Document:

Exhibit 10.44

 

MULTIFAMILY
LOAN AND SECURITY AGREEMENT

(NON-RECOURSE)

 

BY AND BETWEEN

 

ASPEN
2016 LLC, a

Delaware limited liability company

 

AND

 

CAPITAL
ONE MULTIFAMILY FINANCE, LLC, a

Delaware limited liability company

 

DATED AS OF

 

June 27, 2016

 

 

     

     

    

  

TABLE OF CONTENTS

 

	Article 1 - DEFINITIONS; SUMMARY OF MORTGAGE LOAN TERMS	1
	 	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Schedules, Exhibits, and Attachments Incorporated	1
	 	 	 
	Article 2 - GENERAL MORTGAGE LOAN TERMS	2
	 	 	 
	Section 2.01	Mortgage loan origination and security	2
	(a)	Making of Mortgage Loan	2
	(b)	Security for Mortgage Loan	2
	(c)	Protective Advances	2
	Section 2.02	Payments on Mortgage Loan	2
	(a)	Debt Service Payments	2
	(b)	Capitalization of Accrued But Unpaid Interest	3
	(c)	Late Charges	3
	(d)	Default Rate	4
	(e)	Address for Payments	5
	(f)	Application of Payments	5
	Section 2.03	Lockout/Prepayment	6
	(a)	Prepayment; Prepayment Lockout; Prepayment Premium	6
	(b)	Voluntary Prepayment in Full	6
	(c)	Acceleration of Mortgage Loan	7
	(d)	Application of Collateral	7
	(e)	Casualty and Condemnation	7
	(f)	No Effect on Payment Obligations	8
	(g)	Loss Resulting from Prepayment	8
	 	 	 
	Article 3 - PERSONAL LIABILITY	8
	 	 	 
	Section 3.01	Non-Recourse Mortgage Loan; Exceptions	8
	Section 3.02	Personal Liability of Borrower (Exceptions to Non-Recourse Provision)	9
	(a)	Personal Liability Based on Lender’s Loss	9
	(b)	Full Personal Liability for Mortgage Loan	10
	Section 3.03	Personal Liability for Indemnity Obligations	10
	Section 3.04	Lender’s Right to Forego Rights Against Mortgaged Property	11
	 	 	 
	Article 4 - BORROWER STATUS	11
	 	 	 
	Section 4.01	Representations and Warranties	11
	(a)	Due Organization and Qualification	11
	(b)	Location	11
	(c)	Power and Authority	12
	(d)	Due Authorization	12
	(e)	Valid and Binding Obligations	12
	(f)	Effect of Mortgage Loan on Borrower’s Financial Condition	12
	(g)	Economic Sanctions, Anti-Money Laundering, and Anti-Corruption	13
	(h)	Borrower Single Asset Status	13
	(i)	No Bankruptcies or Judgments	15
	(j)	No Actions or Litigation	15
	(k)	Payment of Taxes, Assessments, and Other Charges	15

 

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	(l)	Not a Foreign Person	16
	(m)	ERISA	16
	(n)	Default Under Other Obligations	16
	(o)	Prohibited Person	16
	(p)	No Contravention	17
	(q)	Lockbox Arrangement	17
	Section 4.02	Covenants	17
	(a)	Maintenance of Existence; Organizational Documents	17
	(b)	Economic Sanctions, Anti-Money Laundering, and Anti-Corruption	18
	(c)	Payment of Taxes, Assessments, and Other Charges	18
	(d)	Borrower Single Asset Status	18
	(e)	ERISA	20
	(f)	Notice of Litigation or Insolvency	20
	(g)	Payment of Costs, Fees, and Expenses	20
	(h)	Restrictions on Distributions	21
	(i)	Lockbox Arrangement	21
	 	 	 
	Article 5 - THE MORTGAGE LOAN	21
	 	 	 
	Section 5.01	Representations and Warranties	21
	(a)	Receipt and Review of Loan Documents	21
	(b)	No Default	22
	(c)	No Defenses	22
	(d)	Loan Document Taxes	22
	Section 5.02	Covenants	22
	(a)	Ratification of Covenants; Estoppels; Certifications	22
	(b)	Further Assurances	23
	(c)	Sale of Mortgage Loan	23
	(d)	Limitations on Further Acts of Borrower	24
	(e)	Financing Statements; Record Searches	24
	(f)	Loan Document Taxes	25
	 	 	 
	Article 6 - PROPERTY USE, PRESERVATION, AND MAINTENANCE	25
	 	 	 
	Section 6.01	Representations and Warranties	25
	(a)	Compliance with Law; Permits and Licenses	25
	(b)	Property Characteristics	26
	(c)	Property Ownership	26
	(d)	Condition of the Mortgaged Property	26
	(e)	Personal Property	26
	Section 6.02	Covenants	26
	(a)	Use of Property	26
	(b)	Property Maintenance	27
	(c)	Property Preservation	29
	(d)	Property Inspections	29
	(e)	Compliance with Laws	30
	Section 6.03	Mortgage Loan Administration Matters Regarding the Property	30
	(a)	Property Management	30
	(b)	Subordination of Fees to Affiliated Property Managers	31
	(c)	Property Condition Assessment	31

 

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	Article 7 - LEASES AND RENTS	31
	 	 	 
	Section 7.01	Representations and Warranties	31
	(a)	Prior Assignment of Rents	31
	(b)	Prepaid Rents	31
	Section 7.02	Covenants	32
	(a)	Leases	32
	(b)	Commercial Leases	32
	(c)	Payment of Rents	34
	(d)	Assignment of Rents	34
	(e)	Further Assignments of Leases and Rents	34
	(f)	Options to Purchase by Tenants	34
	Section 7.03	Mortgage Loan Administration Regarding Leases and Rents	34
	(a)	Material Commercial Lease Requirements	34
	(b)	Residential Lease Form	35
	 	 	 
	Article 8 - BOOKS AND RECORDS; FINANCIAL REPORTING	35
	 	 	 
	Section 8.01	Representations and Warranties	35
	(a)	Financial Information	35
	(b)	No Change in Facts or Circumstances	35
	Section 8.02	Covenants	36
	(a)	Obligation to Maintain Accurate Books and Records	36
	(b)	Items to Furnish to Lender	36
	(c)	Audited Financials	39
	(d)	Delivery of Books and Records	39
	Section 8.03	Mortgage Loan Administration Matters Regarding Books and Records and Financial Reporting	39
	(a)	Lender’s Right to Obtain Audited Books and Records	39
	(b)	Credit Reports; Credit Score	40
	 	 	 
	Article 9 – INSURANCE	40
	 	 	 
	Section 9.01	Representations and Warranties	40
	(a)	Compliance with Insurance Requirements	40
	(b)	Property Condition	40
	Section 9.02	Covenants	40
	(a)	Insurance Requirements	40
	(b)	Delivery of Policies, Renewals, Notices, and Proceeds	41
	Section 9.03	Mortgage Loan Administration Matters Regarding Insurance	42
	(a)	Lender’s Ongoing Insurance Requirements	42
	(b)	Application of Proceeds on Event of Loss	42
	(c)	Payment Obligations Unaffected	44
	(d)	Foreclosure Sale	45
	(e)	Appointment of Lender as Attorney-In-Fact	45
	 	 	 
	Article 10 - CONDEMNATION	45
	 	 	 
	Section 10.01	Representations and Warranties	45
	(a)	Prior Condemnation Action	45
	(b)	Pending Condemnation Actions	45

 

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	Section 10.02	Covenants	46
	(a)	Notice of Condemnation	46
	(b)	Condemnation Proceeds	46
	Section 10.03	Mortgage Loan Administration Matters Regarding Condemnation	46
	(a)	Application of Condemnation Awards	46
	(b)	Payment Obligations Unaffected	46
	(c)	Appointment of Lender as Attorney-In-Fact	46
	(d)	Preservation of Mortgaged Property	47
	 	 	 
	Article 11 - LIENS, TRANSFERS, AND ASSUMPTIONS	47
	 	 	 
	Section 11.01	Representations and Warranties	47
	(a)	No Labor or Materialmen’s Claims	47
	(b)	No Other Interests	47
	Section 11.02	Covenants	48
	(a)	Liens; Encumbrances	48
	(b)	Transfers	48
	(c)	No Other Indebtedness	51
	(d)	No Mezzanine Financing or Preferred Equity	51
	Section 11.03	Mortgage Loan Administration Matters Regarding Liens, Transfers, and Assumptions	51
	(a)	Assumption of Mortgage Loan	51
	(b)	Transfers to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates	53
	(c)	Estate Planning	53
	(d)	Termination or Revocation of Trust	54
	(e)	Death of Key Principal or Guarantor; Transfer Due to Death	54
	(f)	Bankruptcy of Guarantor	56
	(g)	Further Conditions to Transfers and Assumption	57
	(h)	Further Transfers Affecting Clipper Realty L.P.	57
	 	 	 
	Article 12 - IMPOSITIONS	61
	 	 	 
	Section 12.01	Representations and Warranties	61
	(a)	Payment of Taxes, Assessments, and Other Charges	61
	Section 12.02	Covenants	61
	(a)	Imposition Deposits, Taxes, and Other Charges	61
	Section 12.03	Mortgage Loan Administration Matters Regarding Impositions	62
	(a)	Maintenance of Records by Lender	62
	(b)	Imposition Accounts	62
	(c)	Payment of Impositions; Sufficiency of Imposition Deposits	62
	(d)	Imposition Deposits Upon Event of Default	63
	(e)	Contesting Impositions	63
	(f)	Release to Borrower	64
	 	 	 
	Article 13 - REPLACEMENT RESERVE AND REPAIRS	64
	 	 	 
	Section 13.01	Covenants	64
	(a)	Initial Deposits to Replacement Reserve Account and Repairs Escrow Account	64
	(b)	Monthly Replacement Reserve Deposits	64
	(c)	Payment for Replacements and Repairs	64
	(d)	Assignment of Contracts for Replacements and Repairs	65

 

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	(e)	Indemnification	65
	(f)	Amendments to Loan Documents	65
	(g)	Administrative Fees and Expenses	65
	Section 13.02	Mortgage Loan Administration Matters Regarding Reserves	66
	(a)	Accounts, Deposits, and Disbursements	66
	(b)	Approvals of Contracts; Assignment of Claims	73
	(c)	Delays and Workmanship	73
	(d)	Appointment of Lender as Attorney-In-Fact	73
	(e)	No Lender Obligation	74
	(f)	No Lender Warranty	74
	 	 	 
	Article 14 - DEFAULTS/REMEDIES	74
	 	 	 
	Section 14.01	Events of Default	74
	(a)	Automatic Events of Default	74
	(b)	Events of Default Subject to a Specified Cure Period	75
	(c)	Events of Default Subject to Extended Cure Period	76
	Section 14.02	Remedies	76
	(a)	Acceleration; Foreclosure	76
	(b)	Loss of Right to Disbursements from Collateral Accounts	77
	(c)	Remedies Cumulative	77
	Section 14.03	Additional Lender Rights; Forbearance	78
	(a)	No Effect Upon Obligations	78
	(b)	No Waiver of Rights or Remedies	78
	(c)	Appointment of Lender as Attorney-In-Fact	79
	(d)	Borrower Waivers	80
	Section 14.04	Waiver of Marshaling	81
	 	 	 
	Article 15 - MISCELLANEOUS	81
	 	 	 
	Section 15.01	Governing Law; Consent to Jurisdiction and Venue	81
	(a)	Governing Law	81
	(b)	Venue	81
	Section 15.02	Notice	82
	(a)	Process of Serving Notice	82
	(b)	Change of Address	82
	(c)	Default Method of Notice	82
	(d)	Receipt of Notices	83
	Section 15.03	Successors and Assigns Bound; Sale of Mortgage Loan	83
	(a)	Binding Agreement	83
	(b)	Sale of Mortgage Loan; Change of Servicer	83
	Section 15.04	Counterparts	83
	Section 15.05	Joint and Several (or Solidary) Liability	83
	Section 15.06	Relationship of Parties; No Third Party Beneficiary	83
	(a)	Solely Creditor and Debtor	83
	(b)	No Third Party Beneficiaries	84

 

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	Section 15.07	Severability; Entire Agreement; Amendments	84
	Section 15.08	Construction	84
	Section 15.09	Mortgage Loan Servicing	85
	Section 15.10	Disclosure of Information	85
	Section 15.11	Waiver; Conflict	86
	Section 15.12	No Reliance	86
	Section 15.13	Subrogation	86
	Section 15.14	Counting of Days	86
	Section 15.15	Revival and Reinstatement of Indebtedness	87
	Section 15.16	Time is of the Essence	87
	Section 15.17	Final Agreement	87
	Section 15.18	WAIVER OF TRIAL BY JURY	87

 

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SCHEDULES & EXHIBITS

 

	Schedules	 	 	 	 
	Schedule 1	 	Definitions Schedule (required)	 	Form 6101.FR
	Schedule 2	 	Summary of Loan Terms (required)	 	Form 6102.FR
	Schedule 2	 	Addenda to Schedule 2 (New York Gap Note Modification)	 	Form 6102.19.FR
	Schedule 2	 	Addenda to Schedule 2 (Bond Regulatory Agreement)	 	Form 6102.22
	Schedule 3	 	Interest Rate Type Provisions (required)	 	Form 6103.FR
	Schedule 4	 	Prepayment Premium Schedule (required)	 	Form 6104.01
	Schedule 5	 	Required Replacement Schedule (required)	 	 
	Schedule 6	 	Required Repair Schedule (required)	 	 
	Schedule 7	 	Exceptions to Representations and Warranties Schedule (required)	 	 

 

 

	Exhibits	 	 	 	 
	Exhibit A	 	Modifications to Multifamily Loan and Security Agreement (New York Gap Note Modification)	 	Form 6234
	Exhibit B	 	Modifications to Multifamily Loan and Security Agreement (Bond Redemption and Bond Regulatory Agreement) (HDC)	 	Form 6238
	Exhibit C	 	Modifications to Multifamily Loan and Security Agreement (HPD Regulatory Agreement)	 	 
	Exhibit D	 	Modifications to Multifamily Loan and Security Agreement (Shuttle Service Reserve)	 	 

  

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MULTIFAMILY
LOAN AND SECURITY AGREEMENT

(Non-Recourse)

 

This MULTIFAMILY LOAN
AND SECURITY AGREEMENT (as amended, restated, replaced, supplemented, or otherwise modified from time to time, the “Loan
Agreement”) is made as of the Effective Date (as hereinafter defined) by and between ASPEN 2016 LLC, a Delaware
limited liability company (“Borrower”), CAPITAL ONE MULTIFAMILY FINANCE,
LLC, a Delaware limited liability company (“Lender”).

 

RECITALS:

 

WHEREAS, Borrower desires
to obtain the Mortgage Loan (as hereinafter defined) from Lender to be secured by the Mortgaged Property (as hereinafter defined);
and

 

WHEREAS, Lender is
willing to make the Mortgage Loan on the terms and conditions contained in this Loan Agreement and in the other Loan Documents
(as hereinafter defined);

 

NOW, THEREFORE, in
consideration of the making of the Mortgage Loan by Lender and other good and valuable consideration, the receipt and adequacy
of which are hereby conclusively acknowledged, the parties hereby covenant, agree, represent, and warrant as follows:

 

AGREEMENTS:

 

Article
1 - DEFINITIONS; SUMMARY OF MORTGAGE

LOAN TERMS

 

Section
1.01              Defined Terms.

 

Capitalized terms not
otherwise defined in the body of this Loan Agreement shall have the meanings set forth in the Definitions Schedule attached as
Schedule 1 to this Loan Agreement.

 

Section
1.02              Schedules, Exhibits, and Attachments Incorporated.

 

The schedules, exhibits,
and any other addenda or attachments are incorporated fully into this Loan Agreement by this reference and each constitutes a substantive
part of this Loan Agreement.

 

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Article
2 - GENERAL MORTGAGE LOAN TERMS

 

Section
2.01              Mortgage Loan Origination and Security.

 

(a)          Making
of Mortgage Loan.

 

Subject to the terms
and conditions of this Loan Agreement and the other Loan Documents, Lender hereby makes the Mortgage Loan to Borrower, and Borrower
hereby accepts the Mortgage Loan from Lender. Borrower covenants and agrees that it shall:

 

(1)         pay
the Indebtedness, including the Prepayment Premium, if any (whether in connection with any voluntary prepayment or in connection
with an acceleration by Lender of the Indebtedness), in accordance with the terms of this Loan Agreement and the other Loan Documents;
and

 

(2)         perform,
observe, and comply with this Loan Agreement and all other provisions of the other Loan Documents.

 

(b)          Security
for Mortgage Loan.

 

The Mortgage Loan is
made pursuant to this Loan Agreement, is evidenced by the Note, and is secured by the Security Instrument, this Loan Agreement,
and the other Loan Documents that are expressly stated to be security for the Mortgage Loan.

 

(c)          Protective
Advances.

 

As provided in the
Security Instrument, Lender may take such actions or disburse such funds as Lender reasonably deems necessary to perform the obligations
of Borrower under this Loan Agreement and the other Loan Documents and to protect Lender’s interest in the Mortgaged Property.

 

Section
2.02              Payments on Mortgage Loan.

 

(a)          Debt
Service Payments.

 

(1)         Short
Month Interest.

 

If the date
the Mortgage Loan proceeds are disbursed is any day other than the first day of the month, interest for the period beginning on
the disbursement date and ending on and including the last day of the month in which the disbursement occurs shall be payable by
Borrower on the date the Mortgage Loan proceeds are disbursed. In the event that the disbursement date is not the same as the Effective
Date, then:

 

(A)         the
disbursement date and the Effective Date must be in the same month, and

 

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(B)         the
Effective Date shall not be the first day of the month.

 

(2)         Interest
Accrual and Computation.

 

Except as
provided in Section 2.02(a)(1), interest shall be paid in arrears. Interest shall accrue as provided in the Schedule of Interest
Rate Type Provisions and shall be computed in accordance with the Interest Accrual Method. If the Interest Accrual Method is “Actual/360,”
Borrower acknowledges and agrees that the amount allocated to interest for each month will vary depending on the actual number
of calendar days during such month.

 

(3)         Monthly
Debt Service Payments.

 

Consecutive
monthly debt service installments (comprised of either interest only or principal and interest, depending on the Amortization Type),
each in the amount of the applicable Monthly Debt Service Payment, shall be due and payable on the First Payment Date, and on each
Payment Date thereafter until the Maturity Date, at which time all Indebtedness shall be due. Any regularly scheduled Monthly Debt
Service Payment that is received by Lender before the applicable Payment Date shall be deemed to have been received on such Payment
Date solely for the purpose of calculating interest due. All payments made by Borrower under this Loan Agreement shall be made
without set-off, counterclaim, or other defense.

 

(4)         Payment
at Maturity.

 

The unpaid
principal balance of the Mortgage Loan, any Accrued Interest thereon and all other Indebtedness shall be due and payable on the
Maturity Date.

 

(5)         Interest
Rate Type.

 

See the Schedule
of Interest Rate Type Provisions for additional provisions, if any, specific to the Interest Rate Type.

 

(b)          Capitalization
of Accrued But Unpaid Interest.

 

Any accrued and unpaid
interest on the Mortgage Loan remaining past due for thirty (30) days or more may, at Lender’s election, be added to
and become part of the unpaid principal balance of the Mortgage Loan.

 

(c)          Late
Charges.

 

(1)         If
any Monthly Debt Service Payment due hereunder is not received by Lender within ten (10) days (or fifteen (15) days for
any Mortgaged Property located in Mississippi or North Carolina to comply with applicable law) after the applicable Payment Date,
or any amount payable under this Loan Agreement (other than the payment due on the Maturity Date for repayment of the Mortgage
Loan in full) or any other Loan Document is not received by Lender within ten (10) days (or fifteen (15) days for any
Mortgaged Property located in Mississippi or North Carolina to comply with applicable law) after the date such amount is due, inclusive
of the date on which such amount is due, Borrower shall pay to Lender, immediately without demand by Lender, the Late Charge.

 

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The Late Charge
is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 2.02(d).

 

(2)         Borrower
acknowledges and agrees that:

 

(A)         its
failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Mortgage Loan;

 

(B)         it
is extremely difficult and impractical to determine those additional expenses;

 

(C)         Lender
is entitled to be compensated for such additional expenses; and

 

(D)         the
Late Charge represents a fair and reasonable estimate, taking into account all circumstances existing on the date hereof, of the
additional expenses Lender will incur by reason of any such late payment.

 

(d)          Default
Rate.

 

(1)         Default
interest shall be paid as follows:

 

(A)         If
any amount due in respect of the Mortgage Loan (other than amounts due on the Maturity Date) remains past due for thirty (30)
days or more, interest on such unpaid amount(s) shall accrue from the date payment is due at the Default Rate and shall be payable
upon demand by Lender.

 

(B)         If
any Indebtedness due is not paid in full on the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid
amounts from the Maturity Date until fully paid and shall be payable upon demand by Lender.

 

Absent a demand
by Lender, any such amounts shall be payable by Borrower in the same manner as provided for the payment of Monthly Debt Service
Payments. To the extent permitted by applicable law, interest shall also accrue at the Default Rate on any judgment obtained by
Lender against Borrower in connection with the Mortgage Loan. To the extent Borrower or any other Person is vested with a right
of redemption, interest shall continue to accrue at the Default Rate during any redemption period until such time as the Mortgaged
Property has been redeemed.

 

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(2)         Borrower
acknowledges and agrees that:

 

(A)         its
failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Mortgage Loan; and

 

(B)         in
connection with any failure to timely pay all amounts due in respect of the Mortgage Loan on the Maturity Date, or during the time
that any amount due in respect of the Mortgage Loan is delinquent for more than thirty (30) days:

 

(i)          Lender’s
risk of nonpayment of the Mortgage Loan will be materially increased;

 

(ii)         Lender’s
ability to meet its other obligations and to take advantage of other investment opportunities will be adversely impacted;

 

(iii)        Lender
will incur additional costs and expenses arising from its loss of the use of the amounts due;

 

(iv)        it
is extremely difficult and impractical to determine such additional costs and expenses;

 

(v)         Lender
is entitled to be compensated for such additional risks, costs, and expenses; and

 

(vi)        the
increase from the Interest Rate to the Default Rate represents a fair and reasonable estimate of the additional risks, costs, and
expenses Lender will incur by reason of Borrower’s delinquent payment and the additional compensation Lender is entitled
to receive for the increased risks of nonpayment associated with a delinquency on the Mortgage Loan (taking into account all circumstances
existing on the Effective Date).

 

(e)          Address
for Payments.

 

All payments due pursuant
to the Loan Documents shall be payable at Lender’s Payment Address, or such other place and in such manner as may be designated
from time to time by written notice to Borrower by Lender.

 

(f)          Application
of Payments.

 

If at any time Lender
receives, from Borrower or otherwise, any payment in respect of the Indebtedness that is less than all amounts due and payable
at such time, then Lender may apply such payment to amounts then due and payable in any manner and in any order determined by Lender
or hold in suspense and not apply such payment at Lender’s election. Neither Lender’s acceptance of a payment that
is less than all amounts then due and payable, nor Lender’s application of, or suspension of the application of, such payment,
shall constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. Notwithstanding
the application of any such payment to the Indebtedness, Borrower’s obligations under this Loan Agreement and the other Loan
Documents shall remain unchanged.

 

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Section
2.03              Lockout/Prepayment.

 

(a)          Prepayment;
Prepayment Lockout; Prepayment Premium.

 

(1)         Borrower
shall not make a voluntary full or partial prepayment on the Mortgage Loan during any Prepayment Lockout Period nor shall Borrower
make a voluntary partial prepayment at any time. Except as expressly provided in this Loan Agreement (including as provided in
the Prepayment Premium Schedule), a Prepayment Premium calculated in accordance with the Prepayment Premium Schedule shall be payable
in connection with any prepayment of the Mortgage Loan.

 

(2)         If
a Prepayment Lockout Period applies to the Mortgage Loan, and during such Prepayment Lockout Period Lender accelerates the unpaid
principal balance of the Mortgage Loan or otherwise applies collateral held by Lender to the repayment of any portion of the unpaid
principal balance of the Mortgage Loan, the Prepayment Premium shall be due and payable and equal to the amount obtained by multiplying
the percentage indicated (if at all) in the Prepayment Premium Schedule by the amount of principal being prepaid at the time of
such acceleration or application.

 

(b)          Voluntary
Prepayment in Full.

 

At any time after the
expiration of any Prepayment Lockout Period, Borrower may voluntarily prepay the Mortgage Loan in full on a Permitted Prepayment
Date so long as:

 

(1)         Borrower
delivers to Lender a Prepayment Notice specifying the Intended Prepayment Date not more than sixty (60) days, but not less
than thirty (30) days (if given via U.S. Postal Service) or twenty (20) days (if given via facsimile, e-mail, or overnight
courier) prior to such Intended Prepayment Date; and

 

(2)         Borrower
pays to Lender an amount equal to the sum of:

 

(A)         the
entire unpaid principal balance of the Mortgage Loan; plus

 

(B)         all
Accrued Interest (calculated through the last day of the month in which the prepayment occurs); plus

 

(C)         the
Prepayment Premium; plus

 

(D)         all
other Indebtedness.

 

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	Article 2	01-16	© 2016 Fannie Mae

 

     

     

    

 

In connection with any such voluntary prepayment,
Borrower acknowledges and agrees that interest shall always be calculated and paid through the last day of the month in which the
prepayment occurs (even if the Permitted Prepayment Date for such month is not the last day of such month, or if Lender approves
prepayment on an Intended Prepayment Date that is not a Permitted Prepayment Date). Borrower further acknowledges that Lender is
not required to accept a voluntary prepayment of the Mortgage Loan on any day other than a Permitted Prepayment Date. However,
if Lender does approve an Intended Prepayment Date that is not a Permitted Prepayment Date and accepts a prepayment on such Intended
Prepayment Date, such prepayment shall be deemed to be received on the immediately following Permitted Prepayment Date. If Borrower
fails to prepay the Mortgage Loan on the Intended Prepayment Date for any reason (including on any Intended Prepayment Date that
is approved by Lender) and such failure either continues for five (5) Business Days, or into the following month, Lender shall
have the right to recalculate the payoff amount. If Borrower prepays the Mortgage Loan either
in the following month or more than five (5) Business Days after the Intended Prepayment Date that was approved by
Lender, Lender shall also have the right to recalculate the payoff amount based upon the amount of such payment and the date such
payment was received by Lender. Borrower shall immediately pay to Lender any additional amounts required by any such recalculation.

 

(c)          Acceleration
of Mortgage Loan.

 

Upon acceleration of
the Mortgage Loan, Borrower shall pay to Lender:

 

(1)         the
entire unpaid principal balance of the Mortgage Loan;

 

(2)         all
Accrued Interest (calculated through the last day of the month in which the acceleration occurs);

 

(3)         the
Prepayment Premium; and

 

(4)         all
other Indebtedness.

 

(d)          Application
of Collateral.

 

Any application by
Lender of any collateral or other security to the repayment of all or any portion of the unpaid principal balance of the Mortgage
Loan prior to the Maturity Date in accordance with the Loan Documents shall be deemed to be a prepayment by Borrower. Any such
prepayment shall require the payment to Lender by Borrower of the Prepayment Premium calculated on the amount being prepaid in
accordance with this Loan Agreement.

 

(e)          Casualty
and Condemnation.

 

Notwithstanding any
provision of this Loan Agreement to the contrary, no Prepayment Premium shall be payable with respect to any prepayment occurring
as a result of the application of any insurance proceeds or amounts received in connection with a Condemnation Action in accordance
with this Loan Agreement.

 

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	Article 2	01-16	© 2016 Fannie Mae

 

     

     

    

 

(f)          No
Effect on Payment Obligations.

 

Unless otherwise expressly
provided in this Loan Agreement, any prepayment required by any Loan Document of less than the entire unpaid principal balance
of the Mortgage Loan shall not extend or postpone the due date of any subsequent Monthly Debt Service Payments, Monthly Replacement
Reserve Deposit, or other payment, or change the amount of any such payments or deposits.

 

(g)          Loss
Resulting from Prepayment.

 

In any circumstance
in which a Prepayment Premium is due under this Loan Agreement, Borrower acknowledges that:

 

(1)         any
prepayment of the unpaid principal balance of the Mortgage Loan, whether voluntary or involuntary, or following the occurrence
of an Event of Default by Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional risk,
expense, and frustration or impairment of Lender’s ability to meet its commitments to third parties;

 

(2)         it
is extremely difficult and impractical to ascertain the extent of such losses, risks, and damages;

 

(3)         the
formula for calculating the Prepayment Premium represents a reasonable estimate of the losses, risks, and damages Lender will incur
as a result of a prepayment; and

 

(4)         the
provisions regarding the Prepayment Premium contained in this Loan Agreement are a material part of the consideration for the Mortgage
Loan, and that the terms of the Mortgage Loan are in other respects more favorable to Borrower as a result of Borrower’s
voluntary agreement to such prepayment provisions.

 

Article
3 - PERSONAL LIABILITY

 

Section
3.01              Non-Recourse Mortgage Loan; Exceptions.

 

Except as otherwise
provided in this Article 3 or in any other Loan Document, none of Borrower, or any director, officer, manager, member, partner,
shareholder, trustee, trust beneficiary, or employee of Borrower, shall have personal liability under this Loan Agreement or any
other Loan Document for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under the
Loan Documents, and Lender’s only recourse for the satisfaction of such Indebtedness and the performance of such obligations
shall be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and any other collateral held
by Lender as security for the Indebtedness. This limitation on Borrower’s liability shall not limit or impair Lender’s
enforcement of its rights against Guarantor under any Loan Document.

 

	Multifamily Loan and Security Agreement

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	Article 2	01-16	© 2016 Fannie Mae

 

     

     

    

 

Section
3.02              Personal Liability of Borrower (Exceptions to Non-Recourse Provision).

 

(a)          Personal
Liability Based on Lender’s Loss.

 

Borrower shall be personally
liable to Lender for the repayment of the portion of the Indebtedness equal to any loss or damage suffered by Lender as a result
of, subject to any notice and cure period, if any:

 

(1)         failure
to pay as directed by Lender upon demand after an Event of Default (to the extent actually received by Borrower):

 

(A)         all
Rents to which Lender is entitled under the Loan Documents; and

 

(B)         the
amount of all security deposits then held or thereafter collected by Borrower from tenants and not properly applied pursuant to
the applicable Leases;

 

(2)         failure
to maintain all insurance policies required by the Loan Documents, except to the extent Lender has the obligation to pay the premiums
pursuant to Section 12.03(c);

 

(3)         failure
to apply all insurance proceeds received by Borrower or any amounts received by Borrower in connection with a Condemnation Action,
as required by the Loan Documents;

 

(4)         failure
to comply with any provision of this Loan Agreement or any other Loan Document relating to the delivery of books and records, statements,
schedules, and reports;

 

(5)         except
to the extent directed otherwise by Lender pursuant to Section 3.02(a)(1), failure to apply Rents to the ordinary and necessary
expenses of owning and operating the Mortgaged Property and Debt Service Amounts, as and when each is due and payable, except that
Borrower will not be personally liable with respect to Rents that are distributed by Borrower in any calendar year if Borrower
has paid all ordinary and necessary expenses of owning and operating the Mortgaged Property and Debt Service Amounts for such calendar
year;

 

(6)         waste
or abandonment of the Mortgaged Property; or

 

(7)         grossly
negligent or reckless unintentional material misrepresentation or omission by Borrower, Guarantor, Key Principal, or any officer,
director, partner, manager, member, shareholder, or trustee of Borrower, Guarantor, or Key Principal in connection with on-going
financial or other reporting required by the Loan Documents, or any request for action or consent by Lender.

 

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	Article 3	01-16	© 2016 Fannie Mae

 

     

     

    

 

Notwithstanding the foregoing, Borrower
shall not have personal liability under clauses (1), (3), or (5) above to the extent that Borrower lacks the legal right to
direct the disbursement of the applicable funds due to an involuntary Bankruptcy Event that occurs without the consent, encouragement,
or active participation of (A) Borrower, Guarantor, or Key Principal, (B) any Person Controlling Borrower, Guarantor, or Key Principal
or (C) any Person Controlled by or under common Control with Borrower, Guarantor, or Key Principal.

 

(b)          Full
Personal Liability for Mortgage Loan.

 

Borrower shall be personally
liable to Lender for the repayment of all of the Indebtedness, and the Mortgage Loan shall be fully recourse to Borrower, upon
the occurrence of any of the following:

 

(1)         failure
by Borrower to comply with the single-asset entity requirements of Section 4.02(d) of this Loan Agreement;

 

(2)         a
Transfer (other than a conveyance of the Mortgaged Property at a Foreclosure Event pursuant to the Security Instrument and this
Loan Agreement) that is not permitted under this Loan Agreement or any other Loan Document;

 

(3)         the
occurrence of any Bankruptcy Event (other than an acknowledgement in writing as described in clause (b) of the definition of “Bankruptcy
Event”); provided, however, in the event of an involuntary Bankruptcy Event, Borrower shall only be personally
liable if such involuntary Bankruptcy Event occurs with the consent, encouragement, or active participation of (A) Borrower, Guarantor,
or Key Principal, (B) any Person Controlling Borrower, Guarantor, or Key Principal, or (C) any Person Controlled by or under common
Control with Borrower, Guarantor, or Key Principal;

 

(4)         fraud,
written material misrepresentation, or material omission by Borrower, Guarantor, Key Principal, or any officer, director, partner,
manager, member, shareholder, or trustee of Borrower, Guarantor, or Key Principal in connection with any application for or creation
of the Indebtedness; or

 

(5)         fraud,
written intentional material misrepresentation, or intentional material omission by Borrower, Guarantor, Key Principal, or any
officer, director, partner, manager, member, shareholder, or trustee of Borrower, Guarantor, or Key Principal in connection with
on-going financial or other reporting required by the Loan Documents, or any request for action or consent by Lender.

 

Section
3.03              Personal Liability for Indemnity Obligations.

 

Borrower shall be personally
and fully liable to Lender for Borrower’s indemnity obligations under Section 13.01(e) of this Loan Agreement, the Environmental
Indemnity Agreement, and any other express indemnity obligations provided by Borrower under any Loan Document. Borrower’s
liability for such indemnity obligations shall not be limited by the amount of the Indebtedness, the repayment of the Indebtedness,
or otherwise, provided that Borrower’s liability for such indemnities shall not include any loss caused by the gross negligence
or willful misconduct of Lender as determined by a court of competent jurisdiction pursuant to a final non-appealable court order.

 

	Multifamily Loan and Security Agreement

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	Article 3	01-16	© 2016 Fannie Mae

 

     

     

    

 

Section
3.04              Lender’s Right to Forego Rights Against Mortgaged Property.

 

To the extent that
Borrower has personal liability under this Loan Agreement or any other Loan Document, Lender may exercise its rights against Borrower
personally to the fullest extent permitted by applicable law without regard to whether Lender has exercised any rights against
the Mortgaged Property, the UCC Collateral, or any other security, or pursued any rights against Guarantor, or pursued any other
rights available to Lender under this Loan Agreement, any other Loan Document, or applicable law. For purposes of this Section
3.04 only, the term “Mortgaged Property” shall not include any funds that have been applied by Borrower as required
or permitted by this Loan Agreement prior to the occurrence of an Event of Default, or that Borrower was unable to apply as required
or permitted by this Loan Agreement because of a Bankruptcy Event. To the fullest extent permitted by applicable law, in any action
to enforce Borrower’s personal liability under this Article 3, Borrower waives any right to set off the value of the Mortgaged
Property against such personal liability.

 

Article
4 - BORROWER STATUS

 

Section
4.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 4.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Due
Organization and Qualification.

 

Borrower is validly
existing and qualified to transact business and is in good standing in the state in which it is formed or organized, the Property
Jurisdiction, and in each other jurisdiction that qualification or good standing is required according to applicable law to conduct
its business with respect to the Mortgaged Property and where the failure to be so qualified or in good standing would adversely
affect Borrower’s operation of the Mortgaged Property or the validity, enforceability or the ability of Borrower to perform
its obligations under this Loan Agreement or any other Loan Document.

 

(b)          Location.

 

Borrower’s General
Business Address is Borrower’s principal place of business and principal office.

 

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	Article 3	01-16	© 2016 Fannie Mae

 

     

     

    

 

(c)          Power
and Authority.

 

Borrower has the requisite
power and authority:

 

(1)         to
own the Mortgaged Property and to carry on its business as now conducted and as contemplated to be conducted in connection with
the performance of its obligations under this Loan Agreement and under the other Loan Documents to which it is a party; and

 

(2)         to
execute and deliver this Loan Agreement and the other Loan Documents to which it is a party, and to carry out the transactions
contemplated by this Loan Agreement and the other Loan Documents to which it is a party.

 

(d)          Due
Authorization.

 

The execution, delivery,
and performance of this Loan Agreement and the other Loan Documents to which it is a party have been duly authorized by all necessary
action and proceedings by or on behalf of Borrower, and no further approvals or filings of any kind, including any approval of
or filing with any Governmental Authority, are required by or on behalf of Borrower as a condition to the valid execution, delivery,
and performance by Borrower of this Loan Agreement or any of the other Loan Documents to which it is a party, except filings required
to perfect and maintain the liens to be granted under the Loan Documents and routine filings to maintain good standing and its
existence.

 

(e)          Valid
and Binding Obligations.

 

This Loan Agreement
and the other Loan Documents to which it is a party have been duly executed and delivered by Borrower and constitute the legal,
valid, and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as such
enforceability may be limited by applicable Insolvency Laws or by the exercise of discretion by any court.

 

(f)          Effect
of Mortgage Loan on Borrower’s Financial Condition.

 

The Mortgage Loan will
not render Borrower Insolvent. Borrower has sufficient working capital, including proceeds from the Mortgage Loan, cash flow from
the Mortgaged Property, or other sources, not only to adequately maintain the Mortgaged Property, but also to pay all of Borrower’s
outstanding debts as they come due, including all Debt Service Amounts, exclusive of Borrower’s ability to refinance or pay
in full the Mortgage Loan on the Maturity Date. In connection with the execution and delivery of this Loan Agreement and the other
Loan Documents (and the delivery to, or for the benefit of, Lender of any collateral contemplated thereunder), and the incurrence
by Borrower of the obligations under this Loan Agreement and the other Loan Documents, Borrower did not receive less than reasonably
equivalent value in exchange for the incurrence of the obligations of Borrower under this Loan Agreement and the other Loan Documents.

 

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	Article 4	01-16	© 2016 Fannie Mae

 

     

     

    

 

(g)          Economic
Sanctions, Anti-Money Laundering, and Anti-Corruption.

 

(1)         None
of Borrower, Guarantor, or Key Principal, nor to Borrower’s knowledge, any Person Controlling Borrower, Guarantor, or Key
Principal, nor any Person Controlled by Borrower, Guarantor, or Key Principal that also has a direct or indirect ownership interest
in Borrower, Guarantor, or Key Principal, is in violation of any applicable civil or criminal laws or regulations, including those
requiring internal controls, intended to prohibit, prevent, or regulate money laundering, drug trafficking, terrorism, or corruption,
of the United States and the jurisdiction where the Mortgaged Property is located or where the Person resides, is domiciled, or
has its principal place of business.

 

(2)         None
of Borrower, Guarantor, or Key Principal, nor to Borrower’s knowledge, any Person Controlling Borrower, Guarantor, or Key
Principal, nor any Person Controlled by Borrower, Guarantor, or Key Principal that also has a direct or indirect ownership interest
in Borrower, Guarantor, or Key Principal, is a Person:

 

(A)         against
whom proceedings are pending for any alleged violation of any laws described in Section 4.01(g)(1);

 

(B)         that
has been convicted of any violation of, has been subject to civil penalties or Economic Sanctions pursuant to, or had any of its
property seized or forfeited under, any laws described in Section 4.01(g)(1); or

 

(C)         with
whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories,
or any entity, regardless of where organized, having its principal place of business within the United States or any of its territories,
is a Sanctioned Person or is otherwise prohibited from transacting business of the type contemplated by this Loan Agreement and
the other Loan Documents under any other applicable law.

 

(3)         Borrower,
Guarantor, and Key Principal are in compliance with all applicable Economic Sanctions laws and regulations.

 

(h)          Borrower
Single Asset Status.

 

Borrower:

 

(1)         does
not own or lease any real property, personal property, or assets other than the Mortgaged Property;

 

(2)         does
not own, operate, or participate in any business other than the leasing, ownership, management, operation, and maintenance of the
Mortgaged Property;

 

(3)         has
no material financial obligation under or secured by any indenture, mortgage, deed of trust, deed to secure debt, loan agreement,
or other agreement or instrument to which Borrower is a party, or by which Borrower is otherwise bound, or to which the Mortgaged
Property is subject or by which it is otherwise encumbered, other than:

 

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	Article 4	01-16	© 2016 Fannie Mae

 

     

     

    

  

(A)         unsecured
trade payables incurred in the ordinary course of the operation of the Mortgaged Property (exclusive of amounts for rehabilitation,
restoration, repairs, or replacements of the Mortgaged Property) that (i) are not evidenced by a promissory note, (ii) are payable
within sixty (60) days of the date incurred, and (iii) as of the Effective Date, do not exceed, in the aggregate, four percent (4%)
of the original principal balance of the Mortgage Loan;

 

(B)         if
the Security Instrument grants a lien on a leasehold estate, Borrower’s obligations as lessee under the ground lease creating
such leasehold estate; and

 

(C)         obligations
under the Loan Documents and obligations secured by the Mortgaged Property to the extent permitted by the Loan Documents;

 

(4)         has
maintained its financial statements, accounting records, and other partnership, real estate investment trust, limited liability
company, or corporate documents, as the case may be, separate from those of any other Person (unless Borrower’s assets have
been included in a consolidated financial statement prepared in accordance with generally accepted accounting principles);

 

(5)         has
not commingled its assets or funds with those of any other Person, unless such assets or funds can easily be segregated and identified
in the ordinary course of business from those of any other Person;

 

(6)         has
been adequately capitalized in light of its contemplated business operations (but nothing contained in this Agreement shall require
any party to contribute any capital to Borrower);

 

(7)         has
not assumed, guaranteed, or pledged its assets to secure the liabilities or obligations of any other Person (except in connection
with the Mortgage Loan or other mortgage loans that have been paid in full or collaterally assigned to Lender, including in connection
with any Consolidation, Extension and Modification Agreement or similar instrument), or held out its credit as being available
to satisfy the obligations of any other Person;

 

(8)         has
not made loans or advances to any other Person; and

 

(9)         has
not entered into, and is not a party to, any transaction with any Borrower Affiliate, except in the ordinary course of business
and on terms which are no more favorable to any such Borrower Affiliate than would be obtained in a comparable arm’s length
transaction with an unrelated third party.

 

	Multifamily Loan and Security Agreement

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	Article 4	01-16	© 2016 Fannie Mae

 

     

     

    

 

(i)          No
Bankruptcies or Judgments.

 

None of Borrower, Guarantor,
or Key Principal, nor to Borrower’s knowledge, any Person Controlling Borrower, Guarantor, or Key Principal, nor any Person
Controlled by Borrower, Guarantor, or Key Principal that also has a direct or indirect ownership interest in Borrower, Guarantor,
or Key Principal, is currently:

 

(1)         the
subject of or a party to any completed or pending bankruptcy, reorganization, including any receivership or other insolvency proceeding;

 

(2)         preparing
or intending to be the subject of a Bankruptcy Event; or

 

(3)         the
subject of any judgment unsatisfied of record or docketed in any court; or

 

(4)         Insolvent.

 

(j)          No
Actions or Litigation.

 

(1)         There
are no claims, actions, suits, or proceedings at law or in equity by or before any Governmental Authority now pending against or,
to Borrower’s knowledge, threatened against or affecting Borrower or the Mortgaged Property not otherwise covered by insurance
(except claims, actions, suits, or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always
be disclosed); and

 

(2)         there
are no claims, actions, suits, or proceedings at law or in equity by or before any Governmental Authority now pending or, to Borrower’s
knowledge, threatened against or affecting Guarantor or Key Principal, which claims, actions, suits, or proceedings, if adversely
determined (individually or in the aggregate) reasonably would be expected to materially adversely affect the financial condition
or business of Borrower, Guarantor, or Key Principal or the condition, operation, or ownership of the Mortgaged Property (except
claims, actions, suits, or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be
deemed material).

 

(k)          Payment
of Taxes, Assessments, and Other Charges.

 

Borrower confirms that:

 

(1)         it
has filed all federal, state, county, and municipal tax returns and reports required to have been filed by Borrower;

 

(2)         it
has paid, before any fine, penalty, interest, lien, or costs may be added thereto, all taxes, governmental charges, and assessments
due and payable with respect to such returns and reports;

 

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	Article 4	01-16	© 2016 Fannie Mae

 

     

     

    

 

(3)         there
is no controversy or objection pending, or to the knowledge of Borrower, threatened in respect of any tax returns of Borrower;
and

 

(4)         it
has made adequate reserves on its books and records for all taxes that have accrued but which are not yet due and payable.

 

(l)          Not
a Foreign Person.

 

Borrower is not a “foreign
person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

(m)          ERISA.

 

Borrower represents
and warrants that:

 

(1)         Borrower
is not an Employee Benefit Plan;

 

(2)         no
asset of Borrower constitutes “plan assets” (within the meaning of Section 3(42) of ERISA and Department of Labor
Regulation Section 2510.3-101) of an Employee Benefit Plan;

 

(3)         no
asset of Borrower is subject to any laws of any Governmental Authority governing the assets of an Employee Benefit Plan; and

 

(4)         neither
Borrower nor any ERISA Affiliate is subject to any obligation or liability with respect to any ERISA Plan.

 

(n)          Default
Under Other Obligations.

 

(1)         The
execution, delivery, and performance of the obligations imposed on Borrower under this Loan Agreement and the Loan Documents to
which it is a party will not cause Borrower to be in default under the provisions of any agreement, judgment, or order to which
Borrower is a party or by which Borrower is bound.

 

(2)         None
of Borrower, Guarantor, or Key Principal is in default under any obligation to Lender.

 

(o)          Prohibited
Person.

 

None of Borrower, Guarantor,
or Key Principal is a Prohibited Person, nor to Borrower’s knowledge, is any Person:

 

(1)         Controlling
Borrower, Guarantor, or Key Principal a Prohibited Person; or

 

(2)         Controlled
by and having a direct or indirect ownership interest in Borrower, Guarantor, or Key Principal a Prohibited Person.

 

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	Article 4	01-16	© 2016 Fannie Mae

 

     

     

    

 

(p)          No
Contravention.

 

Neither the execution
and delivery of this Loan Agreement and the other Loan Documents to which Borrower is a party, nor the fulfillment of or compliance
with the terms and conditions of this Loan Agreement and the other Loan Documents to which Borrower is a party, nor the performance
of the obligations of Borrower under this Loan Agreement and the other Loan Documents does or will conflict with or result in any
breach or violation of, or constitute a default under, any of the terms, conditions, or provisions of Borrower’s organizational
documents, or any indenture, existing agreement, or other instrument to which Borrower is a party or to which Borrower, the Mortgaged
Property, or other assets of Borrower are subject.

 

(q)          Lockbox
Arrangement.

 

Borrower is not party
to any type of lockbox agreement or similar cash management arrangement that has not been approved by Lender in writing, and no
direct or indirect owner of Borrower is party to any type of lockbox agreement or similar cash management arrangement with respect
to Rents or other income from the Mortgaged Property that has not been approved by Lender in writing.

 

Section
4.02              Covenants.

 

(a)          Maintenance
of Existence; Organizational Documents.

 

Borrower shall maintain
its existence, its entity status, franchises, rights, and privileges under the laws of the state of its formation or organization
(as applicable). Borrower shall continue to be duly qualified and in good standing to transact business in each jurisdiction in
which qualification or standing is required according to applicable law to conduct its business with respect to the Mortgaged Property
and where the failure to do so would adversely affect Borrower’s operation of the Mortgaged Property or the validity, enforceability,
or the ability of Borrower to perform its obligations under this Loan Agreement or any other Loan Document. Neither Borrower nor
any partner, member, manager, officer, or director of Borrower shall:

 

(1)         make
or allow any material change to the organizational documents or organizational structure of Borrower, including changes relating
to the Control of Borrower, or

 

(2)         file
any action, complaint, petition, or other claim to:

 

(A)         divide,
partition, or otherwise compel the sale of the Mortgaged Property, or

 

(B)         otherwise
change the Control of Borrower.

 

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(b)          Economic
Sanctions, Anti-Money Laundering, and Anti-Corruption.

 

(1)         Borrower,
Guarantor, Key Principal, and any Person Controlling Borrower, Guarantor, or Key Principal, or any Person Controlled by Borrower,
Guarantor, or Key Principal that also has a direct or indirect ownership interest in Borrower, Guarantor, or Key Principal shall
remain in compliance with any applicable civil or criminal laws or regulations (including those requiring internal controls) intended
to prohibit, prevent, or regulate money laundering, drug trafficking, terrorism, or corruption, of the United States and the jurisdiction
where the Mortgaged Property is located or where the Person resides, is domiciled, or has its principal place of business.

 

(2)         At
no time shall Borrower, Guarantor, or Key Principal, or any Person Controlling Borrower, Guarantor, or Key Principal, or any Person
Controlled by Borrower, Guarantor, or Key Principal that also has a direct or indirect ownership interest in Borrower, Guarantor,
or Key Principal, be a Person:

 

(A)         against
whom proceedings are pending for any alleged violation of any laws described in Section 4.02(b)(1);

 

(B)         that
has been convicted of any violation of, has been subject to civil penalties or Economic Sanctions pursuant to, or had any of its
property seized or forfeited under, any laws described in Section 4.02(b)(1); or

 

(C)         with
whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories,
or any entity, regardless of where organized, having its principal place of business within the United States or any of its territories,
is a Sanctioned Person or is otherwise prohibited from transacting business of the type contemplated by this Loan Agreement and
the other Loan Documents under any other applicable law.

 

(3)         Borrower,
Guarantor, and Key Principal shall at all times remain in compliance with any applicable Economic Sanctions laws and regulations.

 

(c)          Payment
of Taxes, Assessments, and Other Charges.

 

Borrower shall file
all federal, state, county, and municipal tax returns and reports required to be filed by Borrower and shall pay, before any fine,
penalty, interest, or cost may be added thereto, all taxes payable with respect to such returns and reports.

 

(d)          Borrower
Single Asset Status.

 

Until the Indebtedness
is fully paid, Borrower:

 

(1)         shall
not acquire or lease any real property, personal property, or assets other than the Mortgaged Property;

 

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(2)         shall
not acquire, own, operate, or participate in any business other than the leasing, ownership, management, operation, and maintenance
of the Mortgaged Property;

 

(3)         shall
not commingle its assets or funds with those of any other Person, unless such assets or funds can easily be segregated and identified
in the ordinary course of business from those of any other Person;

 

(4)         shall
maintain its financial statements, accounting records, and other partnership, real estate investment trust, limited liability company,
or corporate documents, as the case may be, separate from those of any other Person (unless Borrower’s assets are included
in a consolidated financial statement prepared in accordance with generally accepted accounting principles);

 

(5)         shall
have no material financial obligation under any indenture, mortgage, deed of trust, deed to secure debt, loan agreement, or other
agreement or instrument to which Borrower is a party or by which Borrower is otherwise bound, or to which the Mortgaged Property
is subject or by which it is otherwise encumbered, other than:

 

(A)         unsecured
trade payables incurred in the ordinary course of the operation of the Mortgaged Property (exclusive of amounts (i) to be paid
out of the Replacement Reserve Account or Repairs Escrow Account, or (ii) for rehabilitation, restoration, repairs, or replacements
of the Mortgaged Property or otherwise approved by Lender) so long as such trade payables (1) are not evidenced by a promissory
note, (2) are payable within sixty (60) days of the date incurred, and (3) as of any date, do not exceed, in the aggregate,
two percent (2%) of the original principal balance of the Mortgage Loan; provided, however, that otherwise compliant outstanding
trade payables may exceed two percent (2%) up to an aggregate amount of four percent (4%) of the original principal balance
of the Mortgage Loan for a period (beginning on or after the Effective Date) not to exceed ninety (90) consecutive days;

 

(B)         if
the Security Instrument grants a lien on a leasehold estate, Borrower’s obligations as lessee under the ground lease creating
such leasehold estate; and

 

(C)         obligations
under the Loan Documents and obligations secured by the Mortgaged Property to the extent permitted by the Loan Documents;

 

(6)         shall
not assume, guaranty, or pledge its assets to secure the liabilities or obligations of any other Person (except in connection with
the Mortgage Loan or other mortgage loans that have been paid in full or collaterally assigned to Lender, including in connection
with any Consolidation, Extension and Modification Agreement or similar instrument) or hold out its credit as being available to
satisfy the obligations of any other Person;

 

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(7)         shall
not make loans or advances to any other Person; or

 

(8)         shall
not enter into, or become a party to, any transaction with any Borrower Affiliate, except in the ordinary course of business and
on terms which are no more favorable to any such Borrower Affiliate than would be obtained in a comparable arm’s-length transaction
with an unrelated third party.

 

(e)          ERISA.

 

Borrower covenants
that:

 

(1)         no
asset of Borrower shall constitute “plan assets” (within the meaning of Section 3(42) of ERISA and Department
of Labor Regulation Section 2510.3-101) of an Employee Benefit Plan;

 

(2)         no
asset of Borrower shall be subject to the laws of any Governmental Authority governing the assets of an Employee Benefit Plan;
and

 

(3)         neither
Borrower nor any ERISA Affiliate shall incur any obligation or liability with respect to any ERISA Plan.

 

(f)          Notice
of Litigation or Insolvency.

 

Borrower shall give
immediate written notice to Lender of any claims, actions, suits, or proceedings at law or in equity (including any insolvency,
bankruptcy, or receivership proceeding) by or before any Governmental Authority pending or, to Borrower’s knowledge, threatened
against or affecting Borrower, Guarantor, Key Principal, or the Mortgaged Property, which claims, actions, suits, or proceedings,
if adversely determined reasonably would be expected to materially adversely affect the financial condition or business of Borrower,
Guarantor, or Key Principal, or the condition, operation, or ownership of the Mortgaged Property (including any claims, actions,
suits, or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be deemed material).

 

(g)          Payment
of Costs, Fees, and Expenses.

 

In addition to the
payments specified in this Loan Agreement, Borrower shall pay, on demand, all of Lender’s out-of-pocket fees, costs, charges,
or expenses (including the reasonable fees and expenses of attorneys, accountants, and other experts) incurred by Lender in connection
with:

 

(1)         any
amendment to, or consent, or waiver required under, this Loan Agreement or any of the Loan Documents (whether or not any such amendments,
consents, or waivers are entered into);

 

(2)         defending
or participating in any litigation arising from actions by third parties and brought against or involving Lender with respect to:

 

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(A)         the
Mortgaged Property;

 

(B)         any
event, act, condition, or circumstance in connection with the Mortgaged Property; or

 

(C)         the
relationship between or among Lender, Borrower, Key Principal, and Guarantor in connection with this Loan Agreement or any of the
transactions contemplated by this Loan Agreement;

 

(3)         the
administration or enforcement of, or preservation of rights or remedies under, this Loan Agreement or any other Loan Documents
including or in connection with any litigation or appeals, any Foreclosure Event or other disposition of any collateral granted
pursuant to the Loan Documents; and

 

(4)         any
Bankruptcy Event or Guarantor Bankruptcy Event.

 

(h)          Restrictions
on Distributions.

 

No distributions or
dividends of any nature with respect to Rents or other income from the Mortgaged Property shall be made to any Person having a
direct ownership interest in Borrower if an Event of Default has occurred and is continuing.

 

(i)          Lockbox
Arrangement.

 

Borrower shall not
enter into any type of lockbox agreement or similar cash management arrangement that has not been approved by Lender in writing,
and no direct or indirect owner of Borrower shall enter into any type of lockbox agreement or similar cash management arrangement
with respect to Rents or other income from the Mortgaged Property that has not been approved by Lender in writing. Lender’s
approval of any such cash management arrangement may be conditioned upon requiring Borrower to enter into a lockbox agreement or
similar cash management arrangement with Lender in form and substance acceptable to Lender with regard to Rents and other income
from the Mortgaged Property.

 

Article
5 - THE MORTGAGE LOAN

 

Section
5.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 5.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Receipt
and Review of Loan Documents.

 

Borrower has received
and reviewed this Loan Agreement and all of the other Loan Documents.

 

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(b)          No
Default.

 

No default exists under
any of the Loan Documents.

 

(c)          No
Defenses.

 

The Loan Documents
are not currently subject to any right of rescission, set-off, counterclaim, or defense by either Borrower or Guarantor, including
the defense of usury, and neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim, or defense
with respect thereto.

 

(d)          Loan
Document Taxes.

 

All mortgage, mortgage
recording, stamp, intangible, or any other similar taxes required to be paid by any Person under applicable law currently in effect
in connection with the execution, delivery, recordation, filing, registration, perfection, or enforcement of any of the Loan Documents,
including the Security Instrument, have been paid or will be paid in the ordinary course of the closing of the Mortgage Loan.

 

Section
5.02              Covenants.

 

(a)          Ratification
of Covenants; Estoppels; Certifications.

 

Borrower shall:

 

(1)         promptly
notify Lender in writing upon any violation of any covenant set forth in any Loan Document of which Borrower has notice or knowledge;
provided, however, any such written notice by Borrower to Lender shall not relieve Borrower of, or result in a waiver
of, any obligation under this Loan Agreement or any other Loan Document; and

 

(2)         within
ten (10) days after a request from Lender, provide a written statement, signed and acknowledged by Borrower, certifying to
Lender or any person designated by Lender, as of the date of such statement:

 

(A)         that
the Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that the Loan Documents are
in full force and effect as modified and setting forth such modifications);

 

(B)         the
unpaid principal balance of the Mortgage Loan;

 

(C)         the
date to which interest on the Mortgage Loan has been paid;

 

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(D)         that
Borrower is not in default in paying the Indebtedness or in performing or observing any of the covenants or agreements contained
in this Loan Agreement or any of the other Loan Documents (or, if Borrower is in default, describing such default in reasonable
detail);

 

(E)         whether
or not there are then-existing any setoffs or defenses known to Borrower against the enforcement of any right or remedy of Lender
under the Loan Documents; and

 

(F)         any
additional facts reasonably requested in writing by Lender.

 

(b)          Further
Assurances.

 

(1)         Other
Documents As Lender May Require.

 

Within ten (10)
days after request by Lender, Borrower shall, subject to Section 5.02(d) below, execute, acknowledge, and deliver, at its cost
and expense, all further acts, deeds, conveyances, assignments, financing statements, transfers, documents, agreements, assurances,
and such other instruments as Lender may reasonably require from time to time in order to better assure, grant, and convey to Lender
the rights intended to be granted, now or in the future, to Lender under this Loan Agreement and the other Loan Documents.

 

(2)         Corrective
Actions.

 

Within ten (10)
days after request by Lender, Borrower shall provide, or cause to be provided, to Lender, at Borrower’s cost and expense,
such further documentation or information reasonably deemed necessary or appropriate by Lender in the exercise of its rights under
the related commitment letter between Borrower and Lender or to correct patent mistakes in the Loan Documents, the Title Policy,
or the funding of the Mortgage Loan.

 

(c)          Sale
of Mortgage Loan.

 

Borrower shall, subject
to Section 5.02(d) below:

 

(1)         comply
with the reasonable requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided, to Lender
or any Investor of the Mortgage Loan within ten (10) days of the request, at Borrower’s cost and expense, such further
documentation or information as Lender or Investor may reasonably require, in order to enable:

 

(A)         Lender
to sell the Mortgage Loan to such Investor;

 

(B)         Lender
to obtain a refund of any commitment fee from any such Investor; or

 

(C)         any
such Investor to further sell or securitize the Mortgage Loan;

 

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(2)         ratify
and affirm in writing the representations and warranties set forth in any Loan Document as of such date specified by Lender modified
as necessary to reflect changes that have occurred subsequent to the Effective Date;

 

(3)         confirm
that Borrower is not in default in paying the Indebtedness or in performing or observing any of the covenants or agreements contained
in this Loan Agreement or any of the other Loan Documents (or, if Borrower is in default, describing such default in reasonable
detail); and

 

(4)         execute
and deliver to Lender and/or any Investor such other documentation, including any amendments, corrections, deletions, or additions
to this Loan Agreement or other Loan Document(s) as is reasonably required by Lender or such Investor.

 

(d)          Limitations
on Further Acts of Borrower.

 

Nothing in Section
5.02(b) and Section 5.02(c) shall require Borrower to do any further act that has the effect of:

 

(1)         changing
the economic terms of the Mortgage Loan set forth in the related commitment letter between Borrower and Lender;

 

(2)         imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than that set forth in the related commitment letter
between Borrower and Lender; or

 

(3)         materially
changing the rights and obligations of Borrower or Guarantor under the commitment letter.

 

(e)          Financing
Statements; Record Searches.

 

(1)         Borrower
shall pay all costs and expenses associated with:

 

(A)         any
filing or recording of any financing statements, including all continuation statements, termination statements, and amendments
or any other filings related to security interests in or liens on collateral; and

 

(B)         any
record searches for financing statements that Lender may require.

 

(2)         Borrower
hereby authorizes Lender to file any financing statements, continuation statements, termination statements, and amendments (including
an “all assets” or “all personal property” collateral description or words of similar import) in form and
substance as Lender may require in order to protect and preserve Lender’s lien priority and security interest in the Mortgaged
Property (and to the extent Lender has filed any such financing statements, continuation statements, or amendments prior to the
Effective Date, such filings by Lender are hereby authorized and ratified by Borrower).

 

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(f)          Loan
Document Taxes.

 

Borrower shall pay,
on demand, any transfer taxes, documentary taxes, assessments, or charges made by any Governmental Authority in connection with
the execution, delivery, recordation, filing, registration, perfection, or enforcement of any of the Loan Documents or the Mortgage
Loan.

 

Article
6 - PROPERTY USE, PRESERVATION, AND MAINTENANCE

 

Section
6.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 6.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Compliance
with Law; Permits and Licenses.

 

(1)         To
Borrower’s knowledge, all improvements to the Land and the use of the Mortgaged Property comply with all applicable laws,
ordinances, statutes, rules, and regulations, including all applicable statutes, rules, and regulations pertaining to requirements
for equal opportunity, anti-discrimination, fair housing, and rent control, and Borrower has no knowledge of any action or proceeding
(or threatened action or proceeding) regarding noncompliance or nonconformity with any of the foregoing.

 

(2)         To
Borrower’s knowledge, there is no evidence of any illegal activities on the Mortgaged Property.

 

(3)         To
Borrower’s knowledge, no permits or approvals from any Governmental Authority, other than those previously obtained and furnished
to Lender, are necessary for the commencement and completion of the Repairs or Replacements, as applicable, other than those permits
or approvals which will be timely obtained in the ordinary course of business.

 

(4)         All
required permits, licenses, and certificates to comply with all zoning and land use statutes, laws, ordinances, rules, and regulations,
and all applicable health, fire, safety, and building codes, and for the lawful use and operation of the Mortgaged Property, including
certificates of occupancy, apartment licenses, or the equivalent, have been obtained and are in full force and effect.

 

(5)         No
portion of the Mortgaged Property has been purchased with the proceeds of any illegal activity.

 

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(b)          Property
Characteristics.

 

(1)         The
Mortgaged Property contains at least:

 

(A)         the
Property Square Footage;

 

(B)         the
Total Parking Spaces; and

 

(C)         the
Total Residential Units.

 

(2)         No
part of the Land is included or assessed under or as part of another tax lot or parcel, and no part of any other property is included
or assessed under or as part of the tax lot or parcels for the Land.

 

(c)          Property
Ownership.

 

Borrower is sole owner
or ground lessee of the Mortgaged Property.

 

(d)          Condition
of the Mortgaged Property.

 

(1)         Borrower
has not made any claims, and to Borrower’s knowledge, no claims have been made, against any contractor, engineer, architect,
or other party with respect to the construction or condition of the Mortgaged Property or the existence of any structural or other
material defect therein; and

 

(2)         neither
the Land nor the Improvements has sustained any damage other than damage which has been fully repaired, or is fully insured and
is being repaired in the ordinary course of business.

 

(e)          Personal
Property.

 

Borrower owns (or,
to the extent disclosed on the Exceptions to Representations and Warranties Schedule, leases) all of the Personal Property that
is material to and is used in connection with the management, ownership, and operation of the Mortgaged Property.

 

Section
6.02              Covenants

 

(a)          Use
of Property.

 

From and after the
Effective Date, Borrower shall not, unless required by applicable law or Governmental Authority:

 

(1)         change
the use of all or any part of the Mortgaged Property;

 

(2)         convert
any individual dwelling units or common areas to commercial use, or convert any common area or commercial use to individual dwelling
units;

 

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(3)         initiate
or acquiesce in a change in the zoning classification of the Land;

 

(4)         establish
any condominium or cooperative regime with respect to the Mortgaged Property;

 

(5)         subdivide
the Land; or

 

(6)         suffer,
permit, or initiate the joint assessment of any Mortgaged Property with any other real property constituting a tax lot separate
from such Mortgaged Property which could cause the part of the Land to be included or assessed under or as part of another tax
lot or parcel, or any part of any other property to be included or assessed under or as part of the tax lot or parcels for the
Land.

 

(b)          Property
Maintenance.

 

Borrower shall:

 

(1)         pay
the expenses of operating, managing, maintaining, and repairing the Mortgaged Property (including insurance premiums, utilities,
Repairs, and Replacements) before the last date upon which each such payment may be made without any penalty or interest charge
being added;

 

(2)         keep
the Mortgaged Property in good repair and marketable condition (ordinary wear and tear excepted) (including the replacement of
Personalty and Fixtures with items of equal or better function and quality) and subject to Section 9.03(b)(3) and Section 10.03(d)
restore or repair promptly, in a good and workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of its
original condition or condition immediately prior to the damage (if improved after the Effective Date), whether or not any insurance
proceeds or amounts received in connection with a Condemnation Action are available to cover any costs of such restoration or repair;

 

(3)         commence
all Required Repairs, Additional Lender Repairs, and Additional Lender Replacements as follows:

 

(A)         with
respect to any Required Repairs, promptly following the Effective Date (subject to Force Majeure, if applicable), in accordance
with the timelines set forth on the Required Repair Schedule, or if no timelines are provided, as soon as practical following the
Effective Date;

 

(B)         with
respect to Additional Lender Repairs, in the event that Lender determines that Additional Lender Repairs are necessary from time
to time or pursuant to Section 6.03(c), promptly following Lender’s written notice of such Additional Lender Repairs (subject
to Force Majeure, if applicable), commence any such Additional Lender Repairs in accordance with Lender’s timelines, or if
no timelines are provided, as soon as practical;

 

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(C)         with
respect to Additional Lender Replacements, in the event that Lender determines that Additional Lender Replacements are necessary
from time to time or pursuant to Section 6.03(c), promptly following Lender’s written notice of such Additional Lender Replacements
(subject to Force Majeure, if applicable), commence any such Additional Lender Replacements in accordance with Lender’s timelines,
or if no timelines are provided, as soon as practical;

 

(4)         make,
construct, install, diligently perform, and complete all Replacements and Repairs:

 

(A)         in
a good and workmanlike manner as soon as practicable following the commencement thereof, free and clear of any Liens, including
mechanics’ or materialmen’s liens and encumbrances (except Permitted Encumbrances and mechanics’ or materialmen’s
liens which attach automatically under the laws of any Governmental Authority upon the commencement of any work upon, or delivery
of any materials to, the Mortgaged Property and for which Borrower is not delinquent in the payment for any such work or materials);

 

(B)         in
accordance with all applicable laws, ordinances, rules, and regulations of any Governmental Authority, including applicable building
codes, special use permits, and environmental regulations;

 

(C)         in
accordance with all applicable insurance and bonding requirements; and

 

(D)         within
all timeframes required by Lender, and Borrower acknowledges that it shall be an Event of Default if Borrower abandons or ceases
work on any Repair at any time prior to the completion of the Repairs for a period of longer than twenty (20) days (except
when Force Majeure exists and Borrower is diligently pursuing the reinstitution of such work, provided, however, any such abandonment
or cessation shall not in any event allow the Repair to be completed after the Completion Period, subject to Force Majeure); and

 

(5)         subject
to the terms of Section 6.03(a) provide for professional management of the Mortgaged Property by a residential rental property
manager satisfactory to Lender under a contract approved by Lender in writing;

 

(6)         give
written notice to Lender of, and, unless otherwise directed in writing by Lender, appear in and defend any action or proceeding
purporting to affect the Mortgaged Property, Lender’s security for the Mortgage Loan, or Lender’s rights under this
Loan Agreement; and

 

(7)         upon
Lender’s written request, submit to Lender any contracts or work orders described in Section 13.02(b).

 

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(c)          Property
Preservation.

 

Borrower shall:

 

(1)         not
commit waste or abandon or (ordinary wear and tear excepted) permit impairment or deterioration of the Mortgaged Property;

 

(2)         except
as otherwise permitted herein in connection with Repairs and Replacements, not remove, demolish, or alter the Mortgaged Property
or any part of the Mortgaged Property (or permit any tenant or any other person to do the same) except in connection with the replacement
of tangible Personalty or Fixtures (provided such Personalty and Fixtures are replaced with items of equal or better function and
quality);

 

(3)         not
engage in or knowingly permit, and shall take appropriate measures to prevent and abate or cease and desist, any illegal activities
at the Mortgaged Property that could endanger tenants or visitors, result in damage to the Mortgaged Property, result in forfeiture
of the Land or otherwise materially impair the lien created by the Security Instrument or Lender’s interest in the Mortgaged
Property;

 

(4)         not
permit any condition to exist on the Mortgaged Property that would invalidate any part of any insurance coverage required by this
Loan Agreement; or

 

(5)         not
subject the Mortgaged Property to any voluntary, elective, or non-compulsory tax lien or assessment (or opt in to any voluntary,
elective, or non-compulsory special tax district or similar regime).

 

(d)          Property
Inspections.

 

Borrower shall:

 

(1)         permit
Lender, its agents, representatives, and designees to enter upon and inspect the Mortgaged Property (including in connection with
any Replacement or Repair, or to conduct any Environmental Inspection pursuant to the Environmental Indemnity Agreement), and shall
cooperate and provide access to all areas of the Mortgaged Property (subject to the rights of tenants under the Leases):

 

(A)         during
normal business hours;

 

(B)         at
such other reasonable time upon reasonable notice of not less than one (1) Business Day;

 

(C)         at
any time when exigent circumstances exist; or

 

(D)         at
any time after an Event of Default has occurred and is continuing; and

 

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(2)         pay
for reasonable costs or expenses incurred by Lender or its agents in connection with any such inspections.

 

(e)          Compliance
with Laws.

 

Borrower shall:

 

(1)         comply
with all laws, ordinances, statutes, rules, and regulations of any Governmental Authority and all recorded lawful covenants and
agreements relating to or affecting the Mortgaged Property, including all laws, ordinances, statutes, rules and regulations, and
covenants pertaining to construction of improvements on the Land, fair housing, and requirements for equal opportunity, anti-discrimination,
and Leases;

 

(2)         procure
and maintain all required permits, licenses, charters, registrations, and certificates necessary to comply with all zoning and
land use statutes, laws, ordinances, rules and regulations, and all applicable health, fire, safety, and building codes and for
the lawful use and operation of the Mortgaged Property, including certificates of occupancy, apartment licenses, or the equivalent;

 

(3)         comply
with all applicable laws that pertain to the maintenance and disposition of tenant security deposits;

 

(4)         at
all times maintain records sufficient to demonstrate compliance with the provisions of this Section 6.02(e); and

 

(5)         promptly
after receipt or notification thereof, provide Lender copies of any building code or zoning violation from any Governmental Authority
with respect to the Mortgaged Property.

 

Section
6.03              Mortgage Loan Administration Matters Regarding the Property.

 

(a)          Property
Management.

 

From and after the
Effective Date, each property manager and each property management agreement must be approved by Lender. If, in connection with
the making of the Mortgage Loan, or at any later date, Lender waives in writing the requirement that Borrower enter into a written
contract for management of the Mortgaged Property, and Borrower later elects to enter into a written contract or change the management
of the Mortgaged Property, such new property manager or the property management agreement must be approved by Lender. As a condition
to any approval by Lender, Lender may require that Borrower and such new property manager enter into a collateral assignment of
the property management agreement on a form approved by Lender. As of the Effective Date, Lender approves ASPEN 2016 LLC as property
manager.

  

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(b)          Subordination
of Fees to Affiliated Property Managers.

 

Any property manager
that is a Borrower Affiliate to whom fees are payable for the management of the Mortgaged Property must enter into an assignment
of management agreement or other agreement with Lender, in a form approved by Lender, providing for subordination of those fees
and such other provisions as Lender may require.

 

(c)          Property
Condition Assessment.

 

If, in connection with
any inspection of the Mortgaged Property, Lender determines that the condition of the Mortgaged Property has deteriorated (ordinary
wear and tear excepted) since the Effective Date, Lender may obtain, at Borrower’s expense, a property condition assessment
of the Mortgaged Property. Lender’s right to obtain a property condition assessment pursuant to this Section 6.03(c) shall
be in addition to any other rights available to Lender under this Loan Agreement in connection with any such deterioration. Any
such inspection or property condition assessment may result in Lender requiring Additional Lender Repairs or Additional Lender
Replacements as further described in Section 13.02(a)(9)(B).

 

Article
7 - LEASES AND RENTS

 

Section
7.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 7.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Prior
Assignment of Rents.

 

Borrower has not executed
any:

 

(1)         prior
assignment of Rents (other than an assignment of Rents securing prior indebtedness that has been paid off and discharged or will
be paid off and discharged with the proceeds of the Mortgage Loan); or

 

(2)         instrument
which would prevent Lender from exercising its rights under this Loan Agreement or the Security Instrument.

 

(b)          Prepaid
Rents.

 

Borrower has not accepted,
and does not expect to receive prepayment of, any Rents for more than two (2) months prior to the due dates of such Rents.

 

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Section
7.02              Covenants.

 

(a)          Leases.

 

Borrower shall:

 

(1)         comply
with and observe Borrower’s obligations under all Leases, including Borrower’s obligations pertaining to the maintenance
and disposition of tenant security deposits;

 

(2)         surrender
possession of the Mortgaged Property, including all Leases and all security deposits and prepaid Rents, immediately upon appointment
of a receiver or Lender’s entry upon and taking of possession and control of the Mortgaged Property, as applicable;

 

(3)         require
that all Residential Leases have initial lease terms of not less than six (6) months and not more than twenty-four (24)
months (however, if customary in the applicable market for properties comparable to the Mortgaged Property, Residential Leases
with terms of less than six (6) months (but in no case less than one (1) month) may be permitted with Lender’s
prior written consent); and

 

(4)         promptly
provide Lender a copy of any non-Residential Lease at the time such Lease is executed (subject to Lender’s consent rights
for Material Commercial Leases in Section 7.02(b)) and, upon Lender’s written request, promptly provide Lender a copy of
any Residential Lease then in effect.

 

(b)          Commercial
Leases.

 

(1)         With
respect to Material Commercial Leases, Borrower shall not:

 

(A)         enter
into any Material Commercial Lease except with the prior written consent of Lender; or

 

(B)         modify
the terms of, extend, or terminate any Material Commercial Lease (including any Material Commercial Lease in existence on the Effective
Date) without the prior written consent of Lender.

 

In the event
that Lender’s consent with respect to any Material Commercial Lease or modification or amendment thereto pursuant to the
terms of subsection (1) above is required, Borrower shall provide Lender with a written request seeking Lender’s consent
together with a copy of the proposed Material Commercial Lease or amendment or modification to the Material Commercial Lease (as
applicable) together with all information reasonably necessary in order for Lender to make a determination with respect to such
request. Upon receipt of such request and all information requested by Lender in order to make its determination, Lender (1) shall
not unreasonably withhold its consent with respect to such request, and (2) shall provide its approval or denial of such request
within thirty (30) days of the date upon which all information that has been requested by Lender in order to make its determination
has been received.

 

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(2)         With
respect to any non-Material Commercial Lease, Borrower shall not:

 

(A)         enter
into any non-Material Commercial Lease that materially alters the use and type of operation of the premises subject to the Lease
in effect as of the Effective Date or reduces the number or size of residential units at the Mortgaged Property; or

 

(B)         modify
the terms of any non-Material Commercial Lease (including any non-Material Commercial Lease in existence on the Effective Date)
in any way that materially alters the use and type of operation of the premises subject to such non-Material Commercial Lease in
effect as of the Effective Date, reduces the number or size of residential units at the Mortgaged Property, or results in such
non-Material Commercial Lease being deemed a Material Commercial Lease.

 

(3)         With
respect to any Material Commercial Lease or non-Material Commercial Lease, Borrower shall cause the applicable tenant to provide
within ten (10) days after a request by Borrower, a certificate of estoppel, or if not provided
by tenant within such ten (10) day period, Borrower shall provide such certificate of estoppel, certifying:

 

(A)         that
such Material Commercial Lease or non-Material Commercial Lease is unmodified and in full force and effect (or if there have been
modifications, that such Material Commercial Lease or non-Material Commercial Lease is in full force and effect as modified and
stating the modifications);

 

(B)         the
term of the Lease including any extensions thereto;

 

(C)         the
dates to which the Rent and any other charges hereunder have been paid by tenant;

 

(D)         the
amount of any security deposit delivered to Borrower as landlord;

 

(E)         whether
or not Borrower is in default (or whether any event or condition exists which, with the passage of time, would constitute an event
of default) under such Lease;

 

(F)         the
address to which notices to tenant should be sent; and

 

(G)         any
other information as may be reasonably required by Lender.

 

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(c)          Payment
of Rents.

 

Borrower shall:

 

(1)         pay
to Lender upon demand all Rents after an Event of Default has occurred and is continuing;

 

(2)         cooperate
with Lender’s efforts in connection with the assignment of Rents set forth in the Security Instrument; and

 

(3)         not
accept Rent under any Lease (whether a Residential Lease or a non-Residential Lease) for more than two (2) months in advance.

 

(d)          Assignment
of Rents.

 

Borrower shall not:

 

(1)         perform
any acts nor execute any instrument that would prevent Lender from exercising its rights under the assignment of Rents granted
in the Security Instrument or in any other Loan Document; nor

 

(2)         interfere
with Lender’s collection of such Rents.

 

(e)          Further
Assignments of Leases and Rents.

 

Borrower shall execute
and deliver any further assignments of Leases and Rents as Lender may reasonably require.

 

(f)          Options
to Purchase by Tenants.

 

No Lease (whether a
Residential Lease or a non-Residential Lease) shall contain an option to purchase, right of first refusal to purchase or right
of first offer to purchase, except as required by applicable law.

 

Section
7.03              Mortgage Loan Administration Regarding Leases and Rents.

 

(a)          Material
Commercial Lease Requirements.

 

Each Material Commercial
Lease, including any renewal or extension of any Material Commercial Lease in existence as of the Effective Date, shall provide,
directly or pursuant to a subordination, non-disturbance and attornment agreement approved by Lender, that:

 

(1)         the
tenant shall, upon written notice from Lender after the occurrence of an Event of Default, pay all Rents payable under such Lease
to Lender;

 

(2)         such
Lease and all rights of the tenant thereunder are expressly subordinate to the lien of the Security Instrument;

 

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(3)         the
tenant shall attorn to Lender and any purchaser at a Foreclosure Event (such attornment to be self-executing and effective upon
acquisition of title to the Mortgaged Property by any purchaser at a Foreclosure Event or by Lender in any manner);

 

(4)         the
tenant agrees to execute such further evidences of attornment as Lender or any purchaser at a Foreclosure Event may from time to
time request; and

 

(5)         such
Lease shall not terminate as a result of a Foreclosure Event unless Lender or any other purchaser at such Foreclosure Event affirmatively
elects to terminate such Lease pursuant to the terms of the subordination, non-disturbance and attornment agreement.

 

(b)          Residential
Lease Form.

 

All Residential Leases
entered into from and after the Effective Date shall be on forms approved by Lender.

 

Article
8 - BOOKS AND RECORDS; FINANCIAL REPORTING

 

Section
8.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 8.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Financial
Information.

 

All financial statements
and data, including statements of cash flow and income and operating expenses, that have been delivered to Lender in respect of
the Mortgaged Property:

 

(1)         are
true, complete, and correct in all material respects; and

 

(2)         accurately
represent the financial condition of the Mortgaged Property as of such date.

 

(b)          No
Change in Facts or Circumstances.

 

All information in
the Loan Application and in all financial statements, rent rolls, reports, certificates, and other documents submitted in connection
with the Loan Application are complete and accurate in all material respects. There has been no material adverse change in any
fact or circumstance that would make any such information incomplete or inaccurate.

 

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Section
8.02              Covenants.

 

(a)          Obligation
to Maintain Accurate Books and Records.

 

Borrower shall keep
and maintain at all times at the Mortgaged Property or the property management agent’s offices or Borrower’s General
Business Address and, upon Lender’s written request, shall make available at the Land:

 

(1)         complete
and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the
operation of the Mortgaged Property; and

 

(2)         copies
of all written contracts, Leases, and other instruments that affect Borrower or the Mortgaged Property.

 

(b)          Items
to Furnish to Lender.

 

Borrower shall furnish
to Lender the following, certified as true, complete, and accurate, in all material respects, by an individual having authority
to bind Borrower (or Guarantor, as applicable), in such form and with such detail as Lender reasonably requires:

 

(1)         within
forty-five (45) days after the end of each first, second, and third calendar quarter, a statement of income and expenses for
Borrower on a year-to-date basis as of the end of each calendar quarter;

 

(2)         within
one hundred twenty (120) days after the end of each calendar year:

 

(A)         for
any Borrower and any Guarantor that is an entity, a statement of income and expenses and a statement of cash flows for such calendar
year;

 

(B)         for
any Borrower and any Guarantor that is an individual, or a trust established for estate-planning purposes, a personal financial
statement for such calendar year;

 

(C)         when
requested in writing by Lender, balance sheet(s) showing all assets and liabilities of Borrower and Guarantor and a statement of
all contingent liabilities as of the end of such calendar year;

 

(D)         if
an energy consumption metric for the Mortgaged Property is required to be reported to any Governmental Authority, the Fannie Mae
Energy Performance Metrics report, as generated by ENERGY STAR® Portfolio Manager, for the Mortgaged Property for
such calendar year, which report must include the ENERGY STAR score, the Source Energy Use Intensity (EUI), the month and year
ending period for such ENERGY STAR score and such Source Energy Use Intensity, and the ENERGY STAR Portfolio Manager Property Identification
Number; provided that, if the Governmental Authority does not require the use of ENERGY STAR Portfolio Manager for the reporting
of the energy consumption metric and Borrower does not use ENERGY STAR Portfolio Manager, then Borrower shall furnish to Lender
the Source Energy Use Intensity for the Mortgaged Property for such calendar year;

 

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(E)         a
written certification ratifying and affirming that:

 

(i)          Borrower
has taken no action in violation of Section 4.02(d) regarding its single asset status;

 

(ii)         Borrower
has received no notice of any building code violation, or if Borrower has received such notice, evidence of remediation;

 

(iii)        Borrower
has made no application for rezoning nor received any notice that the Mortgaged Property has been or is being rezoned; and

 

(iv)        Borrower
has taken no action and has no knowledge of any action that would violate the provisions of Section 11.02(b)(1)(F) regarding liens
encumbering the Mortgaged Property;

 

(F)         an
accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and
identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact
at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts;
and

 

(G)         written
confirmation of:

 

(i)          any
changes occurring since the Effective Date (or that no such changes have occurred since the Effective Date) in (1) the direct owners
of Borrower, (2) the indirect owners (and any non-member managers) of Borrower that Control Borrower (excluding any Publicly-Held
Corporations or Publicly-Held Trusts), or (3) the indirect owners of Borrower that hold twenty-five percent (25%) or more
of the ownership interests in Borrower (excluding any Publicly-Held Corporations or Publicly-Held Trusts), and their respective
interests;

 

(ii)         the
names of all officers and directors of (1) any Borrower which is a corporation, (2) any corporation which is a general partner
of any Borrower which is a partnership, or (3) any corporation which is the managing member or non-member manager of any Borrower
which is a limited liability company; and

 

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(iii)        the
names of all managers who are not members of (1) any Borrower which is a limited liability company, (2) any limited liability company
which is a general partner of any Borrower which is a partnership, or (3) any limited liability company which is the managing member
or non-member manager of any Borrower which is a limited liability company; and

 

(H)         if
not already provided pursuant to Section 8.02(b)(2)(A) above, a statement of income and expenses for Borrower’s operation
of the Mortgaged Property on a year-to-date basis as of the end of each calendar year;

 

(3)         within
forty-five (45) days after the end of each first, second, and third calendar quarter and within one hundred twenty (120)
days after the end of each calendar year, and at any other time upon Lender’s written request, a rent schedule for the Mortgaged
Property showing the name of each tenant and for each tenant, the space occupied, the lease expiration date, the rent payable for
the current month, the date through which rent has been paid, and any related information requested by Lender; and

 

(4)         upon
Lender’s written request (but, absent an Event of Default, no more frequently than once in any six (6) month period):

 

(A)         any
item described in Section 8.02(b)(1) or Section 8.02(b)(2) for Borrower, certified as true, complete, and accurate by an individual
having authority to bind Borrower;

 

(B)         a
property management or leasing report for the Mortgaged Property, showing the number of rental applications received from tenants
or prospective tenants and deposits received from tenants or prospective tenants, and any other information requested by Lender;

 

(C)         a
statement of income and expenses for Borrower’s operation of the Mortgaged Property on a year-to-date basis as of the end
of each month for such period as requested by Lender, which statement shall be delivered within thirty (30) days after the
end of such month requested by Lender;

 

(D)         a
statement of real estate owned directly or indirectly by Borrower and Guarantor for such period as requested by Lender, which statement(s)
shall be delivered within thirty (30) days after the end of such month requested by Lender; and

 

(E)         a
statement that identifies:

 

(i)          the
direct owners of Borrower and their respective interests;

 

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(ii)         the
indirect owners (and any non-member managers) of Borrower that Control Borrower (excluding any Publicly-Held Corporations or Publicly-Held
Trusts) and their respective interests; and

 

(iii)        the
indirect owners of Borrower that hold twenty-five percent (25%) or more of the ownership interests in Borrower (excluding
any Publicly-Held Corporations or Publicly-Held Trusts) and their respective interests.

 

(c)          Audited
Financials.

 

In the event Borrower
or Guarantor receives or obtains any audited financial statements and such financial statements are required to be delivered to
Lender under Section 8.02(b), Borrower shall deliver or cause to be delivered to Lender the audited versions of such financial
statements.

 

(d)          Delivery
of Books and Records.

 

If an Event of Default
has occurred and is continuing, Borrower shall deliver to Lender, upon written demand, all books and records relating to the Mortgaged
Property or its operation.

 

Section
8.03              Mortgage Loan Administration Matters Regarding Books and Records
and Financial Reporting.

 

(a)          Lender’s
Right to Obtain Audited Books and Records.

 

Lender may require
that Borrower’s or Guarantor’s books and records be audited, at Borrower’s expense, by an independent certified
public accountant selected by Lender in order to produce or audit any statements, schedules, and reports of Borrower, Guarantor,
or the Mortgaged Property required by Section 8.02, if:

 

(1)         Borrower
or Guarantor fails to provide in a timely manner the statements, schedules, and reports required by Section 8.02 and, thereafter,
Borrower or Guarantor fails to provide such statements, schedules, and reports within the cure period provided in Section 14.01(c);

 

(2)         the
statements, schedules, and reports submitted to Lender pursuant to Section 8.02 are not full, complete, and accurate in all material
respects as determined by Lender and, thereafter, Borrower or Guarantor fails to provide such statements, schedules, and reports
within the cure period provided in Section 14.01(c); or

 

(3)         an
Event of Default has occurred and is continuing.

 

Notwithstanding the
foregoing, the ability of Lender to require the delivery of audited financial statements shall be limited to not more than once
per Borrower’s fiscal year so long as no Event of Default has occurred during such fiscal year (or any event which, with
the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing).
Borrower shall cooperate with Lender in order to satisfy the provisions of this Section 8.03(a). All related costs and expenses
of Lender shall become immediately due and payable by Borrower within ten (10) Business Days after demand therefor.

 

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(b)          Credit
Reports; Credit Score.

 

No more often than
once in any twelve (12) month period, Lender is authorized to obtain a credit report (if applicable) on Borrower or Guarantor,
the cost of which report shall be paid by Borrower. Lender is authorized to obtain a Credit Score (if applicable) for Borrower
or Guarantor at any time at Lender’s expense.

 

Article
9 - INSURANCE

 

Section
9.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 9.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Compliance
with Insurance Requirements.

 

Borrower is in compliance
with Lender’s insurance requirements (or has obtained a written waiver from Lender for any non-compliant coverage) and has
timely paid all premiums on all required insurance policies.

 

(b)          Property
Condition.

 

(1)         The
Mortgaged Property has not been damaged by fire, water, wind, or other cause of loss; or

 

(2)         if
previously damaged, any previous damage to the Mortgaged Property has been repaired and the Mortgaged Property has been fully restored.

 

Section
9.02              Covenants.

 

(a)          Insurance
Requirements.

 

(1)         As
required by Lender and applicable law, and as may be modified from time to time, Borrower shall:

 

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(A)         keep
the Improvements insured at all times against any hazards, which insurance shall include coverage against loss by fire and all
other perils insured by the “special causes of loss” coverage form, general boiler and machinery coverage, business
income coverage, and flood (if any of the Improvements are located in an area identified by the Federal Emergency Management Agency
(or any successor) as an area having special flood hazards and to the extent flood insurance is available in that area), and may
include sinkhole insurance, mine subsidence insurance, earthquake insurance, terrorism insurance, windstorm insurance and, if the
Mortgaged Property does not conform to applicable building, zoning, or land use laws, ordinance and law coverage;

 

(B)         maintain
at all times commercial general liability insurance, workmen’s compensation insurance, and such other liability, errors and
omissions, and fidelity insurance coverage; and

 

(C)         maintain
builder’s risk and public liability insurance, and other insurance in connection with completing the Repairs or Replacements,
as applicable.

 

(b)          Delivery
of Policies, Renewals, Notices, and Proceeds.

 

Borrower shall:

 

(1)         cause
all insurance policies (including any policies not otherwise required by Lender) which can be endorsed with standard non-contributing,
non-reporting mortgagee clauses making loss payable to Lender (or Lender’s assigns) to be so endorsed;

 

(2)         promptly
deliver to Lender a copy of all renewal and other notices received by Borrower with respect to the policies and all receipts for
paid premiums;

 

(3)         deliver
evidence, in form and content acceptable to Lender, that each required insurance policy under this Article 9 has been renewed not
less than fifteen (15) days prior to the applicable expiration date, and (if such evidence is other than an original or duplicate
original of a renewal policy) deliver the original or duplicate original of each renewal policy (or such other evidence of insurance
as may be required by or acceptable to Lender) in form and content acceptable to Lender within ninety (90) days after the
applicable expiration date of the original insurance policy;

 

(4)         provide
immediate written notice to the insurance company and to Lender of any event of loss;

 

(5)         execute
such further evidence of assignment of any insurance proceeds as Lender may require; and

 

(6)         provide
immediate written notice to Lender of Borrower’s receipt of any insurance proceeds under any insurance policy required by
Section 9.02(a)(1) above and, if requested by Lender, deliver to Lender all of such proceeds received by Borrower to be applied
by Lender in accordance with this Article 9.

 

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Section
9.03              Mortgage Loan Administration Matters Regarding Insurance

 

(a)          Lender’s
Ongoing Insurance Requirements.

 

Borrower acknowledges
that Lender’s insurance requirements may change from time to time. All insurance policies and renewals of insurance policies
required by this Loan Agreement shall be:

 

(1)         in
the form and with the terms required by Lender;

 

(2)         in
such amounts, with such maximum deductibles and for such periods required by Lender; and

 

(3)         issued
by insurance companies satisfactory to Lender.

 

Borrower
acknowledges that any failure OF BORROWER to comply with THE REQUIREMENTS SET FORTH IN Section 9.02(a) or
Section 9.02(b)(3) above shall permit lender to purchase the applicable insurance
at Borrower’s cost. Such insurance may, but need not, protect Borrower’s interests. The coverage that Lender purchases
may not pay any claim that Borrower makes or any claim that is made against Borrower in connection with the Mortgaged Property.
If Lender purchases insurance for the Mortgaged Property as permitted hereunder, Borrower will be responsible for the costs of
that insurance, including interest at the Default Rate and any other charges Lender may impose in connection with the placement
of the insurance until the effective date of the cancellation or the expiration of the insurance. The costs of the insurance shall
be added to Borrower’s total outstanding balance or obligation and shall constitute additional Indebtedness. The costs of
the insurance may be more than the cost of insurance Borrower may be able to obtain on its own. Borrower may later cancel any insurance
purchased by Lender, but only after providing evidence that Borrower has obtained insurance as required by this Loan Agreement
and the other Loan Documents.

 

(b)          Application
of Proceeds on Event of Loss.

 

(1)         Upon
an event of loss, Lender may, at Lender’s option:

 

(A)         hold
such proceeds to be applied to reimburse Borrower for the cost of Restoration (in accordance with Lender’s then-current policies
relating to the restoration of casualty damage on similar multifamily residential properties); or

 

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(B)         apply
such proceeds to the payment of the Indebtedness, whether or not then due; provided, however, Lender shall not apply
insurance proceeds to the payment of the Indebtedness and shall permit Restoration pursuant to Section 9.03(b)(1)(A) if all of
the following conditions are met:

 

(i)          no
Event of Default has occurred and is continuing (or any event which, with the giving of written notice or the passage of time,
or both, would constitute an Event of Default has occurred and is continuing);

 

(ii)         Lender
determines that the combination of insurance proceeds and amounts provided by Borrower will be sufficient funds to complete the
Restoration;

 

(iii)        Lender
determines that the net operating income generated by the Mortgaged Property after completion of the Restoration will be sufficient
to support a debt service coverage ratio not less than the debt service coverage ratio immediately prior to the event of loss,
but in no event less than 1.0x (the debt service coverage ratio shall be calculated on a thirty (30) year amortizing basis
(if applicable, on a proforma basis approved by Lender) in all events and shall include all operating costs and other
expenses, Imposition Deposits, deposits to Collateral Accounts, and Mortgage Loan repayment obligations);

 

(iv)        Lender
determines that the Restoration will be completed before the earlier of (1) one year before the stated Maturity Date, or (2)
one year after the date of the loss or casualty; and

 

(v)         Borrower
provides Lender, upon written request, evidence of the availability during and after the Restoration of the insurance required
to be maintained by Borrower pursuant to this Loan Agreement.

 

After the completion
of Restoration in accordance with the above requirements, as determined by Lender, the balance, if any, of such proceeds shall
be returned to Borrower.

 

(2)         Notwithstanding
the foregoing, if any loss is estimated to be in an amount equal to or less than $50,000, Lender shall not exercise its rights
and remedies as power-of-attorney herein and shall allow Borrower to make proof of loss, to adjust and compromise any claims under
policies of property damage insurance, to appear in and prosecute any action arising from such policies of property damage insurance,
and to collect and receive the proceeds of property damage insurance; provided that each of the following conditions shall
be satisfied:

 

(A)         Borrower
shall immediately notify Lender of the casualty giving rise to the claim;

 

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(B)         no
Event of Default has occurred and is continuing (or any event which, with the giving of written notice or the passage of time,
or both, would constitute an Event of Default has occurred and is continuing);

 

(C)         the
Restoration will be completed before the earlier of (i) one year before the stated Maturity Date, or (ii) one year after the date
of the loss or casualty;

 

(D)         Lender
determines that the combination of insurance proceeds and amounts provided by Borrower will be sufficient funds to complete the
Restoration;

 

(E)         all
proceeds of property damage insurance shall be issued in the form of joint checks to Borrower and Lender;

 

(F)         all
proceeds of property damage insurance shall be applied to the Restoration;

 

(G)         Borrower
shall deliver to Lender evidence satisfactory to Lender of completion of the Restoration and obtainment of all lien releases;

 

(H)         Borrower
shall have complied to Lender’s satisfaction with the foregoing requirements on any prior claims subject to this provision,
if any; and

 

(I)         Lender
shall have the right to inspect the Mortgaged Property (subject to the rights of tenants under the Leases).

 

(3)         If
Lender elects to apply insurance proceeds to the Indebtedness in accordance with the terms of this Loan Agreement, Borrower shall
not be obligated to restore or repair the Mortgaged Property. Rather, Borrower shall restrict access to the damaged portion of
the Mortgaged Property and, at its expense and regardless of whether such costs are covered by insurance, clean up any debris resulting
from the casualty event, and, if required or otherwise permitted by Lender, demolish or raze any remaining part of the damaged
Mortgaged Property to the extent necessary to keep and maintain the Mortgaged Property in a safe, habitable, and marketable condition.
Nothing in this Section 9.03(b) shall affect any of Lender’s remedial rights against Borrower in connection with a breach
by Borrower of any of its obligations under this Loan Agreement or under any Loan Document, including any failure to timely pay
Monthly Debt Service Payments or maintain the insurance coverage(s) required by this Loan Agreement.

 

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(c)          Payment
Obligations Unaffected.

 

The application of
any insurance proceeds to the Indebtedness shall not extend or postpone the Maturity Date, or the due date or the full payment
of any Monthly Debt Service Payment, Monthly Replacement Reserve Deposit, or any other installments referred to in this Loan Agreement
or in any other Loan Document. Notwithstanding the foregoing, if Lender applies insurance proceeds to the Indebtedness in connection
with a casualty of less than the entire Mortgaged Property, and after such application of proceeds the debt service coverage ratio
(as determined by Lender) is less than 1.25x based on the then-applicable Monthly Debt Service Payment and the anticipated on-going
net operating income of the Mortgaged Property after such casualty event, then Lender may, at its discretion, permit an adjustment
to the Monthly Debt Service Payments that become due and owing thereafter, based on Lender’s then-current underwriting requirements.
In no event shall the preceding sentence obligate Lender to make any adjustment to the Monthly Debt Service Payments.

 

(d)          Foreclosure
Sale.

 

If the Mortgaged Property
is transferred pursuant to a Foreclosure Event or Lender otherwise acquires title to the Mortgaged Property, Borrower acknowledges
that Lender shall automatically succeed to all rights of Borrower in and to any insurance policies and unearned insurance premiums
applicable to the Mortgaged Property and in and to the proceeds resulting from any damage to the Mortgaged Property prior to such
Foreclosure Event or such acquisition.

 

(e)          Appointment
of Lender as Attorney-In-Fact.

 

Borrower hereby authorizes
and appoints Lender as attorney-in-fact pursuant to Section 14.03(c).

 

Article
10 - CONDEMNATION

 

Section
10.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 10.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Prior
Condemnation Action.

 

No part of the Mortgaged
Property has been taken in connection with a Condemnation Action.

 

(b)          Pending
Condemnation Actions.

 

No Condemnation Action
is pending nor, to Borrower’s knowledge, is threatened for the partial or total condemnation or taking of the Mortgaged Property.

 

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Section
10.02              Covenants.

 

(a)          Notice
of Condemnation.

 

Borrower shall:

 

(1)         promptly
notify Lender of any Condemnation Action of which Borrower has knowledge;

 

(2)         appear
in and prosecute or defend, at its own cost and expense, any action or proceeding relating to any Condemnation Action, including
any defense of Lender’s interest in the Mortgaged Property tendered to Borrower by Lender, unless otherwise directed by Lender
in writing; and

 

(3)         execute
such further evidence of assignment of any condemnation award in connection with a Condemnation Action as Lender may require.

 

(b)          Condemnation
Proceeds.

 

Borrower shall pay
to Lender all awards or proceeds of a Condemnation Action promptly upon receipt.

 

Section
10.03              Mortgage Loan Administration Matters Regarding Condemnation.

 

(a)          Application
of Condemnation Awards.

 

Lender may apply any
awards or proceeds of a Condemnation Action, after the deduction of Lender’s expenses incurred in the collection of such
amounts, to:

 

(1)         the
restoration or repair of the Mortgaged Property, if applicable;

 

(2)         the
payment of the Indebtedness, with the balance, if any, paid to Borrower; or

 

(3)         Borrower.

 

(b)          Payment
Obligations Unaffected.

 

The application of
any awards or proceeds of a Condemnation Action to the Indebtedness shall not extend or postpone the Maturity Date, or the due
date or the full payment of any Monthly Debt Service Payment, Monthly Replacement Reserve Deposit, or any other installments referred
to in this Loan Agreement or in any other Loan Document.

 

(c)          Appointment
of Lender as Attorney-In-Fact.

 

Borrower hereby authorizes
and appoints Lender as attorney-in-fact pursuant to Section 14.03(c).

 

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(d)          Preservation
of Mortgaged Property.

 

If a Condemnation Action
results in or from damage to the Mortgaged Property and Lender elects to apply the proceeds or awards from such Condemnation Action
to the Indebtedness in accordance with the terms of this Loan Agreement, Borrower shall not be obligated to restore or repair the
Mortgaged Property. Rather, Borrower shall restrict access to any portion of the Mortgaged Property which has been damaged or destroyed
in connection with such Condemnation Action and, at Borrower’s expense and regardless of whether such costs are covered by
insurance, clean up any debris resulting in or from the Condemnation Action, and, if required by any Governmental Authority or
otherwise permitted by Lender, demolish or raze any remaining part of the damaged Mortgaged Property to the extent necessary to
keep and maintain the Mortgaged Property in a safe, habitable, and marketable condition. Nothing in this Section 10.03(d) shall
affect any of Lender’s remedial rights against Borrower in connection with a breach by Borrower of any of its obligations
under this Loan Agreement or under any Loan Document, including any failure to timely pay Monthly Debt Service Payments or maintain
the insurance coverage(s) required by this Loan Agreement.

 

Article
11 - LIENS, TRANSFERS, AND ASSUMPTIONS

 

Section
11.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 11.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          No
Labor or Materialmen’s Claims.

 

All parties furnishing
labor and materials on behalf of Borrower have been paid in full. There are no mechanics’ or materialmen’s liens (whether
filed or unfiled) outstanding for work, labor, or materials (and no claims or work outstanding that under applicable law could
give rise to any such mechanics’ or materialmen’s liens) affecting the Mortgaged Property, whether prior to, equal
with, or subordinate to the lien of the Security Instrument.

 

(b)          No
Other Interests.

 

No Person:

 

(1)         other
than Borrower has any possessory ownership or interest in the Mortgaged Property or right to occupy the same except under and pursuant
to the provisions of existing Leases, the material terms of all such Leases having been previously disclosed in writing to Lender;
nor

 

(2)         has
an option, right of first refusal, or right of first offer (except as required by applicable law) to purchase the Mortgaged Property,
or any interest in the Mortgaged Property.

 

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Section
11.02              Covenants.

 

(a)          Liens;
Encumbrances.

 

Borrower shall not
permit the grant, creation, or existence of any Lien, whether voluntary, involuntary, or by operation of law, on all or any portion
of the Mortgaged Property (including any voluntary, elective, or non-compulsory tax lien or assessment pursuant to a voluntary,
elective, or non-compulsory special tax district or similar regime) other than:

 

(1)         Permitted
Encumbrances;

 

(2)         the
creation of:

 

(A)         any
tax lien, municipal lien, utility lien, mechanics’ lien, materialmen’s lien, or judgment lien against the Mortgaged
Property if bonded off, released of record, or otherwise remedied to Lender’s satisfaction within sixty (60) days after
the earlier of the date Borrower has actual notice or constructive notice of the existence of such lien; or

 

(B)         any
mechanics’ or materialmen’s liens which attach automatically under the laws of any Governmental Authority upon the
commencement of any work upon, or delivery of any materials to, the Mortgaged Property and for which Borrower is not delinquent
in the payment for any such work or materials; and

 

(3)         the
lien created by the Loan Documents.

 

(b)          Transfers.

 

(1)         Mortgaged
Property.

 

Borrower
shall not Transfer, or cause or permit a Transfer of, all or any part of the Mortgaged Property (including any interest in the
Mortgaged Property) other than:

 

(A)         a
Transfer to which Lender has consented in writing;

 

(B)         Leases
permitted pursuant to the Loan Documents;

 

(C)         [reserved];

 

(D)         a
Transfer of obsolete or worn out Personalty or Fixtures that are contemporaneously replaced by items of equal or better function
and quality which are free of Liens (other than those created by the Loan Documents);

 

(E)         the
grant of an easement, servitude, or restrictive covenant to which Lender has consented, and Borrower has paid to Lender, upon demand,
all costs and expenses incurred by Lender in connection with reviewing Borrower’s request;

 

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(F)         a
lien permitted pursuant to Section 11.02(a) of this Loan Agreement; or

 

(G)         the
conveyance of the Mortgaged Property following a Foreclosure Event.

 

(2)         Interests
in Borrower, Key Principal, or Guarantor.

 

Other than
a Transfer to which Lender has consented in writing, Borrower shall not Transfer, or cause or permit to be Transferred:

 

(A)         any
direct or indirect ownership interest in Borrower, Key Principal, or Guarantor (if applicable) if such Transfer would cause a change
in Control;

 

(B)         a
direct or indirect Restricted Ownership Interest in Borrower, Key Principal, or Guarantor (if applicable);

 

(C)         fifty
percent (50%) or more of Key Principal’s or Guarantor’s direct or indirect ownership interests in Borrower that
existed on the Effective Date (individually or on an aggregate basis);

 

(D)         the
economic benefits or rights to cash flows attributable to any ownership interests in Borrower, Key Principal, or Guarantor (if
applicable) separate from the Transfer of the underlying ownership interests if the Transfer of the underlying ownership interest
is prohibited by this Loan Agreement; or

 

(E)         a
Transfer to a new key principal or new guarantor (if such new key principal or guarantor is an entity), which entity has an organizational
existence termination date that ends before the Maturity Date.

 

Notwithstanding
the foregoing, if a Publicly-Held Corporation or a Publicly-Held Trust Controls Borrower, Key Principal, or Guarantor, or owns
a direct or indirect Restricted Ownership Interest in Borrower, Key Principal, or Guarantor, a Transfer of any ownership interests
in such Publicly-Held Corporation or Publicly-Held Trust shall not be prohibited under this Loan Agreement as long as (i) such
Transfer does not result in a conversion of such Publicly-Held Corporation or Publicly-Held Trust to a privately held entity, and
(ii) Borrower provides written notice to Lender not later than thirty (30) days thereafter of any such Transfer that results
in any Person owning ten percent (10%) or more of the ownership interests in such Publicly-Held Corporation or Publicly-Held
Trust.

 

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(3)         Name
Change or Entity Conversion.

 

Lender shall
consent to Borrower changing its name, changing its jurisdiction of organization, or converting from one type of legal entity into
another type of legal entity for any lawful purpose, provided that:

 

(A)         Lender
receives written notice at least thirty (30) days prior to such change or conversion, which notice shall include organizational
charts that reflect the structure of Borrower both prior to and subsequent to such name change or entity conversion;

 

(B)         such
Transfer is not otherwise prohibited under the provisions of Section 11.02(b)(2);

 

(C)         Borrower
executes an amendment to this Loan Agreement and any other Loan Documents required by Lender documenting the name change or entity
conversion;

 

(D)         Borrower
agrees and acknowledges, at Borrower’s expense, that (i) Borrower will execute and record in the land records any instrument
required by the Property Jurisdiction to be recorded to evidence such name change or entity conversion (or provide Lender with
written confirmation from the title company (via electronic mail or letter) that no such instrument is required), (ii) Borrower
will execute any additional documents required by Lender, including the amendment to this Loan Agreement, and allow such documents
to be recorded or filed in the land records of the Property Jurisdiction, (iii) Lender will obtain a “date down” endorsement
to the Lender’s Title Policy (or obtain a new Title Policy if a “date down” endorsement is not available in the
Property Jurisdiction), evidencing title to the Mortgaged Property being in the name of the successor entity and the Lien of the
Security Instrument against the Mortgaged Property, and (iv) Lender will file any required UCC-3 financing statement and make any
other filing deemed necessary to maintain the priority of its Liens on the Mortgaged Property; and

 

(E)         no
later than ten (10) days subsequent to such name change or entity conversion, Borrower shall provide Lender (i) the documentation
filed with the appropriate office in Borrower’s state of formation evidencing such name change or entity conversion, (ii)
copies of the organizational documents of Borrower, including any amendments, filed with the appropriate office in Borrower’s
state of formation reflecting the post-conversion Borrower name, form of organization, and structure, and (iii) if available, new
certificates of good standing or valid formation for Borrower.

 

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(4)         No
Delaware Statutory Trust or Series LLC Conversion.

 

Notwithstanding
any provisions herein to the contrary, no Borrower, Guarantor, or Key Principal shall convert to a Delaware Statutory Trust or
a series limited liability company.

 

(c)          No
Other Indebtedness.

 

Other than the Mortgage
Loan, Borrower shall not incur or be obligated at any time with respect to any loan or other indebtedness (except trade payables
as otherwise permitted in this Loan Agreement), including any indebtedness secured by a Lien on, or the cash flows from, the Mortgaged
Property.

 

(d)          No
Mezzanine Financing or Preferred Equity.

 

Neither Borrower nor
any direct or indirect owner of Borrower shall: (1) incur any Mezzanine Debt other than Permitted Mezzanine Debt; (2) issue any
Preferred Equity other than Permitted Preferred Equity; or (3) incur any similar indebtedness or issue any similar equity.

 

Section
11.03              Mortgage Loan Administration Matters Regarding Liens, Transfers,
and Assumptions.

 

(a)          Assumption
of Mortgage Loan.

 

Lender shall consent
to a Transfer of the Mortgaged Property to and an assumption of the Mortgage Loan by a new borrower if each of the following conditions
is satisfied prior to the Transfer:

 

(1)         Borrower
has submitted to Lender all information required by Lender to make the determination required by this Section 11.03(a);

 

(2)         no
Event of Default has occurred and is continuing, and no event which, with the giving of written notice or the passage of time,
or both, would constitute an Event of Default has occurred and is continuing;

 

(3)         Lender
determines that:

 

(A)         the
proposed new borrower, new key principal, and any other new guarantor fully satisfy all of Lender’s then-applicable borrower,
key principal, or guarantor eligibility, credit, management, and other loan underwriting standards, which shall include an analysis
of (i) the previous relationships between Lender and the proposed new borrower, new key principal, new guarantor, and any Person
in Control of them, and the organization of the new borrower, new key principal, and new guarantor (if applicable), and (ii) the
operating and financial performance of the Mortgaged Property, including physical condition and occupancy;

 

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(B)         none
of the proposed new borrower, new key principal, and any new guarantor, or any owners of the proposed new borrower, new key principal,
and any new guarantor, are a Prohibited Person; and

 

(C)         none
of the proposed new borrower, new key principal, and any new guarantor (if any of such are entities) shall have an organizational
existence termination date that ends before the Maturity Date;

 

(4)         [reserved];

 

(5)         the
proposed new borrower has:

 

(A)         executed
an assumption agreement acceptable to Lender that, among other things, requires the proposed new borrower to assume and perform
all obligations of Borrower (or any other transferor), and that may require that the new borrower comply with any provisions of
any Loan Document that previously may have been waived by Lender for Borrower, subject to the terms of Section 11.03(g);

 

(B)         if
required by Lender, delivered to the Title Company for filing and/or recording in all applicable jurisdictions, all applicable
Loan Documents including the assumption agreement to correctly evidence the assumption and the confirmation, continuation, perfection,
and priority of the Liens created hereunder and under the other Loan Documents; and

 

(C)         delivered
to Lender a “date-down” endorsement to the Title Policy acceptable to Lender (or a new title insurance policy if a
“date-down” endorsement is not available);

 

(6)         one
or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender:

 

(A)         an
assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under
any Guaranty given in connection with the Mortgage Loan; or

 

(B)         a
substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender;

 

(7)         Lender
has reviewed and approved the Transfer documents; and

 

(8)         Lender
has received the fees described in Section 11.03(g).

 

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(b)          Transfers
to Key Principal-Owned Affiliates or Guarantor-Owned Affiliates.

 

(1)         Except
as otherwise covered in Section 11.03(b)(2) below, Transfers of direct or indirect ownership interests in Borrower to Key Principal
or Guarantor, or to a transferee through which Key Principal or Guarantor (as applicable) Controls Borrower with the same rights
and abilities as Key Principal or Guarantor (as applicable) Controls Borrower immediately prior to the date of such Transfer, shall
be consented to by Lender if:

 

(A)         such
Transfer satisfies the applicable requirements of Section 11.03(a), other than Section 11.03(a)(5); and

 

(B)         after
giving effect to any such Transfer, each Key Principal or Guarantor (as applicable) continues to own not less than fifty percent (50%)
of such Key Principal’s or Guarantor’s (as applicable) direct or indirect ownership interests in Borrower that existed
on the Effective Date.

 

(2)         Transfers
of direct or indirect interests in Borrower held by a Key Principal or Guarantor to other Key Principals or Guarantors, as applicable,
shall be consented to by Lender if such Transfer satisfies the following conditions:

 

(A)         the
Transfer does not cause a change in the Control of Borrower; and

 

(B)         the
transferor Key Principal or Guarantor maintains the same right and ability to Control Borrower as existed prior to the Transfer.

 

If the conditions set forth in this Section
11.03(b) are satisfied, the Transfer Fee shall be waived provided Borrower shall pay the Review Fee and out-of-pocket costs set
forth in Section 11.03(g).

 

(c)          Estate
Planning.

 

Notwithstanding the
provisions of Section 11.02(b)(2), so long as (1) the Transfer does not cause a change in the Control of Borrower, and (2) Key
Principal and Guarantor, as applicable, maintain the same right and ability to Control Borrower as existed prior to the Transfer,
Lender shall consent to Transfers of direct or indirect ownership interests in Borrower and Transfers of direct or indirect ownership
interests in an entity Key Principal or entity Guarantor to:

 

(A)         Immediate
Family Members of such transferor, each of whom must have obtained the legal age of majority;

 

(B)         United
States domiciled trusts established for the benefit of the transferor or Immediate Family Members of the transferor; or

 

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(C)         partnerships
or limited liability companies of which the partners or members, respectively, are comprised entirely of (i) such transferor and
Immediate Family Members (each of whom must have obtained the legal age of majority) of such transferor, (ii) Immediate Family
Members (each of whom must have obtained the legal age of majority) of such transferor, or (iii) United States domiciled trusts
established for the benefit of the transferor or Immediate Family Members of the transferor.

 

If the conditions set forth in this Section
11.03(c) are satisfied, the Transfer Fee shall be waived provided Borrower shall pay the Review Fee and out-of-pocket costs set
forth in Section 11.03(g).

 

(d)          Termination
or Revocation of Trust.

 

If any of Borrower,
Guarantor, or Key Principal is a trust, or if Control of Borrower, Guarantor, or Key Principal is Transferred or if a Restricted
Ownership Interest in Borrower, Guarantor, or Key Principal would be Transferred due to the termination or revocation of a trust,
the termination or revocation of such trust is an unpermitted Transfer; provided that the termination or revocation of the trust
due to the death of an individual trustor shall not be considered an unpermitted Transfer so long as:

 

(1)         Lender
is notified within thirty (30) days of the death; and

 

(2)         such
Borrower, Guarantor, Key Principal, or other Person, as applicable, is replaced with an individual or entity acceptable to Lender,
in accordance with the provisions of Section 11.03(a) within ninety (90) days of the date of the death causing the termination
or revocation.

 

If the conditions set forth in this Section
11.03(d) are satisfied, the Transfer Fee shall be waived; provided Borrower shall pay the Review Fee and out-of-pocket costs set
forth in Section 11.03(g).

 

(e)          Death
of Key Principal or Guarantor; Transfer Due to Death.

 

(1)         If
a Key Principal or Guarantor that is a natural person dies, or if Control of Borrower, Guarantor, or Key Principal is Transferred,
or if a Restricted Ownership Interest in Borrower, Guarantor, or Key Principal would be Transferred as a result of the death of
a Person (except in the case of trusts which is addressed in Section 11.03(d)), Borrower must notify Lender in writing within ninety (90)
days in the event of such death. Unless waived in writing by Lender, the deceased shall be replaced by an individual or entity
within one hundred eighty (180) days, subject to Borrower’s satisfaction of the following conditions:

 

(A)         Borrower
has submitted to Lender all information required by Lender to make the determination required by this Section 11.03(e);

 

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(B)         Lender
determines that, if applicable:

 

(i)          any
proposed new key principal and any other new guarantor (or Person Controlling such new key principal or new guarantor) fully satisfies
all of Lender’s then-applicable key principal or guarantor eligibility, credit, management, and other loan underwriting standards
(including any standards with respect to previous relationships between Lender and the proposed new key principal and new guarantor
(or Person Controlling such new key principal or new guarantor) and the organization of the new key principal and new guarantor);

 

(ii)         none
of any proposed new key principal or any new guarantor, or any owners of the proposed new key principal or any new guarantor, is
a Prohibited Person; and

 

(iii)        none
of any proposed new key principal or any new guarantor (if any of such are entities) shall have an organizational existence termination
date that ends before the Maturity Date; and

 

(C)         if
applicable, one or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender:

 

(i)          an
assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under
any Guaranty given in connection with the Mortgage Loan; or

 

(ii)         a
substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender.

 

(2)         In
the event a replacement Key Principal, Guarantor, or other Person is required by Lender due to the death described in this Section
11.03(e), and such replacement has not occurred within such period, the period for replacement may be extended by Lender to a date
not more than one year from the date of such death; however, Lender may require as a condition to any such extension that:

 

(A)         the
then-current property manager be replaced with a property manager reasonably acceptable to Lender (or if a property manager has
not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or

 

(B)         a
lockbox agreement or similar cash management arrangement (with the property manager) reasonably acceptable to Lender during such
extended replacement period be instituted.

 

 

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If the conditions set forth in this Section
11.03(e) are satisfied, the Transfer Fee shall be waived, provided Borrower shall pay the Review Fee and out-of-pocket costs set
forth in Section 11.03(g).

 

(f)          Bankruptcy
of Guarantor.

 

(1)         Upon
the occurrence of any Guarantor Bankruptcy Event, unless waived in writing by Lender, the applicable Guarantor shall be replaced
by an individual or entity within ninety (90) days of such Guarantor Bankruptcy Event, subject to Borrower’s satisfaction
of the following conditions:

 

(A)         Borrower
has submitted to Lender all information required by Lender to make the determination required by this Section 11.03(f);

 

(B)         Lender
determines that:

 

(i)          the
proposed new guarantor fully satisfies all of Lender’s then-applicable guarantor eligibility, credit, management, and other
loan underwriting standards (including any standards with respect to previous relationships between Lender and the proposed new
guarantor and the organization of the new guarantor (if applicable));

 

(ii)         no
new guarantor is a Prohibited Person; and

 

(iii)        no
new guarantor (if any of such are entities) shall have an organizational existence termination date that ends before the Maturity
Date; and

 

(C)         one
or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender:

 

(i)          an
assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under
any Guaranty given in connection with the Mortgage Loan; or

 

(ii)         a
substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender.

 

(2)         In
the event a replacement Guarantor is required by Lender due to the Guarantor Bankruptcy Event described in this Section 11.03(f),
and such replacement has not occurred within such period, the period for replacement may be extended by Lender in its discretion;
however, Lender may require as a condition to any such extension that:

 

(A)         the
then-current property manager be replaced with a property manager reasonably acceptable to Lender (or if a property manager has
not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or

  

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(B)         a
lockbox agreement or similar cash management arrangement (with the property manager) reasonably acceptable to Lender during such
extended replacement period be instituted.

 

If the conditions set forth in this Section
11.03(f) are satisfied, the Transfer Fee shall be waived, provided Borrower shall pay the Review Fee and out-of-pocket costs set
forth in Section 11.03(g).

 

(g)          Further
Conditions to Transfers and Assumption.

 

(1)         In
connection with any Transfer of the Mortgaged Property, or an ownership interest in Borrower, Key Principal, or Guarantor for which
Lender’s approval is required under this Loan Agreement (including Section 11.03(a)), Lender may, as a condition to any such
approval, require:

 

(A)         additional
collateral, guaranties, or other credit support to mitigate any risks concerning the proposed transferee or the performance or
condition of the Mortgaged Property;

 

(B)         amendment
of the Loan Documents to delete or modify any specially negotiated terms or provisions previously granted for the exclusive benefit
of original Borrower, Key Principal, or Guarantor and to restore the original provisions of the standard Fannie Mae form multifamily
loan documents, to the extent such provisions were previously modified; or

 

(C)         a
modification to the amounts required to be deposited into the Reserve/Escrow Account pursuant to the terms of Section 13.02(a)(3)(B).

 

(2)         In
connection with any request by Borrower for consent to a Transfer, Borrower shall pay to Lender upon demand:

 

(A)         the
Transfer Fee (to the extent charged by Lender);

 

(B)         the
Review Fee (regardless of whether Lender approves or denies such request); and

 

(C)         all
of Lender’s out-of-pocket costs (including reasonable attorneys’ fees) incurred in reviewing the Transfer request,
regardless of whether Lender approves or denies such request.

 

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(h)          Further
Transfers Affecting Clipper Realty L.P.

 

The following
Transfers to the extent otherwise prohibited by the terms and provisions of this Article 11, including, without limitation, Section
11.02(b)(2), shall be permitted (without payment of the Transfer Fee) provided the conditions set forth herein are satisfied:

 

(1)          A
Transfer that results in the cumulative Transfer of more than 50% of the limited partnership interests (“Investor Interests”)
in Clipper Realty L.P. (“Clipper”) to other limited partners or to other third party transferees (“Investor
Interest Transfer”), provided that each of the following conditions is satisfied:

 

(A)         Borrower
provides Lender with at least 30 days prior Notice of the proposed Investor Interest Transfer.

 

(B)         At
the time of the proposed Investor Interest Transfer, no Event of Default has occurred and is continuing and no event or condition
has occurred and is continuing that, with the giving of Notice or the passage of time, or both, would become an Event of Default.

 

(C)         Following
the Investor Interest Transfer, Control and management of the day-to-day operations of Borrower continue to be held by Clipper
Realty Inc. (“Clipper Realty”).

 

(D)         At
any time that one Person (or a group of affiliated Persons) acquire as a result of the Investor Interest Transfer 25% or more of
the aggregate of direct or indirect interests in Borrower the following additional requirements shall be satisfied:

 

(1)         Borrower
pays to Lender the Review Fee (regardless of whether Lender approves or denies such request);

 

(2)         Borrower
pays to Lender all of Lender’s out-of-pocket costs (including reasonable attorneys’ fees) incurred in reviewing the
Transfer request, regardless of whether Lender approves or denies such request; and

 

(3)         Lender
shall receive customary credit, background and associated searches that are acceptable to Lender.

 

(E)         Lender
receives organizational charts reflecting the structure of Borrower prior to and after the Investor Interest Transfer and copies
of the then-current organizational documents of Clipper, including any amendments.

 

(F)         
None of any proposed transferee is a Prohibited Person;

 

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(G)         With
respect to such Investor Interest Transfer, the terms and provisions of the Bond Regulatory Agreement have been complied with
and Borrower delivers a certification to Lender confirming same together with copies of any required approvals (if any).

 

(2)         The
sale or Transfer of limited partnership interests in Clipper to Clipper Realty and, in connection with such sale or transfer,
such limited partnership interests shall be converted to general partnership interests (the “GP Interest Transfer”)
shall be permitted without Lender’s consent provided that each of the following conditions is satisfied:

 

(A)         Borrower
provides Lender with Notice of the GP Interest Transfer within thirty (30) days after the GP Interest Transfer is complete and
identifies the limited partner that made such GP Interest Transfer.

 

(B)         At
the time of the GP Interest Transfer, no Event of Default has occurred and is continuing and no event or condition has occurred
and is continuing that, with the giving of Notice or the passage of time, or both, would become an Event of Default.

 

(C)         The
transferee of the GP Interest Transfer is Clipper Realty.

 

(D)         Following
the GP Interest Transfer, Control and management of the day-to-day operations of Borrower continue to be held by Clipper Realty.

 

(E)         Lender
receives organizational charts reflecting the structure of Borrower prior to and after the GP Interest Transfer and copies of the
then-current organizational documents of Clipper, including any amendments.

 

(F)         with
respect to such GP Interest Transfer, the terms and provisions of the Bond Regulatory Agreement have been complied with and Borrower
delivers a certification to Lender confirming same together with copies of any required approvals (if any).

 

(3)         The
sale or Transfer of general partnership interests in Clipper owned by Clipper Realty to an existing limited partner or to additional
third party transferees and, in connection with such sale or transfer, such general partnership interests shall be converted to
limited partnership interests (the “LP Interest Transfer”) provided that each of the following conditions is
satisfied:

 

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		(A)	No such
                                         LP Interest Transfer shall exceed in any case in the aggregate more than twenty percent
                                         (20%) of the general partnership interests in Clipper such that at no time shall Clipper
                                         Realty ever own less than 76.79% general partnership interest in Clipper.

 

		(B)	Borrower provides Lender with at least 30 days prior
Notice of the proposed LP Interest Transfer if the proposed LP Interest Transfer.

 

		(C)	At the time of the LP Interest Transfer, no Event of
Default has occurred and is continuing and no event or condition has occurred and is continuing that, with the giving of Notice
or the passage of time, or both, would become an Event of Default.

 

		(D)	Following the LP Interest Transfer, Control and management
of the day-to-day operations of Borrower continue to be held by Clipper Realty.

 

		(E)	At any time that one Person (or a group of affiliated
Persons) acquire as a result of the LP Interest Transfer 25% or more of the aggregate direct or indirect interests in Borrower,
the following shall be satisfied:

 

		(1)	Borrower pays to Lender the Review Fee (regardless of
whether Lender approves or denies such request);

 

		(2)	Borrower pays to Lender all of Lender’s out-of-pocket
costs (including reasonable attorneys’ fees) incurred in reviewing the Transfer request, regardless of whether Lender approves
or denies such request; and

 

		(3)	Lender shall receive customary credit, background and
associated searches that are acceptable to Lender.

 

		(F)	Lender receives organizational charts reflecting the
structure of Borrower prior to and after the Investor Interest Transfer and copies of the then-current organizational documents
of Clipper Realty, including any amendments.

 

		(G)	none of any proposed transferee is a Prohibited Person.

 

		(H)	with respect to such Investor Interest Transfer, the
terms and provisions of the Bond Regulatory Agreement have been complied with and Borrower delivers a certification to Lender
confirming same together with copies of any required approvals (if any).

 

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Article
12 - IMPOSITIONS

 

Section
12.01              Representations and Warranties.

 

The representations
and warranties made by Borrower to Lender in this Section 12.01 are made as of the Effective Date and are true and correct except
as disclosed on the Exceptions to Representations and Warranties Schedule.

 

(a)          Payment
of Taxes, Assessments, and Other Charges.

 

Borrower has:

 

(1)         paid
(or with the approval of Lender, established an escrow fund sufficient to pay when due and payable) all amounts and charges relating
to the Mortgaged Property that have become due and payable before any fine, penalty interest, lien, or costs may be added thereto,
including Impositions, leasehold payments, and ground rents;

 

(2)         paid
all Taxes for the Mortgaged Property that have become due before any fine, penalty interest, lien, or costs may be added thereto
pursuant to any notice of assessment received by Borrower and any and all taxes that have become due against Borrower before any
fine, penalty interest, lien, or costs may be added thereto;

 

(3)         no
knowledge of any basis for any additional assessments;

 

(4)         no
knowledge of any presently pending special assessments against all or any part of the Mortgaged Property, or any presently pending
special assessments against Borrower; and

 

(5)         not
received any written notice of any contemplated special assessment against the Mortgaged Property, or any contemplated special
assessment against Borrower.

 

Section
12.02               Covenants.

 

(a)          Imposition
Deposits, Taxes, and Other Charges.

 

Borrower shall:

 

(1)         deposit
the Imposition Deposits with Lender on each Payment Date (or on another day designated in writing by Lender) in amount sufficient,
in Lender’s discretion, to enable Lender to pay each Imposition before the last date upon which such payment may be made
without any penalty or interest charge being added, plus an amount equal to no more than one-sixth (1/6) (or the amount permitted
by applicable law) of the Impositions for the trailing twelve (12) months (calculated based on the aggregate annual Imposition
costs divided by twelve (12) and multiplied by two (2));

 

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(2)         deposit
with Lender, within ten (10) days after written notice from Lender (subject to applicable law), such additional amounts estimated
by Lender to be reasonably necessary to cure any deficiency in the amount of the Imposition Deposits held for payment of a specific
Imposition;

 

(3)         except
as set forth in Section 12.03(c) below, pay all Impositions, leasehold payments, ground rents, and Taxes when due and before any
fine, penalty, interest, lien, or costs may be added thereto;

 

(4)         promptly
deliver to Lender a copy of all notices of, and invoices for, Impositions, and, if Borrower pays any Imposition directly, Borrower
shall promptly furnish to Lender receipts evidencing such payments; and

 

(5)         promptly
deliver to Lender a copy of all notices of any special assessments and contemplated special assessments against the Mortgaged Property
or Borrower.

 

Section
12.03              Mortgage Loan Administration Matters Regarding Impositions.

 

(a)          Maintenance
of Records by Lender.

 

Lender shall maintain
records of the monthly and aggregate Imposition Deposits held by Lender for the purpose of paying Taxes, insurance premiums, and
each other obligation of Borrower for which Imposition Deposits are required.

 

(b)          Imposition
Accounts.

 

All Imposition Deposits
shall be held in an institution (which may be Lender, if Lender is such an institution) whose deposits or accounts are insured
or guaranteed by a federal agency and which accounts meet the standards for custodial accounts as required by Lender from time
to time. Lender shall not be obligated to open additional accounts, or deposit Imposition Deposits in additional institutions,
when the amount of the Imposition Deposits exceeds the maximum amount of the federal deposit insurance or guaranty. No interest,
earnings, or profits on the Imposition Deposits shall be paid to Borrower unless applicable law so requires. Imposition Deposits
shall not be trust funds, nor shall they operate to reduce the Indebtedness, unless applied by Lender for that purpose in accordance
with this Loan Agreement. For the purposes of 9-104(a)(3) of the UCC, Lender is the owner of the Imposition Deposits and shall
be deemed a “customer” with sole control of the account holding the Imposition Deposits.

 

(c)          Payment
of Impositions; Sufficiency of Imposition Deposits.

 

Lender may pay an Imposition
according to any bill, statement, or estimate from the appropriate public office or insurance company without inquiring into the
accuracy of the bill, statement, or estimate or into the validity of the Imposition. Imposition Deposits shall be required to be
used by Lender to pay Taxes, insurance premiums and any other individual Imposition only if:

 

 

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(1)         no
Event of Default exists;

 

(2)         Borrower
has timely delivered to Lender all applicable bills or premium notices that it has received; and

 

(3)         sufficient
Imposition Deposits are held by Lender for each Imposition at the time such Imposition becomes due and payable.

 

Lender shall have no
liability to Borrower or any other Person for failing to pay any Imposition if any of the conditions are not satisfied. If at any
time the amount of the Imposition Deposits held for payment of a specific Imposition exceeds the amount reasonably deemed necessary
by Lender to be held in connection with such Imposition, the excess may be credited against future installments of Imposition Deposits
for such Imposition.

 

(d)          Imposition
Deposits Upon Event of Default.

 

If an Event of Default
has occurred and is continuing, Lender may apply any Imposition Deposits, in such amount and in such order as Lender determines,
to pay any Impositions or as a credit against the Indebtedness.

 

(e)          Contesting
Impositions.

 

Other than insurance
premiums, Borrower may contest, at its expense, by appropriate legal proceedings, the amount or validity of any Imposition if:

 

(1)         Borrower
notifies Lender of the commencement or expected commencement of such proceedings;

 

(2)         Lender
determines that the Mortgaged Property is not in danger of being sold or forfeited;

 

(3)         Borrower
deposits with Lender (or the applicable Governmental Authority if required by applicable law) reserves sufficient to pay the contested
Imposition, if required by Lender (or the applicable Governmental Authority);

 

(4)         Borrower
furnishes whatever additional security is required in the proceedings or is reasonably requested in writing by Lender; and

 

(5)         Borrower
commences, and at all times thereafter diligently prosecutes, such contest in good faith until a final determination is made by
the applicable Governmental Authority.

 

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	Article 12	01-16	© 2016 Fannie Mae

 

     

     

    

 

(f)          Release
to Borrower.

 

Upon payment in full
of all sums secured by the Security Instrument and this Loan Agreement and release by Lender of the lien of the Security Instrument,
Lender shall disburse to Borrower the balance of any Imposition Deposits then on deposit with Lender.

 

Article
13 - REPLACEMENT RESERVE AND REPAIRS

 

Section
13.01              Covenants.

 

(a)          Initial
Deposits to Replacement Reserve Account and Repairs Escrow Account.

 

On the Effective Date,
Borrower shall pay to Lender:

 

(1)         the
Initial Replacement Reserve Deposit for deposit into the Replacement Reserve Account; and

 

(2)         the
Repairs Escrow Deposit for deposit into the Repairs Escrow Account.

 

(b)          Monthly
Replacement Reserve Deposits.

 

Borrower shall deposit
the applicable Monthly Replacement Reserve Deposit into the Replacement Reserve Account on each Payment Date.

 

(c)          Payment
for Replacements and Repairs.

 

Borrower shall:

 

(1)         pay
all invoices for the Replacements and Repairs, regardless of whether funds on deposit in the Replacement Reserve Account or the
Repairs Escrow Account, as applicable, are sufficient, prior to any request for disbursement from the Replacement Reserve Account
or the Repairs Escrow Account, as applicable (unless Lender has agreed to issue joint checks in connection with a particular Replacement
or Repair);

 

(2)         pay
all applicable fees and charges of any Governmental Authority on account of the Replacements and Repairs, as applicable; and

 

(3)         provide
evidence satisfactory to Lender of completion of the Replacements and any Required Repairs (within the Completion Period or within
such other period or by such other date set forth in the Required Repair Schedule and any Borrower Requested Repairs and Additional
Lender Repairs (by the date specified by Lender for any such Borrower Requested Repairs or Additional Lender Repairs)).

 

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(d)          Assignment
of Contracts for Replacements and Repairs.

 

Borrower shall collaterally
assign to Lender as additional security any contract or subcontract for Replacements or Repairs, upon Lender’s written request,
on a form of assignment approved by Lender.

 

(e)          Indemnification.

 

If Lender elects to
exercise its rights under Section 14.03 due to Borrower’s failure to timely commence or complete any Replacements or Repairs,
Borrower shall indemnify and hold Lender harmless for, from and against any and all actions, suits, claims, demands, liabilities,
losses, damages, obligations, and costs or expenses, including litigation costs and reasonable attorneys’ fees, arising from
or in any way connected with the performance by Lender of the Replacements or Repairs or investment of the Reserve/Escrow Account
Funds; provided that Borrower shall have no indemnity obligation if such actions, suits, claims, demands, liabilities, losses,
damages, obligations, and costs or expenses, including litigation costs and reasonable attorneys’ fees, arise as a result
of the willful misconduct or gross negligence of Lender, Lender’s agents, employees, or representatives as determined by
a court of competent jurisdiction pursuant to a final non-appealable court order.

 

(f)          Amendments
to Loan Documents.

 

Subject to Section
5.02, Borrower shall execute and deliver to Lender, upon written request, an amendment to this Loan Agreement, the Security Instrument,
and any other Loan Document deemed necessary or desirable to perfect Lender’s lien upon any portion of the Mortgaged Property
for which Reserve/Escrow Account Funds were expended.

 

(g)          Administrative
Fees and Expenses.

 

Borrower shall pay
to Lender:

 

(1)         by
the date specified in the applicable invoice, the Repairs Escrow Account Administrative Fee and the Replacement Reserve Account
Administration Fee for Lender’s services in administering the Repairs Escrow Account and Replacement Reserve Account and
investing the funds on deposit in the Repairs Escrow Account and the Replacement Reserve Account, respectively;

 

(2)         upon
demand, a reasonable inspection fee, not exceeding the Maximum Inspection Fee, for each inspection of the Mortgaged Property by
Lender in connection with a Repair or Replacement, plus all other reasonable costs and out-of-pocket expenses relating to such
inspections; and

 

(3)         upon
demand, all reasonable fees charged by any engineer, architect, inspector or other person inspecting the Mortgaged Property on
behalf of Lender for each inspection of the Mortgaged Property in connection with a Repair or Replacement, plus all other reasonable
costs and out-of-pocket expenses relating to such inspections.

 

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Section
13.02              Mortgage Loan Administration Matters Regarding Reserves.

 

(a)          Accounts,
Deposits, and Disbursements.

 

(1)         Custodial
Accounts.

 

(A)         The
Replacement Reserve Account shall be an interest-bearing account that meets the standards for custodial accounts as required by
Lender from time to time. Lender shall not be responsible for any losses resulting from the investment of the Replacement Reserve
Deposits or for obtaining any specific level or percentage of earnings on such investment. All interest, if any, earned on the
Replacement Reserve Deposits shall be added to and become part of the Replacement Reserve Account; provided, however,
if applicable law requires, and so long as no Event of Default has occurred and is continuing under any of the Loan Documents,
Lender shall pay to Borrower the interest earned on the Replacement Reserve Account not less frequently than the Replacement Reserve
Account Interest Disbursement Frequency. In no event shall Lender be obligated to disburse funds from the Reserve/Escrow Account
if an Event of Default has occurred and is continuing.

 

(B)         Lender
shall not be obligated to deposit the Repairs Escrow Deposits into an interest-bearing account.

 

(2)         Disbursements
by Lender Only.

 

Only Lender
or a designated representative of Lender may make disbursements from the Replacement Reserve Account and the Repairs Escrow Account.
Except as provided in Section 13.02(a)(8), disbursements shall only be made upon Borrower request and after satisfaction of all
conditions for disbursement.

 

(3)         Adjustment
to Deposits.

 

(A)         Mortgage
Loan Terms Exceeding Ten (10) Years.

 

If the Loan
Term exceeds ten (10) years (or five (5) years in the case of any Mortgaged Property that is an “affordable housing
property” as indicated on the Summary of Loan Terms), a property condition assessment shall be ordered by Lender for the
Mortgaged Property at the expense of Borrower (which expense may be paid out of the Replacement Reserve Account if excess funds
are available). The property condition assessment shall be performed no earlier than the sixth (6th) month and no later than
the ninth (9th) month of the tenth (10th) Loan Year and every tenth (10th) Loan Year thereafter if the Loan Term
exceeds twenty (20) years (or the fifth (5th) Loan Year in the case of any Mortgaged Property that is an “affordable
housing property” as indicated on the Summary of Loan Terms and every fifth (5th) Loan Year thereafter if the Loan Term
exceeds ten (10) years). After review of the property condition assessment, the amount of the Monthly Replacement Reserve
Deposit may be adjusted by Lender for the remaining Loan Term by written notice to Borrower so that the Monthly Replacement Reserve
Deposits are sufficient to fund the Replacements as and when required and/or the amount to be held in the Repairs Escrow Account
may be adjusted by Lender so that the Repairs Escrow Deposit is sufficient to fund the Repairs as and when required.

 

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(B)         Transfers.

 

In connection
with any Transfer of the Mortgaged Property, or any Transfer of an ownership interest in Borrower, Guarantor, or Key Principal
that requires Lender’s consent, Lender may review the amounts on deposit, if any, in the Replacement Reserve Account or the
Repairs Escrow Account, the amount of the Monthly Replacement Reserve Deposit and the likely repairs and replacements required
by the Mortgaged Property, and the related contingencies which may arise during the remaining Loan Term. Based upon that review,
Lender may require an additional deposit to the Replacement Reserve Account or the Repairs Escrow Account, or an increase in the
amount of the Monthly Replacement Reserve Deposit as a condition to Lender’s consent to such Transfer.

 

(4)         Insufficient
Funds.

 

Lender may,
upon thirty (30) days’ prior written notice to Borrower, require an additional deposit(s) to the Replacement Reserve
Account or Repairs Escrow Account, or an increase in the amount of the Monthly Replacement Reserve Deposit, if Lender determines
that the amounts on deposit in either the Replacement Reserve Account or the Repairs Escrow Account are not sufficient to cover
the costs for Required Repairs or Required Replacements or, pursuant to the terms of Section 13.02(a)(9), not sufficient to cover
the costs for Borrower Requested Repairs, Additional Lender Repairs, Borrower Requested Replacements, or Additional Lender Replacements.
Borrower’s agreement to complete the Replacements or Repairs as required by this Loan Agreement shall not be affected by
the insufficiency of any balance in the Replacement Reserve Account or the Repairs Escrow Account, as applicable.

 

(5)         Disbursements
for Replacements and Repairs.

 

(A)         Disbursement
requests may only be made after completion of the applicable Replacements and only to reimburse Borrower for the actual approved
costs of the Replacements. Lender shall not disburse from the Replacement Reserve Account the costs of routine maintenance to the
Mortgaged Property or for costs which are to be reimbursed from the Repairs Escrow Account or any similar account. Disbursement
from the Replacement Reserve Account shall not be made more frequently than the Maximum Replacement Reserve Disbursement Interval.
Other than in connection with a final request for disbursement, disbursements from the Replacement Reserve Account shall not be
less than the Minimum Replacement Reserve Disbursement Amount.

 

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(B)         Disbursement
requests may only be made after completion of the applicable Repairs and only to reimburse Borrower for the actual cost of the
Repairs, up to the Maximum Repair Cost. Lender shall not disburse any amounts which would cause the funds remaining in the Repairs
Escrow Account after any disbursement (other than with respect to the final disbursement) to be less than the Maximum Repair Cost
of the then-current estimated cost of completing all remaining Repairs. Lender shall not disburse from the Repairs Escrow Account
the costs of routine maintenance to the Mortgaged Property or for costs which are to be reimbursed from the Replacement Reserve
Account or any similar account. Disbursement from the Repairs Escrow Account shall not be made more frequently than the Maximum
Repair Disbursement Interval. Other than in connection with a final request for disbursement, disbursements from the Repairs Escrow
Account shall not be less than the Minimum Repairs Disbursement Amount.

 

(6)         Disbursement
Requests.

 

Each request
by Borrower for disbursement from the Replacement Reserve Account or the Repairs Escrow Account must be in writing, must specify
the Replacement or Repair for which reimbursement is requested (provided that for any Borrower Requested Replacements, Borrower
Requested Repairs, Additional Lender Replacements, and Additional Lender Repairs, Lender shall have approved the use of the Reserve/Escrow
Account Funds for such replacements or repairs pursuant to the terms of Section 13.02(a)(9)), and must:

 

(A)         if
applicable, specify the quantity and price of the items or materials purchased, grouped by type or category;

 

(B)         if
applicable, specify the cost of all contracted labor or other services involved in the Replacement or Repair for which such request
for disbursement is made;

 

(C)         if
applicable, include copies of invoices for all items or materials purchased and all contracted labor or services provided;

 

(D)         include
evidence of payment of such Replacement or Repair satisfactory to Lender (unless Lender has agreed to issue joint checks in connection
with a particular Repair or Replacement as provided in this Loan Agreement); and

 

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(E)         contain
a certification by Borrower that the Repair or Replacement has been completed lien free and in a good and workmanlike manner, in
accordance with any plans and specifications previously approved by Lender (if applicable) and in compliance with all applicable
laws, ordinances, rules, and regulations of any Governmental Authority having jurisdiction over the Mortgaged Property, and otherwise
in accordance with the provisions of this Loan Agreement.

 

(7)         Conditions
to Disbursement.

 

Lender may
require any or all of the following at the expense of Borrower as a condition to disbursement of funds from the Replacement Reserve
Account or the Repairs Escrow Account (provided that for any Borrower Requested Replacements, Borrower Requested Repairs, Additional
Lender Replacements, and Additional Lender Repairs, Lender shall have approved the use of the Reserve/Escrow Account Funds for
such replacements or repairs pursuant to the terms of Section 13.02(a)(9)):

 

(A)         an
inspection by Lender of the Mortgaged Property and the applicable Replacement or Repair;

 

(B)         an
inspection or certificate of completion by an appropriate independent qualified professional (such as an architect, engineer or
property inspector, depending on the nature of the Repair or Replacement) selected by Lender;

 

(C)         either:

 

(i)          a
search of title to the Mortgaged Property effective to the date of disbursement; or

 

(ii)         a
“date-down” endorsement to Lender’s Title Policy (or a new Lender’s Title Policy if a “date-down”
is not available) extending the effective date of such policy to the date of disbursement (provided that Lender agrees it shall
not require a “date down” endorsement for disbursements of less than $250,000 in the aggregate), and showing no Liens
other than (1) Permitted Encumbrances, (2) liens which Borrower is diligently contesting in good faith that have been bonded off
to the satisfaction of Lender, or (3) mechanics’ or materialmen’s liens which attach automatically under the laws of
any Governmental Authority upon the commencement of any work upon, or delivery of any materials to, the Mortgaged Property and
for which Borrower is not delinquent in the payment for any such work or materials; and

 

(D)         an
acknowledgement of payment, waiver of claims, and release of lien for work performed and materials supplied from each contractor,
subcontractor or materialman in accordance with the requirements of applicable law and covering all work performed and materials
supplied (including equipment and fixtures) for the Mortgaged Property by that contractor, subcontractor, or materialman through
the date covered by the disbursement request (or, in the event that payment to such contractor, subcontractor, or materialman is
to be made by a joint check, the release of lien shall be effective through the date covered by the previous disbursement).

 

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(8)         Joint
Checks for Periodic Disbursements.

 

Lender may,
upon Borrower’s written request, issue joint checks, payable to Borrower and the applicable supplier, materialman, mechanic,
contractor, subcontractor, or other similar party, if:

 

(A)         the
cost of the Replacement or Repair exceeds the Replacement Threshold or the Repair Threshold, as applicable, and the contractor
performing such Replacement or Repair requires periodic payments pursuant to the terms of the applicable written contract;

 

(B)         the
contract for such Repair or Replacement requires payment upon completion of the applicable portion of the work;

 

(C)         Borrower
makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract;

 

(D)         the
materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or
installed;

 

(E)         Lender
determines that the remaining funds in the Replacement Reserve Account designated for such Replacement, or in the Repairs Escrow
Account designated for such Repair, as applicable, are sufficient to pay such costs and the then-current estimated cost of completing
all remaining Required Replacements or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested
Replacements, Borrower Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously
approved by Lender;

 

(F)         each
supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested
in writing by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and

 

(G)         all
other conditions for disbursement have been satisfied.

 

(9)         Replacements
and Repairs Other than Required Replacements or Required Repairs.

 

(A)         Borrower
Requested Replacements and Borrower Requested Repairs.

 

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Borrower may
submit a disbursement request from the Replacement Reserve Account or the Repairs Escrow Account to reimburse Borrower for any
Borrower Requested Replacement or Borrower Requested Repair. The disbursement request must be in writing and include an explanation
for such request. Lender shall make disbursements for Borrower Requested Replacements or Borrower Requested Repairs if:

 

(i)          they
are of the type intended to be covered by the Replacement Reserve Account or the Repairs Escrow Account, as applicable;

 

(ii)         the
costs are commercially reasonable;

 

(iii)        the
amount of funds in the Replacement Reserve Account or Repairs Escrow Account, as applicable, is sufficient to pay such costs and
the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair Cost),
as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements or Additional
Lender Repairs that have been previously approved by Lender; and

 

(iv)        all
conditions for disbursement from the Replacement Reserve Account or Repairs Escrow Account, as applicable, have been satisfied.

 

Nothing in this
Loan Agreement shall limit Lender’s right to require an additional deposit to the Replacement Reserve Account or an increase
to the Monthly Replacement Reserve Deposit in connection with any such Borrower Requested Replacements, or an additional deposit
to the Repairs Escrow Account for any such Borrower Requested Repairs.

 

(B)         Additional
Lender Replacements and Additional Lender Repairs.

 

Lender may
require, as set forth in Section 6.02(b), Section 6.03(c), or otherwise from time to time, upon written notice to Borrower, that
Borrower make Additional Lender Replacements or Additional Lender Repairs. Lender shall make disbursements from the Replacement
Reserve Account for Additional Lender Replacements or from the Repairs Escrow Account for Additional Lender Repairs, as applicable,
if:

 

(i)          the
costs are commercially reasonable;

 

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(ii)         the
amount of funds in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, is sufficient to pay such costs
and the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair
Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements,
or Additional Lender Repairs that have been previously approved by Lender; and

 

(iii)        all
conditions for disbursement from the Replacement Reserve Account or Repairs Escrow Account, as applicable, have been satisfied.

 

Nothing in this
Loan Agreement shall limit Lender’s right to require an additional deposit to the Replacement Reserve Account or an increase
to the Monthly Replacement Reserve Deposit for any such Additional Lender Replacements or an additional deposit to the Repairs
Escrow Account for any such Additional Lender Repair.

 

(10)        Excess
Costs.

 

In the event
any Replacement or Repair exceeds the approved cost set forth on the Required Replacement Schedule for Replacements, or the Maximum
Repair Cost for Repairs, Borrower may submit a disbursement request to reimburse Borrower for such excess cost. The disbursement
request must be in writing and include an explanation for such request. Lender shall make disbursements from the Replacement Reserve
Account or the Repairs Escrow Account, as applicable, if:

 

(A)         the
excess cost is commercially reasonable;

 

(B)         the
amount of funds in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, is sufficient to pay such costs
and the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair
Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements,
or Additional Lender Repairs that have been previously approved by Lender; and

 

(C)         all
conditions for disbursement from the Replacement Reserve Account or the Repairs Escrow Account have been satisfied.

 

(11)        Final
Disbursements.

 

Upon completion
of all Repairs in accordance with this Loan Agreement and so long as no Event of Default has occurred and is continuing, Lender
shall disburse to Borrower any amounts then remaining in the Repairs Escrow Account. Upon payment in full of the Indebtedness and
release by Lender of the lien of the Security Instrument, Lender shall disburse to Borrower any and all amounts then remaining
in the Replacement Reserve Account and the Repairs Escrow Account (if not previously released).

 

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(b)          Approvals
of Contracts; Assignment of Claims.

 

Lender retains the
right to approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors, or other parties
providing labor or materials in connection with the Replacements or Repairs if such contract or work order exceeds $250,000. Notwithstanding
Borrower’s assignment (in the Security Instrument) of its rights and claims against all Persons supplying labor or materials
in connection with the Replacement or Repairs, Lender will not pursue any such right or claim unless an Event of Default has occurred
and is continuing or as otherwise provided in Section 14.03(c).

 

(c)          Delays
and Workmanship.

 

If any work for any
Replacement or Repair has not timely commenced, has not been timely performed in a workmanlike manner, or has not been timely completed
in a workmanlike manner, Lender may, without notice to Borrower:

 

(1)         withhold
disbursements from the Replacement Reserve Account or Repairs Escrow Account for such unsatisfactory Replacement or Repair, as
applicable;

 

(2)         proceed
under existing contracts or contract with third parties to make or complete such Replacement or Repair;

 

(3)         apply
the funds in the Replacement Reserve Account or Repairs Escrow Account toward the labor and materials necessary to make or complete
such Replacement or Repair, as applicable; or

 

(4)         exercise
any and all other remedies available to Lender under this Loan Agreement or any other Loan Document, including any remedies otherwise
available upon an Event of Default pursuant to the terms of Section 14.02.

 

To facilitate Lender’s
completion or making of such Replacements or Repairs, Lender shall have the right to enter onto the Mortgaged Property and perform
any and all work and labor necessary to make or complete the Replacements or Repairs and employ watchmen to protect the Mortgaged
Property from damage. All funds so expended by Lender shall be deemed to have been advanced to Borrower, shall be part of the Indebtedness
and shall be secured by the Security Instrument and this Loan Agreement.

 

(d)          Appointment
of Lender as Attorney-In-Fact.

 

Borrower hereby authorizes
and appoints Lender as attorney-in-fact pursuant to Section 14.03(c).

 

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(e)          No
Lender Obligation.

 

Nothing in this Loan
Agreement shall:

 

(1)         make
Lender responsible for making or completing the Replacements or Repairs;

 

(2)         require
Lender to expend funds, whether from the Replacement Reserve Account, the Repairs Escrow Account, or otherwise, to make or complete
any Replacement or Repair;

 

(3)         obligate
Lender to proceed with the Replacements or Repairs; or

 

(4)         obligate
Lender to demand from Borrower additional sums to make or complete any Replacement or Repair.

 

(f)          No
Lender Warranty.

 

Lender’s approval
of any plans for any Replacement or Repair, release of funds from the Replacement Reserve Account or Repairs Escrow Account, inspection
of the Mortgaged Property by Lender or its agents, representatives, or designees, or other acknowledgment of completion of any
Replacement or Repair in a manner satisfactory to Lender shall not be deemed an acknowledgment or warranty to any Person that the
Replacement or Repair has been completed in accordance with applicable building, zoning, or other codes, ordinances, statutes,
laws, regulations, or requirements of any Governmental Authority, such responsibility being at all times exclusively that of Borrower.

 

Article
14 - DEFAULTS/REMEDIES

 

Section
14.01              Events of Default.

 

The occurrence of any
one or more of the following in this Section 14.01 shall constitute an Event of Default under this Loan Agreement.

 

(a)          Automatic
Events of Default.

 

Any of the following
shall constitute an automatic Event of Default:

 

(1)         any
failure by Borrower to pay or deposit when due any amount required by the Note, this Loan Agreement or any other Loan Document;

 

(2)         any
failure by Borrower to maintain the insurance coverage required by any Loan Document;

 

(3)         any
failure by Borrower to comply with the provisions of Section 4.02(d) relating to its single asset status;

 

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(4)         if
any warranty, representation, certification, or statement of Borrower, Guarantor, or Key Principal in this Loan Agreement or any
of the other Loan Documents is false, inaccurate, or misleading in any material respect when made;

 

(5)         fraud,
gross negligence, willful misconduct, or material misrepresentation or material omission by or on behalf of Borrower, Guarantor,
or Key Principal or any of their officers, directors, trustees, partners, members, or managers in connection with:

 

(A)         the
application for, or creation of, the Indebtedness;

 

(B)         any
financial statement, rent roll, or other report or information provided to Lender during the term of the Mortgage Loan; or

 

(C)         any
request for Lender’s consent to any proposed action, including a request for disbursement of Reserve/Escrow Account Funds
or Collateral Account Funds;

 

(6)         the
occurrence of any Transfer not permitted by the Loan Documents;

 

(7)         the
occurrence of a Bankruptcy Event;

 

(8)         the
commencement of a forfeiture action or other similar proceeding, whether civil or criminal, which, in Lender’s reasonable
judgment, could result in a forfeiture of the Mortgaged Property or otherwise materially impair the lien created by this Loan Agreement
or the Security Instrument or Lender’s interest in the Mortgaged Property;

 

(9)         if
Borrower, Guarantor, or Key Principal is a trust, or if Control of Borrower, Guarantor, or Key Principal is Transferred or if a
Restricted Ownership Interest in Borrower, Guarantor, or Key Principal would be Transferred due to the termination or revocation
of a trust, the termination or revocation of such trust, except as set forth in Section 11.03(d);

 

(10)        any
failure by Borrower to complete any Repair related to fire, life, or safety issues in accordance with the terms of this Loan Agreement
within the Completion Period (or such other date set forth on the Required Repair Schedule or otherwise required by Lender in writing
for such Repair); or

 

(11)        any
exercise by the holder of any other debt instrument secured by a mortgage, deed of trust, or deed to secure debt on the Mortgaged
Property of a right to declare all amounts due under that debt instrument immediately due and payable.

 

(b)          Events
of Default Subject to a Specified Cure Period.

 

Any of the following
shall constitute an Event of Default subject to the cure period set forth in the Loan Documents:

 

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(1)         if
Key Principal or Guarantor is a natural person, the death of such individual, unless all requirements of Section 11.03(e) are met;

 

(2)         the
occurrence of a Guarantor Bankruptcy Event, unless requirements of Section 11.03(f) are met;

 

(3)         any
failure by Borrower, Key Principal, or Guarantor to comply with the provisions of Section 5.02(b) and Section 5.02(c); or

 

(4)         any
failure by Borrower to perform any obligation under this Loan Agreement or any Loan Document that is subject to a specified written
notice and cure period, which failure continues beyond such specified written notice and cure period as set forth herein or in
the applicable Loan Document.

 

(c)          Events
of Default Subject to Extended Cure Period.

 

The following shall
constitute an Event of Default if the existence of such condition or event, or such failure to perform or default in performance
continues for a period of thirty (30) days after written notice by Lender to Borrower of the existence of such condition or
event, or of such failure to perform or default in performance, provided, however, such period may be extended for up to an additional
thirty (30) days if Borrower, in the discretion of Lender, is diligently pursuing a cure of such; provided, further, however,
no such written notice, grace period, or extension shall apply if, in Lender’s discretion, immediate exercise by Lender of
a right or remedy under this Loan Agreement or any Loan Document is required to avoid harm to Lender or impairment of the Mortgage
Loan (including the Loan Documents), the Mortgaged Property or any other security given for the Mortgage Loan:

 

(1)         any
failure by Borrower to perform any of its obligations under this Loan Agreement or any Loan Document (other than those specified
in Section 14.01(a) or Section 14.01(b) above) as and when required.

 

Section
14.02              Remedies.

 

(a)          Acceleration;
Foreclosure.

 

If an Event of Default
has occurred and is continuing, the entire unpaid principal balance of the Mortgage Loan, any Accrued Interest, interest accruing
at the Default Rate, the Prepayment Premium (if applicable), and all other Indebtedness, at the option of Lender, shall immediately
become due and payable, without any prior written notice to Borrower, unless applicable law requires otherwise (and in such case,
after any required written notice has been given). Lender may exercise this option to accelerate regardless of any prior forbearance.
In addition, Lender shall have all rights and remedies afforded to Lender hereunder and under the other Loan Documents, including,
foreclosure on and/or the power of sale of the Mortgaged Property, as provided in the Security Instrument, and any rights and remedies
available to Lender at law or in equity (subject to Borrower’s statutory rights of reinstatement, if any). Any proceeds of
a Foreclosure Event may be held and applied by Lender as additional collateral for the Indebtedness pursuant to this Loan Agreement.
Notwithstanding the foregoing, the occurrence of any Bankruptcy Event shall automatically accelerate the Mortgage Loan and all
obligations and Indebtedness shall be immediately due and payable without written notice or further action by Lender.

 

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(b)          Loss
of Right to Disbursements from Collateral Accounts.

 

If an Event of Default
has occurred and is continuing, Borrower shall immediately lose all of its rights to receive disbursements from the Reserve/Escrow
Accounts and any Collateral Accounts. During the continuance of any such Event of Default, Lender may use the Reserve/Escrow Account
Funds and any Collateral Account Funds (or any portion thereof) for any purpose, including:

 

(1)         repayment
of the Indebtedness, including principal prepayments and the Prepayment Premium applicable to such full or partial prepayment,
as applicable (however, such application of funds shall not cure or be deemed to cure any Event of Default);

 

(2)         reimbursement
of Lender for all losses and expenses (including reasonable legal fees) suffered or incurred by Lender as a result of such Event
of Default;

 

(3)         completion
of the Replacement or Repair or for any other replacement or repair to the Mortgaged Property; and

 

(4)         payment
of any amount expended in exercising (and the exercise of) all rights and remedies available to Lender at law or in equity or under
this Loan Agreement or under any of the other Loan Documents.

 

Nothing in this Loan
Agreement shall obligate Lender to apply all or any portion of the Reserve/Escrow Account Funds or Collateral Account Funds on
account of any Event of Default by Borrower or to repayment of the Indebtedness or in any specific order of priority.

 

(c)          Remedies
Cumulative.

 

Each right and remedy
provided in this Loan Agreement is distinct from all other rights or remedies under this Loan Agreement or any other Loan Document
or afforded by applicable law, and each shall be cumulative and may be exercised concurrently, independently, or successively,
in any order. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of additional
default by Borrower in order to exercise any of its remedies with respect to an Event of Default.

 

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Section
14.03              Additional Lender Rights; Forbearance.

 

(a)          No
Effect Upon Obligations.

 

Lender may, but shall
not be obligated to, agree with Borrower, from time to time, and without giving notice to, or obtaining the consent of, or having
any effect upon the obligations of, Guarantor, Key Principal, or other third party obligor, to take any of the following actions:

 

(1)         the
time for payment of the principal of or interest on the Indebtedness may be extended, or the Indebtedness may be renewed in whole
or in part;

 

(2)         the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;

 

(3)         the
time for Borrower’s performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

(4)         any
or all payments due under this Loan Agreement or any other Loan Document may be reduced;

 

(5)         any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;

 

(6)         any
amounts under this Loan Agreement or any other Loan Document may be released;

 

(7)         any
security for the Indebtedness may be modified, exchanged, released, surrendered, or otherwise dealt with, or additional security
may be pledged or mortgaged for the Indebtedness;

 

(8)         the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower; or

 

(9)         any
other terms of the Loan Documents may be modified.

 

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(b)          No
Waiver of Rights or Remedies.

 

Any waiver of an Event
of Default or forbearance by Lender in exercising any right or remedy under this Loan Agreement or any other Loan Document or otherwise
afforded by applicable law, shall not be a waiver of any other Event of Default or preclude the exercise or failure to exercise
of any other right or remedy. The acceptance by Lender of payment of all or any part of the Indebtedness after the due date of
such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender’s right to require
prompt payment when due of all other payments on account of the Indebtedness or to exercise any remedies for any failure to make
prompt payment. Enforcement by Lender of any security for the Indebtedness shall not constitute an election by Lender of remedies
so as to preclude the exercise or failure to exercise of any other right available to Lender. Lender’s receipt of any insurance
proceeds or amounts in connection with a Condemnation Action shall not operate to cure or waive any Event of Default.

 

(c)          Appointment
of Lender as Attorney-In-Fact.

 

Borrower hereby irrevocably
makes, constitutes, and appoints Lender (and any officer of Lender or any Person designated by Lender for that purpose) as Borrower’s
true and lawful proxy and attorney-in-fact (and agent-in-fact) in Borrower’s name, place, and stead, with full power of substitution,
to:

 

(1)         use
any of the funds in the Replacement Reserve Account or Repairs Escrow Account for the purpose of making or completing the Replacements
or Repairs;

 

(2)         make
such additions, changes, and corrections to the Replacements or Repairs as shall be necessary or desirable to complete the Replacements
or Repairs;

 

(3)         employ
such contractors, subcontractors, agents, architects, and inspectors as shall be required for such purposes;

 

(4)         pay,
settle, or compromise all bills and claims for materials and work performed in connection with the Replacements or Repairs, or
as may be necessary or desirable for the completion of the Replacements or Repairs, or for clearance of title;

 

(5)         adjust
and compromise any claims under any and all policies of insurance required pursuant to this Loan Agreement and any other Loan Document,
subject only to Borrower’s rights under this Loan Agreement;

 

(6)         appear
in and prosecute any action arising from any insurance policies;

 

(7)         collect
and receive the proceeds of insurance, and to deduct from such proceeds Lender’s expenses incurred in the collection of such
proceeds;

 

(8)         commence,
appear in, and prosecute, in Lender’s or Borrower’s name, any Condemnation Action;

 

(9)         settle
or compromise any claim in connection with any Condemnation Action;

 

(10)        execute
all applications and certificates in the name of Borrower which may be required by any of the contract documents;

 

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(11)        prosecute
and defend all actions or proceedings in connection with the Mortgaged Property or the rehabilitation and repair of the Mortgaged
Property;

 

(12)        take
such actions as are permitted in this Loan Agreement and any other Loan Documents;

 

(13)        execute
such financing statements and other documents and to do such other acts as Lender may require to perfect and preserve Lender’s
security interest in, and to enforce such interests in, the collateral; and

 

(14)        carry
out any remedy provided for in this Loan Agreement and any other Loan Documents, including endorsing Borrower’s name to checks,
drafts, instruments and other items of payment and proceeds of the collateral, executing change of address forms with the postmaster
of the United States Post Office serving the address of Borrower, changing the address of Borrower to that of Lender, opening all
envelopes addressed to Borrower, and applying any payments contained therein to the Indebtedness.

 

Borrower hereby
acknowledges that the constitution and appointment of such proxy and attorney-in-fact are coupled with an interest and are irrevocable
and shall not be affected by the disability or incompetence of Borrower. Borrower specifically acknowledges and agrees that this
power of attorney granted to Lender may be assigned by Lender to Lender’s successors or assigns as holder of the Note (and
the other Loan Documents). The foregoing powers conferred on Lender under this Section 14.03(c) shall not impose any duty upon
Lender to exercise any such powers and shall not require Lender to incur any expense or take any action. Borrower hereby ratifies
and confirms all that such attorney-in-fact may do or cause to be done by virtue of any provision of this Loan Agreement and any
other Loan Documents.

 

Notwithstanding
the foregoing provisions, Lender shall not exercise its rights as set forth in this Section 14.03(c) unless: (A) an Event of Default
has occurred and is continuing, or (B) Lender determines, in its discretion, that exigent circumstances exist or that such exercise
is necessary or prudent in order to protect and preserve the Mortgaged Property, or Lender’s lien priority and security interest
in the Mortgaged Property.

 

(d)          Borrower
Waivers.

 

If more than one Person
signs this Loan Agreement as Borrower, each Borrower, with respect to any other Borrower, hereby agrees that Lender, in its discretion,
may:

 

(1)         bring
suit against Borrower, or any one or more of Borrower, jointly and severally, or against any one or more of them;

 

(2)         compromise
or settle with any one or more of the persons constituting Borrower, for such consideration as Lender may deem proper;

 

(3)         release
one or more of the persons constituting Borrower, from liability; or

 

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(4)         otherwise
deal with Borrower, or any one or more of them, in any manner, and no such action shall impair the rights of Lender to collect
from any Borrower the full amount of the Indebtedness.

 

Section
14.04              Waiver of Marshaling.

 

Notwithstanding the
existence of any other security interests in the Mortgaged Property held by Lender or by any other party, Lender shall have the
right to determine the order in which any or all of the Mortgaged Property shall be subjected to the remedies provided in this
Loan Agreement, any other Loan Document or applicable law. Lender shall have the right to determine the order in which all or any
part of the Indebtedness is satisfied from the proceeds realized upon the exercise of such remedies. Borrower and any party who
now or in the future acquires a security interest in the Mortgaged Property and who has actual or constructive notice of this Loan
Agreement waives any and all right to require the marshaling of assets or to require that any of the Mortgaged Property be sold
in the inverse order of alienation or that any of the Mortgaged Property be sold in parcels or as an entirety in connection with
the exercise of any of the remedies permitted by applicable law or provided in this Loan Agreement or any other Loan Documents.

 

Lender shall account
for any moneys received by Lender in respect of any foreclosure on or disposition of collateral hereunder and under the other Loan
Documents provided that Lender shall not have any duty as to any collateral, and Lender shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers. NONE OF LENDER OR ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, OR REPRESENTATIVES SHALL BE RESPONSIBLE TO BORROWER (a) FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE,
EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED PURSUANT
TO A FINAL, NON-APPEALABLE COURT ORDER BY A COURT OF COMPETENT JURISDICTION, NOR (b) FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL
DAMAGES.

 

Article
15 - MISCELLANEOUS

 

Section
15.01              Governing Law; Consent to Jurisdiction and Venue.

 

(a)          Governing
Law.

 

This Loan Agreement
and any other Loan Document which does not itself expressly identify the law that is to apply to it, shall be governed by the laws
of the Property Jurisdiction without regard to the application of choice of law principles.

 

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(b)          Venue.

 

Any controversy arising
under or in relation to this Loan Agreement or any other Loan Document shall be litigated exclusively in the Property Jurisdiction
without regard to conflicts of laws principles. The state and federal courts and authorities with jurisdiction in the Property
Jurisdiction shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Loan Agreement
or any other Loan Document. Borrower irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation
and waives any other venue to which it might be entitled by virtue of domicile, habitual residence, or otherwise.

 

Section
15.02              Notice.

 

(a)          Process
of Serving Notice.

 

Except as otherwise
set forth herein or in any other Loan Document, all notices under this Loan Agreement and any other Loan Document shall be:

 

(1)         in
writing and shall be:

 

(A)         delivered,
in person;

 

(B)         mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(C)         sent
by overnight courier; or

 

(D)         sent
by electronic mail with originals to follow by overnight courier;

 

(2)         addressed
to the intended recipient at Borrower’s Notice Address and Lender’s Notice Address, as applicable; and

 

(3)         deemed
given on the earlier to occur of:

 

(A)         the
date when the notice is received by the addressee; or

 

(B)         if
the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected, as conclusively established
by the records of the United States Postal Service or such express courier service.

 

(b)          Change
of Address.

 

Any party to this Loan
Agreement may change the address to which notices intended for it are to be directed by means of notice given to the other parties
identified on the Summary of Loan Terms in accordance with this Section 15.02.

 

(c)          Default
Method of Notice.

 

Any required notice
under this Loan Agreement or any other Loan Document which does not specify how notices are to be given shall be given in accordance
with this Section 15.02.

 

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(d)          Receipt
of Notices.

 

Neither Borrower nor
Lender shall refuse or reject delivery of any notice given in accordance with this Loan Agreement. Each party is required to acknowledge,
in writing, the receipt of any notice upon request by the other party.

 

Section
15.03              Successors and Assigns Bound; Sale of Mortgage Loan.

 

(a)          Binding
Agreement.

 

This Loan Agreement
shall bind, and the rights granted by this Loan Agreement shall inure to, the successors and assigns of Lender and the permitted
successors and assigns of Borrower. However, a Transfer not permitted by this Loan Agreement shall be an Event of Default and shall
be void ab initio.

 

(b)          Sale
of Mortgage Loan; Change of Servicer.

 

Nothing in this Loan
Agreement shall limit Lender’s (including its successors and assigns) right to sell or transfer the Mortgage Loan or any
interest in the Mortgage Loan. The Mortgage Loan or a partial interest in the Mortgage Loan (together with this Loan Agreement
and the other Loan Documents) may be sold one or more times without prior written notice to Borrower. A sale may result in a change
of the Loan Servicer.

 

Section
15.04              Counterparts.

 

This Loan Agreement
may be executed in any number of counterparts with the same effect as if the parties hereto had signed the same document and all
such counterparts shall be construed together and shall constitute one instrument.

 

Section
15.05              Joint and Several (or Solidary) Liability.

 

If more than one Person
signs this Loan Agreement as Borrower, the obligations of such Persons shall be joint and several (solidary instead for purposes
of Louisiana law).

 

Section
15.06              Relationship of Parties; No Third Party Beneficiary.

 

(a)          Solely
Creditor and Debtor.

 

The relationship between
Lender and Borrower shall be solely that of creditor and debtor, respectively, and nothing contained in this Loan Agreement shall
create any other relationship between Lender and Borrower. Nothing contained in this Loan Agreement shall constitute Lender as
a joint venturer, partner, or agent of Borrower, or render Lender liable for any debts, obligations, acts, omissions, representations,
or contracts of Borrower.

 

	Multifamily Loan and Security Agreement

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

(b)          No
Third Party Beneficiaries.

 

No creditor of any
party to this Loan Agreement and no other Person shall be a third party beneficiary of this Loan Agreement or any other Loan Document
or any account created or contemplated under this Loan Agreement or any other Loan Document. Nothing contained in this Loan Agreement
shall be deemed or construed to create an obligation on the part of Lender to any third party nor shall any third party have a
right to enforce against Lender any right that Borrower may have under this Loan Agreement. Without limiting the foregoing:

 

(1)         any
Servicing Arrangement between Lender and any Loan Servicer shall constitute a contractual obligation of such Loan Servicer that
is independent of the obligation of Borrower for the payment of the Indebtedness;

 

(2)         Borrower
shall not be a third party beneficiary of any Servicing Arrangement; and

 

(3)         no
payment by the Loan Servicer under any Servicing Arrangement will reduce the amount of the Indebtedness.

 

Section
15.07              Severability; Entire Agreement; Amendments.

 

The invalidity or unenforceability
of any provision of this Loan Agreement or any other Loan Document shall not affect the validity or enforceability of any other
provision of this Loan Agreement or of any other Loan Document, all of which shall remain in full force and effect, including the
Guaranty. This Loan Agreement contains the complete and entire agreement among the parties as to the matters covered, rights granted,
and the obligations assumed in this Loan Agreement. This Loan Agreement may not be amended or modified except by written agreement
signed by the parties hereto.

 

Section
15.08              Construction.

 

(a)          The
captions and headings of the sections of this Loan Agreement and the Loan Documents are for convenience only and shall be disregarded
in construing this Loan Agreement and the Loan Documents.

 

(b)          Any
reference in this Loan Agreement to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an Exhibit or Schedule attached to this
Loan Agreement or to a Section or Article of this Loan Agreement.

 

(c)          Any
reference in this Loan Agreement to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

(d)          Use
of the singular in this Loan Agreement includes the plural and use of the plural includes the singular.

 

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

(e)          As
used in this Loan Agreement, the term “including” means “including, but not limited to” or “including,
without limitation,” and is for example only and not a limitation.

 

(f)          Whenever
Borrower’s knowledge is implicated in this Loan Agreement or the phrase “to Borrower’s knowledge” or a
similar phrase is used in this Loan Agreement, Borrower’s knowledge or such phrase(s) shall be interpreted to mean to the
best of Borrower’s knowledge after reasonable and diligent inquiry and investigation.

 

(g)          Unless
otherwise provided in this Loan Agreement, if Lender’s approval, designation, determination, selection, estimate, action,
or decision is required, permitted, or contemplated hereunder, such approval, designation, determination, selection, estimate,
action, or decision shall be made in Lender’s sole and absolute discretion.

 

(h)          All
references in this Loan Agreement to a separate instrument or agreement shall include such instrument or agreement as the same
may be amended or supplemented from time to time pursuant to the applicable provisions thereof.

 

(i)          “Lender
may” shall mean at Lender’s discretion, but shall not be an obligation.

 

(j)          If
the Mortgage Loan proceeds are disbursed on a date that is later than the Effective Date, as described in Section 2.02(a)(1), the
representations and warranties in the Loan Documents with respect to the ownership and operation of the Mortgaged Property shall
be deemed to be made as of the disbursement date.

 

Section
15.09              Mortgage Loan Servicing.

 

All actions regarding
the servicing of the Mortgage Loan, including the collection of payments, the giving and receipt of notice, inspections of the
Mortgaged Property, inspections of books and records, and the granting of consents and approvals, may be taken by the Loan Servicer
unless Borrower receives notice to the contrary. If Borrower receives conflicting notices regarding the identity of the Loan Servicer
or any other subject, any such written notice from Lender shall govern. The Loan Servicer may change from time to time (whether
related or unrelated to a sale of the Mortgage Loan). If there is a change of the Loan Servicer, Borrower will be given written
notice of the change.

 

Section
15.10              Disclosure of Information.

 

Lender may furnish
information regarding Borrower, Key Principal, or Guarantor, or the Mortgaged Property to third parties with an existing or prospective
interest in the servicing, enforcement, evaluation, performance, purchase, or securitization of the Mortgage Loan, including trustees,
master servicers, special servicers, rating agencies, and organizations maintaining databases on the underwriting and performance
of multifamily mortgage loans. Borrower irrevocably waives any and all rights it may have under applicable law to prohibit such
disclosure, including any right of privacy.

 

	Multifamily Loan and Security Agreement

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

Section
15.11              Waiver; Conflict.

 

No specific waiver
of any of the terms of this Loan Agreement shall be considered as a general waiver. If any provision of this Loan Agreement is
in conflict with any provision of any other Loan Document, the provision contained in this Loan Agreement shall control.

 

Section
15.12              No Reliance.

 

Borrower acknowledges,
represents, and warrants that:

 

(a)          it
understands the nature and structure of the transactions contemplated by this Loan Agreement and the other Loan Documents;

 

(b)          it
is familiar with the provisions of all of the documents and instruments relating to such transactions;

 

(c)          it
understands the risks inherent in such transactions, including the risk of loss of all or any part of the Mortgaged Property;

 

(d)          it
has had the opportunity to consult counsel; and

 

(e)          it
has not relied on Lender for any guidance or expertise in analyzing the financial or other consequences of the transactions contemplated
by this Loan Agreement or any other Loan Document or otherwise relied on Lender in any manner in connection with interpreting,
entering into, or otherwise in connection with this Loan Agreement, any other Loan Document, or any of the matters contemplated
hereby or thereby.

 

Section
15.13               Subrogation.

 

If, and to the extent
that, the proceeds of the Mortgage Loan are used to pay, satisfy, or discharge any obligation of Borrower for the payment of money
that is secured by a pre-existing mortgage, deed of trust, or other lien encumbering the Mortgaged Property, such Mortgage Loan
proceeds shall be deemed to have been advanced by Lender at Borrower’s request, and Lender shall automatically, and without
further action on its part, be subrogated to the rights, including lien priority, of the owner or holder of the obligation secured
by such prior lien, whether or not such prior lien is released.

 

Section
15.14              Counting of Days.

 

Except where otherwise
specifically provided, any reference in this Loan Agreement to a period of “days” means calendar days, not Business
Days. If the date on which Borrower is required to perform an obligation under this Loan Agreement is not a Business Day, Borrower
shall be required to perform such obligation by the Business Day immediately preceding such date; provided, however,
in respect of any Payment Date, or if the Maturity Date is other than a Business Day, Borrower shall be obligated to make such
payment by the Business Day immediately following such date.

 

	Multifamily Loan and Security Agreement

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

Section
15.15              Revival and Reinstatement of Indebtedness.

 

If the payment of all
or any part of the Indebtedness by Borrower, Guarantor, or any other Person, or the transfer to Lender of any collateral or other
property should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’
rights, including provisions of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the amount of such Voidable
Transfer or the amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable
costs, expenses, and attorneys’ fees incurred by Lender in connection therewith, and the Indebtedness shall be automatically
revived, reinstated, and restored by such amount and shall exist as though such Voidable Transfer had never been made.

 

Section
15.16              Time is of the Essence.

 

Borrower agrees that,
with respect to each and every obligation and covenant contained in this Loan Agreement and the other Loan Documents, time is of
the essence.

 

Section
15.17              Final Agreement.

 

THIS LOAN AGREEMENT
ALONG WITH ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER
HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings, representations, and statements,
oral or written, are merged into this Loan Agreement and the other Loan Documents. This Loan Agreement, the other Loan Documents,
and any of their provisions may not be waived, modified, amended, discharged, or terminated except by an agreement in writing signed
by the party against which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then
only to the extent set forth in that agreement.

 

Section
15.18              WAIVER OF TRIAL BY JURY.

 

TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (a) COVENANTS AND
AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR
THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER, THAT IS TRIABLE OF RIGHT BY A JURY, AND (b)
WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS
WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL
COUNSEL.

 

	Multifamily Loan and Security Agreement

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

[Remainder of Page Intentionally Blank]

 

	Multifamily Loan and Security Agreement

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	Article 15	01-16	© 2016 Fannie Mae

 

     

     

    

 

IN WITNESS WHEREOF,
Borrower and Lender have signed and delivered this Loan Agreement under seal (where applicable) or have caused this Loan Agreement
to be signed and delivered under seal (where applicable) by their duly authorized representatives. Where applicable law so provides,
Borrower and Lender intend that this Loan Agreement shall be deemed to be signed and delivered as a sealed instrument.

 

	 	BORROWER:
	 	 	 
	 	ASPEN 2016 LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	CLIPPER REALTY L.P., a
	 	 	Delaware limited partnership,
	 	 	its sole member

 

	 	By:	/s/ David Bistricer	(SEAL)
	 	Name:  	David Bistricer	 
	 	Title:    	Authorized Signatory	 

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

	Multifamily Loan and Security Agreement

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	Signature Page	01-16	© 2016 Fannie Mae

 

     

     

    

 

	 	LENDER:	 
	 	 	 
	 	CAPITAL ONE MULTIFAMILY FINANCE, LLC, a

	 	Delaware limited liability company	 
	 	 	 	 
	 	By:	/s/ Nathan D. Burlingame	[SEAL]
	 	Name:	Nathan D. Burlingame	 
	 	Title:	
        Vice President 
	 

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page S-2
	Signature Page	01-16	© 2016 Fannie Mae

 

     

     

    

 

SCHEDULE 1

TO MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Definitions Schedule

(Interest Rate Type – Fixed Rate)

 

Capitalized terms used
in the Loan Agreement have the meanings given to such terms in this Definitions Schedule.

 

“Accrued Interest” means
unpaid interest, if any, on the Mortgage Loan that has not been added to the unpaid principal balance of the Mortgage Loan pursuant
to Section 2.02(b) (Capitalization of Accrued But Unpaid Interest) of the Loan Agreement.

 

“Additional Lender Repairs”
means repairs of the type listed on the Required Repair Schedule but not otherwise identified thereon that are determined advisable
by Lender to keep the Mortgaged Property in good order and repair (ordinary wear and tear excepted) and in good marketable condition
or to prevent deterioration of the Mortgaged Property.

 

“Additional Lender Replacements”
means replacements of the type listed on the Required Replacement Schedule but not otherwise identified thereon that are determined
advisable by Lender to keep the Mortgaged Property in good order and repair (ordinary wear and tear excepted) and in good marketable
condition or to prevent deterioration of the Mortgaged Property.

 

“Amortization Period”
has the meaning set forth in the Summary of Loan Terms.

 

“Amortization Type”
has the meaning set forth in the Summary of Loan Terms.

 

“Bank Secrecy Act” means
the Bank Secrecy Act of 1970, as amended (e.g., 31 U.S.C. Sections 5311-5330).

 

“Bankruptcy Event” means
any one or more of the following:

 

(a)       the
commencement, filing or continuation of a voluntary case or proceeding under one or more of the Insolvency Laws by Borrower;

 

(b)       the
acknowledgment in writing by Borrower (other than to Lender in connection with a workout) that it is unable to pay its debts generally
as they mature;

 

(c)       the
making of a general assignment for the benefit of creditors by Borrower;

 

(d)       the
commencement, filing or continuation of an involuntary case or proceeding under one or more Insolvency Laws against Borrower; or

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 1
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(e)       the
appointment of a receiver (other than a receiver appointed at the direction or request of Lender under the terms of the Loan Documents),
liquidator, custodian, sequestrator, trustee or other similar officer who exercises control over Borrower or any substantial part
of the assets of Borrower;

 

provided, however, that any proceeding
or case under (d) or (e) above shall not be a Bankruptcy Event until the ninetieth (90th) day after filing (if not earlier
dismissed) so long as such proceeding or case occurred without the consent, encouragement or active participation of (1) Borrower,
Guarantor, or Key Principal, (2) any Person Controlling Borrower, Guarantor, or Key Principal, or (3) any Person Controlled by
or under common Control with Borrower, Guarantor, or Key Principal (in which event such case or proceeding shall be a Bankruptcy
Event immediately).

 

“Borrower” means, individually
(and jointly and severally (solidarily instead for purposes of Louisiana law) if more than one), the entity (or entities) identified
as “Borrower” in the first paragraph of the Loan Agreement.

 

“Borrower Affiliate”
means, as to Borrower, Guarantor or Key Principal:

 

(a)       any
Person that owns any direct ownership interest in Borrower, Guarantor or Key Principal;

 

(b)       any
Person that indirectly owns, with the power to vote, twenty percent (20%) or more of the ownership interests in Borrower,
Guarantor or Key Principal;

 

(c)       any
Person Controlled by, under common Control with, or which Controls, Borrower, Guarantor or Key Principal;

 

(d)       any
entity in which Borrower, Guarantor or Key Principal directly or indirectly owns, with the power to vote, twenty percent (20%)
or more of the ownership interests in such entity; or

 

(e)       any
other individual that is related (to the third degree of consanguinity) by blood or marriage to Borrower, Guarantor or Key Principal.

 

“Borrower Requested Repairs”
means repairs not listed on the Required Repair Schedule requested by Borrower to be reimbursed from the Repairs Escrow Account
and determined advisable by Lender to keep the Mortgaged Property in good order and repair and in a good marketable condition or
to prevent deterioration of the Mortgaged Property.

 

“Borrower Requested Replacements”
means replacements not listed on the Required Replacement Schedule requested by Borrower to be reimbursed from the Replacement
Reserve Account and determined advisable by Lender to keep the Mortgaged Property in good order and repair and in a good marketable
condition or to prevent deterioration of the Mortgaged Property.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 2
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Borrower’s General Business
Address” has the meaning set forth in the Summary of Loan Terms.

 

“Borrower’s Notice Address”
has the meaning set forth in the Summary of Loan Terms.

 

“Business Day” means
any day other than (a) a Saturday, (b) a Sunday, (c) a day on which Lender is not open for business, or (d) a day on which the
Federal Reserve Bank of New York is not open for business.

 

“Collateral Account Funds”
means, collectively, the funds on deposit in any or all of the Collateral Accounts, including the Reserve/Escrow Account Funds.

 

“Collateral Accounts”
means any account designated as such by Lender pursuant to a Collateral Agreement or as established pursuant to this Loan Agreement,
including the Reserve/Escrow Account.

 

“Collateral Agreement”
means any separate agreement between Borrower and Lender for the establishment of any other fund, reserve or account.

 

“Completion Period”
has the meaning set forth in the Summary of Loan Terms.

 

“Condemnation Action”
has the meaning set forth in the Security Instrument.

 

“Control” (including
with correlative meanings, such as “Controlling,” “Controlled by” and “under common Control with”)
means, as applied to any entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management
and operations of such entity, whether through the ownership of voting securities or other ownership interests, by contract or
otherwise.

 

“Credit Score” means
a numerical value or a categorization derived from a statistical tool or modeling system used to measure credit risk and predict
the likelihood of certain credit behaviors, including default.

 

“Debt Service Amounts”
means the Monthly Debt Service Payments and all other amounts payable under the Loan Agreement, the Note, the Security Instrument
or any other Loan Document.

 

“Default Rate” means
an interest rate equal to the lesser of:

 

(a)       the
sum of the Interest Rate plus four (4) percentage points; or

 

(b)       the
maximum interest rate which may be collected from Borrower under applicable law.

 

“Definitions Schedule”
means this Schedule 1 (Definitions Schedule) to the Loan Agreement.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 3
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Economic Sanctions”
means any economic or financial sanction administered or enforced by the United States Government (including, without limitation,
those administered by OFAC at http://www.treasury.gov/about/organizational-structure/offices/Pages/Office-of-Foreign-Assets-Control.aspx),
the U.S. Department of Commerce, or the U.S. Department of State.

 

“Effective Date” has
the meaning set forth in the Summary of Loan Terms.

 

“Employee Benefit Plan”
means a plan described in Section 3(3) of ERISA, regardless of whether the plan is subject to ERISA.

 

“Enforcement Costs”
has the meaning set forth in the Security Instrument.

 

“Environmental Indemnity Agreement”
means that certain Environmental Indemnity Agreement dated as of the Effective Date made by Borrower to and for the benefit of
Lender, as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time.

 

“Environmental Inspections”
has the meaning set forth in the Environmental Indemnity Agreement.

 

“Environmental Laws”
has the meaning set forth in the Environmental Indemnity Agreement.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate” shall
mean, with respect to Borrower, any entity that, together with Borrower, would be treated as a single employer under Section 414(b)
or (c) of the Internal Revenue Code, or Section 4001(a)(14) of ERISA, or the regulations thereunder.

 

“ERISA Plan” means any
employee pension benefit plan within the meaning of Section 3(2) of ERISA (or related trust) that is subject to the requirements
of Title IV of ERISA, Sections 430 or 431 of the Internal Revenue Code, or Sections 302, 303, or 304 of ERISA, which is maintained
or contributed to by Borrower or its ERISA Affiliates.

 

“Event of Default” means
the occurrence of any event listed in Section 14.01 (Events of Default) of the Loan Agreement.

 

“Exceptions to Representations
and Warranties Schedule” means that certain Schedule 7 (Exceptions to Representations and Warranties Schedule)
to the Loan Agreement.

 

“First Payment Date”
has the meaning set forth in the Summary of Loan Terms.

 

“First Principal and Interest
Payment Date” has the meaning set forth in the Summary of Loan Terms, if applicable.

 

“Fixed Rate” has the
meaning set forth in the Summary of Loan Terms.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 4
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Fixtures” has the meaning
set forth in the Security Instrument.

 

“Force Majeure” shall
mean acts of God, acts of war, civil disturbance, governmental action (including the revocation or refusal to grant licenses or
permits, where such revocation or refusal is not due to the fault of Borrower), strikes, lockouts, fire, unavoidable casualties
or any other causes beyond the reasonable control of Borrower (other than lack of financing), and of which Borrower shall have
notified Lender in writing within ten (10) days after its occurrence.

 

“Foreclosure Event”
means:

 

(a)       foreclosure
under the Security Instrument;

 

(b)       any
other exercise by Lender of rights and remedies (whether under the Security Instrument or under applicable law, including Insolvency
Laws) as holder of the Mortgage Loan and/or the Security Instrument, as a result of which Lender (or its designee or nominee) or
a third party purchaser becomes owner of the Mortgaged Property;

 

(c)       delivery
by Borrower to Lender (or its designee or nominee) of a deed or other conveyance of Borrower’s interest in the Mortgaged
Property in lieu of any of the foregoing; or

 

(d)       in
Louisiana, any dation en paiement.

 

“Goods” has the meaning set forth in the
Security Instrument.

 

“Governmental Authority”
means any court, board, commission, department or body of any municipal, county, state or federal governmental unit, or any subdivision
of any of them, that has or acquires jurisdiction over Borrower or the Mortgaged Property or the use, operation or improvement
of the Mortgaged Property.

 

“Guarantor” means, individually
and collectively, any guarantor of the Indebtedness or any other obligation of Borrower under any Loan Document.

 

“Guarantor Bankruptcy Event”
means any one or more of the following:

 

(a)       the
commencement, filing or continuation of a voluntary case or proceeding under one or more of the Insolvency Laws by Guarantor;

 

(b)       the
acknowledgment in writing by Guarantor (other than to Lender in connection with a workout) that it is unable to pay its debts generally
as they mature;

 

(c)       the
making of a general assignment for the benefit of creditors by Guarantor;

 

(d)       the
commencement, filing or continuation of an involuntary case or proceeding under one or more Insolvency Laws against Guarantor;
or

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 5
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(e)       the
appointment of a receiver, liquidator, custodian, sequestrator, trustee or other similar officer who exercises control over Guarantor
or any substantial part of the assets of Guarantor, as applicable;

 

provided, however, that any proceeding
or case under (d) or (e) above shall not be a Guarantor Bankruptcy Event until the ninetieth (90th) day after filing (if not
earlier dismissed) so long as such proceeding or case occurred without the consent, encouragement or active participation of (1) Borrower,
Guarantor or Key Principal, (2) any Person Controlling Borrower, Guarantor or Key Principal, or (3) any Person Controlled by or
under common Control with Borrower, Guarantor or Key Principal (in which event such case or proceeding shall be a Guarantor Bankruptcy
Event immediately).

 

“Guarantor’s General Business
Address” has the meaning set forth in the Summary of Loan Terms.

 

“Guarantor’s Notice Address”
has the meaning set forth in the Summary of Loan Terms.

 

“Guaranty” means, individually
and collectively, any Payment Guaranty, Non-Recourse Guaranty or other guaranty executed by Guarantor in connection with the Mortgage
Loan.

 

“Immediate Family Members”
means a child, stepchild, grandchild, spouse, sibling, or parent, each of whom is not a Prohibited Person.

 

“Imposition Deposits”
has the meaning set forth in the Security Instrument.

 

“Impositions” has the
meaning set forth in the Security Instrument.

 

“Improvements” has the
meaning set forth in the Security Instrument.

 

“Indebtedness” has the
meaning set forth in the Security Instrument.

 

“Initial Replacement Reserve Deposit”
has the meaning set forth in the Summary of Loan Terms.

 

“Insolvency Laws” means
the United States Bankruptcy Code, 11 U.S.C. Section 101, et seq., together with any other federal or state law affecting
debtor and creditor rights or relating to the bankruptcy, insolvency, reorganization, arrangement, moratorium, readjustment of
debt, dissolution, liquidation or similar laws, proceedings, or equitable principles affecting the enforcement of creditors’
rights, as amended from time to time.

 

“Insolvent” means:

 

(a)       that
the sum total of all of a specified Person’s liabilities (whether secured or unsecured, contingent or fixed, or liquidated
or unliquidated) is in excess of the value of such Person’s non-exempt assets, i.e., all of the assets of such Person that
are available to satisfy claims of creditors; or

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 6
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(b)       such
Person’s inability to pay its debts as they become due.

 

“Intended Prepayment Date”
means the date upon which Borrower intends to make a prepayment on the Mortgage Loan, as set forth in the Prepayment Notice.

 

“Interest Accrual Method”
has the meaning set forth in the Summary of Loan Terms.

 

“Interest Only Term”
has the meaning set forth in the Summary of Loan Terms.

 

“Interest Rate” means
the Fixed Rate.

 

“Interest Rate Type”
has the meaning set forth in the Summary of Loan Terms.

 

“Internal Revenue Code”
means the Internal Revenue Code of 1986, as amended.

 

“Investor” means any
Person to whom Lender intends to (a) sell, transfer, deliver or assign the Mortgage Loan in the secondary mortgage market, or (b)
sell an MBS backed by the Mortgage Loan.

 

“Key Principal” means,
collectively:

 

(a)       the
natural person(s) or entity that Controls Borrower that Lender determines is critical to the successful operation and management
of Borrower and the Mortgaged Property, as identified as such in the Summary of Loan Terms; or

 

(b)       any
natural person or entity who becomes a Key Principal after the date of the Loan Agreement and is identified as such in an assumption
agreement, or another amendment or supplement to the Loan Agreement.

 

“Key Principal’s General
Business Address” has the meaning set forth in the Summary of Loan Terms.

 

“Key Principal’s Notice
Address” has the meaning set forth in the Summary of Loan Terms.

 

“Land” means the land
described in Exhibit A to the Security Instrument.

 

“Last Interest Only Payment Date”
has the meaning set forth in the Summary of Loan Terms, if applicable.

 

“Late Charge” means
an amount equal to the delinquent amount then due under the Loan Documents multiplied by five percent (5%).

 

“Leases” has the meaning
set forth in the Security Instrument.

 

“Lender” means the entity
identified as “Lender” in the first paragraph of the Loan Agreement and its transferees, successors and assigns, or
any subsequent holder of the Note.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 7
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Lender’s General Business
Address” has the meaning set forth in the Summary of Loan Terms.

 

“Lender’s Notice Address”
has the meaning set forth in the Summary of Loan Terms.

 

“Lender’s Payment Address”
has the meaning set forth in the Summary of Loan Terms.

 

“Lien” has the meaning
set forth in the Security Instrument.

 

“Loan Agreement” means
the Multifamily Loan and Security Agreement dated as of the Effective Date executed by and between Borrower and Lender to which
this Definitions Schedule is attached, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time.

 

“Loan Amount” has the
meaning set forth in the Summary of Loan Terms.

 

“Loan Application” means
the application for the Mortgage Loan submitted by Borrower to Lender.

 

“Loan Documents” means
the Note, the Loan Agreement, the Security Instrument, the Environmental Indemnity Agreement, the Guaranty, all guaranties, all
indemnity agreements, all Collateral Agreements, all O&M Plans, and any other documents now or in the future executed by Borrower,
Guarantor, Key Principal, any other guarantor or any other Person in connection with the Mortgage Loan, as such documents may be
amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Loan Servicer” means
the entity that from time to time is designated by Lender to collect payments and deposits and receive notices under the Note,
the Loan Agreement, the Security Instrument and any other Loan Document, and otherwise to service the Mortgage Loan for the benefit
of Lender. Unless Borrower receives notice to the contrary, the Loan Servicer shall be the Lender originally named on the Summary
of Loan Terms.

 

“Loan Term” has the
meaning set forth in the Summary of Loan Terms.

 

“Loan Year” has the
meaning set forth in the Summary of Loan Terms.

 

“Material Commercial Lease”
means any Lease that is not a Residential Lease, and which is:

 

(a)       a
Lease comprising five percent (5%) or more of total gross income of the Mortgaged Property on an annualized basis;

 

(b)       a
master Lease (which term “master Lease” shall include any master Lease to a single corporate tenant);

 

(c)       a
cell tower Lease;

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 8
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(d)       a
solar (power) Lease;

 

(e)       a
solar power purchase agreement; or

 

(f)       a
Lease of oil, gas, or mineral rights.

 

“Maturity Date” has
the meaning set forth in the Summary of Loan Terms.

 

“Maximum Inspection Fee”
has the meaning set forth in the Summary of Loan Terms.

 

“Maximum Repair Cost”
shall be the amount(s) set forth in the Required Repair Schedule, if any.

 

“Maximum Repair Disbursement Interval”
has the meaning set forth in the Summary of Loan Terms.

 

“Maximum Replacement Reserve Disbursement
Interval” has the meaning set forth in the Summary of Loan Terms.

 

“MBS” means an investment
security that represents an undivided beneficial interest in a pool of mortgage loans or participation interests in mortgage loans
held in trust pursuant to the terms of a governing trust document.

 

“Mezzanine Debt” means
a loan to a direct or indirect owner of Borrower secured by a pledge of such owner’s interest in an entity owning a direct
or indirect interest in Borrower.

 

“Minimum Repairs Disbursement
Amount” has the meaning set forth in the Summary of Loan Terms.

 

“Minimum Replacement Reserve Disbursement
Amount” has the meaning set forth in the Summary of Loan Terms.

 

“Monthly Debt Service Payment”
has the meaning set forth in the Summary of Loan Terms.

 

“Monthly Replacement Reserve Deposit”
has the meaning set forth in the Summary of Loan Terms.

 

“Mortgage Loan” means
the mortgage loan made by Lender to Borrower in the principal amount of the Note made pursuant to the Loan Agreement, evidenced
by the Note and secured by the Loan Documents that are expressly stated to be security for the Mortgage Loan.

 

“Mortgaged Property”
has the meaning set forth in the Security Instrument.

 

“Multifamily Project”
has the meaning set forth in the Summary of Loan Terms.

 

“Multifamily Project Address”
has the meaning set forth in the Summary of Loan Terms.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 9
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Non-Recourse Guaranty”
means, if applicable, that certain Guaranty of Non-Recourse Obligations of even date herewith executed by Guarantor to and for
the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Note” means that certain
Multifamily Note of even date herewith in the original principal amount of the stated Loan Amount made by Borrower in favor of
Lender, and all schedules, riders, allonges and addenda attached thereto, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“O&M Plan” has the
meaning set forth in the Environmental Indemnity Agreement.

 

“OFAC” means the United
States Treasury Department, Office of Foreign Assets Control, and any successor thereto.

 

“Payment Date” means
the First Payment Date and the first day of each month thereafter until the Mortgage Loan is fully paid.

 

“Payment Guaranty” means,
if applicable, that certain Guaranty (Payment) of even date herewith executed by Guarantor to and for the benefit of Lender, as
the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Permitted Encumbrance”
has the meaning set forth in the Security Instrument.

 

“Permitted Mezzanine Debt”
means Mezzanine Debt incurred by a direct or indirect owner or owners of Borrower where the exercise of any of the rights and remedies
by the holder or holders of the Mezzanine Debt would not in any circumstance cause (a) a change in Control in Borrower, Key Principal,
or Guarantor, or (b) a Transfer of a direct or indirect Restricted Ownership Interest in Borrower, Key Principal, or Guarantor.

 

“Permitted Preferred Equity”
means Preferred Equity that does not (a) require mandatory dividends, distributions, payments or returns (including at maturity
or in connection with a redemption), or (b) provide the Preferred Equity owner with rights or remedies on account of a failure
to receive any preferred dividends, distributions, payments or returns (or, if such rights are provided, the exercise of such rights
do not violate the Loan Documents or are otherwise exercised with the prior written consent of Lender in accordance with Article
11 (Liens, Transfers and Assumptions) of the Loan Agreement and the payment of all applicable fees and expenses as set forth in
Section 11.03(g) (Further Conditions to Transfers and Assumption)).

 

“Permitted Prepayment Date”
means the last Business Day of a calendar month.

 

“Person” means an individual,
an estate, a trust, a corporation, a partnership, a limited liability company or any other organization or entity (whether governmental
or private).

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 10
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Personal Property”
means the Goods, accounts, choses of action, chattel paper, documents, general intangibles (including Software), payment intangibles,
instruments, investment property, letter of credit rights, supporting obligations, computer information, source codes, object codes,
records and data, all telephone numbers or listings, claims (including claims for indemnity or breach of warranty), deposit accounts
and other property or assets of any kind or nature related to the Land or the Improvements, including operating agreements, surveys,
plans and specifications and contracts for architectural, engineering and construction services relating to the Land or the Improvements,
and all other intangible property and rights relating to the operation of, or used in connection with, the Land or the Improvements,
including all governmental permits relating to any activities on the Land.

 

“Personalty” has the
meaning set forth in the Security Instrument.

 

“Preferred Equity” means
a direct or indirect equity ownership interest in, economic interests in, or rights with respect to, Borrower that provide an equity
owner preferred dividend, distribution, payment, or return treatment relative to other equity owners.

 

“Prepayment Lockout Period”
has the meaning set forth in the Summary of Loan Terms.

 

“Prepayment Notice”
means the written notice that Borrower is required to provide to Lender in accordance with Section 2.03 (Lockout/Prepayment)
of the Loan Agreement in order to make a prepayment on the Mortgage Loan, which shall include, at a minimum, the Intended Prepayment
Date.

 

“Prepayment Premium”
means the amount payable by Borrower in connection with a prepayment of the Mortgage Loan, as provided in Section 2.03 (Lockout/Prepayment)
of the Loan Agreement and calculated in accordance with the Prepayment Premium Schedule.

 

“Prepayment Premium Period End
Date” or “Yield Maintenance Period End Date” has the meaning set forth in the Summary of Loan
Terms.

 

“Prepayment Premium Period Term”
or “Yield Maintenance Period Term” has the meaning set forth in the Summary of Loan Terms.

 

“Prepayment Premium Schedule”
means that certain Schedule 4 (Prepayment Premium Schedule) to the Loan Agreement.

 

“Prohibited Person”
means:

 

(a)       any
Person with whom Lender or Fannie Mae is prohibited from doing business pursuant to any law, rule, regulation, judicial proceeding
or administrative directive; or

 

(b)       any
Person identified on the United States Department of Housing and Urban Development’s “Limited Denial of Participation,
HUD Funding Disqualifications and Voluntary Abstentions List,” or on the General Services Administration’s “System
for Award Management (SAM)” exclusion list, each of which may be amended from time to time, and any successor or replacement
thereof; or

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 11
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(c)       any
Person that is determined by Fannie Mae to pose an unacceptable credit risk due to the aggregate amount of debt of such Person
owned or held by Fannie Mae; or

 

(d)       any
Person that has caused any unsatisfactory experience of a material nature with Fannie Mae or Lender, such as a default, fraud,
intentional misrepresentation, litigation, arbitration or other similar act.

 

“Property Jurisdiction”
has the meaning set forth in the Security Instrument.

 

“Property Square Footage”
has the meaning set forth in the Summary of Loan Terms.

 

“Publicly-Held Corporation”
means a corporation, the outstanding voting stock of which is registered under Sections 12(b) or 12(g) of the Securities Exchange
Act of 1934, as amended.

 

“Publicly-Held Trust”
means a real estate investment trust, the outstanding voting shares or beneficial interests of which are registered under Sections 12(b)
or 12(g) of the Securities Exchange Act of 1934, as amended.

 

“Rents” has the meaning
set forth in the Security Instrument.

 

“Repair Threshold” has
the meaning set forth in the Summary of Loan Terms.

 

“Repairs” means, individually
and collectively, the Required Repairs, Borrower Requested Repairs, and Additional Lender Repairs.

 

“Repairs Escrow Account”
means the account established by Lender into which the Repairs Escrow Deposit is deposited to fund the Repairs.

 

“Repairs Escrow Account Administrative
Fee” has the meaning set forth in the Summary of Loan Terms.

 

“Repairs Escrow Deposit”
has the meaning set forth in the Summary of Loan Terms.

 

“Replacement Reserve Account”
means the account established by Lender into which the Replacement Reserve Deposits are deposited to fund the Replacements.

 

“Replacement Reserve Account Administration
Fee” has the meaning set forth in the Summary of Loan Terms.

 

“Replacement Reserve Account Interest
Disbursement Frequency” has the meaning set forth in the Summary of Loan Terms.

 

“Replacement Reserve Deposits”
means the Initial Replacement Reserve Deposit, Monthly Replacement Reserve Deposits and any other deposits to the Replacement Reserve
Account required by the Loan Agreement.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 12
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Replacement Threshold”
has the meaning set forth in the Summary of Loan Terms.

 

“Replacements” means,
individually and collectively, the Required Replacements, Borrower Requested Replacements and Additional Lender Replacements.

 

“Required Repair Schedule”
means that certain Schedule 6 (Required Repair Schedule) to the Loan Agreement.

 

“Required Repairs” means
those items listed on the Required Repair Schedule.

 

“Required Replacement Schedule”
means that certain Schedule 5 (Required Replacement Schedule) to the Loan Agreement.

 

“Required Replacements”
means those items listed on the Required Replacement Schedule.

 

“Reserve/Escrow Account Funds”
means, collectively, the funds on deposit in the Reserve/Escrow Accounts.

 

“Reserve/Escrow Accounts”
means, together, the Replacement Reserve Account and the Repairs Escrow Account.

 

“Residential Lease”
means a Lease of an individual dwelling unit and shall not include any master Lease (which term “master Lease” includes
any master Lease to a single corporate tenant).

 

“Restoration” means
restoring and repairing the Mortgaged Property to the equivalent of its physical condition immediately prior to the casualty or
to a condition approved by Lender following a casualty.

 

“Restricted Ownership Interest”
means, with respect to any entity, the following:

 

(a)         if
such entity is a general partnership or a joint venture, fifty percent (50%) or more of all general partnership or joint venture
interests in such entity;

 

(b)         if
such entity is a limited partnership:

 

(1)       the
interest of any general partner; or

 

(2)       fifty
percent (50%) or more of all limited partnership interests in such entity;

 

(c)         if
such entity is a limited liability company or a limited liability partnership:

 

(1)       the
interest of any managing member or the contractual rights of any non-member manager; or

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 13
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

(2)       fifty
percent (50%) or more of all membership or other ownership interests in such entity;

 

(d)         if
such entity is a corporation (other than a Publicly-Held Corporation) with only one class of voting stock, fifty percent (50%)
or more of voting stock in such corporation;

 

(e)         if
such entity is a corporation (other than a Publicly-Held Corporation) with more than one class of voting stock, the amount of shares
of voting stock sufficient to have the power to elect the majority of directors of such corporation; or

 

(f)         if
such entity is a trust (other than a land trust or a Publicly-Held Trust), the power to Control such trust vested in the trustee
of such trust or the ability to remove, appoint or substitute the trustee of such trust (unless the trustee of such trust after
such removal, appointment or substitution is a trustee identified in the trust agreement approved by Lender).

 

“Review Fee” means the
non-refundable fee of Three Thousand Dollars ($3,000) payable to Lender.

 

“Sanctioned Country”
means a country subject to a comprehensive country-wide sanctions program administered and enforced by OFAC, which list is updated
from time to time.

 

“Sanctioned Person”
means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC, available
at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time;
(b) (1) an agency of the government of a Sanctioned Country, (2) an organization controlled by a Sanctioned Country, or (3) a Person
resident in a Sanctioned Country, to the extent any Person described in clauses (1), (2) or (3) is the subject of a sanctions program
administered by OFAC; and, (c) a Person whose property and interests in property are blocked pursuant to an Executive Order or
regulations administered by OFAC consistent with the guidance issued by OFAC.

 

“Schedule of Interest Rate Type
Provisions” means that certain Schedule 3 (Schedule of Interest Rate Type Provisions) to the Loan Agreement.

 

“Security Instrument”
means that certain multifamily mortgage, deed to secure debt or deed of trust executed and delivered by Borrower as security for
the Mortgage Loan and encumbering the Mortgaged Property, including all riders or schedules attached thereto, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Servicing Arrangement”
means any arrangement between Lender and the Loan Servicer for loss sharing or interim advancement of funds.

 

“Summary of Loan Terms”
means that certain Schedule 2 (Summary of Loan Terms) to the Loan Agreement.

 

“Taxes” has the meaning
set forth in the Security Instrument.

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 14
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

“Title Policy” means
the mortgagee’s loan policy of title insurance issued in connection with the Mortgage Loan and insuring the lien of the Security
Instrument as set forth therein, as approved by Lender.

 

“Total Parking Spaces”
has the meaning set forth in the Summary of Loan Terms.

 

“Total Residential Units”
has the meaning set forth in the Summary of Loan Terms.

 

“Transfer” means:

 

(a)       a
sale, assignment, transfer or other disposition (whether voluntary, involuntary, or by operation of law), other than Residential
Leases, Material Commercial Leases or non-Material Commercial Leases permitted by this Loan Agreement;

 

(b)       a
granting, pledging, creating or attachment of a lien, encumbrance or security interest (whether voluntary, involuntary, or by operation
of law);

 

(c)       an
issuance or other creation of a direct or indirect ownership interest;

 

(d)       a
withdrawal, retirement, removal or involuntary resignation of any owner or manager of a legal entity; or

 

(e)       a
merger, consolidation, dissolution or liquidation of a legal entity.

 

“Transfer Fee” means
a fee equal to one percent (1%) of the unpaid principal balance of the Mortgage Loan payable to Lender.

 

“UCC” has the meaning
set forth in the Security Instrument.

 

“UCC Collateral” has
the meaning set forth in the Security Instrument.

 

“Voidable Transfer”
means any fraudulent conveyance, preference or other voidable or recoverable payment of money or transfer of property.

 

“Yield Maintenance Period End
Date” or “Prepayment Premium Period End Date” has the meaning set forth in the Summary of Loan
Terms.

 

“Yield Maintenance Period Term”
or “Prepayment Premium Period Term” has the meaning set forth in the Summary of Loan Terms.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 15
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Schedule 1 to Multifamily Loan and

Security Agreement - Definitions Schedule

(Interest Rate Type - Fixed Rate)	Form 6101.FR	Page 16
	Fannie Mae	01-16	© 2016 Fannie Mae

 

     

     

    

 

SCHEDULE 2

TO MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Summary of Loan Terms

(Interest Rate Type - Fixed Rate)

 

	I.         GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATION
	 
	Borrower	ASPEN 2016 LLC, a

Delaware limited liability company
	 	 
	Lender	CAPITAL ONE MULTIFAMILY FINANCE, LLC, a Delaware limited liability company
	 	 
	Key Principal	
        CLIPPER REALTY INC., a

        Maryland corporation

         

        CLIPPER REALTY L.P., a

        Delaware limited partnership

	 	 
	Guarantor	
        CLIPPER REALTY INC., a

        Maryland corporation

         

        CLIPPER REALTY L.P., a

        Delaware limited partnership

	 	 
	Multifamily Project	The Aspen Apartments 
	 	 
	ADDRESSES
	 
	Borrower’s General Business Address	4611 12th Avenue

Suite 1-L

Brooklyn, New York 11219

Attn: David Bistricer
	 	 
	Borrower’s Notice Address	4611 12th Avenue

Suite 1-L

Brooklyn, New York 11219

Attn: David Bistricer

david@clipperequity.com 
	 	 
	Multifamily Project Address	1955 First Avenue, New York, New York 10029

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 1
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	Multifamily Project County	New York
	 	 
	Key Principal’s General Business Address	4611 12th Avenue

Suite 1-L

Brooklyn, New York 11219

Attn: David Bistricer
	 	 
	Key Principal’s Notice Address	4611 12th Avenue

Suite 1-L

Brooklyn, New York 11219

Attn: David Bistricer

david@clipperequity.com
	 	 
	Guarantor’s General Business Address	
        CLIPPER REALTY INC., a

        Maryland corporation

        4611 12th Avenue

        Suite 1-L

        Brooklyn, New York 11219

        Attn: David Bistricer

         

        CLIPPER REALTY L.P., a

        Delaware limited partnership

        4611 12th Avenue

        Suite 1-L

        Brooklyn, New York 11219

        Attn: David Bistricer

	 	 
	Guarantor’s Notice Address	
        CLIPPER REALTY INC., a

        Maryland corporation

        4611 12th Avenue

        Suite 1-L

        Brooklyn, New York 11219

        Attn: David Bistricer

        david@clipperequity.com

         

        CLIPPER REALTY L.P., a

        Delaware limited partnership

        4611 12th Avenue

        Suite 1-L

        Brooklyn, New York 11219

        Attn: David Bistricer

        david@clipperequity.com

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 2
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	Lender’s General Business Address	7600 Wisconsin Avenue, Suite 800

Bethesda, MD  20814
	 	 
	Lender’s Notice Address	Capital One Multifamily Finance, LLC

7600 Wisconsin Avenue, Suite 800

Bethesda, MD  20814

Attn:  Asset Management

Email Address:  AssetManagement@capitalone.com
	 	 
	Lender’s Payment Address	Capital One Multifamily Finance, LLC

7600 Wisconsin Avenue, Suite 800

Bethesda, MD  20814

Attn:  Loan Servicing

 

	II.         MULTIFAMILY PROJECT INFORMATION
	 
	Property Square Footage	49,357.954
	 	 
	Total Parking Spaces	61
	 	 
	Total Residential Units	232
	 	 
	Affordable Housing Property	
        x      Yes

         ̈       No

 

	III.         MORTGAGE LOAN INFORMATION
	 
	Amortization Period	360 months
	 	 
	Amortization Type	
         ̈       Amortizing

         ̈       Full
        Term Interest Only

        x       Partial
        Interest Only

	 	 
	Effective Date	June 27, 2016
	 	 
	First Payment Date	The first day of August, 2016.
	 	 
	First Principal and Interest Payment Date	The first day of August, 2017

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 3
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	Fixed Rate	3.68%
	 	 
	Interest Accrual Method 	
         ̈       30/360
        (computed on the basis of a three hundred sixty (360) day year consisting of twelve (12) thirty (30) day months).

         

        or

         

        x       Actual/360
        (computed on the basis of a three hundred sixty (360) day year and the actual number of calendar days during the applicable
        month, calculated by multiplying the unpaid principal balance of the Mortgage Loan by the Interest Rate, dividing the product by
        three hundred sixty (360), and multiplying the quotient obtained by the actual number of days elapsed in the applicable month).

	 	 
	Interest Only Term	12 months
	 	 
	Interest Rate	The Fixed Rate
	 	 
	Interest Rate Type	Fixed Rate
	 	 
	Last Interest Only Payment Date	The first day of July, 2017.
	 	 
	Loan Amount	$70,000,000.00
	 	 
	Loan Term	144 months
	 	 
	Loan Year	The period beginning on the Effective Date and ending on the last day of June, 2017, and each successive twelve (12) month period thereafter.
	 	 
	Maturity Date	The first day of July, 2028, or any earlier date on which the unpaid principal balance of the Mortgage Loan becomes due and payable by acceleration or otherwise.

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 4
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	Monthly Debt Service Payment	
        (i)          $221,822.22
        for the First Payment Date;

         

        (ii)          for
        each Payment Date thereafter through and including the Last Interest Only Payment Date:

         

        (a)       $200,355.56
        if the prior month was a 28-day month;

         

        (b)       $207,511.11
        if the prior month was a 29-day month;

         

        (c)       $214,666.67
        if the prior month was a 30-day month; and

         

        (d)       $221,822.22
        if the prior month was a 31-day month; and

         

        (iii)          $321,406.76
        for the First Principal and Interest Payment Date and each Payment Date thereafter until the Mortgage Loan is fully paid.

	 	 
	Prepayment Lockout Period	0 year(s) from the Effective Date

 

	IV.        YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATION
	 
	
        Yield Maintenance Period End Date

         

        or

         

        Prepayment Premium Period End Date
	The last day of December, 2027.
	 	 
	
        Yield Maintenance Period Term

         

        or

         

        Prepayment Premium Period Term
	138 months

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 5
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	V.       RESERVE INFORMATION
	 
	Completion Period	Within six (6) months after the Effective Date or as otherwise shown on the Required Repair Schedule.
	 	 
	Initial Replacement Reserve Deposit	$36,979.00
	 	 
	Maximum Inspection Fee	$1,200.00
	 	 
	Maximum Repair Disbursement Interval	One (1) time per calendar quarter
	 	 
	Maximum Replacement Reserve Disbursement Interval	One (1) time per calendar quarter
	 	 
	Minimum Repairs Disbursement Amount	$5,000.00
	 	 
	Minimum Replacement Reserve Disbursement Amount	$5,000.00
	 	 
	Monthly Replacement Reserve Deposit	$5,189.84
	 	 
	Repair Threshold	$25,000.00
	 	 
	Repairs Escrow Account Administrative Fee	$200.00, payable one time
	 	 
	Repairs Escrow Deposit	$0.00
	 	 
	Replacement Reserve Account Administration Fee	$250.00 payable annually
	 	 
	Replacement Reserve Account Interest Disbursement Frequency	Annually
	 	 
	Replacement Threshold	$5,000.00

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 6
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Schedule 2 to Multifamily Loan and

Security Agreement - Summary of Loan

Terms (Interest Rate Type - Fixed Rate)	Form 6102.FR	Page 7
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

Modifications to Multifamily Loan and
Security Agreement

 

ADDENDA TO SCHEDULE 2 – SUMMARY
OF LOAN TERMS

(New York Gap Note Modifications)

(Interest Rate Type - Fixed Rate)

 

1.          The
following is hereby added to Section III (“Mortgage Loan Information”) of the Summary of Loan Terms at the end of the
cell entitled “Monthly Debt Service Payment:”

   

	Monthly GAP Debt Service Payment	 	
        (i)          $79,644.59
        for the First Payment Date;

         

        (ii)         for
        each Payment Date thereafter through and including the Last Interest Only Payment Date:

         

        (a)          $71,937.05
        if the prior month was a 28-day month;

         

        (b)          $74,506.23
        if the prior month was a 29-day month;

         

        (c)          $77,075.41
        if the prior month was a 30-day month; and

         

        (d)          $79,644.59
        if the prior month was a 31-day month; and

         

        (iii)        $115,400.12
        for the First Principal and Interest Payment Date and each Payment Date thereafter until the Mortgage Loan is fully paid.

 

2.          The
following new section is hereby added to the Summary of Loan Terms:

 

	VI.   GAP NOTE
	 
	GAP Note	That certain GAP Multifamily Note dated as of June 27, 2016 in the original principal amount of $25,133,287.00 made by Borrower in favor of Lender, and all schedules, riders, allonges and addenda attached thereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.  The Note amends, restates, consolidates and supersedes the Gap Note.	 

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (New York Gap Note Modifications) (Interest Rate Type – Fixed Rate)	Form 6102.19.FR	Page 1
	Fannie Mae	07-11	© 2011 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (New York Gap Note Modifications) (Interest Rate Type – Fixed Rate)	Form 6102.19.FR	Page 2
	Fannie Mae	07-11	© 2011 Fannie Mae

 

     

     

    

 

Modifications
to Multifamily Loan and Security Agreement

 

ADDENDA TO SCHEDULE 2 – SUMMARY OF
LOAN TERMS

(Bond Regulatory Agreement)

 

	VII.Bond Regulatory Agreement
	 
	Agency	New York City Housing Development Corporation 	 
	 	 	 
	Bond Trustee	The Bank of New York	 

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Bond Regulatory Agreement)	Form 6102.22	Page 1
	Fannie Mae	08-14	© 2014 Fannie Mae

 

     

     

    

 

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	Modifications to Multifamily Loan and Security Agreement - Schedule 2 Addenda - Summary of Loan Terms (Bond Regulatory Agreement)	Form 6102.22	Page 2
	Fannie Mae	08-14	© 2014 Fannie Mae

 

     

     

    

 

SCHEDULE 3

TO MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Schedule of Interest Rate Type Provisions

(Fixed Rate)

 

		1.	Defined Terms.

 

Capitalized terms not
otherwise defined in this Schedule have the meanings given to such terms in the Definitions Schedule to the Loan Agreement.

 

		2.	Interest Accrual.

 

Except as otherwise
provided in the Loan Agreement, interest shall accrue at the Interest Rate until fully paid.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Schedule 3 to Multifamily Loan and Security Agreement - Interest Rate Type Provisions (Fixed Rate)	Form 6103.FR	Page 1
	Fannie Mae	01-11	© 2011 Fannie Mae

 

 

     

     

    

 

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	Schedule 3 to Multifamily Loan and Security Agreement - Interest Rate Type Provisions (Fixed Rate)	Form 6103.FR	Page 2
	Fannie Mae	01-11	© 2011 Fannie Mae

 

     

     

    

  

SCHEDULE 4

TO MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Prepayment Premium Schedule

(Standard Yield Maintenance – Fixed
Rate)

 

		1.	Defined Terms.

 

All capitalized terms used
but not defined in this Prepayment Premium Schedule shall have the meanings assigned to them in the Loan Agreement.

 

		2.	Prepayment Premium.

 

Any Prepayment Premium
payable under Section 2.03 (Lockout/Prepayment) of the Loan Agreement shall be computed as follows:

 

(a)          If
the prepayment is made at any time after the Effective Date and before the Yield Maintenance Period End Date, the Prepayment Premium
shall be the greater of:

 

(1)         one
percent (1%) of the amount of principal being prepaid; or

 

(2)         the
product obtained by multiplying:

 

(A)         the
amount of principal being prepaid,

 

by

 

(B)         the
difference obtained by subtracting from the Fixed Rate on the Mortgage Loan, the Yield Rate (as defined below) on the twenty-fifth (25th)
Business Day preceding (i) the Intended Prepayment Date, or (ii) the date Lender accelerates the Mortgage Loan or otherwise
accepts a prepayment pursuant to Section 2.03(d) (Application of Collateral) of the Loan Agreement,

 

by

 

(C)         the
present value factor calculated using the following formula:

 

	 	1 - (1 + r)-n/12	 
	 	r	 

 

[r =        Yield Rate

 

n =         the number
of months remaining between (i) either of the following: (x) in the case of a voluntary prepayment, the last day of the
month in which the prepayment is made, or (y) in any other case, the date on which Lender accelerates the unpaid principal
balance of the Mortgage Loan and (ii) the Yield Maintenance Period End Date.

 

	Schedule 4 to Multifamily Loan and Security Agreement (Prepayment Premium Schedule – Standard Yield Maintenance – Fixed Rate)	Form 6104.01	Page 1
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

For purposes of this clause (2),
the “Yield Rate” means the yield calculated by interpolating the yields for the immediately shorter and longer
term U.S. “Treasury constant maturities” (as reported in the Federal Reserve Statistical Release H.15 Selected Interest
Rates (the “Fed Release”) under the heading “U.S. government securities”) closest to the remaining
term of the Yield Maintenance Period Term, as follows (rounded to three (3) decimal places):

 

 

		a =	the yield for the longer U.S. Treasury constant maturity

		b =	the yield for the shorter U.S. Treasury constant maturity

		x =	the term of the longer U.S. Treasury constant maturity

		y =	the term of the shorter U.S. Treasury constant maturity

		z =	“n” (as defined in the present value factor calculation
above) divided by twelve (12).

 

Notwithstanding any provision to
the contrary, if “z” equals a term reported under the U.S. “Treasury constant maturities” subheading
in the Fed Release, the yield for such term shall be used, and interpolation shall not be necessary. If publication of the Fed
Release is discontinued by the Federal Reserve Board, Lender shall determine the Yield Rate from another source selected by Lender.
Any determination of the Yield Rate by Lender will be binding absent manifest error.]

 

(b)          If
the prepayment is made on or after the Yield Maintenance Period End Date but before the last calendar day of the fourth (4th)
month prior to the month in which the Maturity Date occurs, the Prepayment Premium shall be one percent (1%) of the amount
of principal being prepaid. 

 

	Schedule 4 to Multifamily Loan and Security Agreement (Prepayment Premium Schedule – Standard Yield Maintenance – Fixed Rate)	Form 6104.01	Page 2
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

(c)          Notwithstanding
the provisions of Section 2.03 (Lockout/Prepayment) of the Loan Agreement, no Prepayment Premium shall be payable with respect
to any prepayment made on or after the last calendar day of the fourth (4th) month prior to the month in which the Maturity
Date occurs.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Schedule 4 to Multifamily Loan and Security Agreement (Prepayment Premium Schedule – Standard Yield Maintenance – Fixed Rate)	Form 6104.01	Page 3
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Schedule 4 to Multifamily Loan and Security Agreement (Prepayment Premium Schedule – Standard Yield Maintenance – Fixed Rate)	Form 6104.01	Page 4
	Fannie Mae	08-13	© 2013 Fannie Mae

 

     

     

    

  

SCHEDULE 5 TO

 

MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Required Replacement Schedule

 

		·	Plant materials at the terrace

 

		·	Wall-mounted exterior lighting

 

		·	Scrape and paint stairs

 

		·	Repaint brick masonry

 

		·	Roof replacement

 

		·	Fitness room equipment and finishes

 

		·	Recreation room equipment and finishes

 

		·	Laundry room finishes

 

		·	Domestic water pumps

 

		·	Domestic water heater storage tanks

 

		·	Central boiler component refurnish

 

		·	Through-wall AC

 

		·	Replace fire pump

 

		·	Replace alarm panel

 

		·	Common area hallway carpet and corridor flooring replacement

 

		·	Wood flooring replacement in units

 

		·	Refrigerator

 

		·	Range/Stove

 

		·	Microwave

 

		·	Dishwasher

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 1
	Schedule 5	01-16	© 2016 Fannie Mae

 

     

     

    

  

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 2
	Schedule 5	01-16	© 2016 Fannie Mae

 

     

     

    

  

SCHEDULE 6 TO

 

MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Required Repair Schedule

 

	Repair Description	 	Estimated Cost	 	 	Maximum Repair
 Cost	 	Completion Date
	Investigate the source of the water intrusion in the seventh floor hallway and in Unit 539.  The source of the intrusion should be repaired and the impacted materials should be replaced	 	$	0.00	 	 	N/A	 	180 days

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 1
	Schedule 6	01-16	© 2016 Fannie Mae

 

     

     

    

  

	 	BORROWER’S INITIALS: 	/S/ DB	 

  

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 2
	Schedule 6	01-16	© 2016 Fannie Mae

  

     

     

    

 

SCHEDULE 7 TO

 

MULTIFAMILY LOAN AND SECURITY AGREEMENT

 

Exceptions to Representations and Warranties
Schedule

 

		1.	Section 4.0l(a). Borrower is in the process of completing the required publication requirement
in New York and shall complete same within thirty (30) days of the Closing Date.

 

		2.	Section 6.0l(a)(1). There are the following two open sidewalk violations of record with
respect to the Mortgaged Property:

 

Notice of Sidewalk Violation No. 81492 (filed on 12/17/2008)

 

Notice of Sidewalk Violation No. 18261 (filed on 09/24/1980)

 

		3.	Section 11.01(b)(2): NEW YORK SMSA LIMITED PARTNERSHIP, d/b/a Verizon Wireless, maintains
a right of first refusal to purchase the Mortgaged Property under Section 13 of that certain Lease Agreement, dated as of August
1, 2005, by and between 100 STREET TRI VENTURE LLC and NEW YORK SMSA LIMITED PARTNERSHIP, d/b/a Verizon Wireless (as the same may
be amended, restated, modified, supplemented or assigned).

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 1
	Schedule 7	01-16	© 2016 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Multifamily Loan and Security Agreement

 (Non-Recourse)	Form 6001.NR	Page 2
	Schedule 7	01-16	© 2016 Fannie Mae

 

     

     

    

 

EXHIBIT A

 

MODIFICATIONS TO MULTIFAMILY LOAN AND
SECURITY AGREEMENT

(New York Gap Note Modifications)

 

The foregoing Loan
Agreement is hereby modified as follows:

 

1.       Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

2.       The
Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order:

 

“GAP Note”
has the meaning set forth in the Summary of Loan Terms.

 

“GAP Security Instrument”
means that certain multifamily mortgage, deed to secure debt or deed of trust executed and delivered by Borrower as security for
the Mortgage Loan and encumbering the Mortgaged Property, including all riders or schedules attached thereto, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time. The Security Instrument amends, restates, consolidates
and supersedes the GAP Security Instrument.

 

“Monthly GAP Debt Service
Payment” has the meaning set forth in the Summary of Loan Terms.

 

3.       The
definitions of “Monthly Debt Service Payment,” “Note” and “Security Instrument” in the Definitions
Schedule are hereby deleted and restated in their entirety to read as follows:

 

“Monthly Debt Service
Payment” has the meaning set forth in the Summary of Loan Terms and which amount includes the Monthly GAP Debt Service
Payment.

 

“Note” means
that certain Amended and Restated Multifamily Note of even date herewith in the original principal amount of the stated Loan Amount
made by Borrower in favor of Lender, and all schedules, riders, allonges and addenda attached thereto, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. The Note amends, restates, consolidates and supersedes
the GAP Note.

 

“Security Instrument”
means that certain consolidation, extension and modification agreement, multifamily mortgage, deed to secure debt or deed of trust
executed and delivered by Borrower as security for the Mortgage Loan and encumbering the Mortgaged Property, including all riders
or schedules attached thereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. The Security Instrument amends, restates, consolidates and supersedes the GAP Security Instrument.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Modifications to Multifamily Loan and

Security Agreement (New York Gap Note

Modifications)	Form 6234	Page 1
	Fannie Mae	07-11	© 2011 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Modifications to Multifamily Loan and

Security Agreement (New York Gap Note

Modifications)	Form 6234	Page 2
	Fannie Mae	07-11	© 2011 Fannie Mae

 

     

     

    

 

EXHIBIT B

 

MODIFICATIONS TO MULTIFAMILY LOAN AND
SECURITY AGREEMENT

(Bond Redemption and Bond Regulatory
Agreement) (HDC)

 

The foregoing Loan Agreement is hereby modified
as follows:

 

1.          Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

2.          The
Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order:

 

“Agency” has the meaning set forth
on the Summary of Loan Terms.

 

“Bond Regulatory Agreement” has
the meaning set forth in the Security Instrument.

 

“Bond Trustee” has the meaning
set forth on the Summary of Loan Terms.

 

“Trust Indenture” has the meaning
set forth in the Security Instrument.

 

3.          Section
3.02(a) (Personal Liability Based on Lender’s Loss) of the Loan Agreement is hereby amended by adding the following subsection
to the end thereof:

 

(18)        failure
of Borrower to comply with Section 14.01(ba)(12) and Section 14.01(ba)(13)
of this Loan Agreement; or

 

(19)        (A)
failure of the Bonds (as defined in the Trust Indenture and issued in connection therewith) to be paid and redeemed; or (B) any
losses directly or indirectly related to the Bonds or the documents executed in connection with the Bonds.

 

4.          Section
14.01(ba) (Automatic Events of Default Subject to a Cure Period)
of the Loan Agreement is hereby amended by adding the following provisionprovisions to the end thereof:

 

(12)        any
default beyond the expiration of any applicable cure period under the Bond Regulatory Agreement; or

 

(13)        the
institution of any adverse proceeding against the Mortgaged Property or Borrower relating to the Bonds (as defined in the Trust
Indenture), including the payment and redemption of the Bonds.

 

	Modifications to Multifamily Loan and

Security Agreement (Bond Redemption

and Bond Regulatory Agreement)	Form 6238	Page 1
	Fannie Mae	08-14	© 2014 Fannie Mae

 

     

     

    

 

5.          The
following article is hereby added to the Loan Agreement as Article 16 (Items Related to Bond Regulatory Agreements):

 

ARTICLE 16 – ITEMS RELATED
TO BOND REGULATORY AGREEMENTS

 

Section 16.01    Notice
of Default Under Bond Regulatory Agreement.

 

Within three (3) Business Days
after Borrower’s receipt, Borrower shall provide Lender with a copy of any default notice, any warning letter, or any similar
communication from the Agency or any other compliance monitoring designee, and shall identify the manner in which Borrower or the
Mortgaged Property is alleged to be non-compliant.

 

Section 16.02    Compliance.

 

Pursuant to Section 11 of the
Bond Regulatory Agreement Borrower is required to provide evidence of compliance to the Agency verifying compliance with the Bond
Regulatory Agreement. Borrower covenants and agrees to comply with all requirements of the Bond Regulatory Agreement and to provide
Lender with a copy of all reports, certifications, and documents within five (5) Business Days after filing the same with the applicable
agency.

 

Further,
Section 8.02(b)(2)(E) (Items to Furnish to Lender) of the Loan Agreement is hereby amended by adding the following
provision to the end thereof:

 

(v)         Borrower
is in full compliance with the Bond Regulatory Agreement.

 

Section 16.03    Amendment
of Bond Regulatory Agreement. 

 

The Bond Regulatory Agreement
may not be amended, modified, or terminated without the written consent of Lender.

 

Section 16.04    Property
Management After Event of Default. 

 

As
of the Effective Date, Lender has approved Borrower as self-manager of the Mortgaged Property; provided, however, that after the
occurrence of an Event of Default, Borrower shall promptly engage a third-party property manager for management of the Mortgaged
Property, and the identity of such third-party property manager and the form of written agreement between such third-party property
manager and Borrower shall be subject to Lender approval. Nothing in this section shall be construed to limit or otherwise affect
Lender’s rights as otherwise provided in the Loan Documents regarding management of the Mortgaged Property, the property
manager, and/or any property management agreement.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Modifications to Multifamily Loan and

Security Agreement (Bond Redemption

and Bond Regulatory Agreement)	Form 6238	Page 2
	Fannie Mae	08-14	© 2014 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Modifications to Multifamily Loan and

Security Agreement (Bond Redemption

and Bond Regulatory Agreement)	Form 6238	Page 3
	Fannie Mae	08-14	© 2014 Fannie Mae

 

     

     

    

 

EXHIBIT C

 

MODIFICATIONS TO MULTIFAMILY LOAN AND
SECURITY AGREEMENT

(HPD Regulatory Agreement)

 

The foregoing Loan
Agreement is hereby modified as follows:

 

1.       Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

2.       The
Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order:

 

“HPD Regulatory Agreement”
means, collectively:

 

		(i)	that certain Deed, dated as of November 13, 2002, by and between THE CITY OF NEW YORK, a municipal
corporation formed pursuant to the laws of the State of New York, acting by and through its DEPARTMENT OF HOUSING PRESERVATION
AND DEVELOPMENT (“HPD”), as Grantor, and 100 STREET TRI VENTURE LLC, a New York limited liability company (“100
Street Tri Venture”), as Grantee, recorded in the Office of the City Register of the City of New York, Borough of Manhattan
(“Official Records”), as CRFN 2003000142549; and

 

		(ii)	that certain Land Disposition Agreement, dated as of November 13, 2002, by and between HPD and
100 Tri Street Venture, recorded in the Official Records as CRFN 2003000142548.

 

3.       Section 3.02(a)
(Personal Liability Based on Lender’s Loss) of the Loan Agreement is hereby amended by adding the following subsection to
the end thereof:

 

(10)       failure
of Borrower to comply with Section 14.01(a)(14) of this Loan Agreement.

 

4.       Section 14.01(a)
(Automatic Events of Default) of the Loan Agreement is hereby amended by adding the following provision to the end thereof:

 

(14)       any
default beyond the expiration of any applicable cure period under the HPD Regulatory Agreement.

 

	Modifications to Multifamily Loan and

Security Agreement (HPD Regulatory

Agreement)	 	Page 1
	Fannie Mae	 	© 2014 Fannie Mae

 

     

     

    

 

5.       The
following article is hereby added to the Loan Agreement as Article 17 (Items Related to HPD Regulatory Agreement):

 

ARTICLE 17 – ITEMS RELATED
TO HPD REGULATORY AGREEMENT

 

Section 17.01  Notice of
Default Under HPD Regulatory Agreement.

 

Within three (3)
Business Days after Borrower’s receipt, Borrower shall provide Lender with a copy of any default notice, any warning letter,
or any similar communication from the respective agency or any other compliance monitoring designee for the HPD Regulatory Agreement,
and shall identify the manner in which Borrower or the Mortgaged Property is alleged to be non-compliant.

 

Section 17.02  Compliance.

 

Borrower
may be required to provide evidence of compliance to the respective agency verifying compliance with the HPD Regulatory Agreement,
as applicable in accordance with the HPD Regulatory Agreement. Borrower covenants and agrees to comply with all requirements of
the HPD Regulatory Agreement and to provide Lender with a copy of all reports, certifications, and documents within five (5)
Business Days after filing the same with the respective agency.

 

Section
17.03  Amendment of HPD Regulatory Agreement. 

 

The HPD Regulatory
Agreement may not be amended, modified, or terminated without the written consent of Lender.

 

Section
17.04  Property Management After Event of Default. 

 

As of the
Effective Date, Lender has approved Borrower as self-manager of the Mortgaged Property; provided, however, that after
the occurrence of an Event of Default, Borrower shall promptly engage a third-party property manager for management of the Mortgaged
Property, and the identity of such third-party property manager and the form of written agreement between such third-party property
manager and Borrower shall be subject to Lender approval. Nothing in this section shall be construed to limit or otherwise affect
Lender’s rights as otherwise provided in the Loan Documents regarding management of the Mortgaged Property, the property
manager, and/or any property management agreement.

 

[INITIALS FOLLOW ON NEXT PAGE]

 

	Modifications to Multifamily Loan and

Security Agreement (HPD Regulatory

Agreement)	 	Page 2
	Fannie Mae	 	© 2014 Fannie Mae

 

     

     

    

 

	 	BORROWER’S INITIALS: 	/S/ DB	 

 

	Modifications to Multifamily Loan and

Security Agreement (HPD Regulatory

Agreement)	 	Page 3
	Fannie Mae	 	© 2014 Fannie Mae

 

     

     

    

 

EXHIBIT D

 

MODIFICATIONS TO MULTIFAMILY LOAN AND
SECURITY AGREEMENT

(Shuttle Service Reserve)

 

The foregoing Loan
Agreement is hereby modified as follows:

 

1.       Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

2.       The
Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order:

 

“Initial
Shuttle Service Reserve Deposit” means $299,620.00.

 

“Shuttle
Service Reserve Account” means a custodial account as required by Lender from time to time.

 

“Shuttle
Service Reserve Account Funds” means, collectively, the Initial Shuttle Service Reserve Deposit and all other funds from
time to time held in the Shuttle Service Reserve Account.

 

“Statement
Period” means the twelve (12) month period shown on the most recent financial statement submitted by Borrower to
Lender.

 

	Modifications to Multifamily
Loan and

Security Agreement (Shuttle Service

Reserve)	 	Page 1
	Fannie Mae	 	 

 

     

     

    

 

3.       The
following article is hereby added to the Loan Agreement as Article 18 (Shuttle Service Reserve):

 

ARTICLE
18 – SHUTTLE SERVICE RESERVE

 

Section 18.   Recitals Regarding
Shuttle Service

 

As of the
Effective Date, the Borrower provides a private shuttle service (the “Shuttle Service”) for residents of the
Mortgaged Property to travel to the Lexington Avenue subway station located at Lexington Avenue and 96th Street in Manhattan,
New York.  The Metropolitan Transportation Authority of New York City is currently scheduled to open a new subway station
in December, 2016, located at 96th Street and 2nd Avenue in Manhattan, New York (the “Second Avenue
Station”), which location is less than four blocks from the Mortgaged Property. Borrower intends to continue to provide
the Shuttle Service until the time the Second Avenue Station is opened for use by the public.

 

Section
18.01   Covenants.

 

(a)       Shuttle
Service; Initial Deposit to Shuttle Reserve Account.

 

At its own
cost and expense, without reliance on or use of the Shuttle Service Reserve Account Funds, Borrower intends to provide the Shuttle
Service until the time the Second Avenue Station is opened for use by the public.

 

On the Effective
Date, Borrower shall pay to Lender the Initial Shuttle Service Reserve Deposit for deposit into the Shuttle Service Reserve Account.

 

(b)       Administrative
Fees and Expenses; Costs of Collection.

 

Borrower
shall pay within ten (10) days of request from Lender all reasonable costs and expenses incurred by Lender in connection with
collecting, holding and disbursing the Shuttle Service Reserve Account Funds pursuant to this Article 18 (Shuttle Service
Reserve). In addition, Borrower agrees to pay, within ten (10) days of request from Lender, all costs and expenses incurred
by Lender (including but not limited to court costs and attorneys’ fees and expenses) in exercising any of Lender’s
rights or obligations pursuant to the terms of this Loan Agreement or holding the Shuttle Service Reserve Account Funds.

 

	Modifications to Multifamily Loan and

Security Agreement (Shuttle Service

Reserve)	 	Page 2
	Fannie Mae	 	 

 

     

     

    

 

Section
18.02   Mortgage Loan Administration Matters Regarding Shuttle Service Reserve Account.

 

(a)       Accounts,
Deposits and Disbursements.

 

(1)       Custodial
Account.

 

The Shuttle
Service Reserve Account shall be deemed a Collateral Account under this Loan Agreement and any Shuttle Service Reserve Account
Funds shall be deemed part of the Collateral Account Funds under this Loan Agreement. The Shuttle Service Reserve Account shall
be an interest-bearing account which meets the standards for custodial accounts as required by Lender from time to time. Lender
shall not be responsible for any losses resulting from the investment of the Shuttle Service Reserve Account Funds or for obtaining
any specific level or percentage of earnings on such investment. All interest earned on the Shuttle Service Reserve Account Funds
shall be added to and become part of such Shuttle Service Reserve Account; provided, however, if applicable law requires,
and so long as no Event of Default has occurred and is continuing under any of the Loan Documents, Lender shall pay to Borrower
the interest earned on the Shuttle Service Reserve Account not less than once a quarter. In no event shall Lender be obligated
to disburse funds from the Shuttle Service Reserve Account if (A) an Event of Default has occurred and is continuing at the
time the disbursement request is made or (B) an Event of Default has occurred at any time during the applicable Statement
Period.

 

(2)       Disbursements
from Shuttle Service Reserve Account.

 

Nothing in
this Loan Agreement shall obligate Lender to apply all or any portion of the Shuttle Service Reserve Funds to cure any Event of
Default or to reduce the Indebtedness.

 

(3)       Disbursement
Request.

 

(A)       Lender
shall disburse to Borrower any and all amounts in the Shuttle Service Reserve Account upon receipt of a request in writing received
by Lender no later than ten (10) Business Days before the requested date of disbursement. The request shall include:

 

(i)       written
evidence, sufficient to Lender in its reasonable discretion, that (A) the Second Avenue Station has been opened for use by the
public, and (B) Borrower has ceased providing Shuttle Service;

 

	Modifications to Multifamily Loan and

Security Agreement (Shuttle Service

Reserve)	 	Page 3
	Fannie Mae	 	 

 

     

     

    

 

(ii)       unless
already delivered to Lender, certified current financial statements from Borrower’s operation of the Mortgaged Property,
for the prior month, and reconciled bank statements for the three (3) months preceding such request;

 

(iii)       a
certification by Borrower that no Event of Default has occurred and is continuing under the Loan Documents; and

 

(iv)       such
other information regarding the Mortgaged Property as Lender reasonably requests.

 

(C)       The
disbursement shall be expressly conditioned upon no Event of Default or event or condition which, with the giving of notice or
the passage of time, or both, would give rise to an Event of Default existing at either the time Borrower requests the disbursement
from the Shuttle Service Reserve Account or the time of such disbursement. Borrower is and shall remain obligated and responsible
for the payment of all amounts due under the Loan Documents regardless of whether disbursement from the Shuttle Service Reserve
Account is made by Lender pursuant to the terms of this Loan Agreement.

 

(D)       Notwithstanding
the foregoing, Lender shall disburse to Borrower any and all amounts then remaining in the Shuttle Service Reserve Account within
ten (10) days following Borrower’s payment in full of the Indebtedness and release by Lender of the Lien of the Security
Instrument.

 

(4)       Review
of Funding Requirement.

 

In connection
with any Transfer of the Mortgaged Property, or any Transfer of an ownership interest in Borrower, Guarantor or Key Principal that
requires Lender’s consent, Lender may review the amounts on deposit, if any, in the Shuttle Service Reserve Account and the
related contingencies which may arise during the remaining Loan Term. Based upon that review, Lender may require an additional
deposit to the Shuttle Service Reserve Account as a condition to Lender’s consent to such Transfer. In all events, the transferee
shall be required to assume Borrower’s duties and obligations under this Loan Agreement.

 

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	Fannie Mae	 	 

 

     

     

    

 

(b)       Lender
as Attorney-In-Fact.

 

Borrower
hereby authorizes and appoints Lender as attorney-in-fact pursuant to Section 14.03(c) (Appointment of Lender as Attorney-In-Fact).

 

[INITIALS FOLLOW ON NEXT PAGE]

 

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Reserve)	 	Page 5
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	 	BORROWER’S INITIALS: 	/S/ DB	 

 

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Security Agreement (Shuttle Service

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	Fannie MaeEX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 COUSINS PROPERTIES
LP 
 October 6, 2016 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINED TERMS
	  	 	2	  
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	16	  
		
	 Section 2.1 Organization
	  	 	16	  
	 Section 2.2 Name
	  	 	17	  
	 Section 2.3 Registered Office and Agent; Principal Office
	  	 	17	  
	 Section 2.4 Term
	  	 	17	  
		
	 ARTICLE III PURPOSE
	  	 	17	  
		
	 Section 3.1 Purpose and Business
	  	 	17	  
	 Section 3.2 Powers
	  	 	18	  
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS
	  	 	18	  
		
	 Section 4.1 Capital Contributions of the Partners
	  	 	18	  
	 Section 4.2 Issuances of Partnership Interests
	  	 	19	  
	 Section 4.3 No Preemptive Rights
	  	 	20	  
	 Section 4.4 Other Contribution Provisions
	  	 	20	  
	 Section 4.5 No Interest on Capital
	  	 	21	  
	 Section 4.6 LTIP Units
	  	 	21	  
	 Section 4.7 Conversion of LTIP Units
	  	 	24	  
		
	 ARTICLE V DISTRIBUTIONS
	  	 	27	  
		
	 Section 5.1 Requirement and Characterization of Distributions
	  	 	27	  
	 Section 5.2 Distributions in Kind
	  	 	32	  
	 Section 5.3 Amounts Withheld
	  	 	33	  
	 Section 5.4 Distributions upon Liquidation
	  	 	33	  
	 Section 5.5 Revisions to Reflect Issuance of Partnership Interests
	  	 	33	  
		
	 ARTICLE VI ALLOCATIONS
	  	 	33	  
		
	 Section 6.1 Allocations for Capital Account Purposes
	  	 	33	  
	 Section 6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests
	  	 	37	  
		
	 ARTICLE VII MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	37	  
		
	 Section 7.1 Management
	  	 	37	  
	 Section 7.2 Certificate of Limited Partnership
	  	 	42	  
	 Section 7.3 Title to Partnership Assets
	  	 	43	  
	 Section 7.4 Reimbursement of the General Partner
	  	 	43	  

  
 i 

					
	 Section 7.5 Outside Activities of the General Partner Entity; Relationship of Shares to
Partnership Units; Funding Debt
	  	 	46	  
	 Section 7.6 Transactions with Affiliates
	  	 	48	  
	 Section 7.7 Indemnification
	  	 	49	  
	 Section 7.8 Liability of the General Partner
	  	 	51	  
	 Section 7.9 Other Matters Concerning the General Partner
	  	 	53	  
	 Section 7.10 Reliance by Third Parties
	  	 	53	  
	 Section 7.11 Indebtedness to Third Parties
	  	 	54	  
		
	 ARTICLE VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	54	  
		
	 Section 8.1 Limitation of Liability
	  	 	54	  
	 Section 8.2 Management of Business
	  	 	54	  
	 Section 8.3 Outside Activities of Limited Partners
	  	 	54	  
	 Section 8.4 Return of Capital
	  	 	55	  
	 Section 8.5 Rights of Limited Partners Relating to the Partnership
	  	 	55	  
	 Section 8.6 Redemption Right
	  	 	57	  
	 Section 8.7 Partnership Right to Call Partnership Interests
	  	 	60	  
		
	 ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	61	  
		
	 Section 9.1 Records and Accounting
	  	 	61	  
	 Section 9.2 Fiscal Year
	  	 	61	  
	 Section 9.3 Reports
	  	 	61	  
		
	 ARTICLE X TAX MATTERS
	  	 	62	  
		
	 Section 10.1 Preparation of Tax Returns
	  	 	62	  
	 Section 10.2 Tax Elections
	  	 	62	  
	 Section 10.3 Tax Partner and Partnership Tax Audit Matters
	  	 	63	  
	 Section 10.4 Organizational Expenses
	  	 	65	  
	 Section 10.5 Withholding
	  	 	65	  
		
	 ARTICLE XI TRANSFERS AND WITHDRAWALS
	  	 	66	  
		
	 Section 11.1 Transfer
	  	 	66	  
	 Section 11.2 Transfers and Withdrawals by General Partner and General Partner Entity
	  	 	67	  
	 Section 11.3 Transfers by Limited Partners
	  	 	69	  
	 Section 11.4 Substituted Limited Partners
	  	 	70	  
	 Section 11.5 Assignees
	  	 	71	  
	 Section 11.6 General Provisions
	  	 	71	  
		
	 ARTICLE XII ADMISSION OF PARTNERS
	  	 	73	  
		
	 Section 12.1 Admission of a Successor General Partner
	  	 	73	  
	 Section 12.2 Admission of Additional Limited Partners
	  	 	74	  
	 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership
	  	 	74	  

  
 ii 

					
		
	 ARTICLE XIII DISSOLUTION AND LIQUIDATION
	  	 	75	  
		
	 Section 13.1 Dissolution
	  	 	75	  
	 Section 13.2 Winding Up
	  	 	75	  
	 Section 13.3 Compliance with Timing Requirements of Regulations; Deficit Capital
Accounts
	  	 	77	  
	 Section 13.4 Rights of Limited Partners
	  	 	77	  
	 Section 13.5 Notice of Dissolution
	  	 	77	  
	 Section 13.6 Cancellation of Certificate of Limited Partnership
	  	 	78	  
	 Section 13.7 Reasonable Time for Winding Up
	  	 	78	  
	 Section 13.8 Waiver of Partition
	  	 	78	  
	 Section 13.9 Liability of Liquidator
	  	 	78	  
		
	 ARTICLE XIV AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	 	78	  
		
	 Section 14.1 Amendments
	  	 	78	  
	 Section 14.2 Meetings of the Partners
	  	 	79	  
		
	 ARTICLE XV GENERAL PROVISIONS
	  	 	81	  
		
	 Section 15.1 Addresses and Notice
	  	 	81	  
	 Section 15.2 Titles and Captions
	  	 	81	  
	 Section 15.3 Pronouns and Plurals
	  	 	81	  
	 Section 15.4 Further Action
	  	 	81	  
	 Section 15.5 Binding Effect
	  	 	81	  
	 Section 15.6 Creditors
	  	 	82	  
	 Section 15.7 Waiver
	  	 	82	  
	 Section 15.8 Counterparts
	  	 	82	  
	 Section 15.9 Applicable Law
	  	 	82	  
	 Section 15.10 Invalidity of Provisions
	  	 	82	  
	 Section 15.11 Power of Attorney
	  	 	82	  
	 Section 15.12 Entire Agreement
	  	 	84	  
	 Section 15.13 No Rights as Shareholders
	  	 	84	  
	 Section 15.14 Limitation to Preserve REIT Status
	  	 	84	  

 List of Exhibits 
  

			
	Exhibit A	  	Form of Partner Registry
	Exhibit B	  	Capital Account Maintenance
	Exhibit C	  	Special Allocation Rules
	Exhibit D	  	Notice of Redemption
	Exhibit E	  	Notice of Election by Partner to Convert LTIP Units into Class A Units
	Exhibit F	  	Notice of Election by Partnership to Force Conversion of LTIP Units into Class A Units
	Exhibit G-1	  	Certification of Non-Foreign Status (For Redeeming Limited Partners That Are Entities)
	Exhibit G-2	  	Certification of Non-Foreign Status (For Redeeming Limited Partners That Are Individuals)

  
 iii 

 FORM OF 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 COUSINS PROPERTIES LP

 THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (as may be further amended, supplemented or restated from time to
time, the “Agreement”) of Cousins Properties LP (the “Partnership”) is dated as of October 6, 2016 and entered into by and among Cousins Properties Incorporated, a Georgia corporation, as the
general partner (“Cousins” or the “General Partner”), and the Persons whose names are set forth on the Partner Registry (as hereinafter defined) as Limited Partners, together with any other Persons who
become Partners in the Partnership as provided herein. 
 WHEREAS, on June 3, 2016 (the “Formation
Date”), the Partnership was formed as a limited partnership pursuant to the Delaware Revised Uniform Limited Partnership Act by the filing of the Certificate of Limited Partnership with the Secretary of State of the State of Delaware,
and Parkway Properties, Inc., as general partner (“Former Parkway REIT”), and Parkway Properties LP, as limited partner (“Legacy Parkway LP”), entered into an original agreement of limited partnership
of the Partnership effective as of the Formation Date (the “Original Partnership Agreement”);  

WHEREAS, on April 28, 2016, Cousins, Former Parkway REIT, Legacy Parkway LP, and Clinic Sub Inc., a wholly owned subsidiary of
Cousins (“Merger Sub”), entered into an agreement and plan of merger (as such agreement may be amended from time to time, the “Merger Agreement”), pursuant to which Former Parkway REIT, on the date
hereof, has merged with and into Merger Sub (the “Merger”); 
 WHEREAS, immediately following the effective
time of the Merger on the date hereof, Cousins, Merger Sub, Parkway, Inc., Legacy Parkway LP and the Partnership have effected a reorganization (the “Reorganization”) pursuant to which, among other things, (i) the direct
or indirect ownership interests in the assets of Legacy Parkway LP and Cousins, other than those located in Houston, Texas and certain other assets, have been contributed to the Partnership in exchange for Class A Units (as hereinafter defined)
of the Partnership and (ii) all direct and indirect ownership interests in the Partnership have been transferred or contributed to Cousins; 

WHEREAS, the Partners (as hereinafter defined) now desire to amend and restate the Original Partnership Agreement as set forth herein, among
other things to reflect the completion of the Merger and the Reorganization, and this Agreement shall, amend, restate and supersede the Original Partnership Agreement in its entirety. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend and restate the Original Partnership Agreement in its entirety and agree to continue the Partnership as a limited partnership under the Delaware Revised Uniform
Limited Partnership Act, as amended from time to time, as follows: 

 ARTICLE I 

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 12.2 hereof and who is shown as a Limited Partner on the Partnership Registry. 

“Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Fiscal
Year or other period (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), 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 Fiscal Year. 
 “Adjusted
Property” means any property the Carrying Value of which has been adjusted pursuant to Exhibit B. 

“Adjustment Event” means an event in which (i) the Partnership makes a distribution of Partnership Units
on all outstanding Class A Units, (ii) the Partnership subdivides the outstanding Class A Units into a greater number of Class A Units or combines the outstanding Class A Units into a lesser number of Class A Units,
(iii) the Partnership issues any Partnership Units in exchange for its outstanding Class A Units by way of a reclassification or recapitalization of its Class A Units, or (iv) a similar transaction involving Class A Units
where consideration is not received in connection with such transaction. For the avoidance of doubt, the following shall not be Adjustment Event: (a) the issuance of Partnership Units in a financing, reorganization, acquisition or similar
business transaction; (b) the issuance of Partnership Units pursuant to the Equity Incentive Plan or other compensation plan, or under a distribution reinvestment plan; or (c) the issuance of any Partnership Units to the General Partner or
other Persons in respect of a Capital Contribution to the Partnership. 
 “Affiliate” means, with
respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person, or (ii) any officer, director, general partner or trustee of such Person or any Person referred to in the
foregoing clause (i).  

  
 2 

 
For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreed Value” means (i) in the case of any Contributed Property, the Section 704(c) Value of
such property as of the time of its contribution to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed as determined under Section 752 of
the Code and the regulations thereunder; and (ii) 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. 

“Agreement” has the meaning set forth in the Preamble. 

“Applicable Special LTIP Unit Distribution Amount” has the meaning set forth in Section 5.1.F. 

“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, cash of the
Partnership, regardless of source (including Capital Contributions and loans to the Partnership), that the General Partner, in its sole and absolute discretion, determines is appropriate for distribution to the Partners. 

“Award Agreement” means each or any, as the context implies, agreement or instrument entered into by a holder of LTIP
Units upon acceptance of an award of LTIP Units under an Equity Incentive Plan. 
 “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. 
 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law to close. 

  
 3 

 “Capital Account” means the Capital Account maintained for a
Partner pursuant to Exhibit B. The initial Capital Account balance for each Partner who is a Partner on the date hereof shall be the amount set forth opposite such Partner’s name on the Partner Registry. 

“Capital Account Limitation” has the meaning set forth in Section 4.7.B. 

“Capital Contribution” means, with respect to any Partner, any cash and the Agreed Value of Contributed
Property which such Partner contributes or is deemed to contribute to the Partnership. 
 “Carrying
Value” means (i) with respect to a Contributed Property or Adjusted Property, the Section 704(c) Value of such property reduced (but not below zero) by all Depreciation with respect to such Contributed Property or
Adjusted Property, as the case may be, charged to the Partners’ Capital Accounts 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, and to reflect changes, additions (including capital improvements thereto) 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 equal to the Value on the Valuation Date of the Shares Amount.

 “Certificate of Limited Partnership” means the Certificate of Limited Partnership relating to the
Partnership filed in the office of the Delaware Secretary of State, as amended from time to time in accordance with the terms hereof and the Act. 

“Class A” has the meaning set forth in Section 5.1.C. 

“Class A Share” has the meaning set forth in Section 5.1.C. 

“Class A Unit” means any Partnership Unit that is not specifically designated by the General Partner as
being of another specified class of Partnership Units. 
 “Class A Unit Economic Balance” has the
meaning set forth in Section 6.1.E. 
 “Class A Unit Transaction” means any transaction or
series of related transactions (including without limitation a merger, consolidation, unit exchange, self-tender offer for all or substantially all Class A Units or other business combination or reorganization, or sale of all or substantially
all of the Partnership’s assets, but excluding any Class A Unit Transaction which constitutes an Adjustment Event) as a result of which Class A Units shall be exchanged for or converted into the right, or the holders of such
Class A Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof.  

“Class B” has the meaning set forth in Section 5.1.C. 

  
 4 

 “Class B Share” has the meaning set forth in
Section 5.1.C. 
 “Class B Unit” means a Partnership Unit that is specifically
designated by the General Partner as being a Class B Unit. 
 “Cousins” has the meaning set forth
in the forepart of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended and
in effect from time to time. 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. 

“Consent” means the consent or approval of a proposed action by a Partner given in accordance with
Article XIV. 
 “Consent of the Outside Limited Partners” means the Consent of Limited Partners
(excluding for this purpose, to the extent any of the following holds Class A Units, (i) the General Partner or the General Partner Entity, (ii) any Person of which the General Partner or the General Partner Entity directly or
indirectly owns or controls more than fifty percent (50%) of the voting interests and (iii) any Person directly or indirectly owning or controlling more than fifty percent (50%) of the outstanding voting interests of the General
Partner or the General Partner Entity) holding Class A Units representing more than fifty percent (50%) of the Percentage Interest of the Class A Units of all Limited Partners which are not excluded pursuant to (i), (ii) and
(iii) above, if any. 
 “Constituent Person” has the meaning set forth in
Section 4.7.F.  
 “Contributed Property” means each property or other asset contributed
to the Partnership, 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, such
property shall no longer constitute a Contributed Property for purposes of Exhibit B, but shall be deemed an Adjusted Property for such purposes. 

“Conversion Date” has the meaning set forth in Section 4.7.B. 

“Conversion Factor” means 1.0; provided, however, that, if the General Partner Entity
(i) declares or pays a dividend on its outstanding Shares in Shares or makes a distribution to all holders of its outstanding Shares in Shares and the Partnership does not make a corresponding distribution on Class A Units in Class A
Units, (ii) subdivides its outstanding Shares, or (iii) combines its outstanding Shares into a smaller number of Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which
shall be the number of Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such
time) and the denominator of which shall be the actual number of Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination; 

  
 5 

 
and provided further that if an entity shall cease to be the General Partner Entity (the “Predecessor Entity”) and another entity shall become the General Partner
Entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which is the Value of one Share of the Predecessor Entity, determined as of the
date when the Successor Entity becomes the General Partner Entity, and the denominator of which is the Value of one Share of the Successor Entity, determined as of that same date. (For purposes of the second proviso in the preceding sentence, if any
shareholders of the Predecessor Entity will receive consideration in connection with the transaction in which the Successor Entity becomes the General Partner Entity, the numerator in the fraction described above for determining the adjustment to
the Conversion Factor (that is, the Value of one Share of the Predecessor Entity) shall be the sum of the greatest amount of cash and the fair market value (as determined in good faith by the General Partner) of any securities and other
consideration that the holder of one Share in the Predecessor Entity could have received in such transaction (determined without regard to any provisions governing fractional shares).) The Conversion Factor is also subject to adjustment in the
circumstances set forth in Section 7.5. 
 Any adjustment to the Conversion Factor shall become effective immediately after
the effective date of the event retroactive to the record date, if any, for the event giving rise thereto, it being intended that (x) adjustments to the Conversion Factor are to be made to avoid unintended dilution or anti-dilution as a result
of transactions in which Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of Partnership Units and (y) if a Specified Redemption Date shall fall between the record date and the effective date of
any event of the type described above, that the Conversion Factor applicable to such redemption shall be adjusted to take into account such event. 

Notwithstanding the foregoing, the Conversion Factor shall not be adjusted in connection with an event described in clause (iii) or
(iv) of the first paragraph of this definition if, in connection with such event, the Partnership subdivides or otherwise makes a distribution of Class A Units and Class B Units with respect to all applicable outstanding Class A Units
and Class B Units or effects a reverse split of, or otherwise combines, the outstanding Class A Units and Class B Units as applicable, that is comparable as a whole in all material respects with such event. 

“Conversion Notice” has the meaning set forth in Section 4.7.B. 

“Conversion Right” has the meaning set forth in Section 4.7.A. 

“Convertible Funding Debt” has the meaning set forth in Section 7.5.E. 

“Current Partnership Audit Rules” has the meaning set forth in Section 10.3.A. 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for
borrowed money or for the deferred purchase price of property or services, (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar
instruments guaranteeing  

  
 6 

 
payment or other performance of obligations by such Person, (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any
property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof, and (iv) obligations of such Person incurred in
connection with entering into a lease which, in accordance with generally accepted accounting principles, should be capitalized. 

“Depreciation” means, for each Fiscal Year or other period, an amount equal to the U.S. federal income tax
depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for U.S. federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount as calculated in accordance with Regulations Section 1.704-3; provided, however, that if the U.S. federal income tax depreciation, amortization, or other cost
recovery deduction for such year is zero and if Depreciation is calculated in accordance with Regulations Section 1.704-3(b), Depreciation shall be determined with reference to such beginning Carrying Value using any reasonable method selected
by the General Partner. 
 “Distribution Measurement Date” has the meaning set forth
in Section 5.1.F. 
 “Distribution Participation Date” means, with respect to LTIP Units, such date
as may be specified in the Award Agreement or other documentation pursuant to which such LTIP Units are issued. 

“Distribution Payment Date” has the meaning set forth in Section 5.1.E. 

“Distribution Period” has the meaning set forth in Section 5.1.C 

“Economic Capital Account Balances” has the meaning set forth in Section 6.1.E. 

“Equity Incentive Plan” means any equity incentive or compensation plan hereafter adopted by the Partnership or
the General Partner.  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Excluded Units” has the meaning set forth in Section 11.2.C. 

“Fiscal Quarter” means any three calendar month quarter of any Fiscal Year of the Partnership, which quarters
shall end on March 31, June 30, September 30 and December 31 of each Fiscal Year. 

“Fiscal Year” means the fiscal year of the Partnership, which shall be the calendar year as provided in
Section 9.2. 
 “Forced Conversion” has the meaning set forth in Section 4.7.C.

  
 7 

 “Forced Conversion Notice” has the meaning set forth in Section
4.7.C. 
 “Formation Date” has the meaning set forth in the recitals hereto. 

“Former Parkway REIT” has the meaning set forth in the recitals hereto. 

“Funding Debt” means any Debt incurred for the purpose of providing funds to the Partnership by or on behalf of
the General Partner, the General Partner Entity or any wholly owned subsidiary of either the General Partner or the General Partner Entity. 

“General Partner” means Cousins Properties Incorporated, a Georgia corporation, or its successor or permitted
assignee, as general partner of the Partnership. 
 “General Partner Entity” means the General
Partner; provided, however, that if (i) the common shares of beneficial interest (or other comparable equity interests) of the General Partner are at any time not Publicly Traded and (ii) the common shares of beneficial
interest (or other comparable equity interests) of an entity that owns, directly or indirectly, fifty percent (50%) or more of the common shares of beneficial interest (or other comparable equity interests) of the General Partner are Publicly
Traded, the term “General Partner Entity” shall refer to such entity whose common shares of beneficial interest (or other comparable equity securities) are Publicly Traded. If both requirements set forth in clauses (i) and
(ii) above are not satisfied, then the term “General Partner Entity” shall mean the General Partner. 

“General Partner Interest” means a Partnership Interest held by the General Partner that is not designated a
Limited Partner Interest. A General Partner Interest may be expressed as a number of Partnership Units. 
 “General
Partner Payment” has the meaning set forth in Section 15.14. 
 “Immediate
Family” means, with respect to any natural Person, such natural Person’s spouse, parents, descendants, nephews, nieces, brothers, and sisters. 

“Incapacity” or “Incapacitated” means, (i) as to any individual who is a Partner,
death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate, (ii) as to any corporation which is a Partner, the filing of a certificate of
dissolution, or its equivalent, for the corporation or the revocation of its charter, (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of winding up of the partnership or limited
liability company, (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 

  
 8 

 
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 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) 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 its status as (A) the
General Partner, (B) the General Partner Entity, (C) a Limited Partner, or (D) any direct or indirect trustee, manager, director, officer, member, shareholder or partner of the Partnership, the General Partner, the General Partner
Entity or a Limited Partner, and (ii) such other Persons (including Affiliates of the General Partner or the General Partner Entity, a Limited 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. For the avoidance of doubt, Legacy Parkway LP shall not be considered an Indemnitee.  

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

 “Legacy Parkway LP” has the meaning set forth in the forepart of this Agreement. 

“Limited Partner” means any Person named as a Limited Partner in the Partner Registry or any Substituted
Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in 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 Limited 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. 

“Liquidating Gains” has the meaning set forth in Section 6.1.E. 

“Liquidator” has the meaning set forth in Section 13.2.A. 

  
 9 

 “LTIP Distribution Amount” has the meaning set forth in
Section 5.1.E. 
 “LTIP Unit” means a Partnership Unit that is designated as an LTIP Unit and
that has the rights, preferences and other privileges designated in Sections 4.6 and 4.7 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth on the
Partner Registry. 
 “LTIP Unit Sharing Percentage” means, for an LTIP Unit, the percentage that is specified as the
LTIP Unit Sharing Percentage in the Award Agreement or other documentation pursuant to which such LTIP Unit is issued. 

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

“Merger” has the meaning set forth in the recitals hereto. 

“Merger Agreement” has the meaning set forth in the recitals hereto. 

“Merger Sub” has the meaning set forth in the recitals hereto. 

“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 Exhibit B. If an item of
income, gain, loss or deduction that has been included in the initial computation of Net Income is subjected to the special allocation rules in Exhibit C, Net Income or the resulting Net Loss, whichever the case may be, shall
be recomputed without regard to such item. 
 “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
Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is subjected to the special allocation rules in Exhibit C, Net Loss or the resulting
Net Income, whichever the case may be, shall be recomputed without regard to such item. 
 “New
Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase Shares, excluding grants under the Equity Incentive Plan, or (ii) any Debt issued by
the General Partner that provides any of the rights described in clause (i). 
 “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. 

  
 10 

 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal 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 a Notice of Redemption substantially in the form of
Exhibit D. 
 “Operating Entity” has the meaning set forth in
Section 7.4.F. 
 “Original Partnership Agreement” has the meaning set forth in the
recitals hereto. 
 “Other REIT Entity” has the meaning set forth in Section 7.4.F. 

“Partner” means the General Partner or a Limited Partner, and “Partners” means the
General Partner and the Limited Partners. 
 “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), and the
amount of Partner Nonrecourse Deductions with respect to Partner Nonrecourse Debt for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partner Registry” means the Partner Registry maintained by the General Partner in the books and records of the
Partnership, which contains substantially the same information as would be necessary to complete the form of the Partner Registry attached hereto as Exhibit A. 

“Partnership” has the meaning set forth in the recitals hereto. 

“Partnership Approval” has the meaning set forth in Section 11.2.C. 

“Partnership Interest” means a Limited Partner Interest, a General Partner Interest or LTIP Units (to the
extent the General Partner has awarded LTIP Units) 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. 

  
 11 

 “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 Partnership Minimum Gain, for a Fiscal 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 either (i) for the distribution of Available Cash pursuant to Section 5.1.A, which record date, if applicable, shall be the same as the record date established by the General Partner Entity for a distribution to its
shareholders of some or all of its portion of such distribution, or (ii) if applicable, for determining the Partners entitled to vote on or consent to any proposed action for which the consent or approval of the Partners is sought pursuant to
Section 14.2. 
 “Partnership Unit” means a fractional, undivided share of a class or series of
Partnership Interests issued pursuant to Sections 4.1 and 4.2, and includes Class A Units, Class B Units, LTIP Units and any other classes or series of Partnership Units established after the date hereof. The number of
Partnership Units outstanding and the Percentage Interests in the Partnership represented by such Partnership Units are set forth in the Partner Registry. Partnership Units constituting a General Partner Interest or Limited Partner Interest shall
have the differences in rights and privileges specified in this Agreement, notwithstanding that such Partnership Units may be of the same class or series for purposes of distributions of Available Cash or upon liquidation or for certain other
purposes. 
 “Partnership Unit Designation” has the meaning set forth in Section 4.2.A. 

“Percentage Interest” means, as to a Partner holding a class or series of Partnership Interests, its interest
in such class or series, determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class or series then outstanding. For purposes of determining the Percentage
Interest of the Partners at any time when there are Class B Units outstanding, all Class B Units shall be treated as Class A Units.  

“Person” means an individual, partnership, corporation, limited liability company, association, trust, joint venture,
unincorporated organization, self-regulatory organization and any government, governmental department or agency or political subdivision thereof (or any group of any of the foregoing). 

“Predecessor Entity” has the meaning set forth in the definition of “Conversion Factor”
herein. 
 “Publicly Traded” means listed or admitted to trading on the New York Stock Exchange, the
NASDAQ Stock Market, any nationally or internationally recognized stock exchange or any successor to any of the foregoing. 

  
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 “Qualified Assets” means any of the following assets: (i) interests,
rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified
REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a
one percent (1%) equity interest in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of
administrative expenses or pending distribution to security holders of the General Partner Entity or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a
whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries. 
 “Qualified REIT
Subsidiary” means any Subsidiary of the General Partner Entity that is a “qualified REIT subsidiary” within the meaning of Section 856(i) of the Code. 

“Recapture Income” means any gain recognized by the Partnership (computed without regard to any adjustment
pursuant to Section 754 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized either as ordinary income or as “unrecaptured Section 1250 gain” (as defined in
Section 1(h)(6) of the Code) because it represents the recapture of depreciation deductions previously taken with respect to such property or asset. 

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

“Redeeming Partner” has the meaning set forth in Section 8.6.A. 

“Redemption Amount” means either the Cash Amount or the Shares Amount, as determined by the General Partner, in
its sole and absolute discretion; provided, however, that if the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption Amount shall be paid only in the form of the Cash Amount unless the
Redeeming Partner, in its sole and absolute discretion, consents to payment of the Redemption Amount in the form of the Shares Amount. A Redeeming Partner shall have no right, without the General Partner’s consent, in its sole and absolute
discretion, to receive the Redemption Amount in the form of the Shares Amount. 
 “Redemption Right”
has the meaning set forth in Section 8.6.A. 
 “Regulations” means the Treasury
Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“REIT” means an entity that qualifies as a real estate investment trust under the Code. 

“REIT Requirements” has the meaning set forth in Section 5.1.A. 

  
 13 

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

“Safe Harbor” has the meaning set forth in Section 11.6.F. 

“Section 704(c) Value” of any Contributed Property means the fair market value of such property at
the time of contribution as determined by the General Partner using such reasonable method of valuation as it may adopt; provided, however, subject to Exhibit C, 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 Section 704(c) Value of Contributed Properties in a single or integrated transaction among each separate property on a basis proportional
to its fair market values. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Share” means a share of common stock of the General Partner Entity. If the General Partner Entity has more
than one class or series of common stock outstanding, the term “Shares” shall be deemed to refer to (x) the same class or series of common stock of the General Partner Entity as is outstanding immediately following the
consummation of the Reorganization, (y) any class or series of common stock of the General Partner Entity (including a Successor Entity) for which the shares of the class or series of common stock outstanding immediately following the
consummation of the Reorganization are exchanged in a Termination Transaction that satisfies the requirements of Section 11.2.B, or (z) shares of a class or series of common stock of the General Partner Entity (including a Successor
Entity) that result from a reclassification, recapitalization or other change in outstanding Shares that satisfies the requirements of Section 11.2.B. Shares issued in lieu of the Cash Amount may be either registered or unregistered
Shares at the option of the General Partner. 
 “Shareholder Approval” has the meaning set forth
in Section 11.2.B. 
 “Shareholder Vote” has the meaning set forth
in Section 11.2.B. 
 “Shares Amount” means a number of Shares equal to the product of the
number of Partnership Units offered for redemption by a Redeeming Partner times the Conversion Factor; provided, however, that if the General Partner Entity issues to holders of Shares securities, rights, options, warrants or
convertible or exchangeable securities entitling such holders to subscribe for or purchase Shares or any other securities or property (collectively, the “rights”), then the Shares Amount shall also include such rights that a
holder of that number of Shares would be entitled to receive unless the Partnership issues corresponding rights to holders of Partnership Units. 

“Special LTIP Unit Distribution” has the meaning set forth in Section 5.1.F. 

  
 14 

 “Specified Redemption Date” means the twentieth
(20th) Business Day after the Valuation Date or such shorter period as the General Partner, in its sole and absolute discretion, may determine; provided, however, that, if the Shares are not Publicly Traded, the Specified
Redemption Date means the thirtieth (30th) Business Day after receipt by the General Partner of a Notice of Redemption. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, trust, partnership
or joint venture, 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 and who is shown as a Limited Partner in the Partner Registry. 
 “Successor
Entity” has the meaning set forth in the definition of “Conversion Factor” herein. 

“Tender Offer” has the meaning set forth in Section 11.2.B. 

“Termination Transaction” has the meaning set forth in Section 11.2.B. 

“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) as of such date, over (ii) the Carrying Value of such property (prior to any adjustment to be made pursuant to
Exhibit B) 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 adjustment to be made pursuant to Exhibit B) as of such date, over (ii) the fair
market value of such property (as determined under Exhibit B) as of such date. 
 “Unvested LTIP
Units” has the meaning set forth in Section 4.6.C. 
 “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 one Share of a class of outstanding Shares of the General Partner Entity that
are Publicly Traded, the average of the daily market price for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. The market price for each such trading day shall be the closing price,
regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day. If the outstanding Shares of the General Partner Entity are Publicly Traded and the Shares Amount includes, in
addition to the Shares, rights or interests that a holder of Shares has received or would be entitled to receive, then the Value of such rights shall be  

  
 15 

 
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. If the Shares of the General
Partner Entity are not Publicly Traded, the Value of the Shares Amount per Partnership Unit tendered for redemption (which will be the Cash Amount per Partnership Unit offered for redemption payable pursuant to Section 8.6.A) means the
amount that a holder of one Partnership Unit would receive if each of the assets of the Partnership were to be sold for its fair market value on the Specified Redemption Date, the Partnership were to pay all of its outstanding liabilities, and the
remaining proceeds were to be distributed to the Partners in accordance with the terms of this Agreement. Such Value shall be determined by the General Partner, acting in good faith and based upon a commercially reasonable estimate of the amount
that would be realized by the Partnership if each asset of the Partnership (and each asset of each partnership, limited liability company, trust, joint venture or other entity in which the Partnership owns a direct or indirect interest) were sold to
an unrelated purchaser in an arms’ length transaction where neither the purchaser nor the seller were under economic compulsion to enter into the transaction (without regard to any discount in value as a result of the Partnership’s
minority interest in any property or any illiquidity of the Partnership’s interest in any property). 
 “Vested LTIP
Units” has the meaning set forth in Section 4.6.C.  
 ARTICLE II 

ORGANIZATIONAL MATTERS 
 Section 2.1
Organization 
 A. Organization, Status and Rights. The Partnership is a limited partnership organized pursuant to the provisions
of the Act and upon the terms and conditions set forth in the Original Agreement. The Partners hereby confirm and agree to their status as partners of the Partnership and to continue the business of the Partnership on the terms set forth in this
Agreement. Except as expressly provided herein, 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. 
 B. Qualification of Partnership. The Partners (i) agree that if the laws of any jurisdiction in which the
Partnership transacts business so require, the appropriate officers or other authorized representatives of the Partnership shall file, or shall cause to be filed, with the appropriate office in that jurisdiction, any documents necessary for the
Partnership to qualify to transact business under such laws; and (ii) agree and obligate themselves to execute, acknowledge and cause to be filed for record, in the place or places and manner prescribed by law, any amendments to the Certificate
of Limited Partnership as may be required, either by the Act, by the laws of any jurisdiction in which the Partnership transacts business, or by this Agreement, to reflect changes in the information contained therein or otherwise to comply with the
requirements of law for the continuation, preservation and operation of the Partnership as a limited partnership under the Act. 

  
 16 

 C. Representations. Each Partner represents and warrants that such Partner is duly
authorized to execute, deliver and perform its obligations under this Agreement and that the Person, if any, executing this Agreement on behalf of such Partner is duly authorized to do so and that this Agreement is binding on and enforceable against
such Partner in accordance with its terms. 
 Section 2.2 Name 

The name of the Partnership shall be Cousins Properties LP. The Partnership’s business may be conducted under any other name or names
deemed advisable by the General Partner, including the name of any 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 shall be located
at Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle 19801, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be The Corporation Trust Company.
The principal office of the Partnership shall be 191 Peachtree Street NE , Suite 500, Atlanta, GA 30303 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 Term 

The term of the Partnership commenced on June 3, 2016, and shall continue until dissolved pursuant to the provisions of
Article XIII or as otherwise provided by law. 
 ARTICLE III 

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; (ii) to enter into any corporation, partnership, joint venture, trust, limited liability company or other similar arrangement to engage in any of the foregoing or the
ownership of interests in any entity engaged, directly or indirectly, in any of the foregoing; and (iii) to do anything necessary or incidental to the foregoing; provided, however, that any business shall be limited to and
conducted in such a manner as to permit the General Partner and, if 

  
 17 

 
different, the General Partner Entity, at all times to be classified as a REIT, unless the General Partner or General Partner Entity, as applicable, in its sole and absolute discretion has chosen
to cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT for any reason or reasons whether or not related to the business conducted by the Partnership. In connection with the foregoing, and without limiting the General Partner
or the General Partner Entity’s right, in its sole and absolute discretion, to cease qualifying as a REIT, the Partners acknowledge that the status of the General Partner or, if different, the General Partner Entity as a REIT inures to the
benefit of all the Partners and not solely to the General Partner, the General Partner Entity or their or its Affiliates, members and shareholders. The General Partner shall be empowered to do any and all acts and things necessary or prudent to
ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code. 

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, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether
or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property; provided, however, that the Partnership shall not take,
or shall 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 any of the General Partner or the General Partner Entity to continue to
qualify as a REIT (if such entity has chosen to attempt to qualify as a REIT), (ii) could subject any of the General Partner or the General Partner Entity to any taxes under Section 857, Section 4981, or any other provision of the
Code, or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over any of the General Partner or the General Partner Entity or its securities, unless such action (or inaction) shall have been
specifically consented to by the General Partner in writing. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS AND ISSUANCES 

OF PARTNERSHIP INTERESTS 

Section 4.1 Capital Contributions of the Partners 

Prior to or concurrently with the execution of this Agreement, the Partners have made the Capital Contributions to the Partnership as set forth
in the Partner Registry. On the date hereof, the Partners own Partnership Units in the amounts set forth in the Partner Registry and have Percentage Interests in the Partnership as set forth in the Partner Registry. The number of Partnership
Units and Percentage Interest shall be adjusted in the Partner Registry from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, 

  
 18 

 
Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s Percentage Interest occurring after the date hereof in accordance with
the terms of this Agreement. One thousand (1,000) Class A Units shall be deemed to be the General Partner’s Partnership Units and shall be the General Partner Interest of the General Partner, and all other Partnership Units held by
the General Partner shall be deemed to be Limited Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership. Except as provided in Sections 7.5 and 10.5 hereof, the Partners
shall have no obligation to make any additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise). No Partner shall have any obligation to restore any deficit
that may exist in its Capital Account, either upon a liquidation of the Partnership or otherwise, provided that such Capital Account deficit did not arise by reason of distributions in violation of this Agreement or applicable law or other actions
in violation of this Agreement or applicable law. 
 Section 4.2 Issuances of Partnership Interests 

A. General. The General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including
the General Partner and its Affiliates) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership or any of its Subsidiaries) Partnership Units or other Partnership Interests in one or more
classes, or in 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 one or more other classes
of Partnership Interests, all as shall be determined, subject to applicable Delaware law, by the General Partner in its sole and absolute discretion, which shall be set forth in a written document thereafter attached to and made an exhibit to this
Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit Designation”), 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, (iii) the rights of
each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership, (iv) the rights, if any, of each such class to vote on matters that require the vote or Consent of the Limited Partners, and (v) the
consideration, if any, to be received by the Partnership; provided, however, that no such Partnership Units or other Partnership Interests shall be issued to the General Partner Entity unless either (a) the Partnership Interests
are issued in connection with the grant, award or issuance of Shares or other equity interests in the General Partner Entity (including a transaction described in Section 7.5.F) having designations, preferences and other rights such that
the economic interests attributable to such Shares or other equity interests are substantially similar to the designations, preferences and other rights (except voting rights) of the Partnership Interests issued to the General Partner Entity in
accordance with this Section 4.2.A, or (b) the additional Partnership Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such class. If the
Partnership issues Partnership Interests pursuant to this Section 4.2.A, the General Partner shall make such revisions to this Agreement (including but not limited to the revisions described in Section 4.6,
Section 5.5, Section 6.2 and Section 8.6) as it deems necessary to reflect the issuance of such Partnership Interests. 

  
 19 

 B. Classes of Partnership Units. From and after the date of the Agreement, the Partnership
shall have three classes of Partnership Units entitled “Class A Units,” “Class B Units” and “LTIP Units,” and such additional classes of Partnership Units as may be created by the General Partner pursuant to
Section 4.2.A (collectively, the “Units”). Class A Units, Class B Units, LTIP Units or a class of Partnership Interests created pursuant to Section 4.2.A, at the election of the General
Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration or in connection with
a merger of the Partnership; provided, however, that any Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be a Class A Unit. Each Class B Unit shall
be converted automatically into a corresponding series of Class A Unit on the day immediately following the Partnership Record Date for the Distribution Period in which such Class B Unit was issued, without the requirement for any action
by the General Partner, the Partnership or the Partner holding the Class B Unit. The terms of the LTIP Units shall be in accordance with Sections 4.6 and 4.7. 

Section 4.3 No Preemptive Rights 

Except to the extent expressly granted by the Partnership pursuant to another Agreement, no Person shall have any preemptive, preferential or
other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units or other Partnership Interests. 

Section 4.4 Other Contribution Provisions 

A. General. If any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the
Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner had made a Capital Contribution of such cash to the capital of the Partnership.

 B. Mergers. To the extent the Partnership acquires any property (or an indirect interest therein) by the merger of any other Person
into the Partnership or with or into a Subsidiary of the Partnership, Persons who receive Partnership Interests in exchange for their interest in the Person merging into the Partnership or with or into a Subsidiary of the Partnership shall be deemed
to have been admitted as Additional Limited Partners pursuant to Section 12.2 and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement (or if not so provided, as determined by the General
Partner in its sole and absolute discretion) and as set forth in the Partner Registry. 

  
 20 

 Section 4.5 No Interest on Capital 

No Partner shall be entitled to interest on its Capital Contributions or its Capital Account. 

Section 4.6 LTIP Units 
 A.
Issuance of LTIP Units. The General Partner may from time to time issue LTIP Units to Persons who have provided, or will provide, services to the Partnership or the General Partner, for such consideration (if any) as the General Partner may
determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.6 and the special provisions of Sections 4.7 and 6.1.E, LTIP Units shall be treated as Class A
Units, with all of the rights, privileges and obligations attendant thereto (or, if so designated by the General Partner in connection with the issuance thereof, as Class B Units for the quarter in which such LTIP Units are issued). For purposes of
computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Class A Unit holders and LTIP Units shall be treated as Class A Units. In particular, subject to the following provisions of this
Section 4.6 and Sections 4.7 and 6.1.E, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Class A Units for conversion, distribution and other purposes, including, without
limitation, complying with the following procedures: 
 (i) If an Adjustment Event occurs, then the General Partner shall make a
corresponding adjustment to the LTIP Units to maintain a one-for-one conversion and economic equivalence ratio between Class A Units and LTIP Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only
once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. If the Partnership takes an action affecting the Class A Units other than actions specifically defined as
“Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such
adjustment to the LTIP Units, to the extent permitted by law and by any applicable Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an
adjustment is made to the LTIP Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such
adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the
adjustment to his or her LTIP Units and the effective date of such adjustment; and 
 (ii) Subject to the provisions of Sections
5.1.E, 5.1.F and 5.1.G, the LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit
equal to the distributions per Class A Unit paid to holders of Class A Units (or, if such LTIP Unit is designated for treatment as a Class B Unit, equal to the distributions that would be paid if such

  
 21 

 
unit were a Class B Unit) on such Partnership Record Date established by the General Partner with respect to such distribution. So long as any LTIP Units are outstanding, no distributions
(whether in cash or in kind) shall be authorized, declared or paid on Class A Units or Class B Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units that are then entitled to
payment of distributions. 
 B. Priority. Subject to the provisions of this Section 4.6 and the special provisions of
Sections 4.7 , 5.1.E, 5.1.F and 5.1.G, the LTIP Units shall rank pari passu with the Class A Units and Class B Units as to the payment of regular and special periodic or other distributions and distribution of assets
upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms specifies that it shall rank
junior to, on a parity with, or senior to the Class A Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the LTIP Units. Subject to the terms of any Award Agreement, an LTIP Unitholder shall be entitled to
transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Class A Units are entitled to transfer their Class A Units pursuant to Article XI. 

C. Special Provisions. LTIP Units shall be subject to the following special provisions: 

(i) Award Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and
additional restrictions on transfer pursuant to the terms of an Award Agreement. The terms of any Award Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by
the relevant Award Agreement or by any applicable Equity Incentive Plan. LTIP Units that have vested under the terms of an Award Agreement are referred to as “Vested LTIP Units”; all other LTIP Units shall be treated as
“Unvested LTIP Units.” 
 (ii) Forfeiture. Unless otherwise specified in the Award Agreement, upon the
occurrence of any event specified in an Award Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the
Partnership or the General Partner exercises such right to repurchase or such forfeiture occurs in accordance with the applicable Award Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and
no longer outstanding for any purpose. Unless otherwise specified in the Award Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a
Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her
LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.1.E hereof, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 

  
 22 

 (iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations of gain
under Section 6.1.E. LTIP Units shall be allocated Net Income and Net Loss, for any taxable year or portion of a taxable year occurring after such issuance and prior to the Distribution Participation Date for such LTIP Units,
in amounts per LTIP Unit equal to the amounts allocated per Class A Unit for the same period multiplied by the LTIP Unit Sharing Percentage for such LTIP Units. Commencing with the portion of the taxable year of the Partnership that begins
on the Distribution Participation Date established for any LTIP Units, such LTIP Units shall be allocated Net Income and Net Loss in amounts per LTIP Unit equal to the amounts allocated per Class A Unit. The allocations provided by the
preceding sentence shall be subject to Section 6.1.A and Section 6.1.B of the Agreement. The General Partner is authorized in its discretion to delay or accelerate the participation of the LTIP Units in allocations
of Net Income and Net Loss, or to adjust the allocations made after the Distribution Participation Date, so that the ratio of (i) the total amount of Net Income or Net Loss allocated with respect to each LTIP Unit in the taxable year in which
that LTIP Unit’s Distribution Participation Date falls, to (ii) the total amount distributed to that LTIP Unit with respect to such period, is equal to such ratio as computed for the Class A Units held by the General Partner. 

(iv) Redemption. The Redemption Right provided to the holders of Class A Units under Section 8.6 hereof shall not apply with
respect to LTIP Units unless and until they are converted to Class A Units as provided in clause (v) below and Section 4.7. 

(v) Conversion to Class A Units. Vested LTIP Units are eligible to be converted into Class A Units in accordance with
Section 4.7. 
 D. Voting. LTIP Unitholders shall (a) have the same voting rights as the Limited Partners, with the
LTIP Units voting as a single class with the Class A Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set forth below. So long as any LTIP Units remain outstanding, the Partnership shall
not, without the affirmative vote of the holders of a majority of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger,
consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration,
or repeal affects equally, ratably and proportionately the rights, privileges and voting powers of all of Class A Units (including the Class A Units held by the General Partner); but subject, in any event, to the following provisions: 

(i) With respect to any Class A Unit Transaction (as defined in Section 4.7.F hereof), so long as the LTIP Units are treated
in accordance with Section 4.7.F hereof, the consummation of such Class A Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP
Unitholders as such; and 

  
 23 

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

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be
effected, all outstanding LTIP Units shall have been converted into Class A Units. 
 Section 4.7 Conversion of LTIP Units. 

A. Conversion Right. An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at
any time to convert all or a portion of his or her Vested LTIP Units into fully paid and non-assessable Class A Units; provided, however, that a holder may not exercise the Conversion Right for fewer than one thousand
(1,000) Vested LTIP Units or, if such holder holds fewer than one thousand (1,000) Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into
Class A Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such
LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to
such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Class A Units, provided, however, that any Special LTIP Unit Distribution payable with respect to such
Vested LTIP Units is paid prior to such conversion. In all cases, the conversion of any LTIP Units into Class A Units shall be subject to the conditions and procedures set forth in this Section 4.7. 

B. Exercise by an LTIP Unitholder. A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and
non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6 hereof. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that
exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Unit Economic Balance, in each case as determined as of the effective date
of conversion (the “Capital Account Limitation”). In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as
Exhibit E to this Agreement to the Partnership (with a copy to the General Partner) not less than ten (10) nor more than sixty (60) days prior to a date (the “Conversion Date”) specified in such
Conversion Notice; provided, however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Class A Unit Transaction (as defined in Section 4.7.F hereof) at least thirty
(30)

  
 24 

 
days prior to the effective date of such Class A Unit Transaction, then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth day after
such notice from the General Partner of a Class A Unit Transaction or (y) the third business day immediately preceding the effective date of such Class A Unit Transaction. A Conversion Notice shall be provided in the manner provided
in Section 15.1. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 4.7.B shall be free and clear of all liens and encumbrances. Notwithstanding
anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.6 relating to those Class A Units that will be issued to such holder upon conversion of such LTIP Units into
Class A Units in advance of the Conversion Date; provided, however, that the redemption of such Class A Units by the Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the
objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes, the Class A Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such
conversion, with the further consequence that, if the General Partner elects to assume and perform the Partnership’s redemption obligation with respect to such Class A Units under Section 8.6 hereof by delivering to such holder
Shares rather than cash, then such holder can have such Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Class A Units. The General Partner and LTIP Unitholder shall reasonably cooperate with
each other to coordinate the timing of the events described in the foregoing sentence. 
 C. Forced Conversion by the Partnership. The
Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of fully paid and
non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6; provided, however, that the Partnership may not cause Forced Conversion of any LTIP Units that would not at the time
be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.7.B or with respect to which a Special LTIP Unit Distribution is payable and has not been paid. In order to exercise its right of Forced Conversion,
the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form attached as Exhibit F to this Agreement to the applicable LTIP Unitholder not less than ten (10) nor more than sixty
(60) days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 15.1. 

D. Completion of Conversion. A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the
Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited
on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall
deliver to such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of Class A Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee
of any Limited Partner pursuant to Article XI hereof may exercise the rights of such Limited Partner pursuant to this Section 4.7 and such Limited Partner shall be bound by the exercise of such rights by the Assignee. 

  
 25 

 E. Impact of Conversions for Purposes of Section 6.1.E. For purposes of making future
allocations under Section 6.1.E hereof and applying the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be
reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Class A Unit Economic Balance. 

F. Class A Unit Transactions. If the Partnership or the General Partner Entity shall be a party to any Class A Unit
Transaction, then the General Partner shall, immediately prior to the Class A Unit Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of LTIP Units then eligible for conversion, taking into account
any allocations that occur in connection with the Class A Unit Transaction or that would occur in connection with the Class A Unit Transaction if the assets of the Partnership were sold at the Class A Unit Transaction price or, if
applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Class A Unit Transaction (in which case the Conversion Date shall be the effective date of the
Class A Unit Transaction). In anticipation of such Forced Conversion and the consummation of the Class A Unit Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to
receive in connection with such Class A Unit Transaction in consideration for the Class A Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof)
receivable upon the consummation of such Class A Unit Transaction by a holder of the same number of Class A Units, assuming such holder of Class A Units is not a Person with which the Partnership consolidated or into which the
Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In the event that holders of
Class A Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Class A Unit Transaction, prior to such Class A Unit Transaction the General Partner shall give prompt written
notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon
conversion of each LTIP Unit held by such holder into Class A Units in connection with such Class A Unit Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon
conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Class A Unit would receive if such Class A Unit holder failed to make such an election. Subject
to the rights of the Partnership and the General Partner under any Award Agreement and any applicable Equity Incentive Plan, to the extent any LTIP Units are then outstanding, the Partnership shall use commercially reasonable effort to cause the
terms of any Class A Unit Transaction to be consistent with the provisions of this Section 4.7.F and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders

  
 26 

 
whose LTIP Units will not be converted into Class A Units in connection with the Class A Unit Transaction that will (i) contain provisions enabling the holders of LTIP Units that
remain outstanding after such Class A Unit Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Class A Units and (ii) preserve as far as reasonably possible under
the circumstances the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders. 

ARTICLE V 
 DISTRIBUTIONS

 Section 5.1 Requirement and Characterization of Distributions 

A. Distribution of Operating Income. The General Partner shall distribute at least quarterly an amount equal to all, or such portion as
the General Partner in its sole and absolute discretion may determine, of the Available Cash of the Partnership with respect to such quarter or shorter period to the Partners in accordance with the terms established for the class or classes of
Partnership Interests held by such Partners who are Partners on the respective Partnership Record Date with respect to such quarter or shorter period as provided in Sections 5.1.B, 5.1.C and 5.1.D and in accordance with
the respective terms established for each class of Partnership Interest. Notwithstanding anything to the contrary contained herein, in no event may a Partner receive a distribution of Available Cash with respect to a Partnership Unit for a quarter
or shorter period if such Partner is entitled to receive a distribution with respect to a Share for which such Partnership Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein, or in the terms established for a new
class or series of Partnership Interests created in accordance with Article IV hereof, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. If the General Partner Entity has chosen to
attempt to qualify as a REIT, the General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the qualification of the General Partner Entity as a REIT, to distribute Available Cash
to the General Partner Entity in an amount sufficient to enable the General Partner Entity to make distributions to its shareholders that will enable the General Partner Entity to (1) satisfy the requirements for qualification as a REIT under
the Code and the Regulations (the “REIT Requirements”), and (2) avoid any federal income or excise tax liability. 

B. Method. 
 (i) Each
holder of Partnership Interests, if any, that is entitled to any preference in distribution shall be entitled to a distribution in accordance with the rights of any such class of Partnership Interests (and, within such class, pro rata in proportion
to the respective Percentage Interests on such Partnership Record Date); and 
 (ii) To the extent there is Available Cash remaining after
the payment of any preference in distribution in accordance with the foregoing clause (i) (if applicable), with respect to Partnership Interests that are not entitled to any preference in distribution, such Available Cash shall be distributed
pro rata to each such class in accordance with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage Interests on such Partnership Record Date). 

  
 27 

 C. Distributions When Class B Units Are Outstanding. If for any quarter or shorter
period with respect to which a distribution is to be made pursuant to Section 5.1.A. (a “Distribution Period”) Class B Units are outstanding on the Partnership Record Date for such Distribution Period, the
General Partner shall allocate the Available Cash with respect to such Distribution Period available for distribution with respect to the Class A Units and Class B Units collectively between the Partners who are holders of Class A
Units (“Class A”) and the Partners who are holders of Class B Units (“Class B”) as follows: 
  

	 	(1)	Class A shall receive that portion of the Available Cash (the “Class A Share”) determined by multiplying the amount of Available Cash by the following fraction:

  

	
	                A x Y                
	 (A x Y) + (B x X)

  

	 	(2)	Class B shall receive that portion of the Available Cash (the “Class B Share”) determined by multiplying the amount of Available Cash by the following fraction:

  

	
	                B x X                
	 (A x Y) + (B x X)

  

	 	(3)	For purposes of the foregoing formulas, (i) “A” equals the number of Class A Units outstanding on the Partnership Record Date for such Distribution Period; (ii) “B” equals the number
of Class B Units outstanding on the Partnership Record Date for such Distribution Period; (iii) “Y” equals the number of days in the Distribution Period; and (iv) “X” equals the number of days in the Distribution
Period for which the Class B Units were issued and outstanding. 

 The Class A Share shall be distributed pro rata
among Partners holding Class A Units on the Partnership Record Date for the Distribution Period in accordance with the number of Class A Units held by each Partner on such Partnership Record Date; provided, however, that in
no event may a Partner receive a distribution of Available Cash with respect to a Class A Unit if a Partner is entitled to receive a distribution with respect to a Share for which such Class A Unit has been redeemed or exchanged. If
Class B Units were issued on the same date, the Class B Share shall be distributed pro rata among the Partners holding Class B Units on the Partnership Record Date for the Distribution Period in accordance with the number of
Class B Units held by each Partner on such Partnership Record Date. In no event shall any Class B Units be entitled to receive any distribution of Available Cash for any Distribution Period ending prior to the date on which such
Class B Units are issued. For purposes of the foregoing calculations, LTIP Units with an associated Distribution Participation Date that falls on or before the date of the relevant distribution shall be treated as outstanding Class A
Units. 

  
 28 

 D. Distributions When Class B Units Have Been Issued on Different Dates. If
Class B Units which have been issued on different dates are outstanding on the Partnership Record Date for any Distribution Period, then the Class B Units issued on each particular date shall be treated as a separate series of Partnership
Units for purposes of making the allocation of Available Cash for such Distribution Period among the holders of Partnership Units (and the formula for making such allocation, and the definitions of variables used therein, shall be modified
accordingly). Thus, for example, if two series of Class B Units are outstanding on the Partnership Record Date for any Distribution Period, the allocation formula for each series, “Series B1” and
“Series B2” would be as follows: 
  

	 	(1)	Series B1 shall receive that portion of the Available Cash determined by multiplying the amount of Available Cash by the following fraction: 

 

	
	                        B1 x
X1                        
	 (A x Y) + (B x X1) + (B2 x X2)

  

	 	(2)	Series B2 shall receive that portion of the Available Cash determined by multiplying the amount of Available Cash by the following fraction: 

 

	
	                        B2 x
X2                        
	 (A x Y) + (B1 x X1) + (B2 x X2)

  

	 	(3)	For purposes of the foregoing formulas the definitions set forth in Section 5.1.C(3) remain the same except that (i) “B1” equals the number of Partnership Units in Series B1
outstanding on the Partnership Record Date for such Distribution Period; (ii) “B2” equals the number of Partnership Units in Series B2 outstanding on the Partnership Record Date for such Distribution Period;
(iii) “X1” equals the number of days in the Distribution Period for which the Partnership Units in Series B1 were issued and outstanding; and (iv) “X2” equals the number of days in the Distribution Period for which
the Partnership Units in Series B2 were issued and outstanding. 

 For purposes of the foregoing calculations, LTIP Units with an
associated Distribution Participation Date that falls on or before the date of the relevant distribution shall be treated as outstanding Class A Units. 

E. Distributions With Respect to LTIP Units. Commencing from the Distribution Participation Date established for any LTIP Units, for any
quarterly or other period holders of such LTIP Units shall be entitled to receive, if, when and as authorized by the General Partner out of funds legally available for the payment of distributions, regular cash distributions in an amount per unit
equal to the distribution payable on each Class A Unit for the corresponding quarterly or other period (the “LTIP Distribution Amount”). In addition, from and after the Distribution Participation Date, LTIP Units
shall be entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, non-liquidating special, extraordinary or other distributions in an

  
 29 

 
amount per unit equal to the amount of any non-liquidating special, extraordinary or other distributions payable on the Class A Units which may be made from time to time. LTIP Units
shall also be entitled to receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of distributions, distributions representing proceeds of a sale or other disposition of all or
substantially all of the assets of the Partnership in an amount per unit equal to the amount of any such distributions payable on the Class A Units, whether made prior to, on or after the Distribution Participation Date, provided that the
amount of such distributions shall not exceed the positive balances of the Capital Accounts of the holders of such LTIP Units to the extent attributable to the ownership of such LTIP Units. Distributions on the LTIP Units, if authorized, shall
be payable on such dates and in such manner as may be authorized by the General Partner (any such date, a “Distribution Payment Date”); provided that the Distribution Payment Date and the record date for determining which
holders of LTIP Units are entitled to receive a distribution shall be the same as the corresponding dates relating to the corresponding distribution on the Class A Units. 

F. Special LTIP Unit Distribution. As of the Distribution Participation Date for an LTIP Unit that is not forfeited on or prior to
such Distribution Participation Date, the holder of such LTIP Unit will be entitled to receive a special distribution (the “Special LTIP Unit Distribution”) with respect to such unit equal to the Applicable Special LTIP Unit
Distribution Amount with respect to such unit; provided, however, that such amount shall not exceed either (x) the amount of non-liquidating cash distributions per unit that were paid on the Class A Units on or
after the date of the issuance of the LTIP Unit (or such other date as is specified as the Distribution Measurement Date in the Award Agreement or other documentation pursuant to which such LTIP Unit is issued) (such date being referred to as the
“Distribution Measurement Date” with respect to such LTIP Unit) and prior to such Distribution Participation Date or (y) the positive balance of the Capital Account of such holder attributable to such LTIP Unit. The
“Applicable Special LTIP Unit Distribution Amount” with respect to an LTIP Unit equals the product of (x) the amount of non-liquidating cash distributions per unit that were paid on the Class A Units on or after the
Distribution Measurement Date with respect to such LTIP Unit and prior to the Distribution Participation Date for such LTIP Unit, multiplied by (y) the LTIP Unit Sharing Percentage for such LTIP Unit. The Special LTIP Unit
Distribution for an LTIP Unit will be payable on the first Distribution Payment Date on or after the Distribution Participation Date for such LTIP Unit if and when authorized by the General Partner out of funds legally available for the payment of
distributions; provided that, to the extent not otherwise prohibited by the terms of any class of Partnership Interests entitled to any preference in distribution and authorized by the General Partner out of funds legally available for the
payment of distributions, such Special LTIP Unit Distribution may be paid prior to such Distribution Payment Date. On or after the Distribution Participation Date with respect to an LTIP Unit, if such LTIP Unit is outstanding, no distributions
(other than in Class A Units, LTIP Units or other Partnership Interests ranking on par with or junior to such units as to distributions and upon liquidation, dissolution or winding up of the affairs of the Partnership) shall be declared or paid
or set apart for payment upon the Class A Units, the LTIP Units or any other Partnership Interests ranking junior to or on a parity with the LTIP Unit as to distributions for any period (other than Special LTIP Unit Distributions with respect
to LTIP Units that had an earlier Distribution Participation Date) unless the full amount of any Special LTIP Unit Distribution due with respect to such LTIP Unit have been or contemporaneously are declared and paid. 

  
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 G. LTIP Units Intended to Qualify as Profits Interests.

(i) Distributions made pursuant to this Section 5.1 shall be adjusted as necessary to ensure that the amount apportioned
to each LTIP Unit does not exceed the amount attributable to items of Partnership income or gain realized after the date such LTIP Unit was issued by the Partnership. The intent of this Section 5.1.G is to ensure that any
LTIP Units issued after the date of this Agreement qualify as “profits interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001), and
this Section 5.1 and Article VI shall be interpreted and applied consistently therewith. The General Partner at its discretion may amend this Section 5.1.G to ensure that any LTIP Units granted after the
date of this Agreement will qualify as “profits interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001) (and any other similar rulings or
regulations that may be in effect at such time). 
 (ii) The Partners agree that the General Partner may make a Safe Harbor Election (as
defined below), on behalf of itself and of all Partners, to have the LTIP Safe Harbor apply irrevocably with respect to LTIP Units transferred in connection with the performance of services by a Partner in a partner capacity. The Safe Harbor
Election shall be effective as of the date of issuance of such LTIP Units. If such election is made, (A) the Partnership and each Partner agree to comply with all requirements of the LTIP Safe Harbor with respect to all interests in the
Partnership transferred in connection with the performance of services by a Partner in a partner capacity, whether such Partner was admitted as a Partner or as the transferee of a previous Partner, and (B) the General Partner shall cause the
Partnership to comply with all record keeping requirements and other administrative requirements with respect to the LTIP Safe Harbor as shall be required by proposed or final regulations relating thereto. 

(iii) The Partners agree that if a Safe Harbor Election is made by the General Partner, (A) each LTIP Unit issued hereunder is a Safe
Harbor Interest, (B) each LTIP Unit represents a profits interest received for services rendered or to be rendered to or for the benefit of the Partnership by the LTIP Unitholder in his or her capacity as a Partner or in anticipation of
becoming a Partner, and (C) the fair market value of each LTIP Unit issued by the Partnership upon receipt by the LTIP Unitholder as of the date of issuance is zero (plus the amount, if any, of any Capital Contributions made to the Partnership
by such LTIP Unitholder in connection with the issuance of such LTIP Unit), representing the liquidation value of such interest upon receipt (with such valuation being consented to and hereby approved by all Partners). 

(iv) Each Partner, by signing this Agreement or by accepting such transfer, hereby agrees to comply with all requirements of any Safe Harbor
Election made by the General Partner with respect to each LTIP Unitholder’s Safe Harbor Interest. 

  
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 (v) The General Partner shall file or cause the Partnership to file all returns, reports and
other documentation as may be required, as reasonably determined by the General Partner, to perfect and maintain any Safe Harbor Election made by the General Partner with respect to granting of each LTIP Unitholder’s Safe Harbor Interest. 

(vi) The General Partner is hereby authorized and empowered, without further vote or action of the Partners, to amend this Agreement to the
extent necessary or helpful in accordance with the advice of Partnership tax counsel or accountants to sustain the Partnership’s position that (A) it has complied with the LTIP Safe Harbor requirements in order to provide for a Safe Harbor
Election and it has ability to maintain the same, or (B) the issuance of the LTIP Units is not a taxable event with respect to the LTIP Unitholders, and the General Partner shall have the authority to execute any such amendment by and on behalf
of each Partner pursuant to the power of attorney granted by this Agreement. Any undertaking by any Partner necessary or desirable to (A) enable or preserve a Safe Harbor Election or (B) otherwise to prevent to the issuance of LTIP Units
to LTIP Unitholders from being a taxable event may be reflected in such amendments and, to the extent so reflected, shall be binding on each Partner. 

(vii) Each Partner agrees to cooperate with the General Partner to perfect and maintain any Safe Harbor Election, and to timely execute and
deliver any documentation with respect thereto reasonably requested by the General Partner, at the expense of the Partnership. 
 (viii) No
Transfer of any interest in the Partnership by a Partner shall be effective unless prior to such Transfer, the assignee or intended recipient of such interest shall have agreed in writing to be bound by the provisions of this Section 5.1.G, in
a form reasonably satisfactory to the General Partner. 
 (ix) The provisions of this Section 5.1.G shall apply regardless of whether or
not an LTIP Unitholder files an election pursuant to Section 83(b) of the Code. 
 (x) The General Partner may amend this
Section 5.1.G as it deems necessary or appropriate to maximize the tax benefit of the issuance of LTIP Units to any LTIP Unitholder if there are changes in the law or Regulations concerning the issuance of partnership interests for services.

 Section 5.2 Distributions in Kind 

The General Partner may determine, in its sole and absolute discretion, to make a distribution in kind of Partnership assets to the holders of
Partnership Interests, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in the same manner as a cash distribution in accordance with Articles V, VI and XIII hereof.
Notwithstanding anything to the contrary herein, no Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership. 

  
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 Section 5.3 Amounts Withheld 

All amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.5 with respect to any
allocation, payment or distribution to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner, Limited Partners or Assignees, as the case may be, pursuant to Section 5.1 for
all purposes under this Agreement. 
 Section 5.4 Distributions upon Liquidation

Proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2. 

Section 5.5 Revisions to Reflect Issuance of Partnership Interests 

If the Partnership issues Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Article IV
hereof, the General Partner shall make such revisions to this Article V and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the terms of the issuance of such Partnership Interests. Such
revisions shall not require the consent or approval of any other Partner. 
 ARTICLE VI 

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) shall be allocated among the Partners in each taxable year (or portion thereof) as provided herein
below. 
 A. Net Income. Subject to Section 4.6.C(iii), after giving effect to the special allocations set forth in
Section 1 of Exhibit C of the Partnership Agreement and any special allocations required to be made pursuant to Section 6.1.E, Net Income shall be allocated: 

 

	 	(1)	first, to the General Partner to the extent that Net Loss previously allocated to the General Partner pursuant to Section 6.1.B(5) exceeds Net Income previously allocated to the General Partner pursuant
to this clause (1); 

  

	 	(2)	second, to the General Partner until the cumulative Net Income allocated under this clause (2) equals the cumulative Net Loss allocated the General Partner under Section 6.1.B(4); 

 

	 	(3)	third, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this clause (3) equals the cumulative Net Loss allocated to
such Partners under Section 6.1.B(3); 

  
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	 	(4)	fourth, to the holders of any Partnership Interests that are entitled to any preference in distribution in accordance with the rights of any other class of Partnership Interests until each such Partnership Interest has
been allocated, on a cumulative basis pursuant to this clause (4), Net Income equal to the amount of distributions payable that are attributable to the preference of such class of Partnership Interests, whether or not paid (and, within such class,
pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made); 

  

	 	(5)	fifth, to the holders of any Partnership Interests that are not entitled to any preference upon liquidation until the cumulative Net Income allocated under this clause (5) equals the cumulative Net Loss allocated
to such Partners under Section 6.1.B(2); and 

  

	 	(6)	finally, with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such
class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being made). 

B. Net Loss. Subject to Section 4.6.C(iii), after giving effect to the special allocations set forth in Section 1 of
Exhibit C of the Partnership Agreement and any special allocations required to be made pursuant to Sections 6.1.E, Net Loss shall be allocated: 
  

	 	(1)	first, to the holders of Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions are not limited to any preference in distribution, in proportion to, and to
the extent that, their share of the Net Income previously allocated pursuant to Section 6.1.A(6) exceeds, on a cumulative basis, the sum of (a) distributions with respect to such Partnership Interests pursuant to clause
(ii) of Section 5.1.B and (b) Net Loss allocated under this clause (1); 

  

	 	(2)	 second, with respect to classes of Partnership Interests that are not entitled to any preference in distribution
upon liquidation, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being
made); provided, however, that Net Loss shall not be allocated to any Partner pursuant to this Section 6.1.B(2) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit
(or increase any existing Adjusted Capital Account Deficit) (determined in the case of a Partner who also holds classes of Partnership 

  
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Interests that are entitled to any preferences in distribution upon liquidation, by subtracting from such Partners’ Adjusted Capital Account the amount of such preferred distribution to be
made upon liquidation) at the end of such taxable year (or portion thereof); 

  

	 	(3)	third, with respect to classes of Partnership Interests that are entitled to any preference in distribution upon liquidation, in reverse order of the priorities of each such class (and within each such class, pro rata
in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made); provided, however, that Net Loss shall not be allocated to any Partner pursuant to this
Section 6.1.B(3) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such taxable year (or portion
thereof); 

  

	 	(4)	fourth, to the General Partner in an amount equal to the amount of the Partnership’s Recourse Liabilities; and 

  

	 	(5)	thereafter, to the General Partner. 

 C. Allocation of Nonrecourse Debt. For purposes of
Regulation Section 1.752-3(a), the Partners agree 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 by the General Partner by taking into account facts and circumstances relating to each Partner’s respective interest in the profits of the Partnership unless and to the extent provided otherwise in an agreement between any Partner and
the Partnership. For this purpose, the General Partner shall have the sole and absolute discretion in any Fiscal Year to allocate such excess Nonrecourse Liabilities among the Partners in any manner permitted under Code Section 752 and the
Regulations thereunder. 
 D. Recapture Income. 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.
Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.1.A, Liquidating Gains shall first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent
attributable to their ownership of LTIP Units, are equal to (i) the Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units, plus the aggregate net amount of Net Income and Net Loss allocated to such LTIP
Units prior to the Distribution Participation Date with respect to such LTIP Units less the amount of any Special LTIP Unit Distributions with respect to such LTIP Units; provided, however, that no such Liquidating Gains will be allocated with
respect to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated with other Liquidating Gains realized 

  
 35 

 
since the issuance of such LTIP Unit, exceed Liquidating Losses realized since the issuance of such LTIP Unit. After giving effect to the special allocations set forth in Section 1 of
Exhibit C hereto, and notwithstanding the provisions of Sections 6.1.A and 6.1.B above, in the event that, due to distributions with respect to Class A Units in which the LTIP Units do not participate or otherwise,
the Economic Capital Account Balances of any present or former holder of LTIP Units, to the extent attributable to the holder’s ownership of LTIP Units, exceed the target balance specified above, then Liquidating Losses shall be allocated to
such holder to the extent necessary to reduce or eliminate the disparity. In the event that Liquidating Gains or Liquidating Losses are allocated under this Section 6.1.E, Net Income allocable under Section
6.1.A(6) and any Net Loss shall be recomputed without regard to the Liquidating Gains or Liquidating Losses so allocated. For this purpose, “Liquidating Gains” means net gains that are or would be realized in
connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the value of Partnership assets under
Section 704(b) of the Code made pursuant to Section 1.D of Exhibit B of the Partnership Agreement. “Liquidating Losses” means any net capital loss realized in connection with any such
event. The “Economic Capital Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their ownership of LTIP Units, plus the amount of their share of any
Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to their ownership of LTIP Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is
made under this Section 6.1.E, but prior to the realization of any Liquidating Gains. Similarly, the “Class A Unit Economic Balance” shall mean (i) the Capital Account balance of the General Partner, plus the
amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Class A Units and computed on a hypothetical basis after
taking into account all allocations through the date on which any allocation is made under this Section 6.1.E, but prior to the realization of any Liquidating Gains, divided by (ii) the number of the General Partner’s
Class A Units. Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.1.E. The parties agree that the intent of this Section 6.1.E
is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the General Partner’s Class A Units (on a per-Unit basis, other than differences resulting
from the allocation of Net Income and Net Loss allocated to such LTIP Units prior to the Distribution Participation Date with respect to such LTIP Units in excess of the amount of Special LTIP Unit Distributions paid with respect to such LTIP
Units), provided that Liquidating Gains are of a sufficient magnitude to do so upon a sale of all or substantially all of the assets of the Partnership, or upon an adjustment to the Partners’ Capital Accounts pursuant to Section 1.D
of Exhibit B. To the extent the LTIP Unitholders receive a distribution in excess of their Capital Accounts, such distribution will be a guaranteed payment under Section 707(c) of the Code. 

  
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 Section 6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests 

If the Partnership issues Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Article IV
hereof, the General Partner shall make such revisions to this Article VI and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the terms of the issuance of such Partnership Interests,
including making preferential allocations to classes of Partnership Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 

ARTICLE VII 
 MANAGEMENT
AND OPERATIONS OF BUSINESS 
 Section 7.1 Management 

A. Powers of General Partner. 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 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 and to effectuate the purposes set forth in Section 3.1, 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 are required under Section 5.1.A or will permit the General Partner Entity (so long as the General Partner Entity chooses to attempt to qualify as a REIT) to avoid the payment of any U.S. federal income tax (including, for this
purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its shareholders sufficient to permit the General Partner Entity to maintain its REIT status), the assumption or guarantee of, or other contracting for,
indebtedness and other liabilities including, without limitation, the assumption or guarantee of or otherwise contracting for (including by becoming a co-obligor, co-borrower, guarantor or surety or otherwise providing credit support of any kind)
any indebtedness or other obligations of the General Partner, its Subsidiaries or the Partnership’s Subsidiaries, the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or
encumbrance on the Partnership’s assets) and the incurring of any obligations the General Partner deems necessary for the conduct of the activities of the Partnership; 

  
 37 

	 	(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 or all of the assets of the Partnership (including acquisition of any new assets, 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, consolidation, reorganization or other combination of the Partnership or any Subsidiary of the
Partnership with or into another entity on such terms as the General Partner deems proper; 

  

	 	(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 General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, the General Partner, its Subsidiaries, the
Partnership’s Subsidiaries and any of their Affiliates) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to,
and equity investments in, its Subsidiaries; 

  

	 	(5)	the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which
the Partnership has made a direct or indirect equity investment; 

  

	 	(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 mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership; 

  

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

  

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

  
 38 

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

  

	 	(11)	the selection, designation of powers, authority and duties and the dismissal of employees of the Partnership (including, without limitation, employees having titles such as “president,” “vice
president,” “secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors of the Partnership and the determination of their compensation and other terms of employment or hiring,
including waivers of conflicts of interest and the payment of their expenses and compensation out of the Partnership’s assets; 

  

	 	(12)	the maintenance of such insurance (including, without limitation, directors, trustees and officers insurance) for the benefit of the Partnership and the Partners (including, without limitation, the General Partner
Entity) and the directors, trustees and officers thereof as the General Partner deems necessary or appropriate; 

  

	 	(13)	the formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership or the General Partner or third parties) in, and the contribution of property to,
any further limited or general partnerships, joint ventures, limited liability companies, corporations or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of funds or
property to, or making of loans to, its Subsidiaries and any other Person in which it has an equity investment from time to time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations of such Persons);
provided, however, that as long as the General Partner Entity has determined to attempt to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the General
Partner Entity to fail to qualify as a REIT; 

  

	 	(14)	the control of any matters affecting the rights and obligations of the Partnership or any Subsidiary 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 or any Subsidiary of the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings,
arbitrations or other forms of dispute resolution, the representation of the Partnership or any Subsidiary 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; 

  
 39 

	 	(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 assets or investment held by the
Partnership or any Subsidiary of 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, individually 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 any interest pursuant to contractual or other arrangements with such
Person; 

  

	 	(19)	the making, executing and delivering of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers,
releases or other 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; 

 

	 	(20)	the distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption Right under Section 8.6; 

 

	 	(21)	the determination regarding whether a payment to a Partner who exercises its Redemption Right under Section 8.6 that is assumed by the General Partner Entity will be paid in the form of the Cash Amount or
the Shares Amount, except as such determination may be limited by Section 8.6. 

  

	 	(22)	the acquisition of Partnership Interests in exchange for cash, debt instruments and other property; 

  

	 	(23)	the maintenance of the Partner Registry in the books and records of the Partnership to reflect the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent
necessary to reflect redemptions, Capital Contributions, the issuance and transfer of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise; 

  
 40 

	 	(24)	the registration of any class of securities under the Securities Act or the Securities Exchange Act, and the listing of any debt securities of the Partnership on any exchange; 

 

	 	(25)	the issuance of additional Partnership Units, as appropriate and in the General Partner’s sole and absolute discretion, in connection with capital contributions by Additional Limited Partners and additional capital
contributions by Partners pursuant to Article IV hereof; 

  

	 	(26)	the taking of any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as an association taxable as a corporation for U.S. federal income tax purposes or a “publicly
traded partnership” for purposes of Section 7704 of the Code, including but not limited to imposing restrictions on transfers, restrictions on the number of Partners and restrictions on redemptions; 

 

	 	(27)	the filing of applications, communicating and otherwise dealing with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the
Partnership business; 

  

	 	(28)	taking of any action necessary or appropriate to comply with all regulatory requirements applicable to the Partnership in respect of its business, including preparing or causing to be prepared all financial statements
required under applicable regulations and contractual undertakings and all reports, filings and documents, if any, required under the Exchange Act, the Securities Act, or by any national securities exchange requirements; 

 

	 	(29)	the enforcement of any rights against any Partner pursuant to representations, warranties, covenants and indemnities relating to such Partner’s contribution of property or assets to the Partnership;

  

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

  

	 	(31)	the adjustment of the number of Class A Units and Class B Units or the Conversion Factor in accordance with the definition of “Conversion Factor” or causing the Partnership to take any action described in
the last sentence of such definition in lieu of making an adjustment to the Conversion Factor. 

  
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 B. No Approval by Limited Partners. 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, 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 be in the sole and absolute discretion of the General Partner without consideration of any other obligation or duty, fiduciary or otherwise, of the Partnership or the Limited Partners and 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. The Limited Partners
acknowledge that the General Partner is acting for the collective benefit of the Partnership, the Limited Partners and the shareholders of the General Partner or the General Partner Entity. 

C. Insurance. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain
(i) casualty, liability and other insurance on the properties of the Partnership and its Subsidiaries and (ii) liability insurance for the Indemnitees hereunder, and (iii) such other insurance as the General Partner, in its sole and
absolute discretion, determines to be necessary. 
 D. Working Capital and Other Reserves. At all times from and after the date
hereof, the General Partner may cause the Partnership to establish and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time, including upon
liquidation of the Partnership under Article XIII. 
 Section 7.2 Certificate of Limited Partnership 

The General Partner has previously filed the Certificate of Limited Partnership with the Secretary of State of Delaware. 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 of Limited Partnership and do all 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, the District of Columbia or other jurisdiction in which the Partnership may elect to do
business or own property. Subject to the terms of Section 8.5.A(4), the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership or any amendment thereto to any
Limited Partner. 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, the District of Columbia or other jurisdiction in which the Partnership may elect to do business or own
property. 

  
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 Section 7.3 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 Partners, 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, in its sole and absolute discretion, 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. 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. 

Section 7.4 Reimbursement of the General Partner 

A. No Compensation. Except as provided in this Section 7.4 and elsewhere in this Agreement (including
Section 10.3.C and the provisions of Articles V and VI regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as the general partner of
the Partnership. 
 B. Responsibility for Partnership, General Partner and General Partner Entity Expenses. The Partnership shall be
responsible for and shall pay all expenses relating to the Partnership’s organization, the ownership of its assets and its operations. The General Partner and the General Partner Entity each shall be reimbursed on a monthly basis, or such other
basis as the General Partner may determine in its sole and absolute discretion, for all expenses it incurs relating to or resulting from the ownership and operation of, or for the benefit of, the Partnership (including, without limitation,
(i) expenses relating to the ownership of interests in and operation of the Partnership, (ii) compensation of the officers and employees including, without limitation, payments under any stock option or incentive plan that provides for
stock units, or other phantom stock, pursuant to which employees will receive payments based upon dividends on or the value of Shares, (iii) auditing expenses, (iv) director fees and expenses of the General Partner Entity, (v) all
costs and expenses of being a public company, including costs of filings with the Securities and Exchange Commission, reports and other distributions to its shareholders, and (vi) all costs and expenses associated with litigation involving the
General Partner and the General Partner Entity, the Partnership or any Subsidiary); provided, however, that (i) the amount of any such reimbursement shall be reduced by, as applicable, (x) any interest earned by the General
Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership as permitted in Section 7.5.A (which interest is considered to belong to the Partnership and shall be paid over to the
Partnership to the extent not applied to reimburse the General Partner for expenses hereunder); and (y) any amount derived by the General Partner Entity from any investments in Qualified Assets to the extent permitted in
Section 7.5.A; (ii) if the General Partner or General Partner Entity qualifies as a REIT, the Partnership shall not be 

  
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responsible for any taxes that the General Partner Entity would not have been required to pay if it qualified as a REIT for federal income tax purposes or any taxes imposed on the General Partner
or General Partner Entity by reason of its failure to distribute to its shareholders an amount equal to its taxable income; (iii) the Partnership shall not be responsible for expenses or liabilities incurred by the General Partner or the
General Partner Entity in connection with any business or assets of the General Partner or the General Partner Entity other than their respective ownership of Partnership Interests or operation of the business of the Partnership or ownership of
interests in Qualified Assets to the extent permitted in Section 7.5.A; and (iv) the Partnership shall not be responsible for any expenses or liabilities of the General Partner or the General Partner Entity that are excluded from
the scope of the indemnification provisions of Section 7.7.A by reason of the provisions of clause (i), (ii) or (iii) thereof. The General Partner shall determine in good faith the amount of expenses incurred by it or the
General Partner Entity related to the ownership of Partnership Interests or operation of, or for the benefit of, the Partnership. If certain expenses are incurred that are related both to the ownership of Partnership Interests or operation of, or
for the benefit of, the Partnership and to the ownership of other assets (other than Qualified Assets as permitted under Section 7.5.A) or the operation of other businesses, such expenses will be allocated to the Partnership and such
other entities (including the General Partner and General Partner Entity) owning such other assets or businesses in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. Such reimbursements shall be in
addition to any reimbursement to the General Partner and the General Partner Entity pursuant to Section 10.3.C and as a result of indemnification pursuant to Section 7.7. All payments and reimbursements hereunder shall be
characterized for U.S. federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner or General Partner Entity. 

C. Partnership Interest Issuance Expenses. The General Partner and the General Partner Entity each shall also be reimbursed for all
expenses each of them incurs relating to any issuance of Partnership Interests, Shares, Debt of the Partnership, Funding Debt of the General Partner Entity or rights, options, warrants or convertible or exchangeable securities pursuant to
Article IV (including, without limitation, all costs, expenses, damages and other payments resulting from or arising in connection with litigation related to any of the foregoing), all of which expenses are considered by the Partners to
constitute expenses of, and for the benefit of, the Partnership. 
 D. Repurchases of Shares. If the General Partner Entity exercises
its rights under its organizational documents to purchase Shares or otherwise elects or is required to purchase from its shareholders Shares in connection with a share repurchase or similar program or otherwise, or for the purpose of delivering such
Shares to satisfy an obligation under any dividend reinvestment or equity purchase program adopted by the General Partner Entity, any employee equity purchase plan adopted by the General Partner Entity or any similar obligation or arrangement
undertaken by the General Partner Entity in the future, the purchase price paid by the General Partner Entity for those Shares and any other expenses incurred by the General Partner Entity in connection with such purchase shall be considered
expenses of the Partnership and shall be reimbursable to the General Partner Entity, subject to the conditions that: (i) if those 

  
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Shares subsequently are to be sold by the General Partner Entity, the General Partner Entity shall pay to the Partnership any proceeds received by the General Partner Entity for those Shares
(provided, however, that a transfer of Shares for Partnership Units pursuant to Section 8.6 would not be considered a sale for such purposes); and (ii) if such Shares are required to be cancelled pursuant to applicable
law or are not retransferred by the General Partner Entity within thirty (30) days after the purchase thereof, the General Partner shall cause the Partnership to cancel a number of Partnership Units (rounded to the nearest whole Partnership
Unit) held by the General Partner Entity equal to the product attained by multiplying the number of those Shares by a fraction, the numerator of which is one and the denominator of which is the Conversion Factor. 

E. Reimbursement not a Distribution. Except as set forth in the succeeding sentence, if and to the extent any reimbursement made
pursuant to this Section 7.4 is determined for U.S. federal income tax purposes not to constitute a payment of expenses of the Partnership, the amount so determined shall constitute a guaranteed payment with respect to capital within the
meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners and shall not be treated as a distribution for purposes of computing the Partners’ Capital Accounts. Amounts
deemed paid by the Partnership to the General Partner in connection with redemption of Partnership Units pursuant to Section 7.5.B shall be treated as a distribution for purposes of computing the Partner’s Capital Accounts. 

F. Funding for Certain Capital Transactions. In the event that the General Partner Entity shall undertake to acquire (whether by merger,
consolidation, purchase, or otherwise) the assets or equity interests of another Person and such acquisition shall require the payment of cash by the General Partner Entity (whether to such Person or to any other selling party or parties in such
transaction or to one or more creditors, if any, of such Person or such selling party or parties), the General Partner, in its sole and absolute discretion, may cause the Partnership to advance to the General Partner Entity the cash required to
consummate such acquisition if, and to the extent that, such cash is not to be obtained by the General Partner Entity through an issuance of Shares or other equity interests as described in Section 4.2 or pursuant to a transaction
described in Section 7.5.B, and, in the event the Partnership advances such cash to the General Partner Entity, (a) the General Partner Entity shall, upon consummation of such acquisition, transfer to the Partnership (or cause to be
transferred to the Partnership), in full and complete satisfaction of such advance and as required by Section 7.5, the assets or equity interests of such Person acquired by the General Partner Entity in such acquisition (or equity
interests in Persons owning all of such assets or equity interests), and (b) pursuant to and in accordance with Section 4.2 and Section 7.5.B, the Partnership shall issue to the General Partner Entity, Partnership
Interests and/or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights that are substantially the same as those of any additional Shares, other equity securities, New
Securities and/or Convertible Funding Debt, as the case may be, issued by the General Partner Entity in connection with such acquisition (whether issued directly to participants in the acquisition transaction or to third parties in order to obtain
cash to complete the acquisition). In addition to, and without limiting, the foregoing, in the event that the General Partner Entity engages in a transaction in which (x) the General Partner Entity (or a wholly owned direct or indirect
Subsidiary of the General 

  
 45 

 
Partner Entity) merges with another entity (referred to as the “Other REIT Entity”) that is organized in the UPREIT form (i.e., where the Other REIT Entity holds
substantially all of its assets and conducts substantially all of its operations through a partnership, limited liability company or other entity (referred to as an “Operating Entity”)) (“UPREIT”) and
the General Partner Entity survives such merger, (y) such Operating Entity merges with or is otherwise acquired by the Partnership in exchange in whole or in part for Partnership Interests, and (z) the General Partner Entity is required or
elects to pay part of the consideration in connection with such merger involving the Other REIT Entity in the form of cash and part of the consideration in the form of Shares, the Partnership shall distribute to the General Partner Entity with
respect to its existing Class A Units an amount of cash sufficient to complete such transaction and the General Partner shall cause the Partnership to cancel a number of Class A Units (rounded to the nearest whole number) held by the
General Partner Entity equal to the product attained by multiplying the number of additional Shares of the General Partner Entity that the General Partner Entity would have issued to the Other REIT Entity or the owners of the Other REIT Entity in
such transaction if the entire consideration therefor were to have been paid in Shares by a fraction, the numerator of which is one and the denominator of which is the Conversion Factor. 

Section 7.5 Outside Activities of the General Partner Entity; Relationship of Shares to Partnership Units; Funding Debt 

A. General. The General Partner Entity may, in its sole and absolute discretion, from time to time hold or acquire assets in its own
name or otherwise other than through the Partnership so long as the General Partner and the General Partner Entity take commercially reasonable measures to ensure that the economic benefits and burdens of such assets (other than Qualified Assets, as
to which no adjustments shall be required) are otherwise vested in the Partnership, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Partnership, the General Partner shall
make such amendments to this Agreement as the General Partner determines are necessary or desirable, including, without limitation, adjusting the Conversion Factor to reflect such activities and the direct ownership of assets by the General Partner
Entity. Nothing contained in this Agreement (including this Section 7.5) shall be deemed to prohibit the General Partner Entity from guaranteeing or being a co-obligor, co-borrower, guarantor or surety of, or otherwise providing credit support
of any kind in respect of, any Debt or other indebtedness or obligations of the Partnership. 
 B. Repurchase of Shares and Other
Securities. If the General Partner Entity exercises its rights under its organizational documents to purchase Shares or otherwise elects to purchase from the holders thereof Shares, other equity securities of the General Partner Entity, New
Securities or Convertible Funding Debt, then the General Partner Entity shall cause the Partnership to purchase from the General Partner Entity (a) in the case of a purchase of Shares, that number of Partnership Units of the appropriate class
equal to the product obtained by multiplying the number of Shares purchased by the General Partner Entity times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, or (b) in the case of the purchase
of any other securities of the General Partner Entity, the corresponding securities of the Partnership held by the General Partner Entity on the same terms and for the same aggregate price that the General Partner Entity purchased such securities.

  
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 C. Equity Incentive Plan. If, at any time or from time to time, the General Partner Entity
sells or otherwise issues Shares pursuant to any Equity Incentive Plan, the General Partner Entity shall transfer or cause to be transferred the proceeds of the sale of such Shares, if any, to the Partnership as an additional Capital Contribution
and the Partnership shall issue to the General Partner Entity an amount of additional Partnership Units equal to the number of Shares so sold or issued divided by the Conversion Factor. If the Partnership or the General Partner Entity acquires
Shares as a result of the forfeiture of such Shares under any Equity Incentive Plan, then the General Partner shall cause the Partnership to cancel, without payment of any consideration to the General Partner, that number of Partnership Units of the
appropriate class equal to the number of Shares so acquired, and, if the Partnership acquired such Shares, it shall transfer such Shares to the General Partner for cancellation. 

D. Issuances of Shares and Other Securities. So long as the common shares of the General Partner Entity are Publicly Traded, the General
Partner Entity shall not grant, award or issue any additional Shares (other than Shares issued pursuant to Section 8.6 hereof or pursuant to a dividend or distribution (including any share split) of Shares to all of its shareholders that
results in an adjustment to the Conversion Factor pursuant to clause (i), (ii) or (iii) of the definition thereof), other equity securities of the General Partner Entity, New Securities or Convertible Funding Debt unless (i) the
General Partner shall cause, pursuant to Section 4.2.A hereof, the Partnership to issue to the General Partner Entity, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having
designations, preferences and other rights, all such that the economic interests are substantially the same as those of such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be, and (ii) in
exchange therefor, the General Partner Entity transfers or otherwise causes to be transferred to the Partnership, as an additional Capital Contribution, the proceeds from the grant, award, or issuance of such additional Shares, other equity
securities, New Securities or Convertible Funding Debt, as the case may be, or from the exercise of rights contained in such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be (or, in the case
of an acquisition described in Section 7.4.F in which all or a portion of the cash required to consummate such acquisition is to be obtained by the General Partner Entity through an issuance of Shares described in
Section 4.2, the General Partner Entity complies with such Section 7.4.F). Without limiting the foregoing, the General Partner Entity is expressly authorized to issue additional Shares, other equity securities, New Securities
or Convertible Funding Debt, as the case may be, for less than fair market value, and the General Partner is expressly authorized, pursuant to Section 4.2.A hereof, to cause the Partnership to issue to the General Partner Entity
corresponding Partnership Interests (for example, and not by way of limitation, the issuance of Shares and corresponding Partnership Units pursuant to a share purchase plan providing for purchases of Shares, either by employees or shareholders, at a
discount from fair market value or pursuant to employee share options that have an exercise price that is less than the fair market value of the Shares, either at the time of issuance or at the time of exercise), as long as (a) the General
Partner concludes in good faith that such issuance is in the interests of the General Partner Entity and the Partnership and (b) the General Partner Entity transfers all proceeds from any such issuance or exercise to the Partnership as an
additional Capital Contribution. 

  
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 E. Funding Debt. The General Partner Entity or any wholly owned Subsidiary of the General
Partner Entity may incur a Funding Debt, including, without limitation, Funding Debt that is convertible into Shares or otherwise constitutes a class of New Securities (“Convertible Funding Debt”), subject to the condition
that the General Partner Entity or such Subsidiary, as the case may be, lend to the Partnership the net proceeds of such Funding Debt; provided, however, that Convertible Funding Debt shall be issued in accordance with the provisions
of Section 7.5.D above; and, provided further that, if the General Partner Entity attempts to qualify as a REIT, the General Partner Entity or such Subsidiary shall not be obligated to lend the net proceeds of any Funding Debt to the
Partnership in a manner that would be inconsistent with the General Partner Entity’s ability to remain qualified as a REIT. If the General Partner Entity or such Subsidiary enters into any Funding Debt, the loan to the Partnership shall be on
comparable terms and conditions, including interest rate, repayment schedule, costs and expenses and other financial terms, as are applicable with respect to or incurred in connection with such Funding Debt. 

F. Capital Contributions. The Capital Contributions by the General Partner Entity pursuant to Sections 7.5.C
and 7.5.D will be deemed to equal the cash contributed by the General Partner Entity plus, (i) in the case of cash contributions funded by an offering of any equity interests in or other securities of the General Partner Entity, the
offering costs attributable to the cash contributed to the Partnership to the extent not reimbursed pursuant to Section 7.4.C and (ii) in the case of Partnership Units issued pursuant to Section 7.5.C, an amount equal to
the difference between the Value of the Shares sold pursuant to the Equity Incentive Plan and the net proceeds of such sale. 
 G. Tax
Loans. The General Partner or the General Partner Entity may in its sole and absolute discretion, cause the Partnership to make an interest free loan to the General Partner or the General Partner Entity, as applicable, provided that the
proceeds of such loans are used to satisfy any tax liabilities of the General Partner or the General Partner Entity, as applicable. 
 Section 7.6
Transactions with Affiliates 
 A. Transactions with Certain Affiliates. Except as expressly permitted by this Agreement with
respect to any non-arms’ length transaction with an Affiliate, the Partnership shall not, directly or indirectly, sell, transfer or convey any property to, or purchase any property from, or borrow funds from, or lend funds to, any Partner or
any Affiliate of the Partnership that is not also a Subsidiary of the Partnership, except (i) loans from the General Partner Entity or any wholly owned Subsidiary of either of the General Partner Entity to the extent required pursuant to
Section 7.5E, and (ii) pursuant to transactions that are determined in good faith by the General Partner to be on terms that are fair and reasonable. 

  
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 B. Conflict Avoidance. The General Partner is expressly authorized to enter into, in the
name and on behalf of the Partnership, a non-competition arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and General Partner on such terms as the General Partner, in its sole and absolute discretion,
believes are advisable. 
 C. Benefit Plans Sponsored by the Partnership. 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 funded by the Partnership for the benefit of employees of the General Partner, the General Partner Entity, the Partnership,
Subsidiaries of the Partnership or any Affiliate of any of them. 
 Section 7.7 Indemnification 

A. General. To the fullest extent permitted by 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 or in connection with any and all claims,
demands, subpoenas, requests for information, formal or informal investigations, actions, suits or proceedings, whether civil, criminal, administrative or investigative, incurred by the Indemnitee and relating to the Partnership, the General Partner
or the General Partner Entity or the direct or indirect operation of, or the direct or indirect ownership of property by, the Indemnitee, Partnership or the General Partner or the General Partner Entity as set forth in this Agreement in which any
such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established by a final determination of a court of competent jurisdiction that: (i) the act or omission of the Indemnitee was material to
the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal benefit in money, property or services or
(iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan
guarantee, contractual obligation for any indebtedness or other obligation 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 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. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet
the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a
rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be
made only out of the assets of the Partnership, and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee, 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. 

  
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 B. Reimbursement of Expenses. To the fullest extent permitted by law, reasonable expenses
expected to be incurred by an Indemnitee shall be paid or reimbursed by the Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or
threatened against an Indemnitee upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as
authorized in this Section 7.7 has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

C. No Limitation of Rights. 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 Indemnitee is indemnified. 
 D. Insurance. The Partnership may 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 Indemnitee or Person against such liability under the provisions of this Agreement. 

E. No Personal Liability for Partners. 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. 
 F. Interested Transactions. 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. 
 G. Benefit. The provisions of this Section 7.7 are also for the benefit of the Indemnitees, their employees,
officers, directors, trustees, 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 Section 7.7, or any provision
hereof, shall be prospective only and shall not in any way affect the limitation on 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 related 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. 

  
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 H. Indemnification Payments Not Distributions. If and to the extent any payments to the
General Partner or the General Partner Entity pursuant to this Section 7.7 constitute gross income to the General Partner or the General Partner Entity (as opposed to the repayment of advances made on behalf of the Partnership), such
amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing
the Partners’ Capital Accounts. 
 I. Exception to Indemnification. Notwithstanding anything to the contrary in this Agreement,
the General Partner shall not be entitled to indemnification hereunder for any loss, claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General Partner
and the Partnership. 
 Section 7.8 Liability of the General Partner 

A. General. Notwithstanding anything to the contrary set forth in this Agreement, to the fullest extent permitted by law, the General
Partner (which for the purposes of this Section 7.8 shall include the directors, trustees and officers of the General Partner) shall not be liable or accountable for monetary or other damages or otherwise to the Partnership, any Partners
or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act or omission unless the General Partner acted in bad faith and the act or omission was
material to the matter giving rise to the loss, liability or benefit not derived. 
 B. Tax Consequences of General Partner Entity and
Limited Partners. The Limited Partners expressly acknowledge that the General Partner, in considering whether to dispose of any of the Partnership assets, shall take into account the tax consequences to the General Partner Entity of any
such disposition and shall have no liability whatsoever to the Partnership or any Limited Partner for decisions that are based upon or influenced by such tax consequences. In addition, in exercising its authority under this Agreement with respect to
other matters, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the General Partner Entity) of any action taken (or not taken) by the General Partner. No decision or
action (or failure to act) contemplated by the preceding sentence shall constitute a breach of any duty owed to the Partnership or the Limited Partners by law or equity, fiduciary or otherwise. The General Partner and the Partnership shall not have
liability to any Limited Partner for monetary or other damages or otherwise for losses sustained, liabilities incurred or benefits not derived by such Limited Partner in connection with any taking or omission to take any such actions by the General
Partner unless the General Partner acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 

  
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 C. No Obligation to Consider Separate Interests of Limited Partners or Shareholders. The
Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, its equityholders (and, to the extent separate, the equityholders of the General Partner Entity), and the equityholders of the Limited Partners,
collectively, and that, except as otherwise set forth herein, the General Partner is under no obligation to consider or give priority to the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited
Partners or Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions. Any decisions or actions taken or not taken in accordance with the terms of this Agreement shall not constitute a breach of any duty owed
to the Partnership or the Limited Partners by law or equity, fiduciary or otherwise. The General Partner and the Partnership shall not have liability to any Limited Partner for monetary or other damages or otherwise for losses sustained, liabilities
incurred or benefits not derived by such Limited Partner in connection with any taking or omission to take any such actions by the General Partner unless the General Partner acted in bad faith and the act or omission was material to the matter
giving rise to the loss, liability or benefit not derived. 
 D. Actions of Agents. Subject to its obligations and duties as General
Partner set forth in Section 7.1.A, 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 liable to the Partnership or any Partner for any misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. 

E. Effect of Amendment. Notwithstanding any other provision contained herein, 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 liability to the Partnership and the Limited Partners or any other Person bound by this Agreement
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. 
 F. Limitations of Fiduciary Duty. Sections 7.1.B, 7.1.E and
this Section 7.8 and any other Section of this Agreement limiting the liability of the General Partner and/or its trustees, directors and officers shall constitute an express limitation of any duties, fiduciary or otherwise, that
they would owe the Partnership or the Limited Partners if such duty would be imposed by any law, in equity or otherwise. 
 G. Reliance on
this Agreement. To the extent that, at law or in equity, the General Partner in its capacity as a Limited Partner, has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or the Limited Partners, the General
Partner shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the
General Partner or any other Person under the Act or otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of the General Partner. 

  
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 Section 7.9 Other Matters Concerning the General Partner 

A. Reliance on Documents. 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. Reliance on Advisors. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment
bankers 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 the 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.
Action Through Agents. 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 a duly appointed attorney or 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 that is permitted or required to be done by the General Partner hereunder. 

D. Actions to Maintain REIT Status or Avoid Taxation of the General Partner Entity. Notwithstanding any other provisions of this
Agreement or the Act, if the General Partner Entity attempts to qualify as a REIT, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership undertaken
in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner Entity to qualify as a REIT or (ii) to allow the General Partner Entity to avoid incurring any
liability for taxes under Section 857, 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

Section 7.10 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, to enter into any contracts on behalf of the
Partnership and to 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 that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing, in each case except to the
extent that such action imposes, or purports to impose, liability on the Limited Partner. 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. 

  
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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. 
 Section 7.11 Indebtedness to Third Parties 

The Partnership may incur Debt and other indebtedness, or enter into similar credit, guarantee, financing or refinancing arrangements for any
purpose (including, without limitation, in connection with any acquisition of property and any borrowings from, or guarantees of Debt of the General Partner or any of its Affiliates) with any Person upon such terms as the General Partner determines
appropriate. 
 ARTICLE VIII 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.1 Limitation of Liability 

The Limited Partners, including the General Partner Entity, in their capacity as Limited Partners, shall have no liability under this Agreement
except as expressly provided in this Agreement, including Section 10.5, 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, employee, partner, 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, 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 Section 7.5 hereof, and subject to any agreements entered into pursuant to Section 7.6.B hereof and to any
other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, any Limited Partner (other than the General Partner) and any officer, director, manager, employee, agent, trustee,
Affiliate, member or shareholder of any Limited Partner shall be entitled to and may have business 

  
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interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities in direct or indirect competition with 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, officer, director, manager, employee, agent, trustee, Affiliate, member, shareholder or Assignee of any
Limited Partner. None of the Limited Partners (other than the General Partner) or 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
(other than the General Partner to the extent expressly provided herein), and no Person (other than the General Partner) shall have any obligation pursuant to this Agreement to offer any interest in any such business venture 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. No Limited Partner or Assignee shall have priority over any other Limited Partner or
Assignee either as to the return of Capital Contributions (except as permitted by Section 4.2.A) or, except to the extent provided by Exhibit C or as permitted by Sections 4.2.A, 5.1.B(i), 6.1.A
and 6.1.B, or otherwise expressly provided in this Agreement, as to profits, losses, distributions or credits. 
 Section 8.5 Rights of
Limited Partners Relating to the Partnership 
 A. General. In addition to other rights provided by this Agreement or by the Act,
and except as limited by Section 8.5.D, each Limited Partner shall have the right, for a business 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 administrative charges as the General Partner may establish from time to time): 

 

	 	(1)	to obtain a copy of the Partnership’s U.S. federal, state and local income tax returns for each Fiscal Year; 

  

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

  

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

  
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	 	(4)	to obtain true and full information regarding the amount of cash and a description and statement of the Agreed Value 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 Partner became a Partner; and 

  

	 	(5)	other information regarding the affairs of the Partnership as is just and reasonable. 

 B.
Notice of Conversion Factor. The Partnership shall notify each Limited Partner upon request (i) of the then current Conversion Factor and (ii) of any changes to the Conversion Factor. 

C. Notice of Termination Transaction of the General Partner Entity. Prior to making any extraordinary distributions of cash or property
to its shareholders or effecting a Termination Transaction, the General Partner Entity shall provide written notice to the Limited Partners of its intention to effect such distribution or Termination Transaction at least twenty (20) Business
Days (or such shorter period determined by the General Partner Entity in its sole and absolute discretion) prior to the record date to determine shareholders eligible to receive such distribution or to vote upon such Termination Transaction (or, if
no such record date is applicable, at least twenty (20) Business Days (or such shorter period determined by the General Partner Entity in its sole and absolute discretion) before consummation of such distribution or Termination Transaction).
This provision for such notice shall not be deemed (i) to permit any transaction that otherwise is prohibited by this Agreement or requires a Consent of the Partners or (ii) to require a Consent on the part of any one or more of the
Limited Partners to a transaction that does not otherwise require Consent under this Agreement. Each Limited Partner agrees, as a condition to the receipt of the notice pursuant hereto, to keep confidential the information set forth therein until
such time as the General Partner Entity has made public disclosure thereof, to use such information during such period of confidentiality solely for purposes of determining whether to exercise the Redemption Right (if applicable) and to execute a
confidentiality agreement provided by the General Partner Entity; provided, however, that a Limited Partner may disclose such information to its attorney, accountant and/or financial advisor for purposes of obtaining advice with
respect to such exercise so long as such attorney, accountant and/or financial advisor agrees to receive and hold such information subject to this confidentiality requirement. 

D. Confidentiality. 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, 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 unaffiliated third
parties to keep confidential, provided, however, that this Section 8.5.D shall not affect the notice requirements set forth in Section 8.5.C. 

  
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 Section 8.6 Redemption Right 

A. General. 
 (i) Subject
to Section 8.6.C, Section 8.6.E, and Section 11.6.E, at any time on or after one year following the later of (a) the beginning of the first full calendar month following the first date on which the common
shares of the General Partner Entity are Publicly Traded or (b) the date of the initial issuance thereof (which, in the event of the transfer of a Class A Unit or Class B Unit, shall be deemed to be the date that the Class A Unit
or such Class B Unit, as the case may be, was issued to the original recipient thereof for purposes of this Section 8.6), or at such other time as may be set forth in the agreement pursuant to which the applicable Class A Units
or Class B Units are issued, the holder of a Class A Unit or a Class B Unit (if other than the General Partner Entity or any Subsidiary of the General Partner Entity) shall have the right (the “Redemption Right”) to
require the Partnership to redeem such Partnership Unit, with such redemption to occur on the Specified Redemption Date and at a redemption price equal to and in the form of the Cash Amount to be paid by the Partnership. Any such Redemption Right
shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner Entity) by the holder of the Partnership Units who is exercising the Redemption Right (the “Redeeming
Partner”). A Limited Partner may exercise the Redemption Right from time to time, subject to a limit of once per fiscal quarter, with respect to part or all of the Partnership Units that it owns, as selected by the Limited Partner,
provided, however, that a Limited Partner may not exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units of a particular class unless such Redeeming Partner then holds fewer than one thousand
(1,000) Partnership Units in that class, in which event the Redeeming Partner must exercise the Redemption Right for all of the Partnership Units held by such Redeeming Partner in that class, and provided further that, with
respect to a Limited Partner which is an entity, such Limited Partner may exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units without regard to whether or not such Limited Partner is exercising the Redemption
Right for all of the Partnership Units held by such Limited Partner as long as such Limited Partner is exercising the Redemption Right on behalf of one or more of its equity owners in respect of one hundred percent (100%) of such equity
owners’ interests in such Limited Partner. For purposes hereof, a Class A Unit issued upon conversion of a Class B Unit shall be deemed to have been issued when the Class B Unit was issued. 

(ii) The Redeeming Partner shall have no right with respect to any Partnership Units so redeemed to receive any distributions paid in respect
of a Partnership Record Date for distributions in respect of Partnership Units after the Specified Redemption Date with respect to such Partnership Units. 

(iii) 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 Limited Partner’s Assignee. In connection with any exercise of such rights by such Assignee on behalf of
such Limited Partner, the Cash Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. 

  
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 (iv) Notwithstanding the foregoing, and subject to Section 8.6.B(iv), if the General
Partner Entity provides notice to the Limited Partners pursuant to Section 8.5.C hereof, the Redemption Right shall be exercisable, without regard to whether the Partnership Units have been outstanding for any specified period, during
the period commencing on the date on which the General Partner Entity provides such notice and ending on the record date to determine shareholders eligible to receive such distribution or participate in such Termination Transaction (or if none,
ending on the date of consummation of such distribution or Termination Transaction). If this subparagraph (iv) applies, the Specified Redemption Date is the date on which the Partnership and the General Partner receive notice of exercise of the
Redemption Right, rather than ten (10) Business Days after receipt of the Notice of Redemption. 
 B. General Partner Entity
Assumption of Redemption Right. 
 (i) If a Limited Partner has delivered a Notice of Redemption, the General Partner Entity may, in its
sole and absolute discretion (subject to the limitations on ownership and transfer of Shares set forth in the organizational documents of the General Partner Entity), elect to assume directly and satisfy a Redemption Right. If such election is made
by the General Partner Entity, the Partnership shall determine whether the General Partner Entity shall pay the Redemption Amount in the form of the Cash Amount or the Shares Amount. The Partnership’s decision regarding whether such payment
shall be made in the form of the Cash Amount or the Shares Amount shall be made by the General Partner, in its capacity as the general partner of the Partnership and in its sole and absolute discretion. Payment of the Redemption Amount in the form
of Shares shall be in Shares duly authorized, validly issued, fully paid and nonassessable and if applicable, free and clear of any pledge, lien, encumbrance or restriction, other than those provided in the organizational documents of the General
Partner Entity, the Securities Act, relevant state securities or blue sky laws and any applicable registration rights agreement with respect to such Shares entered into by the Redeeming Partner, and shall bear a legend in form and substance
determined by the General Partner Entity. Upon such payment by the General Partner Entity, the General Partner Entity shall acquire the Partnership Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this
Agreement as the owner of such Partnership Units. Unless the General Partner Entity, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the Redemption Right, the General Partner Entity shall not have any
obligation to the Redeeming Partner or to the Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right. If the General Partner Entity shall exercise its right to assume directly and satisfy the Redemption Right in
the manner described in the first sentence of this Section 8.6B and shall fully perform its obligations in connection therewith, the Partnership shall have no right or obligation to pay any amount to the Redeeming Partner with respect to
such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership and the General Partner Entity shall, for U.S. federal income tax purposes, treat the transaction between the General Partner Entity
and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General Partner Entity. 

  
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 (ii) If the General Partner determines that the General Partner Entity shall pay the Redeeming
Partner the Redemption Amount in the form of Shares, the total number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units shall be the applicable Shares Amount. If this amount is not a whole
number of Shares, the Redeeming Partner shall be paid (i) that number of Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which the General Partner Entity determines, in its reasonable
discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner. 
 (iii)
Each Redeeming Partner agrees to execute such documents or provide such information or materials as the General Partner Entity may reasonably require in connection with the issuance of Shares upon exercise of the Redemption Right. 

C. Exceptions to Exercise of Redemption Right. Notwithstanding the provisions of Sections 8.6.A and 8.6.B, a Partner shall
not be entitled to exercise the Redemption Right pursuant to Section 8.6.A if (but only as long as) the delivery of Shares to such Partner on the Specified Redemption Date would (i) be prohibited under the restrictions on the
ownership or transfer of Shares in the organizational documents of the General Partner Entity, (ii) be prohibited under applicable federal or state securities laws or regulations (in the case of each of clause (i) and clause (ii),
regardless of whether the General Partner Entity would in fact assume and satisfy the Redemption Right), (iii) without limiting the foregoing, result in the General Partner’s Entity’s Shares being owned by fewer than 100 persons
(determined without reference to rules of attribution), (iv) without limiting the foregoing, result in the General Partner Entity being “closely held” within the meaning of Section 856(h) of the Code or cause the General Partner
to own, actually or constructively, ten percent (10%) or more of the ownership interests in a tenant of the General Partner Entity, the Partnership or a subsidiary of the Partnership within the meaning of Section 856(d)(2)(B) of the Code,
(v) otherwise cause the General Partner Entity to fail to qualify as a REIT, or (v) without limiting the foregoing, cause the acquisition of the Shares by the Redeeming Partner to be “integrated” with any other distribution of
Shares for purposes of complying with the registration provision of the Securities Act, as amended. Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, waive such prohibition set forth in this
Section 8.6.C. 
 D. No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees
that all Partnership Units delivered for redemption shall be delivered to the Partnership or the General Partner Entity, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary, neither the
General Partner Entity nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any Federal, state or local tax is payable as a result of
the transfer of its Partnership Units to the Partnership or the General Partner Entity, such Limited Partner shall assume and pay such transfer tax. 

  
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 E. Additional Partnership Interests; Modification of Holding Period. If the Partnership
issues Partnership Interests to any Additional Limited Partner pursuant to Article IV, the General Partner may make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such Partnership
Interests (including setting forth any restrictions on the exercise of the Redemption Right with respect to such Partnership Interests which differ from those set forth in this Agreement); provided, however, that no such revisions
shall materially adversely affect the rights of any other Limited Partner to exercise its Redemption Right without that Limited Partner’s prior written consent. In addition, the General Partner may, with respect to any holder or holders of
Partnership Units, at any time and from time to time, as it shall determine in its sole and absolute discretion, (i) reduce or waive the length of the period prior to which such holder or holders may not exercise the Redemption Right or
(ii) reduce or waive the length of the period between the exercise of the Redemption Right and the Specified Redemption Date. Notwithstanding the first sentence of Section 8.6.A(i), the Class A Units issued in connection with
the consummation of the Reorganization under the Merger Agreement shall be entitled to exercise the Redemption Right with respect to such Class A Units at any time following the issuance of such Class A Units. 

F. Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be
necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law that apply upon a Redeeming Partner’s exercise of the Redemption Right. If a
Redeeming Limited Partner believes that it is exempt from such withholding upon the exercise of the Redemption Right, such Partner must furnish the General Partner with a FIRPTA Certificate in substantially the form attached hereto as Exhibit G-1 or
Exhibit G-2 and any other documentation reasonably requested by the General Partner. 
 G. Notwithstanding any other provision of this
Agreement, the General Partner shall place appropriate restrictions on the ability of the Partners to exercise their Redemption Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded
partnership” taxable as an association under Section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each of the
Partners. 
 Section 8.7 Partnership Right to Call Partnership Interests 

Notwithstanding any other provision of this Agreement, on and after the date on which the aggregate Percentage Interests of the Limited
Partners (other than the General Partner Entity and any wholly owned subsidiary of the General Partner Entity) with respect to Class A Units and Class B Units are less than one percent (1%), the Partnership shall have the right, but not the
obligation, from time to time and at any time to redeem any and all outstanding Class A Units and Class B Units (other than those held by the General Partner Entity or any wholly owned subsidiary of the General Partner Entity) by treating any
such Limited Partner as a Redeeming Partner who has delivered a Notice of Redemption pursuant to Section 8.6 hereof with respect to the number of Class A Units and Class B Units specified by the General Partner in a notice to

  
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such Limited Partner that the Partnership has elected to exercise its rights under this Section 8.7. Such notice given by the General Partner to a Limited Partner pursuant to this
Section 8.7 shall be treated as if it were a Notice of Redemption delivered to the General Partner by such Limited Partner. For purposes of this Section 8.7, the provisos in the next to last sentence of
Section 8.6.A(i) hereof shall not apply, but the remainder of Section 8.6 hereof shall apply, mutatis mutandis. 

ARTICLE IX 
 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 appropriate books and records 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. 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,
however, 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. 
 Section 9.2 Fiscal Year 

The Fiscal Year shall be the calendar year. 

Section 9.3 Reports 
 A. Annual
Reports. If and to the extent that the General Partner Entity mails its annual report to its shareholders, as soon as practicable, but in no event later than the date on such reports are mailed, the General Partner Entity shall cause to be
mailed to each Limited Partner an annual report, as of the close of the most recently ended Fiscal Year, containing financial statements of the Partnership, or of the General Partner Entity if such statements are prepared on a consolidated basis
with the Partnership, for such Fiscal Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized “Big Four” firm of independent public accountants selected by the
General Partner Entity. 
 B. Quarterly Reports. If and to the extent that the General Partner Entity mails quarterly reports to its
shareholders, as soon as practicable, but in no event later than the date on such reports are mailed, the General Partner Entity shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day
of such fiscal quarter, of the Partnership, or of the General Partner Entity if such statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation, or as the
General Partner determines to be appropriate. 

  
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 C. The General Partner Entity shall have satisfied its obligations under Sections 9.3.A
and 9.3.B by (i) to the extent the General Partner Entity or the Partnership is subject to periodic reporting requirements under the Exchange Act, filing the quarterly and annual reports required thereunder within the time periods
provided for the filing of such reports, including any permitted extensions, or (ii) posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the General
Partner Entity, provided that such reports are able to be printed or downloaded from such website. 
 ARTICLE X 

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 U.S. 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 required by Limited Partners for federal and state income tax reporting purposes. 
 Section 10.2 Tax Elections 

A. Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available
election pursuant to the Code (including the election under Section 754 of the Code). The General Partner shall have the right to seek to revoke any such election upon the General Partner’s determination in its sole and absolute discretion
that such revocation is in the best interests of the Partners. 
 B. To the extent provided for in Treasury Regulations, revenue rulings,
revenue procedures and/or other IRS guidance issued after the date hereof, the Partnership is hereby authorized to, and at the direction of the General Partner shall, elect a safe harbor (the “LITP Safe Harbor” and such
election, the “Safe Harbor Election”) under which the fair market value of any Partnership Interests issued in connection with the performance of services after the effective date of such Treasury Regulations (or other
guidance) (such interests, “Safe Harbor Interests”) will be treated as equal to the liquidation value of such Safe Harbor Interests (i.e., a value equal to the total amount that would be distributed with respect to such
interests if the Partnership sold all of its assets for their fair market value immediately after the issuance of such Safe Harbor Interests, satisfied its liabilities (excluding any non-recourse liabilities to the extent the balance of such
liabilities exceeds the fair market value of the assets that secure them) and distributed the net proceeds to the Partners under the terms of this Agreement). In the event that the Partnership makes a Safe Harbor Election as described in the
preceding sentence, each Partner hereby agrees to comply with all Safe Harbor requirements with respect to transfers of such Safe Harbor Interests while the Safe Harbor Election remains effective. 

  
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 Section 10.3 Tax Partner and Partnership Tax Audit Matters 

A. General. The General Partner shall be the “tax partner” of the Partnership for federal, state and local income tax
administrative or judicial proceedings (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as a “judicial review”) and is treated as the “tax matters
partner” pursuant to Section 6231(a)(7) of the Code as in effect on November 1, 2015 (Subchapter C of Chapter 63 of the Code as in effect on November 1, 2015 referred to as the “Current Partnership Audit
Rules”) and the “partnership representative” pursuant to Section 6223(a) of the Code as included in the Bipartisan Budget Act of 2015 (with the changes to Subchapter C of Chapter 63 of the Code as made by the Bipartisan
Budget Act of 2015 referred to as the “2015 Budget Act Partnership Audit Rules”). The General Partner is authorized to conduct all tax audits and judicial reviews for the Partnership. So long as
Section 6223(c)(3) of the Current Partnership Audit Rules is in effect, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax partner shall furnish the IRS with the
name, address, taxpayer identification number and profit interest of each of the Limited Partners and any Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners. 

B. Powers. The tax partner is authorized, but not required (and the Partners hereby consent to the tax partner taking the following
actions): 
  

	 	(1)	to elect out of the 2015 Budget Act Partnership Audit Rules, if available; 

  

	 	(2)	to enter into any settlement with the IRS with respect to any tax audit or judicial review for the adjustment of Partnership items required to be taken into account by a Partner or the Partnership for income tax
purposes, and in the settlement agreement the tax partner may expressly state that such agreement shall bind the Partnership and all Partners, except that so long as the Current Partnership Audit Rules are in effect, such settlement agreement shall
not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations under the Current Partnership Audit Rules) files a statement with the IRS providing that the tax 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 Current Partnership Audit Rules) or a member of a “notice group” (as defined in
Section 6223(b)(2) of the Current Partnership Audit Rules); 

  

	 	(3)	to seek judicial review of any adjustment assessed by the IRS or any other tax authority, 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; 

  

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

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

  

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

  

	 	(7)	to take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding, to the extent permitted by applicable law or regulations, including, without
limitation, the following actions to the extent that the 2015 Budget Act Partnership Audit Rules apply to the Partnership and its current or former Partners: 

  

	 	a.	electing to have the alternative method for the underpayment of taxes set forth in Section 6226 of the Code, as included in the 2015 Budget Act Partnership Audit Rules, apply to the Partnership and its current or
former Partners; and 

  

	 	b.	for Partnership level assessments under Section 6225 of the Code, as included in the 2015 Budget Act Partnership Audit Rules, determining apportionment of responsibility for payment among the current or former
Partners, setting aside reserves from Available Cash of the Partnership, withholding of distributions of Available Cash to the Partners, and requiring current or former Partners to make cash payments to the Partnership for their share of the
Partnership level assessments; and 

  

	 	(8)	to take any other action required or permitted by the Code and Regulations in connection with its role as tax partner. 

The taking of any action and the incurring of any expense by the tax partner in connection with any such audit or proceeding referred to in
clause (7) above, except to the extent required by law, is a matter in the sole and absolute discretion of the tax partner and the provisions relating to indemnification of the General Partner set forth in Section 7.7 shall be fully
applicable to the tax partner in its capacity as such. In addition, the General Partner shall be entitled to indemnification set forth in Section 7.7 for any liability for tax imposed on the Partnership under the 2015 Budget Act
Partnership Audit Rules that is collected from the General Partner. 
 The current and former Partners agree to provide the following
information and documentation to the Partnership and the tax partner to the extent that the 2015 Budget Act Partnership Audit Rules apply to the Partnership and its current or former Partners: 

  
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	 	(1)	information and documentation to determine and prove eligibility of the Partnership to elect out of the 2015 Budget Act Partnership Audit Rules; 

 

	 	(2)	information and documentation to reduce the Partnership level assessment consistent with Section 6225(c) of the Code, as included in the 2015 Budget Act Partnership Audit Rules; and 

 

	 	(3)	information and documentation to prove payment of the attributable liability under Section 6226 of the Code, as included in the 2015 Budget Act Partnership Audit Rules. 

In addition to the foregoing, and notwithstanding any other provision of this Agreement, including, without limitation, Section 14.1 of
this Agreement, the General Partner is authorized (without any requirement of the consent or approval of any other Partners) to make all such amendments to this Section 10.3 as it shall determine, in its sole judgment, to be necessary,
desirable or appropriate to implement the 2015 Budget Act Partnership Audit Rules and any regulations, procedures, rulings, notices, or other administrative interpretations thereof promulgated by the U.S. Treasury Department. 

C. Reimbursement. The tax partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax
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 and/or law firm to assist
the tax partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 

D. Survival. The obligations of each Partner under this Section 10.3 shall survive such Partner’s withdrawal from the
Partnership, and each Partner agrees to execute such documentation requested by the Partnership at the time of such Partner’s withdrawal from the Partnership to acknowledge and confirm such Partner’s continuing obligations under this
Section 10.3. 
 Section 10.4 Organizational Expenses 

The Partnership shall elect to deduct expenses 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 U.S. federal, state, local, or foreign taxes that the General Partner determines that the Partnership is
required to withhold or pay with respect to any cash or property distributable, allocable or otherwise transferred to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the
Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount withheld with respect to a Limited Partner pursuant to this Section 10.5 shall 

  
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be treated as paid or distributed, as applicable, to such Limited Partner for all purposes under this Agreement to the extent that the Partnership is contemporaneously making distributions
against which such amount can be offset. Any amount paid on behalf of or with respect to a Limited Partner, in excess of any such amount of contemporaneous distributions against which such amount paid can be offset, 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 or otherwise paid 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. Any amounts payable by a Limited Partner hereunder shall bear interest at 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 (but not higher than the maximum rate that may be charged under applicable law) 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 to perfect or enforce the security interest created hereunder. 

ARTICLE XI 
 TRANSFERS
AND WITHDRAWALS 
 Section 11.1 Transfer 

A. Definition. The term “transfer,” when used in this Article XI with respect to a Partnership Interest or 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 transfer, sale, merger, consolidation, combination, assignment, bequest, conveyance, devise, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition, whether
voluntary or involuntary, by operation of law or otherwise. The term “transfer” when used in this Article XI does not include any redemption or repurchase of Partnership Units by the Partnership from a Partner or acquisition of
Partnership Units from a Limited Partner by the General Partner Entity pursuant to Section 8.6 or otherwise. When used in this Article XI, the verb “transfer” shall have correlative meaning. No Partnership Interest shall be
subject to the claims of any creditor, any spouse (for alimony, support or otherwise), or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or consented
to in writing by the General Partner, in its sole and absolute discretion. 

  
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 B. General. No Partnership Interest shall be transferred, in whole or in part, except in
accordance with the terms and conditions set forth in this Article XI. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article XI shall be null and void ab initio. 

Section 11.2 Transfers and Withdrawals by General Partner and General Partner Entity 

A. General. Neither the General Partner nor the General Partner Entity shall transfer any of its Partnership Interests, and, if the
General Partner Entity is not the General Partner, the General Partner Entity may not transfer any of its direct or indirect interests in the General Partner, or withdraw from the Partnership, except (i) in connection with a transaction
permitted under Section 11.2.B, (ii) in connection with any merger (including a triangular merger), consolidation or other combination with or into another Person following the consummation of which the equity holders of the
surviving entity are substantially identical to the shareholders of the General Partner Entity, (iii) with the Consent of the Outside Limited Partners; or (iv) to any Person that is, at the time of such transfer, an Affiliate of the
General Partner Entity that is controlled by the General Partner Entity, including any Qualified REIT Subsidiary. 
 B. Termination
Transactions. Notwithstanding the restrictions set forth in Section 11.2.A or any other provision of this Agreement, the General Partner Entity shall not engage in any merger (including, without limitation, a triangular merger),
consolidation or other combination with or into another Person (other than any transaction permitted by clauses (ii) through (iv) of Section 11.2.A), sale of all or substantially all of its assets or any reclassification,
recapitalization or other change in outstanding Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination as described in the definition of Conversion Factor) (each, a
“Termination Transaction”), unless, in connection with such Termination Transaction: 
 (1) the
General Partner shall have obtained Partnership Approval of the Termination Transaction, as set forth below, if (x) the Termination Transaction would result in the Partners receiving consideration for their Partnership Units pursuant to clause
(2) below and the General Partner Entity is required to seek the approval of its common shareholders of the Termination Transaction (“Shareholder Approval”) in a shareholder vote (a “Shareholder
Vote”), or (y) the General Partner Entity would be required to obtain Shareholder Approval of the Termination Transaction but for the fact that a Tender Offer shall have been accepted with respect to a sufficient number of Shares
to permit consummation of the Termination Transaction without Shareholder Approval, and 
 (2) all Partners either will
receive, or will have the right to receive, for each Partnership Unit cash, securities or other property in the same form as, and equal in amount to the product of the Conversion Factor and the greatest amount of, the cash, securities or other
property paid to a holder of Shares, if any, corresponding to such Partnership Unit in consideration of one such Share at any time during the period from 

  
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and after the date on which the Termination Transaction is consummated; provided, however, that if in connection with the Termination Transaction, a purchase, tender or
exchange offer (a “Tender Offer”) shall have been made to and accepted by the holders of the percentage required for the approval of mergers under the organizational documents of the General Partner Entity, each holder of
Partnership Units shall receive, or shall have the right to receive, consideration in the same form as and equal to the fair market value of the greatest amount of cash, securities, or other property which such holder would have received had it
exercised the Redemption Right and received Shares in exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. In connection
with any transaction permitted by Section 11.2B(2), fair market values shall be reasonably determined by the General Partner as of the time of such transaction. 

C. Partnership Approval. As used above, “Partnership Approval” means Consent of the Limited Partners holding
Class A Units, Class B Units and LTIP Units, voting as a single class, representing a Percentage Interest of Class A Units, Class B Units and LTIP Units in the aggregate that equals or exceeds the percentage of (x) the Shares
outstanding or (y) the Shares cast, as applicable, in the Shareholder Vote ((x) or (y), as applicable, the “Required Denominator Shares”) required to be voted in favor of the Termination Transaction in the Shareholder
Vote, provided that, for purposes of determining whether Partnership Approval has been obtained, the Percentage Interest of Limited Partners consenting to the Termination Transaction shall be calculated as follows: Such Percentage Interest shall be
equal to the sum of (i) the Percentage Interest of Class A Units, Class B Units and LTIP Units held by Limited Partners consenting to the Termination Transaction (excluding for this purpose any Class A Units held by (1) the
General Partner or the General Partner Entity, (2) any Person of which the General Partner or the General Partner Entity directly or indirectly owns or controls more than fifty percent (50%) of either the voting interests or economic
interests and (3) any Person directly or indirectly owning or controlling more than fifty percent (50%) of the outstanding voting interests of the General Partner or the General Partner Entity (collectively, the “Excluded
Units”)), plus (ii) the product of (1) the Percentage Interest attributable to the Excluded Units, multiplied by (2) either (x) the percentage of the Required Denominator Shares voted in favor of the
Termination Transaction by the General Partner Entity’s shareholders in the Shareholder Vote to obtain Shareholder Approval, or (y) in the event a Tender Offer shall have been accepted with respect to a sufficient number of Shares to
permit consummation of the Termination Transaction without Shareholder Approval, the percentage of outstanding Shares with respect to which such Tender Offer shall have been accepted. 

D. Creation of New General Partner. The General Partner shall not enter into an agreement or other arrangement providing for or
facilitating the creation of a general partner of the Partnership other than the General Partner, unless the successor general partner (i) is a direct or indirect controlled Affiliate of the General Partner Entity, and (ii) executes and
delivers a counterpart to this Agreement in which such successor general partner agrees to be fully bound by all of the terms and conditions contained herein that are applicable to the General Partner. 

  
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 Section 11.3 Transfers by Limited Partners 

A. General. Except to the extent expressly permitted in Sections 11.3.B and 11.3.C or in connection with the exercise of a
Redemption Right pursuant to Section 8.6, a Limited Partner (other than the General Partner and the General Partner Entity, in their capacities as Limited Partners) may not transfer any portion of its Partnership Interest, or any of such
Limited Partner’s rights as a Limited Partner, without the prior written consent of the General Partner, which consent may be withheld in the General Partner’s sole and absolute discretion. Any transfer otherwise permitted under
Sections 11.3.B and 11.3.C shall be subject to the conditions set forth in Section 11.3.D and 11.3.E, and all permitted transfers shall be subject to Sections 11.4, 11.5 and 11.6. 

B. Incapacitated Limited Partner. 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 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, her or its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 

C. Permitted Transfers. Subject to Sections 11.3.D, 11.3.E, 11.4, 11.5 and 11.6, a Limited Partner
may transfer, with or without the consent of the General Partner, all or a portion of its Partnership Interest (i) in the case of a Limited Partner who is an individual, to a member of his Immediate Family, any trust formed for the benefit of
himself and/or members of his Immediate Family, or any partnership, limited liability company, joint venture, corporation or other business entity comprised only of himself and/or members of his Immediate Family and entities the ownership interests
in which are owned by or for the benefit of himself and/or members of his Immediate Family, (ii) in the case of a Limited Partner which is a trust, to the beneficiaries of such trust, (iii) in the case of a Limited Partner which is a
partnership, limited liability company, joint venture, corporation or other business entity to which Partnership Units were transferred pursuant to clause (i) above, to its partners, owners or shareholders, as the case may be, who are members
of the Immediate Family of or are actually the Person(s) who transferred Partnership Units to it pursuant to clause (i) above, (iv) in the case of a Limited Partner which acquired Partnership Units as of the date hereof and which is a
partnership, limited liability company, joint venture, corporation or other business entity, to its partners, owners, shareholders or Affiliates thereof, as the case may be, or the Persons owning the beneficial interests in any of its partners,
owners or shareholders or Affiliates thereof (it being understood that this clause (iv) will apply to all of each Person’s Partnership Interests whether the Partnership Units relating thereto were acquired on the date hereof or hereafter),
(v) in the case of a Limited Partner which is a partnership, limited liability company, joint venture, corporation or other business entity other than any of the foregoing described in clause (iii) or (iv), in accordance with the terms of
any agreement between such Limited Partner and the Partnership pursuant to which such Partnership Interest was issued, (vi) pursuant to a gift or other transfer 

  
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without consideration, (vii) pursuant to applicable laws of descent or distribution, (viii) to another Limited Partner, and (ix) pursuant to a grant of security interest or other
encumbrance thereof effectuated in a bona fide pledge transaction with a bona fide financial institution as a result of the exercise of remedies related thereto, subject to the provisions of Section 11.3.F hereof. A trust or other entity
will be considered formed “for the benefit” of a Partner’s Immediate Family even though some other Person has a remainder interest under or with respect to such trust or other entity. 

D. No Transfers Violating Securities Laws. The General Partner may prohibit any transfer of Partnership Units by a Limited Partner
unless it receives a written opinion of legal counsel (which opinion and counsel shall be reasonably satisfactory to the Partnership) to such Limited Partner to the effect that such transfer would not require filing of a registration statement under
the Securities Act or would not otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Unit or, at the option of the Partnership, an opinion of legal counsel to the Partnership to the
same effect. 
 E. No Transfers to Holders of Nonrecourse Liabilities. No pledge or 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 otherwise constitutes a Nonrecourse Liability unless (i) the General
Partner is provided prior written notice thereof and (ii) the lender enters into an arrangement with the Partnership and the General Partner to exchange or redeem for the Redemption Amount any Partnership Units in which a security interest is
held 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. Consent of General Partner. No Limited Partners shall have the right to substitute a transferee as a Limited Partner in its place
(including any transferees permitted by Section 11.3). 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, the General Partner or any Partner. The General Partner hereby grants its consent to the admission as a Substituted Limited Partner to any bona fide financial
institution that loans money or otherwise extends credit to a holder of Partnership Units and thereafter becomes the owner of such Partnership Units pursuant to the exercise by such financial institution of its rights under a pledge of such
Partnership Units granted in connection with such loan or extension of credit. 

  
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 B. Rights of Substituted Partner. A transferee who has been admitted as a Substituted
Limited Partner in accordance with this Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a Substituted
Limited Partner shall be conditioned upon the transferee executing and delivering to the Partnership an acceptance of all the terms and conditions of this Agreement (including, without limitation, the provisions of Section 15.11) and
such other documents or instruments as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect the admission, each in form and substance reasonably satisfactory to the General Partner. 

C. Partner Registry. Upon the admission of a Substituted Limited Partner, the General Partner shall update the Partner Registry in the
books and records of the Partnership as it deems necessary to reflect such admission in the Partner Registry. 
 Section 11.5 Assignees 

If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under
Section 11.3 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 entitled to all the rights of an assignee of a
limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Loss, gain, loss and Recapture Income attributable to the Partnership Units assigned to such transferee,
and shall have the rights granted to the Limited Partners under Section 8.6, 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). If any such transferee
desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions of this Article XI 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. Withdrawal of Limited Partner. 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 XI and the transferee of such Partnership Units being admitted to the Partnership as a Substituted Limited Partner, or pursuant to redemption of all of
its Partnership Units under Section 8.6. 
 B. Termination of Status as Limited Partner. Any Limited Partner who shall
transfer all of its Partnership Units in a transfer permitted pursuant to this Article XI where such transferee was admitted as a Substituted Limited Partner or pursuant to redemption of all of its Partnership Units under
Section 8.6 shall cease to be a Limited Partner. 

  
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 C. Timing of Transfers. Transfers pursuant to this Article XI may only be made
upon ten (10) Business Days prior notice to the General Partner, unless the General Partner otherwise agrees. 
 D. Allocations.
If any Partnership Interest is transferred during any the Fiscal Year in compliance with the provisions of this Article XI or redeemed or transferred pursuant to Section 8.6, Net Income, Net Loss, each item thereof and all
other items attributable to such interest for such Fiscal Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Fiscal Year in accordance with
Section 706(d) of the Code and corresponding Regulations, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly, or a monthly proration period, in
which event Net Income, Net Loss, each item thereof and all other items attributable to such interest for such Fiscal Year shall be prorated based upon the applicable method selected by the General Partner). Solely for purposes of making such
allocations, at the discretion of the General Partner, each of such items for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner as of midnight on the last day of said month. All
distributions of Available Cash attributable to any 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. 

E. Additional Restrictions. Notwithstanding anything to the contrary herein, and in addition to any other restrictions on transfer
contained herein or in any Equity Incentive Plan, including, without limitation, the provisions of Article VII and this Article XI, in no event may any transfer or assignment of a Partnership Interest by any Partner
(including pursuant to Section 8.6) be made without the express consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership
Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest;
(iv) if the General Partner determines in its reasonable discretion that there is a significant risk that such transfer would cause a termination of the Partnership for U.S. federal or state income tax purposes (except as a result of the
redemption or exchange for Shares of all Partnership Units held by all Limited Partners other than the General Partner, or any Subsidiary of either, or pursuant to a transaction expressly permitted under Section 11.2); (v) if the
General Partner determines in its reasonable discretion that there is a significant risk that such transfer would cause the Partnership to cease to be classified as a partnership for U.S. federal income tax purposes (except as a result of the
redemption or exchange for Shares of all Units held by all Limited Partners other than the General Partner, or any Subsidiary of either, or pursuant to a transaction expressly permitted under Section 11.2); (vi) if such transfer
requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such transfer is effectuated through an “established securities market” or a “secondary market (or the
substantial equivalent 

  
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thereof)” within the meaning of Section 7704 of the Code or such transfer causes the Partnership to become a “publicly traded partnership,” as such term is defined in
Section 469(k)(2) or Section 7704(b) of the Code (provided, however, that, this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Redemption Right under
Section 8.6 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will
be treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation); (viii) if such transfer subjects the Partnership or the activities of the Partnership to regulation under the Investment Company Act of
1940, the Investment Advisors Act of 1940 or ERISA, each as amended; (ix) if the General Partner Entity attempts to qualify as a REIT and if the General Partner determines in its reasonable discretion that there is a risk that such transfer
would adversely affect the ability of the General Partner Entity to continue to qualify as a REIT or subject the General Partner Entity to any additional taxes under Section 857, Section 4981, or any other provision of the Code. 

F. Avoidance of “Publicly Traded Partnership” Status. The General Partner shall monitor the transfers of interests in the
Partnership to determine (i) if such interests are being traded on an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and
(ii) whether additional transfers of interests would result in the Partnership being unable to qualify for at least one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently
published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the
“Safe Harbors”). The General Partner shall take all steps reasonably necessary or appropriate to prevent any trading of interests or any recognition by the Partnership of transfers made on such markets and, except as
otherwise provided herein, to ensure that at least one of the Safe Harbors is met; provided, however, that the foregoing shall not authorize the General Partner to limit or restrict in any manner the right of any holder of a
Partnership Unit to exercise the Redemption Right in accordance with the terms of Section 8.6 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such
limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation. 

ARTICLE XII 
 ADMISSION
OF PARTNERS 
 Section 12.1 Admission of a Successor General Partner 

A successor to all of the General Partner’s General Partner Interest pursuant to Section 11.2 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 successor shall carry on the business of the Partnership without dissolution. In such case, the admission shall be
subject to such 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. 

  
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 Section 12.2 Admission of Additional Limited Partners 

A. General. No Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent shall
be given or withheld in the General Partner’s sole and absolute discretion. 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 with the consent of the General Partner and 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 15.11 and (ii) such other documents or instruments as may be required in the discretion of the General Partner to effect such Person’s admission as an Additional Limited
Partner. 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. 
 B. Allocations to Additional Limited Partners. If any Additional Limited Partner is admitted to the Partnership on any
day other than the first day of a Fiscal Year, then Net Income, Net Loss, each item thereof and all other items allocable among Partners and Assignees for such Fiscal Year shall be allocated among such Additional Limited Partner and all other
Partners and Assignees by taking into account their varying interests during the Fiscal Year in accordance with Section 706(d) of the Code and corresponding Regulations, using the interim closing of the books method (unless the General
Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which event Net Income, Net Loss, and each item thereof would be prorated based upon the applicable period selected by the General
Partner). Solely for purposes of making such allocations, at the discretion of the General Partner, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners
and Assignees including such Additional Limited Partner. 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 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 to the Partner Registry) and, if required by law, shall prepare and file an amendment to the Certificate of
Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to Section 15.11 hereof. 

  
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 ARTICLE XIII 

DISSOLUTION AND LIQUIDATION 

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, upon the first to occur of any of the following (“Liquidating
Events”): 
 (i) an event of withdrawal of the General Partner (other than an event of bankruptcy), unless within ninety
(90) days after the withdrawal, the Consent of the Outside Limited Partners to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General Partner is obtained; 

(ii) an election to dissolve the Partnership made by the General Partner in its sole and absolute discretion; 

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

(iv) ninety (90) days after the sale of all or substantially all of the assets and properties of the Partnership for cash or for
marketable securities; or 
 (v) 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 or at the time of the entry of such order or judgment, the Consent of the Partners holding more than 50% of the Percentage Interests represented by the Class A Units is obtained 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.
General. 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, if there is no remaining General Partner, any Person elected by
a majority in interest of the Limited Partners (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  

  
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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 equity or other
securities of the General Partner or any other entity) 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 payment and discharge of all of the Partnership’s debts and liabilities to the General Partner; 

  

	 	(3)	Third, to the payment and discharge of all of the Partnership’s debts and liabilities to the Limited Partners; 

  

	 	(4)	Fourth, to the holders of Partnership Interests that are entitled to any preference in distribution upon liquidation in accordance with the rights of any such class or series of Partnership Interests (and, within each
such class or series, to each holder thereof pro rata based on its Percentage Interest in such class); and 

  

	 	(5)	Fifth, the balance, if any, to the Partners, including, without limitation, the holders of the Vested LTIP Units, in proportion to their respective positive Capital Account balances, determined after giving effect to
all contributions, distributions, and allocations for all periods. 

 The General Partner shall not receive any additional
compensation for any services performed pursuant to this Article XIII, other than reimbursement of its expenses as provided in Section 7.4. 

B. Deferred Liquidation. Notwithstanding the provisions of Section 13.2.A 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) or distribute to the Partners, in lieu of cash, in accordance with the provisions of Section 13.2.A, 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. 

  
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 Section 13.3 Compliance with Timing Requirements of Regulations; Deficit Capital Accounts 

A. Timing of Distributions. If the Partnership is “liquidated” within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g), distributions shall be made under this Article XIII to the General Partner and Limited Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). In
the discretion of the General Partner a pro rata portion of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this Article XIII may be: (A) 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 of the
General Partner arising out of or in connection with the Partnership (in which case 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 General Partner,
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 (B) withheld 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, however, that such withheld amounts shall be distributed to the General
Partner and Limited Partners as soon as practicable. 
 B. Deficit Capital Accounts Upon Liquidation of the Partnership. If any
Partner has a deficit balance in its 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, except as otherwise expressly agreed in
writing by the affected Partner and the Partnership after the date hereof.
 Section 13.4 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 expressly provided in this Agreement, no Limited Partner shall have priority over any other Limited
Partner as to the return of its Capital Contributions, distributions, or allocations. 
 Section 13.5 Notice of Dissolution 

If a Liquidating Event occurs or an event occurs that would, but for 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 and to all other parties with whom the Partnership
regularly conducts business (as determined in the discretion of the General Partner). 

  
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 Section 13.6 Cancellation of Certificate of Limited Partnership 

Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall be
terminated and the Certificate of Limited Partnership 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. 
 Section 13.7 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, to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect among the Partners during the period of liquidation. 

Section 13.8 Waiver of Partition 

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

Section 13.9 Liability of Liquidator 

The Liquidator shall be indemnified and held harmless by the Partnership in the same manner and to the same degree as an Indemnitee may be
indemnified pursuant to Section 7.8. 
 ARTICLE XIV 

AMENDMENT OF PARTNERSHIP 

AGREEMENT; MEETINGS 
 Section 14.1
Amendments 
 A.     General. The General Partner’s prior written consent shall be required to amend or
waive any provisions of this Agreement. The General Partner, without consent of the Limited Partners, may amend this Agreement in any respect; provided, however, that the following amendments shall require Consent of the Outside
Limited Partners: 
 (i) any amendment to Section 8.6, its related defined terms or otherwise affecting the operation of the
Conversion Factor or the Redemption Right, except as permitted pursuant to Section 8.6.E, in each case in a manner that adversely affects the Limited Partners in any material respects; 

(ii) any amendment to Article V, its related defined terms or otherwise affecting the rights of the Limited Partners to receive the
distributions payable to them hereunder, other than in connection with the creation or issuance of new or additional Partnership Interests pursuant to Section 4.2 and except as permitted pursuant to Section 4.2 and
Section 5.5, in each case in a manner that adversely affects the Limited Partners in any material respects; 

  
 78 

 (iii) any amendment to Article VI, its related defined terms or otherwise that would
materially alter the Partnership’s allocation of Profit and Loss to the Limited Partners, other than in connection with the creation or issuance of new or additional Partnership Interests pursuant to Section 4.2 and except as
permitted pursuant to Section 6.2; 
 (iv) any amendment that would (x) convert a Limited Partner’s interest in the
Partnership into a general partner’s interest, (y) modify the limited liability of a Limited Partner, or (z) impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership, or 

(v) any amendment to Section 4.2.A (proviso only), Section 11.2, Section 11.3 and this
Section 14.1.A, in each case together with their related defined terms. 
 B. The General Partner shall notify the Limited
Partners in writing of any amendment or waiver not requiring the Consent of the Outside Limited Partners made pursuant to Section 14.1.A in the next regular communication to the Limited Partners or within ninety (90) days of such
amendment, whichever is earlier. For any amendment or waiver requiring the Consent of the Outside Limited Partners pursuant to Section 14.1.A, the General Partner shall seek the written Consent of the Partners as set forth in
Section 14.2 on such proposed amendments or waivers 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 Consent, the General Partner may require a
response within a reasonable specified time, but not less than seven (7) days, and failure to respond in such time period shall constitute a vote in favor of the recommendation of the General Partner. Any such proposed amendment or waiver shall
be adopted and be effective as an amendment or waiver hereto if it is approved by the General Partner and receives the Consent of the Outside Limited Partners, as applicable, in accordance with Sections 14.1.A. 

C. Amendment and Restatement of Partner Registry Not an Amendment. Notwithstanding anything in this Article XIV or
elsewhere in this Agreement to the contrary, any amendment and restatement of the Partner Registry by the General Partner to reflect events or changes otherwise authorized or permitted by this Agreement, including any adjustments in the number of
Class A Units, Class B Units or LTIP Units made in lieu of an adjustment to the Conversion Factor, as contemplated by the last sentence of the definition thereof, shall not be deemed an amendment of this Agreement and may be done at any time
and from time to time, as determined by the General Partner without the Consent of the Outside Limited Partners and without any notice requirement. 

Section 14.2 Meetings of the Partners 

A. General. Meetings of the Partners may be called by the General Partner. The call 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 

  
 79 

 
meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may be given at a
meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.1.B. Except as otherwise expressly provided in this Agreement, the Consent of holders of Partnership Interests representing a majority of the
Percentage Interests of the Class A Units shall control (including Class A Units held by the General Partner). 
 B. Actions
Without a Meeting. Except as otherwise expressly provided by this Agreement, 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 Partners holding Partnership Interests representing more than fifty percent (50%) (or such other percentage as is expressly required by this Agreement) of the Percentage Interest of the Class A Units (including Class A Units
held by the General Partner). Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of Partners. 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 date on which written consents from the Partners holding the required Percentage Interest of the Class A Units have been filed with the General Partner. 

C. Proxy. 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 its 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
thereof. 
 D. Votes. On matters on which Limited Partners are entitled to vote, each Limited Partner shall have the number of votes
equal to the number of Class A Units held. 
 E. Conduct of Meeting. Each meeting of 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 deem appropriate. 

F. Record Date. The General Partner may set, in advance, the Partnership Record Date for the purpose of determining the Partners
(i) entitled to Consent to any action, (ii) entitled to receive notice of or vote at any meeting of the Partners or (iii) in order to make a determination of Partners for any other proper purpose. Such date, in any case,
(x) shall not be prior to the close of business on the day the Partnership Record Date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of the Partners, not less than ten (10) days, before the date on
which the meeting is to be held or Consent is to be given and (y) shall be, with respect to the determination of the existence of Partnership Approval, the record date established by the General Partner for the approval of its shareholders for
the event constituting a Termination Transaction. If no record date is fixed, the record date for the determination of 

  
 80 

 
Partners entitled to notice of or to vote at a meeting of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date for any other
determination of Partners shall be the effective date of such Partner action, distribution or other event. When a determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such
determination shall apply to any adjournment thereof. 
 ARTICLE XV 

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 (including, but not limited to, via e-mail) to the Partner or
Assignee at the address set forth in the Partner Registry or such other address as the Partners 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” “Sections” and “Exhibits” are to Articles, Sections and
Exhibits of this Agreement. 
 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. 

  
 81 

 Section 15.6 Creditors 

Other than as expressly set forth herein with regard to any Indemnitee, 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 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. 
 Section 15.11 Power of Attorney 

A. General. Each Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated
therewith) is deemed to irrevocably constitute and appoint 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 of Limited Partnership and all amendments or restatements thereof) that the General Partner or any 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 

  
 82 

	 	
the limited partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property, (b) all instruments that
the General Partner or any Liquidator deem 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 any 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 XI, XII or XIII 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 Interests; and 

  

	 	(2)	execute, swear to, 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
and absolute discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 

Nothing contained in this Section 15.11 shall be construed as authorizing the General Partner or any Liquidator to amend this
Agreement except in accordance with Article XIV hereof or as may be otherwise expressly provided for in this Agreement. 
 B.
Irrevocable Nature. 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 or 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. 

  
 83 

 Section 15.12 Entire Agreement 

This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any
prior written oral understandings or agreements among them with respect thereto. 
 Section 15.13 No Rights as Shareholders 

Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as
shareholders of the General Partner Entity, including, without limitation, any right to receive dividends or other distributions made to shareholders of the General Partner Entity, or to vote or to consent or receive notice as shareholders in
respect to any meeting of shareholders for the election of trustees (or directors, if applicable) of the General Partner Entity or any other matter. 

Section 15.14 Limitation to Preserve REIT Status 

If the General Partner Entity attempts to qualify as a REIT, to the extent that any amount paid or credited to the General Partner
Entity or any of its officers, trustees, employees or agents pursuant to Section 7.4 or Section 7.7 would constitute gross income to the General Partner Entity for purposes of Section 856(c)(2) or 856(c)(3) of
the Code (a “General Partner Payment”) then, notwithstanding any other provision of this Agreement, the amount of such General Partner Payment for any Fiscal Year shall not exceed the lesser of: 

(i) an amount equal to the excess, if any, of (a) 4% of the General Partner Entity’s total gross income (within the meaning of
Section 856(c)(3) of the Code but not including the amount of any General Partner Payments) for the Fiscal Year which is described in subsections (A) though (I) of Section 856(c)(2) of the Code over (b) the amount
of gross income (within the meaning of Section 856(c)(2) of the Code) derived by the General Partner Entity from sources other than those described in subsections (A) through (H) of Section 856(c)(2) of the Code (but
not including the amount of any General Partner Payments); or 
 (ii) an amount equal to the excess, if any of (a) 24% of the General
Partner Entity’s total gross income (but not including the amount of any General Partner Payments) for the Fiscal Year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b) the
amount of gross income (within the meaning of Section 856(c)(3) of the Code but not including the amount of any General Partner Payments) derived by the General Partner Entity from sources other than those described in subsections
(A) through (I) of Section 856(c)(3) of the Code; 

  
 84 

 provided, however, that General Partner Payments in excess of the amounts set forth
in subparagraphs (i) and (ii) above may be made if the General Partner Entity, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect the General Partner Entity’s
ability to qualify as a REIT. To the extent General Partner Payments may not be made in a given Fiscal Year due to the foregoing limitations, such General Partner Payments shall carry over and be treated as arising in the following year;
provided, however, that such amounts shall not carry over for more than five Fiscal Years, and if not paid within such five Fiscal Year period, shall expire; and provided further that (i) as General Partner Payments are made, such
payments shall be applied first to carry over amounts outstanding, if any, and (ii) with respect to carry over amounts for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal Year first. 

[Remainder of page intentionally left blank, signature page follows] 

  
 85 

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

			
	GENERAL PARTNER:
	
	Cousins Properties Incorporated
		
	By:	 	 /s/ Pamela F. Roper

	Name:	 	Pamela F. Roper
	Title:	 	Senior Vice President and General Counsel
	
	LIMITED PARTNERS:
		
	By:	 	 Cousins Properties Incorporated
 as
Attorney-in-fact for the Limited Partners

		
	By:	 	 /s/ Pamela F. Roper

	Name:	 	Pamela F. Roper
	Title:	 	Senior Vice President and General Counsel

  
 [Signature Page to
Amended and Restated 
 Agreement of Limited Partnership] 

S-1 

 EXHIBIT A 

FORM OF PARTNER REGISTRY 

Dated as of [            ] 

 

							
	 Name and Address of Partner
	  	 Class or Series of

Partnership

Units
	  	Number of Units	  	Percentage
Interest in Class
				
	 GENERAL PARTNER:
 Cousins Properties
Incorporated
 191 Peachtree Street NE , Suite 500
 Atlanta,
GA 30303
 Attn:
 Facsimile:
	  	Class A Units	  	1,000	  	
				
	LIMITED PARTNERS:	  		  		  	
				
	 Cousins Properties Incorporated
 191
Peachtree Street NE , Suite 500
 Atlanta, GA 30303
 Attn:

Facsimile:
	  	Class A Units	  		  	
				
	[NAME]	  		  		  	
				
	[NAME]	  		  		  	
				
	TOTAL PARTNERSHIP UNITS	  	 Class A Units

Class B Units
 LTIP Units
	  		  	100.000%

  

  
 Exhibit A-1 

 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 l.704-l(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 of the Agreement and this Exhibit B, and decreased by (x) the amount of cash or Agreed Value of property actually distributed or deemed to be distributed 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 of the Agreement and this Exhibit B.

 B. For purposes of computing Net Income, Net Loss or the amount of any item of income, gain, loss and deduction 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 Net Income, Net Loss and all items of income, gain, loss and deduction shall be made without regard to any adjustments to the adjusted bases of the assets of the Partnership pursuant to Sections 754 of the Code, provided,
however, 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 l.704-1(b)(2)(iv)(m)(4). 
 (2) The computation of Net Income, Net Loss and all items of income, gain, loss and deduction shall
be made without regard to the fact that items described in Sections 705(a)(l)(B) or 705(a)(2)(B) of the Code are not includible in 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. 

  
 Exhibit B-1 

 (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 or shorter period. 

(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 specially allocated under
Section 1 of Exhibit C to the Agreement hereof shall not be taken into account. 
 C. A transferee (including
any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor in accordance with Regulations Section 1.704-1(b)(2)(iv)(l). 

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 Values 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; (c) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-l(b)(2)(ii)(g); (d) immediately prior to the grant of an interest in the Partnership (other
than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner acting in a Partner capacity or by a new partner acting in a Partner capacity or in anticipation of becoming a
Partner (including the issuance of any LTIP Units); and (e) at such other times as permitted or required under Regulations; provided, however, that adjustments pursuant to clauses (a), (b), (d) and (e) (to the extent not
required by Regulations) 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. 

(3) In accordance with Regulations Section 1.704- l(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. 

(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 XIII of the Agreement, shall be determined and allocated by the Liquidator using such 

  
 Exhibit B-2 

 
reasonable methods of valuation as it may adopt. The General Partner, or the Liquidator, as the case may be, shall allocate such aggregate fair market 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 the Agreement (including this Exhibit B and the other Exhibits to the 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. In the event the General Partner shall determine that it is prudent to modify 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 in order to comply with such
Regulations, the General Partner may make such modification without regard to Article XIV of the Agreement, provided that it is not likely to have a material effect on the amounts distributable to any Person pursuant to
Article XIII 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 l.704-l(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 l.704-1(b). 
  

	2.	No Interest 

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

	3.	No Withdrawal 

 No Partner shall be entitled to withdraw any part of its Capital
Contribution or Capital Account or to receive any distribution from the Partnership, except as provided in Articles IV, V, VII and XIII of the Agreement. 

  
 Exhibit B-3 

 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 Fiscal 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 for purposes of this Section 1.A only, 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 C with respect to such Fiscal Year and without regard to any
decrease in Partner Minimum Gain during such Fiscal 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 Partner Nonrecourse Debt during any
Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(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)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each General Partner and Limited 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 this 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
C with respect to such Fiscal 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-l(b)(2)(ii)(d)(4), l.704-1(b)(2)(ii)(d)(5), or 1.704-l(b)(2)(ii)(d)(6), and after giving effect to the
allocations required under Sections 1.A and 1.B hereof with respect to such Fiscal Year, such Partner has an Adjusted Capital Account Deficit, items of Partnership income and gain (consisting of a pro rata

  
 Exhibit C-1 

 
portion of each item of Partnership income, including gross income and gain for the Fiscal Year) 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. This Section 1.C is intended to constitute a “qualified income
offset” under Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 D. Gross Income
Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Fiscal Year (after taking into account allocations to be made under the preceding paragraphs hereof with respect to such Fiscal Year), each such
Partner shall be specially allocated 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 Fiscal Year) in an amount and manner sufficient to eliminate, to
the extent required by the Regulations, its Adjusted Capital Account Deficit. 
 E. Nonrecourse Deductions. Except as may otherwise be
expressly provided by the General Partner pursuant to Section 4.2 of the Agreement with respect to other classes of Partnership Units, Nonrecourse Deductions for any Fiscal Year shall be allocated only to the Partners holding
Class A Units and Class B Units 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 for such Fiscal Year to
the numerically closest ratio which would satisfy such requirements. 
 F. Partner Nonrecourse Deductions. Any Partner Nonrecourse
Deductions for any Fiscal 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
Sections 1.704-2(b)(4) and 1.704-2(i). 
 G. Adjustments Pursuant to Code Section 734 and Section 743. 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-l(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. 

H. Forfeiture Allocations. Upon a forfeiture of any unvested Partnership Interest by any Partner, gross items of income, gain, loss
or deduction shall be allocated to such Partner if and to the extent required by final Treasury Regulations promulgated after the date hereof (or, if final Treasury Regulations have not yet been promulgated, to the extent determined by the General
Partner, in its sole discretion, as necessary) to ensure that allocations made with respect to all unvested Partnership Interests are recognized under Code Section 704(b). 

  
 Exhibit C-2 

 I. The allocations set forth in clauses (A) through (F) of this Section 1
(“Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Section 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Section 6.1
of the Agreement, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Partners so that, to the extent possible without violating the requirements giving rise to the
Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Partner shall be equal to the net amount that would have been allocated to each such Partner if the Regulatory Allocations had not been
made. 
  

	2.	Allocations for Tax Purposes 

 A. Except as otherwise provided in this
Section 2, 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. 
 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 to take into account the variation between the Section 704(c) Value of such property and its adjusted basis at the time of contribution (taking into account Section 2.C of this
Exhibit C); 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 

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

(ii) 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. 

  
 Exhibit C-3 

 C. To the extent Regulations promulgated pursuant to Section 704(c) of the Code permit
a Partnership to utilize alternative methods to eliminate the disparities between the Carrying Value of property and its adjusted basis, the General Partner shall, subject to any agreements between the Partnership and a Partner, have the authority
to elect the method to be used by the Partnership and such election shall be binding on all Partners. 

  
 Exhibit C-4 

 EXHIBIT D 

NOTICE OF REDEMPTION 
 The
undersigned hereby irrevocably (i) redeems             Class A Units in Cousins Properties LP in accordance with the terms of the Amended and Restated Agreement of Limited
Partnership of Cousins Properties LP, as amended, and the Redemption Right referred to therein, (ii) surrenders such Class A Units and all right, title and interest therein and (iii) directs that the Cash Amount or Shares Amount (as
determined by the General Partner) deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if Shares are to be delivered, such 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 Class A Units, free and clear of the rights of or interests of any other person or entity,
(b) has the full right, power and authority to redeem and surrender such Class A Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consult or approve such
redemption and surrender. 
  

					
	Dated:                            	  		  	Name of Limited Partner:
		  		  	  

		  		  	(Signature of Limited Partner)
		  		  	  

		  		  	(Street Address)
		  		  	  

		  		  	  

		  		  	(City)             (State)             (Zip Code)
			
		  		  	 Signature Guaranteed by:
  

  
 Exhibit D-1 

							
	IF SHARES ARE TO BE ISSUED, ISSUE TO:	 		  	
				
	Name:	 	  
	 		  	
			
	Social Security or tax identifying number:	 	  
	  	

  
 Exhibit D-2 

 EXHIBIT E 

NOTICE OF ELECTION BY PARTNER TO CONVERT 

LTIP UNITS INTO CLASS A UNITS 

The undersigned holder of LTIP Units hereby irrevocably (i) elects to convert
                    LTIP Units in COUSINS PROPERTIES LP (the “Partnership”) into Class A Units in accordance with the terms of the
Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any cash in lieu of Class A Units that may be deliverable upon such conversion be delivered to the address specified
below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the
full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having the right to consent or approve such conversion. 

 

							
	Dated:                 	  	Name of Holder:
		  	  

		  	(Signature of Holder)
		  	  

		  	(Street Address)
		  	  

		  	(City)	  	(State)	  	(Zip Code)
		
		  	Signature Guaranteed by:
		  	  

  
 Ex. E-1 

 EXHIBIT F  

NOTICE OF ELECTION BY PARTNERSHIP TO CONVERT 

LTIP UNITS INTO CLASS A UNITS 

COUSINS PROPERTIES LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP
Units set forth below to be converted into Class A Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended. 

 

	
	 Name of Holder:

	
	 Date of this Notice:

	
	 Number of LTIP Units to be Converted:

	
	 Please Print: Exact Name as Registered with Partnership

  
 Ex. F-1 

 EXHIBIT G-1 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR REDEEMING LIMITED PARTNERS THAT ARE ENTITIES) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a
disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests
(“USRPIs”), as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 15% of the amount
realized by the non-U.S. person upon the disposition. To inform Cousins Properties Incorporated (the “General Partner”) and Cousins Properties LP (the “Partnership”) that no withholding is required with respect to
the redemption by(“Partner”) of its Partnership Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner: 
  

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

 

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

  

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

 

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

  

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

 

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

  

			
	PARTNER:
		
	By:	 	 
		 	Name:
		 	Title:

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

  

	
	Name:
	Title:

  
 G-2-1 

 EXHIBIT G-2 

CERTIFICATION OF NON-FOREIGN STATUS 

(FOR REDEEMING LIMITED PARTNERS THAT ARE INDIVIDUALS) 

Under Section 1445(e) of the Internal Revenue Code of 1986, as amended (the “Code”), in the event of a
disposition by a non-U.S. person of a partnership interest in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests
(“USRPIs”), as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash equivalents, the transferee will be required to withhold 15% of the amount
realized by the non-U.S. person upon the disposition. To inform Cousins Properties Incorporated (the “General Partner”) and Cousins Properties LP (the “Partnership”) that no withholding is required with respect to
my redemption of my Partnership Units in the Partnership, I,                     , hereby certify the following: 

 

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

  

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

 

	3.	My home address is:                     . 

 

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

 

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

 Name: 

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

Name: 

Title: 

  
 G-2-1

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