complies with the provisions of Sections 7.1(c)(iii) or 7.1(d) hereof and may amend this Agreement in connection
with any such transaction consistent with the provisions of this Article XI; provided, however, that the consent of a Majority
in Interest shall be required in the case of any other (a) merger or consolidation of the Partnership with or into any other domestic
or foreign partnership, limited partnership, limited liability company or corporation or (b) sale of all or substantially all of the
assets of the Partnership.

 

    	33

    	 

    

 

ARTICLE
XII

GENERAL PROVISIONS

 

12.1
Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have
been given when delivered personally, by email, by press release, by posting on the Web site of the General Partner, or upon deposit
in the United States mail, registered, first-class postage prepaid return receipt requested, or via courier to the Partners at the addresses
set forth in Exhibit A attached hereto, as it may be amended or restated from time to time; provided, however, that
any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the General
Partner and the Partnership shall be delivered at or mailed to its principal office address set forth in Section 2.3 hereof. The General
Partner and the Partnership may specify a different address by notifying the Limited Partners in writing of such different address.

 

12.2
Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure
to the benefit of the Partners and the Partnership and their permitted respective legal representatives, successors, transferees and
assigns.

 

12.3
Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all
further documents that may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or as required
by the Act.

 

12.4
Severability. If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction,
then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality,
invalidity or unenforceability shall not affect the remainder hereof. To the extent permitted under applicable law, the severed provision
shall be interpreted or modified so as to be enforceable to the maximum extent permitted by law.

 

12.5
Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede
all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof.

 

12.6
Pronouns and Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words
in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may
require.

 

12.7
Headings. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing
the scope of this Agreement or any particular Article.

 

12.8
Counterparts. This Agreement may be executed by hand or by power of attorney in several counterparts, each of which shall
be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto,
notwithstanding that all parties shall not have signed the same counterpart.

 

12.9
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

[Signature
page follows.]

 

    	34

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this First Amended and Restated Agreement of Limited Partnership,
all as of the 1st day of June, 2021.

 

	 	GENERAL
    PARTNER:
	 	 
	 	STRAWBERRY
    FIELDS REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/
    Moishe Gubin
	 	Name:	Moishe
Gubin
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	LIMITED
    PARTNER:
	 	 
	 	STRAWBERRY
    FIELDS REIT, LLC, an Indiana limited liability company
	 	 	 
	 	By:	/s/
    Moishe Gubin
	 	Name:	Moishe
Gubin
	 	Title:	Chief
    Executive Officer

 

    	35

    	 

    

 

EXHIBIT
A

 

(As
of the date of this Agreement)

 

	Partner	 	Agreed Value of Capital Contribution	 	 	Common Units	 	 	Percentage Interest	 
	General Partner:	 	 	 	 	 	 	 	 	 	 	 	 
	Strawberry Fields REIT, Inc.	 	$	-	 	 	 	 	 	 	 	-	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Limited Partner:	 	 	 	 	 	 	 	 	 	 	 	 
	Strawberry Fields REIT, LLC	 	$	517,060,000	 	 	 	51,686,280	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTALS	 	$	517,060,000	 	 	 	51,686,280	 	 	 	100	%

 

    	36

    	 

    

 

EXHIBIT
B

 

NOTICE
OF EXERCISE OF REDEMPTION RIGHT

 

In
accordance with Section 8.4 of the Amended and Restated Agreement of Limited Partnership (the “Agreement”) of Strawberry
Fields Realty LP, the undersigned hereby irrevocably (i) presents for redemption Common Units of Strawberry Fields Realty LP in accordance
with the terms of the Agreement, as amended, and the Common Unit Redemption Right referred to in Section 8.4 thereof, (ii) surrenders
such Common Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares Amount (as defined
in the Agreement) as determined by the General Partner deliverable upon exercise of the Common Unit Redemption Right be delivered to
the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or
placed in the name(s) and at the address(es) specified below. The undersigned hereby represents, warrants and certifies that the undersigned
(a) has title to such Common Units, free and clear of the rights and interests of any person or entity other than the Partnership or
the General Partner; (b) has the full right, power and authority to cause the redemption of the Common Units as provided herein; and
(c) has obtained the approval of all persons or entities, if any, having the right to consent to or approve the Common Units for redemption.

 

Dated:
____________, ______

 

Name
of Limited Partner:

 

(Signature
of Limited Partner or Authorized Representative)

 

(Mailing
Address)

 

	(City)	(State)	(Zip
    Code)

 

Signature
Guaranteed by:

 

If
REIT Shares are to be issued, issue to:

 

Name:

 

Please
insert Social Security or Identifying Number:

 

    	37

    	 

    

 

EXHIBIT
C-1

 

CERTIFICATION
OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE ENTITIES)

 

Under
Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S.
person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States
real property interests (“USRPIs”), as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross
assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the
non-U.S. person upon the disposition. To inform Strawberry Fields REIT, Inc. (the “General Partner”) and Strawberry Fields
Realty LP (the “Partnership”) that no withholding is required with respect to the redemption by ______________ (“Partner”)
of its Common Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner:

 

1.
Partner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in the Code and
the Treasury regulations thereunder.

 

2.
Partner is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

3.
The U.S. employer identification number of Partner is .

 

4.
The principal business address of Partner is: _________, _________ and Partner’s place of incorporation is __________________.

 

5.
Partner agrees to inform the General Partner if it becomes a foreign person at any time during the three-year period immediately following
the date of this notice.

 

6.
Partner understands that this certification may be disclosed to the Internal Revenue Service by the General Partner and that any false
statement contained herein could be punished by fine, imprisonment, or both.

 

PARTNER:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Under
penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct,
and complete, and I further declare that I have authority to sign this document on behalf of Partner.

 

Date:

 

	 	Name:	 
	 	Title:	 

 

    	38

    	 

    

 

EXHIBIT
C-2

 

CERTIFICATION
OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE INDIVIDUALS)

 

Under
Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S.
person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States
real property interests (“USRPIs”), as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross
assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 10% of the amount realized by the
non-U.S. person upon the disposition. To inform Strawberry Fields REIT, Inc. (the “General Partner”) and Strawberry Fields
Realty LP (the “Partnership”) that no withholding is required with respect to my redemption of my Common Units in the Partnership,
I, _____________________, hereby certify the following:

 

1.
I am not a nonresident alien for purposes of U.S. income taxation.

 

2.
My U.S. taxpayer identification number (social security number) is _____________.

 

3.
My home address is:______________________________________.

 

4.
I agree to inform the General Partner promptly if I become a nonresident alien at any time during the three-year period immediately following
the date of this notice.

 

5.
I understand that this certification may be disclosed to the Internal Revenue Service by the General Partner and that any false statement
contained herein could be punished by fine, imprisonment, or both.

 

	Name:	 	 

 

Under
penalties of perjury, I declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct,
and complete.

 

Date:
________________, 20____.

 

	 	Name:	 
	 	Title:	 

 

    	39Exhibit 10.5

 

CONTRIBUTION
AGREEMENT

 

by
and among

 

STRAWBERRY
FIELDS REIT, INC.,

 

STRAWBERRY
FIELDS REALTY LP

 

and

 

STRAWBERRY
FIELDS REIT, LLC

 

Dated
as of June 8, 2021

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	 	Page

	ARTICLE 1.          
    CONTRIBUTION OF CONTRIBUTED ASSETS AND EXCHANGE FOR OP UNITS	2
	 	 	 	 
	 	Section
    1.1	Contribution
    of Contributed Assets	2
	 	Section
    1.2	Assumed
    Liabilities	2
	 	Section
    1.3	Excluded
    Liabilities	2
	 	Section
    1.4	Existing
    Loans	3
	 	Section
    1.5	Consideration
    and Exchange of Equity	3
	 	Section
    1.6	Tax
    Treatment	3
	 	Section
    1.7	Allocation
    of Value	4
	 	Section
    1.8	Term
    of Agreement	4
	 	 	 	 
	ARTICLE 2.          
CLOSING	4
	 	 	 	 
	 	Section
    2.1	Conditions
    Precedent	4
	 	Section
    2.2	Time
    and Place of Closing	5
	 	Section
    2.3	Closing
    Deliveries	5
	 	Section
    2.4	Additional
    Closing Deliveries	7
	 	Section
    2.5	Closing
    Costs	7
	 	 	 	 
	ARTICLE 3.          
    REPRESENTATIONS AND WARRANTIES AND INDEMNITIES	7
	 	 	 	 
	 	Section
    3.1	Representations
    and Warranties with Respect to the Operating Partnership	7
	 	Section
    3.2	Representations
    and Warranties with Respect to the Company	9
	 	Section
    3.3	Representations
    and Warranties of the Contributor	10
	 	Section
    3.4	Indemnification	11
	 	Section
    3.5	Matters
    Excluded from Indemnification	11
	 	 	 	 
	ARTICLE 4.          
    COVENANTS	11
	 	 	 	 
	 	Section
    4.1	Covenants
    of the Contributor	11
	 	Section
    4.2	Tax
    Covenants	12
	 	 	 	 
	ARTICLE
    5.            AS-IS
    CONTRIBUTION AND POWER OF ATTORNEY	13
	 	 	 	 
	 	Section
    5.1	As-Is
    Contribution	13
	 	Section
    5.2	Grant
    of Power of Attorney	15
	 	Section
    5.3	Ratification;
    Third Party Reliance	15
	 	 	 	 
	ARTICLE 6.          
    MISCELLANEOUS	16
	 	 	 	 
	 	Section
    6.1	Further
    Assurances	16
	 	Section
    6.2	Counterparts	16
	 	Section
    6.3	Governing
    Law	16
	 	Section
    6.4	Amendment;
    Waiver	16
	 	Section
    6.5	Entire
    Agreement	16
	 	Section
    6.6	Assignability	16
	 	Section
    6.7	Titles	16
	 	Section
    6.8	Third
    Party Beneficiary	16
	 	Section
    6.9	Severability	16
	 	Section
    6.10	Reliance	17
	 	Section
    6.11	Survival	17
	 	Section
    6.12	Notice	17
	 	Section
    6.13	Equitable
    Remedies; Limitation on Damages	18
	 	Section
    6.14	Dispute
    Resolution	18
	 	Section
    6.15	Time
    of Essence	19

 

    	-i-

    	 

    

 

EXHIBIT
LIST

 

	EXHIBITS	 
	 	 	 	 
	 	A-1	Contributor’s
    Contributed Companies	 
	 	A-2	Contributor’s
    Properties	 
	 	B	Form
    of Contribution and Assumption Agreement	 
	 	C	Representations,
    Warranties and Indemnities of Contributor	 

 

	APPENDICES	 
	 	 	 	 
	 	A	Disclosure
    Schedule	 
	 	B	Form
    of Amended and Restated Agreement of Limited Partnership	 

 

    	-ii-

    	 

    

 

CONTRIBUTION
AGREEMENT

 

THIS
CONTRIBUTION AGREEMENT (including all exhibits, hereinafter referred to as this “Agreement”) is made and entered
into as of June 8, 2021 (the “Effective Date”) by and among Strawberry Fields Realty LP, a Delaware limited
partnership (the “Operating Partnership”), Strawberry Fields REIT, Inc., a Maryland corporation (the “Company”),
and Strawberry Fields REIT, LLC, an Indiana limited liability company (the “Contributor”).

 

RECITALS

 

A.
The Operating Partnership, the Company and the Contributor have agreed to undertake certain formation transactions (the “Formation
Transactions”) pursuant to which the Contributor will contribute the Contributed Assets (as defined below) to the Operating
Partnership in consideration of (i) the issuance of 51,686,280 limited partnership interests in the Operating Partnership (the “OP
Units”), and (ii) the assumption of the Assumed Liabilities of the Contributor (as defined below) by the Operating Partnership,
on the terms and subject to the conditions set forth in this Agreement.

 

B.
The Formation Transactions relate to the proposed direct listing (the “Direct Listing”) of the common stock (“Common
Stock”) of the Company, which will operate as a self-administered and self-managed real estate investment trust (“REIT”)
within the meaning of Section 856 of the Internal Revenue Code of 1986, as amended (the “Code”), and which is the
sole general partner of the Operating Partnership.

 

C.
The Contributor owns all of the outstanding equity interests in each of the limited liability companies and other entities listed on
Exhibit A-1 (collectively, the “Contributed Entities”). As used herein, “Contributed Company Agreement”
means the respective limited liability company agreement or membership agreement, as applicable, under which each Contributed Company
was formed (including all amendments or restatements).

 

D.
The Contributed Assets include, without limitation, all of the Contributor’s right, title and interest in each of the Contributed
Companies, including, without limitation, all of its voting rights and interests in the capital, profits and losses of such Contributed
Companies or any property distributable therefrom, constituting all of its interests in and to such Contributed Companies (such right,
title and interest in and to the Contributed Companies are hereinafter collectively referred to as the “Contributed Company
Interests”).

 

E.
The Contributed Entities own, directly or indirectly, all of the fee interests in the properties listed on Exhibits A-2 (the “Properties”)
and the leasehold interests in certain additional properties listed on Exhibit A-2 (the “Leasehold Interests”).

 

F.
The parties acknowledge that in connection with the Formation Transactions and in consideration of the receipt of the OP Units, the Contributor,
pursuant to this Agreement, is making certain representations, warranties and covenants to the Operating Partnership and the Company,
as more particularly set forth in this Agreement.

 

    	 

    	 

    

 

NOW,
THEREFORE, for and in consideration of the foregoing premises, and the mutual undertakings set forth below, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
1.

CONTRIBUTION
OF CONTRIBUTED ASSETS AND EXCHANGE FOR OP UNITS

 

Section
1.1 Contribution of Contributed Assets. At the Closing (as defined in Section 2.2 herein) and subject to the terms and conditions
contained in this Agreement, the Contributor shall contribute, transfer, assign, convey and deliver to the Operating Partnership, absolutely
and unconditionally, and free and clear of all Liens (other than the Permitted Encumbrances), and the Operating Partnership shall acquire
and accept, all of its right, title and interest to (a) all of the right, title and interest of the Contributor on all assets and properties
of the Contributor (other than the Excluded Assets), including, but not limited to, (i) all of the Contributor’s rights and interests
to the Contributed Companies, (ii) all right, title and interest held directly or indirectly by the Contributor, if any, in the Properties,
(iii) all tangible and intangible personal property of the Contributor, (iv) all cash, cash equivalents and investments of the Contributor
(the “Contributed Assets”), and (b) all agreements to which the Contributor is a party, directly or indirectly, including
without limitation, (i) all leases, licenses, tenancies, possession agreements and occupancy agreements with tenants of such Properties,
and (2) all service, equipment, franchise, operating, management, parking, supply, utility and maintenance agreements relating to any
such Properties (all such agreements and arrangements, collectively, the “Assumed Agreements”), and in each case,
free and clear of any and all Liens, subject only to the Permitted Encumbrances (as defined in Exhibit C). The contribution of
the Contributed Assets and the Assumed Agreements, if any, and the assumption of all obligations thereunder, shall be evidenced by the
Contribution and Assumption Agreement in substantially the form of Exhibit B attached hereto (the “Contribution and Assumption
Agreement”). The parties shall take such additional actions and execute such additional documentation as may be required by
each relevant Contributed Company Agreement and the Amended and Restated Agreement of Limited Partnership of the Operating Partnership
in the form of Exhibit B to this Agreement (the “OP Agreement”), or as reasonably requested by the Operating Partnership
in order to effect the transactions contemplated hereby. Additionally, the Contributor, the Operating Partnership and the Company agree
that, from and after the Closing, the Contributor shall no longer be a Member or, if applicable, a Managing Member of any Contributed
Company, and after the Closing shall have no obligations or responsibilities as a Member or Managing Member, as applicable, under any
Contributed Company Agreement.

 

Section
1.2 Assumed Liabilities. On the terms and subject to the conditions set forth in this Agreement, at the Closing, the Operating
Partnership shall assume from the Contributor and thereafter pay, perform or discharge in accordance with their terms all of Liabilities
of the Contributor, other than the Excluded Liabilities described in Section 1.3 (the “Assumed Liabilities”).

 

Section
1.3 Excluded Liabilities. The parties expressly acknowledge and agree that the Operating Partnership shall not assume or agree
to pay, perform or otherwise discharge any of the Excluded Liabilities (as defined in Exhibit C), and such Excluded Liabilities
shall not be contributed, transferred, assigned, conveyed or delivered to the Operating Partnership pursuant to this Agreement, and the
Operating Partnership shall not have any rights or obligations with respect thereto.

 

    	2

    	 

    

 

Section
1.4 Existing Loans.

 

(a)
Each Property is encumbered with certain financing reflected in the Financial Statements (as defined in Exhibit C) (each an “Existing
Loan” and collectively the “Existing Loans”). Such notes, loan agreements, deeds of trust and all other
documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications
and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing
Loan shall be considered a “Permitted Encumbrance” for purposes of this Agreement. If required under the terms of
any Existing Loan Documents, the Operating Partnership shall assume each Existing Loan at the Closing. The Contributor shall obtain any
necessary consents from the holder of each mortgage or deed of trust related to such Existing Loan (in each case, a “Lender”
and, collectively the “Lenders”) prior to Closing, and consummate the Formation Transactions subject to the Lien of
the applicable Existing Loan Documents; provided, however, that the Operating Partnership may nonetheless, at its sole discretion,
thereafter cause any Existing Loan to be refinanced or repaid after the Closing.

 

(b)
In connection with the assumption of the Existing Loans at the Closing, the Operating Partnership shall bear and be responsible for any
title costs, assumption fee, prepayment premium or defeasance cost assessed by the applicable Lender and associated with such assumption,
refinancing or payoff prior to maturity, as applicable, and any other reasonable fee, charge, legal fees, cost or expense incurred by
or on behalf of the Contributor in connection therewith (collectively, “Existing Loan Fees”), and subject to Section
3.5, shall indemnify, defend and hold harmless the Contributor and its affiliates from and against any liability under the Existing Loans
arising from and after the Closing (including by reason of the failure to have obtained any necessary consents from each applicable Lender
prior to Closing) and any Existing Loan Fees.

 

Section
1.5 Consideration and Exchange of Equity. The Operating Partnership shall, in exchange for the Contributed Assets and the assumption
of the Assumed Liabilities, issue to the Contributor the OP Units. The OP Units issued to the Contributor shall be evidenced by
certificates relating to such OP Units (the “OP Unit Certificates”).

 

Section
1.6 Tax Treatment.

 

(a)
For U.S. federal income tax purposes, any transfer, assignment and exchange by the Contributor effectuated pursuant to this Agreement
shall constitute a “Capital Contribution” by the Contributor to the Operating Partnership pursuant to applicable provisions
of the OP Agreement and is intended to be governed by Section 721(a) of the Code. All parties shall file all tax returns, reports and
information statements, and shall take all tax positions consistent with the foregoing.

 

(b)
The Contributor and the Operating Partnership agree to the intended Tax treatment described in this Section 1.6, and the Operating Partnership
and the Contributor shall file their respective Tax Returns consistent with the above-described transaction structures, unless otherwise
required by applicable law.

 

    	3

    	 

    

 

Section
1.7 Allocation of Value. The value of the OP Units shall be allocated among the Contributed Assets and Properties as agreed to
by the parties to this Agreement. The Operating Partnership and the Contributor agree to (i) be bound by the allocation, (ii) act in
accordance with the allocation in the preparation of financial statements and filing of all tax returns and in the course of any Tax
audit, Tax review or Tax litigation relating thereto and (iii) take no position and cause their affiliates that they control to take
no position inconsistent with the allocation for income tax purposes, unless otherwise required by applicable law.

 

Section
1.8 Term of Agreement. If the Closing does not occur by June 30, 2021 (the “Termination Date”), this Agreement
shall be deemed terminated and shall be of no further force and effect and neither the Operating Partnership nor the Contributor shall
have any further obligations hereunder except as specifically set forth herein.

 

ARTICLE
2.

CLOSING

 

Section
2.1 Conditions Precedent.

 

(a)
The obligations of the Operating Partnership to effect the transactions contemplated hereby shall be subject to the following conditions:

 

(i)
The representations and warranties of the Contributor contained in this Agreement shall have been true and correct in all material respects
(except for such representations and warranties that are qualified by materiality or “Material Adverse Effect” (which,
as used herein, means a material adverse effect on the assets, business, financial condition or results of operation of the applicable
party or, if applicable, a property) which representations and warranties shall have been true and correct in all respects) on the date
such representations and warranties were made and shall be true and correct in the manner described above on the Closing Date (as defined
in Section 2.2 below) as if made at and as of such date;

 

(ii)
The obligations of the Contributor contained in this Agreement shall have been duly performed on or before the Closing Date and the Contributor
shall not have breached any of its covenants contained herein in any material respect;

 

(iii)
The Contributor shall have executed and delivered to the Operating Partnership the documents required to be delivered pursuant to Sections
2.3 and 2.4 hereof;

 

(iv)
The Operating Partnership shall have received any and all consents and approvals of any Governmental Entity (as defined in Exhibit
C) or third parties (including, without limitation, any Lenders as applicable) set forth on Schedule 2.3 to the Disclosure
Schedule (as defined in Section 3.3 below) (the “Approvals”);

 

(v)
Subject to the provisions of Article 6, there shall not have occurred between the date hereof and the Closing Date any material adverse
change in any of the Contributed Assets, the assets, business, financial condition, or results of operation of the Contributed Companies
or the Properties. It is understood that no material adverse change shall occur by reason of general economic conditions or economic
conditions affecting the real estate market generally; and

 

    	4

    	 

    

 

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

 

Any
or all of the foregoing conditions may be waived by the Operating Partnership in its sole and absolute discretion.

 

(b)
The obligations of the Contributor to effect the transactions contemplated hereby shall be subject to the following conditions:

 

(i)
The representations and warranties of each of the Operating Partnership and the Company contained in this Agreement shall have been true
and correct in all material respects (except for such representations and warranties that are qualified by materiality or Material Adverse
Effect, which representations and warranties shall have been true and correct in all respects) on the date such representations and warranties
were made and shall be true and correct in the manner described above on the Closing Date as if made at and as of such date;

 

(ii)
The obligations of each of the Operating Partnership and the Company contained in this Agreement shall have been duly performed on or
before the Closing Date and neither the Operating Partnership nor the Company shall have breached any of their respective covenants contained
herein in any material respect;

 

(iii)
The Company and the Operating Partnership shall each have executed and delivered to the Contributor the documents required to be delivered
pursuant to Sections 2.3 and 2.4(a) hereof; and

 

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

 

Any
or all of the foregoing conditions may be waived by the Contributor in its sole and absolute discretion.

 

Section
2.2 Time and Place of Closing. The consummation of the transactions contemplated hereunder (the “Closing” or
“Closing Date”) shall occur on a date to be agreed by the parties, following the receipt of all required Approvals.
On the Closing Date, each of the Operating Partnership, the Company and the Contributor shall acknowledge and agree that all of the Closing
Conditions have been satisfied and waive any rights with respect to such conditions.

 

Section
2.3 Closing Deliveries. On the Closing Date, the parties shall make, execute, acknowledge and deliver, or cause to be made, executed,
acknowledged and delivered, the legal documents and other items (collectively the “Closing Documents”) to which it
is a party or for which it is otherwise responsible that are necessary to carry out the intention of this Agreement and the other transactions
contemplated to take place in connection therewith. The Closing Documents and other items to be delivered at the Closing shall include,
without limitation, the following:

 

(a)
The Contribution and Assumption Agreement in the form attached hereto as Exhibit B, as applicable;

 

    	5

    	 

    

 

(b)
The OP Agreement;

 

(c)
The OP Unit Certificates, and/or other evidence of the issuance of OP Units to the Contributor;

 

(d)
All books and records, title insurance policies, the Assumed Agreements, lease files, contracts, of the Company and each Contributed
Company (and any subsidiary of the Contributed Companies) that are in the possession of the Contributor or which can be obtained through
the Contributor’s reasonable efforts, provided that the Contributor shall have continuing access to such books and records for
purposes of any required Tax filings, Tax disputes or other legitimate purposes;

 

(e)
An affidavit from the Contributor stating, under penalty of perjury, the Contributor’s United States Taxpayer Identification Number
and that the Contributor is not a foreign person pursuant to Section 1445(b)(2) of the Code in form and substance acceptable to the Operating
Partnership;

 

(f)
Any other documents that are in the possession of the Contributor or which can be obtained through the Contributor’s reasonable
efforts which are reasonably requested by the Operating Partnership or reasonably necessary or desirable to assign, transfer, convey,
contribute and deliver the Contributed Company Interests and other Contributed Assets, and effectuate the transactions contemplated hereby;

 

(g)
The Operating Partnership and the Company, on the one hand, and the Contributor, on the other hand, shall provide to the other a certified
copy of all appropriate corporate resolutions or partnership or limited liability company actions authorizing the execution, delivery
and performance by the Operating Partnership and the Company (if so requested by the Contributor) and the Contributor (if so requested
by the Operating Partnership or the Company) of this Agreement, any related documents and the documents listed in this Section 2.3;

 

(h)
The Operating Partnership and the Company, on the one hand, and the Contributor, on the other hand, shall provide to the other a certification
regarding the accuracy in all material respects of each of their respective representations and warranties herein and in this Agreement
as of such date (except for such representations and warranties that are qualified by materiality or Material Adverse Effect, which representations
and warranties shall be certified as being accurate in all respects); and

 

(i)
Any documents reasonably required by a Lender in connection with the assumption of an Existing Loan at or prior to Closing, duly executed
by the applicable party.

 

    	6

    	 

    

 

Section
2.4 Additional Closing Deliveries. At the Closing, the parties shall make, execute, acknowledge and deliver, or cause to be made,
executed, acknowledged or delivered through the Attorney-in-Fact, the legal documents and other items (collectively the “Additional
Closing Documents”) to which it is a party or for which it is otherwise responsible that are necessary to carry out the intention
of this Agreement and the other transactions contemplated to take place in connection therewith, which Additional Closing Documents and
other items shall include, without limitation, the following, if requested by the Operating Partnership, a copy of all appropriate corporate
resolutions or partnership actions authorizing the execution, delivery and performance by the Contributor of this Agreement, any related
documents and the documents listed in this Section 2.4, certified by the secretary or another appropriate officer of the Contributor
or Contributed Company.

 

Section
2.5 Closing Costs. Without limitation on and subject to Section 1.6(b) above, the Operating Partnership shall be responsible
for (i) any and all assumption, prepayment or other fees, penalties or amounts due and payable in connection with the discharge and satisfaction
or the assumption of any Existing Loan, (ii) any costs associated with any new financing, including any application and commitment fees
or the costs of such new lender’s other requirements, (iii) any and all documentary transfer, stamp, filing, recording, conveyance,
intangible, sales and other similar Taxes incurred in connection with the transactions contemplated hereby, (iv) all escrow fees and
costs, (v) all attorneys’ and advisors’ fees, charges and disbursements of the Contributor and the Operating Partnerships
and (vi) any out-of-pocket costs or fees associated with any Approvals. All costs and expenses incident to the transactions contemplated
hereby, and not specifically described above, shall be paid by the party incurring same. The provisions of this Section 2.5 shall survive
the Closing.

 

ARTICLE
3.

REPRESENTATIONS
AND WARRANTIES AND INDEMNITIES

 

Section
3.1 Representations and Warranties with Respect to the Operating Partnership. The Operating Partnership and the Company hereby
jointly and severally represent and warrant to the Contributor with respect to the Operating Partnership that:

 

(a)
Organization; Authority. The Operating Partnership has been duly formed and is validly existing under the laws of the jurisdiction
of its formation and is and at the Closing shall be classified as a partnership, and not a publicly traded partnership taxable as a corporation,
for federal income tax purposes, and has all requisite power and authority to enter this Agreement, each agreement contemplated hereby
and to carry out the transactions contemplated hereby and thereby, and own, lease or operate its property and to carry on its business
as presently conducted, and, to the extent required under applicable law, is qualified to do business and is in good standing in each
jurisdiction in which the nature of its business or the character of its property make such qualification necessary.

 

(b)
Due Authorization. The execution, delivery and performance of this Agreement by the Operating Partnership have been duly and validly
authorized by all necessary action of the Operating Partnership. This Agreement and each agreement, document and instrument executed
and delivered by or on behalf of the Operating Partnership pursuant to this Agreement constitutes, or when executed and delivered will
constitute, the legal, valid and binding obligation of the Operating Partnership, each enforceable against the Operating Partnership
in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles.

 

    	7

    	 

    

 

(c)
Consents and Approvals. Assuming the accuracy of the representations and warranties of the Contributor hereunder, no consent,
waiver, approval or authorization of any third party or Governmental Entity is required to be obtained by the Operating Partnership in
connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except any of the
foregoing that shall have been satisfied prior to the Closing Date or the Closing, as applicable, and except for those consents, waivers
and approvals or authorizations, the failure of which to obtain would not have a Material Adverse Effect.

 

(d)
Contributed Company Matters. The OP Units, when issued and delivered in accordance with the terms of this Agreement for the consideration
described herein, will be duly and validly issued (including in compliance with applicable federal and state securities laws), and free
of any Liens other than any Liens arising through the Contributor. Upon such issuance, the Contributor will be admitted as a limited
partner of the Operating Partnership. At all times prior to the execution of this Agreement, the Operating Partnership had no material
assets, debts or liabilities of any kind.

 

(e)
Non-Contravention. Assuming the accuracy of the representations and warranties of the Contributor made hereunder, none of the
execution, delivery or performance of this Agreement, any agreement contemplated hereby and the consummation of the contribution transactions
contemplated hereby and thereby will (A) result in a default (or an event that, with notice or lapse of time or both would become a default)
or give to any third party any right of termination, cancellation, amendment or acceleration under, or result in any loss of any material
benefit, pursuant to any material agreement, document or instrument to which the Operating Partnership or any of its properties or assets
may be bound, or (B) violate or conflict with any judgment, order, decree or law applicable to the Operating Partnership or any of its
properties or assets; provided in the case of (A) and (B), unless any such default, violation or conflict would not have a Material Adverse
Effect on the Operating Partnership.

 

(f)
Solvency. Assuming the accuracy of the representations and warranties of the Contributor made hereunder, the Operating Partnership
will be solvent immediately following the transfer of the Contributed Company Interests and the other Contributed Assets to the Operating
Partnership.

 

(g)
No Litigation. There is no action, suit or proceeding pending or, to the Operating Partnership’s knowledge, threatened against
the Operating Partnership that, if adversely determined, would have a Material Adverse Effect on the ability of the Operating Partnership
to execute or deliver, or perform its obligations under, this Agreement and the documents executed by it pursuant to this Agreement or
to consummate the transactions contemplated hereby or thereby.

 

(h)
No Prior Business. Since the date of its formation, the Operating Partnership has not conducted any business, nor has it incurred
any liabilities or obligations (direct or indirect, present or contingent), in each case except in connection with the Formation Transactions
and the Direct Listing and as contemplated under this Agreement.

 

    	8

    	 

    

 

(i)
No Broker. Neither the Operating Partnership nor any of its officers, directors or employees, to the extent applicable, has employed
or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of the Contributor
or any of its respective affiliates (including any of the Contributed Companies and/or Entities, but not including, if applicable, the
Operating Partnership or the Company) to pay any finder’s fee, brokerage fees or commissions or similar payment in connection with
transactions contemplated by the Agreement.

 

Section
3.2 Representations and Warranties with Respect to the Company. The Operating Partnership and the Company hereby jointly and severally
represent and warrant to the Contributor with respect to the Company that:

 

(a)
Organization; Authority. The Company has been duly formed and is validly existing under the laws of the jurisdiction of its formation,
and has all requisite power and authority to enter into this Agreement and to own, lease or operate its property and to carry on its
business as presently conducted and, to the extent required under applicable law, is qualified to do business and is in good standing
in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary.

 

(b)
Due Authorization. The execution, delivery and performance of this Agreement by the Company have been duly and validly authorized
by all necessary action of the Company. This Agreement and each agreement, document and instrument executed and delivered by or on behalf
of the Company pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation
of the Company, each enforceable against the Company in accordance with its terms, as such enforceability may be limited by bankruptcy
or the application of equitable principles.

 

(c)
Consents and Approvals. Assuming the accuracy of the representations and warranties of the Contributor made hereunder and except
in connection with the Direct Listing, no consent, waiver, approval or authorization of any third party or Governmental Entity is required
to be obtained by the Company in connection with the execution, delivery and performance of this Agreement by the Operating Partnership
or the Company and the transactions contemplated hereby, except any of the foregoing that shall have been satisfied prior to the Closing
Date or the Closing, as applicable, and except for those consents, waivers and approvals or authorizations, the failure of which to obtain
would not have a Material Adverse Effect on the Company and the Operating Partnership, taken as a whole.

 

(d)
Non-Contravention. Assuming the accuracy of the representations and warranties of the Contributor made hereunder, none of the
execution, delivery or performance of this Agreement by the Operating Partnership or the Company, any agreement contemplated hereby and
the consummation of the contribution transactions contemplated hereby and thereby will (A) result in a default (or an event that, with
notice or lapse of time or both would become a default) or give to any third party any right of termination, cancellation, amendment
or acceleration under, or result in any loss of any material benefit, pursuant to any material agreement, document or instrument to which
the Company or any of its properties or assets may be bound or (B) violate or conflict with any judgment, order, decree, or law applicable
to the Company or any of its properties or assets; provided in the case of (A) and (B), unless any such default, violation or conflict
would not have a Material Adverse Effect on the Company and the Operating Partnership, taken as a whole.

 

    	9

    	 

    

 

(e)
REIT Status. At the effective time of the Closing, the Company shall be organized in a manner so as to qualify as a REIT.

 

(f)
Common Stock. Upon issuance thereof, the Common Stock issuable in exchange for, or in respect of a redemption of, OP Units, in
accordance with the terms of the OP Agreement, will be duly authorized, validly issued (including in compliance with applicable federal
and state securities laws), fully paid and nonassessable, and not subject to preemptive or similar rights created by statute or any agreement
to which the Company is a party or by which it is bound.

 

(g)
No Litigation. There is no action, suit or proceeding pending or, to the Company’s knowledge, threatened against the Company
that, if adversely determined, would have a Material Adverse Effect on the ability of the Company to execute or deliver, or perform its
obligations under, this Agreement and the documents executed by it pursuant to this Agreement or to consummate the transactions contemplated
hereby or thereby.

 

(h)
No Prior Business. Since the date of its formation, the Company has not conducted any business, nor has it incurred any liabilities
or obligations (direct or indirect, present or contingent), in each case except in connection with the Formation Transactions and the
Direct Listing and as contemplated under this Agreement.

 

(i)
No Broker. Neither Company nor any of its officers, directors or employees, to the extent applicable, has employed or made any
agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of the Contributor or of
its affiliates (including any of the Contributed Companies and/or Entities) to pay any finder’s fee, brokerage fees or commissions
or similar payment in connection with transactions contemplated by the Agreement.

 

Except
as set forth in Section 3.1 and this Section 3.2, neither the Operating Partnership nor the Company makes any representation or warranty
of any kind, express or implied, and the Contributor acknowledges that it has not relied upon any other such representation or warranty.

 

Section
3.3 Representations and Warranties of the Contributor. The Contributor represents and warrants to the Operating Partnership and
the Company as provided in Exhibit C attached hereto (subject to qualification by the disclosures in the disclosure schedule attached
hereto as Appendix A) (the “Disclosure Schedule”), and acknowledges and agrees to be bound by the indemnification
provisions contained therein.

 

    	10

    	 

    

 

Section
3.4 Indemnification. From and after the Closing Date and in accordance with the procedures described in Section 3.5 of Exhibit
C hereto, mutatis mutandis, the Operating Partnership and the Company jointly and severally shall indemnify, hold harmless and
defend the Contributor and its affiliates, and their respective directors, officers, managers, members, partners, shareholders, employees,
agents, advisers and representatives (each of which is an “Indemnified Contributor Party”) from and against any and
all claims, losses, damages, liabilities and expenses, including, without limitation, amounts paid in settlement, reasonable attorneys’
fees, costs of investigation, costs of investigative, judicial or administrative proceedings or appeals therefrom and costs of attachment
or similar bonds (collectively, “Losses,”) arising out of or related to, or asserted against, imposed upon or incurred
by the Indemnified Contributor Party, to the extent resulting from: (i) any breach of a representation, warranty or covenant of the Operating
Partnership or the Company contained in this Agreement or any Schedule, Exhibit, certificate or affidavit, or any other document delivered
pursuant hereto or thereto, (ii) all fees, costs and expenses of the Operating Partnership and the Company in connection with the transactions
contemplated by this Agreement, (iii) the failure of the Operating Partnership or the Company after the Closing Date to perform any obligation
required to be performed pursuant to any contract or obligation assigned to and assumed by the Operating Partnership or the Company (including
the Assumed Agreements), (iv) the Assumed Liabilities, and (v) except for the Excluded Liabilities, any and all claims concerning the
Contributed Assets, including the Properties and the Contributed Company Interests, and the Existing Loans (whether accrued or arising
out of events before or occurring after the Closing).

 

Section
3.5 Matters Excluded from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Operating Partnership
and the Company shall have no obligation under this Agreement to indemnify or hold harmless the Indemnified Contributor Parties from
(i) any Losses arising as a direct result of the willful misconduct, gross negligence, or breach of its representations, warranties or
covenants under this Agreement by any of the Indemnified Contributor Parties, or (ii) any Losses arising as a result of the Excluded
Liabilities.

 

ARTICLE
4.

COVENANTS

 

Section
4.1 Covenants of the Contributor.

 

(a)
From the date hereof through the Closing, and except in connection with the Formation Transactions, the Contributor shall not, without
the prior written consent of the Operating Partnership:

 

(i)
Sell, transfer (or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do
any of the foregoing) all or any portion of the Contributed Company Interests;

 

(ii)
Mortgage, pledge or encumber all or any portion of the Contributed Company Interests, except in connection with refinancing of any Existing
Loans undertaken in the ordinary course of business consistent with past practice; or

 

(iii)
Make any distribution to its members, except for cash distributions in the ordinary course of business consistent with past practices.

 

(b)
From the date hereof through the Closing, and except in connection with the Formation Transactions and the sale of the Designated Properties,
the Contributor shall, to the extent within its control, conduct it business and the business of the Contributed Companies in the ordinary
course of business consistent with past practice, and shall, to the extent within its control and consistent with its obligations under
the Contributed Companies’ operating agreements, not permit any Contributed Company, without the prior written consent of the Operating
Partnership, to:

 

(i)
Mortgage, pledge or encumber (other than by Permitted Encumbrances) any assets of such Contributed Company, except (A) liens for Taxes
not delinquent, (B) purchase money security interests in the ordinary course of such Contributed Company’s business, (C) mechanics’
liens being disputed by such Contributed Company in good faith and by appropriate proceeding in the ordinary course of such Contributed
Company’s business, and (D) liens incurred in connection with refinancing of any Existing Loans undertaken in the ordinary course
of business consistent with past practice.

 

    	11

    	 

    

 

(ii)
Cause or take any action that would render any of the representations or warranties regarding the Properties as set forth in Exhibit
C to be untrue in any material respect;

 

(iii)
File an entity classification election pursuant to Treasury Regulations Section 301.7701-3(c) on Internal Revenue Service Form 8832 (Contributed
Company Classification Election) to treat any Contributed Company or any subsidiary entity of a Contributed Company as an association
taxable as a corporation for federal income tax purposes; or

 

(iv)
Make any distribution to its partners or members, except for cash distributions in the ordinary course of business consistent with past
practices.

 

Section
4.2 Tax Covenants.

 

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

 

(b)
The Operating Partnership shall prepare or cause to be prepared and file or cause to be filed any Tax Returns of the Contributed Companies
or their subsidiaries which are due after the Closing Date. To the extent such returns relate to a period prior to or ending on the Closing
Date, such Tax Returns (including, for the avoidance of doubt, any amended tax returns) shall be prepared in a manner consistent with
past practice, except as otherwise required by applicable law. To the extent any such Tax Returns relate to income taxes attributable
to a period prior to or ending on the Closing Date, no later than thirty (30) days prior to the due date (including extensions) for filing
such returns, the Operating Partnership shall deliver such income Tax Returns to the Contributor for its review and approval, which approval
shall not be unreasonably conditioned or withheld. The Operating Partnership shall consider in good faith any comments from the Contributor.

 

(c)
The provisions of this Section 4.2 shall survive Closing.

 

    	12

    	 

    

 

ARTICLE
5.

AS-IS
CONTRIBUTION AND POWER OF ATTORNEY

 

Section
5.1 As-Is Contribution. EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY THE CONTRIBUTOR ON EXHIBIT C AND
IN THE DOCUMENTS EVIDENCING THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (THE “SURVIVING REPRESENTATIONS”), IT IS UNDERSTOOD
AND AGREED THAT NEITHER THE CONTRIBUTOR NOR ANY OF ITS AFFILIATES, NOR ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR CONTRACTORS HAS MADE,
AND IS NOT NOW MAKING, AND THE OPERATING PARTNERSHIP HAS NOT RELIED UPON AND WILL NOT RELY UPON (DIRECTLY OR INDIRECTLY), ANY WARRANTIES
OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, ORAL OR WRITTEN WITH RESPECT TO THE COMPANY INTERESTS, THE PROPERTIES
OR THE CONTRIBUTED ASSETS, INCLUDING WARRANTIES OR REPRESENTATIONS AS TO (I) MATTERS OF TITLE, (II) ENVIRONMENTAL MATTERS RELATING TO
ANY OF THE PROPERTIES OR ANY PORTION THEREOF, (III) GEOLOGICAL CONDITIONS, (IV) FLOODING OR DRAINAGE, (V) SOIL CONDITIONS, (VI) THE AVAILABILITY
OF ANY UTILITIES TO ANY OF THE PROPERTIES, (VII) USAGES OF ANY ADJOINING PROPERTY, (VIII) ACCESS TO ANY OF THE PROPERTIES OR ANY PORTION
THEREOF, (IX) THE VALUE, COMPLIANCE WITH THE PLANS AND SPECIFICATIONS, SIZE, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTIONS, SUITABILITY,
SEISMIC OR OTHER STRUCTURAL INTEGRITY, OPERATION, TITLE TO, OR PHYSICAL OR FINANCIAL CONDITION OF THE IMPROVEMENTS OR ANY OTHER PORTION
OF ANY OF THE PROPERTIES, (X) THE PRESENCE OF HAZARDOUS SUBSTANCES IN OR ON, UNDER OR IN THE VICINITY OF ANY OF THE PROPERTIES, (XI)
THE CONDITION OR USE OF ANY OF THE PROPERTIES OR COMPLIANCE OF ANY OF THE PROPERTIES WITH ANY OR ALL PAST, PRESENT OR FUTURE FEDERAL,
STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR LAWS, BUILDING, FIRE OR ZONING ORDINANCES, CODES OR OTHER SIMILAR LAWS, (XII) THE EXISTENCE
OR NONEXISTENCE OF UNDERGROUND STORAGE TANKS, (XIII) THE POTENTIAL FOR FURTHER DEVELOPMENT OF ANY OF THE PROPERTIES, (XIV) ZONING, OR
THE EXISTENCE OF VESTED LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING ANY OF THE PROPERTIES, (XV) THE MERCHANTABILITY OF ANY OF
THE PROPERTIES OR FITNESS OF ANY OF THE PROPERTIES FOR ANY PARTICULAR PURPOSE, (XVI) TAX CONSEQUENCES (INCLUDING THE AMOUNT, USE OR PROVISIONS
RELATING TO ANY TAX CREDITS) OR (XVII) MARKETPLACE CONDITIONS. THE OPERATING PARTNERSHIP FURTHER ACKNOWLEDGES THAT, EXCEPT FOR THE SURVIVING
REPRESENTATIONS, ANY INFORMATION OF ANY TYPE WHICH THE OPERATING PARTNERSHIP HAS RECEIVED OR MAY RECEIVE FROM THE CONTRIBUTOR OR ANY
OF ITS AFFILIATES, OR ANY OF THEIR RESPECTIVE AGENTS, EMPLOYEES OR CONTRACTORS, INCLUDING ANY ENVIRONMENTAL REPORTS AND SURVEYS, IS FURNISHED
ON THE EXPRESS CONDITION THAT THE OPERATING PARTNERSHIP SHALL NOT RELY THEREON, ALL SUCH INFORMATION BEING FURNISHED WITHOUT ANY REPRESENTATION
OR WARRANTY WHATSOEVER. THE OPERATING PARTNERSHIP REPRESENTS AND WARRANTS THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED ACQUIROR
OF REAL ESTATE AND THAT IT HAS RELIED AND SHALL RELY SOLELY ON (I) THE OPERATING PARTNERSHIP’S OWN EXPERTISE AND THAT OF ITS CONSULTANTS
IN ACQUIRING THE COMPANY INTERESTS, PROPERTIES AND CONTRIBUTED ASSETS (AS APPLICABLE), (II) THE OPERATING PARTNERSHIP’S OWN KNOWLEDGE
OF THE PROPERTIES BASED ON THE OPERATING PARTNERSHIP’S INVESTIGATIONS AND INSPECTIONS OF THE PROPERTIES AND (III) THE SURVIVING
REPRESENTATIONS. EXCEPT FOR THE SURVIVING REPRESENTATIONS, THE OPERATING PARTNERSHIP ACKNOWLEDGES THAT: (X) UPON CLOSING, THE OPERATING
PARTNERSHIP SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED
BY THE OPERATING PARTNERSHIP’S INSPECTIONS AND INVESTIGATIONS, (Y) THE OPERATING PARTNERSHIP ACKNOWLEDGES AND AGREES THAT UPON
CLOSING, THE CONTRIBUTOR SHALL CONVEY TO THE OPERATING PARTNERSHIP AND THE OPERATING PARTNERSHIP SHALL ACCEPT THE COMPANY INTERESTS,
PROPERTIES AND CONTRIBUTED ASSETS (AS APPLICABLE) “AS IS, WHERE IS,” WITH ALL FAULTS AND DEFECTS (LATENT AND APPARENT), AND
(Z) THE OPERATING PARTNERSHIP FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS WITH RESPECT
TO THE COMPANY INTERESTS, PROPERTIES AND CONTRIBUTED ASSETS (AS APPLICABLE) MADE BY THE CONTRIBUTOR, OR ANY AFFILIATE, AGENT, EMPLOYEE
OR CONTRACTOR OF THE CONTRIBUTOR.

 

    	13

    	 

    

 

THE
OPERATING PARTNERSHIP ACKNOWLEDGES AND AGREES THAT THE CONTRIBUTOR WOULD NOT HAVE AGREED TO CONTRIBUTE THE COMPANY INTERESTS, PROPERTIES
AND CONTRIBUTED ASSETS (AS APPLICABLE) TO THE OPERATING PARTNERSHIP WITHOUT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN. THE
OPERATING PARTNERSHIP ACKNOWLEDGES THAT THE OP UNITS REFLECTS THE NATURE OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT, AS LIMITED
BY THE WAIVERS AND DISCLAIMERS CONTAINED IN THIS AGREEMENT. THE OPERATING PARTNERSHIP HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS
SET FORTH IN THIS AGREEMENT WITH THE OPERATING PARTNERSHIP’S COUNSEL AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF.

 

THE
TERMS AND CONDITIONS OF THIS ARTICLE 6 SHALL EXPRESSLY SURVIVE THE CLOSING.

 

IN
RECOGNITION OF THE OPPORTUNITY AFFORDED TO THE OPERATING PARTNERSHIP TO INVESTIGATE ANY AND ALL ASPECTS OF THE COMPANY INTERESTS, PROPERTIES
AND CONTRIBUTED ASSETS AS THE OPERATING PARTNERSHIP DETERMINES TO BE APPROPRIATE, THE OPERATING PARTNERSHIP AGREES AT THE CLOSING TO
RELEASE AND WAIVE ALL CLAIMS AGAINST THE CONTRIBUTOR ASSOCIATED WITH THE PROPERTIES, AS FOLLOWS:

 

(a)
EXCEPT WITH RESPECT TO ANY BREACH OF ANY SURVIVING REPRESENTATIONS, AND THE WARRANTIES, INDEMNITIES, COVENANTS OR AGREEMENTS SET FORTH
IN THIS AGREEMENT, THE OPERATING PARTNERSHIP AND ITS SUCCESSORS AND ASSIGNS EACH HEREBY FOREVER RELEASE, DISCHARGE AND ACQUIT THE CONTRIBUTOR
OF AND FROM ANY AND ALL CLAIMS, DEMANDS, OBLIGATIONS, LIABILITIES, INDEBTEDNESS, BREACHES OF CONTRACT, BREACHES OF DUTY OR ANY RELATIONSHIP,
ACTS, OMISSIONS, MISFEASANCE, MALFEASANCE, CAUSE OF CAUSES OF ACTION, DEBTS, SUMS OF MONEY, ACCOUNTS, COMPENSATIONS, CONTRACTS, CONTROVERSIES,
PROMISES, DAMAGES, COSTS, LOSSES AND EXPENSES, OF EVERY TYPE, KIND, NATURE, DESCRIPTION OR CHARACTER, RELATING TO OR ARISING FROM THE
COMPANY INTERESTS, PROPERTIES AND CONTRIBUTED ASSETS, INCLUDING, WITHOUT LIMITATION, ANY MATTERS WHICH ARISE OUT OR RELATE TO THE PRESENCE
AT, UNDER, ON OR NEAR THE PROPERTIES OF ANY HAZARDOUS MATERIALS OR ANY HAZARDOUS, TOXIC OR RADIOACTIVE WASTES, SUBSTANCES, OR MATERIALS,
AND IRRESPECTIVE OF HOW, WHY OR BY REASON OF WHAT FACTS, WHETHER HERETOFORE, NOW EXISTING OR HEREAFTER ARISING, OR WHICH COULD, MIGHT
OR MAY BE CLAIMED TO EXIST, OF WHATEVER KIND OR NAME, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, LIQUIDATED OR UNLIQUIDATED,
INCLUDING, WITHOUT LIMITATION, ANY RIGHTS OF THE OPERATING PARTNERSHIP OR ITS SUCCESSORS OR ASSIGNS UNDER ANY ENVIRONMENTAL LAWS.

 

    	14

    	 

    

 

(b)
THE OPERATING PARTNERSHIP HEREBY AGREES, REPRESENTS AND WARRANTS THAT IT REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW UNKNOWN TO
IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSE OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES,
WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND IT FURTHER AGREES, REPRESENTS AND WARRANTS THAT THIS AGREEMENT HAS BEEN
NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT IT NEVERTHELESS HEREBY INTENDS TO RELEASE DISCHARGE AND ACQUIT THE CONTRIBUTORS
FROM ANY SUCH UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES WHICH ARE IN ANY WAY
RELATED TO THE PROPERTIES EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY IN THIS AGREEMENT.

 

Section
5.2 Grant of Power of Attorney.

 

(a)
The Contributor hereby irrevocably appoints the Operating Partnership (or its designee) and any successor thereof from time to time (such
Operating Partnership or designee or any such successor of any of them acting in his, her or its capacity as attorney-in-fact pursuant
hereto, the “Attorney-In-Fact”) as the true and lawful attorney-in-fact and agent of each of the Contributor and the
Contributed Companies, to act in the name, place and stead of each of the Contributor and the Contributed Companies to provide information
to the Securities and Exchange Commission and others about the transactions contemplated hereby (the “Power of Attorney”),
provided, that the Attorney-in-Fact may not take any such action on behalf of the Contributor unless such action is in accordance
with the terms of this Agreement, including, without limitation, Section 4.1, and the Attorney-in-Fact has given the Contributor reasonable
prior written notice for each action to be so taken by the Attorney-in-Fact. The Power of Attorney and all authority granted hereby shall
be coupled with an interest and therefore shall be irrevocable and shall not be terminated by any act of the Contributor, and if any
other such act or events shall occur before the completion of the transactions contemplated by this Agreement, the Attorney-in-Fact shall
nevertheless be authorized and directed to complete all such transactions as if such other act or events had not occurred and regardless
of notice thereof. The Contributor hereby agrees that, at the request of Operating Partnership, it will promptly execute and deliver
to the Operating Partnership a separate power of attorney on the same terms set forth in this Article 5, such execution to be witnessed
and notarized, and in recordable form (if necessary). The Contributor hereby authorizes the reliance of third parties on the Power of
Attorney.

 

(b)
The Contributor acknowledges that the Operating Partnership has, and any designee or successor thereof acting as Attorney-in-Fact may
have, an economic interest in the transactions contemplated by this Agreement. The Operating Partnership hereby acknowledges that any
information provided as Attorney-in-Fact pursuant to this Section 5.2 shall be subject to the provisions of Section 3.4.

 

Section
5.3 Ratification; Third Party Reliance. The Contributor hereby ratifies and confirms that the Attorney-in-Fact shall lawfully
do or cause to be done by virtue of the exercise of the powers granted unto it by the Contributor under this Article 5, and the Contributor
authorizes the reliance of third parties on this Power of Attorney and waives its rights, if any, as against any such third party for
its reliance hereon.

 

    	15

    	 

    

 

ARTICLE
6.

MISCELLANEOUS

 

Section
6.1 Further Assurances. The Contributor and the Operating Partnership shall take such other actions and execute such additional
documents following the Closing as the other may reasonably request in order to effect the transactions contemplated hereby.

 

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

 

Section
6.3 Governing Law. This Agreement shall be governed by the internal laws of the State of Delaware, without regard to the choice
of laws provisions thereof.

 

Section
6.4 Amendment; Waiver. Any amendment hereto shall be in writing and signed by all parties hereto. No waiver of any provisions
of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought.

 

Section
6.5 Entire Agreement. This Agreement, the exhibits and schedules hereto and the agreements referred to in Section 2.3 hereof constitute
the entire agreement and supersede conflicting provisions set forth in all other prior agreements and understandings, both written and
oral, among the parties with respect to the subject matter hereof and thereof, as the case may be. Exhibit C is incorporated in this
Agreement by reference in its entirety, such that reference to this “Agreement” shall automatically include Exhibit C,
and is subject to all of the provisions of this Article 6.

 

Section
6.6 Assignability. This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties
hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement
may not be assigned (except by operation of law) by any party without the prior written consent of the other parties, and any attempted
assignment without such consent shall be void and of no effect, except that the Operating Partnership, may assign its rights and obligations
hereunder to an affiliate.

 

Section
6.7 Titles. The titles and captions of the Articles, Sections and paragraphs of this Agreement are included for convenience of
reference only and shall have no effect on the construction or meaning of this Agreement.

 

Section
6.8 Third Party Beneficiary. Except as may be expressly provided or incorporated by reference herein, including, without limitation,
the indemnification provisions hereof, no provision of this Agreement is intended, nor shall it be interpreted, to provide or create
any third party beneficiary rights or any other rights of any kind in any customer, affiliate, stockholder, partner, member, director,
officer or employee of any party hereto or any other person or entity.

 

Section
6.9 Severability. If any provision of this Agreement, or the application thereof, is for any reason held to any extent to be invalid
or unenforceable, the remainder of this Agreement and application of such provision to other persons or circumstances will be interpreted
so as reasonably to effect the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision
of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other
purposes of the void or unenforceable provision and to execute any amendment, consent or agreement deemed necessary or desirable by the
Operating Partnership to effect such replacement.

 

    	16

    	 

    

 

Section
6.10 Reliance. Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or other advice from
the other party to this Agreement, and that it has or will consult with its own advisors.

 

Section
6.11 Survival. It is the express intention and agreement of the parties hereto that the representations, warranties and covenants
of the Contributor, the Operating Partnership and the Company set forth in this Agreement shall survive the consummation of the transactions
contemplated hereby, subject, however, to the limitations set forth in Section 3.5 of Exhibit C. The provisions of this Agreement
that contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing shall survive the
Closing and shall not be deemed to be merged into or waived by the instruments of Closing.

 

Section
6.12 Notice. Any notice to be given hereunder by any party to the other shall be given in writing by either (i) personal delivery,
(ii) registered or certified mail, postage prepaid, return receipt requested, or (iii) facsimile transmission (provided such facsimile
is followed by an original of such notice by mail or personal delivery as provided herein), and any such notice shall be deemed communicated
as of the date of delivery (including delivery by overnight courier, certified mail or facsimile). Mailed notices shall be addressed
as set forth below, but any party may change the address set forth below by written notice to other parties in accordance with this paragraph.

 

To
the Company and/or the Operating Partnership:

 

David
M. Gross, Esq.

5683
North Lincoln Ave.

Chicago
IL 60659

(574)
807-0800

 

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

 

Moishe
Gubin

5683
North Lincoln Ave.

Chicago
IL 60659

(574)
807-0800

 

To
the Contributor:

 

David
M. Gross, Esq.

5683
North Lincoln Ave.

Chicago
IL 60659

(574)
807-0800

 

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

 

Moishe
Gubin

5683
North Lincoln Ave.

Chicago
IL 60659

(574)
807-0800

 

    	17

    	 

    

 

Section
6.13 Equitable Remedies; Limitation on Damages. The parties agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly
agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereof in any federal or state court located in Delaware (as to which the parties agree to submit to jurisdiction
for the purpose of such action), this being in addition to any other remedy to which the parties are entitled under this Agreement. It
is further agreed that the Contributor shall not have any liability under or in connection with this Agreement if the Closing fails to
occur, except that if the Closing fails to occur due to the Contributor’s material breach of this Agreement, then the Operating
Partnership’s and the Company’s sole and exclusive remedy for any such default shall be to either (a) terminate this Agreement
and obtain reimbursement from the Contributor of the Operating Partnership’s and the Company’s actual out-of-pocket expenses
paid in connection with this Agreement and the transactions contemplated hereby, it being understood that in no event shall the Operating
Partnership or the Company have a right to damages (except pursuant to clause (a) above) in such event, and that in such event no party
shall have any further obligation or liability to the other hereunder, or (b) specifically enforce this Agreement (it being understood
that if the Operating Partnership and the Company proceed with the Closing then the Contributor shall not have any liability to the Operating
Partnership or the Company in respect of (and neither the Operating Partnership nor the Company shall make any claim, including a claim
for indemnification under Section 3.2 of Exhibit C, based upon) any breach, default or other matter which was known to the Operating
Partnership or the Company as of Closing).

 

Section
6.14 Dispute Resolution. The parties hereby agree that, in order to obtain prompt and expeditious resolution of any disputes under
this Agreement, each claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to the interpretation,
performance or breach of this Agreement (or any other agreement contemplated by or related to this Agreement or any other agreement between
the parties), including without limitation any claim based on contract, tort or statute, or the arbitrability of any claim hereunder
(an “Arbitrable Claim”), shall, subject to Section 8.13 above, be settled by final and binding arbitration
conducted in Chicago, Illinois. The arbitrability of any Arbitrable Claims under this Agreement shall be resolved in accordance with
a two-step dispute resolution process administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”)
involving, first, mediation before a retired judge from the JAMS panel, followed, if necessary, by final and binding arbitration before
the same, or if requested by either party, another JAMS panelist. Such dispute resolution process shall be confidential and shall be
conducted in accordance with applicable Delaware law.

 

    	18

    	 

    

 

(i)
Mediation. In the event any Arbitrable Claim is not resolved by an informal negotiation between the parties within fifteen (15)
days after either party receives written notice that a Arbitrable Claim exists, the matter shall be referred to the Chicago, Illinois
office of JAMS, or any other office agreed to by the parties, for an informal, non-binding mediation consisting of one or more conferences
between the parties in which a retired judge will seek to guide the parties to a resolution of the Arbitrable Claims. The parties shall
select a mutually acceptable neutral arbitrator from among the JAMS panel of mediators. In the event the parties cannot agree on a mediator,
the Administrator of JAMS will appoint a mediator. The mediation process shall continue until the earliest to occur of the following:
(i) the Arbitrable Claims are resolved, (ii) the mediator makes a finding that there is no possibility of resolution through mediation,
or (iii) thirty (30) days have elapsed since the Arbitrable Claim was first scheduled for mediation.

 

(ii)
Arbitration. Should any Arbitrable Claims remain after the completion of the mediation process described above, the parties agree
to submit all remaining Arbitrable Claims to final and binding arbitration administered by JAMS in accordance with the then existing
JAMS Arbitration Rules. Neither party nor the arbitrator shall disclose the existence, content, or results of any arbitration hereunder
without the prior written consent of all parties. Except as provided herein, the applicable Delaware law shall govern the interpretation,
enforcement and all proceedings pursuant to this subparagraph. The arbitrator is without jurisdiction to apply any substantive law other
than the laws selected or otherwise expressly provided in this Agreement. The arbitrator shall render an award and a written, reasoned
opinion in support thereof. Judgment upon the award may be entered in any court having jurisdiction thereof.

 

(iii)
Survivability. This dispute resolution process shall survive the termination of this Agreement. The parties expressly acknowledge
that by signing this Agreement, they are giving up their respective right to a jury trial.

 

Section
6.15 Time of Essence. Time is of the essence of this Agreement.

 

[Signature
Page Follows]

 

    	19

    	 

    

 

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

 

	 	OPERATING PARTNERSHIP:
	 	 
	 	STRAWBERRY FIELDS REALTY LP, a Delaware limited partnership
	 		
	 	By:	Strawberry Fields REIT, Inc., its general partner
	 	 	 
	 	By:	/s/ Moishe Gubin
	 	 	 
	 	Name:	Moishe Gubin
	 	 	 
	 	Title:	Chief Executive Officer
	 	 	 
	 	COMPANY:
	 	 
	 	STRAWBERRY FIELDS REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Moishe Gubin
	 	 	 
	 	Name:	Moishe Gubin
	 	 	 
	 	Title:	Chief Executive Officer
	 	 	
	 	CONTRIBUTOR:
	 	
	 	STRAWBERRY FIELDS REIT, LLC, an Illinois limited liability company
	 	 	 
	 	By:	/s/ Moishe Gubin
	 	 	 
	 	Name:	Moishe Gubin
	 	 	 
	 	Title:	Manager

 

[Signature
Page to Contribution Agreement]

 

    	 

    	 

    

 

EXHIBIT
A-1

 

CONTRIBUTED
COMPANIES AND COMPANY INTERESTS

 

Set
forth below is a list of the Contributed Companies that are subject to this Agreement.

 

326
Lindley Lane, LLC

 

552
Golf Links Road, LLC

 

2821
West Dixon Road, LLC

 

Arkansas
Loan Acquisition, LLC

 

Strawberry
Fields Management Services, LLC

 

Master
Tenant LLC

 

Master
Tenant II, LLC

 

Master
Tenant III LLC

 

LM
Master Tenant, LLC

 

Strawberry
Fields REIT, Ltd.

 

Note:
Each company is an Indiana limited liability company other than Strawberry Fields REIT, Ltd., which is a British Virgin Islands company.

 

The
Company Interests constitute all of the membership interests and shares of each of the Contributed Companies.

 

    	1

    	 

    

 

EXHIBIT
A-2

 

CONTRIBUTOR’S
PROPERTIES

 

Set
forth below is a list of the Properties that are subject to this Agreement.

 

	OWNER
    OF DEED	 	ADDRESS	 	CITY	 	STATE	 	ZIP
	1015
    Magazine Street, LLC	 	1015
    Magazine Street	 	Louisville	 	KY	 	40203
	1020
    West Vine St, LLC	 	1020
    West Vine St	 	Princeton	 	IN	 	47670
	1033
    North Highway 11, LLC	 	1033
    North Highway 11	 	Manchester	 	KY	 	40962
	107
    South Lincoln Street LLC	 	107
    South Lincoln Street	 	Smithton	 	IL	 	62285
	115
    Woodlawn Drive, LLC	 	115
    Woodlawn Drive	 	Johnson
    City	 	TN	 	37604
	1155
    Eastern Parkway, LLC	 	1155
    Eastern Parkway	 	Louisville	 	KY	 	40217
	120
    Life Care Way, LLC	 	120
    Life Care Way	 	Bardstown	 	KY	 	40004
	12803
    Lenover Street Realty, LLC	 	12803
    Lenover Street	 	Dillsboro	 	IN	 	47018
	1316
    North Tibbs Avenue Realty LLC	 	1316
    North Tibbs Avenue	 	Indianapolis	 	IN	 	46222
	1350
    North Todd St, LLC	 	1350
    North Todd St,	 	Scottsburg	 	IN	 	47170
	140
    Technology Lane, LLC	 	140
    Technology Lane	 	Johnson
    City	 	TN	 	37604
	146
    Buck Creek Road, LLC	 	146
    Buck Creek Road	 	Roan
    Mountain	 	TN	 	37687
	1513
    South Dixieland Road, LLC	 	1513
    South Dixieland Road	 	Rogers	 	AR	 	72758
	1516
    Cumberland Street, LLC	 	1516
    Cumberland Street	 	Little
    Rock	 	AR	 	72202
	1585
    Perry Worth Rd, LLC	 	1585
    Perry Worth Rd	 	Lebanon	 	IN	 	46052
	1600
    East Liberty Street Realty, LLC	 	1600
    East Liberty Street	 	Covington	 	IN	 	47932
	1601
    Hospital Dr Realty, LLC	 	1601
    Hospital Dr	 	Greencastle	 	IN	 	46135
	1621
    Coit Road Realty, LLC	 	1621
    Coit Road	 	Plano	 	TX	 	75075
	1621
    Coit Road Realty, LLC	 	1621
    Coit Road	 	Plano	 	TX	 	75075
	1623
    West Delmar Ave, LLC	 	1623
    West Delmar Ave,	 	Godfrey	 	IL	 	62035
	1712
    Leland Drive Realty, LLC	 	1712
    Leland Drive	 	Huntingburg	 	IN	 	47542
	202
    Enon Springs East, LLC	 	202
    Enon Springs East	 	Smyrna	 	TN	 	37167
	203
    Bruce Court, LLC	 	203
    Bruce Court	 	Danville	 	KY	 	40422
	203
    Bruce Court, LLC	 	203
    Bruce Court	 	Danville	 	KY	 	40422
	203
    Bruce Court, LLC	 	203
    Bruce Court	 	Danville	 	KY	 	40422
	2055
    Heritage Dr Realty, LLC	 	2055
    Heritage Dr	 	Martinsville	 	IN	 	46151
	2301
    North Oregon Realty, LLC	 	2301
    North Oregon	 	El
    Paso	 	TX	 	79902
	2301
    North Oregon Realty, LLC	 	2301
    North Oregon	 	El
    Paso	 	TX	 	79902
	2400
    Chateau Drive Realty LLC	 	2400
    Chateau Dr	 	Muncie	 	IN	 	47303
	2501
    John Ashley Drive, LLC	 	2501
    John Ashley Drive	 	Little
    Rock	 	AR	 	72114
	2501
    River Road, LLC	 	2501
    River Road	 	Ashland
    City	 	TN	 	37015
	253
    Bradington Drive, LLC	 	253
    Bradington Drive,	 	Columbia	 	IL	 	62236
	2821
    West Dixon Road, LLC	 	2821
    West Dixon Road	 	Little
    Rock	 	AR	 	72206
	308
    West Maple Avenue, LLC	 	308
    West Maple Avenue	 	Lancaster	 	KY	 	40444
	3090
    Five Points Hartford Realty, LLC	 	3090
    Five Points Hartford	 	Fowler	 	OH	 	44418
	3121
    Glanzman Rd Realty, LLC	 	3121
    Glanzman Rd	 	Toledo	 	OH	 	43614

 

    	2

    	 

    

 

	326
    Lindley Lane, LLC	 	326
    Lindley Lane	 	Newport	 	AR	 	72112
	3523
    Wickenhauser, LLC	 	3523
    Wickenhauser,	 	Alton	 	IL	 	62002
	3895
    Keystone Ave Realty, LLC	 	3895
    Keystone Ave	 	Indianapolis	 	IN	 	46227
	393
    Edwardsville Road LLC	 	393
    Edwardsville Road	 	Wood
    River	 	IL	 	62095
	405
    Rio Vista Lane Realty, LLC	 	405
    Rio Vista Lane	 	Rising
    Sun	 	IN	 	47040
	414
    Massey Avenue, LLC	 	414
    Massey Avenue	 	Mountain
    View	 	AR	 	72560
	4250
    Sodom Hutchings Road Realty, LLC	 	4250
    Sodom Hutchings Road	 	Cortland	 	OH	 	44410
	4343
    Kennedy Drive, LLC	 	4343
    Kennedy Drive	 	East
    Moline	 	IL	 	61244
	516
    West Frech St, LLC	 	516
    West Frech St,	 	Streator	 	IL	 	61364
	5301
    Wheeler Avenue, LLC	 	5301
    Wheeler Avenue	 	Fort
    Smith	 	AR	 	72901
	552
    Golf Links Road, LLC	 	552
    Golf Links Road	 	Hot
    Springs	 	AR	 	71901
	5601
    Plum Creek Drive Realty, LLC	 	5601
    Plum Creek Drive	 	Amarillo	 	TX	 	79124
	5601
    Plum Creek Drive Realty, LLC	 	5601
    Plum Creek Drive	 	Amarillo	 	TX	 	79124
	5720
    West Markham Street, LLC	 	5720
    West Markham Street	 	Little
    Rock	 	AR	 	72205
	620
    West Strub Rd Realty, LLC	 	620
    West Strub Rd	 	Sandusky	 	OH	 	44870
	704
    5th Avenue East, LLC	 	704
    5th Avenue East	 	Springfield	 	TN	 	37172
	706
    Oak Grove Street, LLC	 	706
    Oak Grove Street	 	Mountain
    View	 	AR	 	72560
	727
    North 17th St, LLC	 	727
    North 17th St,	 	Belleville	 	IL	 	62226
	8200
    National Ave Realty, LLC	 	8200
    National Ave	 	Midwest
    City	 	OK	 	73110
	8200
    National Ave Realty, LLC	 	8200
    National Ave	 	Midwest
    City	 	OK	 	73110
	826
    North Street, LLC	 	826
    North Street	 	Stamps	 	AR	 	71860
	835
    Union Street, LLC	 	835
    Union Street	 	Shelbyville	 	TN	 	37601
	8701
    Riley Drive, LLC	 	8701
    Riley Drive	 	Little
    Rock	 	AR	 	72205
	900
    Gagel Avenue, LLC	 	900
    Gagel Avenue	 	Louisville	 	KY	 	40216
	911
    South 3rd St Realty LLC	 	911
    South 3rd St	 	Niles	 	MI	 	49120
	9209
    Dollarway Road, LLC	 	9209
    Dollarway Road	 	White
    Hall	 	AR	 	71602
	9300
    Ballard Rd Realty, LLC	 	9300
    Ballard Rd	 	Des
    Plaines	 	IL	 	60016
	945
    West Russell Street, LLC	 	945
    West Russell Street	 	Elkhorn
    City	 	KY	 	41522
	950
    Cross Ave Realty, LLC	 	950
    Cross Ave	 	Madison	 	IN	 	47250
	958
    East Highway 46 Realty, LLC	 	958
    East Highway 46	 	Batesville	 	IN	 	47006
	Ambassador
    Nursing Realty, LLC	 	4900
    N. Bernard St.	 	Chicago	 	IL	 	60625
	Belhaven
    Realty, LLC	 	1114
    S. Oakley Ave	 	Chicago	 	IL	 	60643
	Continental
    Realty, LLC	 	5335
    N. Western Ave	 	Chicago	 	IL	 	60625
	Forest
    View Nursing Realty, LLC	 	535
    S. Elm St	 	Itasca	 	IL	 	60143
	Lincoln
    Park Holdings, LLC	 	735
    W. Diversey Pkwy	 	Chicago	 	IL	 	60614
	Midway
    Neurological and Rehab Realty, LLC	 	8450
    S. Harlem Ave	 	Bridgeview	 	IL	 	60455
	Momence
    Meadows Realty, LLC	 	500
    S. Walnut Ave	 	Momence	 	IL	 	60954
	Niles
    Nursing Realty, LLC	 	9777
    Greenview Ave	 	Niles	 	IL	 	60714
	Oak
    Lawn Nursing Realty, LLC	 	9525
    S. Mayfield Ave	 	Oak
    Lawn	 	IL	 	60453
	Parkshore
    Estates Nursing Realty, LLC	 	6125
    S Kenwood Ave	 	Chicago	 	IL	 	60637
	West
    Suburban Nursing Realty, LLC	 	311
    Edgewater Dr	 	Bloomingdale	 	IL	 	60108
	Westshire
    Nursing Realty, LLC	 	5825
    West Cermak Rd	 	Cicero	 	IL	 	60804

 

	OWNER
    OF LEASE	 	ADDRESS	 	CITY	 	STATE	 	ZIP
    
	Big
    H2O, LLC	 	1000
    N. 16th St	 	New
    Castle	 	IN	 	47362

 

    	3

    	 

    

 

EXHIBIT
B

 

FORM
OF CONTRIBUTION AND ASSUMPTION AGREEMENT

 

FOR
GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the undersigned (the “Contributor”)
hereby assigns, transfers, sells and conveys to Strawberry Fields Realty LP, a Delaware limited partnership (the “Operating
Partnership”), its entire legal and beneficial right, title and interest in, to and under the following (excluding, however,
any Excluded Assets):

 

	 	●	each
    Contributed Company set forth on Schedule A attached hereto, including, without limitation, all right, title and interest,
    if any, of the undersigned in and to the assets of each Contributed Company and the right to receive distributions of money, profits
    and other assets from each Contributed Company, presently existing or hereafter at any time arising or accruing, and
	 	 	 
	 	●	all
    of the other Contributed Assets and the Assumed Agreements, together with all amendments, waivers, supplements and other modifications
    of and to such agreements, contracts, licenses and other instruments through the date hereof, in each case to the fullest extent
    assignment thereof is permitted by applicable law,

 

TO
HAVE AND TO HOLD the same unto the Operating Partnership, its successors and assigns, forever.

 

Upon
the execution and delivery hereof, the Operating Partnership assumes from the Contributor all obligations in respect of the Contributed
Company Interests set forth on Schedule A attached hereto, and absolutely and unconditionally accepts the foregoing assignment
from the Contributor of each Contributed Asset and Assumed Agreement, and assumes all Assumed Liabilities (but not the Excluded Liabilities)
from the Contributor, and agrees to be bound by the terms, conditions and covenants thereof, and to perform all duties and obligations
of the Contributor thereunder from and after the date hereof. The Operating Partnership assumes no Excluded Liabilities, and the parties
thereto agree that all Excluded Liabilities shall remain the sole responsibility of the Contributor.

 

The
Contributor, for itself, its successors and assigns, hereby covenants and agrees that, at any time and from time to time after the date
hereof upon the written request of the Operating Partnership, the Contributor will, without further consideration, do, execute, acknowledge
and deliver or cause to be done, executed, acknowledged and delivered, each and all of such further acts, deeds, assignments, transfers,
conveyances and assurances as may reasonably be required by the Operating Partnership in order to assign, transfer, set over, convey,
assure and confirm unto and vest in the Operating Partnership, its successors and assigns, title to the Assumed Agreements granted, sold,
transferred, conveyed and delivered by this Agreement.

 

Capitalized
terms used herein, but not defined have the meanings ascribed to them in the Contribution Agreement, dated as of June 8, 2021, between
the Operating Partnership, the Contributor and the other parties thereto.

 

[Remainder
of page left intentionally blank.]

 

    	4

    	 

    

 

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

 

	 	CONTRIBUTOR:
	 	 
	 	STRAWBERRY
    FIELDS REIT, LLC
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	Moishe
    Gubin
	 	 	 
	 	Title:	Manager
	 	 	 
	 	OPERATING
    PARTNERSHIP:
	 	 
	 	STRAWBERRY
    FIELDS REALTY LP, a Delaware limited partnership
	 	 	 
	 	By:	Strawberry
    Fields REIT, Inc., its general partner
	 	 	 
	 	By:
    	
	 	 	 
	 	Name:	Moishe
    Gubin
	 	 	 
	 	Title:	Chief
    Executive Officer

 

    	5

    	 

    

 

EXHIBIT
C

 

REPRESENTATIONS,
WARRANTIES AND INDEMNITIES OF CONTRIBUTOR

 

ARTICLE
1. ADDITIONAL DEFINED TERMS

 

For
purposes of this Exhibit C, the following terms have the meanings set forth below. Terms which are not defined below shall have
the meaning set forth for those terms as defined in the Agreement to which this Exhibit C is attached:

 

Actions:
Means all actions, litigations, complaints, charges, accusations, investigations, petitions, suits, arbitrations, mediations or other
proceedings, whether civil or criminal, at law or in equity, or before any arbitrator or Governmental Entity.

 

Agreement:
Means the Contribution Agreement to which this Exhibit C is attached.

 

Disclosure
Schedule: Means that disclosure schedule attached as Appendix A to the Agreement.

 

Contributed
Company: Means each limited liability company or other legal entity that is directly or indirectly owned by the Contributor.

 

Designated
Properties: Means those Properties subject to that certain Purchase Agreement date July 1, 2019 between 315 South Brady Mill Road,
LLC, 120 North Tower Road, LLC, 430 South Front Street, LLC, 1900 North Park Ave, LLC, 1301 East Deyoung Street, LLC, as Sellers and
IL HC Realty, LLC, as Purchaser.

 

Excluded
Liabilities: Means any and all liabilities of the Contributor under this Agreement.

 

Financial
Statements means the financial statements of the Contributor for the year ended December 31, 2019, 2018 and 2017, and the nine months
ended September 30, 2020 and 2019.

 

Governmental
Entity: Means any governmental agency or quasi-governmental agency, bureau, board, commission, court, department, official, political
subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.

 

Indemnifying
Party: Means any party required to indemnify any other party under Section 3.2 of this Exhibit C.

 

Knowledge:
Means, with respect to the Contributor, the actual knowledge of Moishe Gubin.

 

Liens:
Means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), other charge or security
interest or any preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other
title retention agreement, and any obligations under capital leases having substantially the same economic effect as any of the foregoing).

 

    	6

    	 

    

 

Permitted
Encumbrances: Means Liens securing the Assumed Liabilities, Liens securing Taxes payable by the Contributor, zoning laws and ordinances
applicable to the Properties and Liens under any Existing Loan Documents.

 

Person:
Means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or Governmental Entity.

 

REIT
Shares: Shall have the meaning set forth in the OP Agreement.

 

Tax
or Taxes: Means any federal, state, provincial, local or foreign income, gross receipts, license, payroll, employment-related,
excise, goods and services, harmonized sales, severance, stamp, occupation, premium, windfall profits, environmental, customs duties,
capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use,
transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest,
penalty, or addition thereto, whether disputed or not.

 

Tax
Return: Means any return, declaration, report, claim for refund, or information return or statement related to Taxes, including any
schedule or attachment thereto, and including any amendment thereof.

 

ARTICLE
2. REPRESENTATIONS AND WARRANTIES OF CONTRIBUTOR

 

Except
as set forth in the Disclosure Schedule, the Contributor represents and warrants to the Operating Partnership and the Company as set
forth below in this Article 2, which representations and warranties, are true and correct as of the date hereof and will (except to the
extent expressly relating to a specified date) be true and correct as of the date of Closing:

 

Section
2.1 Organization; Authority; Qualification. The Contributor has been duly formed, and is validly existing and in good standing
under the laws of the jurisdiction of its formation. The Contributor has all requisite power and authority to enter into this Agreement,
each agreement contemplated hereby to which it is a party and to carry out the transactions contemplated hereby and thereby, and to own,
lease or operate its property and to carry on its business as presently conducted and, to the extent required under applicable law, is
qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property
make such qualification necessary, except where failure to be so qualified would not have a Material Adverse Effect. Each Contributed
Company owned by the Contributor is duly formed, validly existing and in good standing (to the extent applicable) under the laws of its
jurisdiction of formation and each such Contributed Company has the requisite power and authority to carry on its business as it is presently
conducted and, to the extent required under applicable law, is qualified to do business in each jurisdiction in which the nature of its
business or the ownership, leasing or operation of its property make such qualification necessary, except where failure to be so qualified
would not have a Material Adverse Effect.

 

Section
2.2 Due Authorization. The execution, delivery and performance of the Agreement by the Contributor has been duly and validly authorized
by all necessary action of the Contributor and its members. The Agreement and each agreement, document and instrument executed and delivered
by or on behalf of the Contributor pursuant to the Agreement constitutes, or when executed and delivered will constitute, the legal,
valid and binding obligation of the Contributor, each enforceable against the Contributor in accordance with its terms, as such enforceability
may be limited by bankruptcy or the application of equitable principles.

 

    	7

    	 

    

 

Section
2.3 Consents and Approvals. Except as shall have been satisfied prior to the Closing Date and as set forth in Schedule 2.3
to the Disclosure Schedule, as of the date hereof, no consent, waiver, approval or authorization of any third party or Governmental
Entity is required to be obtained by the Contributor or any Contributed Company owned by the Contributor in connection with the execution,
delivery and performance of the Agreement and the transactions contemplated hereby, except for those consents, waivers, approvals or
authorizations, the failure of which to obtain would not have a Material Adverse Effect.

 

Section
2.4 Ownership of the Contributed Company Interests; Contributed Assets.

 

(a)
Except for the Permitted Encumbrances, the Contributor is the sole owner of the Contributed Company Interests, beneficially and of record,
free and clear of any Liens of any nature and has full power and authority to convey the Contributed Company Interests, free and clear
of any Liens, and, upon delivery of consideration for such Contributed Company Interests as herein provided, the Operating Partnership
will acquire good title thereto, free and clear of any Liens other than any Liens arising through the Operating Partnership. There are
no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating to the Contributed Company Interests
to be contributed by the Contributor or any equity interest in any Contributed Company that will be in effect as of the Closing.

 

(b)
The Contributor or the relevant Contributed Company, as applicable, is the sole owner of the Contributed Assets, if any, and has full
power and authority to convey the Contributed Assets, if any. The applicable Contributed Company Interests, Properties, Contributed Assets
and Assumed Agreements constitute all assets, rights, interests, and property interests owned by the Contributor related to the Properties.
Except with respect to the pending sale of the Designated Properties, no person or entity holds any rights granted by the Contributor
or any affiliate thereof to purchase or otherwise acquire all or any portion of the Properties (or interest therein) that will be in
effect as of the Closing, including pursuant to any purchase agreement, option, right of first offer, right of first refusal, gift or
other agreement.

 

Section
2.5 No Violation. None of the execution, delivery or performance of the Agreement, any agreement contemplated thereby and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict
with, result in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or
other right adverse to the Operating Partnership of (A) the organizational documents, including the operating agreement, if any, of the
Contributor or any Contributed Company, (B) subject to receipt of any required consents under the Existing Loan Documents, any agreement,
document or instrument to which the Contributor is a party or by which the Contributor or any Contributed Company or the Contributed
Assets to be contributed thereby, are bound, or (C) any term or provision of any judgment, order, writ, injunction, or decree, or require
any approval, consent or waiver of, or make any filing with, any person or Governmental Entity or foreign, federal, state, local or other
law binding on the Contributor or the Contributed Companies, or by which the Contributor, Contributed Company or any of their assets
or properties (including the Contributed Assets) are bound or subject; provided in the case of (B) and (C) above, unless any such violation,
conflict, breach, default or right would not have a Material Adverse Effect.

 

    	8

    	 

    

 

Section
2.6 Non-Foreign Status. The Contributor is a United States person (as defined in Section 7701(a)(30) of the Code), and is, therefore,
not subject to the provisions of the Code relating to the withholding of sales proceeds to foreign persons. The Contributor will provide
an affidavit at the Closing to this effect as provided for in Section 2.3(e) of the Agreement.

 

Section
2.7 Investment Purposes. The Contributor acknowledges its understanding that the offering and issuance of OP Units to be acquired
by it pursuant to the Agreement are intended to be exempt from registration under the Securities Act of 1933, as amended and the rules
and regulations in effect thereunder (the “Act”) and that the Operating Partnership’s reliance on such exemption
is predicated in part on the accuracy and completeness of the representations and warranties of the Contributor contained herein. In
furtherance thereof, the Contributor represents and warrants to the Company and the Operating Partnership as follows:

 

(a)
Investment. The Contributor is acquiring OP Units solely for its own account for the purpose of investment and not as a nominee
or agent for any other person and not with a view to, or for offer or sale in connection with, any distribution of any thereof, other
than the distribution of the OP Units to its members. The Contributor agrees and acknowledges that it will not, directly or indirectly,
offer, transfer, sell, assign, pledge, hypothecate or otherwise dispose of (hereinafter, “Transfer”) any of the OP
Units, unless (i) the Transfer is pursuant to an effective registration statement under the Act and qualification or other compliance
under applicable blue sky or state securities laws, (ii) counsel for the Contributor shall have furnished the Operating Partnership with
an opinion, reasonably satisfactory in form and substance to the Operating Partnership, to the effect that no such registration is required
because of the availability of an exemption from registration under the Act, (iii) the Transfer is otherwise permitted by the OP Agreement
or (iv) the pledge or hypothecation is to secure a bona fide loan made by a third party and any hedging transactions entered into
in connection therewith. The term “Transfer” shall not include any redemption or exchange of the OP Units for REIT Shares
pursuant to the terms of the OP Agreement. Notwithstanding the foregoing, no Transfer shall be made unless it is permitted under the
OP Agreement.

 

(b)
Holding Period. The Contributor acknowledges that it has been advised that, (i) the OP Units issued pursuant to the Agreement,
and any REIT Shares issued in exchange for, or in respect of a redemption of, any OP Units are “restricted securities” (unless
registered in accordance with applicable U.S. securities laws) under applicable federal securities laws and may be disposed of only pursuant
to an effective registration statement or an exemption therefrom and the Contributor understands that the Operating Partnership has no
obligation or intention to register any OP Units, except to the extent set forth in the OP Agreement; accordingly, the Contributor may
have to bear indefinitely, the economic risks of an investment in such OP Units, (ii) a restrictive legend in the form hereafter set
forth shall be placed on the OP Unit Certificates (and any certificates representing REIT Shares for which OP Units may, in certain circumstances,
be exchanged or redeemed), and (iii) a notation shall be made in the appropriate records of the Operating Partnership and the Company
indicating that the OP Units (and any REIT Shares for which OP Units may, in certain circumstances, be exchanged or redeemed) are subject
to restrictions on transfer.

 

    	9

    	 

    

 

(c)
Accredited Investor. The Contributor and each of its equity owners is an “accredited investor” (as such term is defined
in Rule 501(a) of Regulation D under the Act).

 

(d)
Legend. Each OP Unit Certificate, if any, issued pursuant to the Agreement (and any certificates representing REIT Shares for
which OP Units may, in certain circumstances, be exchanged or redeemed), unless registered in accordance with applicable U.S. securities
laws, shall bear the following legend:

 

The
securities evidenced hereby have not been registered under the Securities Act of 1933, as amended (the “Act”), or the securities
laws of any state and may not be sold, transferred or otherwise disposed of in the absence of such registration, unless, except in limited
circumstances, the transferor delivers to the company an opinion of counsel satisfactory to the company, to the effect that the proposed
sale, transfer or other disposition may be effected without registration under the Act and under applicable state securities or “Blue
Sky” laws;

 

In
addition to the foregoing legend, each certificate (if any) representing REIT Shares for which the OP Units may, in certain circumstances,
be exchanged or redeemed shall also bear a legend which generally provides the following:

 

The
shares represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer for the purpose,
among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code
of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s
Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Common Stock in excess of 9.8% (in value
or number of shares) of the outstanding shares of Common Stock of the Corporation unless such Person; (ii) no Person may Beneficially
or Constructively Own shares of Capital Stock of the Corporation in excess of 9.8% of the value of the total outstanding shares of Capital
Stock of the Corporation; (iii) no Person may Beneficially or Constructively Own Capital Stock that would result in the Corporation being
“closely held” under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT; (iv) no
Person may Constructively Own Capital Stock if such Constructive Ownership would cause any income of the Corporation to fail to qualify
as “rents from real property” within the meaning of Section 856(d) of the Code if it otherwise would qualify as such, and
(v) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned
by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or attempts to Beneficially or Constructively Own shares
of Capital Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation
of the above limitations must immediately notify the Corporation. If any of the restrictions on transfer or ownership set forth in (i)
through (iv) above are violated, the shares of Capital Stock represented hereby will be automatically transferred to a Trustee of a Trust
for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may take other actions, including redeeming shares
upon the terms and conditions specified by the Board of Directors in its sole and absolute discretion if the Board of Directors determines
that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, upon the occurrence of certain
events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this
legend have the meanings defined in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including
the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without
charge. Requests for such a copy may be directed to the Secretary of the Corporation at its Principal Office.

 

    	10

    	 

    

 

Section
2.8 No Brokers. Neither the Contributor nor any of its officers, directors or employees, to the extent applicable, has employed
or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of the Company,
the Operating Partnership or any of their affiliates (including any of the Contributed Companies and/or Entities) to pay any finder’s
fee, brokerage fees or commissions or similar payment in connection with the transactions contemplated by the Agreement.

 

Section
2.9 Solvency. Assuming the accuracy of the Company’s and the Operating Partnership’s representations and warranties,
the Contributor will be solvent immediately following the transfer of its Properties, Contributed Company Interests (if applicable) and
the Contributed Assets to the Operating Partnership.

 

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

 

Section
2.11 Financial Statements. The Contributor has delivered to the Operating Partnership audited financial statement for the years
ended December 31, 2019 and 2020, and unaudited financial statements for the three months ended March 31, 2021 (the “Financial
Statements. The Financial Statements (i) fairly present in all material respects the financial condition and the results of operations,
changes in shareholders’ or members’ equity, and cash flows of the applicable entities as at the respective dates of, and
for the periods referred to in, the Financial Statements, and (ii) were prepared in accordance with GAAP and reflect the consistent application
of GAAP throughout the periods involved, subject, in the case of the unaudited Financial Statements, to normal recurring year-end adjustments
(the effect of which will not, individually or in the aggregate, be material).

 

    	11

    	 

    

 

ARTICLE
3. INDEMNIFICATION

 

Section
3.1 Survival of Representations and Warranties; Remedy For Breach.

 

(a)
Subject to the limitation period set forth in Section 3.5 of this Exhibit C, all representations and warranties contained
in this Exhibit C (as qualified by the Disclosure Schedule) or in any Schedule, Exhibit, certificate or affidavit delivered pursuant
to the Agreement shall survive the Closing.

 

(b)
Notwithstanding anything to the contrary in the Agreement or this Exhibit C, following the Closing and issuance of OP Units to
the Contributor, the Contributor shall not be liable under this Exhibit C or the Agreement for monetary damages (or otherwise) for breach
of any of its representations, warranties, covenants and obligations contained in this Exhibit C or the Agreement or in any Schedule,
Exhibit, certificate or affidavit delivered by it pursuant thereto, other than pursuant to the succeeding provisions of this Article
3, which shall be the sole and exclusive remedy with respect thereto. In furtherance of the foregoing provision relating to exclusive
remedy, each of the Operating Partnership and the Company hereby expressly waives any rights or claims it may have to pursue any remedy
against the Contributor or any of its affiliates following the Closing and payment of cash and issuance of OP Units to the Contributor,
whether under statute or common law, including, without limitation, any rights arising under any environmental law, other than as provided
in this Article 3. In no event shall the constituent members, partners, employees, officers, directors, managers, advisers, agents
or representatives of the Contributor, or of any Contributed Company other than the Contributor, be liable for monetary damages (or otherwise)
for any breach of any of the representations, warranties, covenants and obligations contained in this Exhibit C or the Agreement or in
any Schedule, Exhibit, certificate or affidavit delivered by the Contributor or Contributed Company pursuant thereto.

 

Section
3.2 General Indemnification.

 

(a)
Subject to Section 3.4, from and after the Closing Date, the Contributor shall indemnify, hold harmless and defend the Operating
Partnership and the Company (each of which is an “Indemnified Party”) from and against any and all Losses asserted
against, imposed upon or incurred by the Indemnified Party, to the extent resulting from any breach of a representation, warranty or
covenant of the Contributor contained in the Agreement (as qualified by all items set forth in the Disclosure Schedule and including,
without limitation, this Exhibit C), or in any Schedule, Exhibit, certificate or affidavit delivered by the Contributor pursuant
thereto. In each case, the Contributor shall only bear the fees, costs or expenses in connection with the employment of one counsel (regardless
of the number of Indemnified Parties).

 

(b)
With respect to any claim of an Indemnified Party pursuant to this Section 3.2, to the extent available, the Operating Partnership agrees
to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense under any
insurance policy which covers the matter which is the subject of the indemnification prior to seeking indemnification from the Contributor
until all proceeds and benefits, if any, to which the Operating Partnership or the Indemnified Party is entitled pursuant to such insurance
policy have been exhausted.

 

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Section
3.3 Notice and Defense of Claims. As soon as reasonably practicable after receipt by the Indemnified Party of notice of any liability
or claim incurred by or asserted against the Indemnified Party that is subject to indemnification under this Article 3, the Indemnified
Party shall give notice thereof to the Contributor, including liabilities or claims to be applied against the indemnification deductible
established pursuant to Section 3.4 hereof; provided that failure to give notice to the Contributor will not relieve the Contributor
from any liability which it may have to any Indemnified Party, unless, and only to the extent that, such failure (a) shall have caused
prejudice to the defense of such claim or (b) shall have materially increased the costs or potential liability of the Contributor by
reason of the inability or failure of the Contributor (due to such lack of prompt notice) to be involved in any investigations or negotiations
regarding any such claim. Such notice shall describe in reasonable detail the facts known to such Indemnified Party giving rise to such
claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by law, such Indemnified Party
shall deliver to the Contributor, promptly after such Indemnified Party’s receipt thereof, copies of all notices and documents
received by such Indemnified Party relating to such claim. The Indemnified Party shall permit the Contributor, at its own option and
expense, to assume the defense of any such claim by counsel selected by the Contributor and reasonably satisfactory to the Indemnified
Party, and to settle or otherwise dispose of the same; provided, however, that the Indemnified Party may at all times participate in
such defense at its sole expense; and provided further, however, that the Contributor shall not, in defense of any such
claim, except with the prior written consent of the Indemnified Party in its sole and absolute discretion, consent to the entry of any
judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff
in question to all Indemnified Parties a release of all liabilities in respect of such claims, or that does not result only in the payment
of money damages which are paid (or deemed paid) in full by the Contributor. If the Contributor has not undertaken such defense within
30 days after such notice, or within such shorter time as may be reasonable under the circumstances to the extent required by applicable
law, then the Indemnified Party shall have the right to undertake the defense, compromise or settlement of such liability or claim on
behalf of and for the account of the Contributor and at the Contributor’s sole cost and expense (subject to the limitations in
Section 3.4); provided, however, that the Contributor will be not obligated to indemnify the Indemnified Parties for any compromise or
settlement entered into without the Contributor’s prior written consent, which consent shall not be unreasonably withheld or delayed.

 

Section
3.4 Limitations on Indemnification Under Section 3.2(a).

 

(a)
The Contributor shall not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Parties
from the Contributor under Section 3.2(a) exceeds one percent (1%) of the value of the aggregate OP Units (based on an assumed value
of $10.00 per OP Unit), and then only to the extent of such excess.

 

(b)
Notwithstanding anything contained herein to the contrary, the maximum aggregate liability of the Contributor under Section 3.2(a) hereof
shall not exceed five percent (5%) of the value of the aggregate OP Units. Notwithstanding anything contained herein to the contrary,
before taking recourse against any assets of the Contributor and subject to the limitations set forth in the following sentence, the
Indemnified Parties shall look, first to available insurance proceeds (including without limitation any title insurance proceeds, if
applicable) pursuant to Section 3.2(b) above, and then to the Contributor’s OP Units, for indemnification under this Article 3,
(and agree to treat any return of OP Units as an adjustment to the consideration delivered to the Contributor pursuant to the Formation
Transactions). Following the Closing and the issuance of OP Units to the Contributor, no Indemnified Party shall have recourse to any
assets of the Contributor other than the OP Units, and to the extent applicable, any relevant insurance policies. Notwithstanding anything
to the contrary in this Agreement, the Contributor shall not be liable to the Indemnified Parties for any indirect, special or consequential
damages, loss of profits, loss of value or other similar speculative damages asserted or claimed by the Indemnified Parties.

 

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(c)
The limitations in this Section 3.4 shall not apply to any obligations of the Contributor under Sections 2.5 of the Agreement.

 

Section
3.5 Limitation Period.

 

(a)
Notwithstanding the foregoing, any claim for indemnification under Section 3.2 hereof must be asserted in writing by the Indemnified
Party, stating the nature of the Losses and the basis for indemnification therefor on or prior to the date which is twelve (12) months
following the Closing.

 

(b)
Subject to Section 3.5(a), if asserted in writing on or prior to the date which is twelve (12) months following the Closing, any claims
for indemnification pursuant to Section 3.2 shall survive until resolved by mutual agreement between the Contributor and the Indemnified
Party of the Agreement, and any claim for indemnification pursuant to Section 3.2 not so asserted in writing on or prior to the date
which is twelve (12) months following the Closing shall not thereafter be asserted and shall forever be waived.

 

ARTICLE
4. QUALIFICATION

 

Except
for the Surviving Representations, and the covenants, obligations and indemnities set forth herein, the Operating Partnership acknowledges
that its acquisition of the Contributed Company Interests, the Properties and the Contributed Assets from the Contributor is an “AS
IS” transaction as further described in Article 4 of the Agreement.

 

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APPENDIX
A

 

DISCLOSURE
SCHEDULE

 

Schedule
2.3 – Required Consents.

 

1.
Consents of Lenders under the Existing Loans.

 

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