Document:

exv10w4

 

EXHIBIT 10.4

Form of Affiliate Letter

Camden Property Trust

Three Greenway Plaza

Suite 1300

Houston, TX 77046

Ladies and Gentlemen:

     I have been advised that as of the date hereof, I may be deemed to be an
“affiliate” of Summit Properties Inc., a Maryland corporation (the “Seller”),
as the term “affiliate” is defined for purposes of paragraphs (c) and (d) of
Rule 145 of the Rules and Regulations (the “Rules and Regulations”) promulgated
by the Securities and Exchange Commission (the “Commission”) under the
Securities Act of 1933, as amended (the “Act”). I have been further advised
that pursuant to the terms of the Agreement and Plan of Merger dated as of
October    , 2004 (the “Merger Agreement”), by and among Camden Property Trust,
a Texas real estate investment trust (the “Buyer”), Camden Summit, Inc.
(formerly Camden Sparks, Inc.), a Delaware corporation and a wholly owned
subsidiary of the Buyer (“MergerCo”), and the Seller, pursuant to which Seller
will merge with and into the MergerCo (the “Merger”) and, that as a result of
the Merger, I may receive Parent Common Shares (as defined in the Merger
Agreement) in exchange for shares of Company Common Stock (as defined in the
Merger Agreement) owned by me.

     Accordingly, I hereby represent, warrant and covenant to the Buyer that
with respect to the Parent Common Shares I receive as a result of the Merger:

	 	A.	 	I shall not make any sale, transfer or other disposition of
the Parent Common Shares in violation of the Act or the Rules and
Regulations.
	 
	 	B.	 	I have carefully read this letter and the Merger Agreement
and discussed its requirements and other applicable limitations upon
my ability to sell, transfer or otherwise dispose of Parent Common
Shares to the extent I believe necessary with my counsel or counsel
for the Seller.
	 
	 	C.	 	I have been advised that the issuance of Parent Common Shares
to me pursuant to the Merger will be registered with the Commission
under the Act pursuant to a Registration Statement on Form S-4.
However, I have also been advised that, since at the time the Merger
will be submitted for a vote of the stockholders of the Seller, I
may be deemed to have been an affiliate of the Seller and the resale
by me of the Parent Common Shares has not been registered under the
Act, I may not sell, transfer or otherwise dispose of Parent Common
Shares issued to me in the Merger unless (i) such sale, transfer or
other disposition has been registered under the Act, (ii) such sale,
transfer or other disposition is made in conformity with the

 

 

	 	 	 	volume and other limitations of Rule 145 promulgated by the
Commission under the Act, or (iii) in the opinion of counsel
reasonably acceptable to the Buyer and its counsel, such sale,
transfer or other disposition is otherwise exempt from registration
under the Act.
	 
	 	D.	 	I understand that the Buyer is under no obligation to
register the sale, transfer or other disposition of the Parent
Common Shares received in the Merger by me or on my behalf under the
Act or to take any other action necessary in order to make
compliance with an exemption from such registration available, other
than as set forth herein.
	 
	 	E.	 	I also understand that stop transfer instructions will be
given to the Buyer’s transfer agent(s) with respect to the Parent
Common Shares issued to me and that there will be placed on the
certificates of the Parent Common Shares issued to me, or any
substitutions therefor, a legend in substantially the following
form:

	 	 	 	“The securities represented by this certificate have
been issued in a transaction to which Rule 145
promulgated under the Securities Act of 1933 applies
and may only be sold or otherwise transferred in
compliance with the requirements of Rule 145 or
pursuant to a registration statement under said act or
an exemption from such registration.”

	 	F.	 	I also understand that unless the transfer by me of my Parent
Common Shares has been registered under the Act or is a sale made in
conformity with the provisions of Rule 145, Buyer reserves the right
to place a legend on the certificates issued to my transferee in
substantially the following form:

	 	 	 	“The shares represented by this certificate have not
been registered under the Securities Act of 1933 and
were acquired from a person who received such shares
in a transaction to which Rule 145 promulgated under
the Securities Act of 1933 applies. The shares have
been acquired by the holder not with a view to, or for
resale in connection with, any distribution thereof
within the meaning of Securities Act of 1933 and may
not be sold, pledged or otherwise transferred except
in accordance with an exemption from the registration
requirements of the Securities Act of 1933.”

     It is understood and agreed that the legends set forth in paragraphs (E)
and (F) above shall be removed by delivery of substitute certificates without
such legend and the related stop transfer restrictions may be lifted forthwith,
if (i) any such shares of Parent Common Shares shall have been registered under
the Act for sale, transfer or other disposition by me or on my behalf, or (ii)
any such shares of the Parent Common Shares are eligible to be sold in
accordance with the provisions of paragraph (d) of Rule 145 promulgated under
the Act, or (iii) the Buyer shall have received a letter from the staff of the
Commission, or an opinion of counsel reasonably acceptable to the Buyer, to the
effect that the stock transfer restrictions and the legend are not required.

2

 

     I have set forth below the exact number of shares of Company Common Stock
which I own of record only, beneficially only and of record and beneficially.
My ownership of the shares of Company Common Stock indicated is free and clear
of any security interest, lien, encumbrance, charge, equity, claim or
restriction whatsoever, except as set forth below and as may be imposed by
reason of the Act of the Rules and Regulations thereunder.

     I understand that the Buyer will file the reports required to be filed by
it under the Securities Exchange Act of 1934, as amended, and the rules and
regulations adopted by the Commission thereunder, and will take such further
action as I may reasonably request, to the extent required from time to time to
enable me to sell shares received by me in the Merger without registration
under the Act pursuant to (a) Rule 145(d)(1) or (b) any successor rule or
regulation hereafter adopted by the Commission.

     Execution of this letter should not be considered an admission on my part
that I am an “affiliate” of Seller as described in the first paragraph of this
letter or as a waiver of any rights I may have to object to any claim that I am
such an affiliate on or after the date of this letter.

	 	 	 
	

	 	Very truly yours,
	 
	 	 
	

	 	

	

	 	Name:
	Date:
	 	 
	

	 	 
	

	 	 
	

	 	Company Common Stock Owned
	

	 	 
	

	 	Of Record:
	

	 	

	

	 	 
	

	 	Beneficially:
	

	 	

	

	 	 
	

	 	Beneficially and of Record:
	

	 	

	

	 	 
	Accepted this       day of
	 	 
	                                      , 200     by
	 	 

CAMDEN PROPERTY TRUST

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	

	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 

3<PAGE>

                                                                    EXHIBIT 10.5

                  FORM OF SECOND AMENDED AND RESTATED AGREEMENT

                                       OF

                               LIMITED PARTNERSHIP

                                       OF

                         CAMDEN SUMMIT PARTNERSHIP, L.P.

                              ______________, 2005

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   Page
                                                                                                                   ----
<S>                                                                                                                <C>
ARTICLE 1             DEFINED TERMS............................................................................      1

ARTICLE 2             ORGANIZATIONAL MATTERS...................................................................     12
     Section 2.1      Formation................................................................................     12
     Section 2.2      Name.....................................................................................     12
     Section 2.3      Registered Office and Agent; Principal Office............................................     13
     Section 2.4      Power of Attorney........................................................................     13
     Section 2.5      Term.....................................................................................     14

ARTICLE 3             PURPOSE..................................................................................     14
     Section 3.1      Purpose and Business.....................................................................     14
     Section 3.2      Powers...................................................................................     15

ARTICLE 4             CAPITAL CONTRIBUTIONS....................................................................     15
     Section 4.1      Capital Contributions of the Partners....................................................     15
     Section 4.2      Issuances of Additional Partnership Interests............................................     16
     Section 4.3      Preemptive Rights........................................................................     17

ARTICLE 5             DISTRIBUTIONS............................................................................     17
     Section 5.1      Requirement and Characterization of Distributions........................................     17
     Section 5.2      Amounts Withheld.........................................................................     18
     Section 5.3      Distributions Upon Liquidation...........................................................     18

ARTICLE 6             ALLOCATIONS..............................................................................     18
     Section 6.1      Allocations For Capital Account Purposes.................................................     18
     Section 6.2      Substantial Economic Effect..............................................................     21

ARTICLE 7             MANAGEMENT AND OPERATIONS OF BUSINESS....................................................     21
     Section 7.1      Management...............................................................................     21
     Section 7.2      Certificate of Limited Partnership.......................................................     24
     Section 7.3      Restrictions on General Partner Authority................................................     25
     Section 7.4      Reimbursement of the General Partner and the Company.....................................     26
     Section 7.5      Outside Activities of the General Partner................................................     26
     Section 7.6      Contracts with Affiliates................................................................     27
     Section 7.7      Indemnification..........................................................................     27
     Section 7.8      Liability of the General Partner.........................................................     29
     Section 7.9      Other Matters Concerning the General Partner.............................................     30
     Section 7.10     Title to Partnership Assets..............................................................     30
     Section 7.11     Reliance by Third Parties................................................................     31

ARTICLE 8             RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS...............................................     31
     Section 8.1      Limitation of Liability..................................................................     31
     Section 8.2      Management of Business...................................................................     31
     Section 8.3      Outside Activities of Limited Partners...................................................     31
     Section 8.4      Return of Capital........................................................................     32
     Section 8.5      Rights of Limited Partners Relating to the Partnership...................................     32
     Section 8.6      Redemption Right.........................................................................     33
</TABLE>

                                       -i-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                                 <C>
ARTICLE 9             BOOKS, RECORDS, ACCOUNTING AND REPORTS...................................................     35
     Section 9.1      Records and Accounting...................................................................     35
     Section 9.2      Fiscal Year..............................................................................     35
     Section 9.3      Reports..................................................................................     35

ARTICLE 10            TAX MATTERS..............................................................................     36
     Section 10.1     Preparation of Tax Returns...............................................................     36
     Section 10.2     Tax Elections............................................................................     36
     Section 10.3     Tax Matters Partner......................................................................     36
     Section 10.4     Organizational Expenses..................................................................     38
     Section 10.5     Withholding..............................................................................     38

ARTICLE 11            TRANSFERS AND WITHDRAWALS................................................................     39
     Section 11.1     Transfer.................................................................................     39
     Section 11.2     Transfer of General Partner Interest and Limited Partner Interest........................     39
     Section 11.3     Limited Partners' Rights to Transfer.....................................................     40
     Section 11.4     Substituted Limited Partners.............................................................     40
     Section 11.5     Assignees................................................................................     41
     Section 11.6     General Provisions.......................................................................     41

ARTICLE 12            ADMISSION OF PARTNERS....................................................................     42
     Section 12.1     Admission of Successor General Partner...................................................     42
     Section 12.2     Admission of Additional Limited Partners.................................................     42
     Section 12.3     Amendment of Agreement and Certificate of Limited Partnership............................     43

ARTICLE 13            DISSOLUTION, LIQUIDATION AND TERMINATION.................................................     43
     Section 13.1     Dissolution..............................................................................     43
     Section 13.2     Winding Up...............................................................................     44
     Section 13.3     Compliance with Timing Requirements of Regulations.......................................     45
     Section 13.4     Deemed Distribution and Recontribution...................................................     46
     Section 13.5     Rights of Limited Partners...............................................................     46
     Section 13.6     Notice of Dissolution....................................................................     46
     Section 13.7     Termination of Partnership and Cancellation of Certificate of Limited Partnership........     46
     Section 13.8     Reasonable Time for Winding-Up...........................................................     47
     Section 13.9     Waiver of Partition......................................................................     47

ARTICLE 14            AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS.............................................     47
     Section 14.1     Amendments...............................................................................     47
     Section 14.2     Meetings of the Partners.................................................................     48

ARTICLE 15            GENERAL PROVISIONS.......................................................................     49
     Section 15.1     Addresses and Notice.....................................................................     49
     Section 15.2     Titles and Captions......................................................................     49
     Section 15.3     Pronouns and Plurals.....................................................................     50
     Section 15.4     Further Action...........................................................................     50
     Section 15.5     Binding Effect...........................................................................     50
     Section 15.6     Creditors................................................................................     50
     Section 15.7     Waiver...................................................................................     50
</TABLE>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                                 <C>
     Section 15.8     Counterparts.............................................................................     50
     Section 15.9     Applicable Law...........................................................................     50
     Section 15.10    Invalidity of Provisions.................................................................     50
     Section 15.11    Entire Agreement.........................................................................     51
     Section 15.12    {Intentionally Omitted}..................................................................     51

ARTICLE 16            CONSOLIDATION, MERGER OR SALE OF ASSETS OF THE COMPANY...................................     51
     Section 16.1     Triggering Events........................................................................     51
     Section 16.2     From and After the Occurrence of a Triggering Event......................................     52
     Section 16.3     Additional Issuer Covenants..............................................................     57
     Section 16.4     Application to Later Transactions........................................................     58
     Section 16.5     Waivers and Amendments...................................................................     58
</TABLE>

EXHIBITS
Exhibit A        Partners Contributions and Partnership Interests
Exhibit B        Capital Account Maintenance
Exhibit C        Special Allocation Rules
Exhibit D        Notice of Redemption

SCHEDULES
Schedule 1       Agreed Value of Contributed Properties
Schedule 2       704(c) Value of Contributed Properties
Schedule 3       Capital Contributions of Partners

                                      -iii-
<PAGE>

                  FORM OF SECOND AMENDED AND RESTATED AGREEMENT
                                       OF
                               LIMITED PARTNERSHIP
                                       OF
                         CAMDEN SUMMIT PARTNERSHIP, L.P.

         THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
CAMDEN SUMMIT PARTNERSHIP, L.P. (this "Agreement"), dated as of ______________,
2005, is entered into by and among Camden Summit, Inc. (formerly Camden Sparks,
Inc.), a Delaware corporation (the "General Partner") and the Persons whose
names are set forth on Exhibit A as attached hereto (such Persons other than the
General Partner, Camden Property Trust and any Affiliates thereof are
collectively referred to herein as the "Summit Limited Partners").

         WHEREAS, the Partnership was formed by (i) filing the Certificate and
(ii) certain of the Summit Limited Partners and Summit Properties Inc. (the
"Original General Partner") entering into an Agreement of Limited Partnership,
dated as of January 29, 1994 (the "Original Agreement");

         WHEREAS, upon the Effective Date the Original General Partner has
merged with and into the General Partner (the "Merger"); and

         WHEREAS, in accordance with Article 14 of the Original Agreement, the
General Partner and the Summit Limited Partners desire to amend and restate the
Agreement to make certain changes herein in connection with the Merger and
related transactions.

NOW THEREFORE, in accordance with the provisions of Section 2.4 of the Original
Agreement, the Original Agreement is hereby amended and restated in its entirety
as follows.

                                    ARTICLE 1
                                  DEFINED TERMS

         The following definitions shall be for all purposes, unless otherwise
clearly indicated to the contrary, applied to the terms used in this Agreement.

         "Act" means the Delaware Revised Uniform Limited Partnership Act, as it
may be amended from time to time, and any successor to such statute.

         "Additional Limited Partner" means a Person admitted to the Partnership
as a Limited Partner pursuant to Section 4.2 hereof and who is shown as such on
the books and records of the Partnership.

         "Adjusted Capital Account" means the Capital Account maintained for
each Partner as of the end of each Partnership taxable year (i) increased by any
amounts which such Partner is obligated to restore pursuant to any provision of
this Agreement or is deemed to be obligated to restore pursuant to the
penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5);
and (ii) decreased by the items described in Regulations Sections
1.704-1(b)(2)(ii)(d)(4),

<PAGE>

1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition
of Adjusted Capital Account is intended to comply with the provisions of
Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

         "Adjusted Capital Account Deficit" means, with respect to any Partner,
the deficit balance, if any, in such Partner's Adjusted Capital Account as of
the end of the relevant Partnership taxable year.

         "Adjusted Property" means any property, the Carrying Value of which has
been adjusted pursuant to Exhibit B hereof. Upon the Effective Date, the
Carrying Value of all of the properties owned by the Partnership shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss
pursuant to Exhibit B hereof.

         "Affiliate" means, with respect to any Person, (i) any Person directly
or indirectly controlling, controlled by or under common control with such
Person; (ii) any Person owning or controlling ten percent (10%) or more of the
outstanding voting interests of such Person; (iii) any Person of which such
Person owns or controls ten percent (10%) or more of the voting interests; or
(iv) any officer, director, general partner or trustee of such Person or of any
Person referred to in clauses (i), (ii), and (iii) above.

         "Agreed Value" means (i) in the case of any Contributed Property
contributed to the Partnership prior to the Effective Date, the Agreed Value of
such property as set forth on Schedule 1 attached hereto; (ii) in the case of
any Contributed Property contributed to the Partnership upon or after the
Effective Date and as of the time of its contribution to the Partnership, the
704(c) Value of such property, reduced by any liabilities either assumed by the
Partnership upon such contribution or to which such property is subject when
contributed; and (iii) in the case of any property distributed to a Partner by
the Partnership, the Partnership's Carrying Value of such property at the time
such property is distributed, reduced by any indebtedness either assumed by such
Partner upon such distribution or to which such property is subject at the time
of distribution as determined under Section 752 of the Code and the Regulations
thereunder.

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

         "Assignee" means a Person to whom one or more Partnership Units have
been transferred in a manner permitted under this Agreement, but who has not
become a Substituted Limited Partner, and who has the rights set forth in
Section 11.5.

         "Available Cash" means, with respect to any period for which such
calculation is being made, (i) the sum of:

                  (a) the Partnership's Net Income or Net Loss (as the case
maybe) for such period (without regard to adjustments resulting from allocations
described in Sections 1.A through 1.E of Exhibit C);

                  (b) Depreciation and all other non-cash charges deducted in
determining Net Income or Net Loss for such period;

                                      -2-
<PAGE>

                  (c) the amount of any reduction in the reserves of the
Partnership referred to in clause (ii)(f) below (including, without limitation,
reductions resulting because the General Partner determines such amounts are no
longer necessary);

                  (d) the excess of proceeds from the sale, exchange,
disposition, or refinancing of Partnership property for such period over the
gain recognized from such sale, exchange, disposition, or refinancing during
such period (excluding Terminating Capital Transactions); and

                  (e) all other cash received by the Partnership for such period
that was not included in determining Net Income or Net Loss for such period;

(ii) less the sum of:

                  (a) all principal debt payments made by the Partnership during
such period;

                  (b) capital expenditures made by the Partnership during such
period;

                  (c) investments made by the Partnership during such period in
any entity (including loans made thereto) to the extent that such investments
are not otherwise described in clause (ii)(a) or (ii)(b);

                  (d) all other expenditures and payments not deducted in
determining Net Income or Net Loss for such period;

                  (e) any amount included in determining Net Income or Net Loss
for such period that was not received by the Partnership during such period;

                  (f) the amount of any increase in reserves during such period
which the General Partner determines to be necessary or appropriate in its sole
and absolute discretion; and

                  (g) the amount of any working capital accounts and other cash
or similar balances which the General Partner determines to be necessary or
appropriate, in its sole and absolute discretion.

Notwithstanding the foregoing, Available Cash shall not include any cash
received or reductions in reserves, or take into account any disbursements made
or reserves established, after commencement of the dissolution and liquidation
of the Partnership.

         "Book-Tax Disparities" means, with respect to any item of Contributed
Property or Adjusted Property, as of the date of any determination, the
difference between the Carrying Value of such Contributed Property or Adjusted
Property and the adjusted basis thereof for federal income tax purposes as of
such date. A Partner's share of the Partnership's Book-Tax Disparities in all of
its Contributed Property and Adjusted Property will be reflected by the
difference between such Partner's Capital Account balance as maintained pursuant
to Exhibit B and the hypothetical balance of such Partner's Capital Account
computed as if it had been maintained strictly in accordance with federal income
tax accounting principles.

                                      -3-
<PAGE>

         "Business Day" means any day except a Saturday, Sunday or other day on
which commercial banks in Houston, Texas are authorized or required by law to
close.

         "Capital Account" means the Capital Account maintained for a Partner
pursuant to Exhibit B hereof.

         "Capital Contribution" means, with respect to any Partner, any cash,
cash equivalents or the Agreed Value of Contributed Property which such Partner
contributes or is deemed to contribute to the Partnership pursuant to Section
4.1 or 4.2 hereof.

         "Carrying Value" means (i) with respect to a Contributed Property or
Adjusted Property, the 704(c) Value of such property, reduced (but not below
zero) by all Depreciation with respect to such Property charged to the Partners'
Capital Accounts following the contribution of or adjustment with respect to
such Property; and (ii) with respect to any other Partnership property, the
adjusted basis of such property for federal income tax purposes, all as of the
time of determination. The Carrying Value of any property shall be adjusted from
time to time in accordance with Exhibit B hereof, and to reflect changes,
additions or other adjustments to the Carrying Value for dispositions and
acquisitions of Partnership properties, as deemed appropriate by the General
Partner.

         "Cash Amount" means an amount of cash with respect to the Common Units
offered for redemption by a Redeeming Partner equal to the Value on the
Valuation Date of the REIT Shares Amount.

         "Certificate" means the Certificate of Limited Partnership relating to
the Partnership originally filed on January 29, 1994 in the office of the
Delaware Secretary of State, as amended as of the Effective Date in connection
with the Merger and as further amended from time to time in accordance with the
terms hereof and the Act.

         "Certificate of Designations" means any Exhibit attached hereto or any
amendment to this Agreement that sets forth the designations, rights, powers,
duties and preferences of Partners holding any Partnership Interests issued
pursuant to Section 4.2, which amendment is in the form of a certificate signed
by the General Partner and appended to this agreement. A Certificate of
Designations is not the exclusive manner in which such an amendment may be
effected. The General Partner may adopt a Certificate of Designations without
the consent of the Limited Partners to the extent permitted pursuant to Section
14.1(b) hereof.

         "Code" means the Internal Revenue Code of 1986, as amended and in
effect from time to time, as interpreted by the applicable regulations
thereunder. Any reference herein to a specific section or sections of the Code
shall be deemed to include a reference to any corresponding provision of future
law.

         "Common Unit" means a Partnership Unit which is designated as a common
unit of limited partnership interest and which has the rights, preferences and
other privileges designated herein in respect of Common Unitholders. The
allocation of Common Units among the Partners shall be set forth on Exhibit A,
as may be amended from time to time.

         "Common Unitholder" means a Partner that holds Common Units.

                                      -4-
<PAGE>

         "Company" means Camden Property Trust, a Texas real estate investment
trust, and any successors thereto.

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

         "Consideration" means (i) the Cash Amount or (ii) the REIT Shares
Amount, as determined by the Partnership or the Company, as applicable, in its
sole discretion, plus (x) cash in an amount equal to or (y) additional REIT
Shares with a Value equal to the aggregate Cumulative Unpaid Accrued Return
Amount and Cumulative Unpaid Priority Distribution Amount, if any, attributable
to the Common Units being redeemed or purchased.

         "Contributed Property" means each property or other asset, in such form
as may be permitted by the Act (but excluding cash), contributed or deemed
contributed to the Partnership. Once the Carrying Value of a Contributed
Property is adjusted pursuant to Exhibit B hereof, such property shall no longer
constitute a Contributed Property for purposes of Exhibit B hereof, but shall be
deemed an Adjusted Property for such purposes.

         "Conversion Factor" means 1.0, provided that in the event that the
Company (i) declares or pays a dividend on its outstanding REIT Shares in REIT
Shares or makes a distribution to all holders of its outstanding REIT Shares in
REIT Shares; (ii) subdivides its outstanding REIT Shares; or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares, the Conversion
Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the
numerator of which shall be the number of REIT Shares issued and outstanding on
the record date for such dividend, distribution, subdivision or combination
assuming for such purpose that such dividend, distribution, subdivision or
combination has occurred as of such time, and the denominator of which shall be
the actual number of REIT Shares (determined without the above assumption)
issued and outstanding on the record date for such dividend, distribution,
subdivision 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. The Conversion Factor shall be subject to
adjustment as provided in Section 16.2(b) hereof.

         "Cumulative Unpaid Accrued Return Amount" means, with respect to any
holder of Common Units (other than the General Partner, the Company or any of
their respective Subsidiaries or Affiliates), an amount, if any, equal to (i)
the interest that would accrue at the Prime Rate plus five percent (5%) per
annum, compounded quarterly in arrears, on such Partner's Cumulative Unpaid
Priority Distribution Amount outstanding from time to time, less (ii) the
cumulative distributions received by such Partner pursuant to Clause (a) of
Section 5.1 hereof. The Cumulative Unpaid Return Amount of a Redeeming Partner
shall be reduced by the value of the aggregate Consideration paid by the
Partnership or the Company, as applicable, in respect of any Cumulative Unpaid
Accrued Return Amount attributable to any Common Units redeemed by the
Partnership or purchased by the Company pursuant to Section 8.6 hereof.

         "Cumulative Unpaid Priority Distribution Amount" means, with respect to
any holder of Common Units (other than the General Partner, the Company or any
of their respective Subsidiaries or Affiliates), an amount, if any, equal to (i)
the aggregate of all Priority

                                      -5-
<PAGE>

Distribution Amounts with respect to the Common Units held by such Partner, less
(ii) the cumulative amount of distributions previously received by such Partner
pursuant to Clauses (b) and (c) of Section 5.1 hereof. For these purposes, an
unpaid Priority Distribution Amount will not be taken into account in
determining a holder of Common Units' Cumulative Unpaid Priority Distribution
Amount unless it remains unpaid as of the close of business on the third (3rd)
Business Day following the date on which the related dividend is paid by the
Company on REIT Shares. The Cumulative Unpaid Priority Distribution Amount of a
Redeeming Partner shall be reduced by the value of the aggregate Consideration
paid by the Partnership or the Company, as applicable, in respect of any
Cumulative Unpaid Priority Distribution Amount attributable to any Common Units
redeemed by the Partnership or purchased by the Company pursuant to Section 8.6
hereof.

         "Declaration of Trust" means the Amended and Restated Declaration of
Trust of the Company, as amended.

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

         "Effective Date" means _________________, 2005 (i.e., the date of
closing of the Merger pursuant to the Merger Agreement).

         "Exchange Ratio" shall have the meaning ascribed thereto in the Merger
Agreement.

         "General Partner" means the Camden Summit, Inc., in its capacity as the
general partner of the Partnership, or its successors as general partner of the
Partnership.

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

         "IRS" means the Internal Revenue Service, which administers the
internal revenue laws of the United States.

         "Immediate Family" means, with respect to any natural Person, such
natural Person's spouse and such natural Person's natural or adoptive parents,
descendants, nephews, nieces, brothers, and sisters.

         "Incapacity" or "Incapacitated" means, (i) as to any individual
Partner, death, total physical disability or entry by a court of competent
jurisdiction adjudicating him incompetent to manage his Person or his estate;
(ii) as to any corporation which is a Partner, the filing of a

                                      -6-
<PAGE>

certificate of dissolution, or its equivalent, for the corporation or the
revocation of its charter; (iii) as to any partnership which is a Partner, the
dissolution and commencement of winding up of the partnership; (iv) as to any
estate which is a Partner, the distribution by the fiduciary of the estate's
entire interest in the Partnership; (v) as to any trustee of a trust which is a
Partner, the termination of the trust (but not the substitution of a new
trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For
purposes of this definition, bankruptcy of a Partner shall be deemed to have
occurred when (a) the Partner commences a voluntary proceeding seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or
other similar law now or hereafter in effect; (b) the Partner is adjudged as
bankrupt or insolvent, or a final and nonappealable order for relief under any
bankruptcy, insolvency or similar law now or hereafter in effect has been
entered against the Partner; (c) the Partner executes and delivers a general
assignment for the benefit of the Partner's creditors; (d) the Partner files an
answer or other pleading admitting or failing to contest the material
allegations of a petition filed against the Partner in any proceeding of the
nature described in clause (b) above; (e) the Partner seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator for the
Partner or for all or any substantial part of the Partner's properties; (f) any
proceeding seeking liquidation, reorganization or other relief of or against
such Partner under any bankruptcy, insolvency or other similar law now or
hereafter in effect has not been dismissed within one hundred twenty (120) days
after the commencement thereof; (g) the appointment without the Partner's
consent or acquiescence of a trustee, receiver or liquidator has not been
vacated or stayed within ninety (90) days of such appointment; or (h) an
appointment referred to in clause (g) which has been stayed is not vacated
within ninety (90) days after the expiration of any such stay.

         "Indemnitee" means (i) any Person made a party to a proceeding by
reason of (A) his status as the General Partner, or as a director, trustee,
trust manager or officer of the Partnership or the General Partner, or (B) his
or its liabilities, pursuant to a loan guarantee or otherwise, for any
indebtedness of the Partnership or any Subsidiary of the Partnership (including,
without limitation, any indebtedness which the Partnership or any Subsidiary of
the Partnership has assumed or taken assets subject to); and (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.

         "Limited Partner" means the General Partner, the Company and any other
Person named as a Limited Partner in Exhibit A attached hereto, as such Exhibit
may be amended from time to time, or any Substituted Limited Partner or
Additional Limited Partner, in such Person's capacity as a Limited Partner of
the Partnership.

         "Limited Partner Interest" means a Partnership Interest of a Limited
Partner in the Partnership representing a fractional part of the Partnership
Interests of all Partners and includes any and all benefits to which the holder
of such a Partnership Interest may be entitled, as provided in this Agreement,
together with all obligations of such Person to comply with the terms and
provisions of this Agreement. A Limited Partner Interest may be expressed as a
number of Partnership Units.

         "Liquidating Event" has the meaning set forth in Section 13.1.

                                      -7-
<PAGE>

         "Liquidator" has the meaning set forth in Section 13.2.

         "Merger" has the meaning set forth in the recitals to this Agreement.

         "Merger Agreement" means that certain Agreement and Plan of Merger
Agreement dated as of October 4, 2004 among the General Partner and the Original
General Partner.

         "Net Income" means, for any taxable period, the excess, if any, of the
Partnership's items of income and gain for such taxable period over the
Partnership's items of loss and deduction for such taxable period. The items
included in the calculation of Net Income shall be determined in accordance with
federal income tax accounting principles, subject to the specific adjustments
provided for in Exhibit B.

         "Net Loss" means, for any taxable period, the excess, if any, of the
Partnership's items of loss and deduction for such taxable period over the
Partnership's items of income and gain for such taxable period. The items
included in the calculation of Net Loss shall be determined in accordance with
federal income tax accounting principles, subject to the specific adjustments
provided for in Exhibit B.

         "Nonrecourse Built-in Gain" means, with respect to any Contributed
Properties or Adjusted Properties that are subject to a mortgage or negative
pledge securing a Nonrecourse Liability, the amount of any taxable gain that
would be allocated to the Partners pursuant to Section 2.B of Exhibit C if such
properties were disposed of in a taxable transaction in full satisfaction of
such liabilities and for no other consideration.

         "Nonrecourse Deductions" has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a
Partnership taxable year shall be determined in accordance with the rules of
Regulations Section 1.704-2(c).

         "Nonrecourse Liability" has the meaning set forth in Regulations
Section 1.752-1(a)(2).

         "Notice of Redemption" means the Notice of Redemption substantially in
the form of Exhibit D to this Agreement.

         "Partner" means a General Partner or a Limited Partner, and "Partners"
means the General Partner and the Limited Partners collectively.

         "Partner Minimum Gain" means an amount, with respect to each Partner
Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if
such Partner Nonrecourse Debt were treated as a Nonrecourse Liability,
determined in accordance with Regulations Section 1.704-2(i)(3).

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

         "Partner Nonrecourse Deductions" has the meaning set forth in
Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse
Deductions with respect to a

                                      -8-
<PAGE>

Partner Nonrecourse Debt for a Partnership taxable year shall be determined in
accordance with the rules of Regulations Section 1.704-2(i)(2).

         "Partnership" means the limited partnership formed under the Act and
pursuant to this Agreement, as it may be amended and restated, and any successor
thereto.

         "Partnership Interest" means an ownership interest in the Partnership
representing a Capital Contribution by either a Limited Partner or the General
Partner and includes any and all benefits to which the holder of such a
Partnership Interest may be entitled as provided in this Agreement, together
with all obligations of such Person to comply with the terms and provisions of
this Agreement. A Partnership Interest may be expressed as a number of
Partnership Units.

         "Partnership Minimum Gain" has the meaning set forth in Regulations
Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as
any net increase or decrease in a Partnership Minimum Gain, for a Partnership
taxable year shall be determined in accordance with the rules of Regulations
Section 1.704-2(d).

         "Partnership Record Date" means the record date established by the
General Partner for the distribution of Available Cash pursuant to Section 5.1
hereof, which record date shall be the same as the record date established by
the Company for the corresponding dividend distribution to its shareholders, or,
if no such record date is established by the Company, the payment date of such
distribution.

         "Partnership Unit" or "Unit" means a fractional, undivided share of the
Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2
(and includes any series or class of Preferred Units). The number of Partnership
Units outstanding and (in the case of Common Units) the Percentage Interest in
the Partnership represented by such Units are set forth in Exhibit A attached
hereto, as such Exhibit may be amended from time to time. The ownership of
Partnership Units shall be evidenced by such form of certificate for units as
the General Partner adopts from time to time unless the General Partner
determines that the Partnership Units shall be uncertificated securities.

         "Partnership Year" means the fiscal year of the Partnership, which
shall be the calendar year.

         "Percentage Interest" means, as to a Partner, its percentage interest
as a Common Unitholder determined by dividing the Common Units owned by such
Partner by the total number of Common Units then outstanding and as specified in
Exhibit A attached hereto, as such Exhibit may be amended from time to time.

         "Person" means an individual or a corporation, partnership, trust,
unincorporated organization, association or other entity.

         "Pre-Liquidation Period" has the meaning set forth in Section 13.6
hereof.

         "Preferred Unit" means a limited partnership interest (of any series),
other than a Common Unit, represented by a fractional, undivided share of the
Partnership Interests of all Partners issued hereunder and which is designated
as a "Preferred Unit" (or as a particular class

                                      -9-
<PAGE>

or series of Preferred Units) herein and which has the rights, preferences and
other privileges designated herein (including by way of a Certificate of
Designations) in respect of a Preferred Unitholder. The allocation of Preferred
Units among the Partners shall be set forth on Exhibit A, as may be amended from
time to time.

         "Preferred Unitholder" means a Partner that holds Preferred Units (of
any class or series).

         "Prime Rate" means, on any date, a fluctuating rate of interest per
annum equal to the rate of interest most recently established by JPMorgan Chase
(or, at the General Partner's election, another major lender to the Company or
the Partnership, at the office with which the Company or the Partnership deals)
as its prime rate of interest for loans in United States dollars.

         "Priority Distribution Amount" means with respect to the Common Units
held by a Partner (other than the General Partner, the Company, or any of their
respective Subsidiaries or Affiliates) on a Partnership Record Date for
distribution of Available Cash, a cash amount equal in value to the aggregate
cash dividends, cash distributions or other cash amounts that would have been
payable to such holder of Common Units in the event that such Partner owned REIT
Shares equal in number to the REIT Shares Amount attributable to all of such
Partner's Common Units as of such Partnership Record Date.

         "Recapture Income" means any gain recognized by the Partnership upon
the disposition of any property or asset of the Partnership, which gain is
characterized as non-capital gain income because it represents the recapture of
deductions previously taken with respect to such property or asset.

         "Redeeming Partner" has the meaning set forth in Section 8.6(a) hereof.

         "Redemption Right" has the meaning set forth in Section 8.6(a) hereof.

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

         "REIT" means a real estate investment trust under Section 856 of the
Code.

         "REIT Share" means a common share of beneficial interest of the
Company, par value $0.01 per share.

         "REIT Shares Amount" means a number of REIT Shares equal to the product
of the number of Common Units offered for redemption by a Redeeming Partner,
multiplied by the Conversion Factor, provided that in the event the Company
issues to all holders of REIT Shares rights, options, warrants or convertible or
exchangeable securities entitling the shareholders to subscribe for or purchase
REIT Shares, or any other securities or property (collectively, the "rights"),
then the REIT Shares Amount shall also include such rights that a holder of that
number of REIT Shares would be entitled to receive.

         "Residual Gain" or "Residual Loss" means any item of gain or loss, as
the case may be, of the Partnership recognized for federal income tax purposes
resulting from a sale, exchange or

                                      -10-
<PAGE>

other disposition of Contributed Property or Adjusted Property, to the extent
such item of gain or loss is not allocated pursuant to Section 2.B.1(a) or
2.B.2(a) of Exhibit C to eliminate Book-Tax Disparities.

         "704(c) Value" of any Contributed Property means with respect to any
Contributed Property contributed to the Partnership prior to the Effective Date
the value of such property as set forth in Schedule 2 attached hereto and with
respect to all other Contributed Properties, the fair market value of such
property or other consideration at the time of contribution, as determined by
the General Partner using such reasonable method of valuation as it may adopt.
Subject to Exhibit B hereof, the General Partner shall, in its sole and absolute
discretion, use such method as it deems reasonable and appropriate to allocate
the aggregate of the 704(c) Values of Contributed Properties in a single or
integrated transaction among the separate properties on a basis proportional to
their respective fair market values.

         "Specified Redemption Date" means the tenth (10th) Business Day after
receipt by the Company of a Notice of Redemption; provided that if the Company
combines its outstanding REIT Shares, no Specified Redemption Date shall occur
after the record date of such combination of REIT Shares and prior to the
effective date of such combination.

         "Subordinated Amounts" means any and all payments of the Partnership
that are attributable to (i) any payment of principal or interest with respect
to any indebtedness owing by the Partnership to the General Partner, the Company
or any of their respective Subsidiaries or Affiliates; (ii) any payments by the
Partnership to the General Partner, the Company or any of their respective
Subsidiaries or Affiliates with respect to any reimbursement of expenses
incurred by the General Partner, the Company or any of their respective
Subsidiaries or Affiliates; (iii) any compensation paid by the Partnership to
the General Partner or its Affiliates for services rendered and (iv) any other
amounts owed to or being paid to the Company or any of its respective
Subsidiaries or Affiliates.

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

         "Substituted Limited Partner" means a Person who is admitted as a
Limited Partner to the Partnership pursuant to Section 11.4.

         "Terminating Capital Transaction" means any sale or other disposition
of all or substantially all of the assets of the Partnership or a related series
of transactions that, taken together, result in the sale or other disposition of
all or substantially all of the assets of the Partnership.

         "Unrealized Gain" attributable to any item of Partnership property
means, as of any date of determination, the excess, if any, of (i) the fair
market value of such property (as determined under Exhibit B hereof) as of such
date; over (ii) the Carrying Value of such property (prior to any adjustment to
be made pursuant to Exhibit B hereof) as of such date.

         "Unrealized Loss" attributable to any item of Partnership property
means, as of any date of determination, the excess, if any, of (i) the Carrying
Value of such property (prior to any

                                      -11-
<PAGE>

adjustment to be made pursuant to Exhibit B hereof) as of such date; over (ii)
the fair market value of such property (as determined under Exhibit B hereof) as
of such date.

         "Valuation Date" means the date of receipt by the General Partner of a
Notice of Redemption or, if such date is not a Business Day, the first Business
Day thereafter.

         "Value" means, with respect to a REIT Share, the average of the daily
market price for the ten (10) consecutive trading days immediately preceding the
Valuation Date. The market price for each such trading day shall be: (i) if the
REIT Shares are listed or admitted to trading on any securities exchange or the
NASDAQ-National Market System, the closing price on such day, or if no such sale
takes place on such day, the average of the closing bid and asked prices on such
day; (ii) if the REIT Shares are not listed or admitted to trading on any
securities exchange or the NASDAQ-National Market System, 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 REIT Shares are not
listed or admitted to trading on any securities exchange or the NASDAQ-National
Market System 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 (10) 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 (10) days prior to the date in question, the Value of
the REIT Shares 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 REIT Shares Amount includes
rights that a holder of REIT Shares would be entitled to receive, 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.

                                    ARTICLE 2
                             ORGANIZATIONAL MATTERS

         Section 2.1 Formation

         Effective as of January 29, 1994, the Partnership was formed as a
limited partnership under and pursuant to the Act. Except as expressly provided
herein to the contrary, the rights and obligations of the Partners and the
administration and termination of the Partnership shall be governed by the Act.
The Partnership Interest of each Partner shall be personal property for all
purposes.

         Section 2.2 Name

         Prior to the Effective Date, the name of the Partnership was "Summit
Properties Partnership, L.P." From and after the Effective Date, the name of the
Partnership shall be Camden Summit Partnership, L.P. and, immediately following
the Merger, an Amendment to the Partnership's Certificate of Limited Partnership
was filed to reflect the change in the name and the change in the General
Partner. The Partnership's business may be conducted under any other

                                      -12-
<PAGE>

name or names deemed advisable by the General Partner, including the name of the
General Partner or any Affiliate thereof. The words "Limited Partnership,"
"L.P.," "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 Limited Partners of such change in the next
regular communication to the Limited Partners.

         Section 2.3 Registered Office and Agent; Principal Office

         The address of the registered office of the Partnership in the State of
Delaware and the name and address of the registered agent for service of process
on the Partnership in the State of Delaware is The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The
principal office of the Partnership shall be Three Greenway Plaza, Suite 1300,
Houston, Texas 77046, or such other place as the General Partner may from time
to time designate by notice to the Limited Partners. The Partnership may
maintain offices at such other place or places within or outside the State of
Delaware as the General Partner deems advisable.

         Section 2.4 Power of Attorney

                  (a) Each Limited Partner and each Assignee hereby constitutes
         and appoints the General Partner, any Liquidator, and authorized
         officers and attorneys-in-fact of each, and each of those acting
         singly, in each case with full power of substitution, as its true and
         lawful agent and attorney-in-fact, with full power and authority in its
         name, place and stead to:

                           (1) execute, swear to, acknowledge, deliver, file and
                  record in the appropriate public offices (a) all certificates,
                  documents and other instruments (including, without
                  limitation, this Agreement and the Certificate and all
                  amendments or restatement thereof) that the General Partner or
                  the Liquidator deems appropriate or necessary to form, qualify
                  or continue the existence or qualification of the Partnership
                  as a limited partnership (or a partnership in which the
                  Limited Partners have limited liability) in the State of
                  Delaware and in all other jurisdictions in which the
                  Partnership may or plans to conduct business or own property;
                  (b) all instruments that the General Partner deems appropriate
                  or necessary to reflect any amendment, change, modification or
                  restatement of this Agreement in accordance with its terms;
                  (c) all conveyances and other instruments or documents that
                  the General Partner or the Liquidator deems appropriate or
                  necessary to reflect the dissolution and liquidation of the
                  Partnership pursuant to the terms of this Agreement,
                  including, without limitation, a certificate of cancellation;
                  (d) all instruments relating to the admission, withdrawal,
                  removal or substitution of any Partner pursuant to, or other
                  events described in, Article 11, 12 or 13 hereof or the
                  Capital Contribution of any Partner; and (e) all certificates,
                  documents and other instruments relating to the determination
                  of the rights, preferences and privileges of Partnership
                  Interest; and

                                      -13-
<PAGE>

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

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

                  (b) The foregoing power of attorney is hereby declared to be
         irrevocable and a power coupled with an interest, in recognition of the
         fact that each of the Partners will be relying upon the power of the
         General Partner and any Liquidator to act as contemplated by this
         agreement in any filing or other action by it on behalf of the
         Partnership, and it shall survive and not be affected by the subsequent
         Incapacity of any Limited Partner or Assignee and the transfer of all
         or any portion of such Limited Partner's or Assignee's Partnership
         Units and shall extend to such Limited Partner's or Assignee's heirs,
         successors, assigns and personal representatives. Each such Limited
         Partner or Assignee hereby agrees to be bound by any representation
         made by the General Partner or any Liquidator, acting in good faith
         pursuant to such power of attorney, and each such Limited Partner or
         Assignee hereby waives any and all defenses which may be available to
         contest, negate or disaffirm the action of the General Partner or any
         Liquidator, taken in good faith under such power of attorney. Each
         Limited Partner or Assignee shall execute and deliver to the General
         Partner or the Liquidator, within fifteen (15) days after receipt of
         the General Partner's or Liquidator's request therefor, such further
         designation, powers of attorney and other instruments as the General
         Partner or the Liquidator, as the case may be, deems necessary to
         effectuate this Agreement and the purposes of the Partnership.

         Section 2.5 Term

         The term of the Partnership commenced on January 29, 1994 and shall
continue until December 31, 2093, unless, the Partnership is dissolved sooner
pursuant to the provisions of Article 13 or as otherwise provided by law.

                                    ARTICLE 3
                                     PURPOSE

         Section 3.1 Purpose and Business

         The purpose and nature of the business to be conducted by 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
Company at all times to be classified as a REIT, unless the

                                      -14-
<PAGE>

Company ceases to qualify as a REIT for reasons other than the conduct of the
business of the Partnership; (ii) to enter into any partnership, joint venture
or other similar arrangement to engage in any of the foregoing or to own
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 Company's right, in its sole discretion, to
cease qualifying as a REIT, the Partners acknowledge the Company's current
status as a REIT inures to the benefit of all of the Partners and not solely the
Company or the General Partner.

         Section 3.2 Powers

         The Partnership is empowered to do any and all acts and things
necessary, appropriate, proper, advisable, incidental to or convenient for the
furtherance and accomplishment of the purposes and business described herein and
for the protection and benefit of the Partnership; provided, however, that the
Partnership shall not take, or refrain from taking, any action which, in the
judgment of the General Partner, in its sole and absolute discretion, (i) could
adversely affect the ability of the Company to continue to qualify as a REIT;
(ii) could subject the Company to any additional taxes under Section 857 or
Section 4981 of the Code; or (iii) could violate any law or regulation of any
governmental body or agency having jurisdiction over the Company or its
securities, unless such action (or inaction) shall have been specifically
consented to by the General Partner in writing.

                                    ARTICLE 4
                              CAPITAL CONTRIBUTIONS

         Section 4.1 Capital Contributions of the Partners

         Prior to the Effective Date, the Partners have made Capital
Contributions to the Partnership as reflected on Schedule 3 attached hereto. On
the Effective Date, (i) the Original General Partner merged with and into the
General Partner, with the General Partner succeeding by operation of law to the
Partnership Interests held by the Original General Partner, and (ii) upon the
effectiveness of such merger, this Agreement became effective and replaced the
Original Agreement in its entirety. In connection with the amendments effected
by this Agreement, among other things, the number of Common Units held by each
Partner were adjusted by multiplying the number of Common Units held by such
Partner immediately prior to the effective time of the Merger by the final
Exchange Ratio at the effective time of the Merger, after taking into account
any adjustments thereto, and the provisions of the Agreement were amended, among
other things, to reflect that the REIT Shares Amount payable to a Redeeming
Partner in connection with an exercise of the Redemption Right pursuant to
Section 8.6 hereof shall be comprised of REIT Shares (as opposed to common stock
of the Original General Partner). As of the Effective Date (after taking into
account the Merger and any Capital Contributions or redemptions relating thereto
as well as the adjustment of Common Units as described above), (i) the number
and class of Partnership Units held by each Partner, (ii) the Capital Account
balance of each Partner and (iii) the Percentage Interest of each Partner are as
set forth on Exhibit A attached hereto, which Percentage Interest shall be
adjusted in Exhibit A from time to time by the General Partner to the extent
necessary to reflect accurately redemptions, additional Capital Contributions,
the issuance of additional Partnership Units (pursuant to any merger or
otherwise), or similar events having an effect on any Partner's

                                      -15-
<PAGE>

Percentage Interest. To the extent the Partnership acquires any property by the
merger of any other Person into the Partnership, Persons who receive Partnership
Interests in exchange for their interests in the Person merging into the
Partnership shall become Partners and shall be deemed to have made Capital
Contributions as provided in the applicable merger agreement and as set forth in
Exhibit A, as amended to reflect such deemed Capital Contributions. The number
of Common Units held by the General Partner, in its capacity as general partner,
(equal to one percent (1%) of all outstanding Common Units from time to time)
shall be deemed to be the General Partner Interest. All other Common Units held
by the General Partner shall be held in its capacity as a Limited Partner.
Except as provided in Sections 4.2 and 10.5, the Partners shall have no
obligation to make any additional Capital Contributions or loans to the
Partnership.

         Section 4.2 Issuances of Additional Partnership Interests

         The General Partner is hereby authorized to cause the Partnership from
time to time to issue to the Partners (including the General Partner) or other
Persons additional Partnership Units or other Partnership Interests 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 Limited
Partner Interests, all as shall be determined by the General Partner in its sole
and absolute discretion subject to Delaware law, including, without limitation,
(i) the allocations of items of Partnership income, gain, loss, deduction and
credit to each such class or series of Partnership Interests; (ii) the right of
each such class or series of Partnership Interests to share in Partnership
distributions; and (iii) the rights of each such class or series of Partnership
Interests upon dissolution and liquidation of the Partnership; provided that no
such additional Partnership Units or other Partnership Interests shall be issued
to the Company, the General Partner or any of their respective Subsidiaries or
Affiliates, unless either (x) the Company, the General Partner or their
Subsidiary or Affiliate, as applicable, shall make a Capital Contribution to the
Partnership in an amount equal to the fair market value of such Partnership
Units or other Partnership Interests (as determined in good faith by the General
Partner, provided, however, that for purposes hereof the fair market value of a
Common Unit of the same class of Common Units held by the Summit Limited
Partners shall be equal to (A) the Value of that number of REIT Shares (or
fraction thereof) comprising the REIT Shares Amount attributable to a single
Common Unit of such class as of the date of issuance of such Common Unit or (B)
with respect to issuances on the Effective Date, the Cash Consideration (as
defined in the Merger Agreement), or (y) the additional Partnership Units or
other Partnership Interests are issued to all Partners in proportion to their
respective Percentage Interests; and provided further that no such additional
Partnership Units or other Partnership Interests shall be issued to the Company,
the General Partner or one of their respective Subsidiaries or Affiliates, with
rights to distributions during the operation or upon liquidation of the
Partnership that are senior to the distributions of the Summit Limited Partners
during the operation or upon the liquidation of the Partnership or with rights
to Net Losses that would result in a change in the priority of allocation of Net
Losses pursuant to Section 6.1(b) hereof in a manner that has an adverse effect
upon any of the Summit Limited Partners.

                                      -16-
<PAGE>

         Section 4.3 Preemptive Rights

         No Person shall have any preemptive, preferential or other similar
purchase right with respect to (i) additional Capital Contributions or loans to
the Partnership; or (ii) the issuance or sale of any Partnership Units or other
Partnership Interests.

                                    ARTICLE 5
                                  DISTRIBUTIONS

         Section 5.1 Requirement and Characterization of Distributions

         Subject to Sections 5.3 and 5.4 hereof and subject to the rights and
preferences of any outstanding class or series of Preferred Units as set forth
in the Certificates of Designations therefor attached hereto or executed by the
General Partner, or as otherwise provided herein with respect to Partnership
Interests other than Common Units, the General Partner shall distribute at least
quarterly an amount equal to one hundred percent (100%) of Available Cash
generated by the Partnership during such quarter or shorter period as follows:

                  (a) first, to the Common Unitholders (other than the General
         Partner, the Company or any of their respective Subsidiaries or
         Affiliates) who are Partners on the Partnership Record Date with
         respect to such distribution, pro rata among them in proportion to the
         Cumulative Unpaid Accrued Return Amount, if any, of each such Common
         Unitholder until the Cumulative Unpaid Accrued Return Amount of each
         Common Unitholder is reduced to zero;

                  (b) second, to the Common Unitholders (other than the General
         Partner, the Company or any of their respective Subsidiaries or
         Affiliates) who are Partners on the Partnership Record Date with
         respect to such distribution pro rata among them in proportion to the
         Cumulative Unpaid Priority Distribution Amount, if any, of each such
         Common Unitholder until the Cumulative Unpaid Priority Distribution
         Amount of each such Common Unitholder is reduced to zero;

                  (c) third, to the Common Unitholders (other than the General
         Partner, the Company or any of their respective Subsidiaries or
         Affiliates) who are Partners on the Partnership Record Date with
         respect to such distribution, pro rata among them in proportion to the
         Priority Distribution Amount, if any, of each such Common Unitholder,
         until each such Common Unitholder has received an amount equal to the
         Priority Distribution Amount with respect to such distribution;

                  (d) thereafter, one hundred percent (100%) to the General
         Partner, the Company and their respective Subsidiaries and Affiliates
         (and any permitted transferee under Section 11.2 hereof) pro rata in
         proportion to the Common Units held by the General Partner, the Company
         and their respective Subsidiaries and Affiliates (and any permitted
         transferee under Section 11.2 hereof).

                  Notwithstanding the foregoing, in no event may a Partner
         receive a distribution of Available Cash with respect to a Common Unit
         if such Partner is entitled to receive a distribution with respect to a
         REIT Share for which such Common Unit has been

                                      -17-
<PAGE>

         redeemed or exchanged. No Partner shall receive any distributions in
         respect of, and no Cumulative Unpaid Accrued Return Amount shall accrue
         with respect to, any failure of such Partner to timely receive any
         Priority Distribution Amount due to the Partner's failure to provide
         the General Partner with accurate information regarding its address for
         payment of distributions hereunder. The General Partner shall take such
         reasonable efforts, as determined by it in its sole and absolute
         discretion and consistent with the Company's qualification as a REIT,
         to distribute Available Cash to the Limited Partners so as to preclude
         any such distribution or portion thereof from being treated as part of
         a sale of property to the Partnership by a Limited Partner under
         Section 707 of the Code or the Regulations thereunder; provided that
         the General Partner and the Partnership shall not have liability to a
         Limited Partner under any circumstances as a result of any distribution
         to a Limited Partner being so treated.

         Section 5.2 Amounts Withheld

         All amounts withheld pursuant to the Code or any provisions of any
state or local tax law and Section 10.5 hereof with respect to any allocation,
payment or distribution to the Partners or Assignees shall be treated as amounts
distributed to the Partners or Assignees pursuant to Section 5.1 for all
purposes under this Agreement.

         Section 5.3 Distributions Upon Liquidation

         Proceeds from a Terminating Capital Transaction and any other cash
received or reductions in reserves made after commencement of the liquidation of
the Partnership shall be distributed to the Partners in accordance with Section
13.2

         Section 5.4 Subordinated Amounts. Notwithstanding any other provision
of this Agreement to the contrary, the Partnership shall not pay any
Subordinated Amounts unless and until the Cumulative Accrued Unpaid Return
Amounts and Cumulative Unpaid Priority Distribution Amounts of all of the
holders of Common Units (other than the Company, the General Partner and their
respective Subsidiaries and Affiliates) have been reduced to zero.

                                    ARTICLE 6
                                   ALLOCATIONS

         Section 6.1 Allocations For Capital Account Purposes

         For purposes of maintaining the Capital Accounts and in determining the
rights of the Partners among themselves, the Partnership's items of income,
gain, loss and deduction (computed in accordance with Exhibit B hereof) shall be
allocated among the Partners in each taxable year (or portion thereof) as
provided herein below.

                  (a) Net Income. Net Income shall be allocated:

                           (i) first, to the General Partner to the extent that
                  Net Losses previously allocated to the General Partner
                  pursuant to Section 6.1(b)(iv) below for all prior taxable
                  years exceed Net Income previously allocated to the General
                  Partner pursuant to this Section 6.1(a)(i) for all prior
                  taxable years;

                                      -18-
<PAGE>

                           (ii) second, to Partners holding Preferred Units to
                  the extent that Net Losses previously allocated to such
                  Partners pursuant to Section 6.1(b)(iii) below for all prior
                  taxable years exceed Net Income previously allocated to such
                  Partners pursuant to this Section 6.1(a)(ii) for all prior
                  taxable years;

                           (iii) third, to Partners holding Common Units to the
                  extent that Net Losses previously allocated to such Partners
                  pursuant to Section 6.1(b)(ii) below for all prior taxable
                  years exceed Net Income previously allocated to such Partners
                  pursuant to this Section 6.1(a)(iii) for all prior taxable
                  years;

                           (iv) fourth, to Partners holding Preferred Units in
                  accordance with the rights of any such class of Partnership
                  Interests until each such Preferred Unit has been allocated
                  Net Income equal to the excess of (x) the cumulative amount of
                  preferred distributions such Partners are entitled to receive
                  to the last day of the current taxable year or to the date of
                  redemption to the extent such Partnership Interests are
                  redeemed during such taxable year over (y) the cumulative Net
                  Income allocated to such Partners, pursuant to this Section
                  6.1(a)(iv) for all prior taxable years (and, within each such
                  class, pro rata in proportion to the respective share of such
                  Units each Partner holds as of the last day of the period for
                  which such allocation is being made);

                           (v) fifth, to Partners holding Common Units pro rata
                  in proportion to and up to the amount of any distributions
                  received by each such Partner pursuant to Section 5.1 hereof
                  for the current taxable year or other taxable period (provided
                  that for purposes of this Section 6.1(a)(v) the General
                  Partner may include in the calculation of distributions
                  received by a Partner during any taxable year or other taxable
                  period of the Partnership any distributions received by the
                  Partner on or before the thirtieth (30th) day following the
                  end of the particular taxable year or other period of the
                  Partnership, provided further that, if the General Partner
                  elects to include the distribution in any such calculation,
                  any such distribution shall be disregarded for purposes of
                  determining allocations of income in the year in which it is
                  actually made); and

                           (vi) sixth, the remaining Net Income of the
                  Partnership shall be allocated one hundred percent (100%) to
                  the General Partner, the Company and their respective
                  Subsidiaries and Affiliates (and any permitted transferee
                  under Section 11.2 hereof) pro rata in proportion to the
                  Common Units held by the General Partner, the Company and
                  their respective Subsidiaries and Affiliates (and any
                  permitted transferee under Section 11.2 hereof).

                  (b) Net Losses. After giving effect to the special allocations
         set forth in Section 1 of Exhibit C attached hereto, Net Losses shall
         be allocated:

                           (i) first, to the General Partner and the Company to
                  the extent Net Income previously allocated to the General
                  Partner and the Company pursuant to Section 6.1(a)(vi) above
                  for all prior tax years exceeds Net Losses allocated to the

                                      -19-
<PAGE>

                  General Partner and the Company under this Section 6.1(b)(i)
                  for all prior taxable years;

                           (ii) second, with respect to Common Units, pro rata
                  in proportion to each Partner's respective Adjusted Capital
                  Account as of the last day of the period for which such
                  allocation is being made until the Adjusted Capital Account
                  (ignoring for this purpose any amounts a Partner is obligated
                  to contribute to the capital of the Partnership or is deemed
                  obligated to contribute pursuant to Regulations Section
                  1.704-1(b)(2)(ii)(c)(2)) of each Partner with respect to such
                  Common Units is reduced to zero;

                           (iii) third, to the Partners holding Preferred Units
                  in accordance with the rights of such class of Preferred Units
                  (and, if there is more than one class of such Preferred Units,
                  then in the reverse order of their preferences in
                  distributions), until the Adjusted Capital Account (modified
                  in the same manner as in the parenthetical in the immediately
                  preceding clause (i)) of each such Partner with respect to
                  such Preferred Units is reduced to zero; and

                           (iv) fourth, to the General Partner.

                  (c) For purposes of Regulations Section 1.752-3(a), the
         Partners agree, that except as otherwise expressly agreed to in a
         separate written agreement between the General Partner and one or more
         Limited Partners, that Nonrecourse Liabilities of the Partnership in
         excess of the sum of (i) the amount of Partnership Minimum Gain; and
         (ii) the total amount of Nonrecourse Built-in Gain shall be allocated
         among the Partners in accordance with their respective Percentage
         Interests.

                  (d) Any gain allocated to the Partners upon the sale or other
         taxable disposition of any Partnership asset shall, to the extent
         possible, after taking into account other required allocations of gain
         pursuant to Exhibit C, be characterized as Recapture Income in the same
         proportions and to the same extent as such Partners have been allocated
         any deductions directly or indirectly giving rise to the treatment of
         such gains as Recapture Income.

                  (e) Notwithstanding anything to the contrary in this Article
         6, following the occurrence of a Liquidating Event (and, if applicable,
         the failure of the Partners to elect to continue the Partnership),
         items of income, gain, loss and deduction for the current fiscal year
         (and if necessary, the prior fiscal year if such event occurs before
         the due date, without regard for any extension of time, for filing the
         federal income tax return for the Partnership for such prior year)
         shall be specially allocated to the Summit Limited Partners who are
         then Partners and/or other Partners to the extent necessary to cause
         the Capital Account of each such Summit Limited Partner to equal an
         amount that, if distributed in cash (taking into account all prior
         distributions to such Summit Limited Partner for all periods since the
         Effective Date in respect to the Units held by them at the time of the
         Liquidating Event), would result in such Summit Limited Partner
         receiving aggregate distributions in respect of the Units held by them
         at the time of the Liquidating Event or revaluation equal to the Value
         of the REIT Shares Amount attributable to those

                                      -20-
<PAGE>

         Units as of the Effective Date (as determined immediately following
         consummation of the Merger and the conversion of the outstanding Common
         Units as described in Section 4.1 hereof) plus an return thereon that
         results in the Summit Limited Partner having received an internal rate
         of return equal to 8% per annum. In the event of any revaluation of
         Partnership property pursuant to Treasury Regulations Section
         1.704-1(b)(2)(iv)(f), items of book income, gain, loss and deduction
         shall be allocated to the Summit Limited Partners who are then Partners
         and/or other Partners in a manner consistent with this Section 6.1(e).

         Section 6.2 Substantial Economic Effect

         It is the intent of the Partners that the allocations of Net Income and
Net Losses 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 VI and other relevant provisions of this Agreement
shall be interpreted in a manner consistent with such intent.

                                    ARTICLE 7
                      MANAGEMENT AND OPERATIONS OF BUSINESS

         Section 7.1 Management

                  (a) Except as otherwise expressly provided in this Agreement,
         all management powers over the business and affairs of the Partnership
         are and shall be exclusively vested in the General Partner, and no
         Limited Partner shall have any right to participate in or exercise
         control or management power over the business and affairs of the
         Partnership. The General Partner may not be removed by the Limited
         Partners with or without cause. In addition to the powers now or
         hereafter granted a general partner of a limited partnership under
         applicable law or which are granted to the General Partner under any
         other provision of this Agreement, the General Partner, subject to
         Section 7.3 hereof and shall have full power and authority to do all
         things deemed necessary or desirable by it to conduct the business of
         the Partnership, to exercise all powers set forth in Section 3.2 hereof
         and to effectuate the purposes set forth in Section 3.1 hereof,
         including, without limitation:

                           (1) the making of any expenditures, the lending or
                  borrowing of money (including, without limitation, making
                  prepayments on loans and borrowing money to permit the
                  Partnership to make distributions to its Partners in such
                  amounts as will permit the Company (so long as the Company
                  qualifies as a REIT) to avoid the payment of any federal
                  income tax (including, for this purpose, any excise tax
                  pursuant to Section 4981 of the Code) and to make
                  distributions to its shareholders in amounts sufficient to
                  permit the Company to maintain REIT status), the assumption or
                  guarantee of, or other contracting for, indebtedness and other
                  liabilities, the issuance of evidence of indebtedness
                  (including the securing of the same by deed, mortgage, deed of
                  trust or other lien

                                      -21-
<PAGE>

                  or encumbrance on the Partnership's assets) and the incurring
                  of any obligations it deems necessary for the conduct of the
                  activities of the Partnership;

                           (2) the making of tax, regulatory and other filings,
                  or rendering of periodic or other reports to governmental or
                  other agencies having jurisdiction over the business or assets
                  of the Partnership;

                           (3) the acquisition, disposition, mortgage, pledge,
                  encumbrance, hypothecation or exchange of any assets of the
                  Partnership (including the exercise or grant of any
                  conversion, option, privilege, or subscription right or other
                  right available in connection with any assets at any time held
                  by the Partnership) or the merger or other combination of the
                  Partnership with or into another entity (all of the foregoing
                  subject to any prior approval only to the extent required by
                  Section 7.3 hereof);

                           (4) the use of the assets of the Partnership
                  (including, without limitation, cash on hand) for any purpose
                  consistent with the terms of this Agreement and on any terms
                  it sees fit, including, without limitation, the financing of
                  the conduct of the operations of the Company, the Partnership
                  or any of the Partnership's Subsidiaries, the lending of funds
                  to other Persons (including, without limitation, the Company
                  or the Subsidiaries of the Partnership and/or the Company) and
                  the repayment of obligations of the Partnership and its
                  Subsidiaries and any other Person in which it has an equity
                  investment, and the making of capital contributions to its
                  Subsidiaries;

                           (5) the management, operation, leasing, landscaping,
                  repair, alteration, demolition or improvement of any real
                  property or improvements owed by the Partnership or any
                  Subsidiary of the Partnership;

                           (6) the negotiation, execution, and performance of
                  any contracts, conveyances or other instruments that the
                  General Partner considers useful or necessary to the conduct
                  of the Partnership's operations or the implementation of the
                  General Partner's powers under this Agreement, including
                  contracting with contractors, developers, consultants,
                  accountants, legal counsel, other professional advisors and
                  other agents and the payment of their expenses and
                  compensation out of the Partnership's assets;

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

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

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

                           (10) the establishment of one or more divisions of
                  the Partnership, the selection and dismissal of employees of
                  the Partnership (including, without

                                      -22-
<PAGE>

                  limitation, employees having titles such as "president," "vice
                  president," "secretary" and "treasurer" of the Partnership),
                  and agents, outside attorneys, accountants, consultants and
                  contractors of the Partnership, and the determination of their
                  compensation and other terms of employment or hiring;

                           (11) the maintenance of such insurance for the
                  benefit of the Partnership and the Partners as it deems
                  necessary or appropriate;

                           (12) the formation of, or acquisition of an interest
                  in, and the contribution of 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 investment from time to time);

                           (13) the control of any matters affecting the rights
                  and obligations of the Partnership, including the settlement,
                  compromise, submission to arbitration or any other form of
                  dispute resolution, or abandonment of, any claim, cause of
                  action, liability, debt or damages, due or owing to or from
                  the Partnership, the commencement or defense of suits, legal
                  proceedings, administrative proceedings, arbitration or other
                  forms of dispute resolution, and the representation of the
                  Partnership in all suits or legal proceedings, administrative
                  proceedings, arbitrations or other forms of dispute
                  resolution, the incurring of legal expense, and the
                  indemnification of any Person against liabilities and
                  contingencies to the extent permitted by law;

                           (14) the undertaking of any action in connection with
                  the Partnership's direct or indirect investment in its
                  Subsidiaries or any other Person (including, without
                  limitation, the contribution or loan of funds by the
                  Partnership to such Persons);

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

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

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

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

                                      -23-
<PAGE>

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

                           (20) the issuance of additional Partnership Units, as
                  appropriate, in connection with Capital Contributions by
                  Additional Limited Partners and additional Capital
                  Contributions by Partners pursuant to Article 4 hereof.

                  (b) Each of the Limited Partners agrees that the General
         Partner is authorized to execute, deliver and perform the
         above-mentioned agreements and transactions on behalf of the
         Partnership without any further act, approval or vote of the Partners,
         notwithstanding any other provision of this Agreement (except as
         provided in Section 7.3), the Act or any applicable law, rule or
         regulation, to the fullest extent permitted under the Act or other
         applicable law, rule or regulation. The execution, delivery or
         performance by the General Partner or the Partnership of any agreement
         authorized or permitted under this Agreement shall not constitute a
         breach by the General Partner of any duty that the General Partner may
         owe the Partnership or the Limited Partners or any other Persons under
         this Agreement or of any duty stated or implied by law or equity.

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

                  (d) Except as otherwise expressly agreed to in a separate
         written agreement between the General Partner and one or more Limited
         Partners, in exercising its authority under this Agreement, the General
         Partner may, but shall be under no obligation to, take into account the
         tax consequences to any Partner of any action taken by it. Except as
         otherwise expressly agreed to in a separate written agreement between
         the General Partner and one or more Limited Partners, the General
         Partner and the Partnership shall not have liability to a Limited
         Partner under any circumstances as a result of an income tax liability
         incurred by such Limited Partner as a result of an action (or inaction)
         by the General Partner taken pursuant to its authority under this
         Agreement and in accordance with the terms of Section 7.3.

         Section 7.2 Certificate of Limited Partnership

         Effective as of January 29, 1994, the Certificate was filed with the
Secretary of State of Delaware as required by the Act. As of the Effective Date,
the Certificate shall be amended to reflect the Merger and the change in the
Partnership's name. The General Partner shall use all reasonable efforts to
cause to be filed such other certificates or documents as may be reasonable and
necessary or appropriate for the formation, continuation, qualification and
operation of a limited partnership (or a partnership in which the limited
partners have limited liability) in the State of Delaware and any other state,
or the District of Columbia, in which the Partnership may

                                      -24-
<PAGE>

elect to do business or own property. To the extent that such action is
determined by the General Partner to be reasonable and necessary or appropriate,
the General Partner shall file amendments to and restatements of the Certificate
and do all of the things to maintain the Partnership as a limited partnership
(or a partnership in which the limited partners have limited liability) under
the laws of the State of Delaware and each other state, or the District of
Columbia, in which the Partnership may elect to do business or own property.
Subject to the terms of Section 8.5(a)(4) hereof, the General Partner shall not
be required, before or after filing, to deliver or mail a copy of the
Certificate or any amendment thereto to any Limited Partner.

         Section 7.3 Restrictions on General Partner Authority

                  (a) The General Partner may not take any action in
         contravention of an express prohibition or limitation of this Agreement
         without the written Consent of Limited Partners holding a majority of
         the Percentage Interests of the Limited Partners (including Limited
         Partner Percentage Interests held by the General Partner), or such
         other percentage of the Limited Partners as may be specifically
         provided for under a provision of this Agreement.

                  (b) Except as provided in Article 13 hereof, the General
         Partner may not cause the Partnership to liquidate, without the Consent
         of Limited Partners holding majority of the Percentage Interests of the
         Limited Partners (other than Limited Partner Interests held by the
         General Partner, the Company or any Subsidiary or Affiliate of the
         Company).

                  (c) Except as provided in Article 14 hereof, the General
         Partner will not make any amendments to this Agreement without the
         Consent of Limited Partners holding a majority of the Percentage
         Interests of the Limited Partners (other than Limited Partner Interests
         held by the General Partner, the Company or any Subsidiary or Affiliate
         of the Company).

                  (d) The General Partner shall not transfer or assign its
         General Partner Interest to any Person other than the Company or a
         direct or indirect wholly owned Subsidiary of the Company without the
         Consent of Limited Partners holding a majority of the Percentage
         Interests of the Limited Partners (other than Limited Partner Interests
         held by the General Partner, the Company or any Subsidiary or Affiliate
         of the Company).

                  (e) The General Partner shall not cause the Partnership to
         merge or consolidate with or into any other Person without the Consent
         of Limited Partners holding a majority of the Percentage Interests of
         the Limited Partners (other than Limited Partner Interests held by the
         General Partner, the Company or any Subsidiary or Affiliate of the
         Company), except in a transaction in which the Summit Limited Partners
         are granted economic rights that are identical to their economic rights
         under this Agreement (provided, however, for purposes of this Section
         7.3(e), any changes in the form of such rights of the Summit Limited
         Partners required to reflect a change in the issuer of the REIT Shares
         or a change in the capital structure of the Company or the Partnership,
         e.g., adjustment to the Conversion Factor, change of the securities
         which the Common Units may receive upon exercise of their Redemption
         Right, a change of Common Units into

                                      -25-
<PAGE>

         common units in the new limited partnership, shall not result in the
         economic rights granted to the Original Limited Partners not being
         identical to their economic rights hereunder). Notwithstanding the
         foregoing, in the event that the General Partner proposes to merge or
         consolidate the Partnership with or into any other Person in connection
         with a transaction that constitutes a Triggering Event pursuant to
         Section 16.1 hereof, the General Partner and the Partnership shall
         comply with the applicable provisions of Article 16 hereof with respect
         to such Triggering Event.

                  (f) The General Partner shall not cause the Partnership to
         commence a voluntary proceeding seeking liquidation, reorganization or
         other relief under any bankruptcy, insolvency or other similar law or
         to consent to the filing of any involuntary proceeding seeking
         liquidation, reorganization or other relief under any bankruptcy,
         insolvency or other similar law, without the Consent of Limited
         Partners holding a majority of the Percentage Interests of the Limited
         Partners (other than Limited Partner Interests held by the General
         Partner, the Company or any Subsidiary or Affiliate of the Company).

         Section 7.4 Reimbursement of the General Partner and the Company

                  (a) Except as provided in this Section 7.4 and elsewhere in
         this Agreement (including the provisions of Articles 5 and 6 regarding
         distributions, payments, and allocations to which it may be entitled),
         the General Partner shall not be compensated for its services as
         general partner of the Partnership.

                  (b) The General Partner and the Company, shall be reimbursed
         on a monthly basis, or such other basis as they may determine in their
         reasonable discretion, for all reasonable expenses that they incur
         relating to the ownership and operation of, or for the benefit of, the
         Partnership; provided that the amount of any such reimbursement shall
         be reduced by any interest earned by the General Partner or the Company
         with respect to bank accounts or other instruments or accounts held by
         them on behalf of the Partnership. Such reimbursement shall be in
         addition to any reimbursement made as a result of indemnification
         pursuant to Section 7.7 hereof.

                  (c) The General Partner and its Affiliates may receive
         reasonable compensation for services rendered to or for the benefit of
         the Partnership.

         Section 7.5 Outside Activities of the General Partner

         The General Partner shall not directly or indirectly enter into or
conduct any business other than in connection with the ownership, acquisition
and disposition of Partnership Interests and the management of the business of
the Partnership, and such activities as are incidental thereto. The General
Partner and any Affiliates of the General Partner may acquire Limited Partner
Interests and shall be entitled to exercise all rights of a Limited Partner
relating to such Limited Partner Interests.

                                      -26-
<PAGE>

         Section 7.6 Contracts with Affiliates

                  (a) The Partnership may lend or contribute funds or other
         assets to its Affiliates or 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.

                  (b) 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 consistent with this Agreement and applicable law as the
         General Partner, in its sole and absolute discretion, believes are
         advisable.

                  (c) Except as expressly permitted by this Agreement, neither
         the General Partner nor any of its Affiliates shall sell, transfer or
         convey any property to, or purchase any property from, the Partnership,
         directly or indirectly, except pursuant to transactions that are
         determined by the General Partner in good faith to be fair and
         reasonable.

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

                  (e) The General Partner is expressly authorized to enter into,
         in the name and on behalf of the Partnership, a right of first
         opportunity arrangement and other conflict avoidance agreements with
         various Affiliates of the Partnership and the General Partner, on such
         terms as the General Partner, in its sole and absolute discretion,
         believes are advisable.

         Section 7.7 Indemnification

                  (a) To the fullest extent permitted by Delaware law, the
         Partnership shall indemnify each Indemnitee from and against any and
         all losses, claims, damages, liabilities, joint or several, expenses
         (including, without limitation, attorneys fees and other legal fees and
         expenses), judgments, fines, settlements, and other amounts arising
         from any and all claims, demands, actions, suits or proceedings, civil,
         criminal, administrative or investigative, that relate to the
         operations of the Partnership or the General Partner as set forth in
         this Agreement, in which such Indemnitee may be involved, or is
         threatened to be involved, as a party or otherwise. Without limitation,
         the foregoing indemnity shall extend to any liability of any
         Indemnitee, pursuant to a loan guaranty or otherwise for any
         indebtedness of the Partnership or any Subsidiary of the Partnership
         (including without limitation, any indebtedness which the Partnership
         or any Subsidiary of the Partnership has assumed or taken subject to),
         and the General Partner is

                                      -27-
<PAGE>

         hereby authorized and empowered, on behalf of the Partnership, to enter
         into one or more indemnity agreements consistent with the provisions of
         this Section 7.7 in favor of any Indemnitee having or potentially
         having liability for any such indebtedness. Any indemnification
         pursuant to this Section 7.7 shall be made only out of the assets of
         the Partnership, and neither the General Partner nor any Limited
         Partner shall have any obligation to contribute to the capital of the
         Partnership, or otherwise provide funds, to enable the Partnership to
         fund its obligations under this Section 7.7.

                  (b) Reasonable expenses incurred by an Indemnitee who is a
         party to a proceeding shall be paid or reimbursed by the Partnership in
         advance of the final disposition of the proceeding.

                  (c) The indemnification provided by this Section 7.7 shall be
         in addition to any other rights to which an Indemnitee or any other
         Person may be entitled under any agreement, pursuant to any vote of the
         Partners, as a matter of law or otherwise, and shall continue as to an
         Indemnitee who has ceased to serve in such capacity unless otherwise
         provided in a written agreement pursuant to which such Indemnitees are
         indemnified.

                  (d) The Partnership may, but shall not be obligated to,
         purchase and maintain insurance, 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 7.7, the Partnership shall be
         deemed to have requested an Indemnitee to serve as fiduciary of an
         employee benefit plan whenever the performance by it of its duties to
         the Partnership also imposes duties on, or otherwise involves services
         by, it 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 Section 7.7; and actions taken or omitted by the Indemnitee
         with respect to an employee benefit plan in the performance of its
         duties for a purpose reasonably believed by it to be in the interest of
         the participants and beneficiaries of the plan shall be deemed to be
         for a purpose which is not opposed to the best interests of the
         Partnership.

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

                  (g) An Indemnitee shall not be denied indemnification in whole
         or in part under this Section 7.7 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 7.7 are for the benefit of
         the Indemnities, their heirs, successors, assigns and administrators
         and shall not be deemed to create any rights for the benefit of any
         other Persons. Any amendment, modification or repeal of this

                                      -28-
<PAGE>

         Section 7.7 or any provision hereof shall be prospective only and shall
         not in any way affect the Partnership's liability to any Indemnitee
         under this Section 7.7, as in effect immediately prior to such
         amendment, modification, or repeal with respect to claims arising from
         or relating to matters occurring, in whole or in part, prior to such
         amendment, modification or repeal, regardless of when such claims may
         arise or be asserted.

         Section 7.8 Liability of the General Partner

                  (a) Notwithstanding anything to the contrary set forth in this
         Agreement, the General Partner and its officers, directors and/or trust
         managers shall not be liable for monetary damages to the Partnership,
         any Partners or any Assignees for losses sustained or liabilities
         incurred as a result of errors in judgment or of any act or omission if
         the General Partner acted in good faith.

                  (b) The Limited Partners and the Company expressly acknowledge
         that the General Partner is acting on behalf of both the Limited
         Partners and the shareholders of the Company collectively; that, except
         as provided to the contrary in written agreements between the Limited
         Partners and the General Partner and/or the Partnership (including
         without limitation that certain Tax, Asset and Income Support Agreement
         as of the date hereof), the General Partner is under no obligation to
         consider separately the interests of the Limited Partners (except as
         otherwise provided herein) in deciding whether to cause the Partnership
         to take (or decline to take) any actions, and that, except as provided
         to the contrary in written agreements between the Limited Partners and
         the General Partner and/or the Partnership (including without
         limitation that certain Tax, Asset and Income Support Agreement as of
         the date hereof), the General Partner shall not be liable for monetary
         damages for losses sustained, liabilities incurred, or benefits not
         derived by Limited Partners in connection with such decisions, provided
         that the General Partner has acted in good faith.

                  (c) Subject to its obligations and duties as General Partner
         set forth in Section 7.1(a) hereof, the General Partner may exercise
         any of the powers granted to it by this Agreement and perform any of
         the duties imposed upon it hereunder either directly or by or through
         its agents. The General Partner shall not be responsible for any
         misconduct or negligence on the part of any such agent appointed by the
         General Partner in good faith.

                  (d) Any amendment, modification or repeal of this Section 7.8
         or any provision hereof shall be prospective only and shall not in any
         way affect the limitations on the General Partner's and its officers'
         and directors' liability to the Partnership and the Limited Partners
         under this Section 7.8 as in effect immediately prior to such
         amendment, modification or repeal with respect to claims arising from
         or relating to matters occurring, in whole or in part, prior to such
         amendment, modification or repeal, regardless of when such claims may
         arise or be asserted.

                                      -29-
<PAGE>

         Section 7.9 Other Matters Concerning the General Partner

                  (a) The General Partner may rely and shall be protected in
         acting, or refraining from acting, upon any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, bond, debenture, or other paper or document believed by it in
         good faith to be genuine and to have been signed or presented by the
         proper party or parties.

                  (b) The General Partner may consult with legal counsel,
         accountants, appraisers, management consultants, investment bankers,
         architects, engineers, environmental consultants and other consultants
         and advisers selected by it, and any act taken or omitted to be taken
         in reliance upon the opinion of such Persons as to matters which such
         General Partner reasonably believes to be within such Person's
         professional or expert competence shall be conclusively presumed to
         have been done or omitted in good faith and in accordance with such
         opinion.

                  (c) The General Partner shall have the right, in respect of
         any of its powers or obligations hereunder, to act through any of its
         duly authorized officers and duly appointed attorneys-in-fact. Each
         such attorney shall, to the extent provided by the General Partner in
         the power of attorney, have full power and authority to do and perform
         all and every act and duty which is permitted or required to be done by
         the General Partner hereunder.

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

         Section 7.10 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 best 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.

                                      -30-
<PAGE>

         Section 7.11 Reliance by Third Parties

         Notwithstanding anything to the contrary in this Agreement, any Person
dealing with the Partnership shall be entitled to assume that the General
Partner has full power and authority, without consent or approval of any other
Partner or Person, to encumber, sell or otherwise use in any manner any and all
assets of the Partnership and to enter into any contracts on behalf of the
Partnership, and take any and all actions on behalf of the Partnership and such
Person shall be entitled to deal with the General Partner as if the General
Partner were the Partnership's sole party in interest, both legally and
beneficially. Each Limited Partner hereby waives any and all defenses or other
remedies which may be available against such Person to contest, negate or
disaffirm any action of the General Partner in connection with any such dealing.
In no event shall any Person dealing with the General Partner or its
representatives be obligated to ascertain that the terms of this Agreement have
been complied with or to inquire into the necessity or expedience of any act or
action of the General Partner or its representatives. Each and every
certificate, document or other instrument executed on behalf of the Partnership
by the General Partner or its representatives shall be conclusive evidence in
favor of any and every Person relying thereon or claiming thereunder that (i) at
the time of the execution and delivery of such certificate, document or
instrument, this Agreement was in full force and effect; (ii) the Person
executing and delivering such certificate, document or instrument was duly
authorized and empowered to do so for and on behalf of the Partnership; and
(iii) such certificate, document or instrument was duly executed and delivered
in accordance with the terms and provisions of this Agreement and is binding
upon the Partnership.

                                    ARTICLE 8
                   RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

         Section 8.1 Limitation of Liability

         The Limited Partners shall have no liability under this Agreement
except as expressly provided in this Agreement, including Section 10.5 hereof,
or under the Act.

         Section 8.2 Management of Business

         No Limited Partner or Assignee (other than the General Partner, any of
its Affiliates or any officer, director, trust manager, employee, agent or
trustee of the General Partner, the Partnership or any of their Affiliates, in
their capacity as such) shall take part in the operation, management or control
(within the meaning of the Act) of the Partnership's business, transact any
business in the Partnership's name or have the power to sign documents for or
otherwise bind the Partnership. The transaction of any such business by the
General Partner, any of its Affiliates or any officer, director, trust manager,
employee, partner, agent or trustee of the General Partner, the Partnership or
any of their Affiliates, in their capacity as such, shall not affect, impair or
eliminate the limitations on the liability of the Limited Partners or Assignees
under this Agreement.

         Section 8.3 Outside Activities of Limited Partners

         Subject to any agreements entered into pursuant to Section 7.6(e)
hereof and any other agreements entered into by a Limited Partner or its
Affiliates with the Partnership or any of its

                                      -31-
<PAGE>

Subsidiaries, any Limited Partner (other than the General Partner) and any
officer, director, trust manager, employee, agent, trustee, Affiliate or
shareholder of any Limited Partner (other than 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 that are in direct competition with the Partnership or that are
enhanced by the activities of the Partnership. Neither the Partnership nor any
Partners shall have any rights by virtue of this Agreement in any business
ventures of any Limited Partner or Assignee. 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 business ventures of any
other Person and such Person shall have no obligation pursuant to this Agreement
to offer any interest in any such business ventures to the Partnership, any
Limited Partner or any such other Person, even if such opportunity is of a
character which, if presented to the Partnership, any Limited Partner or such
other Person, could be taken by such Person.

         Section 8.4 Return of Capital

         Except pursuant to the right of redemption set forth in Section 8.6, no
Limited Partner shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent of distributions made pursuant to this
Agreement or upon termination of the Partnership as provided herein. Except to
the extent provided by Exhibit C hereof or as otherwise expressly provided in
this Agreement, no Limited Partner or Assignee shall have priority over any
other Limited Partner or Assignee, either as to the return of Capital
Contributions or as to profits, losses or distributions.

         Section 8.5 Rights of Limited Partners Relating to the Partnership

                  (a) In addition to the other rights provided by this Agreement
         or by the Act, and except as limited by Section 8.5(c) hereof, each
         Limited Partner shall have the right, for a purpose reasonably related
         to such Limited Partner's interest as a limited partner in the
         Partnership, upon written demand with a statement of the purpose of
         such demand and at such Limited Partner's own expense (including such
         copying and administrative charges as the General Partner may establish
         from time to time):

                           (1) to obtain a copy of the most recent annual and
                  quarterly reports filed with the Securities and Exchange
                  Commission by the Company pursuant to the Securities Exchange
                  Act of 1934;

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

                           (3) to obtain a current list of the name and last
                  known business, residence or mailing address of each Partner;

                           (4) to obtain a copy of this Agreement and the
                  Certificate and all amendments thereto, together with executed
                  copies of all powers of attorney pursuant to which this
                  Agreement, the Certificate and all amendments thereto have
                  been executed; and

                                      -32-
<PAGE>

                           (5) to obtain true and full information regarding the
                  amount of cash and a description and statement of any other
                  property or services contributed by each Partner and which
                  each Partner has agreed to contribute in the future, and the
                  date on which each became a Partner.

                  (b) The Partnership shall notify each Limited Partner, upon
         request, of the then current Conversion Factor.

                  (c) Notwithstanding any other provision of this Section 8.5,
         the General Partner may keep confidential from the Limited Partners,
         for such period of time as the General Partner determines in its sole
         and absolute discretion to be reasonable, any information that (i) the
         General Partner reasonably believes to be in the nature of trade
         secrets or other information, the disclosure of which the General
         Partner in good faith believes is not in the best interests of the
         Partnership or could damage the Partnership or its business; or (ii)
         the Partnership is required by law or by agreements with an
         unaffiliated third party to keep confidential.

         Section 8.6 Redemption Right

                  (a) Subject to Sections 8.6(b), 8.6(c), 8.6(d) and 8.6(e)
         hereof, at all times prior to the expiration of the Pre-Liquidation
         Period, each Limited Partner (other than the General Partner, the
         Company or any Subsidiary of the Company) shall have the right (the
         "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
         Consideration to be paid by the Partnership. The Redemption Right shall
         be exercised pursuant to a Notice of Redemption delivered to the
         Partnership (with a copy to the Company) by the Limited Partner who is
         exercising the redemption right (the "Redeeming Partner"); provided,
         however, that the Partnership shall not be obligated to satisfy such
         Redemption Right if the Company elects to purchase the Common Units
         subject to the Notice of Redemption pursuant to Section 8.6(b). A
         Limited Partner may not exercise the Redemption Right for less than two
         thousand (2,000) Common Units or, if such Limited Partner holds less
         than two thousand (2,000) Common Units, all of the Common Units held by
         such Partner. The Redeeming Partner shall have no right, with respect
         to any Common Units so redeemed, to receive any distributions paid on
         or after the Specified Redemption Date. The Assignee of any Limited
         Partner may exercise the rights of such Limited Partner pursuant to
         this Section 8.6, and such Limited Partner shall be deemed to have
         assigned such rights to such Assignee and shall be bound by the
         exercise of such rights by such Assignee. In connection with any
         exercise of such rights by an Assignee on behalf of a Limited Partner,
         the Consideration shall be paid by the Partnership directly to such
         Assignee and not to such Limited Partner and neither the Partnership
         nor the General Partner shall have any liability to such Limited
         Partner for making the foregoing payment to such Assignee.

                  (b) Notwithstanding the provisions of Section 8.6(a), a
         Limited Partner that exercises the Redemption Right shall be deemed to
         have offered to sell the Common Units described in the Notice of
         Redemption to the Company, and the Company may, in its sole and
         absolute discretion, elect to purchase directly and acquire such Common

                                      -33-
<PAGE>

         Units by paying to the Redeeming Partner the Consideration on the
         Specified Redemption Date, whereupon the Company shall acquire the
         Common Units offered for redemption by the Redeeming Partner and shall
         be treated for all purposes of this Agreement as the owner of such
         Common Units. If the Company shall elect to exercise its right to
         purchase Common Units under this Section 8.6(b) with respect to a
         Notice of Redemption, it shall so notify the Redeeming Partner within
         five Business Days after the receipt by it of such Notice of
         Redemption. Unless the Company (in its sole and absolute discretion)
         shall exercise its right to purchase Common Units from the Redeeming
         Partner pursuant to this Section 8.6(b), following delivery by the
         Partnership of the Consideration to the Redeeming Partner the Company
         shall not have any obligation to the Redeeming Partner or the
         Partnership with respect to the Redeeming Partner's exercise of the
         Redemption Right. In the event the Company shall exercise its right to
         purchase Common Units with respect to the exercise of a Redemption
         Right in the manner described in the first sentence of this Section
         8.6(b), the Partnership shall have no obligation to pay any amount to
         the Redeeming Partner with respect to such Redeeming Partner's exercise
         of such Redemption Right, and each of the Redeeming Partner, the
         Partnership, and the Company shall treat the transaction between the
         Company and the Redeeming Partner, for federal income tax purposes, as
         a sale of the Redeeming Partner's Common Units to the Company. In such
         event, the Company shall become the holder of the Common Units and
         shall have all of the rights as a Limited Partner hereunder with
         respect to such Common Units (including being considered for all
         purposes hereunder as the owner of the Percentage Interests
         attributable to such Common Units); provided, however, that
         notwithstanding the foregoing the Company shall not be entitled to
         receive any Priority Distribution Amounts, Cumulative Unpaid Accrued
         Return Amount or Cumulative Unpaid Priority Distribution Amounts with
         respect to such Common Units. Each Redeeming Partner agrees to execute
         such documents as the Company may reasonably require in connection with
         the issuance of REIT Shares upon exercise of the Redemption Right.

                  (c) Notwithstanding the provisions of Section 8.6(a) and
         Section 8.6(b), a Partner shall not be entitled to exercise the
         Redemption Right pursuant to Section 8.6(a) if the delivery of REIT
         Shares to such Partner on the Specified Redemption Date by the Company
         pursuant to Section 8.6(b) (regardless of whether or not the Company
         would in fact exercise its rights under Section 8.6(b)) would be
         prohibited under the Declaration of the Trust of the Company.

                  (d) In the event that the Company (under Section 8.6(b)
         above), elects to pay the applicable REIT Shares Amount to the
         Redeeming Partner or Assignee hereunder and such REIT Shares Amount is
         not a whole number of REIT Shares, the Redeeming Partner or Assignee
         shall be paid (i) that number of REIT Shares which equals the nearest
         whole number less than such amount, plus (ii) an amount of cash in lieu
         of the fractional REIT Share that would otherwise be payable to the
         Redeeming Partner or the Assignee equal to the product of the
         percentage of a REIT Share represented by a such fractional REIT Share
         and the Value on the Valuation Date of a REIT Share.

                  (e) Each Redeeming Partner covenants and agrees with the
         Partnership and the Company that all Common Units delivered in
         connection with the exercise of the

                                      -34-
<PAGE>

         Redemption Right shall be delivered to the Partnership or the Company,
         respectively, free and clear of all liens, encumbrances, liabilities,
         claims or charges of any kind, and notwithstanding anything contained
         herein to the contrary, neither the Partnership nor the Company shall
         be under any obligation to acquire any Redeeming Partner's Common
         Units, (1) to the extent that any such Common Units are subject to any
         liens, encumbrances, liabilities, claims or charges of any kind that
         shall not be released prior to the delivery of such Common Units to the
         Partnership or the Company or (2) in the event that any such Redeeming
         Partner shall fail to give adequate assurances that such Common Units
         will be delivered to the Partnership or the Company free and clear of
         any such liens, encumbrances, liabilities, claims or charges or any
         kind or shall fail to agree to fully indemnify the Partnership and the
         Company from any such liens, encumbrances, liabilities, claims or
         charges of any kind.

                  (f) In connection with the exercise of the Redemption Right by
         a Redeeming Partner the Partnership or, as applicable the Company,
         shall deliver the REIT Shares Amount or the Cash Amount but not a
         combination of the REIT Shares Amount and the Cash Amount with respect
         to the Common Units redeemed or purchased hereunder. Notwithstanding
         the foregoing, the Partnership or the Company may elect to pay the
         Consideration to a Redeeming Partner in the form of the REIT Shares
         Amount and pay to such Redeeming Partner cash in lieu of any fractional
         REIT Share in accordance with Section 8.6(d) hereof.

                                    ARTICLE 9
                     BOOKS, RECORDS, ACCOUNTING AND REPORTS

         Section 9.1 Records and Accounting

         The General Partner shall keep or cause to be kept at the principal
office of the Partnership those records and documents required to be maintained
by the Act and other books and records deemed by the General Partner to be
appropriate with respect to the Partnership's business, including, without
limitation, all books and records necessary to provide to the Limited Partners
any information, lists and copies of documents required to be provided pursuant
to Section 9.3 hereof. Any records maintained by or on behalf of the Partnership
in the regular course of its business may be kept on, or be in the form of,
punch cards, magnetic tape, photographs, micrographics or any other information
storage device, provided that the records so maintained are convertible into
clearly legible written form within a reasonable period of time. The books of
the Partnership shall be maintained, for financial and tax reporting purposes,
on an accrual basis in accordance with generally accepted accounting principles,
or such other basis as the General Partner determines to be necessary or
appropriate.

         Section 9.2 Fiscal Year

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

         Section 9.3 Reports

                  (a) As soon as practicable, but in no event later than one
         hundred five (105) days after the close of each Partnership Year, the
         General Partner shall cause to be mailed

                                      -35-
<PAGE>

         to each Limited Partner as of the close of the Partnership Year, an
         annual report containing financial statements of the Partnership, or of
         the Company if such statements are prepared solely on a consolidated
         basis with the Company, for such Partnership Year, presented in
         accordance with generally accepted accounting principles, such
         statements to be audited by a nationally recognized firm of independent
         public accountants selected by the General Partner.

                  (b) As soon as practicable, but in no event later than one
         hundred five (105) days after the close of each calendar quarter
         (except the last calendar quarter of each year), the General Partner
         shall cause to be mailed to each Limited Partner as of the last day of
         the calendar quarter, a report containing unaudited financial
         statements of the Partnership, or of the Company, if such statements
         are prepared solely on a consolidated basis with the Company, and such
         other information as may be required by applicable law or regulation,
         or as the General Partner determines to be appropriate.

                                   ARTICLE 10
                                   TAX MATTERS

         Section 10.1 Preparation of Tax Returns

         The General Partner shall arrange for the preparation and timely filing
of all returns of Partnership income, gains, deductions, losses and other items
required of the Partnership for federal and state income tax purposes and shall
use all reasonable efforts to furnish, within ninety (90) days of the close of
each taxable year, the tax information reasonably requested by Limited Partners
for federal and state income tax reporting purposes.

         Section 10.2 Tax Elections

         Except as otherwise provided herein or as otherwise agreed to in a
written agreement between the General Partner and one or more Limited Partners,
the General Partner shall, in its sole and absolute discretion, determine
whether to make or revoke any available election pursuant to the Code
(including, without limitation the election under Section 754 of the Code).

         Section 10.3 Tax Matters Partner

                  (a) The General Partner shall be the "tax matters partner" of
         the Partnership for federal income tax purposes. Pursuant to Section
         6230(e) of the Code, upon receipt of notice from the IRS of the
         beginning of an administrative proceeding with respect to the
         Partnership, the tax matters partner shall furnish the IRS with the
         name, address, taxpayer identification number, and profit interest of
         each of the Limited Partners and the Assignees; provided, however, that
         such information is provided to the Partnership by the Limited Partners
         and the Assignees.

                  (b) The tax matters partner is authorized, but not required.

                           (1) to enter into any settlement with the IRS with
                  respect to any administrative or judicial proceedings for the
                  adjustment of Partnership items required to be taken into
                  account by a Partner for income tax purposes (such

                                      -36-
<PAGE>

                  administrative proceedings being referred to as a "tax audit"
                  and such judicial proceedings being referred to as "judicial
                  review"), and in the settlement agreement the tax matters
                  partner may expressly state that such agreement shall bind all
                  Partners, except that such settlement agreement shall not bind
                  any Partner (i) who (within the time prescribed pursuant to
                  the Code and Regulations) files a statement with the IRS
                  providing that the tax matters partner shall not have the
                  authority to enter into a settlement agreement on behalf of
                  such Partner; or (ii) who is a "notice partner" (as defined in
                  Section 6231(a)(8) of the Code) or a member of a "notice
                  group" (as defined in Section 6223(b)(2) of the Code);

                           (2) in the event that a notice of a final
                  administrative adjustment at the Partnership level of any item
                  required to be taken into account by a Partner for tax
                  purposes (a "final adjustment") is mailed to the tax matters
                  partner, to seek judicial review of such final adjustment,
                  including the filing of a petition for readjustment with the
                  Tax Court or the filing of a complaint for refund with the
                  United States Claims Court or the District Court of the United
                  States for the district in which the Partnership's principal
                  place of business is located;

                           (3) to intervene in any action brought by any other
                  Partner for judicial review of a final adjustment;

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

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

                           (6) to take any other action on behalf of the
                  Partners or the Partnership in connection with any tax audit
                  or judicial review proceeding to the extent permitted by
                  applicable law or regulations.

         The taking of any action and the incurring of any expense by the tax
matters partner in connection with any such proceeding, except to the extent
required by law, is a matter in the sole and absolute discretion of the tax
matters partner and the provisions relating to indemnification of the General
Partner set forth in Section 7.7 of this Agreement shall be fully applicable to
the tax matters partner in its capacity as such.

                  (c) The tax matters partner shall receive no compensation for
         its services. All third party costs and expenses incurred by the tax
         matters partner in performing its duties as such (including legal and
         accounting fees and expenses) shall be borne by the Partnership.
         Nothing herein shall be construed to restrict the Partnership from
         engaging an accounting firm to assist the tax matters partner in
         discharging its duties hereunder, so long as the compensation paid by
         the Partnership for such services is reasonable.

                                      -37-
<PAGE>

         Section 10.4 Organizational Expenses

         The Partnership shall elect to deduct expenses, if any, incurred by it
in organizing the Partnership ratably over a sixty (60) month period as provided
in Section 709 of the Code.

         Section 10.5 Withholding

         Each Limited Partner hereby authorizes the Partnership to withhold
from, or pay on behalf of or with respect to, such Limited Partner any amount of
federal, state, local, or foreign taxes that the General Partner determines that
the Partnership is required to withhold or pay with respect to any amount
distributable or allocable to such Limited Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the
Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code. Any
amount paid on behalf of or with respect to a Limited Partner shall constitute a
loan by the Partnership to such Limited Partner, which loan shall be repaid by
such Limited Partner within fifteen (15) days after notice from the General
Partner that such payment must be made unless (i) the Partnership withholds such
payment from a distribution which would otherwise be made to the Limited
Partner; or (ii) the General Partner determines, in its sole and absolute
discretion, that such payment may be satisfied out of the available funds of the
Partnership which would, but for such payment, be distributed to the Limited
Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii)
shall be treated as having been distributed to such Limited Partner. Each
Limited Partner hereby unconditionally and irrevocably grants to the Partnership
a security interest in such Limited Partner's Partnership Interest to secure
such Limited Partner's obligation to pay to the Partnership any amounts required
to be paid pursuant to this Section 10.5. In the event that a Limited Partner
fails to pay any amounts owed to the Partnership pursuant to this Section 10.5
when due, the General Partner may, in its sole and absolute discretion, elect to
make the payment to the Partnership on behalf of such defaulting Limited
Partner, and in such event shall be deemed to have loaned such amount to such
defaulting Limited Partner and shall succeed to all rights and remedies of the
Partnership as against such defaulting Limited Partner. Without limitation, in
such event the General Partner shall have the right to receive distributions
that would otherwise be distributable to such defaulting Limited Partner until
such time as such loan, together with all interest thereon, has been paid in
full, and any such distributions so received by the General Partner shall be
treated as having been distributed to the defaulting Limited Partner and
immediately paid by the defaulting Limited Partner to the General Partner in
repayment of such loan. Any amounts payable by a Limited Partner hereunder shall
bear interest at the lesser of (A) 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, plus four (4) percentage points, or (B) the maximum
lawful rate of interest on such obligation, such interest to accrue from the
date such amount is due (i.e., fifteen (15) days after demand) until such amount
is paid in full. Each Limited Partner shall take such actions as the Partnership
or the General Partner shall request in order to perfect or enforce the security
interest created hereunder.

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                                   ARTICLE 11
                            TRANSFERS AND WITHDRAWALS

         Section 11.1 Transfer

                  (a) The term "transfer," when used in this Article 11 with
         respect to a Partnership Unit, shall be deemed to refer to a
         transaction by which the General Partner purports to assign all or any
         part of its General Partner Interest to another Person or by which a
         Limited Partner purports to assign all or any part of its Limited
         Partner Interest to another Person, and includes a sale, assignment,
         gift, pledge, encumbrance, hypothecation, mortgage, exchange or any
         other disposition by law or otherwise. The term "transfer" when used in
         this Article 11 does not include any redemption of Partnership
         Interests by the Partnership from a Limited Partner or any acquisition
         of Partnership Units from a Limited Partner by the Company pursuant to
         Section 8.6.

                  (b) No Partnership Interest shall be transferred, in whole or
         in part, except in accordance with the terms and conditions set forth
         in this Article 11. Any transfer or purported transfer of a Partnership
         Interest not made in accordance with this Article 11 shall be null and
         void.

         Section 11.2 Transfer of General Partner Interest and Limited Partner
Interest

         The General Partner may not (x) transfer any of its General Partner
Interest or withdraw as General Partner, or (y) if such transfer would result in
the General Partner and its direct or indirect wholly-owned Subsidiaries owning
less than 50% of the outstanding Common Units transfer any of its Limited
Partner Interest, unless Limited Partners holding a majority of the Percentage
Interests of the Limited Partners (other than Limited Partner Interests held by
the General Partner, the Company or any Subsidiary or Affiliate of the Company)
consent to such transfer or withdrawal or such transfer is to the Company or a
direct or indirect wholly-owned Subsidiary of the Company. In the event that the
General Partner transfers any of its Limited Partner Interest, the transferee
(and any and all subsequent transferees) shall be entitled to the same rights to
distributions (of operating cash flow as well as liquidation proceeds), with
regard to such Limited Partner Interest as the General Partner hereunder. In
addition, the Company may not own, directly or indirectly, less than 100% of the
capital stock or, directly or indirectly, control less than all voting
securities of the General Partner unless Limited Partners holding a majority of
the Percentage Interests (other than Limited Partner Interests held by the
General Partner, the Company or any Subsidiary or Affiliate of the Company)
consent to the related transfer of such interests. For purposes of this Section
11.2 only, the term "transfer" shall include, in addition to the actions
described in Section 11.1(a), the issuance of voting stock of the General
Partner to a Person other than the Company or a direct or indirect wholly-owned
Subsidiary of the Company or any other transaction (except any transaction
effected in compliance with Section 7.3 or Article 16 hereof or any other
transaction expressly permitted by this Agreement) which has the substantive
effect of reducing the Company's (together with its Subsidiaries) economic
interest or control of the General Partner below 100%.

                                      -39-
<PAGE>

         Section 11.3 Limited Partners' Rights to Transfer

                  (a) Subject to the provisions of Sections 11.3(c), 11.3(d),
         11.3(e), 11.4, a Limited Partner may transfer, with or without the
         consent of the General Partner, all or any portion of its Partnership
         Interest, or any of such Limited Partner's economic rights as a Limited
         Partner.

                  (b) If a Limited Partner is subject to Incapacity, the
         executor, administrator, trustee, committee, guardian, conservator or
         receiver of such Limited Partner's estate shall have all of the rights
         of a Limited Partner, but not more rights than those enjoyed by other
         Limited Partners, for the purpose of settling or managing the estate
         and such power as the Incapacitated Limited Partner possessed to
         transfer all or any part of his or its interest in the Partnership. The
         Incapacity of a Limited Partner, in and of itself, shall not dissolve
         or terminate the Partnership.

                  (c) The General Partner may prohibit any transfer by a Limited
         Partner of its Partnership Units if, in the opinion of legal counsel to
         the Partnership, such transfer would require filing of a registration
         statement under the Securities Act of 1933 or would otherwise violate
         any federal or state securities laws or regulations applicable to the
         Partnership or the Partnership Units.

                  (d) No transfer by a Limited Partner of its Partnership Units
         may be made to any Person if (i) in the opinion of legal counsel for
         the Partnership, it would result in the Partnership being treated as an
         association taxable as a corporation, or (ii) such transfer is
         effectuated through an "established securities market" or a "secondary
         market (or the substantial equivalent thereof)" within the meaning of
         Section 7704 of the Code.

                  (e) No transfer of any Partnership Units may be made to a
         lender to the Partnership or any Person who is related (within the
         meaning of Section 1.752-4(b) of the Regulations) to any lender to the
         Partnership whose loan constitutes a Nonrecourse Liability, without the
         consent of the General Partner, in its sole and absolute discretion;
         provided that as a condition to such consent the lender will be
         required to enter into an arrangement with the Partnership and the
         General Partner to exchange or redeem for the Cash Amount any
         Partnership Units to be transferred to the lender simultaneously with
         the time at which such lender would be deemed to be a partner in the
         Partnership for purposes of allocating liabilities to such lender under
         Section 752 of the Code.

         Section 11.4 Substituted Limited Partners

                  (a) No Limited Partner shall have the right to substitute a
         transferee as a Limited Partner in his place. The General Partner
         shall, however, have the right to consent to the admission of a
         transferee of the interest of a Limited Partner pursuant to this
         Section 11.4 as a Substituted Limited Partner, which consent may be
         given or withheld by the General Partner in its sole and absolute
         discretion. The General Partner's failure or refusal to permit a
         transferee of any such interests to become a Substituted Limited
         Partner shall not give rise to any cause of action against the
         Partnership or any Partner.

                                      -40-
<PAGE>

                  (b) A transferee who has been admitted as a Substituted
         Limited Partner in accordance with this Article 11 shall have all the
         rights and powers and be subject to all the restrictions and
         liabilities of a Limited Partner under this Agreement.

                  (c) Upon the admission of a Substituted Limited Partner, the
         General Partner shall amend Exhibit A to reflect the name, address,
         number of Partnership Units, and Percentage Interest of such
         Substituted Limited Partner and to eliminate or adjust, if necessary,
         the name, address and interest of the predecessor of such Substituted
         Limited Partner.

         Section 11.5 Assignees

         If the General Partner, in its sole and absolute discretion, does not
consent to the admission of any permitted transferee as a Substituted Limited
Partner, as described in Section 11.4, such transferee shall be considered an
Assignee for purposes of this Agreement. An Assignee shall be deemed to have had
assigned to it, and shall be entitled to receive distributions from the
Partnership and the share of Net Income, Net Losses, Recapture Income, and any
other items, gain, loss deduction and credit of the Partnership attributable to
the Partnership Units assigned to such transferee, but shall not be deemed to be
a holder of Partnership Units for any other purpose under this Agreement, and
shall not be entitled to vote such Partnership Units in any matter presented to
the Limited Partners for a vote (such Partnership Units being deemed to have
been voted on such matter in the same proportion as all other Partnership Units
held by Limited Partners are voted). In the event any such transferee desires to
make a further assignment of any such Partnership Units, such transferee shall
be subject to all of the provisions of this Article 11 to the same extent and in
the same manner as any Limited Partner desiring to make an assignment of
Partnership Units.

         Section 11.6 General Provisions

                  (a) No Limited Partner may withdraw from the Partnership other
         than as a result of a permitted transfer of all of such Limited
         Partner's Partnership Units in accordance with this Article 11 or
         pursuant to redemption of all of its Partnership Units under Section
         8.6.

                  (b) Any Limited Partner who shall transfer all of its
         Partnership Units in a transfer permitted pursuant to this Article 11
         shall cease to be a Limited Partner upon the admission of all Assignees
         of such Partnership Units as Substitute Limited Partners. Similarly,
         any Limited Partner who shall transfer all of its Partnership Units
         pursuant to a redemption of all of its Partnership Units under Section
         8.6 shall cease to be a Limited Partner.

                  (c) Except as otherwise authorized by the General Partner,
         transfers pursuant to this Article 11 may only be made on the first day
         of a fiscal quarter of the Partnership.

                  (d) If any Partnership Interest is transferred or assigned
         during any quarterly segment of the Partnership's fiscal year in
         compliance with the provisions of this Article 11 or redeemed or
         transferred pursuant to Section 8.6 on any day other than the first day
         of a Partnership Year, then Net Income, Net Losses, each item thereof
         and all other items

                                      -41-
<PAGE>

         attributable to such interest for such Partnership Year shall be
         divided and allocated between the transferor Partner and the transferee
         Partner by taking into account their varying interests during the
         Partnership Year in accordance with Section 706(d) of the Code, using
         the interim closing of the books method. All distributions of Available
         Cash attributable to such Partnership Unit with respect to which the
         Partnership Record Date is before the date of such transfer,
         assignment, or redemption shall be made to the transferor Partner or
         the Redeeming Partner, as the case may be, and in the case of a
         transfer or assignment other than a redemption, all distributions of
         Available Cash thereafter attributable to such Partnership Unit shall
         be made to the transferee Partner.

                                   ARTICLE 12
                              ADMISSION OF PARTNERS

         Section 12.1 Admission of Successor General Partner

         A successor to all of the General Partner Interest pursuant to Section
11.2 hereof who is proposed to be admitted as a successor General Partner shall
be admitted to the Partnership as the General Partner, effective upon such
transfer. Any such transferee shall carry on the business of the Partnership
without dissolution. In each case, the admission shall be subject to the
successor General Partner executing and delivering to the Partnership an
acceptance of all of the terms and conditions of this Agreement and such other
documents or instruments as may be required to effect the admission. In the case
of such admission on any day other than the first day of a Partnership Year, all
items attributable to the General Partner Interest for such Partnership Year
shall be allocated between the transferring General Partner and such successor
as provided in Section 11.6(d) hereof.

         Section 12.2 Admission of Additional Limited Partners

                  (a) After the date hereof, a Person who makes a Capital
         Contribution to the Partnership in accordance with this Agreement shall
         be admitted to the Partnership as an Additional Limited Partner only
         upon furnishing to the General Partner (i) evidence of acceptance in
         form satisfactory to the General Partner of all of the terms and
         conditions of this Agreement, including, without limitation, the power
         of attorney granted in Section 2.4 hereof and (ii) such other documents
         or instruments as may be required in the discretion of the General
         Partner in order to effect such Person's admission as an Additional
         Limited Partner.

                  (b) Notwithstanding anything to the contrary in this Section
         12.2, no Person shall be admitted as an Additional Limited Partner
         without the consent of the General Partner, which consent may be given
         or withheld in the General Partner's sole and absolute discretion. The
         admission of any Person as an Additional Limited Partner shall become
         effective on the date upon which the name of such Person is recorded on
         the books and records of the Partnership, following the consent of the
         General Partner to such admission.

                  (c) If any Additional Limited Partner is admitted to the
         Partnership on any day other than the first day of a Partnership Year,
         then Net Income, Net Losses, each item

                                      -42-
<PAGE>

         thereof and all other items allocable among Partners and Assignees for
         such Partnership Year shall be allocated among such Additional Limited
         Partner and all other Partners and Assignees by taking into account
         their varying interests during the Partnership Year in accordance with
         Section 706(d) of the Code, using the interim closing of the books
         method. Solely for purposes of making such allocations, each of such
         item for the calendar month in which an admission of any Additional
         Limited Partner occurs shall be allocated among all of the Partners and
         Assignees, including such Additional Limited Partner, assuming the
         admission occurred as of the last day of the month. All distributions
         of Available Cash with respect to which the Partnership Record Date is
         before the date of such admission shall be made solely to Partners and
         Assignees, other than the Additional Limited Partner, and all
         distributions of Available Cash thereafter shall be made to all of the
         Partners and Assignees, including such Additional Limited Partner.

         Section 12.3 Amendment of Agreement and Certificate of Limited
Partnership

         For the admission to the Partnership of any Partner, the General
Partner shall take all steps necessary and appropriate under the Act to amend
the records of the Partnership and, if necessary, to prepare as soon as
practical an amendment of this Agreement (including an amendment of Exhibit A)
and, if required by law, shall prepare and file an amendment to the Certificate
and may for this purpose exercise the power of attorney granted pursuant to
Section 2.4 hereof.

                                   ARTICLE 13
                    DISSOLUTION, LIQUIDATION AND TERMINATION

         Section 13.1 Dissolution

         The Partnership shall not be dissolved by the admission of Substituted
Limited Partners or Additional Limited Partners or by the admission of a
successor General Partner in accordance with the terms of this Agreement. Upon
the withdrawal of the General Partner, any successor General Partner shall
continue the business of the Partnership. The Partnership shall dissolve, and
its affairs shall be wound up, only upon the first to occur of any of the
following (each a "Liquidating Event"):

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

                  (b) an event of withdrawal of the General Partner, as defined
         in the Act (other than an event of bankruptcy), unless, within ninety
         (90) days after such event of withdrawal a majority in interest of the
         remaining Partners agree in writing to continue the business of the
         Partnership and to the appointment, effective as of the date of
         withdrawal, of a successor General Partner;

                  (c) from and after the date of this Agreement an election to
         dissolve the Partnership made by the General Partner with the Consent
         of Partners holding a majority of the Percentage Interests of the
         Limited Partners (other than Limited Partner Interests held by the
         General Partner, the Company or any Subsidiary or Affiliate of the
         Company).

                                      -43-
<PAGE>

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

                  (e) the sale of all or substantially all of the assets and
         properties of the Partnership; or

                  (f) a final and non-appealable judgment is entered by a court
         of competent jurisdiction ruling that the General Partner is bankrupt
         or insolvent, or a final and non-appealable order for relief is entered
         by a court with appropriate jurisdiction against the General Partner,
         in each case under any federal or state bankruptcy or insolvency laws
         as now or hereafter in effect, unless prior to the entry of such order
         or judgment all of the remaining Partners agree in writing to continue
         the business of the Partnership and to the appointment, effective as of
         a date prior to the date of such order or judgment, of a substitute
         General Partner.

         Section 13.2 Winding Up

                  (a) Upon the occurrence of a Liquidating Event, the
         Partnership shall continue solely for the purposes of winding up its
         affairs in an orderly manner, liquidating its assets, and satisfying
         the claims of its creditors and Partners. No Partner shall take any
         action that is inconsistent with, or not necessary to or appropriate
         for, the winding up of the Partnership's business and affairs. The
         General Partner, or, in the event there is no remaining General
         Partner, any Person elected by a majority in interest of the Limited
         Partners (the General Partner or such other Person being referred to
         herein as the "Liquidator"), shall be responsible for overseeing the
         winding up and dissolution of the Partnership and shall take full
         account of the Partnership's liabilities and property and the
         Partnership property shall be liquidated as promptly as is consistent
         with obtaining the fair value thereof, and the proceeds therefrom
         (which may, to the extent determined by the General Partner, include
         shares of common stock in the Company) shall be applied and distributed
         in the following order:

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

                           (2) Second, to the Summit Limited Partners in
                  proportion to and up to the amount of their respective Capital
                  Accounts, after giving effect to any allocation pursuant to
                  Section 6.1(e) hereof.

                           (3) Third, to the payment and discharge of all of the
                  Partnership's debts and liabilities to the General Partner;

                           (4) Fourth, to the payment and discharge of all of
                  the Partnership's debts and liabilities to the other Partners;
                  and

                           (5) The balance, if any, to the General Partner and
                  Limited Partners (other than the Summit Limited Partners) in
                  accordance with their Capital Accounts, after giving effect to
                  all contributions, distributions, and allocations for all
                  periods.

                                      -44-
<PAGE>

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

                  (b) Notwithstanding the provisions of Section 13.2(a) hereof
         which require liquidation of the assets of the Partnership, but subject
         to the order of priorities set forth therein, if prior to or upon
         dissolution of the Partnership the Liquidator determines that an
         immediate sale of part or all of the Partnership's assets would be
         impractical or would cause undue loss to the Partners, the Liquidator
         may, in its sole and absolute discretion, defer for a reasonable time
         the liquidation of any assets except those necessary to satisfy
         liabilities of the Partnership (including to those Partners as
         creditors) and/or distribute to the Partners, in lieu of cash, as
         tenants in common and in accordance with the provisions of Section
         13.2(a) hereof, undivided interests in such Partnership assets as the
         Liquidator deems not suitable for liquidation. Any such distributions
         in kind shall be made only if, in the good faith judgment of the
         Liquidator, such distributions in kind are in the best interest of the
         Partners, and shall be subject to such conditions relating to the
         disposition and management of such properties as the Liquidator deems
         reasonable and equitable and to any agreements governing the operation
         of such properties at such time. The Liquidator shall determine the
         fair market value of any property distributed in kind using such
         reasonable method of valuation as it may adopt.

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

                           (1) distributed to a trust established for the
                  benefit of the General Partner and Limited Partners for the
                  purposes of liquidating Partnership assets, collecting amounts
                  owed to the Partnership, and paying any contingent or
                  unforeseen liabilities or obligations of the Partnership or
                  the General Partner arising out of or in connection with the
                  Partnership. The assets of any such trust shall be distributed
                  to the General Partner and Limited Partners from time to time,
                  in the reasonable discretion of the Liquidator, in the same
                  proportions as the amount distributed to such trust by the
                  Partnership would otherwise have been distributed to the
                  General Partner and Limited Partners pursuant to this
                  Agreement; or

                           (2) withheld or escrowed to provide a reasonable
                  reserve for Partnership liabilities (contingent or otherwise)
                  and to reflect the unrealized portion of any installment
                  obligations owed to the Partnership, provided that such
                  withheld or escrowed amounts shall be distributed to the
                  General Partner and Limited Partners in the manner and order
                  of priority set forth in Section 13.2(a) as soon as
                  practicable.

         Section 13.3 Compliance with Timing Requirements of Regulations

         In the event the Partnership is "liquidated" within the meaning of
Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant
to this Article 13 to the General Partner and Limited Partners who have positive
Capital Accounts in compliance with Regulations

                                      -45-
<PAGE>

Section 1.704-1(b)(2)(ii)(b)(2). If any Partner has a deficit balance in his
Capital Account (after giving effect to all contributions, distributions and
allocations for all taxable years, including the year during which such
liquidation occurs), such Partner shall have no obligation to make any
contribution to the capital of the Partnership with respect to such deficit, and
such deficit shall not be considered a debt owed to the Partnership or to any
other Person for any purpose whatsoever.

         Section 13.4 Deemed Distribution and Recontribution

         Notwithstanding any other provision of this Article 13, in the event
the Partnership is considered "liquidated" within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the
Partnership's property shall not be liquidated, the Partnership's liabilities
shall not be paid or discharged, and the Partnership's affairs shall not be
wound up. Instead, for federal income tax purposes and for purposes of
maintaining Capital Accounts pursuant to Exhibit B hereto, the Partnership shall
be deemed to have contributed its assets in kind to a new partnership in return
for interests in such partnership that correspond to the outstanding interests
in the Partnership and then, distributed the interests in such new partnership
to the General Partner and Limited Partners in accordance with their respective
interests in the Partnership in liquidation of the Partnership.

         Section 13.5 Rights of Limited Partners

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

         Section 13.6 Notice of Dissolution

         In the event a Liquidating Event occurs or an event occurs that would,
but for the provisions of an election or objection by one or more Partners
pursuant to Section 13.1, result in a dissolution of the Partnership, the
General Partner shall, within thirty (30) days thereafter, provide written
notice thereof to each of the Partners (a "Liquidation Notice"). The General
Partner shall not make any liquidating distributions to the Partners prior to
the expiration of thirty (30) days following delivery by the General Partner of
a Liquidation Notice to the Partners (such thirty (30) day period is referred to
herein as the "Pre-Liquidation Period"). During the Pre-Liquidation Period, each
Partner may exercise the Redemption Right.

         Section 13.7 Termination of Partnership and Cancellation of Certificate
of Limited Partnership

         Upon the completion of the liquidation of the Partnership's assets, as
provided in Section 13.2 hereof, the Partnership shall be terminated, a
certificate of cancellation shall be filed, and all qualifications of the
Partnership as a foreign limited partnership in jurisdictions other than the
State of Delaware shall be canceled and such other actions as may be necessary
to terminate the Partnership shall be taken.

                                      -46-
<PAGE>

         Section 13.8 Reasonable Time for Winding-Up

         A reasonable time shall be allowed for the orderly winding-up of the
business and affairs of the Partnership and the liquidation of its assets
pursuant to Section 13.2 hereof, in order to minimize any losses otherwise
attendant upon such winding-up, and the provisions of this Agreement shall
remain in effect between the Partners during the period of liquidation.

         Section 13.9 Waiver of Partition

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

                                   ARTICLE 14
                  AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS

         Section 14.1 Amendments

                  (a) Amendments to this Agreement may be proposed by the
         General Partner or by any Limited Partners (other than the General
         Partner) holding twenty percent (20%) or more of the Partnership
         Interests. Following such proposal, the General Partner shall submit
         any proposed amendment to the Limited Partners. The General Partner
         shall seek the written vote of the Partners on the proposed amendment
         or shall call a meeting to vote thereon and to transact any other
         business that it may deem appropriate. For purposes of obtaining a
         written vote, the General Partner may require a response within a
         reasonable specified time, but not less than fifteen (15) days, and
         failure to respond in such time period shall constitute a vote which is
         consistent with the General Partner's recommendation with respect to
         the proposal. Except as provided in Section 7.3(a), 7.3(b), 13.1(c),
         14.1(b), 14.1(c) or 14.1(d), a proposed amendment shall be adopted and
         be effective as an amendment hereto if it is approved by the General
         Partner and it receives the Consent of Partners holding a majority of
         the Percentage Interests of the Limited Partners (including Limited
         Partner Percentage Interests held by the General Partner, the Company
         or their respective Subsidiaries or Affiliates).

                  (b) Notwithstanding Section 14.1(a), the General Partner shall
         have the power, without the consent of the Limited Partners, to amend
         this Agreement as may be required to facilitate or implement any of the
         following purposes:

                           (1) to add to the obligations of the General Partner
                  or surrender any right or power granted to the General Partner
                  or any Affiliate of the General Partner for the benefit of the
                  Limited Partners;

                           (2) to reflect the admission, substitution,
                  termination, or withdrawal of Partners in accordance with this
                  Agreement;

                           (3) to set forth the designations, rights, powers,
                  duties, and preferences of the holders of any additional
                  Partnership Interests issued pursuant to Section 4.2 hereof;

                                      -47-
<PAGE>

                           (4) to reflect a change that is of an inconsequential
                  nature and does not adversely affect the Limited Partners in
                  any material respect, or to cure any ambiguity, correct or
                  supplement any provision in this Agreement not inconsistent
                  with law or with other provisions, or make other changes with
                  respect to matters arising under this Agreement that will not
                  be inconsistent with law or with the provisions of this
                  Agreement; and

                           (5) to satisfy any requirements, conditions, or
                  guidelines contained in any order, directive, opinion, ruling
                  or regulation of a federal or state agency or contained in
                  federal or state law.

         The General Partner shall provide notice to the Limited Partners when
any action under this Section 14.1(b) is taken.

                  (c) Notwithstanding Section 14.1(a) and 14.1(b) hereof, this
         Agreement shall not be amended without the Consent of each Partner
         adversely affected if such amendment would (i) convert a Limited
         Partner's interest in the Partnership into a General Partner Interest;
         (ii) modify the limited liability of a Limited Partner in a manner
         adverse to such Limited Partner; (iii) alter rights of the Partner to
         receive distributions pursuant to Article 5 or Article 13, or the
         allocations specified in Article 6 (except as permitted pursuant to
         Section 4.2 and Section 14.1(b)(3) hereof); (iv) except as permitted by
         Article XVI hereof, alter or modify the Redemption Right and REIT
         Shares Amount as set forth in Section 8.6 and the related definitions,
         in a manner adverse to such Partner; (v) cause the termination of the
         Partnership prior to the time set forth in Sections 2.5 or 13.1; or
         (vi) amend this Section 14.1(c). Further, no amendment may alter the
         restrictions on the General Partner's authority set forth in Section
         7.3. without the Consent specified in that section.

                  (d) Notwithstanding Section 14.1(a) or Section 14.1(b) hereof,
         the General Partner shall not amend Sections 4.2, 7.5, 7.6, 11.2 or
         14.2 without the Consent of Limited Partners holding a majority of the
         Percentage Interests of the Limited Partners, excluding Limited Partner
         Interests held by the General Partner, the Company or any Subsidiary of
         the Company.

         Section 14.2 Meetings of the Partners

                  (a) Meetings of the Partners may be called by the General
         Partner and shall be called upon the receipt by the General Partner of
         a written request by Limited Partners (other than the Company) holding
         twenty percent (20%) or more of the Partnership Interests. The request
         shall state the nature of the business to be transacted. Notice of any
         such meeting shall be given to all Partners not less than seven (7)
         days nor more than thirty (30) days prior to the date of such meeting.
         Partners may vote in person or by proxy at such meeting. Whenever the
         vote or Consent of the Partners is permitted or required under this
         Agreement, such vote or Consent may be given at a meeting of the
         Partners or may be given in accordance with the procedure prescribed in
         Section 14.1(a) hereof. Except as otherwise expressly provided in this
         Agreement, the Consent of holders of a majority of the Percentage
         Interests held by Limited Partners (including Limited

                                      -48-
<PAGE>

         Partnership Interests held by the General Partner, the Company and
         their respective Subsidiaries and Affiliates) shall control.

                  (b) Any action required or permitted to be taken at a meeting
         of the Partners may be taken without a meeting if a written consent
         setting forth the action so taken is signed by a majority of the
         Percentage Interests of the Partners (or such other percentage as is
         expressly required by this Agreement). Such consent may be in one
         instrument or in several instruments, and shall have the same force and
         effect as a vote of a majority of the Percentage Interests of the
         Partners (or such other percentage as is expressly required by this
         Agreement). Such consent shall be filed with the General Partner. An
         action so taken shall be deemed to have been taken at a meeting held on
         the effective date so certified.

                  (c) Each Limited Partner may authorize any Person or Persons
         to act for him by proxy on all matters in which a Limited Partner is
         entitled to participate, including waiving notice of any meeting, or
         voting or participating at a meeting. Every proxy must be signed by the
         Limited Partner or his attorney-in-fact. No proxy shall be valid after
         the expiration of eleven (11) months from the date thereof unless
         otherwise provided in the proxy. Every proxy shall be revocable at the
         pleasure of the Limited Partner executing it, such revocation to be
         effective upon the Partnership's receipt of written notice of such
         revocation from the Limited Partner executing such proxy.

                  (d) Each meeting of the Partners shall be conducted by the
         General Partner or such other Person as the General Partner may appoint
         pursuant to such rules for the conduct of the meeting as the General
         Partner or such other Person deems appropriate. Without limitation,
         meetings of Partners may be conducted in the same manner as meetings of
         the shareholders of the Company and may be held at the same time, and
         as part of, meetings of the shareholders of the Company.

                                   ARTICLE 15
                               GENERAL PROVISIONS

         Section 15.1 Addresses and Notice

         Any notice, demand, request or report required or permitted to be given
or made to a Partner or Assignee under this Agreement shall be in writing and
shall be deemed given or made when delivered in person or when sent by first
class United States mail or by other means of written communication to the
Partner or Assignee at the address set forth in Exhibit A or such other address
of which the Partner shall notify the General Partner in writing.

         Section 15.2 Titles and Captions

         All article or section titles or captions in this Agreement are for
convenience only. They shall not be deemed part of this Agreement and in no way
define, limit, extend or describe the scope or intent of any provisions hereof.
Except as specifically provided otherwise, references to "Articles" and
"Sections" are to Articles and Sections of this Agreement.

                                      -49-
<PAGE>

         Section 15.3 Pronouns and Plurals

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

         Section 15.4 Further Action

         The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or
appropriate to achieve the purposes of this Agreement.

         Section 15.5 Binding Effect

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal
representatives and permitted assigns.

         Section 15.6 Creditors

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

         Section 15.7 Waiver

         No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute waiver of any
such breach or any other covenant, duty, agreement or condition.

         Section 15.8 Counterparts

         This Agreement may be executed in counterparts, all of which together
shall constitute one agreement binding on all of the parties hereto,
notwithstanding that all such parties are not signatories to the original or the
same counterpart. Each party shall become bound by this Agreement immediately
upon affixing its signature hereto.

         Section 15.9 Applicable Law

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

         Section 15.10 Invalidity of Provisions

         If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.

                                      -50-
<PAGE>

         Section 15.11 Entire Agreement

         This Agreement contains the entire understanding and agreement among
the Partners with respect to the subject matter hereof and supersedes any other
prior written or oral understandings or agreements among them with respect
thereto; provided that the General Partner and the Partnership may enter into
separate written agreements with certain of the Limited Partners relating to
their rights and obligations under this Agreement and such separate agreements
shall not be superseded by this Agreement but shall supplement and be considered
part of this Agreement.

         Section 15.12 {INTENTIONALLY OMITTED}

         {INTENTIONALLY OMITTED}

                                   ARTICLE 16
             CONSOLIDATION, MERGER OR SALE OF ASSETS OF THE COMPANY

         Section 16.1 Triggering Events

         For the purposes of this Article 16, each of the following events shall
be deemed to be a "Triggering Event": (v) if the Company consolidates with, or
merges into, any other Person, and the Company is not the continuing or
surviving corporation of such consolidation or merger, (w) the Company engages
in a transaction that constitutes a "going private" transaction within the
meaning of Rule 13e-3 under the Exchange Act, (x) if any Person consolidates
with, or merges into, the Company, and the Company is the continuing or
surviving corporation of such consolidation or merger and, in connection with
such consolidation or merger, all or part of the outstanding REIT Shares are
converted into stock or other securities of any other Person or cash or any
other property, (y) if any Person becomes the Beneficial Owner (as hereinafter
defined) of 33.3% or more of the then outstanding REIT Shares or (z) if the
Company sells or otherwise transfers (or one or more of its Subsidiaries sells
or otherwise transfers) to any Person or Persons, in one or more transactions,
assets aggregating more than 50% of the value of the assets (based on either the
fair market value of the assets or cash flow generated by the assets) of the
Company and its Subsidiaries, as a whole. "Beneficial Owner" means any Person
who, together with such Person's affiliates (as defined in Rule 12b-2 of the
Securities Exchange Act of 1934, as amended (including any rules and regulations
thereunder, (the "Exchange Act")) and associates (as defined in Rule 12b-2 of
the Exchange Act), (i) would be considered a "beneficial owner" under Rule 13d-3
of the Exchange Act, other than (A) as a result of a revocable proxy given in
response to a proxy or consent solicitation made pursuant to, and in accordance
with, the Exchange Act or (B) as would not be reportable by such Person on
Schedule 13D under the Exchange Act, or (ii) has entered into any agreement,
arrangement or understanding (whether or not in writing) for the purpose of
acquiring (whether such right is exercisable immediately or only after the
passage of time or upon the satisfaction of conditions) owning, voting (except
pursuant to a revocable proxy or consent solicitation made pursuant to, and in
accordance with, the Exchange Act) or disposing of REIT Shares, including upon
the exercise of conversion rights, exchange rights, rights, warrants or options
or otherwise.

                                      -51-
<PAGE>

         Section 16.2 From and After the Occurrence of a Triggering Event

         Effective on the date of each Triggering Event, the Redemption Right
shall be adjusted as provided in this Section 16.2.

                  (a) From and after the occurrence of a Triggering Event (each
         such occurrence, a "Trigger Occurrence") and until the occurrence, if
         any, of a subsequent Triggering Event (in which case a further
         adjustment shall be made pursuant to this Section 16.2), each and every
         reference contained in this Agreement to a "REIT Share" or "REIT
         Shares" shall be deemed to be a reference to a share or shares,
         respectively (each, a "Replacement Share"; collectively, "Replacement
         Shares"), of: (i) if, as a result of any Triggering Event, all of the
         REIT Shares are converted solely into Registered Common Shares (as
         hereinafter defined), such Registered Common Shares and (ii) in all
         other cases, the common shares, or, if such Person shall have no common
         shares, the equity securities or other equity interests having power to
         control or direct the management (the "Common Shares") of (a) in the
         event of a Triggering Event described in clause (w) or (x) of the first
         sentence of Section 16.1, (1) the Person that is the issuer of any
         securities into which the REIT Shares are converted in such merger or
         consolidation, or, if there is more than one such issuer, the issuer
         who has the highest Market Capitalization (as hereinafter defined) and
         (2) if no securities are so issued, the Person that is the other party
         to such merger or consolidation, or if there is more than one such
         Person, the Person who has the highest Market Capitalization or (b) in
         the event of a Triggering Event described in clause (y) or (z) of the
         first sentence of Section 16.1, the Person that is the party becoming
         the Beneficial Owner of the largest percentage of the outstanding REIT
         Shares or receiving the largest portion of the value of assets (with
         such value determined based on either the fair market value of the
         assets or the cash flow generated by the assets) transferred pursuant
         to such transaction or transactions, or, if each Person that is a party
         to such transaction or transactions or if the Person becoming the
         Beneficial Owner of the largest portion of the REIT Shares or receiving
         the largest portion of the assets cannot be determined, whichever
         Person has the highest Market Capitalization; provided, however, that
         in any such case, (1) if the Common Shares of such Person are not at
         such time and have not been continuously over the preceding
         twelve-month period registered ("Registered Common Shares") under
         Section 12 of the Exchange Act, or such Person is not a corporation or
         a state-chartered real estate investment trust, and such Person is a
         direct or indirect Subsidiary of another Person that has Registered
         Common Shares outstanding, "Replacement Shares" shall mean the Common
         Shares of such other Person; (2) if the Common Shares of such Person
         are not Registered Common Shares or such Person is not a corporation or
         a state-chartered real estate investment trust, and such Person is a
         direct or indirect Subsidiary of another Person but is not a direct or
         indirect Subsidiary of another Person which has Registered Common
         Shares outstanding, "Replacement Shares" shall mean Common Shares of
         the ultimate parent entity of such first-mentioned Person; (3) if the
         Common Shares of such Person are not Registered Common Shares or such
         Person is not a corporation or a state-chartered real estate investment
         trust, and such Person is directly or indirectly controlled by more
         than one Person, and one of such other Persons has Registered Common
         Shares outstanding, "Replacement Shares" shall mean Common Shares of
         whichever of such other Persons is the issuer having the highest Market
         Capitalization; and (4) if the

                                      -52-
<PAGE>

         Common Shares of such Person are not Registered Common Shares or such
         Person is not a corporation, or a state-chartered real estate
         investment trust, and such Person is directly or indirectly controlled
         by more than one Person, and none of such other Persons have Registered
         Common Shares outstanding, "Replacement Shares" shall mean Common
         Shares of whichever ultimate parent entity is the corporation, or a
         state-chartered real estate investment trust having the highest
         aggregate shareholders' equity or, if no such ultimate parent entity is
         a corporation or a state-chartered real estate investment trust, shall
         be deemed to refer to Common Shares of whichever ultimate parent entity
         is the entity having the greatest net assets. Any issuer of
         "Replacement Shares" shall be referred to as an "Issuer". "Market
         Capitalization" means the dollar figure equal to the product of the
         number of Common Shares issued and outstanding on the date of the
         Trigger Occurrence in question, on a fully diluted basis, not held by
         affiliates (as defined under the Exchange Act) multiplied by the
         Average Trading Price (as hereinafter defined). The holders of a
         majority of the Common Units held by the Limited Partners (excluding
         the Common Units held by the General Partner, the Company or any
         Subsidiary of the Company) may, within 90 days after the occurrence of
         a Triggering Event described in clause (y) of the first sentence of
         Section 16.1 involving a purchase of less than all of the then
         outstanding REIT Shares, waive, in writing, the adjustment to the
         Redemption Right provided for in this Section 16.2; provided, that (i)
         the Redemption Right shall remain in full force and effect as provided
         in Section 8.6, (ii) such election shall be binding on all of the
         Limited Partners and (iii) if the adjustment to the Redemption Right
         has previously been waived pursuant to this sentence, a new Triggering
         Event shall be deemed to occur each time a Person who is the Beneficial
         Owner of at least 33.3% of the outstanding REIT Shares becomes the
         Beneficial Owner of an additional 2% or more of the outstanding REIT
         Shares.

                  (b) From and after a Trigger Occurrence, the "Conversion
         Factor" shall be adjusted by multiplying the "Conversion Factor"
         existing on the day immediately prior to such Trigger Occurrence as
         follows: (i) if the REIT Shares, as a result of the Trigger Occurrence,
         have been converted solely into the right to receive Registered Common
         Shares, by the number of Registered Common Shares which the holder of a
         single REIT Share was entitled to receive as a result of the Trigger
         Occurrence or (ii) in all other cases, by a fraction, the numerator of
         which shall be the Average Trading Price of a REIT Share as of such
         Trigger Occurrence and the denominator of which shall be the Average
         Trading Price of a Replacement Share as of such Trigger Occurrence.
         Following a Trigger Occurrence, the Conversion Factor shall be further
         adjusted as set forth in the definition of "Conversion Factor"
         contained in Article 1 of this Agreement and as provided in this
         Section 16.2.

                  (c) For the purpose of any computation hereunder, the "Average
         Trading Price" per share of Common Stock on any date shall be deemed to
         be the average of the daily closing prices per share of such shares for
         the ten consecutive trading days immediately prior to the third trading
         day prior to such date; provided, however, in the event the Triggering
         Event occurs as part of a series of related transactions which also
         includes a tender offer, the ten trading day period shall be the ten
         consecutive trading day period immediately prior to the day REIT Shares
         are accepted for payment pursuant to such tender offer; provided,
         however, further, if prior to the expiration of such requisite

                                      -53-
<PAGE>

         ten trading day period the issuer announces either (A) a dividend or
         distribution on such shares payable in such shares or securities
         convertible into such shares or (B) any subdivision, combination or
         reclassification of such shares, then, following the ex-dividend date
         for such dividend or the record date for such subdivision, as the case
         may be, the "Average Trading Price" shall be properly adjusted to take
         into account such event. The closing price for each day shall be, if
         the shares are listed and admitted to trading on a national securities
         exchange, as reported in the principal consolidated transaction
         reporting system with respect to securities listed on the principal
         national securities exchange on which such shares are listed or
         admitted to trading or, if such shares are not listed or admitted to
         trading on any national securities exchange, the last quoted price or,
         if not so quoted, the high bid price in the over-the-counter market, as
         reported by the NASDAQ National Market System or such other system then
         in use, or, if on any such date such shares are not quoted by any such
         organization, the average of the closing bid and asked prices as
         furnished by a professional market maker making a market in such shares
         selected by the holders of a majority of the Common Units held by the
         Limited Partners (excluding the Common Units held by the General
         Partner). If such shares are not publicly held or not so listed or
         traded or if, for the ten days prior to such date, no market maker is
         making a market in such shares, the Average Trading Price of such
         shares on such date shall be deemed to be the fair value of such shares
         as determined as set forth in Section 16.2(d). The term "trading day"
         shall mean, if such shares are listed or admitted to trading on any
         national securities exchange, a day on which the principal national
         securities exchange on which such shares are listed or admitted to
         trading is open for the transaction of business or, if such shares are
         not so listed or admitted, a Business Day.

                  (d) In the event that on the date of a Trigger Occurrence, the
         shares of a Person are not publicly held or not so listed or traded or
         if, for the ten days prior to such date, no market maker is making a
         market in the shares of a Person, the Average Trading Price of the
         shares of such Person shall be the fair value of the shares as
         determined in good faith by the holders of a majority of the Common
         Units held by the Limited Partners (excluding the Common Units held by
         the General Partner, the Company or any Subsidiary of the Company) and
         by the General Partner, which determination shall be binding on all of
         the Limited Partners. If the holders of a majority of the Common Units
         held by the Limited Partners (excluding the Common Units held by the
         General Partner, the Company or any Subsidiary of the Company) and
         General Partner have not agreed on the fair value of the shares and
         executed and delivered between them an agreement setting forth the same
         within twenty (20) days after the Trigger Occurrence in question, then
         either the General Partner or the holders of a majority of the Common
         Units held by the Limited Partners (excluding the Common Units held by
         the General Partner, the Company or any Subsidiary of the Company) may
         notify the other that they or it desire to invoke the following
         arbitration procedure:

                           (1) Notice of the holders of a majority of the Common
                  Units held by the Limited Partners (excluding the Common Units
                  held by the General Partner, the Company or any Subsidiary of
                  the Company) or by the General Partner of such parties'
                  intention to seek arbitration shall be delivered to the other
                  parties within ten (10) days, after which all parties shall,
                  in good faith, attempt to agree

                                      -54-
<PAGE>

                  on a single arbitrator to determine the fair value of the
                  shares (the "Arbitrator"). If the holders of a majority of the
                  Common Units held by the Limited Partners (excluding the
                  Common Units held by the General Partner, the Company or any
                  Subsidiary of the Company) and the General Partner have not
                  agreed on the Arbitrator within ten (10) days after the giving
                  of the Arbitration Notice, then either party, on behalf of
                  both, may apply to the local office of the American
                  Arbitration Association or any organization which is the
                  successor thereof (the "AAA") for appointment of the
                  Arbitrator, or, if the AAA shall not then exist or shall fail,
                  refuse or be unable to act such that the Arbitrator is not
                  appointed by the AAA within ten (10) days after application
                  therefor, then either party may apply to any court of
                  competent jurisdiction in the State of Texas (the "Court") for
                  the appointment of the Arbitrator and the other party shall
                  not raise any question as to the Court's full power and
                  jurisdiction to entertain the application and make the
                  appointment. The date on which the Arbitrator is appointed, by
                  the agreement of the parties, by appointment by the AAA or by
                  appointment by the Court, is referred to herein as the
                  "Appointment Date". If any Arbitrator appointed hereunder
                  shall be unwilling or unable, for any reason, to serve, or
                  continue to serve, a replacement arbitrator shall be appointed
                  in the same manner as the original Arbitrator.

                           (2) The arbitration shall be conducted in accordance
                  with the then prevailing commercial arbitration rules of the
                  AAA, modified as follows:

                           (i) To the extent that any statute imposes
                  requirements different than those of the AAA in order for the
                  decision of the Arbitrator to be enforceable in the courts of
                  the State of Texas, such requirements shall be complied with
                  in the arbitration.

                           (ii) The Arbitrator shall be disinterested and
                  impartial, shall not be affiliated with the Limited Partners,
                  the General Partner or their Affiliates and shall have at
                  least ten (10) years experience in the market in which the
                  applicable Person transacts the majority of its business.

                           (iii) Before hearing any testimony or receiving any
                  evidence, the Arbitrator shall be sworn to hear and decide the
                  controversy faithfully and fairly by an officer authorized to
                  administer an oath and a written copy thereof shall be
                  delivered to each of the Limited Partners and the General
                  Partner.

                           (iv) Within twenty (20) days after the Appointment
                  Date, the holders of a majority of the Common Units held by
                  the Limited Partners (excluding the Common Units held by the
                  General Partner, the Company or any Subsidiary of the Company)
                  and the General Partner shall deliver to the Arbitrator two
                  (2) copies of their respective written determinations of the
                  fair value of the shares (each, a "Determination") together
                  with such affidavits, appraisals, reports and other written
                  evidence relating thereto as the submitting party deems
                  appropriate. After the submission of any Determination, the
                  submitting party may not make any additions to or deletions
                  from, or otherwise change, such Determination or the

                                      -55-
<PAGE>

                  affidavits, appraisals, reports and other written evidence
                  delivered therewith. If either party fails to so deliver its
                  Determination within such time period, time being of the
                  essence with respect thereto, such party shall be deemed to
                  have irrevocably waived its right to deliver a Determination
                  and the Arbitrator, without holding a hearing, shall accept
                  the Determination of the submitting party as the fair value of
                  the shares. If each party submits a Determination with respect
                  to the fair value of the shares within the twenty (20) day
                  period described above, the Arbitrator shall, promptly after
                  its receipt of the second Determination, deliver a copy of
                  each party's Determination to the other party.

                           (v) Not less than ten (10) days nor more than twenty
                  (20) days after the earlier to occur of (x) the expiration of
                  the twenty (20) day period provided for in clause (iv) of this
                  subparagraph or (y) the Arbitrator's receipt of both of the
                  Determinations from the parties (such earlier date is referred
                  to herein as the "Submission Date") and upon not less than
                  five (5) days notice to the parties, the Arbitrator shall hold
                  one or more hearings with respect to the determination of the
                  fair value of the shares. The hearings shall be held in the
                  Houston metropolitan area of Texas at such location and time
                  as shall be specified by the Arbitrator. Each of the parties
                  shall be entitled to present all relevant evidence and to
                  cross-examine witnesses at the hearings. The Arbitrator shall
                  have the authority to adjourn any hearing to such later date
                  as the Arbitrator shall specify, provided that in all events
                  all hearings with respect to the determination of the fair
                  value of the shares shall be concluded not later than thirty
                  (30) days after the Submission Date.

                           (vi) The Arbitrator shall be instructed, and shall be
                  empowered only, to select as the fair value of the shares that
                  one of the Determinations which the Arbitrator believes is the
                  more accurate determination of the Average Trading Price of
                  the shares. Without limiting the generality of the foregoing,
                  in rendering his or her decision, the Arbitrator shall not add
                  to, subtract from or otherwise modify the provisions of this
                  Agreement or either of the Determinations.

                           (vii) The Arbitrator shall render his or her
                  determination as to the selection of a Determination in a
                  signed and acknowledged written instrument, original
                  counterparts of which shall be sent simultaneously to Limited
                  Partners and the General Partner, within ten (10) days after
                  the conclusion of the hearing(s) required by clause (v) of
                  this Section.

                           (3) This provision shall constitute a written
                  agreement to submit any dispute regarding the determination of
                  the Average Trading Price of the shares of a Person to
                  arbitration.

                           (4) The arbitration decision, determined as provided
                  in this Article, shall be conclusive and binding on the
                  parties, shall constitute an "award" by the Arbitrator within
                  the meaning of the AAA rules and applicable law, and judgment
                  may be entered thereon in any court of competent jurisdiction.

                                      -56-
<PAGE>

                           (5) The holders of a majority of the Common Units
                  (other than the General Partner, the Company or any Subsidiary
                  of the Company) shall pay all fees and expenses relating to
                  the arbitration (including, without limitation, the reasonable
                  fees and expenses of one counsel chosen by the holders of a
                  majority of the Common Units held by the Limited Partners
                  (excluding the Common Units held by the General Partner, the
                  Company or any Subsidiary of the Company) and of experts and
                  witnesses retained or called by the Limited Partners). The
                  Limited Partners' counsel chosen as set forth in the preceding
                  sentence shall represent the interests of all of the Limited
                  Partners and the choice of counsel shall be binding on all of
                  the Limited Partners.

                  (e) From and after a Trigger Occurrence, each and every
         reference to the "Company" in Section 8.6 shall be deemed to be a
         reference to the Issuer of the Replacement Shares. From and after a
         Trigger Occurrence, the Issuer shall assume or unconditionally guaranty
         the performance of the Partnership's obligation to pay the
         Consideration to a Redeeming Partner under Section 8.6 of this
         Agreement pursuant to an instrument in form and substance reasonably
         satisfactory to the holders of a majority of the Common Units held by
         the Limited Partners (excluding the Common Units held by the General
         Partner, the Company or any Subsidiary of the Company). From and after
         a Trigger Occurrence, the "Average Trading Price" of a REIT Share or a
         Replacement Share, as applicable shall be substituted for the "Value"
         of the same for the purposes of determining the Cash Amount.

         Section 16.3 Additional Issuer Covenants

                  (a) From and after a Trigger Occurrence, in the event a
         dividend or distribution consisting of cash or property (other than
         Replacement Shares) or both is paid by the Issuer in respect of the
         Replacement Shares, the General Partner shall cause the Partnership to
         distribute, in respect of each Common Unit, the same amount of cash or
         property the holder of a Common Unit would have received had such
         holder exercised its Redemption Right and received Replacement Shares
         prior to such dividend or distribution.

                  (b) In the event that the Company proposes to engage in a
         transaction that constitutes a Triggering Event, the prior Consent of
         Partners holding a majority of the Percentage Interests of the Limited
         Partners (other than the General Partner, the Company or any Subsidiary
         of the Company) shall be required unless the Issuer of Replacement
         Shares agrees to provide the Summit Limited Partners with economic
         rights that are identical to the economic rights of such Summit Limited
         Partners hereunder (provided, however, that for purposes of this
         Section 16.3(b) any changes to the rights of the Summit Limited
         Partners required to reflect a change in the issuer of the REIT Shares
         or a change in the capital structure of the Company, e.g., adjustment
         to the Conversion Factor, change of the securities which the Common
         Units may receive upon exercise of the Redemption Right, and any other
         changes effected expressly in accordance with Section 16.2 hereof shall
         not result in the economic rights of the Summit Limited Partners not
         being identical to their economic rights hereunder); provided further
         that, notwithstanding the foregoing, if the Replacement Shares are not
         listed on a national

                                      -57-
<PAGE>

         securities exchange or on the Nasdaq National Market, the economic
         rights of the Summit Limited Partners shall be deemed not to be
         identical following the Triggering Event.

         Section 16.4 Application to Later Transactions

         This Article 16 shall apply to the initial Triggering Event and shall
continue to apply to each subsequent Triggering Event.

         Section 16.5 Waivers and Amendments

                  (a) The provisions of this Article 16 may be waived only upon
         the written consent of the holders of a majority of the Common Units
         held by the Summit Limited Partners (excluding the Common Units held by
         the General Partner, the Company and any Subsidiary of the Company).

                  (b) This Article 16 shall only be amended as provided in
         Section 14.1(d) of this Agreement and shall be deemed included in such
         section for all purposes.

                                      -58-
<PAGE>

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

                                          GENERAL PARTNER:

                                          CAMDEN SUMMIT, INC.,
                                          a Delaware corporation

                                          By: __________________________________
                                          Name: ________________________________
                                          Title: _______________________________

<PAGE>

                                LIMITED PARTNERS:

                                By: CAMDEN SUMMIT, INC.,
                                    a Delaware corporation
                                    as Attorney-in-Fact for the Limited Partners

                                By: ____________________________________________
                                Name: __________________________________________
                                Title: _________________________________________

The undersigned has executed this Agreement for the purposes of Sections 7.8(b),
8.6 and 11.2 only.

                                CAMDEN PROPERTY TRUST,
                                a Texas real estate investment trust

                                By: ____________________________________________
                                Name: __________________________________________
                                Title: _________________________________________

<PAGE>

                         LIMITED PARTNER SIGNATURE PAGE

         The undersigned, desiring to become one of the within named Limited
Partners of Camden Summit Partnership, L.P., hereby becomes a party to the
Second Amended and Restated Agreement of Limited Partnership of Camden Summit
Partnership, L.P. by and among Camden Summit, Inc. and such Limited Partners,
dated as of ________ , 2005. The undersigned agrees that this signature page may
be attached to any counterpart of said Agreement of Limited Partnership.

                                          Signature line for Limited Partner

                                          ______________________________________

                                          Address of Limited Partner

                                          ______________________________________

<PAGE>

                                    EXHIBIT A

                   PARTNERS, OUTSTANDING PARTNERSHIP UNITS AND
                              PERCENTAGE INTERESTS

                         (AS OF ________________, 2005)

                                    Exhibit A

<PAGE>

                                    EXHIBIT B

                           CAPITAL ACCOUNT MAINTENANCE

1. Capital Accounts of the Partners

         A. The Partnership shall maintain for each Partner a separate Capital
Account in accordance with the rules of Regulations Section 1.704-1(b)(2)(iv).
Such Capital Account shall be increased by (i) the amount of all Capital
Contributions and any other deemed contributions made by such Partner to the
Partnership pursuant to this Agreement; and (ii) all items of Partnership income
and gain (including income and gain exempt from tax) computed in accordance with
Section 1.B hereof and allocated to such Partner pursuant to Section 6.1(a) of
the Agreement and Exhibit C hereof, and decreased by (x) the amount of cash or
Agreed Value of all actual and deemed distributions of cash or property made to
such Partner pursuant to this Agreement; and (y) all items of Partnership
deduction and loss computed in accordance with Section 1.B hereof and allocated
to such Partner pursuant to Section 6.1(b) of the Agreement and Exhibit C
hereof.

         B. For purposes of computing the amount of any item of income, gain,
deduction or loss to be reflected in the Partners' Capital Accounts, unless
otherwise specified in this Agreement, the determination, recognition and
classification of any such item shall be the same as its determination,
recognition and classification for federal income tax purposes determined in
accordance with Section 703(a) of the Code (for this purpose all items of
income, gain, loss or deduction required to be stated separately pursuant to
Section 703(a)(1) of the Code shall be included in taxable income or loss), with
the following adjustments:

                  (1) Except as otherwise provided in Regulations Section
         1.704-1(b)(2)(iv)(m), the computation of all items of income, gain,
         loss and deduction shall be made without regard to any election under
         Section 754 of the Code which may be made by the Partnership, provided
         that the amounts of any adjustments to the adjusted bases of the assets
         of the Partnership made pursuant to Section 734 of the Code as a result
         of the distribution of property by the Partnership to a Partner (to the
         extent that such adjustments have not previously been reflected in the
         Partners' Capital Accounts) shall be reflected in the Capital Accounts
         of the Partners in the manner and subject to the limitations prescribed
         in Regulations Section 1.704-1(b)(2)(iv)(m)(5).

                  (2) The computation of all items of income, gain, and
         deduction shall be made without regard to the fact that items described
         in Sections 705(a)(1)(B) or 705(a)(2)(B) of the Code are not includable
         gross income or are neither currently deductible nor capitalized for
         federal income tax purposes.

                  (3) Any income, gain or loss attributable to the taxable
         disposition of any Partnership property shall be determined as if the
         adjusted basis of such property as of such date of disposition were
         equal in amount to the Partnership's Carrying Value with respect to
         such property as of such date.

                                       B-1
<PAGE>

                  (4) In lieu of the depreciation, amortization, and other cost
         recovery deductions taken into account in computing such taxable income
         or loss, there shall be taken into account Depreciation for such fiscal
         year.

                  (5) In the event the Carrying Value of any Partnership Asset
         is adjusted pursuant to Section 1.D hereof, the amount of any such
         adjustment shall be taken into account as gain or loss from the
         disposition of such asset.

                  (6) Any items specifically allocated under Section 2 of
         Exhibit C hereof shall not be taken into account.

         C. Generally, a transferee (including an Assignee) of a Partnership
Unit shall succeed to a pro rata portion of the Capital Account of the
transferor; provided, however, that, if the transfer causes a termination of the
Partnership under Section 708(b)(1)(B) of the Code, the Partnership shall be
deemed to have contributed its assets in kind to a new partnership in return for
interests in such partnership that correspond to the outstanding interests in
the Partnership, and then, distributed the interests in such new partnership to
the General Partner and the Limited Partners in accordance with their respective
interests in the Partnership in liquidation of the Partnership. In such event,
the Carrying values of the Partnership properties shall be adjusted upon such
deemed contribution to the new partnership pursuant to Section 1.D(2) hereof.
The Capital Accounts of such reconstituted Partnership shall be maintained in
accordance with the principles of this Exhibit B.

         D.       (1) Consistent with the provisions of Regulations Section
1.704-1(b)(2)(iv)(f), and as provided in Section 1.D(2), the Carrying Value of
all Partnership assets shall be adjusted upward or downward to reflect any
Unrealized Gain or Unrealized Loss attributable to such Partnership property, as
of the times of the adjustments provided in Section 1.D(2) hereof, as if such
Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each
such property and allocated pursuant to Section 6.1 of the Agreement.

                  (2) Such adjustments shall be made as of the following times:
         (a) immediately prior to the acquisition of an additional interest in
         the Partnership by any new or existing Partner in exchange for more
         than a de minimis Capital Contribution; (b) immediately prior to the
         distribution by the Partnership to a Partner of more than a de minimis
         amount of property as consideration for an interest in the Partnership;
         and (c) immediately prior to the liquidation of the Partnership within
         the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) provided,
         however, that adjustments pursuant to clauses (a) and (b) above shall
         be made only if the General Partner determines that such adjustments
         are necessary or appropriate to reflect the relative economic interests
         of the Partners in the Partnership, including any significant special
         allocations that would be made pursuant to Section 6.1(e).

                  (3) In accordance with Regulations Section
         1.704-1(b)(2)(iv)(e), the Carrying Value of Partnership assets
         distributed in kind shall be adjusted upward or downward to reflect any
         Unrealized Gain or Unrealized Loss attributable to such Partnership
         property, as of the time any such asset is distributed.

                                       B-2
<PAGE>

                  (4) In determining Unrealized Gain or Unrealized Loss for
         purposes of this Exhibit B, the aggregate cash amount and fair market
         value of all Partnership assets (including cash or cash equivalents)
         shall be determined by the General Partner using such reasonable method
         of valuation as it may adopt, or in the case of a liquidating
         distribution pursuant to Article 13 of the Agreement, shall be
         determined and allocated by the Liquidator using such reasonable
         methods of valuation as it may adopt. The General Partner, or the
         Liquidator, as the case may be, shall allocate such aggregate value
         among the assets of the Partnership (in such manner as it determines in
         its sole and absolute discretion to arrive at a fair market value for
         individual properties).

         E. The provisions of this Agreement (including this Exhibit B and other
Exhibits to this Agreement) relating to the maintenance of Capital Accounts are
intended to comply with Regulations Section 1.704-1(b), and shall be interpreted
and applied in a manner consistent with such Regulations. Except as otherwise
set forth in a written agreement between the General Partner and/or the
Partnership and one or more Limited Partners (including without limitation the
certain Tax, Asset and Income Support Agreement as of the date hereof), in the
event the General Partner shall determine that it is prudent to modify (i) the
manner in which the Capital Accounts, or any debits or credits thereto
(including, without limitation, debits or credits relating to liabilities which
are secured by contributed or distributed property or which are assumed by the
Partnership, the General Partner, or the Limited Partners) are computed; or (ii)
the manner in which items are allocated among the Partners for federal income
tax purposes in order to comply with such Regulations or to comply with Section
704(c) of the Code, the General Partner may make such modification without
regard to Article 14 of the Agreement, provided that it is not likely to have a
material effect on the amounts distributable to any Person pursuant to Article
13 of the Agreement upon the dissolution of the Partnership. The General Partner
also shall (i) make any adjustments that are necessary or appropriate to
maintain equality between the Capital Accounts of the Partners and the amount of
Partnership capital reflected on the Partnership's balance sheet, as computed
for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q);
and (ii) make any appropriate modifications in the event unanticipated events
might otherwise cause this Agreement not to comply with Regulations Section
1.704-1(b). In addition, except as otherwise set forth in a written agreement
between the General Partner and/or the Partnership and one or more Limited
Partners (including without limitation that certain Tax, Asset and Income
Support Agreement as of the date hereof), the General Partner may adopt and
employ such methods and procedures for (i) the maintenance of book and tax
capital accounts; (ii) the determination and allocation of adjustments under
Sections 704(c), 734 and 743 of the Code; (iii) the determination of Net Income,
Net Loss, taxable loss and items thereof under this Agreement and pursuant to
the Code; (iv) the adoption of reasonable conventions and methods for the
valuation of assets and the determination of tax basis; (v) the allocation of
asset value and tax basis; and (vi) conventions for the determination of cost
recovery, depreciation and amortization deductions, as it determines in its sole
discretion are necessary or appropriate to execute the provisions of this
Agreement, to comply with federal and state tax laws, and are in the best
interest of the Partners.

2. No Interest

         No interest shall be paid by the Partnership on Capital Contributions
or on balances in Partners' Capital Accounts.

                                       B-3
<PAGE>

3. No Withdrawal

         No Partner shall be entitled to withdraw any part of his Capital
Contribution or his Capital Account or to receive any distribution from the
Partnership, except as provided in Articles 4, 5, 7 and 13 of the Agreement.

                                       B-4
<PAGE>

                                    EXHIBIT C

                            SPECIAL ALLOCATION RULES

1. Special Allocation Rules.

         Notwithstanding any other provision of the Agreement or this Exhibit C,
the following special allocations shall be made in the following order:

         A. Minimum Gain Chargeback. Notwithstanding the provisions of Section
6.1 of the Agreement or any other provisions of this Exhibit C, if there is a
net decrease in Partnership Minimum Gain during any Partnership taxable year,
each Partner shall be specially allocated items of Partnership income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such
Partner's share of the net decrease in Partnership Minimum Gain, as determined
under Regulations Section 1.704-2(g). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be
allocated to each Partner pursuant thereto. The items to be so allocated shall
be determined in accordance with Regulations Section 1.704-2(f)(6). This Section
1.A is intended to comply with the minimum gain chargeback requirements in
Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.
Solely for purposes of this Section 1.A, each Partner's Adjusted Capital Account
Deficit shall be determined prior to any other allocations pursuant to Section
6.1 of Partner Minimum Gain during such Partnership taxable year.

         B. Partner Minimum Gain Chargeback. Notwithstanding any other provision
of Section 6.1 of this Agreement or any other provisions of this Exhibit C
(except Section 1.A hereof), if there is a net decrease in Partner Minimum Gain
attributable to a Partner Nonrecourse Debt during any Partnership taxable year,
each Partner who has a share of the Partner Minimum Gain attributable to such
Partner Nonrecourse Debt, determined in accordance with Regulations Section
1.702-2(i)(5), shall be specially allocated items of Partnership income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such
Partner's share of the net decrease in Partner Minimum Gain attributable to such
Partner Nonrecourse Debt, determined in accordance with Regulations Section
1.704-2(i)(5). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Partner
pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Section 1.704-2(i)(4). This Section 1.B is intended to comply
with the minimum gain chargeback requirement in such Section of the Regulations
and shall be interpreted consistently therewith. Solely for purposes of the
Section 1.B, each Partner's Adjusted Capital Account Deficit shall be determined
prior to any other allocations pursuant to Section 6.1 of the Agreement or this
Exhibit with respect to such Partnership taxable year, other than allocations
pursuant to Section 1.A hereof.

         C. Qualified Income Offset. In the event any Partner unexpectedly
receives any adjustments, allocations or distributions described in Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6), and after giving effect to the allocations required
under Sections 1.A and 1.B hereof such Partner has an Adjusted Capital Account
Deficit, items of Partnership income and gain (consisting of a pro rata portion
of each item of Partnership income, including gross income and gain for the
Partnership taxable year)

                                       C-1
<PAGE>

shall be specifically allocated to such Partner in an amount and manner
sufficient to eliminate, to the extent required by the Regulations, its Adjusted
Capital Account Deficit created by such adjustments, allocations or
distributions as quickly as possible.

         D. Nonrecourse Deductions. Nonrecourse Deductions for any Partnership
taxable year shall be allocated to the Partners in accordance with their
respective Percentage Interests. If the General Partner determines in its good
faith discretion that the Partnership's Nonrecourse Deductions must be allocated
in a different ratio to satisfy the safe harbor requirements of the Regulations
promulgated under Section 704(b) of the Code, the General Partner is authorized,
upon notice to the Limited Partners, to revise the prescribed ratio to the
numerically closest ratio for such Partnership taxable year which would satisfy
such requirements.

         E. Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions
for any Partnership taxable year shall be specially allocated to the Partner who
bears the economic risk of loss with respect to the Partner Nonrecourse Debt to
which such Partner Nonrecourse Deductions are attributable in accordance with
Regulations Section 1.704-2(i).

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

         G. Curative Allocations. The allocations set forth in Section 1.A
through 1.F of this Exhibit C (the "Regulatory Allocations") are intended to
comply with certain requirements of the Regulations under Section 704(b) of the
Code. The Regulatory Allocations may not be consistent with the manner in which
the Partners intend to divide Partnership distributions. Accordingly, the
General Partner is hereby authorized to divide other allocations of income,
gain, deduction and loss among the Partners so as to prevent the Regulatory
Allocations from distorting the manner in which Partnership distributions will
be divided among the Partners. In general, the Partners anticipate that this
will be accomplished by specially allocating other items of income, gain, loss
and deduction among the Partners so that the net amount of the Regulatory
Allocations and such special allocations to each person is zero. However, the
General Partner will have discretion to accomplish this result in any reasonable
manner; provided, however, that no allocation pursuant to this Section 1.G shall
cause the Partnership to fail to comply with the requirements of Regulations
Sections 1.704-1(b)(2)(ii)(d), 1.704-2(e) or 1.704-2(i).

2. Allocations for Tax Purposes

         A. Except as otherwise provided in the Code and Regulations, for
federal income tax purposes, each item of income, gain, loss and deduction shall
be allocated among the Partners in the same manner as its correlative item of
"book" income, gain, loss or deduction is allocated pursuant to Section 6.1 of
the Agreement and Section 1 of this Exhibit C.

                                       C-2
<PAGE>

         B. In an attempt to eliminate Book-Tax Disparities attributable to a
Contributed Property or Adjusted Property, items of income, gain, loss, and
deduction shall be allocated for federal income tax purposes among the Partners
as follows:

                  (1) (a) In the case of a Contributed Property, such items
         attributable thereto shall be allocated among the Partners, consistent
         with the principles of Section 704(c) of the Code and the Regulations
         thereunder, to take into account the variation between the 704(c) Value
         of such property and its adjusted basis at the time of contribution;
         and

                  (b) any item of Residual Gain or Residual Loss attributable to
         a Contributed Property shall be allocated among the Partners in the
         same manner as its correlative item of "book" gain or loss is allocated
         pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit
         C.

                  (2) (a) In the case of an Adjusted Property, such items shall

                  (1) first, be allocated among the Partners in a manner
         consistent with the principles of Section 704(c) of the Code and the
         Regulations thereunder to take into account the Unrealized Gain or
         Unrealized Loss attributable to such property and the allocations
         thereof pursuant to Exhibit B; and

                  (2) second, in the event such property was originally a
         Contributed Property, be allocated among the Partners in a manner
         consistent with Section 2.B(1) of this Exhibit C; and

                  (b) any item of Residual Gain or Residual Loss attributable to
         an Adjusted Property shall be allocated among the Partners in the same
         manner its correlative item of "book" gain or loss is allocated
         pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit
         C.

                  (3) all other items of income, gain, loss and deduction shall
         be allocated among the Partners the same manner as their correlative
         item of "book" gain or loss is allocated pursuant to Section 6.1 of the
         Agreement and Section 1 of this Exhibit C.

         C. Subject to the further provisions of this Section 2.C, to the extent
that the Treasury Regulations promulgated pursuant to Section 704(c) of the Code
permit the Partnership to utilize alternative methods to eliminate the
disparities between the Carrying Value of property and its adjusted basis, the
General Partner shall have the authority to elect the method to be used by the
Partnership and such election shall be binding on all Partners.

3. No Withdrawal

         No Partner shall be entitled to withdraw any part of his Capital
Contribution or his Capital Account or to receive any distribution from the
Partnership, except as provided in Articles 4, 5, 8 and 13 of the Agreement.

                                       C-3
<PAGE>

4. Agreements

         To the extent permitted by law, the General Partner and one or more
Limited Partners may enter into separate written agreements modifying the
provisions of this Exhibit C.

                                       C-4
<PAGE>

                                    EXHIBIT D

                              NOTICE OF REDEMPTION

         The undersigned Limited Partner hereby irrevocably (i) redeems
__________ Common Units in Camden Summit Partnership, L.P. in accordance with
the terms of the Second Amended and Restated Agreement of Limited Partnership of
Camden Summit Partnership, L.P. and the Redemption Right referred to therein;
(ii) surrenders such Common Units and all right, title and interest therein; and
(iii) directs that the Cash Amount or REIT Shares Amount (as determined by the
Partnership or the Company) deliverable upon exercise of the Redemption Right be
delivered to the address specified below, and if REIT Shares 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 marketable and unencumbered title to such
Common Units, free and clear of the rights or interests of any other person or
entity; (b) has the full right, power, and authority to redeem and surrender
such Common Units as provided herein; and (c) has obtained the consent or
approval of all persons or entities, if any, having the right to consent or
approve such redemption and surrender.

                                          Dated:

                                          ______________________________________

                                          Name of Limited Partner:

                                          ______________________________________

                                          Please Print

                                          ______________________________________

                                          ______________________________________
                                          (Signature of Limited Partner)

                                          ______________________________________
                                          (Street Address)

                                          ______________________________________
                                          (City)         (State)      (Zip Code)

                                       D-1
<PAGE>

                                          Signature Guaranteed by:

                                          ______________________________________

                                          If REIT Shares are to be issued,
                                          issue to:

                                          ______________________________________

                                          Name:

                                          ______________________________________

                                          Please insert social security or
                                          identifying number:

                                       D-2
<PAGE>

                                   SCHEDULE 1

                     AGREED VALUE OF CONTRIBUTED PROPERTIES

                                        1
<PAGE>

                                   SCHEDULE 2

                     704(c) VALUE OF CONTRIBUTED PROPERTIES

                                        1
<PAGE>

                                   SCHEDULE 3

                        CAPITAL CONTRIBUTIONS OF PARTNERS

                                        1

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