Document:

Exhibit 10.28

 

TENANTS IN COMMON AGREEMENT

 

This Tenants in Common
Agreement (“Agreement”) is made and effective as of May 8, 2018, by and among PMI Hanover SQ, LLC, a Delaware limited
liability company, with an address at 406 Page Road, Nashville, TN 37205 (“PMI Hanover”), and MDR Hanover Square, LLC,
a Delaware limited liability company, with an address at 11 S. 12th Street, Suite 401, Richmond, VA 23219 (“Medalist”)
(PMI Hanover and Medalist are each sometimes referred to as a “Tenant in Common” or collectively as the “Tenants
in Common”), with reference to the facts set forth below.

 

RECITALS

 

A.           PMI
Hanover owns an undivided sixteen percent (16%) tenant in common interest, and Medalist owns an undivided eighty-four percent (84%)
tenant in common interest (each such percentage interest being referred to as the “Interest” of such Tenant in Common),
in certain real property and improvements thereon, currently including a retail shopping center, located at Bells Creek Road, Mechanicsville,
Hanover County, Virginia, as more particularly described in Exhibit A attached hereto and incorporated herein (“Property”).
The percentage interest in the Property of any Tenant in Common, as adjusted from time to time pursuant to the terms hereof, shall
be such Tenant in Common’s “Pro Rata Share”.

 

B.           The
Tenants in Common desire to enter into this Agreement to provide for the orderly administration of the Property, to delegate authority
and responsibility for the operation and management of the Property and to further set forth the rights and obligations of the
Tenants in Common concerning the Property.

 

NOW, THEREFORE, in
consideration of the mutual covenants and conditions contained in this Agreement and for other good and valuable consideration,
the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties agree as set forth below.

 

1.            Nature
of Relationship Between Co-Tenants.

 

1.1           Tenants
in Common Relationship; No Partnership. The Tenants in Common shall each hold their respective undivided tenancy in common
interests in the Property (the “Interests”) as tenants-in-common. The Tenants in Common intend to take and hold the
Property for investment purposes only. The Tenants in Common do not intend by this Agreement to create a partnership or joint venture
among themselves, but merely to set forth the terms and conditions upon which each of them shall hold their respective Interests.
In addition, the Tenants in Common do not intend to create a partnership or joint venture with the Property Manager (as defined
below). Therefore, each Tenant in Common hereby elects to be excluded from the provisions of Subchapter K of Chapter 1
of the Internal Revenue Code of 1986, as amended (the “Code”) pursuant to Section 761(a) of the Code, with respect
to the tenancy in common ownership of the Property. The exclusion elected by the Tenants in Common hereunder shall commence with
the execution of this Agreement.

 

1.2           Reporting
as Direct Owners and Not a Partnership. Each Tenant in Common hereby covenants and agrees to report on his federal and state
income tax returns all items of income, deduction and credits which result from his Interests. All such reporting shall be consistent
with the exclusion of the Tenants in Common from Subchapter K of Chapter 1 of the Code, commencing with the first taxable
year following the execution of this Agreement. Further, each Tenant in Common covenants and agrees not to notify the Commissioner
of Internal Revenue that he desires that Subchapter K of Chapter 1 of the Code apply to the Tenants in Common. No Tenant in
Common shall file a partnership or corporate tax return, conduct business under a common name, or execute any agreement identifying
any or all of the Tenants in Common as partners, shareholders or members of a business entity, or otherwise hold themselves out
as partners, shareholders, or members of a business entity.

 

1.3           Indemnity.
Each Tenant in Common hereby agrees to indemnify, protect, defend and hold the other Tenant in Common free and harmless from all
costs, liabilities, tax consequences and expenses (for example, taxes, interest and penalties), including, without limitation,
attorneys’ fees and costs, which may result from any Tenant in Common so notifying the Commissioner in violation of this
Agreement or otherwise taking a contrary position on any tax return, report or other document.

 

    	

     

    

 

1.4           No
Agency. No Tenant in Common is authorized to act as agent for, to act on behalf of, or to do any act that will bind, any
other Tenant in Common, or to incur any obligations with respect to the Property. No Treatment of Co-Ownership as an Entity.
The Owners shall not file a partnership or corporate tax return, conduct business under a common name, execute an agreement
identifying any or all of the Owners as partners, shareholders or members of a business entity, or otherwise hold themselves
out as partners, shareholders, or members of a business entity.

 

2.            Management.

 

2.1           Management
Agreement. Concurrently with the acquisition of the Property, the Tenants in Common will enter into a Management Agreement
(“Management Agreement”) with [Shockoe Commercial Properties], LLC (“Property Manager”). Pursuant to the
Management Agreement, the Property Manager shall be the sole and exclusive manager of the Property to act on behalf of the Tenants
in Common with respect to the management, operation, maintenance and leasing of the Property until the Management Agreement is
terminated in accordance with its terms. All of the terms, covenants and conditions of the Management Agreement are hereby incorporated
herein. The Management Agreement shall be renewable no less frequently than annually. Fees paid to the Property Manager shall not
depend in whole or in part on the income or profits derived by any person from the Property and shall not exceed the fair market
value of the Property Manager’s services.

 

2.2           Management
Services. The Property Manager’s services shall be limited to customary services typically performed to manage the Property
on behalf of the Tenants in Common, such as collecting rents, paying property taxes and insurance premiums, arranging for repair
and maintenance of the Property, utilities, heat, air conditioning, trash removal, parking for the Property and paying such expenses,
and providing other customary services. The amount of rent paid by a lessee shall not be based on a percentage of net income, cash
flow, increases in equity, or otherwise depend in whole or in part on the income or profits derived by the lessee.

 

2.3           Accounts,
Books and Records and Statements. The Property Manager, on behalf of the Owners, shall open and maintain all accounts necessary
or desirable in connection with ownership of the Property, shall maintain adequate books and records of the Property operations,
and shall provide monthly reports to the Tenants in Common on the operations of the Property.

 

3.            Decisions
of the Tenants in Common.

 

3.1.          Approvals.
The Tenants in Common shall unanimously approve (i) any lease, sublease, deed restriction, or grant of easement of/on all or any
portion of the Property, provided that the conveyance of leases or subleases or portions of the Property pursuant to contracts
with third parties that have been previously approved by the Tenants in Common shall not require the further approval of the Tenants
in Common, (ii) any sale or exchange of the Property, (iii) any indebtedness or loan, and any negotiation or refinancing thereof,
secured by a lien on the Property, (iv) any successor or replacement Property Manager, (v) annual budgets for development and operations
of the Property, (vi) any contracts, renewals and amendments thereof, and any transactions with parties affiliated with any Tenant
in Common or the Property Manager including the Management Agreement, and (vii) any successor or replacement Property Manager.
Whenever this Agreement provides that the Tenants in Common shall be entitled to vote upon a matter, each Tenant in Common shall
be entitled to vote in proportion to its Pro Rata Share.

 

3.2.          Deadlock.
In the event the Tenants in Common cannot agree on any matter requiring unanimous approval under this Section, any Tenant in Common
shall have the right to invoke the dispute resolution provisions of Exhibit B, and if such Deadlock (as defined in Exhibit
B attached hereto) is not resolved under the provisions of Exhibit B then any Tenant in Common may invoke the buy/sell procedures
set forth in Section 10.

 

3.3           Meetings.
There shall be no scheduled or periodic meetings of the Tenants in Common, but a meeting of the Tenants in Common may be called
by the Property Manager or by any Tenant in Common by providing written notice of such meeting to all parties hereto not less than
ten (10) nor more than sixty (60) days prior to the date of such meeting (unless all Tenants in Common agree to an earlier date).
The notice shall state the nature of the business to be discussed at the meeting. The Property Manager and each Tenant in Common
shall exert reasonable efforts to attend such meeting (or participate in such meeting via telephone).

 

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3.4           Approval
of Langley Federal Credit Union Loan. The Tenants in Common are concurrently herewith assuming an Eight Million Nine Hundred
Thousand and 00/100 Dollars $8,900,000.00 commercial mortgage loan from LANGLEY FEDERAL CREDIT UNION (together with any of its
respective affiliates and/or any of its or their respective successors and/or assigns, being referred to herein as the “Lender”)
for the financing of the Property (the "Mortgage Loan") and, in connection therewith, entering into various documents
evidencing and securing the Mortgage Loan, secured by a blanket lien on the Property, but may execute contribution and indemnity
agreements, subordinate to the Lender’s Loan, to share the liability as between the Tenants in Common in proportion to their
Pro Rata Shares. The Tenants in Common hereby ratify, approve and confirm the Assignment, Assumption and Release Agreement dated
as of May 8, 2018 with Lender and Loan Documents with respect to the Mortgage Loan. The execution and delivery by the Tenants in
Common of all documents, instruments and agreements in connection with the Mortgage Loan (collectively, the “Mortgage Loan
Documents”) conclusively evidences that such execution and delivery has been duly authorized by all requisite action on the
part of the Tenants in Common as tenants in common under this Agreement. In addition, for so long as any obligations of the Tenants
in Common under the Mortgage Loan remain outstanding, the Tenants in Common shall comply with the covenants and restrictions set
forth on the Addendum to this Agreement.

 

4.            Income
and Liabilities; Bank Accounts.

 

4.1           Income
and Liabilities. Except as otherwise provided herein and in the Management Agreement, each of the Tenants in Common shall be
entitled to all benefits and obligations of ownership of the Property based on their Pro Rata Shares. Accordingly, each of the
Tenants in Common shall (a) be entitled to all benefits of ownership of the Property, on a gross and not a net basis, including,
without limitation, all items of income and proceeds from sale or refinance or condemnation, in proportion to their respective
Interests, and (b) bear, and shall be liable for, payment of all expenses of ownership of the Property, on a gross and not a net
basis, including by way of illustration, but not limitation, all operating expenses and expenses of sale or refinancing or condemnation,
burdens, obligations, duties, liabilities, costs and expenses of the Property, in proportion to their respective Interests, except
for such amounts as may be reasonably determined by the Property Manager to be retained for reserves or improvements in accordance
with the Management Agreement.

 

4.2           Bank
Accounts. Subject to the Mortgage Loan Documents, the funds, income and revenues of the Property shall be deposited in such
separate co- tenancy bank account or accounts in such bank or banks as shall be determined by, and in the sole discretion of the
Tenants in Common. The Tenants in Common shall be entitled to receive copies of monthly bank statements from all accounts maintained
for the benefit of the Property or Tenants in Common. In all events, the Property Manager shall cause the disbursement to the Tenants
in Common of their respective shares of net revenues from the Property within 3 months from the date of receipt of those revenues.

 

5.            Co-Tenant’s
Obligations. The Tenants in Common each agree to perform such acts as may be reasonably necessary to carry out the terms and
conditions of this Agreement, including, without limitation:

 

5.1           Documents.
Executing documents required in connection with a sale or refinancing of the Property in accordance with Section 6 below and such
additional documents as may be required under this Agreement or may be reasonably required to effect the intent of the Tenants
in Common with respect to the Property or any loans encumbering the Property.

 

5.2           Additional
Funds. Each Tenant in Common will be responsible for its Pro Rata Share of costs, fees, expenses and any future cash needed
in connection with the acquisition, financing, ownership, operation and maintenance of the Property, including, for the avoidance
of doubt, any and all deposits and acquisition and financing costs that may have been incurred prior to the effective date of this
Agreement. If a Tenant in Common (the “Defaulting Owner”) fails for any reason to timely contribute its proportionate
share of funds required by this Agreement, the other Tenant in Common who has made the required contribution (the “Non Defaulting
Owner”) shall have the right, but not the obligation, to contribute all or any portion of the amount which the Defaulting
Owner has failed to contribute (on behalf of the Defaulting Owner). If the Non Defaulting Owner contributes all or any portion
of an amount required to be contributed by the Defaulting Owner (the “Default Contribution”), the Non Defaulting Owner
shall be entitled to enforce its common law rights as a co-tenant of the Property.

 

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6.            Sale
or Encumbrance of Property.

 

6.1           Approval.
Subject to the terms of the Addendum attached hereto, any sale or exchange of the Property, and any loan encumbering the Property
and any sale of the Property, shall be subject to unanimous approval by the Tenants in Common.

 

6.2           Distribution
of Loan or Sales Proceeds. Notwithstanding any other provisions of this Agreement, each Tenant in Common’s share of the
proceeds of a loan encumbering the Property or sale of the Property shall be applied at the closing of the loan or the sale as
set forth below.

 

6.2.1           To
the extent necessary, the proceeds shall first be used to pay in full his share of any loans encumbering title to the Property.

 

6.2.2           To
the extent necessary, the proceeds shall next be used to pay in full any unsecured loan made to such Tenant in Common with respect
to the Property.

 

6.2.3           The
proceeds shall next be used to pay his share of all outstanding costs and expenses incurred in connection with the holding, marketing
and sale of the Property.

 

6.2.4           The
proceeds shall next be used to pay all outstanding fees and costs as set forth in the Management Agreement.

 

6.2.5           Any
proceeds remaining shall be paid to such Tenant in Common.

 

7.            Transfer
or Encumbrance. Except as specifically provided in this Agreement and subject to compliance with applicable securities laws
and loan (and associated loan agreement and documents) secured by the Property, each Tenant in Common may sell, transfer, convey,
pledge, encumber or hypothecate their Interest or any part thereof, provided that any transferee shall take such Interests subject
to this Agreement.

 

8.            Right
of Partition. The Tenants in Common agree that any Tenant in Common (and any of his successors-in-interest) shall have the
right at any time to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance
with and to the extent provided by applicable law. The Tenants in Common acknowledge and agree that partition of the Property may
result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect
on the investment by the other Tenant in Common, the Tenants in Common agree that, as a condition precedent to filing a partition
action, the Tenant in Common filing such action shall follow the buy-sell procedure set forth in Section 10.

 

9.             Bankruptcy.
The Tenants in Common agree that the following shall constitute an Event of Bankruptcy with respect to any Tenant in Common (and
in any of his successors-in-interests): if a receiver, liquidator or trustee is appointed for any Tenant in Common, if any Tenant
in Common becomes insolvent, makes an assignment for the benefit of creditors or admits in writing his inability to pay its debts
generally as they become due, if any petition for bankruptcy, reorganization, liquidation or arrangement pursuant to federal bankruptcy
law, or similar federal or state law shall be filed by or against, consented to, or acquiesced in by, any Tenant in Common; provided,
however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by such Tenant in Common
then, upon the same not being discharged, stayed or dismissed within sixty (60) days thereof. To avoid the inequity of a forced
sale and the potential adverse effect on the investment of the other Tenants in Common, the Tenants in Common agree that, as a
condition precedent to entering into this Agreement, the Tenant in Common causing such Event of Bankruptcy shall follow the buy-sell
procedure set forth in Section 9.

 

10.          Buy-Sell
Procedure. Before filing a partition action in accordance with Section 8, or

 

(i) upon a Tenant in
Common defaulting its obligations under this Agreement (including, but limited to, (a) for failing to offer its interest for sale
prior to filing a partition; or (b) for filing a partition), or

 

(ii) upon the occurrence
of an Event of Bankruptcy in accordance with Section 9, or

 

(iii) in the event
a Tenant in Common sues another Tenant in Common or any guarantor of the Lender’s Loan to the Tenants in Common, or

 

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(iv) in the event of
a Deadlock that is not resolved by the invocation of the provisions of Exhibit B; the Tenant in Common filing such partition
action, or defaulting under this Agreement, or the subject of the Event of Bankruptcy, or suing another Tenant in Common or Loan
guarantor, or any Tenant in Common on the event of a Deadlock (hereinafter, “Seller”) shall first make a written offer
(“Offer”) to sell its undivided interest to the other Tenant in Common at a price equal to the Fair Market Value (as
defined below) of Seller’s undivided interest. “Fair Market Value” shall mean the fair market value of Seller’s
undivided interest in the Property on the date the Offer is made as determined in accordance with the procedures set forth below.
The other Tenant in Common shall have ten (10) days after delivery of the Offer to accept the Offer. If the other Tenant in Common
(“Purchaser”) accepts the Offer (hereafter, the date of such acceptance is the “Acceptance Date”), Seller
and Purchaser shall commence negotiation of the Fair Market Value. If the parties do not agree, after good faith negotiations,
within five (5) days after the Acceptance Date, then each party shall submit to the other a proposal containing the Fair Market
Value the submitting party believes to be correct (“Proposal”) within seven (7) days after the Acceptance Date. If
either party fails to timely submit a Proposal, the other party’s submitted proposal shall determine the Fair Market Value.
If both parties timely submit Proposals, then the Fair Market Value shall be determined in accordance with the procedures set forth
below. Within ten (10) days after the Acceptance Date, the parties shall appoint a certified MAI real estate appraiser who shall
have been active full-time over the previous ten (10) years in the appraisal of comparable properties located in the County or
City in which the Property is located (the “Appraiser”). If the parties are unable to agree upon a single Appraiser
within ten (10) days after the Acceptance Date, then the parties each shall each select an Appraiser that meets the foregoing qualifications
within twelve (12) days after the Acceptance Date. The two (2) Appraisers so appointed shall, within five (5) days after their
appointment, appoint a third Appraiser meeting the foregoing qualifications. The determination of the Appraisers(s) shall be limited
solely to the issue of whether Seller’s or Purchaser’s Proposal most closely approximates the fair market value. The
decision of the single Appraiser or of the Appraisers shall be made within ten (10) days after the appointment of the single Appraiser
or the third Appraiser, as applicable. The Appraiser(s) shall have no authority to create an independent structure of fair market
value or prescribe or change any or several of the components or the structure thereof; the sole decision to be made shall be which
of the parties’ Proposals most closely corresponds to the fair market value of the Property. The decision of the single Appraiser
or majority of the three (3) Appraisers shall be binding upon the parties. If either party fails to appoint an Appraiser within
the time period specified above, the Appraiser appointed by one of them shall reach a decision which shall be binding upon the
parties. The cost of the Appraisers shall be paid equally by Seller and Purchaser. In the event that the Seller’s Interest
is not purchased by the other Tenant in Common, the Seller shall have the right to exercise his partition rights and any purchaser
thereunder shall acquire any Interest or portion of the Property free of the terms of this Agreement.

 

11.          General
Provisions.

 

11.1         Mutuality;
Reciprocity; Runs With the Land. Except as otherwise provided herein all provisions, conditions, covenants, restrictions, obligations
and agreements contained herein are made for the direct, mutual and reciprocal benefit of each and every part of the Property;
shall be binding upon and shall inure to the benefit of each of the Tenants in Common and their respective heirs, executors, administrators,
successors, assigns, devisees, representatives, lessees and all other persons acquiring any undivided interest in the Property
or any portion thereof whether by operation of law or any manner whatsoever (collectively, “Successors”); shall create
mutual, equitable servitudes and burdens upon the undivided interest in the Property of each Tenant in Common in favor of the interest
of every other Tenant in Common; shall create reciprocal rights and obligations between the respective Tenants in Common, their
interests in the Property, and their Successors; and shall, as to each of the Tenants in Common and their Successors operate as
covenants running with the land, for the benefit of the other Tenants in Common pursuant to applicable law. Except as otherwise
provided herein it is expressly agreed that each covenant contained herein (i) is for the benefit of and is a burden upon the undivided
interests in the Property of each of the Tenants in Common, (ii) runs with the undivided interest in the Property of each Tenant
in Common and (iii) benefits and is binding upon each Successor owner during its ownership of any undivided interest in the Property,
and each owner having any interest therein derived in any manner through any Tenant in Common or Successor. Every person or entity
who now or hereafter owns or acquires any right, title or interest in or to any portion of the Property is and shall be conclusively
deemed to have consented and agreed to every restriction, provision, covenant, right and limitation contained herein, whether or
not such person or entity expressly assumes such obligations or whether or not any reference to this Agreement is contained in
the instrument conveying such interest in the Property to such person or entity. The Tenants in Common agree that, subject to the
restrictions on transfer contained herein, any Successor shall become a party to this Agreement upon acquisition of an undivided
interest in the Property as if such person was a Tenant in Common initially executing this Agreement.

 

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11.2         Attorneys’
Fees. If any action or proceeding is instituted between all or any of the Tenants in Common arising from or related to or with
this Agreement, the Tenant in Common or Tenants in Common prevailing in such action or arbitration shall be entitled to recover
from the other Tenant in Common or Tenants in Common all of his or their costs of action or arbitration, including, without limitation,
reasonable attorneys’ fees and costs as fixed by the court or arbitrator therein.

 

11.3         Entire
Agreement. This Agreement, together with and as amended by (i) the Addendum to Tenants in Common Agreement attached hereto,
and (ii) the First Amendment to Tenants in Common Agreement dated of even date herewith, constitutes the entire agreement between
the parties hereto pertaining to the subject matter hereof and all prior and contemporaneous agreements, representations, negotiations
and understandings of the parties hereto, oral or written, are hereby superseded and merged herein.

 

11.4         Governing
Law. This Agreement shall be governed by and construed under the internal laws of the Commonwealth of Virginia without regard
to choice of law rules.

 

11.5         Modification.
No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed
by the party against which the enforcement of such modification, waiver, amendment, discharge or change is or may be sought.

 

11.6         Notice
and Payments. Any notice to be given or other document or payment to be delivered by any party to any other party hereunder
may be delivered in person, or may be deposited in the United States mail, duly certified or registered, return receipt requested,
with postage prepaid, or by Federal Express or other similar overnight delivery service, and addressed to the Tenants in Common
at the addresses specified herein. Any party hereto may from time to time, by written notice to the others, designate a different
address which shall be substituted for the one above specified. Unless otherwise specifically provided for herein, all notices,
payments, demands or other communications given hereunder shall be in writing and shall be deemed to have been duly given and received
(i) upon personal delivery, or (ii) as of the third business day after mailing by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as set forth above, or (iii) the immediately succeeding business day after deposit
with Federal Express or other similar overnight delivery system.

 

11.7         Successors
and Assigns. All provisions of this Agreement shall inure to the benefit of and shall be binding upon the successors-in-interest,
assigns, and legal representatives of the parties hereto.

 

11.8         Term.
This Agreement shall commence as of the date of recordation and shall terminate at such time as the Tenants in Common or their
successors-in-interest or assigns no longer own the Property as tenants-in-common.

 

11.9         Waivers.
No act of any Tenant in Common shall be construed to be a waiver of any provision of this Agreement, unless such waiver is in writing
and signed by the Tenant in Common affected. Any Tenant in Common hereto may specifically waive any breach of this Agreement by
any other Tenant in Common, but no such waiver shall constitute a continuing waiver of similar or other breaches.

 

11.10        Counterparts.
This Agreement may be executed in counterparts, each of which, when taken together, shall be deemed one fully executed original.

 

11.11         Severability.
If any portion of this Agreement shall become illegal, null or void or against public policy, for any reason, or shall be held
by any court of competent jurisdiction to be illegal, null or void or against public policy, the remaining portions of this Agreement
shall not be affected thereby and shall remain in full force and effect to the fullest extent permissible by law.

 

11.12        Time
is of the Essence. Time is of the essence of each and every provision of this Agreement.

 

11.13        Representations
and Warranties. Each Tenant in Common represents and warrants that all state and federal securities laws and regulations have
been and will be complied with in connection with the solicitation, offering and sale of Tenant in Common interests. Each Tenant
in Common further represents and acknowledges that the Property is "single asset real estate" as defined in 11 U.S.C.
§101(51B) and pursuant to 11 U.S.C. §362(d)(3).

 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date set forth above.

 

	 	TENANTS IN COMMON:
	 	 
	 	PMI HANOVER SQ, LLC
	 	a Delaware limited liability company

 

	 	By:	Peter Mueller, Inc.
	 	 	a Virginia corporation
	 	Its:	Manager

 

	 	By:	 
	 	Name:	Kurt A. Schirm
	 	Title:	President

 

STATE OF                                                             )

                                                                                )
ss:

COUNTY OF                                                         )

 

On _______________,
__, 2018, before me personally appeared Kurt A. Schirm, personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized
capacity as President of Peter Mueller, Inc., a Virginia corporation, the Manager of PMI Hanover SQ, LLC, and that by his signature
on the instrument the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and
official seal.

 

 

My commission expires:                                         

Reg. No.:                                        

 

	 	 
	 	Notary Public

 

    	 	7	 

     

    

 

	 	MDR HANOVER SQUARE, LLC,
	 	a Delaware limited liability company

 

	 	By:	Medalist Diversified Holdings, L.P.,
	 	 	a Delaware limited partnership
	 	Its:	Manager

 

	 	By:	Medalist Diversified REIT, Inc.,
	 	 	a Maryland Corporation
	 	Its:	General Partner

 

	 	By:  	 
	 	Name:	William R. Elliott
	 	Title:	Co-President

 

COMMONWEALTH OF VIRGINIA                    )

                                                                                 )
ss:

CITY OF RICHMOND                                          )

 

On May ___, 2018 before
me personally appeared William R. Elliott, personally known to me (or proved to me on the basis of satisfactory evidence) to be
the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized
capacity, and that by his/her signature on the instrument the entity upon behalf of which the person acted, executed the instrument.

 

WITNESS my hand and
official seal.

 

 

My commission expires:                                     

Reg. No.:                                             

 

	 	 
	 	Notary Public

 

    	 	8	 

     

    

 

EXHIBIT A

 

DESCRIPTION OF PROPERTY

 

 

 

    	

     

    

 

EXHIBIT B

 

BUY/SELL

 

At any time in the event that the Tenants
in Common are unable to agree on the matters set forth in Section 3 (“Deadlock”), the Deadlock shall be broken by the
invocation of the provisions of this Section.

 

(a)          Negotiated
Resolution. If any dispute (a “Dispute”) arises (i) out of or relating to, this Agreement or the Addendum (collectively,
the “Documents”), or any alleged breach or default under the Documents, or (ii) with respect to any of the transactions
or events contemplated by the Documents, the party desiring to resolve such Dispute shall deliver a letter or other written notice
(the “Dispute Notice”) to the other parties to such Dispute, describing the Dispute in reasonable detail. If any party
delivers a Dispute Notice pursuant to this Exhibit B subpart (a), the parties involved in the Dispute shall meet at least twice
at the Property Manager’s principal place of business (unless otherwise agreed by the parties) within the thirty (30) day
period commencing on the date of the Dispute Notice and in good faith attempt to resolve such Dispute.

 

(b)          Mediation.
If any Dispute is not resolved or settled by the parties as a result of negotiation pursuant to Section 13.14(a) above, the parties
shall submit the Dispute to non-binding mediation before a retired judge of a federal District Court or Circuit Court or another
similarly qualified, mutually agreeable individual, in Richmond, Virginia. The parties shall bear the costs of such mediation equally.

 

(c)          Arbitration.
If the Dispute is not resolved by mediation pursuant to Exhibit B subpart (b) above, or if the parties fail to agree upon a mediator,
then within ninety (90) days after the date of the Dispute Notice, the Dispute shall be settled in accordance with the rules and
procedures of the American Arbitration Association then in effect with respect to commercial disputes. Arbitration shall be held
before one impartial arbitrator in Richmond, Virginia. If the parties cannot agree within thirty (30) days after receipt of notice
of intent to arbitrate (the “Arbitration Notice”) to the appointment of an arbitrator, an arbitrator shall be appointed
in accordance with Section 8.01-576.5 of the Code of Virginia (1950), as amended. Any arbitration shall allow for production of
relevant documents and depositions, and sanctions, at the discretion of the arbitrator, for failure to comply with any such discovery
requests. The arbitration of such issues, including the determination of any amount of damages suffered by any party hereto by
reason of the acts or omissions of any party, shall be final and binding upon all parties. The parties shall instruct the arbitrator
to render its decision no later than thirty (30) days after the submission of the Dispute.

 

(d)          Costs
and Attorneys’ Fees. The parties shall equally share the administrative costs and fees of the mediation and arbitration,
and the reasonable attorneys’ fees incurred by the party determined to be the prevailing party by the arbitrator shall be
paid by the party determined by the arbitrator not to be the prevailing party or as otherwise equitably determined by the arbitrator;
provided, however, that if a party refuses to participate in meeting procedure and/or in a mediation (including by unreasonably
withholding consent to a mediator or setting a date to meet) then (i) such refusing party shall pay all (100%) of the administrative
fees and costs of the mediation and/or arbitration (including of the mediator and/or arbitrator), and (ii) even if such refusing
party is determined by the arbitrator to be the prevailing party, such refusing party shall not be entitled to an award of such
party’s attorneys’ fees. The foregoing is intended to create an incentive for the parties to attempt to resolve any
Dispute by negotiated resolution and/or mediation prior to arbitration.

 

    	

     

    

 

ADDENDUM TO TENANTS IN COMMON AGREEMENT

DATED MAY 8, 2018

 

For so long as any obligations are owed
to Lender under the Mortgage Loan Documents, Owners shall observe and comply with the following provisions with regard to their
ownership and operation of the Property, notwithstanding any provision to the contrary in this Agreement:

 

1.          Subject
to Loan Documents. At all times while any obligations are owed to Lender under the Mortgage Loan Documents, any and all rights
and remedies, including any rights of first refusal with respect to or options to purchase the Property, transfer rights, rights
of indemnity, or otherwise, shall be fully subordinate to the lien of the Mortgage Loan and all other terms and provisions of the
Mortgage Loan Documents. At all times while any obligations are owed to Lender under the Mortgage Loan Documents, the Owners agree
to stand still with respect to the enforcement of any of their rights and remedies and shall take no enforcement action with respect
thereto. All payments due under the Mortgage Loan Documents shall be made before any distributions to the Owners are made and all
of such payments under the Mortgage Loan shall have priority over all such distributions to the Owners. The Lender is a third-party
beneficiary of this Agreement and may enforce the provisions hereof against any party hereto.

 

2.          Management
of Property.

 

(a)          The
Managing Co-Owner (defined below) shall be responsible to sign all documents and take all actions it deems necessary and appropriate
in its sole discretion to deal with the Lender and to cause the Tenants in Common to be in compliance with all of Lender’s
operational requirements under the Mortgage Loan Documents including, but not limited to, the requirements concerning annual property
inspections and reports, collection of loan impounds, maintenance and repair of the Property, coordination of any late loan payments
and other loan coordination and servicing requirements. For such purposes, the Managing Co-Owner is hereby granted an irrevocable
power-of-attorney to deal with Lender on matters relating to the operation and maintenance of the Property. The “Managing
Co-Owner” shall be MDR Hanover Square, LLC.

 

(i)          The
Managing Co-Owner shall oversee and supervise the Property Manager.

(ii)         The
Managing Co-Owner shall be the only party to whom the Lender is required to send notices except as otherwise may be required by
law.

 

(b)          The
Property Manager must at all times be a “Qualifying Manager” as set forth below. To be eligible, the Qualifying Manager
must meet the following requirements:

 

(i)          The
Qualifying Manager must be a reputable management company having at least five years’ experience in the management of commercial
properties and in the metropolitan area or other appropriate geographic area in which the Property is located;

(ii)         The
Qualifying Manager must be approved by Lender (which such approval may, at Lender’s option, be conditioned upon Lender’s
receipt of a Rating Agency Confirmation, as such term is defined in the Mortgage Loan Documents, with regard to both the identity
of the proposed Property Manager and the replacement management agreement pursuant to which such Property Manager will be employed);
and

(iii)        The
Qualifying Manager must not be the subject of a bankruptcy or similar insolvency proceeding.

 

(c)          The
Lender and any servicer of the Loan has the right to participate by telephone in any regular, special or called meetings of the
Tenants in Common.

 

(d)          Each
Tenant in Common shall execute an investor certificate, which provides the Managing Co-Owner with an irrevocable power of attorney
to correspond with (and receive correspondence from) the Lender/servicer on behalf of each Tenant in Common.

 

    	

     

    

 

3.          Ownership
Interest Transfers or Liens. No Owner shall transfer any interest in the Property, whether voluntarily, involuntarily or by operation
of law, to any other party (including, without limitation, any other Owner) which may result in the acceleration of the Mortgage
Loan in accordance with the terms of the Mortgage Loan Documents unless all required consents under the Mortgage Loan Documents
have been obtained. Each Tenant in Common shall not allow its interest in the Property to become subject to any liens from any
third parties, and if a Tenant in Common’s interest in the Property becomes subject to an involuntary lien, such lien will
be discharged within 30 days (or promptly discharged as soon as possible thereafter).

 

4.          Notices.
A copy of all notices given hereunder shall be provided to the Lender at the address below. The foregoing addresses and/or telephone
numbers may be changed from time to time by written notice to the other parties indicated above, including Lender. Notices shall
be deemed received upon the earlier of actual receipt or forty-eight (48) hours after deposit in the case of United States express
mail or first class mail, registered or certified, return receipt requested, or twenty-four (24) hours after delivery to the overnight
courier.

Lender’s address for notice:

 

Langley Federal Credit Union

721 Lakefront Commons

Newport News, VA 23606 

 

5.          Further
Assurances. Each Tenant in Common shall respond promptly to any requests for information from the other Tenants in Common and/or
the Lender, and will promptly take all actions and sign all documents that the other Tenants in Common and/or the Lender deem necessary
or appropriate in connection with the Mortgage Loan. At all times while the Mortgage Loan is outstanding, each Tenant in Common
agrees to waive any and all lien rights it holds, including any capital calls, against any other Tenant in Common for a failure
to perform its obligations as tenant in common, either under this Agreement or at law.Exhibit 4.2

 

AGREEMENT OF LIMITED PARTNERSHIP

OF

MEDALIST DIVERSIFIED HOLDINGS, L.P.

(a Delaware limited partnership)

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I DEFINED TERMS	1
	ARTICLE II FORMATION OF PARTNERSHIP	11
	2.01	Formation of the Partnership	11
	2.02	Name	11
	2.03	Registered Office and Agent; Principal Office	11
	2.04	Term and Dissolution	11
	2.05	Filing of Certificate and Perfection of Limited Partnership	12
	2.06	Certificates Describing Partnership Units	12
	ARTICLE III BUSINESS OF THE PARTNERSHIP	13
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	13
	4.01	Capital Contributions	13
	4.02	Additional Capital Contributions and Issuances of Additional Partnership Units	13
	4.03	Additional Funding	16
	4.04	LTIP Units	17
	4.05	Conversion of LTIP Units	19
	4.06	Capital Accounts	22
	4.07	Percentage Interests	23
	4.08	No Interest on Contributions	23
	4.09	Return of Capital Contributions	23
	4.10	No Third-Party Beneficiary	23
	ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS	24
	5.01	Allocation of Profit and Loss	24
	5.02	Distribution of Cash	26
	5.03	REIT Distribution Requirements	27
	5.04	No Right to Distributions in Kind	27
	5.05	Limitations on Return of Capital Contributions	27
	5.06	Distributions Upon Liquidation	28
	5.07	Substantial Economic Effect	28
	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	28
	6.01	Management of the Partnership	28
	6.02	Delegation of Authority	31
	6.03	Indemnification and Exculpation of Indemnitees	31
	6.04	Liability of the General Partner	33
	6.05	Partnership Obligations	34
	6.06	Outside Activities	34
	6.07	Employment or Retention of Affiliates	34
	6.08	General Partner Activities	35
	6.09	Title to Partnership Assets	35
	6.10	Restrictions on General Partner Authority	35
	ARTICLE VII CHANGES IN GENERAL PARTNER	36
	7.01	Transfer of the General Partner’s Partnership Interest	36
	7.02	Admission of a Substitute or Additional General Partner	38
	7.03	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	38

 

    	 	i 

     

    

 

	7.04	Removal of General Partner	39
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	40
	8.01	Management of the Partnership	40
	8.02	Power of Attorney	40
	8.03	Limitation on Liability of Limited Partners	40
	8.04	Common Unit Redemption Right	41
	ARTICLE IX TRANSFERS OF PARTNERSHIP INTERESTS	43
	9.01	Purchase for Investment	43
	9.02	Restrictions on Transfer of Partnership Units	43
	9.03	Admission of Substitute Limited Partner	45
	9.04	Rights of Assignees of Partnership Units	46
	9.05	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	46
	9.06	Joint Ownership of Partnership Units	47
	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	47
	10.01	Books and Records	47
	10.02	Custody of Partnership Funds; Bank Accounts	47
	10.03	Fiscal and Taxable Year	47
	10.04	Annual Tax Information and Report	48
	10.05	Tax Matters Partner; Tax Elections; Special Basis Adjustments	48
	ARTICLE XI AMENDMENT OF AGREEMENT	50
	11.01	Amendment of Agreement	50
	ARTICLE XII GENERAL PROVISIONS	52
	12.01	Notices	52
	12.02	Survival of Rights	52
	12.03	Additional Documents	52
	12.04	Severability	52
	12.05	Entire Agreement	52
	12.06	Pronouns and Plurals	52
	12.07	Headings	52
	12.08	Counterparts	52
	12.09	Governing Law	53

 

EXHIBITS 

 

EXHIBIT A - Partners, Capital Contributions and Percentage Interests

EXHIBIT B - Notice of Exercise of Common Unit Redemption Right

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

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

EXHIBIT D - Notice of Election by Partner to Convert LTIP Units
into Common Units

EXHIBIT E - Notice of Election by Partnership to Force Conversion
of LTIP Units into Common Units

 

    	 	ii 

     

    

 

AGREEMENT OF LIMITED PARTNERSHIP

OF

MEDALIST DIVERSIFIED HOLDINGS, L.P.

 

THIS AGREEMENT
OF LIMITED PARTNERSHIP OF MEDALIST DIVERSFIED HOLDINGS, L.P. (the “Partnership”), dated as of September
29, 2015, is made and entered into by and among Medalist Diversified REIT, Inc., a Maryland corporation (together with its
successors and assigns, the “General Partner”), and the Limited Partners set forth on the attached Exhibit
A.

 

RECITALS

 

WHEREAS,
the Partnership was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of
Limited Partnership filed with the Secretary of State of the State of Delaware effective as of September 29, 2015 and an
Agreement of Limited Partnership, entered into as of September 29, 2015 (the “Original Agreement”), by and
between the General Partner and Medalist Diversified REIT, Inc., a Maryland corporation, as the initial limited partner (the
“Initial Limited Partner”);

 

WHEREAS, capitalized
terms used herein but not otherwise defined shall have the meanings given to such terms in Article I.

 

 

AGREEMENT

 

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

 

ARTICLE I

 

DEFINED TERMS

 

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

 

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

 

“Additional Funds” has
the meaning set forth in Section 4.03.

 

“Additional Securities”
has the meaning set forth in Section 4.02(a)(ii).

 

“Adjustment Events” has
the meaning set forth in Section 4.04(a)(i).

 

    	 	1

     

    

 

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

 

“Affiliate”
means, (i) any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person,
(ii) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares
or equity interests of such Person, or (iii) any officer, director, employee, partner, member, manager or trustee of such
Person or any Person controlling, controlled by or under common control with such Person (excluding directors and persons serving
in similar capacities who are not otherwise an Affiliate of such Person). For the purposes of this definition, “control”
(including the correlative meanings of the terms “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, through the ownership of voting securities or partnership interests or otherwise.

 

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

 

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

 

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

 

“Capital Account” has
the meaning provided in Section 4.06.

 

“Capital Account Limitation”
has the meaning set forth in Section 4.05(b).

 

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

 

“Cash Amount”
means an amount of cash per Common Unit equal to the Value of the REIT Common Shares Amount on the date of receipt by the Partnership
and the General Partner of a Notice of Redemption.

 

    	 	2

     

    

 

“Certificate”
means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the
Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to
the power-of-attorney granted to the General Partner in Section 8.02) and filed for recording in the appropriate public offices
within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect
the admission, withdrawal or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited
Partners as limited partners under the laws of the State of Delaware or such other jurisdiction.

 

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

 

“Charter”
means the Articles of Incorporation of the General Partner filed on September 28, 2015 with the State Department of Assessments
and Taxation of the State of Maryland, as amended, supplemented or restated from time to time.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time. Reference to any particular provision of the Code means
that provision in the Code on the date of this Agreement and any successor provision of the Code.

 

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

 

“Common Redemption
Amount” means either the Cash Amount or the REIT Common Shares Amount, as selected by the General Partner pursuant to
Section 8.04(b).

 

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

 

“Common Unit
Economic Balance” has the meaning set forth in Section 5.01(g).

 

“Common Unit
Redemption Right” has the meaning provided in Section 8.04(a).

 

“Common Unit Transaction”
has the meaning set forth in Section 4.05(f).

 

    	 	3

     

    

 

“Constituent Person”
has the meaning set forth in Section 4.05(f).

 

“Conversion Date” has
the meaning set forth in Section 4.05(b).

 

“Conversion
Factor” means 1.0, provided, however, if the General Partner (i) declares or pays a dividend on its outstanding
REIT Common Shares in REIT Common Shares or makes a distribution to all holders of its outstanding REIT Common Shares in REIT Common
Shares, (ii) subdivides its outstanding REIT Common Shares or (iii) combines its outstanding REIT Common Shares into
a smaller number of REIT Common Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction,
the numerator of which shall be the number of REIT Common Shares issued and outstanding on the record date for such dividend, distribution,
subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred
as of such time), and the denominator of which shall be the actual number of REIT Common Shares (determined without the above assumption)
issued and outstanding on such date and, provided, however, if an entity other than an Affiliate of the General Partner shall become
General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor
Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the
Successor Entity into which one REIT Common Share is converted pursuant to such merger, consolidation or combination, determined
as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event; provided, however, if the General
Partner receives a Notice of Redemption after the record date, but before the effective date of such dividend, distribution, subdivision
or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately
before the record date for such dividend, distribution, subdivision or combination. Notwithstanding the foregoing, no adjustment
shall be made to the Conversion Factor if the number of outstanding Common Units is otherwise adjusted in the same manner and at
the same time as the adjustment to the number of outstanding REIT Common Shares.

 

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

 

“Distributable Amount”
has the meaning set forth in Section 5.02(d).

 

“Economic Capital Account Balances”
has the meaning set forth in Section 5.01(g).

 

“Equity Incentive
Plan” means any equity incentive or compensation plan hereafter adopted by the Partnership or the General Partner.

 

“Event of
Bankruptcy” as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978, as amended, or similar provision of law of any jurisdiction (except if such petition is contested
by such Person and has been dismissed within 90 days); (ii) the insolvency or bankruptcy of such Person as finally determined
by a court proceeding; (iii) the filing by such Person of a petition or application to accomplish the same or for the appointment
of a receiver or a trustee for such Person or a substantial part of his assets; or (iv) the commencement of any proceedings
relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation
law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided, that
if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces
therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days.

 

    	 	4

     

    

 

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

 

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

 

“Forced Conversion” has
the meaning set forth in Section 4.05(c).

 

“Forced Conversion Notice”
has the meaning set forth in Section 4.05(c).

 

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

 

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

 

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

 

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

 

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

 

“Initial Limited
Partner” has the meaning set forth in the Recitals hereto.

 

    	 	5

     

    

 

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

 

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

 

“Liquidating Gains” has
the meaning set forth in Section 5.01(g).

 

“LTIP Unit”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated
in Section 4.04 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 Exhibit A, as it may be amended or restated from time to time.

 

“LTIP Unitholder” means
a Partner that holds LTIP Units.

 

“Loss” has the meaning
provided in Section 5.01(h).

 

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

 

“Management
Agreement” means that certain Management Agreement dated as of [________], 2016 by and among the General Partner, the
Partnership and the Manager.

 

“Manager”
means Medalist Fund Manager, Inc., a Virginia corporation.

 

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

 

“Offer” has the meaning
set forth in Section 7.01(c)(ii).

 

“Offering”
means the underwritten initial public offering of REIT Common Shares by the General Partner.

 

“Original
Agreement” has the meaning set forth in the Recitals hereto.

 

“OTC”
means OTC Link ATS provided by OTC Link, LLC, a wholly owned subsidiary of OTC Market Group, Inc.

 

    	 	6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Partnership
Record Date” means the record date established by the General Partner for the distribution of cash pursuant to Section 5.02,
which record date shall be the same as the record date established by the General Partner for a distribution to its shareholders
of some or its entire portion of such distribution.

 

“Partnership
Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, and includes
Common Units, LTIP Units and any other class or series of Partnership Units that may be established after the date of this Agreement.
The number of Partnership Units outstanding and the Percentage Interests represented by such Partnership Units are set forth on
Exhibit A, as it may be amended or restated from time to time. The ownership of Partnership Units may be evidenced
by a certificate in a form approved by the General Partner.

 

“Percentage
Interest” means the percentage determined by dividing the number of Common Units of a Partner by the aggregate number
of Common Units of all Partners, treating LTIP Units as Common Units for this purpose in accordance with Section 4.04(a).

 

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

 

    	 	7

     

    

 

“Profit” has the meaning
provided in Section 5.01(h).

 

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

 

“Redeeming Limited Partner”
has the meaning provided in Section 8.04(a).

 

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

 

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

 

“REIT Common Share” means
one share of common stock, par value $0.01 per share, of the General Partner (or Successor Entity, as the case may be), including
without limitation the General Partner’s common shares.

 

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

 

“REIT Preferred
Share” means one share of the preferred stock, par value $0.01 per share, of the General Partner (or Successor Entity,
as the case may be), including without limitation the General Partner’s Preferred Shares.

 

    	 	8

     

    

 

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

 

“Restriction Notice”
has the meaning set forth in Section 8.04(f).

 

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

 

“Safe Harbor” has the
meaning set forth in Section 10.05(d)

 

“Safe Harbor Election”
has the meaning set forth in Section 10.05(d).

 

“Safe Harbor Interests”
has the meaning set forth in Section 10.05(d).

 

“Secondary Market Safe Harbors”
has the meaning set forth in Section 9.02(f).

 

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

 

“Service” means the Internal
Revenue Service.

 

“Share Ownership
Limit” means the Aggregate Share Ownership Limit and the Common Share Ownership Limit, each as defined in the Charter.

 

“Specified
Redemption Date” means the date that is three business days following the General Partner’s receipt of a Notice
of Redemption.

 

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

 

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

 

“Substitute
Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03.

 

    	 	9

     

    

 

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

 

“Survivor” has the meaning
set forth in Section 7.01(d).

 

“Tax Matters Partner”
has the meaning set forth within Section 6231(a)(7) of the Code.

 

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

 

“Transaction” has the
meaning set forth in Section 7.01(c).

 

“Transfer” has the meaning
set forth in Section 9.02(a).

 

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

 

“Two Thirds
Majority” means the Limited Partners holding more than Sixty-Six and Sixty-Six Hundredths percent (66.66%) of the Percentage
Interests of the Limited Partners.

 

“Unvested LTIP Units”
has the meaning set forth in Section 4.04(c).

 

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

 

    	 	10

     

    

 

“Vested LTIP Units” has
the meaning set forth in Section 4.04(c).

 

“Vesting Agreement”
means each or any, as the context implies, agreement or instrument entered into by an LTIP Unitholder upon acceptance of an award
of LTIP Units under an Equity Incentive Plan.

 

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

 

ARTICLE II

FORMATION OF PARTNERSHIP

 

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

 

2.02        Name.
The Name of the Partnership shall be “Medalist Residential Holdings, LP” and the Partnership’s business may
be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner
or any Affiliate thereof. The words “Limited Partnership,” “LP,” “L.P.” or “Ltd.”
or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with
the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of
the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication
to the Partners.

 

2.03        Registered
Office and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware
is located at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 and the registered agent for service of process on
the Partnership in the State of Delaware at such registered office is Corporation Service Company, a Delaware corporation. The
principal office of the Partnership is located at 11 S. 12th Street, Suite 401 Richmond, Virginia 23219, 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 necessary or desirable.

 

2.04        Term
and Dissolution.

 

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

 

    	 	11

     

    

 

(i) the occurrence
of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless
the business of the Partnership is continued pursuant to Section 7.03(b); provided, that if a General Partner is on the date
of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal
or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business
of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General
Partner and such partners comply with any other applicable requirements of this Agreement;

 

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

 

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

 

(iv) the election by
the General Partner that the Partnership should be dissolved.

 

(b)          Upon
dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.03(b)), the General
Partner (or its director, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the
Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.06. Notwithstanding
the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable
time, any assets of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute
the assets to the Partners in kind.

 

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

 

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

 

    	 	12

     

    

 

THIS CERTIFICATE IS NOT NEGOTIABLE. THE
PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE
AGREEMENT OF LIMITED PARTNERSHIP OF MEDALIST DIVERSIFIED HOLDINGS, L.P. AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME.

 

ARTICLE III

 

BUSINESS OF THE PARTNERSHIP

 

The purpose and nature
of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner
as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to, or the Board
of Directors determines, pursuant to Section 7.7 of the Charter, that the General Partner shall no longer qualify as a REIT,
(ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership
of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing.
In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to
cease qualifying as a REIT, the Partners acknowledge that the General Partner has elected REIT status and intends to continue to
elect REIT status and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners
and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate
or revoke its status as a REIT under the Code at any time. The General Partner shall also be empowered to do any and all acts and
things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership”
taxable as a corporation for purposes of Section 7704 of the Code.

 

ARTICLE IV

 

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

4.01         Capital
Contributions. The General Partner and each Limited Partner has made a capital contribution to the Partnership
in exchange for the Partnership Units set forth opposite such Partner’s name on Exhibit A, as it may be amended
or restated from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers,
redemptions, Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s
ownership of Partnership Units.

 

4.02         Additional
Capital Contributions and Issuances of Additional Partnership Units. Except as provided in this Section 4.02
or in Section 4.03, the Partners shall have no right or obligation to make any additional Capital Contributions or loans
to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional
Partnership Interests, in the form of Partnership Units, in respect thereof, in the manner contemplated in this Section 4.02.

 

    	 	13

     

    

 

(a)          Issuances
of Additional Partnership Units.

 

(i) General. As
of the effective date of this Agreement, the Partnership shall have two classes of Partnership Units, entitled “Common Units”
and “LTIP Units.” The General Partner is hereby authorized to cause the Partnership to issue additional Partnership
Interests, in the form of Partnership Units, for any Partnership purpose at any time or from time to time to the Partners (including
the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the
General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. The General Partner’s
determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether the
Partnership Units are validly issued and fully paid. Any additional Partnership Units issued thereby may be issued in one or more
classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional
or other special rights, powers and duties, including rights, powers and duties senior to the then-outstanding Partnership Units
held by the Limited Partners, all as shall be determined by the General Partner in its sole and absolute discretion and without
the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items
of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Units; (ii) the right
of each such class or series of Partnership Units to share in Partnership distributions; and (iii) the rights of each such
class or series of Partnership Units upon dissolution and liquidation of the Partnership; provided, however, that no additional
Partnership Units shall be issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
unless:

 

(1) (A) the additional
Partnership Units are issued in connection with an issuance of REIT Common Shares of or other interests in the General Partner,
which shares or interests have designations, preferences and other rights, all such that the economic interests are substantially
similar to the designations, preferences and other rights of the additional Partnership Units issued to the General Partner (or
any direct or indirect wholly owned Subsidiary of the General Partner) by the Partnership in accordance with this Section 4.02
and (B) the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make a Capital
Contribution to the Partnership in an amount equal to the cash consideration received by the General Partner from the issuance
of such REIT Common Shares or other interests in the General Partner;

 

(2) (A) the additional
Partnership Units are issued in connection with an issuance of REIT Common Shares of or other interests in the General Partner
pursuant to a taxable share dividend declared by the General Partner, which shares or interests have designations, preferences
and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights
of the additional Partnership Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General
Partner) by the Partnership in accordance with this Section 4.02, (B) if the General Partner allows the holders of its
REIT Common Shares to elect whether to receive such dividend in REIT Common Shares, other interests of the General Partner or cash,
the Partnership will give the Limited Partners (excluding the General Partner or any direct or indirect Subsidiary of the General
Partner) the same election to elect to receive (I) Partnership Units or cash or, (II) at the election of the General Partner,
REIT Common Shares or cash, and (C) if the Partnership issues additional Partnership Units pursuant to this Section 4.02(a)(i)(2),
then an amount of income equal to the value of the Partnership Units received will be allocated to those holders of Common Units
that elect to receive additional Partnership Units;

 

    	 	14

     

    

 

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

 

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

 

Without limiting the foregoing, the General
Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as
the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership.

 

(ii) Upon Issuance
of Additional Securities. The General Partner shall not issue any additional REIT Common Shares (other than (i) REIT Common
Shares issued in connection with an exchange pursuant to Section 8.04, (ii) REIT Common Shares issued upon a conversion in
accordance with Section 5.4 of the Charter, (iii) REIT Common Shares issued in a taxable share dividend as described in Section
4.02(a)(i)(2)), or (iv) Rights (collectively, “Additional Securities”) other than to all holders of REIT Common
Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner (or any direct or indirect
wholly owned Subsidiary of the General Partner) Partnership Units or Rights having designations, preferences and other rights,
all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) contributes the proceeds from the issuance of
such Additional Securities and from any exercise of Rights contained in such Additional Securities to the Partnership; provided,
however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of Property to be
held directly by the General Partner, but if and only if, such direct acquisition and issuance of Additional Securities have been
approved by a majority of the Independent Directors. Without limiting the foregoing, the General Partner is expressly authorized
to issue Additional Securities for less than fair market value, and the General Partner is authorized to cause the Partnership
to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) corresponding Partnership
Units, so long as (x) the General Partner concludes in good faith that such issuance is in the best interests of the General
Partner and the Partnership and (y) the General Partner (or any direct or indirect wholly owned Subsidiary of the General
Partner) contributes all proceeds from such issuance to the Partnership, including without limitation, the issuance of REIT Common
Shares and corresponding Partnership Units pursuant to a share purchase plan providing for purchases of REIT Common Shares at a
discount from fair market value or pursuant to share awards, including share options that have an exercise price that is less than
the fair market value of the REIT Common Shares, either at the time of issuance or at the time of exercise, and restricted
or other share awards approved by the Board of Directors. For example, in the event the General Partner issues REIT Common Shares
for a cash purchase price and the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) contributes
all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner (or any direct or indirect wholly
owned Subsidiary of the General Partner) shall be issued a number of additional Partnership Units equal to the product of (A) the
number of such REIT Common Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a
fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution.

 

    	 	15

     

    

 

(b)           Certain
Contributions of Proceeds of Issuance of REIT Common Shares. In connection with any and all issuances of REIT Common Shares,
the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make Capital Contributions
to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner
(or any direct or indirect wholly owned Subsidiary of the General Partner) are less than the gross proceeds of such issuance as
a result of any underwriter’s discount, commissions, placement fees or other expenses paid or incurred in connection with
such issuance, then the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be deemed
to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus
the amount of such underwriter’s discount, commissions, placement fees or other expenses paid by the General Partner and
the Partnership shall be deemed simultaneously to have reimbursed such discount, commissions, placement fees and expenses as an
Administrative Expense for the benefit of the Partnership for purposes of Section 6.05(b)).

 

(c)           Repurchases
of General Partner Securities. If the General Partner shall repurchase shares of any class of its shares of beneficial
interest, all costs incurred in connection with such repurchase shall be reimbursed to the General Partner by the Partnership pursuant
to Section 6.05 and the General Partner simultaneously shall cause the Partnership to redeem an equivalent number of Partnership
Units of the appropriate class or series held by the General Partner, or by the General Partner in its capacity as a Limited Partner,
(which, in the case of REIT Common Shares, shall be a number equal to the quotient of the number of such REIT Common Shares divided
by the Conversion Factor).

 

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

 

    	 	16

     

    

 

4.04        LTIP
Units.

 

(a)           Issuance
of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services
to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit
such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05
and 5.01(g), LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto.
For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders
and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence
between LTIP Units and Common 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 Common Units and LTIP Units. The following shall be “Adjustment Events”:
(A) the Partnership makes a distribution on all outstanding Common Units in Partnership Units, (B) the Partnership subdivides
the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units,
or (C) the Partnership issues any Partnership Units in exchange for its outstanding Common Units by way of a reclassification
or recapitalization of its Common 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.
For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing,
reorganization, acquisition or other similar business Common Unit Transaction, (y) the issuance of Partnership Units pursuant
to any employee benefit or compensation plan or distribution reinvestment plan or (z) the issuance of any Partnership Units
to the General Partner in respect of a capital contribution to the Partnership of proceeds from the sale of Additional Securities
by the General Partner. If the Partnership takes an action affecting the Common Units other than actions specifically described
above 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 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) 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 Common Unit (the “Common Partnership
Unit Distribution”), paid to holders of Common Units 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 Common Units, unless equal distributions have been or contemporaneously are authorized, declared
and paid on the LTIP Units.

 

    	 	17

     

    

 

(b)          Priority.
Subject to the provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g), the LTIP Units
shall rank pari passu with the Common 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 Common 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 Vesting 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 Common Units are entitled
to transfer their Common Units pursuant to Article IX.

 

(c)          Special
Provisions. LTIP Units shall be subject to the following special provisions:

 

(i) Vesting 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 a Vesting Agreement. The terms of any Vesting 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 Vesting Agreement or
by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting 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 Vesting Agreement, upon the occurrence of any event specified in a Vesting 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 forfeiture in
accordance with the applicable Vesting 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 Vesting 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 before 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 5.01(g),
calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

 

(iii) Allocations.
LTIP Unitholders shall be entitled to certain special allocations of gain under Section 5.01(g).

 

    	 	18

     

    

 

(iv) Redemption.
The Common Unit Redemption Right provided to Limited Partners under Section 8.04 shall not apply with respect to LTIP Units
unless and until they are converted to Common Units as provided in Section 4.04(c)(v)  and Section 4.05.

 

(v) Conversion
to Common Units. Vested LTIP Units are eligible to be converted into Common Units in accordance with Section 4.05.

 

(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 Common 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 the Limited Partners; but subject, in any event, to the following provisions:

 

(i) With respect to any
Common Unit Transaction (as defined in Section 4.05(f)), so long as the LTIP Units are treated in accordance with Section 4.05(f),
the consummation of such Common 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

 

(ii) Any creation or
issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional Common
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 before 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 Common Units.

 

4.05        Conversion
of LTIP Units.

 

(a)           Subject
to the provisions of this section, 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 Common Units; provided, however, that
a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less
than one thousand 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 Common 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 Common Units. In
all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this
Section 4.05.

 

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(b)          A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Common Units, giving
effect to all adjustments (if any) made pursuant to Section 4.04. 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 Common Unit Economic Balance, in each
case as determined as of the effective date of conversion (the “Capital Account Limitation”). To exercise such
LTIP Unitholder’s Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”)
substantially in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not less than
ten nor more than 60 days before 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 Common Unit Transaction
(as defined in Section 4.05(f)) at least 30 days before the effective date of such Common 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 Common Unit Transaction or (y) the third business day immediately preceding the effective date of
such Common Unit Transaction. A Conversion Notice shall be provided in the manner provided in Section 12.01. Each LTIP Unitholder
covenants and agrees that all Vested LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of
all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant
to Section 8.04(a) relating to those Common Units that will be issued to such holder upon conversion of such LTIP Units into
Common Units in advance of the Conversion Date; provided, however, that the redemption of such Common 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 such LTIP Unitholder so wishes, the Common Units into which such LTIP Unitholder’s
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 the Partnership’s redemption obligation with respect to such Common Units under
Section 8.04(b) by delivering to such holder REIT Common Shares rather than cash, then such holder can have such REIT Common
Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common 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)          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 Common Units, giving effect to all adjustments
(if any) made pursuant to Section 4.04; 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 4.05(b). To
exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”)
in the form attached as Exhibit E to the applicable LTIP Unitholder not less than ten nor more than 60 days before
the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided
in Section 12.01.

 

    	 	20

     

    

 

(d)          A
conversion of Vested LTIP Units for which the LTIP Unitholder 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 Common 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 Common Units and remaining LTIP Units, if any, held by such person
immediately after such conversion. The Assignee of any Limited Partner pursuant to Article IX may exercise the rights of such
Limited Partner pursuant to this Section 4.05 and such Limited Partner shall be bound by the exercise of such rights by the
Assignee.

 

(e)          For
purposes of making future allocations under Section 5.01(g) 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 Common Unit Economic Balance.

 

(f)          If
the Partnership or the General Partner shall be a party to any Common Unit Transaction (including without limitation a merger,
consolidation, unit exchange, self-tender offer for all or substantially all Common Units or other business combination or reorganization,
or sale of all or substantially all of the Partnership’s assets, but excluding any Common Unit Transaction which constitutes
an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the
holders of such Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each
of the foregoing being referred to herein as a “Common Unit Transaction”), then the General Partner shall, immediately
before the Common 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 Common Unit Transaction
or that would occur in connection with the Common Unit Transaction if the assets of the Partnership were sold at the Common 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 Common Unit Transaction (in which case the Conversion Date shall be the effective date
of the Common Unit Transaction).

 

    	 	21

     

    

 

In anticipation of
such Forced Conversion and the consummation of the Common 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 Common Unit Transaction in consideration
for the Common Units into which such 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 Common Unit Transaction by a holder of the same number of
Common Units, assuming such holder of Common 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 Common Units have the opportunity to
elect the form or type of consideration to be received upon consummation of the Common Unit Transaction, before such Common 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 Common Units in connection with such
Common 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 Common Unit would receive if such Common Unit holder failed to make such an election.

 

Subject to the rights
of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use
commercially reasonable efforts to cause the terms of any Common Unit Transaction to be consistent with the provisions of this
Section 4.05(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 whose LTIP Units will not be converted into Common Units in connection with the Common Unit Transaction
that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Common Unit Transaction
to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Common 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.

 

4.06         Capital
Accounts. A separate capital account (a “Capital Account”) shall be established and maintained
for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional
Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes
to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the
Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) the Partnership
grants a Partnership Interest (other than a de minimis Partnership Interest) as consideration for the provision of services
to or for the benefit of the Partnership to an existing Partner acting in a Partner capacity, or to a new Partner acting in a Partner
capacity or in anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its fair market
value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the
Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f); provided, that (i) the issuance of any LTIP Unit
shall be deemed to require a revaluation pursuant to this Section 4.06 and (ii) the General Partner may elect not to revalue
the property of the Partnership in connection with the issuance of additional Partnership Units pursuant to Section 4.02 to the
extent it determines, in its sole and absolute discretion, that revaluing the property of the Partnership is not necessary or appropriate
to reflect the relative economic interests of the Partners. When the Partnership’s property is revalued by the General Partner,
the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f)
and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain
or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the
Partners pursuant to Section 5.01 if there were a taxable disposition of such property for its fair market value (as determined
by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of
the revaluation.

 

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4.07         Percentage
Interests. If the number of outstanding Common Units or LTIP Units increases or decreases during a taxable year, each Partner’s
Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease
to a percentage equal to the number of Common Units or LTIP Units held by such Partner divided by the aggregate number of Common
Units and LTIP Units, as applicable, outstanding after giving effect to such increase or decrease. If the Partners’ Percentage
Interests are adjusted pursuant to this Section 4.07, the Profits and Losses for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the
General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date
of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion,
shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs.
The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment,
and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

 

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

 

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

 

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

 

    	 	23

     

    

 

ARTICLE V

 

PROFITS AND LOSSES; DISTRIBUTIONS

 

5.01        Allocation
of Profit and Loss.

 

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

 

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

 

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

 

(d)           Qualified
Income Offset. If a Partner receives in any taxable year an adjustment, allocation or distribution described in subparagraphs
(4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases
a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum
Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i),
such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain
in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations
Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Partner in accordance with
this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated
to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this Section 5.01(d).

 

    	 	24

     

    

 

(e)           Capital
Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause a deficit
in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) to exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse
Debt Minimum Gain. Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an
allocation of Loss to the General Partner in accordance with this Section 5.01(e), to the extent permitted by Regulations
Section 1.704-1(b), Profit first shall be allocated to the General Partner in an amount necessary to offset the Loss previously
allocated to the General Partner under this Section 5.01(e).

 

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

 

(g)           Special
Allocations Regarding LTIP Units. Notwithstanding the provisions of Sections 5.01(a) and (b), 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 Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units.
For this purpose, “Liquidating Gains” means net capital gains 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. 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. Similarly, the “Common 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 Nonrecourse Debt Minimum Gain
or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Common 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 5.01(g), divided by (ii) the number of the General Partner’s Common 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 5.01(g).
The parties agree that the intent of this Section 5.01(g) 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 Common Units (on
a per-Unit basis).

 

    	 	25

     

    

 

(h)           Definition
of Profit and Loss. “Profit” and “Loss” and any items of income, gain, expense or loss
referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations
Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially
allocated pursuant to Sections 5.01(c), (d) or (e). All allocations of income, Profit, gain, Loss and expense (and all items
contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.01,
except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). With respect to properties
acquired by the Partnership, the General Partner shall have the authority to elect the method to be used by the Partnership for
allocating items of income, gain and expense as required by Section 704(c) of the Code with respect to such properties, and
such election shall be binding on all Partners.

 

5.02        Distribution
of Cash.

 

(a)           Subject
to Sections 5.02(c), (d) and (e), the Partnership shall distribute cash at such times and in such amounts as are determined
by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with
respect to such quarter (or other distribution period) in proportion with their respective Percentage Interests on the Partnership
Record Date.

 

(b)           In
accordance with Section 4.04(a)(ii), the LTIP Unitholders shall be entitled to receive distributions in an amount per LTIP
Unit equal to the Common Partnership Unit Distribution.

 

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

 

    	 	26

     

    

 

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

 

Any amounts treated
as a Partnership Loan or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 300
basis points above the base rate on corporate loans at large United States money center commercial banks, as published from time
to time in The Wall Street Journal, Eastern Edition, or (ii) the maximum lawful rate of interest on such obligation,
such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until
such loan is repaid in full.

 

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

 

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

 

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

 

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

 

    	 	27

     

    

 

5.06        Distributions
Upon Liquidation.

 

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

 

(b)           For
purposes of Section 5.06(a), the Capital Account of each Partner shall be determined after all adjustments made in accordance
with Sections 5.01 and 5.02 resulting from Partnership operations and from all sales and dispositions of all or any part of
the Partnership’s assets.

 

(c)           Any
distributions pursuant to this Section 5.06 shall be made by the end of the Partnership’s taxable year in which the
liquidation occurs (or, if later, within 90 days after the date of the liquidation). To the extent deemed advisable by the
General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds
are available to pay any contingent debts or obligations.

 

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

 

ARTICLE VI

 

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

 

 

6.01        Management
of the Partnership.

 

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

 

    	 	28

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(xxii) 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 under Section 7704 of the Code or an "investment company" or a subsidiary
of an investment company under the Investment Company Act of 1940; and

 

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

 

(xxiii)     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 at all
times to qualify as a REIT unless the General Partner voluntarily terminates or revokes its REIT status) and to possess and enjoy
all of the rights and powers of a general partner as provided by the Act.

 

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

 

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

 

6.03        Indemnification
and Exculpation of Indemnitees.

 

(a)           The
Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and
all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations
of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as
a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter
giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the
Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal
proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding
by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct
set forth in this Section 6.03(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 before judgment, creates a rebuttable presumption that the Indemnitee acted
in a manner contrary to that specified in this Section 6.03(a). Any indemnification pursuant to this Section 6.03 shall be
made only out of the assets of the Partnership.

 

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(b)          The
Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance
of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee
of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized
in this Section 6.03 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount
if it shall ultimately be determined that the standard of conduct has not been met.

 

(c)          The
indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other
Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue
as to an Indemnitee who has ceased to serve in such capacity.

 

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

 

(e)          For
purposes of this Section 6.03, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an
employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to
an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.03; and actions
taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably
believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose that
is not opposed to the best interests of the Partnership.

 

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

 

(g)         An
Indemnitee shall not be denied indemnification in whole or in part under this Section 6.03 because the Indemnitee had an interest
in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of
this Agreement.

 

(h)         The
provisions of this Section 6.03 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons.

 

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(i)           Any
amendment, modification or repeal of this Section 6.03 or any provision shall be prospective only and shall not in any way
affect the indemnification of an Indemnitee by the Partnership under this Section 6.03 as in effect immediately before such
amendment, modification or repeal with respect to matters occurring, in whole or in part, before such amendment, modification or
repeal, regardless of when claims relating to such matters may arise or be asserted.

 

6.04        Liability
of the General Partner.

 

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

 

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

 

(c)          Subject
to its obligations and duties as General Partner set forth in Section 6.01, the General Partner may exercise any of the powers
granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by
it in good faith.

 

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

 

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(e)          Any
amendment, modification or repeal of this Section 6.04 or any provision shall be prospective only and shall not in any way
affect the limitations on the General Partner’s or any of its officer’s, director’s, agent’s or employee’s
liability to the Partnership and the Limited Partners under this Section 6.04 as in effect immediately before such amendment,
modification or repeal with respect to matters occurring, in whole or in part, before such amendment, modification or repeal, regardless
of when claims relating to such matters may arise or be asserted.

 

6.05       Partnership
Obligations.

 

(a)          Except
as provided in this Section 6.05 and elsewhere in this Agreement (including 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 general partner of the Partnership.

 

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

 

6.06       Outside
Activities. Subject to Section 6.08, the Charter and any agreements, including without limitation the Management
Agreement, entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary, any officer, director,
employee, agent, trustee, Affiliate or shareholder of the General Partner, the General Partner shall be entitled to and may have
business interests and engage in business activities in addition to those relating to the Partnership, including business interests
and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited
Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities. None of the
Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established
hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this
Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner,
even if such opportunity is of a character that, if presented to the Partnership or any Limited Partner, could be taken by such
Person.

 

6.07       Employment
or Retention of Affiliates.

 

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

 

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

 

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

 

6.08       General
Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner,
including activities pertaining to the acquisition, development, ownership of or investment in real properties or other property,
shall be conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner
may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the
issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent
Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf
of the Partnership), the definition of “REIT Common Shares Amount” may be adjusted, as reasonably determined by the
General Partner, to reflect only the fair market value of a REIT Common Share attributable to the General Partner’s Partnership
Units and other assets held on behalf of the Partnership.

 

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

 

6.10       Restrictions
on General Partner Authority. The General Partner may not take any action in contravention of an express prohibition
or limitation of this Agreement without the written consent of a Two Thirds Majority (other than the General Partner or any Subsidiary
of the General Partner), or such other percentage of the Limited Partners as may be specifically provided for under a provision
of this Agreement, and may not perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction
or any liability not contemplated herein or under the Act except with the written consent of such Limited Partner.

 

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ARTICLE VII

 

CHANGES IN GENERAL PARTNER

 

7.01       Transfer
of the General Partner’s Partnership Interest.

 

(a)          The
General Partner shall not transfer all or any portion of its General Partnership Interests, and the General Partner shall not withdraw
as General Partner, except as provided in or in connection with a transaction contemplated by Sections 7.01(c), (d) or
(e).

 

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

 

(c)          Except
as otherwise provided in Section 7.01(d) or (e), the General Partner shall not engage in any merger, consolidation or other
combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change
in the General Partner’s state of incorporation or organizational form), in each case which results in a Change of Control
of the General Partner (a “Transaction”), unless at least one of the following conditions is met:

 

(i) the consent of a
Majority in Interest (other than the General Partner or any Subsidiary of the General Partner) is obtained;

 

(ii) as a result of
such Transaction, all Limited Partners (other than the General Partner and any Subsidiary of the General Partner) will receive,
or have the right to receive, for each Partnership Unit an amount of cash, securities or other property equal in value to the
product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder
of one REIT Common Share in consideration of one REIT Common Share, provided that if, in connection with such Transaction,
a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more
than 50% of the outstanding REIT Common Shares, each holder of Partnership Units (other than the General Partner and any Subsidiary
of the General Partner) shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities
or other property that such Limited Partner would have received had it (A) exercised its Common Unit Redemption Right pursuant
to Section 8.04 and (B) sold, tendered or exchanged pursuant to the Offer the REIT Common Shares received upon exercise
of the Common Unit Redemption Right immediately before the expiration of the Offer; or

 

(iii) the General Partner
is the surviving entity in the Transaction and either (A) the holders of REIT Common Shares do not receive cash, securities
or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary of the
General Partner) receive for each Partnership Unit an amount of cash, securities or other property (expressed as an amount per
REIT Common Share) that is no less in value than the product of the Conversion Factor and the greatest amount of cash, securities
or other property (expressed as an amount per REIT Common Share) received in the Transaction by any holder of REIT Common Shares.

 

    	 	36

     

    

 

(d)          Notwithstanding
Section 7.01(c), the General Partner may merge with or into or consolidate with another entity if immediately after such merger
or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”),
other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined
by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner hereunder.
Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this
Section 7.01(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT
Common Shares Amount and Conversion Factor for a Partnership Unit after any such merger or consolidation so as to approximate the
existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things,
the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of
REIT Common Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired
had such Partnership Units been exchanged immediately before such merger or consolidation. Such amendment to this Agreement shall
provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments
provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of REIT Common
Shares and make such amendments to Section 8.04 so as to approximate the existing rights and obligations set forth in Section 8.04
as closely as reasonably possible. The above provisions of this Section 7.01(d) shall similarly apply to successive mergers
or consolidations permitted hereunder.

 

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

 

(e)          Notwithstanding
anything in this Article VII:

 

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

 

    	 	37

     

    

 

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

 

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

 

(a)          the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required
or appropriate to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such
Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.05 in connection
with such admission shall have been performed;

 

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

 

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

 

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

 

(a)          Upon
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.04(a)) or the death,
withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence
a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of the General Partner is continued by the remaining partner
or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.03(b).
The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant
to Section 7.02 shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

 

(b)          Following
the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to Section 7.04(a)) or the death,
withdrawal, removal or dissolution of the General Partner (except that, if the General Partner is on the date of such occurrence
a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining
partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the
Partnership for the balance of the term specified in Section 2.04 by selecting, subject to Section 7.02 and any other
provisions of this Agreement, a substitute General Partner by consent of a Majority in Interest. If the Limited Partners elect
to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any
Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

 

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7.04       Removal
of General Partner.

 

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

 

(b)          If
the General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03,
the General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General
Partner approved by a Majority in Interest in accordance with Section 7.03(b) and otherwise be admitted to the Partnership
in accordance with Section 7.02. At the time of assignment, the removed General Partner shall be entitled to receive from
the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced
by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually
agreed upon by the General Partner and a Majority in Interest (excluding the General Partner and any Subsidiary of the General
Partner) within ten days following the removal of the General Partner. In the event that the parties are unable to agree upon an
appraiser, the removed General Partner and a Majority in Interest (excluding the General Partner and any Subsidiary of the General
Partner) each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed
General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market
value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided,
however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two
appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete
an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days
after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership
Interest shall be the average of the two appraisals closest in value.

 

    	 	39

     

    

 

(c)          The
General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.04(b),
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights
to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense,
profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead,
such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would
have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.04(b).

 

(d)          All
Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary and sufficient to effect all the foregoing provisions of this Section 7.04.

 

ARTICLE VIII

 

RIGHTS AND OBLIGATIONS

OF THE LIMITED PARTNERS

 

8.01        Management
of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business
nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such
powers being vested solely and exclusively in the General Partner, which shall act for the benefit of the Partnership, the Limited
Partners and the General Partner’s stockholders, collectively.

 

8.02        Power
of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact,
who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear
to, deliver, file or record, at the appropriate public offices, any and all documents, certificates and instruments as may be
deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance
with their terms, including amendments, which power of attorney is coupled with an interest and shall survive the death, dissolution
or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest.

 

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

 

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8.04        Common
Unit Redemption Right.

 

(a)           Subject
to Sections 8.04(b), (c), (d), (e) and (f) and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Common Units (including any LTIP Units that are converted into Common Units) held by them, each
Limited Partner (other than the General Partner or any Subsidiary of the General Partner) shall have the right (the “Common
Unit Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date all or a portion of the Common
Units held by such Limited Partner at a redemption price equal to and in the form of the Common Redemption Amount to be paid by
the Partnership, provided that such Common Units (or the LTIP Units converted into such Common Units) shall have been outstanding
for at least one year (or such lesser time as determined by the General Partner in its sole and absolute discretion), and subject
to any restriction agreed to in writing between the Redeeming Limited Partner and the Partnership or General Partner. The Common
Unit Redemption Right shall be exercised pursuant to a Notice of Exercise of Redemption Right in the form attached hereto as Exhibit B
delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Common Unit Redemption
Right (the “Redeeming Limited Partner”); provided, however, that the Partnership shall, in its sole and absolute
discretion, have the option to deliver either the Cash Amount or the REIT Common Shares Amount; provided, further, that the Partnership
shall not be obligated to satisfy such Common Unit Redemption Right if the General Partner elects to purchase the Common Units
subject to the Notice of Redemption; and provided, further, that, subject to the terms of any agreement between the General Partner
and a Limited Partner with respect to Common Units (or any LTIP Units converted into such Common Units) held by such Limited Partner,
no Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner may not exercise
the Common Unit Redemption Right for less than one thousand (1,000) Common Units or, if such Limited Partner holds less than one
thousand (1,000) Common Units, all of the Common Units held by such Limited Partner. The Redeeming Limited Partner shall have no
right, with respect to any Common Units so redeemed, to receive any distribution paid with respect to Common Units if the record
date for such distribution is on or after the Specified Redemption Date.

 

(b)           Notwithstanding
the provisions of Section 8.04(a), a Limited Partner that exercises the Common Unit Redemption Right shall be deemed to have
offered to sell the Common Units described in the Notice of Redemption to the General Partner, and the General Partner may, in
its sole and absolute discretion, elect to purchase directly and acquire such Common Units by paying to the Redeeming Limited Partner
either the Cash Amount or the REIT Common Shares Amount, as elected by the General Partner (in its sole and absolute discretion),
on the Specified Redemption Date, whereupon the General Partner shall acquire the Common Units offered for redemption by the Redeeming
Limited Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the General Partner
shall elect to exercise its right to purchase Common Units under this Section 8.04(b) with respect to a Notice of Redemption,
it shall so notify the Redeeming Limited Partner within five Business Days after the receipt by the General Partner of such Notice
of Redemption.

 

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

 

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(c)          Notwithstanding
the provisions of Section 8.04(a) and 8.04(b), a Limited Partner shall not be entitled to exercise the Common Unit Redemption
Right if the delivery of REIT Common Shares to such Limited Partner on the Specified Redemption Date by the General Partner pursuant
to Section 8.04(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.04(b))
would (i) result in such Limited Partner or any other Person (as defined in the Charter) owning, directly or indirectly, REIT
Common Shares in excess of the Share Ownership Limit or any Excepted Holder Limit and calculated in accordance therewith, except
as provided in the Charter, (ii) result in REIT Common Shares being owned by fewer than 100 persons (determined without reference
to any rules of attribution), (iii) result in the General Partner being “closely held” within the meaning of Section
856(h) of the Code, (iv) cause the General Partner to own, actually or constructively, 10% or more of the ownership interests
in a tenant (other than a TRS) of the General Partner’s, the Partnership’s or a Subsidiary Partnership’s real
property, within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise cause the General Partner to fail to
qualify as a REIT under the Code or (vi) cause the acquisition of REIT Common Shares by such Limited Partner to be “integrated”
with any other distribution of REIT Common Shares or Common Units for purposes of complying with the registration provisions of
the Securities Act or the qualification provisions of Regulation A promulgated thereunder. The General Partner, in its sole and
absolute discretion, may waive the restriction on redemption set forth in this Section 8.04(c).

 

(d)          Any
Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on the Specified Redemption
Date. Any REIT Common Share Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on
the Specified Redemption Date.

 

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

 

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

 

ARTICLE IX

 

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.01       Purchase
for Investment.

 

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

 

(b)          Subject
to the provisions of Section 9.02, each Limited Partner agrees that such Limited Partner will not sell, assign or otherwise
transfer such Limited Partner’s Partnership Units or any fraction thereof, whether voluntarily or by operation of law or
at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth
in Section 9.01(a).

 

9.02       Restrictions
on Transfer of Partnership Units.

 

(a)          Subject
to the provisions of Sections 9.02(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or
otherwise transfer all or any portion of such Limited Partner’s Partnership Units, or any of such Limited Partner’s
economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively,
a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole
and absolute discretion. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor
assume all costs incurred by the Partnership in connection therewith.

 

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(b)          No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented
to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.05) of all of such
Limited Partner’s Partnership Units pursuant to this Article IX or pursuant to a redemption of all of such Limited Partner’s
Common Units pursuant to Section 8.04. Upon the permitted Transfer or redemption of all of a Limited Partner’s Common
Units, such Limited Partner shall cease to be a Limited Partner.

 

(c)          Subject
to Sections 9.02(d), (e) and (g), a Limited Partner may Transfer, with the written consent of the General Partner, all
or a portion of such Limited Partner’s Partnership Units to such Limited Partner’s (i) parent or parent’s
spouse, (ii) spouse, (iii) natural or adopted descendant or descendants, (iv) spouse of such Limited Partner’s
descendant, (v) brother or sister, (vi) trust created by such Limited Partner for the primary benefit of such Limited Partner
and/or any such Person(s) described in (i) through (v) above, of which trust such Limited Partner or any such Person(s)
or bank or other commercial entity in the business of acting as a fiduciary in its ordinary course of business and having an equity
capitalization of at least $100,000,000 is a trustee, (vii) a corporation, partnership or limited liability company controlled
by a Person or Persons named in (i) through (v) above, or (viii) if the Limited Partner is an entity, its beneficial
owners.

 

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

 

(e)          No
Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion
of legal counsel for the Partnership, such Transfer would result in the Partnership being treated as an association taxable as
a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion
of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a
REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code or (iii) such
Transfer is effectuated through an “established securities market” or a “secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704 of the Code.

 

(f)          The
General Partner shall monitor the Transfers of Partnership Units (including any acquisition of Common Units by the Partnership
or the General Partner) to determine (i) if such units could be treated as 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 such Transfers could result in the Partnership being unable to qualify for the “safe harbors”
set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the Service 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 “Secondary Market Safe Harbors”).
The General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate
in its sole and absolute discretion (i) to prevent any Transfer of Partnership Units which could cause the Partnership to
become a “publicly traded partnership,” within the meaning of Code Section 7704 or (ii) to ensure that one
or more of the Secondary Market Safe Harbors is met.

 

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

 

(h)          Before
the consummation of any Transfer under this Article IX, the transferor and/or the transferee shall deliver to the General
Partner such opinions, certificates and

other documents as the General Partner shall reasonably request
in connection with such Transfer.

 

9.03       Admission
of Substitute Limited Partner.

 

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

 

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

 

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

 

(iii) The assignee shall
have delivered a letter containing the representation set forth in Section 9.01(a) and the representations and warranties
set forth in Section 9.01(b);

 

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

 

(v) The assignee shall
have executed a power of attorney containing the terms and provisions set forth in Section 8.02;

 

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

 

    	 	45

     

    

 

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

 

(b)          For
the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall
be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described
in Section 9.03(a)(ii) or, if no such filing is required, the later of the date specified in the transfer documents or the
date on which the General Partner has received all necessary instruments of transfer and substitution.

 

(c)          The
General Partner and the Substitute Limited Partner shall cooperate with each other by preparing the documentation required by this
Section 9.03 and making all required filings and publications. The Partnership shall take all such action as promptly as practicable
after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of the Partnership.

 

9.04       Rights
of Assignees of Partnership Units.

 

(a)          Subject
to the provisions of Sections 9.01 and 9.02, except as required by operation of law, the Partnership shall not be obligated
for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Units until the Partnership has
received notice.

 

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

 

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

 

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

 

ARTICLE X

 

BOOKS AND RECORDS; ACCOUNTING; TAX
MATTERS

 

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

 

10.02     Custody
of Partnership Funds; Bank Accounts.

 

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

 

(b)          All
deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner.
The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily
result from an investment in those investment companies permitted by this Section 10.02(b).

 

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

 

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

 

10.05      Tax
Matters Partner; Tax Elections; Special Basis Adjustments.

 

(a)          The
General Partner shall be the Tax Matters Partner of the Partnership. As Tax Matters Partner, the General Partner shall have the
right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General
Partner shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service and all
out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute
Partnership expenses. In the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2)
of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within
the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the
date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the
General Partner’s reasons for determining not to file such a petition.

 

Following the effective
date of the Bipartisan Budget Act of 2015, P.L. 114-74 (“BBA”), the General Partner shall be the “partner
representative” as defined in Code Section 6223 as in effect following amendment by the BBA. If eligible to do so, the General
Partner may cause the Company to make an election under Code Section 6221(b) (as added by the BBA) to not apply the provisions
of Subchapter C of Chapter 63 of the Code (as amended by the BBA) to the Company for taxable years beginning on or after January
1, 2018.

 

If the Internal Revenue
Service (“IRS”) makes an adjustment to the Company’s income, losses, deductions or credits or the Company
makes any such adjustment for a year for which a federal income tax return had been previously filed, the adjustment, to the maximum
extent permitted by law, shall be allocated, on the books and records of the Company, to the Partners (including former Partners
whose interest have not been fully liquidated) in accordance with their respective interests (including the interests of their
respective predecessors) in the Partnership for the year to which the adjustment related and, if the Partnership pays the tax liability
associated with the adjustment, such payment shall be allocated, to the maximum extent permitted by law, to such Partners in accordance
with the way that the corresponding income or reduction in tax credits was allocated.

 

Unless
each Partner timely elects, in a written notice to the General Partner, the Partnership and the General Partner, to the maximum
extent permitted by law (by making elections, not making elections, following options that may be available under guidance from
the IRS, and/or adjusting allocations) shall (A) timely elect, as provided by Code Section 6226 (added by BBA) and applicable Regulations
and other applicable guidance issued thereunder, to have the economic burden or benefits of any adjustment be borne by the Partners
in a way that is as close as possible to the way that such burdens or benefits would be borne if the Company’s returns for
the reviewed year (as defined in Code Section 6225(d)(1), as added by BBA) had been amended and new Schedule K-1s issued and, to
the extent required by law, the Partners had filed amended tax returns taking into account the amended Schedule K-1s and (B) issue
amended Schedule K-1s and such other required forms reflecting such adjustments and the Partners agree to file amended returns
reflecting the adjustments and information on the amended Schedule K-1s and/or such other applicable IRS forms.

 

    	 	48

     

    

 

Upon the promulgation
of Treasury Regulations and/or other guidance implementing BBA (collectively, “Guidance”), the General Partner and
the other Partners will evaluate and consider options available with respect to preserving the allocations of responsibility and
authority and the elections and options described above with respect to conforming with the applicable provisions of the Code and
revised partnership audit procedures, and agree to use their good faith efforts to agree to mutually agreeable amendments to this
Agreement if necessary or beneficial to the Partners to better implement the BBA provisions and Guidance while preserving the terms
and agreements embodied herein.

 

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

 

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

 

(d)          The
Partners, intending to be legally bound, hereby authorize the Partnership to make an election (the “Safe Harbor Election”)
to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation Section 1.83-3(1) and the Proposed
Revenue Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed
guidance is issued in final form or as amended by subsequently issued guidance (the “Safe Harbor”), apply to
any interest in the Partnership transferred to a service provider while the Safe Harbor Election remains effective, to the extent
such interest meets the Safe Harbor requirements (collectively, such interests are referred to as “Safe Harbor Interests”).
The Tax Matters Partner is authorized and directed to execute and file the Safe Harbor Election on behalf of the Partnership and
the Partners. The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred in connection
with the performance of services) hereby agree to comply with all requirements of the Safe Harbor (including forfeiture allocations)
with respect to all Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences
of the issuance and vesting of Safe Harbor Interests consistent with such final Safe Harbor guidance. The Partnership is also authorized
to take such actions as are necessary to achieve, under the Safe Harbor, the effect that the election and compliance with all requirements
of the Safe Harbor referred to above would be intended to achieve under Proposed Treasury Regulation Section 1.83-3, including
amending this Agreement.

 

 

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ARTICLE XI

 

AMENDMENT OF AGREEMENT

 

11.01      Amendment
of Agreement.

 

(a)          Amendments
to this Agreement may be proposed by the General Partner or by Limited Partners forming a Majority in Interest (other than the
General Partner or any Subsidiary of the General Partner). Following such proposal, the General Partner shall submit any proposed
amendment to the Limited Partners. The General Partner shall seek the written vote of the Partners on the proposed amendment or
shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining
a written vote, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days,
and failure to respond in such time period shall constitute a vote which is consistent with the General Partner’s recommendation
with respect to the proposal. Except as otherwise provided in this Agreement, a proposed amendment shall be adopted and be effective
as an amendment hereto if it is approved by the General Partner and it receives the consent of a Majority in Interest (other than
the General Partner or any Subsidiary of the General Partner).

 

(b)          Notwithstanding
Section 11.01(a), the General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement
as may be required to facilitate or implement any of the following purposes:

 

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

 

(ii) to reflect the issuance
of additional Partnership Units or the admission, substitution, termination, or withdrawal of Partners in accordance with this
Agreement;

 

(iii) to set forth or
amend the designations, rights (including redemption rights that differ from those specified in Section 8.04), powers, duties,
and preferences of holders of any additional Partnership Units or other Partnership Interests issued pursuant to Section 4.02;

 

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

 

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(v) to reflect such changes
as are reasonably necessary for the General Partner to maintain its qualification as a REIT, including changes which may be necessitated
due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the Service;

 

(vi) to modify the manner
in which Capital Accounts are computed;

 

(vii) to include provisions
in this Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance regarding the federal
income tax treatment of compensatory partnership interests issued and made effective after the date hereof or in connection with
any elections that the General Partner determines to be necessary or advisable in respect of any such guidance. Any such amendment
may include, without limitation, (a) a provision authorizing or directing the General Partner to make any election under the such
guidance, (b) a covenant by the Partnership and all of the Partners to agree to comply with the such guidance, (c) an amendment
to the capital account maintenance provisions and the allocation provisions contained in this Agreement so that such provisions
comply with (I) the provisions of the Code and the Regulations as they apply to the issuance of compensatory partnership interests
and (II) the requirements of such guidance and any election made by the General Partner with respect thereto, including, a provision
requiring “forfeiture allocations” as appropriate. Any such amendments to this Agreement shall be binding upon all
Partners; and

 

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

 

The General Partner shall provide notice
to the Limited Partners when any action under this Section 11.01(b) is taken.

 

(c)          Notwithstanding
Sections 11.01(a) and (b), this Agreement shall not be amended without the consent of each Partner adversely affected if such amendment
would (i) convert a Limited Partner’s interest in the Partnership into a General Partner Interest; (ii) modify the limited
liability of a Limited Partner in a manner adverse to such Limited Partner; (iii) alter rights of such Partner to receive distributions
pursuant to Article 5, or the allocations specified in Article 5 (except as permitted pursuant to Section 4.02 and Section 11.01(b)(iii))
in a manner adverse to such Partner; (iv) alter or modify the Common Unit Redemption Right and REIT Common Shares Amount as set
forth in Section 8.04, and the related definitions, in a manner adverse to such Partner; (v) cause the termination of the Partnership
prior to the time set forth in Section 2.04; or (vi) amend this Section 11.01(c); provided, however, that the consent
of each Partner adversely affected shall not be required for any amendment or action that affects all Partners holding the same
class or series of Partnership Units on a uniform or pro rata basis. Any amendment consented to by any Partner shall
be effective as to that Partner, notwithstanding the absence of such consent by any other Partner.

 

(d)          Notwithstanding
Sections 11.01(a) or (b), the General Partner shall not amend Sections 4.02(a), 6.06, 6.07 or 7.01 without the consent of a Majority
in Interest (other than the General Partner or any Subsidiary of the General Partner).

 

    	 	51

     

    

 

ARTICLE XII

 

GENERAL PROVISIONS

 

12.01         Notices.
All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been
given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested,
to the Partners at the addresses set forth in the attached Exhibit A, as it may be amended or restated from time to
time; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such
different address. Notices to the General Partner and the Partnership shall be delivered at or mailed to its office address set
forth in Section 2.03. The General Partner and the Partnership may specify a different address by notifying the Limited Partners
in writing of such different address.

 

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

 

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

 

12.04         Severability.
If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then
such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality,
invalidity or unenforceability shall not affect the remainder.

 

12.05         Entire
Agreement. This Agreement and its attached Exhibits constitute the entire agreement of the Partners and supersede
all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the
subject matter, including without limitation the Original Agreement.

 

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

 

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

 

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

 

    	 	52

     

    

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	53

     

    

 

IN WITNESS WHEREOF,
the parties have hereunder affixed their signatures to this Agreement of Limited Partnership, all as of the 29nd day
of September, 2015.

 

	 	GENERAL PARTNER:
	 	 
	 	MEDALIST DIVERSIFIED REIT, INC.
	 	 	 
	 	By:	/s/ William R. Elliott
	 	Name:	 William R. Elliott
	 	Title:	Directior and Co-President
	 	 
	 	INITIAL LIMITED PARTNER:
	 	 
	 	MEDALIST DIVERSIFIED REIT, INC.
	 	 	 
	 	By: 	/s/ William R. Elliott
	 	Name:	William R. Elliott
	 	Title:	Directior and Co-President

 

[Signature Page to Agreement of Limited
Partnership]

 

    	 	54

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