Document:

Exhibit 10.13

 

TRI-PARTY AGREEMENT

 

By

 

GANO HOLDINGS, LLC

as OWNER

 

And

 

PHR GANO OPCO SUB, LLC

as TENANT

 

 

EAST BOSTON SAVINGS BANK

as LENDER

 

And

 

GANO HOTEL MANAGER, LLC

as OPERATOR

 

Hotel:

 

Hilton Garden Inn

220 India Street

Providence, Rhode Island

 

 

    

     

    

 

TRI-PARTY AGREEMENT

 

This Tri-Party
Agreement (this “Agreement”) is made as of the 27th day of February, 2020 by GANO HOLDINGS,
LLC, a Rhode Island limited liability company having a principal place of business at c/o Procaccianti Companies, 1140
Reservoir Avenue, Cranston, Rhode Island 02920 (the “Owner”), PHR GANO OPCO SUB, LLC, a
Delaware limited liability company having a principal place of business at c/o Procaccianti Companies, 1140 Reservoir Avenue,
Cranston, Rhode Island 02920 (the “Tenant”), GANO HOTEL MANAGER, LLC, a Rhode Island limited
liability company having a place of business at 1140 Reservoir Avenue, Cranston, Rhode Island 02920 (the
 “Operator”) and EAST BOSTON SAVINGS BANK, a Massachusetts banking corporation having a place
of business at 67 Prospect Street, Peabody, Massachusetts (“Lender”).

 

RECITALS

 

A.          Operator
and Tenant are parties to that certain Hotel Management Agreement of even date herewith, as the same may be amended, restated,
modified or supplemented from time to time with the consent of Lender (such agreement, as in effect from time to time, and only
as it relates to the Hotel and the Project (defined below), being hereinafter referred to as the “Management Agreement”),
pursuant to which Tenant and Operator provided for the operation of certain real estate located at 220 Indian Street, Providence,
Rhode Island and more particularly described on Exhibit A (the “Property”), upon which is situated
a hotel containing approximately 137 guest rooms plus other amenities commonly known as the “Hilton Garden Inn” (the
 “Hotel”; together with the Property collectively referred to hereinafter as the “Project”).

 

B.           Owner,
as landlord, and Tenant, as tenant, entered into that certain Hotel Lease on or about the date hereof, pursuant to which Tenant
has leased the Property from Owner (the “Master Lease” or “OpCo Lease”).

 

C.           Tenant
has collaterally assigned to Owner all of its right, title and interest in and to the Management Agreement pursuant to that certain
Collateral Assignment and Security Agreement in Respect of Contracts, Licenses and Permits dated as of the date hereof (the “Collateral
Assignment”), as security for the rental payments due under the Master Lease.

 

D.           Owner
(also referred to herein as the “Borrower”), Lender have entered into that certain Omnibus Amendment,
Assignment, Assumption, Release and Reaffirmation Agreement dated as of the date hereof, as the same may be amended, restated,
modified or supplemented from time to time (such agreement, as in effect from time to time, being hereinafter referred to as the
 “Omnibus Agreement”), pursuant to which Lender agreed to modify a loan to Borrower in the amended and
restated principal amount of $16,936,900.72 (the “Loan”); all capitalized terms not otherwise defined
herein shall have the meaning ascribed to such terms in the Omnibus Agreement.

 

E.            Owner
and Lender have advised Operator that pursuant to the terms of the Omnibus Agreement, Owner has, among other things, executed
and delivered to Lender an Amended and Restated Commercial Real Estate Promissory Note in the original principal amount of $16,936,900.72
(the “Note”), which is secured by, among other things, a Mortgage (as defined in the Omnibus Agreement)
and other Loan Documents (as defined in the Omnibus Agreement) encumbering the Project.

 

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F.           As
further security for the Loan, Lender has required Owner to assign all of its right, title and interest in and to the Management
Agreement and the Collateral Assignment to Lender.

 

G.           It
is to the benefit of Operator, Tenant and Owner that Lender make the Loan to Owner; and Tenant and Operator are willing to consent
to the assignment of the Management Agreement to Lender and to have the Loan Documents constitute a first lien upon the Hotel
prior and superior to the Management Agreement to the extent provided herein.

 

H.           Lender
is not willing to make the Loan unless Owner, Tenant and Operator agree to subordinate the Management Agreement and, to the extent
set forth herein, Operator's rights, interests and benefits under the Management Agreement, to the lien of the Mortgage and all
other rights of Lender under the Loan Documents on the terms and to the extent set forth herein.

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1        Definitions. As used herein, the following terms shall have the
meanings ascribed to them below:

 

“Lender's Notice Address”
shall mean:

 

East Boston Savings Bank

67 Prospect Street

Peabody, MA 01960

Attn: Jonpaul Sallese, Vice President, Commercial
Real Estate

Facsimile: (978) 573-0926

 

with a copy to:

 

Bernkopf Goodman, LLP

Two Seaport Lane

Boston, MA 02210

Attn: David L. Doyle, Esq.

Facsimile: (617) 790-3300

 

“Collateral”
shall have the meaning set forth in the Loan Documents.

 

“Event of
Default” shall have the meaning set forth in the Mortgage.

 

“Foreclosure”
shall mean any exercise of the remedies available to the holder of the Mortgage upon the occurrence of an Event of Default under
the Mortgage, which results in a

 

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transfer of
title to or possession of all or substantially all of the Project to such holder, its designee, a Subsequent Owner in foreclosure
or any other third party. The term “Foreclosure” shall include, without limitation: (i) a transfer by judicial foreclosure;
(ii) a transfer by deed in lieu of foreclosure; (iii) a transfer of either ownership or control of the Owner, by exercise of a
stock pledge or otherwise; (iv) a transfer resulting from an order given in a bankruptcy, reorganization, insolvency or similar
proceeding; (v) if title to the real property interests included in the Project is held by a tenant under a ground lease, an assignment
of the tenant's interest in such ground lease; or (vi) any similar judicial or non-judicial, exercise of the remedies held by
the holder of the Mortgage.

 

“Foreclosure
Date” shall mean the later of the dates on which title to or possession of the Project is transferred to a Subsequent
Owner by means of a Foreclosure.

 

“Hotel”
shall have the meaning set forth in Paragraph A of the recitals of this Agreement.

 

“Mortgagee”
shall mean any of the following: (i) the entity identified as the Lender in the first sentence of this Agreement; (ii) any successors
or assigns of that entity as holder of the Mortgage; (iii) any nominee or designee of that entity (or any other entity described
in this definition); (iv) any initial or subsequent assignee of all or any portion of the interest of that entity in the Mortgage;
or (v) any entity which is a participant in the financing secured by the Mortgage, or otherwise acquires an equitable interest
in the Mortgage, provided that the holder of the Mortgage then of record shall have the power to act as Lender hereunder for the
purpose of giving or receiving notices, consents or waivers or otherwise exercising the rights of Lender hereunder.

 

“New Agreement”
shall have the meaning set forth in Section 7.1(a)(2) of this Agreement.

 

“Notice”
shall have the meaning set forth in Section 12.1 of this Agreement.

 

“Obligations”
shall have the meaning set forth in the Mortgage.

 

“Operator's
Notice Address” shall mean:

 

Gano Hotel Manager, LLC

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Elizabeth A. Procaccianti

Facsimile: (401) 943-6320

 

with a copy to:

 

Procaccianti Companies

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Natasha Ruane, Corporation Counsel

Facsimile: (401) 943-6320

 

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“Owner's Notice Address”
shall mean:

 

Gano Holdings, LLC

c/o Procaccianti Companies

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Gregory D. Vickowski

Facsimile: (401) 943-6320

 

with a copy to:

 

Procaccianti Companies

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Ron Hadar, General Counsel

Facsimile: (401) 943-6320

 

“Person”
shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation,
institution, entity, party or government (whether territorial, national, federal, state, county, city, municipal or otherwise,
including, without limitation, any instrumentality, division, agency, body or department thereof).

 

“Subsequent
Owner” shall mean any individual or entity which acquires title to or possession of the Hotel at or through a Foreclosure
(together with any successors or assigns thereof), who may include, without limitation, (i) Lender or an affiliate thereof, (ii)
any purchaser of the Hotel from Lender, or any lessee of the Hotel from Lender (after a Foreclosure), or (iii) any purchaser of
the Hotel at Foreclosure.

 

“Tenant's Notice Address”
shall mean:

 

PHR GANO OPCO SUB, LLC

c/o Procaccianti Companies

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Gregory D. Vickowski

Facsimile: (401) 943-6320

 

with a copy to:

 

Procaccianti Companies

1140 Reservoir Avenue

Cranston, Rhode Island 02920

Attention: Ron Hadar, General Counsel

Facsimile: (401) 943-6320

 

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“Termination
Period” shall mean the period of time which begins on the date on which an Event of Default occurs and ends on the one
hundred eightieth (180th) day after the Foreclosure Date.

 

ARTICLE
II

PLEDGE

 

Section
2.1            Pledge of Management Agreement. Each
of Owner and Tenant hereby grants, pledges, transfers, assigns and sets over to Lender, and grants to Lender a security interest
in, all of its right, title and interest in and to the Management Agreement and the proceeds of the Management Agreement, including
all interests in accounts maintained by it or its Lenders in connection therewith, in accordance with the terms, conditions and
provisions of this Agreement. Such pledge shall be unconditional and absolute, conditional only to reconveyance in the event that
all Obligations of Owner to Lender under the Loan Documents are discharged in full. Notwithstanding the foregoing, no Lender shall
have any obligation or liability of any kind under or with respect to the Management Agreement unless and until the date (the
 “Exercise Date”) on which Lender exercises its rights hereunder, and then only to the extent expressly
provided herein. Operator hereby acknowledges and consents to the foregoing pledge from Owner and Tenant to Lender.

 

Section
2.2            Owner Indemnity. Each of Owner and Tenant
agrees to defend, save and hold Lender and the Lender harmless of and from, and to indemnify Lender against, any and all such
obligations and liabilities, contingent or otherwise arising out of this Agreement or the Management Agreement prior to the Exercise
Date (but excluding liabilities resulting from Lender’s or any Lender's gross negligence or willful misconduct).

 

Section
2.3            Assignment of Service Contracts. Subject
to the terms and conditions herein set forth, Operator does hereby transfer, assign and deliver unto Lender, and grants to Lender
a security interest in, all of the right, title and interest of Operator in, to and/or under: (a) any and all service, utility,
maintenance and other contracts and agreements relating to all or any portion of the Project (collectively, the “Service
Contracts”); (b) any warranties, guaranties or representations made by any of the other parties to the Service Contracts,
whether or not contained in the Service Contracts; and (c) any and all licenses obtained by Operator with respect to the operation
of the Hotel; provided, however that Lender shall have no obligation or liability of any kind under or with respect to the Service
Contracts, nor shall Lender exercise any rights thereunder, unless and until Lender terminates the Management Agreement as provided
herein and expressly assumes the obligations of Borrower, Tenant or Operator under any such Service Contracts.

 

ARTICLE
III

REPRESENTATIONS REGARDING

MANAGEMENT AGREEMENT

 

Section
3.1            Representations as to Management Agreement.
Owner, Tenant and Operator, each for itself only, represent to Lender that:

 

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(a)          The
Management Agreement has been executed, has not been modified and is in full force and effect without default.

 

(b)          Attached
hereto as Exhibit B is a correct and complete copy of the Management Agreement. There are no other agreements, written
or oral, among Owner, Tenant and Operator or any of their respective Affiliates regarding the management of the Hotel.

 

(c)          The
Management Agreement constitutes the valid and binding agreement of the parties thereto, enforceable in accordance with its terms,
and Owner, Tenant and Operator have full authority under all state or local laws and regulations to perform all of their obligations
under the Management Agreement.

 

(d)          Except
as set forth herein, none of Owner, Tenant or Operator has made any assignment, pledge, delegation or other transfer of any interest,
right or obligation under or in the Management Agreement, and none of Owner, Tenant or Operator is under any restriction or prohibition
in regard to entering into or undertaking the obligations of this Agreement.

 

(e)          All
fees, expense reimbursements and payments due from Owner or Tenant under the Management Agreement to the date hereof have been
paid in full.

 

(f)           Except
as set forth in the Management Agreement, neither Operator, nor any other Person related to Operator has any right or claim to
any fees, commissions, compensation or other remuneration in connection with or arising out of the use, occupancy and operation
of the Hotel which are payable by the Tenant or Owner.

 

ARTICLE
IV
 
 COVENANTS OF OWNER

 

Section
4.1            Covenants of Owner as to Management Agreement.
Owner covenants to Lender that:

 

(a)           Owner
shall observe and perform, or shall cause to be observed and performed, all of its and the Tenant’s respective obligations
under the Management Agreement and shall not by agreement or conduct (i) alter, modify, terminate or waive any material terms
or provision of the Management Agreement, or (ii) permit the alteration, modification, termination or waiver of any material terms
or provisions of the Management Agreement, in each instance without the prior consent of Lender. No amendment or modification
of the Management Agreement that is prohibited pursuant to the terms of the Loan Agreement shall become effective without Lender's
consent. Any modifications, supplements, replacements and extensions of the original Management Agreement made by any party without
Lender's prior written consent (which consent may be withheld at Lender’s sole discretion), shall be voidable at the option
of Lender or any Subsequent Owner.

 

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(b)           Subject
to the terms of the Loan Agreement, Owner agrees to accept performance of Operator in compliance with this Agreement and the Loan
Documents for so long as any obligation of Borrower to Lender remains outstanding and unsatisfied.

 

(c)           Owner
shall not assign, pledge, delegate, waive or transfer, or permit the Tenant to assign, pledge, delegate, waive or transfer, any
interests, rights or obligations under the Management Agreement, including the proceeds thereof. Neither Owner nor Tenant shall
borrow, or accept any forbearance to collect, any amount due from it to Operator or any affiliate of Operator without the prior
written consent of Lender.

 

(d)           In
the event of any material default by Operator in performance or breach under the Management Agreement, or any other party for
any reason gives notice to Operator pursuant to the Management Agreement, notice thereof shall promptly be given to Lender specifying
the default, breach or other matter in reasonable detail.

 

(e)           Lender
shall be entitled, without obligation to do so, to tender a cure or to cure any default or purported default in the obligations
of Owner or Tenant. Owner agrees that any cost incurred by Lender in connection with such cure or attempt to cure shall constitute
an additional advance as a demand obligation of Owner under the Loan Documents and shall be secured by the Mortgage and other
Loan Documents.

 

(f)            Owner,
Tenant and Operator agree not to change the name or “flag” of the Hotel without the prior written consent of Lender,
which consent may be withheld at Lender’s sole discretion.

 

ARTICLE
V

COVENANTS OF OPERATOR

 

Section
5.1            Covenants of Operator as to Management Agreement.
Operator covenants to Lender that:

 

(a)           Operator
shall not alter, modify, terminate or waive any term or provision of the Management Agreement without the prior consent of Lender,
which consent may be withheld at Lender’s sole discretion. No amendment or modification of the Management Agreement shall
become effective without Lender's consent, which consent may be withheld at Lender’s sole discretion. Any material modifications,
supplements, replacements and extensions of the original Management Agreement made without Lender's prior written consent, which
consent may be withheld at Lender’s sole discretion, shall be voidable at the option of Lender or any Subsequent Owner.

 

(b)           Operator
shall not consent to any assignment, pledge, delegation, waiver or transfer of any interests, rights or obligations by Owner or
Tenant under the Management Agreement, including any proceeds, to any other Person. Operator shall not, and shall not permit any
affiliate of Operator to, loan or forbear to collect any amount due to it from Owner or Tenant without the prior written consent
of Lender.

 

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(c)           In
the event that Operator asserts a default by Owner or Tenant in performance or breach under the Management Agreement, or for any
other reason gives notice to Owner and/or Tenant pursuant to the Management Agreement, Operator shall send a copy of any notice
or statement sent by it to Owner and/or Tenant pursuant to the Management Agreement simultaneously to Lender and by the same manner
of transmittal. On the occurrence of (i) any default under the Management Agreement by Owner or Tenant, or (ii) any other event
giving Operator the right to terminate the Management Agreement for any reason, Operator shall promptly deliver notice to Lender
detailing such occurrence with reasonable specificity and stating its intended date of termination.

 

(d)           Lender
shall be entitled, without obligation to do so, to tender a cure or to cure any default or purported default in the obligations
of Owner or Tenant in accordance with the provisions of the Management Agreement pursuant to which Owner or Tenant may cure any
such default or other cause for termination. No termination of the Management Agreement shall be effective until Operator has
given notice to Owner, Tenant and Lender, pursuant to the notice requirements set forth in Section 5.1(c) hereof, and ninety
(90) days have elapsed since the receipt of such notice by Owner, Tenant and Lender and cure has not been effected. Operator agrees
to accept such tender of cure if made within such ninety (90) day period, so long as Operator is paid its base and any incentive
management fees and reimbursements as provided in the Management Agreement during such ninety (90) day period.

 

(e)           In
the event that Lender informs Operator that it elects to pursue a Foreclosure or otherwise enforce its remedies against Borrower
pursuant to the Loan Documents, Operator shall not thereafter seek to declare a default by Owner or Tenant or otherwise pursue
the termination of the Management Agreement during the pendency of the Foreclosure or other enforcement proceedings, and shall
cease and suspend any action to enforce a remedy or termination of the Management Agreement then underway. Operator shall continue
to operate the Hotel pursuant to the Management Agreement and this Agreement during that action's pendency, so long as Operator
is paid its base and any incentive management fees and reimbursements as provided in the Management Agreement during the pendency
of that action.

 

(f)            Operator
agrees that it shall not directly or indirectly, by way of transfer of shares, partnership interests or otherwise, sell, assign,
transfer, or otherwise dispose of all or any part of its interest in the Management Agreement without the prior written consent
of Lender, which consent may be withheld at Lender’s sole discretion. Notwithstanding the foregoing, Lender’s consent
to an assignment (but not a pledge) of Operator’s right to receive payments under the Management Agreement shall not be
unreasonably withheld, provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such assignee has
executed, acknowledged and delivered a subordination agreement pursuant to which such assignee shall acknowledge and agree to
the terms and conditions of this Agreement and subordinate all of such assignee’s interest in the Management Agreement and
any right to payment thereunder to Lender's and Lender’ rights under this Agreement.

 

(g)           Notwithstanding
anything in the Management Agreement to the contrary, Operator agrees and acknowledges that is shall not take any action or enter
into any

 

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agreements
that the Owner shall not be permitted to take or enter into pursuant to the terms of the Loan Documents. Without limiting the
generality of the foregoing, Operator agrees that all books and records pertaining to the Project shall be kept at the Hotel.

 

ARTICLE
VI
 
 SUBORDINATION OF RIGHTS OF OPERATOR

 

Section
6.1            Subordination of Rights of Operator.
The rights of Operator under the Management Agreement, including, without limitation, (i) the right to receive payment of fees
and all other amounts, and (ii) any option, right of first refusal or other similar rights contained in the Management Agreement,
or otherwise existing, to acquire all or any portion of the Project are hereby made subject and subordinate to Lender's and Lender’
rights arising from the obligations of Borrower, except as set forth herein.

 

Section
6.2            Subordination of Interest of Operator in
other Assets of Owner. Operator agrees that its interest in the specific assets of Owner or Tenant shall be subordinate as
follows in favor of Lender and has assigned its rights thereunder to Lender:

 

(a)           In
the event of a transfer of title to all or any interest in the Project to Lender or its designee after an Event of Default by
Borrower (whether by the deed-in-lieu of foreclosure or otherwise), or to any Subsequent Owner, such transferee shall take title
to such real estate interests free and clear of any interest of Operator or any affiliate of Operator. Operator agrees that any
judgment lien obtained by Operator or any affiliate shall be junior and subordinate to the interests of Lender in the Project
and other Collateral. Lender shall not be required to join or name Operator and its affiliates as parties in any Foreclosure or
other proceeding to effect such subordination, although Lender may choose to do so for avoidance of doubt or for the benefit of
title insurers.

 

(b)           In
the event of any transfer of personal property, including, without limitation, inventory, intangibles, accounts and interests
in cash, to Lender or its designee after the occurrence of an Event of Default by Owner under this Agreement, or to any Subsequent
Owner in a U.C.C. or common law foreclosure, such transferee shall acquire such property free and clear of any interest of Operator
or any affiliate of Operator.

 

(c)           Subject
to the foregoing, Operator shall continue to have an unsecured claim against Owner or Tenant for any amount accrued and unpaid
to it under the Management Agreement, including any claim for incentive fees accrued but required to remain unpaid by the terms
of the Loan Documents. Such claim shall be enforceable by Operator against the assets of Owner or Tenant, if any, remaining after
satisfaction of the obligations of Borrower to Lender and the Lender.

 

Section
6.3            Subordination of Leases. Any sublease
entered into by Operator on behalf of Owner or Tenant with respect to the Project, or any portion thereof, shall be made expressly
subject and subordinate to the Mortgage, the other Loan Documents and any modifications or supplements thereto.

 

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ARTICLE
  VII

CONTINUATION AFTER TRANSFER

 

Section
7.1            Continuation after Transfer. Operator
and Lender agree:

 

(a)           In
the event that Lender, at its sole option and discretion, intends to exercise its remedies under the Loan Documents or by any
other means allowed under the Loan Documents or permitted by law, to acquire possession and title to the Hotel through Foreclosure,
Lender or any Subsequent Owner, shall have the right, at its sole option and discretion, to:

 

(1)           elect
by notice to Operator, delivered at any time within the Termination Period, stating that Lender or Subsequent Owner, as the case
may be, does not intend to enter into a New Agreement (as hereinafter defined) with Operator, and such notice shall result in
the termination of the Management Agreement as of thirty (30) days after the receipt of such notice or such later date as is set
forth in such notice; or

 

(2)           elect
by notice to Operator, delivered at any time within the Termination Period, requiring that Operator enter into a new management
agreement (the “New Agreement”) with Lender or Subsequent Owner, as the case may be, for the further
operation of the Hotel, which New Agreement shall be on the same terms as the Management Agreement except that (i) the term of
the New Agreement shall be for a term equal to the remainder of the term of the Management Agreement, and (ii) all references
to Owner or Tenant or to any control of the Hotel by Owner or Tenant shall be deleted and replaced by references to Subsequent
Owner; provided, however; that notwithstanding anything to the contrary in this Agreement, in no event will Lender
or the Subsequent Owner, as the case may be, be obligated to change, modify or alter any existing condition of the Hotel.

 

(3)           The
failure of Lender or Subsequent Owner, as the case may be, to deliver notices as required under either (1) or (2) above shall
be deemed the equivalent of a notice under (1) above made as of the last day of the Termination Period, provided, however,
that in such case the deemed termination of the Management Agreement shall be effective as of the 30th day after the Termination
Period.

 

(b)           In
the event that Lender or Subsequent Owner, as the case may be, elects not to enter into a New Agreement with Operator as provided
above, no termination fees shall be owed by Lender or Subsequent Owner to Operator following any such election. Operator's rights
to compensation for services rendered after the Foreclosure Date shall be limited to collection from the Operating Account of
base and any incentive fees accruing for that period under the Management Agreement. Owner and Tenant shall continue to be liable
to Operator for all fees, charges and indemnifications under the Management Agreement, accruing prior to the Foreclosure Date,
provided, however, that any right or remedy Operator may have to collect such fees, charges or indemnifications
from Owner,

 

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Tenant or
the Hotel shall be subordinated to the indefeasible payment in full in cash of all amounts due to Lender under the Loan Documents.

 

(c)           Unless
and until Lender or Subsequent Owner, as the case may be, elects to require Operator to enter into a New Agreement as provided
in Section 7.1(a)(2) hereof and Operator does enter such New Agreement, Lender or Subsequent Owner shall have no liability
or obligation to Operator, except as otherwise provided for in Sections 5.1(d) and (e). Any such liabilities or obligations
of Lender or Subsequent Owner shall be limited to those expressly contained in the New Agreement and accruing after the effective
date thereof. In no event shall Lender be responsible for any reserve fund deposits, fees, costs, reimbursements, termination
fees, or other fees, charges and indemnifications, or for any costs of maintenance, remodeling or upgrades to the Hotel, or loans
or advances or other amounts that were owed by Owner or Tenant to Operator or were the obligation of Owner or Tenant, as the case
may be, under the terms of the Management Agreement prior to the effective date of the New Agreement. Operator shall not be deemed
to have waived any rights it may have to collect such outstanding fees, charges and indemnifications from Owner or Tenant which
shall continue to be liable for such fees, charges and indemnifications; provided, however, Operator agrees that
such outstanding fees, charges and indemnifications and any right or remedy Operator may have to collect such outstanding fees,
charges and indemnifications shall be subordinated to the indefeasible payment in full in cash of all amounts due under the Loan
Documents (irrespective of any reduction of same as an allowed amount in any bankruptcy proceeding), nor shall Operator place
a lien on, attach or otherwise encumber the Hotel or the proceeds thereof. Should any payment on account of, or any collateral
for, any obligation which is subordinated by the preceding sentence be received by Operator during the continuance of an Event
of Default under the Loan Documents, such payment or collateral shall be delivered forthwith to the Lender by Operator for application
to the loans outstanding under the Loan Documents. Until so delivered, any such payment or collateral shall be held by Operator
in trust for Lender and shall not be commingled with other funds or property of Operator.

 

(d)          Notwithstanding
any of the provisions of this Agreement to the contrary, Lender or Subsequent Owner, as the case may be, at any time after any
Event of Default has occurred and is continuing under any of the Loan Documents, may elect to, or require Owner to, cancel and
terminate the Management Agreement, or cause the Tenant to cancel and terminate the Management Agreement, effective as of thirty
(30) days after written notice to Operator, and neither Lender, nor Subsequent Owner, as the case may be, shall have any liability
to Operator for any costs, fees, reimbursements or termination fees owed by Owner to Operator under the Management Agreement,
and such outstanding fees and any right Operator may have to collect such outstanding fees shall be subordinated in full to the
repayment of Lender as set forth in Section 7.1(c) hereof, and prior to such repayment in full, the Operator will not place
a lien on, attach, or otherwise encumber the Hotel or any proceeds thereof.

 

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ARTICLE
VIII

RELATIONSHIPS

 

Section
8.1           Relationships. For avoidance of doubt and notwithstanding
anything to the contrary stated or implied from the Management Agreement, this Agreement, or any other course of dealing between
any of the parties, the parties agree that:

 

(a)           Owner
enters into in this Agreement only as the owner of the Project, the landlord under the Master Lease and a Borrower from Lender.
Tenant enters into this Agreement only as the “Tenant” under the Master Lease.

 

(b)           Lender
enters into this Agreement only for itself and holder of a mortgage lien upon the Project and security interest in the other Collateral.
No relationship of partner or joint venturer is intended or should be implied.

 

(c)           Operator
enters into this Agreement only in regard to its engagement as manager of the Hotel under the Management Agreement. No relationship
of guarantor, partner, tenant, joint venturer or indemnitor of obligations of Owner or Tenant to third parties is intended or
should be inferred. Operator undertakes no obligation to advance its own funds to Owner or Tenant or otherwise for the continued
operation of the Hotel except as set forth in the Management Agreement.

 

(d)           Except
as set forth in the Management Agreement, all books, plans, contracts, accounts, receipts, tapes, records and the like maintained
by Operator with respect to the operation, leasing or maintenance of the Hotel shall, at all times, be and constitute the property
of Owner or Tenant subject to the Loan Documents as part of the Collateral and shall be surrendered to Owner, Tenant or Lender
in accordance with the terms hereof, without charge or expense. Nothing herein shall create an agency coupled with, an interest
and Operator and Lender expressly waive any such interest.

 

ARTICLE
IX

INSURANCE

 

Section
9.1            Insurance. Notwithstanding the provisions
of the Management Agreement to the contrary, the insurance coverages to be provided by Owner for the Project, together with the
required amounts of such coverages shall be governed by Section 9.5 of the Loan Agreement; provided, however, if the Management
Agreement imposes additional insurance requirements on Owner or Tenant, Lender shall not object to Owner, Tenant or Operator obtaining
such additional coverages, so long as the aggregate cost of all insurance does not exceed the amount allocated for such expense
in the Hotel budget.

 

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ARTICLE
X

CONDEMNATION AWARDS; INSURANCE PROCEEDS

 

Section
10.1          Application of Proceeds. Notwithstanding any provision
contained in the Management Agreement to the contrary, so long as the Loan remains outstanding, the collection and distribution
of all insurance proceeds and condemnation awards with respect to the Property (and the right of Lender to apply the same to the
Obligations of Owner under the Loan Documents) shall be governed by the Loan Documents.

 

ARTICLE
XI

BINDING EFFECT

 

Section
11.1          Binding Effect. This Agreement shall be binding
on and, to the extent such successors or assigns are permitted, inure to the benefit of the successors and assigns of Owner, Tenant,
Operator and Lender.

 

ARTICLE
XII

MISCELLANEOUS

 

Section
12.1          Notices.

 

(a)           Any
notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be
in writing; addressed to Owner, Tenant, Operator or Lender, as the case may be, at the notice address for each as provided in
Section 1.1 of this Agreement, and shall be deemed to have been properly given if hand delivered, if sent by reputable
overnight courier (effective the Business Day following delivery to such courier), if sent by telecopy with confirmation of receipt
and a hard copy mailed in accordance with the provisions of this Section 12.1 (effective the business day on which receipt
of confirmation is received by the sender if delivered before 5:00 P.M.), and effective the business day after the date on which
receipt of confirmation is received by the sender if delivered after 5:00 P.M.) or if mailed (effective two business days after
mailing) by United States registered or certified mail, postage prepaid, return receipt requested. Copies of any Notices (a) terminating
this Agreement, (b) asserting any default or claim hereunder or any claim for which Owner is indemnified pursuant to the terms
hereof or (c) commencing or relating to any action, suit or proceeding whether against Owner, Tenant or Operator relating in any
way to Operator's, Tenant's or Owner's acts or omissions hereunder or any of Operator's, Tenant's or Owner's activities in respect
of the Hotel shall also be sent to Lender at Lender's Notice Address. Any party may, by notice as aforesaid actually received,
designate a different address or addressee for communications intended for it.

 

(b)           Notices
given hereunder by any party may be given by counsel for such party. The foregoing Notice provisions shall in no way prohibit
a Notice from being given

 

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as provided
in the rules of civil procedure for the Commonwealth of Massachusetts, as the same may be amended from time to time.

 

Section
12.2          Lender's Right to Inspect. Lender or its designated
representative shall have access to the Hotel at any time as provided in the Loan Agreement and other Loan Documents, including,
without limitation, for the purpose of inspecting the Hotel or any portion thereof, protecting same against fire or other casualty,
prevention of damage in the Hotel or any portion thereof, or showing the Hotel to prospective purchasers or mortgagees; provided
that such access does not unreasonably interfere with the use and enjoyment of the Property by Hotel guests.

 

Section
12.3          No Liability; Indemnification. Each of Borrower
and Tenant shall indemnify, defend, protect and hold harmless Lender and each of its respective officers, directors, servicers,
employees and Lenders from and against all obligations, liabilities, losses, costs, expenses, civil fines, penalties and damages
(including reasonable attorneys' and expert witnesses' fees and costs, including those incurred on appeal) which Lender and/or
any indemnified person may incur or which arise during the term hereof by reason of this Agreement, the Management Agreement or
any activity conducted pursuant thereto or in connection therewith, provided that such obligations, liabilities, losses, costs,
expenses, civil fines, penalties and damages do not arise directly out of the willful misconduct of Lender.

 

Section
12.4          Partial Invalidity. In the event that any portion of this
Agreement shall be declared invalid, illegal, or unenforceable in any respect by order, decree or judgment of a court, or governmental
agency having jurisdiction, this Agreement shall be construed as if such portion had not been inserted herein, except when such
construction would operate as an undue hardship on Operator, Tenant or Owner or constitute a substantial deviation from the general
intent and purpose of such parties as reflected in this Agreement.

 

Section
12.5         Time of the Essence. It is expressly agreed that time
is of the essence with respect to the obligations of all parties under this Agreement.

 

Section
12.6          Lender Discretion. Notwithstanding anything hereto
to the contrary, the commencement and prosecution of Foreclosure proceedings under the Mortgage is a matter entirely within the
discretion of Lender. No delay, modification, forbearance or other act or omission of Lender in respect of Foreclosure shall modify
or waive the terms of this Agreement.

 

Section
12.7          Gender. The use of the neuter gender in this Agreement
shall be deemed to include any other gender, and words in the singular number shall be held to include the plural, when the sense
requires.

 

Section
12.8          Modification, etc. The provisions of this Agreement
shall not be modified, amended, waived, discharged or terminated except by a written document signed by all of the parties hereto.
In the event the Management Agreement shall be amended, modified or supplemented, the Management Agreement, as so amended, modified
or supplemented, shall continue to be subject to the provisions of this Agreement without the necessity of any further act by
the parties hereto.

 

Section
12.9          Further Assurances.

 

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(a)           Operator
shall execute such documents, estoppels and agreements as Lender, or any third party specified by Lender, may reasonably require
to evidence Operator's consent to, or waiver of any claim against, the transfer of the Hotel and its undertaking to (i) continue
to operate the Hotel pursuant to the terms of the Management Agreement or New Agreement, and (ii) grant each Subsequent Owner
the same rights as Owner holds under the Management Agreement or New Agreement to implement an orderly transfer of the books,
records, and reservations in the event of any Transfer to such successor.

 

(b)          The
parties hereto agree to execute, acknowledge, deliver and record such certificates, amendments, instruments, and documents, and
to take such other action, as may be reasonably necessary to carry out the intent and purposes of this Agreement.

 

Section
12.10        Estoppel Certificates. Operator shall, at any time and from
time to time upon not less than thirty (30) days' prior written notice from Lender, execute, acknowledge and deliver to Lender,
or to any third party specified by Lender, a statement in writing: (A) certifying (i) that the Management Agreement is unmodified
and in full force and effect (or if there have been modifications, that the same, as modified, is in full force and effect and
stating the modifications) and (ii) the date through which the management fees due under the Management Agreement have been paid;
(B) stating whether or not to the actual knowledge of Operator (i) there is a continuing default by Owner or Tenant in the performance
or observance of any covenant, agreement or condition contained in the Management Agreement, or (ii) there shall have occurred
any event which, with the giving of notice or passage of time or both, would become such a default, and, if so specifying each
such default or occurrence of which Operator may have knowledge; and (C) stating such other information as Lender may reasonably
request. Such statement shall be binding upon Operator and may be relied upon by Lender and/or such third party specified by Lender
as aforesaid. The obligation of Operator to deliver the foregoing estoppel certificate shall be limited to one per calendar quarter.

 

Section
12.11        Expenses and Attorney's Fees. If it becomes necessary to employ
counsel to protect or enforce the interests of Lender under this Agreement, Borrower agrees to pay reasonable out-of-pocket attorneys'
fees, whether suit be brought or not, and all other out-of-pocket costs and expenses actually and reasonably incurred by Lender
in connection with such protection and enforcement.

 

Section
12.12        Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the executors, heirs, administrators, successors and permitted assigns of Lender, Borrower, Tenant, and
Operator, including any receiver appointed in a foreclosure proceeding or any trustee or debtor-in-possession appointed in any
bankruptcy proceeding.

 

Section
12.13        Counterpart Execution. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

Section
12.14        No Third Party Beneficiaries. Owner, Tenant, Operator and Lender
acknowledge that this Agreement is solely for their own benefit and that of their successors and

 

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assigns, and
that no third party shall have any rights or claims arising hereunder, nor is it intended that any third party shall be a third
party beneficiary of any provisions hereof.

 

Section
12.15        Waiver, Entire Agreement. No modification, amendment,
discharge or change of this Agreement, except as otherwise provided herein, shall be valid unless the same is in writing and signed
by the party against which the enforcement of such modification, amendment, discharge or change is sought. No waiver of any breach
of any covenant, condition or agreement contained herein shall be construed to be a subsequent waiver of that covenant, condition
or agreement or of any subsequent breach thereof of this Agreement. This Agreement contains the entire agreement between the parties
relating to the transaction contemplated hereby, and all prior or contemporaneous agreements, understandings, representations
or statements, oral or written, are merged herein.

 

Section
12.16        Captions. Titles or captions contained in this Agreement are
inserted only as a matter of convenience, and for reference only, and in no way limit, define or extend the provisions of this
Agreement.

 

Section
12.17        Interpretation; Conflict. In interpreting this Agreement, the
provisions in this Agreement shall not be construed against or in favor of either party on the basis of which party drafted this
Agreement. In the event of any conflict between the Management Agreement and the terms of this Agreement, the terms of this Agreement
shall control.

 

Section
12.18        Governing Law. This Agreement shall be governed and construed
in accordance with the laws of the State of Rhode Island.

 

Section
12.19        Jury Trial Waiver. OWNER, TENANT, LENDER AND OPERATOR EACH
HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR
RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS AGREEMENT AND AGREES THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

[Signatures appear on
following page.]

 

    17

     

    

 

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

 

	 	OWNER:
	 	 
	 	GANO
    HOLDINGS, LLC,
	 	a Rhode
    Island limited liability company
	 	 
	 	 
	 	By:	/s/ James A. Procaccianti
	 	Name: 	James A. Procaccianti
	 	Its: 	Authorized Signatory
	 	 
	 	TENANT:
	 	 
	 	PHR GANO
    OPCO SUB, LLC,
	 	a Delaware
    limited liability company
	 	 
	 	 
	 	By:	/s/ James A. Procaccianti
	 	Name: 	James A. Procaccianti
	 	Its: 	Authorized Signatory
	 	 

 

	 	OPERATOR:
	 	 
	 	GANO HOTEL MANAGER, LLC,
	 	a Rhode Island limited liability
    company
	 	 
	 	 
	 	By:	/s/ Elizabeth A. Procaccianti
	 	Name: 	Elizabeth A. Procaccianti
	 	Its: 	Authorized Signatory
	 	 

 

	 	LENDER:
	 	 
	 	EAST
    BOSTON SAVINGS BANK, 
	 	a Massachusetts
    banking corporation
	 	 
	 	 
	 	By:	/s/ Jonpaul
    Sallese
	 	Name:	Jonpaul Sallese
	 	Its: 	Vice
    President, Commercial Real Estate

 

    

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF THE PROPERTY

 

    

     

    

 

EXHIBIT B

 

MANAGEMENT AGREEMENTExhibit 10.14

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

OF PROCACCIANTI HOTEL REIT, L.P.

 

THIS AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP OF PROCACCIANTI HOTEL REIT, L.P., a Delaware limited partnership (the “Partnership”), dated as of February
27, 2020 (the “Effective Date”), is entered into by and among Procaccianti Hotel REIT, Inc., a Maryland corporation
holding a general partnership interest in the Partnership (the “General Partner”), Procaccianti Hotel REIT LP, LLC,
a Delaware limited liability company holding a limited partnership interest in the Partnership (“Procaccianti LP”),
together with any other Persons who become Partners in the Partnership as provided herein.

 

WHEREAS, the Partnership was formed when
a Certificate of Limited Partnership was filed and accepted by the Secretary of State of the State of Delaware;

 

WHEREAS, the General Partner and Procaccianti
LP entered into that certain Agreement of Limited Partnership of the Partnership dated as of August 26, 2016 (the “Initial
Agreement”); and

 

WHEREAS, the General Partner and Procaccianti
LP desire to amend and restate the Initial Agreement as set forth herein.

 

NOW, THEREFORE, BE IT RESOLVED, that for
good and adequate consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1

DEFINED TERMS

  

Section 1.1 Definitions.

 

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

 

“Act” means the Delaware Revised
Uniform Limited Partnership Act (6 Del. C. Section 17-101 et seq.), as it may be amended from time to time, and any successor to
such statute.

 

“Acquisition Expenses” means
any and all expenses, exclusive of Acquisition Fees, incurred by the General Partner, the Partnership, the Advisoror any of their
Affiliates (as such term is defined in the Advisory Agreement) in connection with the selection, evaluation, acquisition, origination,
making or development of any Real Estate Assets, whether or not acquired, including legal fees and expenses, travel and communications
expenses, brokerage fees, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses,
title insurance premiums and the costs of performing due diligence.

 

“Acquisition Fee” means the
fee payable to the Advisor or its assignees pursuant to Section 9(a) of the Advisory Agreement.

 

“Additional Funds” shall have
the meaning set forth in Section 4.4A.

 

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“Additional Limited Partner”
means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.2 and who is shown as such on the books
and records of the Partnership.

 

“Adjusted Capital Account Deficit”
means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the end of the relevant
fiscal year, after giving effect to the following adjustments:

 

(a) such deficit shall be decreased by any
amounts which such Partner is obligated to restore pursuant to this Agreement or is deemed to be obligated to restore pursuant
to the penultimate sentence of each of Regulations Sections 1.704-2(i)(5) and 1.704-2(g)(1); and

 

(b) such deficit shall be increased by the
items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

 

The foregoing definition of Adjusted Capital Account Deficit
is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.
A positive balance in a Partner’s Capital Account, after giving effect to the adjustments described above in clauses (a)
and (b), is referred to in this Agreement as an “Adjusted Capital Account Balance.”

 

“Advisor” shall have the meaning
set forth in the introduction.

 

“Advisory Agreement” means that
certain Amended and Restated Advisory Agreement by and among the General Partner, Procaccianti LP and the Advisor, dated as of
August 2, 2018, as amended or restated from time to time.

 

“Affected Gain” has the meaning
set forth in subparagraph 4(b) of Exhibit B.

 

“Affiliate” means, with respect
to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person. Control of
any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

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

 

“Appraisal” means with respect
to any assets, the opinion of an independent third party experienced in the valuation of similar assets, selected by the General
Partner in good faith; such opinion may be in the form of an opinion by such independent third party that the value for such property
or asset as set by the General Partner is fair, from a financial point of view, to the Partnership.

 

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

 

“Available Cash” means, with
respect to the applicable period of measurement (i.e., any period (other than the first period in which this calculation of Available
Cash is being made) beginning on the first day of the fiscal year, quarter or other period commencing immediately after the last
day of the fiscal year, quarter or other applicable period for purposes of the prior calculation of Available Cash for or with
respect to which a distribution has been made, and ending on the last day of the fiscal year, quarter or other applicable period
immediately preceding the date of the calculation), the excess, if any, as of such date, of

 

(a) the gross cash receipts of the Partnership
for such period from all sources whatsoever, including the following:

 

    2 

     

    

 

(i) all rents, revenues, income and proceeds
derived by the Partnership from its operations, including distributions received by the Partnership from any Entity in which the
Partnership has an interest;

 

(ii) all proceeds and revenues received by
the Partnership on account of any sales of any Partnership property or as a refinancing of or payment of principal, interest, costs,
fees, penalties or otherwise on account of any borrowings or loans made by the Partnership or financings or refinancings of any
property of the Partnership;

 

(iii) the amount of any insurance proceeds
and condemnation awards received by the Partnership;

 

(iv) all capital contributions and loans received
by the Partnership from its Partners;

 

(v) all cash amounts previously reserved by
the Partnership, to the extent such amounts are no longer needed for the specific purposes for which such amounts were reserved;
and

 

(vi) the proceeds of liquidation of the Partnership’s
property in accordance with this Agreement;

 

over

 

(b) the sum of the following:

 

(i) all operating costs and expenses, including
taxes and other expenses of the properties directly and indirectly held by the Partnership and capital expenditures made during
such period (without deduction, however, for any capital expenditures, charges for Depreciation or other expenses not paid in cash
or expenditures from reserves described in clause (viii) below);

 

(ii) all costs and expenses expended or paid
during such period in connection with the sale or other disposition, or financing or refinancing, of the property directly or indirectly
held by the Partnership or the recovery of insurance or condemnation proceeds;

 

(iii) all fees provided for under this Agreement;

 

(iv) all debt service, including principal
and interest, paid during such period on all indebtedness (including under any line of credit) of the Partnership;

 

(v) all capital contributions, advances, reimbursements,
loans or similar payments made to any Person in which the Partnership has an interest;

 

(vi) all loans made by the Partnership in
accordance with the terms of this Agreement;

 

(vii) all reimbursements to the General Partner
or its Affiliates during such period; and

 

(viii) the amount of any new reserve or reserves
or increase in reserves established during such period which the General Partner determines is necessary or appropriate in its
sole and absolute discretion.

 

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

 

“Business Day” means any day
except a Saturday, Sunday or other day on which commercial banks in New York,

 

    3 

     

    

 

New York are authorized or required by law to be closed.

 

“Capital Account” means with
respect to any Partner, the Capital Account maintained for such Partner in accordance with the following provisions:

 

(a) to each Partner’s Capital Account
there shall be credited;

 

(i) such Partner’s Capital Contributions;

 

(ii) such Partner’s distributive share
of Net Income and any items in the nature of income or gain which are specially allocated to such Partner pursuant to paragraphs
1, 2 or 3 of Exhibit B; and

 

(iii) the amount of any Partnership liabilities
assumed by such Partner or which are secured by any asset distributed to such Partner;

 

(b) to each Partner’s Capital Account
there shall be debited;

 

(i) the amount of cash and the Gross Asset
Value of any property distributed to such Partner pursuant to any provision of this Agreement;

 

(ii) such Partner’s distributive share
of Net Losses and any items in the nature of expenses or losses which are specially allocated to such Partner pursuant to paragraphs
1, 2 and 3 of Exhibit B; and

 

(iii) the amount of any liabilities of such
Partner assumed by the Partnership or which are secured by any asset contributed by such Partner to the Partnership; and

 

(c) if all or a portion of a Partnership
Interest is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of
the transferor to the extent it relates to the transferred Partnership Interest.

 

The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations,
and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall reasonably determine
that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including debits or credits
relating to liabilities which are secured by contributed or distributed assets or which are assumed by the Partnership, the General
Partner or any Limited Partner) are computed in order to comply with such Regulations, the General Partner may make such modification;
provided, that, all allocations of Partnership income, gain, loss and deduction continue to have “substantial economic effect”
within the meaning of Section 704(b) of the Code and that no Limited Partner is materially adversely affected by any such modification.

 

“Capital Contribution” means,
with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of property (net of any liabilities secured by
contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code) which such
Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof.

 

“Capital Transaction” means
any transaction outside the ordinary course of the Partnership’s business involving the sale, exchange, other disposition,
or refinancing of any Partnership asset.

 

“Cash Amount” means, with respect
to any OP Units subject to a Redemption, an amount of cash equal to the

 

    4 

     

    

 

Deemed Partnership Interest Value attributable to such OP Units.

 

“Certificate” means the Certificate
of Limited Partnership relating to the Partnership filed in the office of the Secretary of the State of the State of Delaware,
as amended from time to time in accordance with the terms hereof and the Act.

 

“Change of Control” means any
event (including, without limitation, issue, transfer or other disposition of REIT Shares or equity interests in the Partnership,
merger, share exchange or consolidation) after which any “person” (as that term is used in Sections 13(d) and 14(d)
of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-j of the Exchange Act), directly
or indirectly, of securities of the Company or the Partnership representing greater than 50% or more of the combined voting power
of the Company’s or the Partnership’s then outstanding securities, respectively; provided, that, a Change of Control
shall not be deemed to occur as a result of any widely distributed public offering of the REIT Shares.

 

“Charter” means the Second Articles
of Amendment and Restatement of the General Partner filed with the State Department of Assessments and Taxation of Maryland on
April 28, 2017, as amended or restated from time to time.

 

“Class” means a class of REIT
Shares or OP Units, as the context may require.

 

“Class A OP Unit” means an OP
Unit entitling the holder thereof to the rights of a holder of a Class A OP Unit as provided in this Agreement.

 

“Class A REIT Shares” means
the REIT Shares classified as “Class A Common Stock” in the Charter.

 

“Class B OP Unit” means an OP
Unit entitling the holder thereof to the rights of a holder of a Class B OP Unit as provided in this Agreement.

 

“Class B REIT Shares” means
the REIT Shares classified as “Class B Capital Stock” in the Charter.

 

“Class K OP Unit” means an OP
Unit entitling the holder thereof to the rights of a holder of a Class K OP Unit as provided in this Agreement.

 

“Class K OP Unit Distribution Base”
means $10.00 per Class K OP Unit, subject to reduction as provided in this Agreement.

 

“Class K REIT Shares” means
the REIT Shares classified as “Class K Common Stock” in the Charter.

 

“Class K-I OP Unit” means an
OP Unit entitling the holder thereof to the rights of a holder of a Class K-I OP Unit as provided in this Agreement.

 

“Class K-I OP Unit Distribution Base”
means $10.00 per Class K-I OP Unit, subject to reduction as provided in this Agreement.

 

“Class K-I REIT Shares” means
the REIT Shares classified as “Class K-I Common Stock” in the Charter.

 

“Class K-T OP Unit” means an
OP Unit entitling the holder thereof to the rights of a holder of a Class K-T OP Unit as provided in this Agreement.

 

“Class K-T OP Unit Distribution Base”
means $10.00 per Class K-T OP Unit, subject to reduction as provided in this

 

    5 

     

    

 

Agreement.

 

“Class K-T REIT Shares” means
the REIT Shares classified as “Class K-T Common Stock” in the Charter.

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Common Stock” means the capital
stock of the General Partner, $0.01 par value per share. Common Stock may be issued in one or more classes or series in accordance
with the terms of the Charter. The term “Common Stock” shall, as the context requires, be deemed to refer to the class
or series of Common Stock that correspond to the class or series of Partnership Interests for which the reference to Common Stock
is made.

 

“Consent” means the consent
to, approval of, or vote on a proposed action by a Partner given in accordance with Article 14.

 

“Consent of the Limited Partners”
means the Consent of a Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any
action for which it is required by this Agreement and may be given or withheld by a Majority in Interest of the Limited Partners,
unless otherwise expressly provided herein, in their sole and absolute discretion.

 

“Consent of the Partners” means
the Consent of Partners holding Percentage Interests that in the aggregate are equal to or greater than fifty percent (50%) of
the aggregate Percentage Interests of all Partners, which Consent shall be obtained prior to the taking of any action for which
it is required by this Agreement and may be given or withheld by such Partners, in their sole and absolute discretion.

 

“Constructively Own” means ownership
under the constructive ownership rules described in the Charter.

 

“Contributed Property” means
each property, partnership interest, contract right or other asset, in such form as may be permitted by the Act, contributed or
deemed contributed to the Partnership by any Partner, including any interest in any successor partnership occurring as a result
of a termination of the Partnership pursuant to Section 708 of Code.

 

“Cost of Assets” means, with
respect to a Real Estate Asset, the purchase price, Acquisition Expenses, capital expenditures and other customarily capitalized
costs, but shall exclude Acquisition Fees associated with such Real Estate Asset.

 

“Debt” means, as to any Person,
as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property
or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters
of credit, surety bonds, guarantees and other similar instruments guaranteeing payment or other performance of obligations by such
Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien
on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though
such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person which, in accordance
with generally accepted accounting principles, should be capitalized.

 

“Deemed Partnership Interest Value”
means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such
class multiplied by the Partner’s relative Percentage Interest of such class.

 

“Deemed Value of the Partnership Interests”
means, as of any date with respect to any class or series of

 

    6 

     

    

 

Partnership Interests, (i) the total number of OP Units of the
General Partner issued and outstanding as of the close of business on such date multiplied by the Fair Market Value determined
as of such date of a share of common stock of the General Partner which corresponds to such Partnership Interest, as adjusted (x)
pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and
(y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distribution of
warrants or options and distributions of evidences of indebtedness or assets not received by the General Partner pursuant to a
pro rata distribution by the Partnership; (ii) divided by the Percentage Interest of the General Partner on such date; provided,
that if no outstanding shares of capital stock of the General Partner correspond to a class or series of Partnership Interests,
the Deemed Value of the Partnership Interests with respect to such class or series shall be equal to an amount reasonably determined
by the General Partner.

 

“Depreciation” means, with respect
to any asset of the Partnership for any fiscal year or other period, the depreciation, depletion, amortization or other cost recovery
deduction, as the case may be, allowed or allowable for federal income tax purposes in respect of such asset for such fiscal year
or other period; provided, however, that except as otherwise provided in Section 1.704-2 of the Regulations, if there
is a difference between the Gross Asset Value and the adjusted tax basis of such asset at the beginning of such fiscal year or
other period, Depreciation for such asset shall be an amount that bears the same ratio to the beginning Gross Asset Value of such
asset as the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such fiscal year or
other period bears to the beginning adjusted tax basis of such asset; provided further, however, that if the federal
income tax depreciation, depletion, amortization or other cost recovery deduction for such asset for such fiscal year or other
period is zero, Depreciation of such asset shall be determined with reference to the beginning Gross Asset Value of such asset
using any reasonable method selected by the General Partner.

 

“Disposition Fees” means the
fee payable to the Advisor for services provided in connection with the Sale of one or more Properties pursuant to the Advisory
Agreement.

 

“Distributions” means any dividends
or other distributions of money or other property paid by the General Partner to Stockholders, including distributions that may
constitute a return of capital for U.S. federal income tax purposes.

 

“Effective Date” shall have
the meaning set forth in the introduction.

 

“Entity” means any general partnership,
limited partnership, corporation, joint venture, trust, business trust, real estate investment trust, limited liability company,
limited liability partnership, cooperative or association.

 

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

 

“Excess Cash” means the amount
of cash available for Distribution after the General Partner establishes any working capital reserves or other reserves it deems
necessary for the Partnership (but excluding Net Sales Proceeds) and after the full payment of (a) all accumulated, accrued and
unpaid Distributions on the Class K OP Units, Class K-I OP Units and Class K-T OP Units, (b) the full asset management fees payable
to the Advisor pursuant to the Advisory Agreement, including any deferred amounts and any interest accrued thereon, and (c) all
accumulated, accrued and unpaid distributions with respect to Class A OP Units. The General Partner shall determine annually, other
than upon a liquidation, the amount, if any, of Excess Cash and shall authorize Distribution payments of any Excess Cash on an
annual basis.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder
and any successor statute thereto.

 

“Fair Market Value” means, with
respect to any share of capital stock of the General Partner, (i) if such shares are

 

    7 

     

    

 

listed or admitted to trading on any securities exchange or
automated quotation system, the average of the daily market price for the ten (10) consecutive trading days immediately preceding
the date with respect to which “Fair Market Value” must be determined hereunder or, if such date is not a Business
Day, the immediately preceding Business Day, using as the market price for each such trading day the closing price, regular way,
on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, or (ii) if
such shares are not listed or admitted to trading on any securities exchange or automated quotation system, the price at which
such shares are then being offered to the public pursuant to any public offering of the General Partner minus the maximum selling
commissions and dealer manager fee allowed in the Offering or pursuant to its distribution reinvestment plan (before giving effect
to any discounts in effect and made available to participants in such plan); provided that, if there is no ongoing public offering
or if the General Partner is not then offering its shares pursuant to a distribution reinvestment plan, the Fair Market Value of
such shares shall be determined by the General Partner acting in good faith on the basis of the most recent, publicly reported
net asset value of the General Partner and other information as it considers, in its reasonable judgment, appropriate. In the event
the REIT Shares Amount for such shares includes rights that a holder of such shares would be entitled to receive, then the Fair
Market 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; and provided, further that, in connection with determining
the Deemed Value of the Partnership Interests for purposes of determining the number of additional OP Units issuable upon a Capital
Contribution funded by an underwritten public offering of shares of capital stock of the General Partner, the Fair Market Value
of such shares shall be the public offering price per share of such class of capital stock sold. Notwithstanding the foregoing,
the General Partner in its reasonable discretion may use a different “Fair Market Value” for purposes of making the
determinations under subparagraph (b) of the definition of “Gross Asset Value” and in connection with the contribution
of Property or cash to the Partnership by a third party, provided such value shall be based upon the value per REIT Share (or per
OP Unit) agreed upon by the General Partner and such third party for purposes of such contribution.

 

“General Partner” shall have
the meaning set forth in the introduction.

 

“General Partner Interest” means
a Partnership Interest held by the General Partner. A General Partner Interest may be expressed as a number of OP Units.

 

“General Partner’s Prospectus”
means any prospectus, supplement, or other communication satisfying the standards set forth in Section 10 of the Securities Act,
and contained in a currently effective registration statement filed by the General Partner with, and declared effective by, the
U.S. Securities and Exchange Commission, or if no registration statement is currently effective, then the prospectus (and any supplement
or supplements thereto) contained in the most recently effective registration statement.

 

“Gross Asset Value” means, with
respect to any asset of the Partnership, such asset’s adjusted basis for federal income tax purposes, except as follows:

 

(a) the initial Gross Asset Value of any
asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset, without reduction for liabilities,
as determined by the contributing Partner and the Partnership on the date of contribution thereof;

 

(b) if the General Partner determines that
an adjustment is necessary or appropriate to reflect the relative economic interests of the Partners, the Gross Asset Values of
all Partnership assets shall be adjusted in accordance with Sections 1.704-1(b)(2)(iv)(f) and (g) of the Regulations to equal their
respective gross fair market values, without reduction for liabilities, as reasonably determined by the General Partner, as of
the following times:

 

(i) a Capital Contribution (other than a de
minimis Capital Contribution) to the Partnership by a new or

 

    8 

     

    

 

existing Partner as consideration for a Partnership Interest;

 

(ii) the distribution by the Partnership to
a Partner of more than a de minimis amount of Partnership assets as consideration for the repurchase or redemption of a
Partnership Interest;

 

(iii) the liquidation of the Partnership within
the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; and

 

(iv) the grant of an interest in the Partnership
(other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership
by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity or in anticipation of becoming
a Partner;

 

(c) the Gross Asset Values of Partnership
assets distributed to any Partner shall be the gross fair market values of such assets without reduction for liabilities, as determined
by the General Partner as of the date of distribution; and

 

(d) the Gross Asset Values of Partnership
assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Sections 734(b)
or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Section 1.704-1(b)(2)(iv)(m) of the Regulations; provided, however, that Gross Asset Values shall not be adjusted
pursuant to this paragraph (d) to the extent that the General Partner determines that an adjustment pursuant to paragraph (b) above
is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph
(d).

 

If the Gross Asset Value of any asset of the Partnership has
been determined or adjusted pursuant to paragraph (a), (b), or (d) above, such Gross Asset Values shall thereafter be adjusted
by any Depreciation taken into account with respect to the Partnership’s assets for purposes of computing Net Income and
Net Loss.

 

“Gross Proceeds” means the aggregate
purchase price of all shares of Common Stock sold for the account of the General Partner through an Offering, without deduction
for Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any share of Common
Stock for which selling commissions or dealer manager fees are reduced from the standard selling commission and dealer manager
fees, each as provided in the Registration Statement, and are paid to (i) SC Distributors, LLC or any successor dealer manager
to the General Partner or (ii) a broker-dealer (where net proceeds to the General Partner are not reduced (for example, as described
in the Registration Statement under “Plan of Distribution - Special Discounts” and “Plan of Distribution - Volume
Discounts”)), shall be deemed to be the full amount of the offering price per share of Common Stock pursuant to the Registration
Statement for such Offering without reduction.

 

“Immediate Family Member” means,
with respect to any natural Person, such natural Person’s estate or heirs or current spouse or former spouse, parents, parents-in-law,
children (whether natural, adopted or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries
of which consist of such Person or such Person’s spouse or former spouse, parents, parents-in-law, children, siblings or
grandchildren.

 

“Incapacity” or “Incapacitated”
means, (i) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating
him or her incompetent to manage his or her Person or his or her estate; (ii) as to any corporation which is a Partner, the filing
of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership
which is a Partner, the dissolution and commencement of winding up of the partnership; (iv) as to any estate which is a Partner,
the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust which
is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the bankruptcy
of such Partner. For purposes of this definition, bankruptcy of a Partner

 

    9 

     

    

 

shall be deemed to have occurred when (a) the Partner commences
a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law
now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief
under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner
executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or
other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding
of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee,
receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding
seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect
has not been dismissed within 120 days after the commencement thereof, (g) the appointment without the Partner’s consent
or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within 90 days of such appointment, or (h)
an appointment referred to in clause (g) is not vacated within 90 days after the expiration of any such stay.

 

“Included Assets” has the meaning
set forth in Section 5.1(D)(2)(a).

 

“Indemnitee” means (i) any Person
subject to a claim or demand or made or threatened to be made a party to, or involved or threatened to be involved in, an action,
suit or proceeding by reason of his or her status as (A) the General Partner or (B) a director, 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 Appraiser” means
a person with no material current or prior business or personal relationship with the General Partner (or its directors) and who
is a qualified appraiser of real property of the type held by the Partnership or of other assets as determined by the General Partner.
Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers or the Society
of Real Estate Appraisers shall be conclusive evidence of such qualification as to real property.

 

“Independent Director” shall
have the meaning set forth in the Charter.

 

“Investments” means investments
made by the Partnership, directly or indirectly, in a Property, Loan or Other Permitted Investment Asset.

 

“IRS” means the U.S. Internal
Revenue Service.

 

“Limited Partner” means any
Person named as a Limited Partner in Exhibit A attached hereto, as such Exhibit may be amended from time to time, or any
Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership.

 

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

 

“Liquidating Event” shall have
the meaning set forth in Section 13.1.

 

“Liquidating Gain” means net
capital gain realized in connection with an actual or hypothetical Capital Transaction, including the amount of any adjustment
of the Gross Asset Value of any Real Estate Asset which requires that the Capital Accounts of the Partners be adjusted pursuant
to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations.

 

    10 

     

    

 

“Liquidator” shall have the
meaning set forth in Section 13.2A.

 

“Liquidity Event” means the
first to occur of the following: (i) an OP Unit Transaction, (ii) a Listing, or (iii) a Termination Without Cause.

 

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

 

“Loans” means notes and other
evidences of indebtedness or obligations acquired, originated or entered into, directly or indirectly, by the Partnership as lender,
noteholder, participant, note purchaser or other capacity, including but not limited to first or subordinate mortgage loans, construction
loans, development loans, loan participations, loans secured by capital stock or any other assets or form of equity interest and
any other type of loan or financial arrangement, such as providing or arranging for letters of credit, providing guarantees of
obligations to third parties, or providing commitments for loans. Loans shall not include leases which are not recognized as leases
for federal income tax reporting purposes.

 

“Majority in Interest of the Limited
Partners” means Limited Partners holding in the aggregate Percentage Interests that are greater than fifty percent (50%)
of the aggregate Percentage Interests of all Limited Partners.

 

“Mortgage” means, in connection
with mortgage financing provided, invested in or purchased by the General Partner, all of the notes, deeds of trust, security interests
or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers
under such notes, deeds of trust, security interests or other evidences of indebtedness or obligations.

 

“Net Income” or “ Net
Loss” means, for each fiscal year or other applicable period, an amount equal to the Partnership’s taxable income or
loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance with
Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant
to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows:

 

(a) by including as an item of gross income
any tax-exempt income received by the Partnership and not otherwise taken into account in computing Net Income or Net Loss;

 

(b) by treating as a deductible expense
any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (or which is treated as a Section 705(a)(2)(B)
expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not otherwise taken into account in computing Net
Income or Net Loss;

 

(c) by taking into account Depreciation
in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into account in computing taxable income
or loss;

 

(d) by computing gain or loss resulting
from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes by
reference to the Gross Asset Value of such property rather than its adjusted tax basis;

 

(e) in the event the Gross Asset Value of
any asset of the Partnership is adjusted pursuant to paragraphs (b) or (c) of the definition of “Gross Asset Value,”
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing
Net Income or Net Loss;

 

(f) to the extent an adjustment to the adjusted
tax basis of any Company asset pursuant to Code Section 734(b) or

 

    11 

     

    

 

Code Section 743(b) is required pursuant to Regulations Section
1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation
of a Partner’s interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be
taken into account for purposes of computing Net Income or Net Loss; and

 

(g) by not taking into account in computing
Net Income or Net Loss items separately allocated to the Partners pursuant to paragraphs 2 and 3 of Exhibit B.

 

“Net Sales Proceeds” means,
in the case of a transaction described in clause (A) of the definition of Sale, the proceeds of any such transaction less the amount
of selling expenses incurred by or on behalf of the General Partner or the Partnership, including all Disposition Fees, closing
costs and legal fees and expenses. In the case of a transaction described in clause (B) of such definition, Net Sales Proceeds
means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the General Partner
or the Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction.
In the case of a transaction described in clause (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction
actually distributed to the General Partner or the Partnership from the joint venture less the amount of any selling expenses,
including legal fees and expenses incurred by or on behalf of the General Partner or the Partnership (other than those paid by
the joint venture). In the case of a transaction or series of transactions described in clause (D) of the definition of Sale, Net
Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage or in satisfaction
thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the General
Partner or the Partnership, including all commissions, closing costs and legal fees and expenses. In the case of a transaction
described in clause (E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling
expenses incurred by or on behalf of the General Partner or the Partnership, including any legal fees and expenses and other selling
expenses incurred in connection with such transaction. In the case of a transaction described in the last sentence of the definition
of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby
which are reinvested in one or more Assets within 180 days thereafter and less the amount of any Disposition Fees, closing costs,
and legal fees and expenses and other selling expenses incurred by or allocated to the General Partner or the Partnership in connection
with such transaction or series of transactions. Net Sales Proceeds shall also include any consideration (including non-cash consideration
such as stock, notes, or other property or securities) that the General Partner determines, in its discretion, to be economically
equivalent to the proceeds of a Sale, valued in the reasonable determination of the General Partner. Net Sales Proceeds shall not
include any reserves established by the General Partner in its sole discretion.

 

“New Securities” means (i) any
rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares or
other shares of common stock of the General Partner, or (ii) any Debt issued by the General Partner that provides any of the rights
described in clause (i).

 

“Non-Cause Advisory Agreement Termination”
means the non-renewal of the Advisory Agreement or the termination of the Advisory Agreement without Cause (as defined in the Advisory
Agreement).

 

“Nonrecourse Deductions” shall
have the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year
shall be determined in accordance with the rules of Regulations Section 1.704-2(c).

 

“Nonrecourse Liability” shall
have the meaning set forth in Regulations Section 1.704-2(b)(3).

 

“Notice of Redemption” means
the Notice of Redemption substantially in the form of Exhibit C to this Agreement.

 

    12 

     

    

 

“Offering” means the public
offering of shares of Common Stock pursuant to the Registration Statement on Form S-11.

 

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

 

“Other Permitted Investment Asset”
means assets, other than cash, cash equivalents, short term bonds, auction rate securities and similar short term investments,
acquired by the Partnership for investment purposes that is not a Loan or a Property and is consistent with the investment objectives
and policies of the Partnership.

 

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

 

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

 

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

 

“Partner Nonrecourse Deductions”
has the meaning set forth in Sections 1.704-2(i)(1) and (2) of the Regulations, and the amount of Partner Nonrecourse Deductions
with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Section
1.704-2(i)(2) of the Regulations.

 

“Partnership” shall have the
meaning set forth in the introduction.

 

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

 

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

 

“Partnership Record Date” means
the record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.1 which record
date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or
all of its portion of such distribution.

 

“Partnership Unit” means a fractional,
undivided share of the Partnership Interests of all Partners issued hereunder. Partnership Units consist of OP Units and any classes
or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and the Percentage
Interests in the Partnership represented by such Partnership Units are set forth in Exhibit A, as such Exhibit may be amended
from time to time.

 

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

 

“Percentage Interest” means,
as to a Partner, the fractional part of the Partnership Interests owned by such Partner and expressed as a percentage as specified
in Exhibit A, as such Exhibit may be amended and adjusted from time to time by the General Partner, or, if used in the context
of a particular class or series of Partnership Units, the fractional part of the Partnership Units owned by such Partner expressed
as a percentage.

 

“Person” means an individual,
corporation, partnership, limited liability company, trust, unincorporated

 

    13 

     

    

 

organization, association or other entity.

 

“Plan Asset Regulation” means
the regulations promulgated by the United States Department of Labor in Title 29, Code of Federal Regulations, Part 2510, Section
101.3, and any successor regulations thereto.

 

“Pledge” shall have the meaning
set forth in Section 11.3A.

 

“Precontribution Gain” has the
meaning set forth in subparagraph 4(c) of Exhibit B.

 

“Procaccianti LP” shall have
the meaning set forth in the introduction.

 

“Property” or “Properties”
means a partial or entire interest in real property (including leasehold interests) and personal or mixed property connected therewith.
An Investment which obligates the Partnership to acquire a Property will be treated as a Property for purposes of this Agreement.

 

“PTP Safe Harbor” has the meaning
provided in Section 11.6F.

 

“Qualifying Party” means (a)
an Additional Limited Partner; (b) an Immediate Family Member, or a lending institution as the pledgee of a Pledge, who is the
transferee in a permitted transfer pursuant to Section 11.3; or (c) a Substituted Limited Partner succeeding to all or part of
the Limited Partner Interest of (i) an Additional Limited Partner or (ii) an Immediate Family Member, or a lending institution
who is the pledgee of a Pledge, who is the transferee in a permitted transfer pursuant to Section 11.3.

 

“Qualified REIT Subsidiary”
means any Subsidiary of the General Partner that is a “qualified REIT subsidiary” within the meaning of Section 856(i)
of the Code.

 

“Qualified Transferee” means
an “Accredited Investor” as such term is defined in Rule 501 promulgated under the Securities Act.

 

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

 

“Real Property” means (i) land,
(ii) rights in land (including leasehold interests), and (iii) any buildings, structures, improvements, furnishings, fixtures and
equipment located on or used in connection with land and rights or interests in land.

 

“Redemption” shall have the
meaning set forth in Section 8.6A.

 

“Registration Statement” means
the Registration Statement on Form S-11 filed by the General Partner with the Securities and Exchange Commission, and any amendments
thereof at any time made, relating to the Common Stock.

 

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

 

“Regulatory Allocations” means
the allocations set forth in paragraph 2 of Exhibit B

 

“Remaining Liquidation Cash”
means all cash remaining for distribution, as determined by the General Partner in its sole discretion, after (a) payment in full
of, or the setting aside of reserves for, all of the Partnership’s debts and

 

    14 

     

    

 

liabilities, limited, in the case of Nonrecourse Liabilities
secured by Real Property, to the value of such Real Property, and excluding liabilities for the payment of deferred Asset Management
Fees, Acquisition Fees and disposition fees payable to the Advisor pursuant to the Advisory Agreement and any interest accrued
thereon; (b) payment in full of the Liquidation Preferences on all outstanding Class K OP Units, Class K-I OP Units and Class K-T
OP Units, (c) payment of the full asset management fees payable to the Advisor pursuant to the Advisory Agreement, including any
deferred amounts and interest accrued thereon; (d) payment of the full Acquisition Fees and disposition fees payable to the Advisor,
including any interest accrued thereon; (e) payment of all accrued distributions on Class A OP Units pursuant to this Agreement;
and (f) payment in full of the stated value of all outstanding Class A OP Units.

 

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

 

“REIT Requirements” shall have
the meaning set forth in Section 5.1.

 

“REIT Share” means a share of
Common Stock, including Class A REIT Shares, Class B REIT Shares, Class K REIT Shares, Class K-I REIT Shares and Class K-T REIT
Shares.

 

“REIT Shares Amount” means,
with respect to Tendered Units of a Class, as of any date, an aggregate number of the corresponding Class of REIT Shares equal
to the number of Tendered Units of such Class, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires
material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions,
reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness
or assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership.

 

“Safe Harbor” has the meaning
set forth in Section 10.2B.

 

“Safe Harbor Election” has the
meaning set forth in Section 10.2B.

 

“Safe Harbor Interest” has the
meaning set forth in Section 10.2B.

 

“Sale” or “Sales”
means any transaction or series of transactions whereby: (A) the General Partner or the Partnership directly or indirectly (except
as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Property
or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to
any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the General Partner or
the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the interest of the General Partner or the Partnership in
any joint venture in which it is a co-venturer or partner; (C) any joint venture directly or indirectly (except as described in
other subsections of this definition) in which the General Partner or the Partnership as a co-venturer or partner sells, grants,
transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to any Property
which gives rise to insurance claims or condemnation awards; (D) the General Partner or the Partnership directly or indirectly
(except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Mortgage
or portion thereof (including with respect to any Mortgage, all repayments thereunder or in satisfaction thereof other than regularly
scheduled interest payments) and any event with respect to a Mortgage which gives rise to a significant amount of insurance proceeds
or similar awards; or (E) the General Partner or the Partnership directly or indirectly (except as described in other subsections
of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described
in this definition or any portion thereof. Notwithstanding the foregoing, “Sale” or “Sales” shall not include
any transaction or series of transactions specified in clause (A) through (E) above in which the proceeds of such transaction or
series of transactions are reinvested in one or more Assets within 180 days thereafter.

 

    15 

     

    

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and any
successor statute thereto.

 

“Special Affiliate” means, as
to any Person, (i) any Person directly or indirectly owning, controlling, or holding, with the power to vote, 10% or more of the
outstanding voting securities of such Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or
indirectly owned, controlled, or held, with power to vote, by such other Person; (iii) any Person, directly or indirectly, controlling,
controlled by, or under common control with such Person; (iv) any executive officer, director, trustee or general partner of such
Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

 

“Special Fees” means fees or
expenses that are required or intended to be borne entirely or disproportionately by one or more particular Classes of OP Units,
including but not limited to, selling commissions, dealer manager fees and stockholder servicing fees.

 

“Specified Redemption Date”
means the day of receipt by the General Partner of a Notice of Redemption.

 

“Sponsor” shall have the meaning
set forth in the Charter.

 

“Stockholder” means a holder
of Common Stock.

 

“Stockholder Servicing Fee”
means the stockholder servicing fees referred to in the General Partner’s Prospectus.

 

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

 

“Subsidiary Partnership” means
any partnership or limited liability company that is a Subsidiary of the Partnership.

 

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

 

“Tax Allocations” means the
allocations set forth in paragraph 4 of Exhibit B.

 

“Tax Items” has the meaning
set forth in subparagraph 4(a) of Exhibit B.

 

“Tenant” means any tenant from
which the General Partner derives rent either directly or indirectly through partnerships, including the Partnership, or Qualified
REIT Subsidiaries.

 

“Tendered Units” shall have
the meaning set forth in Section 8.6A.

 

“Tendering Partner” shall have
the meaning set forth in Section 8.6A.

 

“Termination” means the termination
of the Advisory Agreement.

 

“Termination Date” means the
date of Termination.

 

“Termination Without Cause”
means the termination of the Advisory Agreement as provided in the Advisory Agreement by the Independent Directors of the General
Partner without Cause (as defined in the Advisory Agreement).

 

    16 

     

    

 

“Transaction” shall have the
meaning set forth in Section 11.2C.

 

“Value” means the Offering price
for a share of Common Stock of the relevant class less any selling commissions and dealer manager fee that would be payable with
respect to the sale of a share of such Common Stock until such time as the General Partner calculates its net asset value, in which
case, such amount will be the per share net asset value of such class.

 

Certain additional terms and phrases have
the meanings set forth in Exhibit B.

 

ARTICLE 2

ORGANIZATIONAL MATTERS

 

Section 2.1 Organization.

 

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

 

Section 2.2 Name.

 

The name of the Partnership is Procaccianti
Hotel REIT, L.P. 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,” “L.P.,”
 “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes
of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change
the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next
regular communication to the Limited Partners.

  

Section 2.3 Registered Office and Agent;
Principal Office.

 

The
name and address of the registered office and registered agent of the Partnership is [•]. The principal office of the Partnership
is located at 1140 Reservoir Avenue, Cranston, Rhode Island 02920-6320,
or such other place as the General Partner may from time to time designate by notice to the other Partners. The Partnership may
maintain offices at such other place or places within or ou1140 Reservoir Avenue, Cranston, Rhode Island 02920-6320tamtside
the State of Delaware as the General Partner deems advisable.

 

Section 2.4 Power of Attorney.

 

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

 

(1) execute, swear to, acknowledge, deliver,
file and record in the appropriate public offices (a) all certificates, documents and other instruments (including, without limitation,
this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems
appropriate or necessary to form,

 

    17 

     

    

 

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

 

(2) execute, swear to, acknowledge and file
all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute
discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement
or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate
or necessary, in the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement.
Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except
in accordance with Article 14 or as may be otherwise expressly provided for in this Agreement.

 

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

 

Section 2.5 Term.

 

The term of the Partnership commenced on
the date of its formation and the Partnership shall have a perpetual existence unless it is dissolved pursuant to the provisions
of Article 13 or as otherwise provided by law.

 

ARTICLE 3

PURPOSE

 

Section 3.1 Purpose and Business.

 

The purpose and nature of the business to
be conducted by the Partnership is to (i) conduct any business that may be lawfully conducted by a limited partnership organized
pursuant to the Act, (ii) enter into any partnership, joint venture

 

    18 

     

    

 

or other similar arrangement to engage in any business described
in the foregoing clause (i) or to own interests in any entity engaged, directly or indirectly, in any such business and (iii) do
anything necessary or incidental to the foregoing, 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 be classified as a REIT for U.S. federal income tax purposes
unless the General Partner, in its sole and absolute discretion, has chosen to cease to qualify as a REIT or has chosen not to
attempt to qualify as a REIT for any reason or reasons whether or not related to the business conducted by the Partnership. In
connection with the foregoing, and without limiting the General Partner’s right in its sole discretion to cease qualifying
as a REIT, the Limited Partners acknowledge that the General Partner’s current status as a REIT inures to the benefit of
all the Limited Partners and not solely the General Partner.

 

Section 3.2 Powers.

 

The Partnership is empowered to do any and
all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment
of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation,
full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts
of any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other
lien, grant guarantees and/or indemnities, acquire, own, manage, improve and develop real property, and lease, sell, transfer and
dispose of real property; provided, however, notwithstanding anything to the contrary in this Agreement, the Partnership
shall not take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion,
(i) could adversely affect the ability of the General Partner to continue to qualify as a REIT (unless the General Partner has
determined in its sole discretion not to continue to so qualify), (ii) absent the consent of the General Partner, which may be
given or withheld in its sole and absolute discretion, could subject the General Partner to any taxes under Section 857 or Section
4981 of the Code, or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the
General Partner or its securities, unless any such action (or inaction) under the foregoing clauses (i), (ii) or (iii) shall have
been specifically consented to by the General Partner in writing.

 

Section 3.3 Partnership only for Purposes
Specified.

 

The Partnership shall be a partnership only
for the purposes specified in Section 3.1, and this Agreement shall not be deemed to create a partnership among the Partners with
respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1.
Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation
or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under
this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership
be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery
of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant
to and as limited by the terms of this Agreement and the Act.

 

Section 3.4 Representations and Warranties
by the Parties.

 

A. Each Partner that is an individual represents
and warrants to each other Partner that (i) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s
obligations hereunder, (ii) the consummation of the transactions contemplated by this Agreement to be performed by such Partner
will not result in a breach or violation of, or a default under, any agreement by which such Partner or any of such Partner’s
property is or are bound, or any statute,

 

    19 

     

    

 

regulation, order or other law to which such Partner is subject,
(iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the Code, and (iv) this
Agreement is binding upon, and enforceable against, such Partner in accordance with its terms.

 

B. Each Partner that is not an individual
represents and warrants to each other Partner that (i) its execution and delivery of this Agreement and all transactions contemplated
by this Agreement to be performed by it have been duly authorized by all necessary action, including without limitation, that of
its general partner(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s), as the case may be, as required,
(ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate of
limited partnership, partnership agreement, trust agreement, limited liability company operating agreement, charter or bylaws,
as the case may be, any agreement by which such Partner or any of such Partner’s properties or any of its partners, beneficiaries,
trustees or stockholders, as the case may be, is or are bound, or any statute, regulation, order or other law to which such Partner
or any of such Partner’s properties or any of its partners, trustees, beneficiaries or stockholders, as the case may be,
is or are subject, (iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the
Code and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms.

 

C. Each Partner represents, warrants, and
agrees that it has acquired and continues to hold its interest in the Partnership for its own account for investment only and not
for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, nor with a view toward selling
or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances. Each
Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial
matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate
a need for the funds it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment.
Each Partner represents, warrants and agrees that such Partner is an “accredited investor” (as such term is defined
in Rule 501(a) of Regulation D under the Securities Act).

 

D. Each Partner acknowledges that (i) the
OP Units (and any REIT Shares that might be exchanged therefor) have not been registered under the Securities Act and may not be
transferred unless they are subsequently registered under the Securities Act or an exemption from such registration is available
(it being understood that the Partnership has no intention of so registering the OP Units), (ii) a restrictive legend in the form
set forth in Exhibit D shall be placed on the certificates representing the OP Units, and (iii) a notation shall be made
in the appropriate records of the Partnership indicating that the OP Units are subject to restrictions on transfer.

 

E. Each Limited Partner further represents,
warrants, covenants and agrees as follows:

 

(1) at any time such Partner actually or Constructively
Owns a 25% or greater capital interest or profits interest in the Partnership, it does not and will not, without the prior written
consent of the General Partner, actually own or Constructively Own (a) with respect to any Tenant that is a corporation, any stock
of such Tenant, and (b) with respect to any Tenant that is not a corporation, any interests in either the assets or net profits
of such Tenant.

 

(2) at any time such Partner actually or Constructively
Owns a 25% or greater capital interest or profits interest in the Partnership, it does not, and agrees that it will not without
the prior written consent of the General Partner, actually own or Constructively Own, any stock in the General Partner, other than
any REIT Shares or other shares of capital stock of the General Partner such Partner may acquire as a result of an exchange of
Tendered Units pursuant to Section 8.6, subject to the ownership limitations set forth in the General Partner’s Charter.

 

(3) Upon request of the General Partner, it
will disclose to the General Partner the amount of REIT Shares or other shares of capital stock of the General Partner that it
actually owns or Constructively Owns.

 

    20 

     

    

 

(4) It understands that if, for any reason,
(a) the representations, warranties or agreements set forth in E(1) or (2) above are violated, or (b) the Partnership’s actual
or Constructive Ownership of REIT Shares or other shares of capital stock of the General Partner violates the limitations set forth
in the Charter, then (x) some or all of the Redemption rights of the Partners may become non-exercisable, and (y) some or all of
the REIT Shares owned by the Partners may be automatically transferred to a trust for the benefit of a charitable beneficiary,
as provided in the Charter.

 

(5) Without the consent of the General Partner,
which may be given or withheld in its sole discretion, no Partner shall take any action that would cause the Partnership at any
time to have more than 100 partners, as determined for purposes of the safe harbor set forth in Regulations Section 1.7704-1(h)
(including as partners those persons indirectly owning an interest in the Partnership through a partnership, limited liability
company, S corporation or grantor trust (such entity, a “flow through entity”), but only if substantially all of the
value of such person’s interest in the flow through entity is attributable to the flow through entity’s interest (direct
or indirect) in the Partnership).

 

F. The representations and warranties contained
in Section 3.4 shall survive the execution and delivery of this Agreement by each Partner and the dissolution and winding-up of
the Partnership.

 

G. Each Partner hereby acknowledges that
no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or
the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections
and any other information, including, without limitation, financial and descriptive information and documentation, which may have
been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express
or implied.

 

Section 3.5 Certain ERISA Matters.

 

Each Partner acknowledges that the Partnership
is intended to qualify as a “real estate operating company” (as such term is defined in the Plan Asset Regulation).
The General Partner may structure investments in, relationships with and conduct with respect to Investments and any other assets
of the Partnership so that the Partnership will be a “real estate operating company” (as such term is defined in the
Plan Asset Regulation).

 

ARTICLE 4

CAPITAL CONTRIBUTIONS

 

Section 4.1 Capital Contributions of
the Partners.

 

At the time of their respective execution
of this Agreement, the Partners shall make or shall have made Capital Contributions as set forth in the books and records of the
Partnership. The Partners shall own OP Units of the class or series and in the amounts set forth in Exhibit A and shall
have a Percentage Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in
Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions,
Capital Contributions, the issuance of additional OP Units or similar events having an effect on a Partner’s Percentage Interest.
Except as required by law, as otherwise expressly provided herein, or as otherwise agreed to by a Partner and the Partnership,
no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership.

 

Section 4.2 Classes of Partnership Units.

 

    21 

     

    

 

The General Partner is hereby authorized
to cause the Partnership to issue OP Units designated as Class A OP Units, Class B OP Units, Class K OP Units, Class K-I OP Units
and Class K-T OP Units. Each such Class of OP Units shall have the rights and obligations attributed to that Class under this Agreement.

 

Section 4.3 Loans by Third Parties.

 

Subject to Section 4.4, the Partnership
may incur Debt, or enter into other similar credit, guarantee, financing or refinancing arrangements for any purpose (including,
without limitation, in connection with any further acquisition of Investments) with any Person that is not the General Partner
upon such terms as the General Partner determines appropriate; provided that, the Partnership shall not incur any Debt that is
recourse to the General Partner, except to the extent otherwise agreed to by the General Partner in its sole discretion.

 

Section 4.4 Additional Funding and Capital
Contributions.

 

A. General. The General Partner may,
at any time and from time to time determine that the Partnership requires additional funds (“Additional Funds”) for
the acquisition of additional Investments or for such other Partnership purposes as the General Partner may determine. Additional
Funds may be raised by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with,
the terms of this Section 4.4. No Person shall have any preemptive, preferential or similar right or rights to subscribe for or
acquire any Partnership Interest, except as set forth in this Section 4.4.

 

B. Issuance of Additional Partnership
Interests. The General Partner, in its sole and absolute discretion, may raise all or any portion of the Additional Funds by
causing the Partnership to accept additional Capital Contributions of cash. The General Partner may also cause the Partnership
to accept additional Capital Contributions of real property or any other non-cash assets. In connection with any such additional
Capital Contributions (of cash or property) or events, the General Partner is hereby authorized to cause the Partnership from time
to time to issue to Partners (including the General Partner) or other Persons (including, without limitation, in connection with
the contribution of property to the Partnership) additional OP Units or other Partnership Interests in one or more classes, or
one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special
rights, powers, and duties, including rights, powers, and duties senior to then existing Limited Partner Interests, all as shall
be determined by the General Partner in its sole and absolute discretion subject to Delaware law, and as set forth by amendment
to this Agreement, including without limitation: (i) the allocations of items of Partnership income, gain, loss, deduction, and
credit to such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to
share in Partnership distributions; (iii) the rights of each such class or series of Partnership Interests upon dissolution and
liquidation of the Partnership; and (iv) the right to vote, including, without limitation, the Limited Partner approval rights
set forth herein; provided, that no such additional OP Units or other Partnership Interests shall be issued to the General Partner
unless either (a)(1) the additional Partnership Interests are issued in connection with the grant, award, or issuance of shares
of the General Partner pursuant to Section 4.4C below, which shares have designations, preferences, and other rights (except voting
rights) such that the economic interests attributable to such shares are substantially similar to the designations, preferences
and other rights of the additional Partnership Interests issued to the General Partner in accordance with this Section 4.4B, and
(2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the net proceeds raised in connection
with such issuance, (b) the General Partner otherwise makes an additional Capital Contribution, or (c) the additional Partnership
Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage
Interests in such class. The General Partner’s determination that consideration is adequate shall be conclusive insofar as
the adequacy of consideration relates to whether the Partnership Interests are validly issued and paid. In the event that the Partnership
issues additional Partnership Interests pursuant to

 

    22 

     

    

 

this Section 4.4B, the General Partner shall make such revisions
to this Agreement as it determines are necessary to reflect the issuance of such additional Partnership Interests. Without limiting
the foregoing, the General Partner is expressly authorized to cause the Partnership to issue OP Units for less than fair market
value, so long as the General Partner concludes in good faith that such issuance of Partnership Interests is in the best interests
of the Partnership.

 

C. Issuance of REIT Shares or Other Securities
by the General Partner. The General Partner shall not issue any additional REIT Shares, other shares of capital stock of the
General Partner or New Securities (other than REIT Shares issued pursuant to Section 8.6 or such shares, stock or securities pursuant
to a dividend or distribution (including any stock split) to all of its stockholders or all of its stockholders who hold a particular
class of stock of the General Partner) unless (i) the General Partner shall cause the Partnership to issue to the General Partner
(in compliance with the requirements of Section 4.4B), Partnership Interests or rights, options, warrants or convertible or exchangeable
securities of the Partnership having designations, preferences and other rights, all such that the economic interests thereof are
substantially similar to those of the REIT Shares, other shares of capital stock of the General Partner or New Securities issued
by the General Partner and (ii) the General Partner shall make a Capital Contribution of the net proceeds from the issuance of
such additional REIT Shares, other shares of capital stock or New Securities, as the case may be, and from the exercise of the
rights contained in such additional New Securities, as the case may be. Without limiting the foregoing, the General Partner is
expressly authorized to issue REIT Shares of any Class (or combination of any Class), other shares of capital stock of the General
Partner or New Securities for no tangible value or for less than fair market value, and the General Partner is expressly authorized
to cause the Partnership to issue to the General Partner Partnership Interests of the corresponding Class, so long as (x) the General
Partner concludes in good faith that such issuance of Partnership Interests is in the interests of the Partnership; and (y) the
General Partner contributes all proceeds, if any, from such issuance to the Partnership. In connection with the General Partner’s
initial offering of REIT Shares, any other issuance of REIT Shares, other capital stock of the General Partner or New Securities,
the General Partner shall contribute to the Partnership any net proceeds raised in connection with such issuance; provided, that
the General Partner may use a portion of the net proceeds from any offering to acquire OP Units or other assets (provided such
other assets are contributed to the Partnership pursuant to the terms of this Agreement; and provided further that if the net proceeds
actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s
discount or other expenses paid or incurred in connection with such issuance then, except to the extent such net proceeds are used
to acquire OP Units, 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 and other expenses paid by
the General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes
of Section 7.4)).

  

Section 4.5 Other Contribution Provisions.

 

With the consent of the General Partner,
in its sole discretion, one or more Limited Partners may enter into agreements with the Partnership, in the form of a guarantee
or contribution agreement, which have the effect of providing a guarantee of certain obligations of the Partnership.

  

Section 4.6 No Preemptive Rights.

 

Except to the extent expressly granted by
the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential or other similar right with respect
to (i) providing funds to the Partnership or (ii) issuance or sale of any OP Units or other Partnership Interests.

  

Section 4.7 No Interest; No Return.

 

    23 

     

    

 

No Partner shall be entitled to interest
on its Capital Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no Partner shall have
any right to demand or receive the return of its Capital Contribution from the Partnership.

  

Section 4.8 [Intentionally Omitted.]

 

Section 4.9 Special Fees.

 

The Partners acknowledge and agree that
the following Special Fees, to the extent not otherwise borne by the General Partner, shall be borne by the Classes of OP Units
in the manner prescribed under Section 5.1v as follows:

 

(a) 7% selling commission for each Class
K OP Unit (other than Class K OP Units issued in connection with Class K REIT Shares purchased through the General Partner’s
distribution reinvestment plan).

 

(b) 3% selling commission for each Class
K-T OP Unit (other than Class K-T OP Units issued in connection with Class K-T REIT Shares purchased through the General Partner’s
distribution reinvestment plan).

 

(c) 3% dealer manager fee for each Class
K OP Unit, Class K-T OP Unit, and Class K-I OP Unit (other than Class K OP Units, Class K-I OP Units and Class K-T OP Units issued
in connection with Class K REIT Shares, Class K-I REIT Shares and Class K-T REIT Shares purchased through the General Partner’s
distribution reinvestment plan).

 

(d)  1.00%
annualized Stockholder Servicing fee for each Class K-T OP Unit (other than Class T OP Units issued in connection with Class K-T
REIT Shares purchased through the General Partner’s distribution reinvestment plan) in accordance with the terms set forth
in the Registration Statement.

 

ARTICLE 5

Class K, Class K-I, Class K-T, Class
A and Class B OP Units

 

Section 5.1

 

(i) Class K OP Units, Class K-I OP Units
and Class K-T OP Units.

 

A. Cash Distributions. Subject to
the preferential rights of the holders of any class or series of Units ranking senior to Class K OP Units, Class K-I OP Units and
Class K-T OP Units as to the payment of distributions and except as otherwise provided herein, (a) the holder of each Class K OP
Unit shall be entitled to receive cash distributions, when and as authorized by the General Partner, out of Available Cash, on
each Class K OP Unit calculated using the Class K OP Unit Distribution Base at the same per annum rate as set forth in the Charter
from time to time with respect to Class K REIT Shares, (b) the holder of each Class K-I OP Unit shall be entitled to receive, when
and as authorized by the General Partner, out of Available Cash, cash distributions on each Class K-I OP Unit calculated using
the Class K-I OP Unit Distribution Base at the same per annum rate as set forth in the Charter from time to time with respect to
Class K-I REIT Shares, and (c) the holder of each Class K-T OP Unit shall be entitled to receive, when and as authorized by the
General Partner, out of Available Cash, cash distributions on each Class K-T OP Unit calculated using the Class K-T OP Unit Distribution
Base at the same per annum rate as set forth in the Charter from time to time with respect to Class K-T REIT Shares. The distributions
pursuant to this Section 5.1(i)A shall accrue on each Class K OP Unit, Class K-I OP Unit and Class K-T OP Unit automatically without
any action of the General Partner and whether or not there are funds legally available for the payment thereof. If

 

    24 

     

    

 

at any time the General Partner pays less than the total amount
of accumulated, accrued and unpaid distributions pursuant to this Section 5.1(i)A, such payment shall be distributed pro rata among
the holders of Class K OP Units, Class K-I OP Units and Class K-T OP Units in accordance with each such Partner’s respective
number of Class K-OP Units, Class K-I OP Units or Class K-T OP Units.

 

Unless and until all accumulated, accrued
and unpaid distributions with respect to Class K OP Units, Class K-I OP Units and Class K-T OP Units have been, or contemporaneously
are, paid on the Class K OP Units, Class K-I OP Units and Class K-T OP Units, the General Partner shall not pay make any distributions
to holders of Class A OP Units and to the holders of Class B OP Units; provided, however, that in the event of a
Non-Cause Advisory Agreement Termination, the General Partner shall redeem all Class A OP Units.

 

B. Excess Cash Distributions. If
the Partnership has Excess Cash, Partners holding Class K OP Units, Class K-I OP Units and Class K-T OP Units shall be entitled
to receive, pari passu with the holders of Class A OP Units and Class B OP Units, a special distribution of 50% of such
Excess Cash (pro rata based on the number of Class K OP Units, Class K-I OP Units and Class K-T OP Units), or, if the Class A OP
Units have been repurchased in connection with a Non-Cause Advisory Agreement Termination, 87.5% of such Excess Cash (pro rata
based on the number of Class K OP Units, Class K-I OP Units and Class K-T OP Units). In addition, if the General Partner authorizes
a distribution on the Class K OP Units, Class K-I OP Units and Class K-T OP Units payable out of Net Sales Proceeds herein from
the Sale of Real Property, such distribution shall first be applied against any accumulated, accrued and unpaid distributions on
the Class K OP Units, Class K-I OP Units and Class K-T OP Units and then to reduce the remaining portion Class K OP Unit Liquidation
Preference, Class K-I OP Unit Liquidation Preference, and Class K-T OP Unit Liquidation Preference.

 

C. Liquidation Distributions. Except
as otherwise provided herein, upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before
any distribution or payment of the assets of the Partnership (whether capital or surplus) shall be made to or set apart for the
holders of Class A OP Units and Class B OP Units, (a) the holder of each Class K OP Unit shall be entitled to be paid out of Available
Cash, after payment or provision for the Partnership’s debts and liabilities, limited, in the case of non-recourse liabilities
secured by properties, to the value of such properties, a liquidation preference equal to $10.00 per Class K OP Unit, plus an amount
equal to any and all accumulated, accrued and unpaid distributions on such Class K OP Unit pursuant to Section 5.1(i)A herein (whether
or not authorized by the General Partner) up to and including the date of issuance of such Class K OP Unit (the “Class K
OP Unit Preference”), (b) the holder of each Class K-I OP Unit shall be entitled to receive a liquidation preference equal
to $10.00 per Class K-I OP Unit, plus an amount equal to any and all accumulated, accrued and unpaid distributions on such Class
K-I OP Unit pursuant to Section 5.1(i)A herein (whether or not authorized by the General Partner) up to and including the date
of issuance of such Class K-I OP Unit (the “Class K-I OP Unit Preference”), and (c) the holder of each Class K-T OP
Unit shall be entitled to receive a liquidation preference equal to $10.00 per Class K-T OP Unit, plus an amount equal to any and
all accumulated, accrued and unpaid distributions on such Class K-T OP Unit pursuant to Section 5.1(i)A herein (whether or not
authorized by the General Partner) up to and including the date of issuance of such Class K-T OP Unit (the “Class K-T OP
Unit Preference”, collectively with the Class K OP Unit Preference and Class K-I OP Unit Preference, the “Liquidation
Preferences”), The Class K OP Unit Preference, Class K-I OP Unit Preference and Class K-T OP Unit Preference on all then
outstanding Class K OP Units, Class K-I OP Units and Class K-T OP Units, respectively, shall be reduced as a result of the payment
of distributions pursuant to Section 5.1(i)B. To the extent not applied against any accumulated, accrued, and unpaid distributions
on the Class K OP Units, Class K-I OP Units and Class K-T OP Units, such reductions in the Class K OP Unit Preference, Class K-I
OP Units Preference and Class K-T OP Unit Preference on all then outstanding Class K OP Units, Class K-I OP Units and Class K-T
OP Units, respectively, shall result in corresponding reductions to the Class K OP Unit Distribution Base, Class K-I OP Unit Distribution
Base and Class K-T OP Unit Distribution Base, as the case may be. Upon any voluntary or involuntary liquidation, dissolution or
winding up of the Partnership, 50% of any Remaining Liquidation Cash available for distribution (or 87.5% of any Remaining Liquidation
Cash available for Distribution if the Class A OP Units have been redeemed in

 

    25 

     

    

 

connection with a Non-Cause Advisory Agreement Termination)
shall be distributed to the Partners holding Class K OP Units, Class K-I OP Units and Class K-T OP Units, pro rata based on the
number of Class K OP Units, Class K-I OP Units and Class K-T OP Units.

 

D. Listing. Upon a Listing, each
Class K OP Unit, Class K-I OP Unit or Class K-T OP Unit that does not have an associated class of REIT Shares Listed by the General
Partner shall automatically convert into an OP Unit of the class that corresponds to the Listed class of REIT Shares (subject to
any adjustment deemed necessary by the General Partner).

 

E. Conversion of Class K-T OP Units.
Class K-T OP Units (including the associated Class K-T OP Units issued in connection with Class K-T REIT Shares purchased under
the General Partner’s distribution reinvestment plan) shall automatically convert into the number of Class K OP Units calculated
in accordance with, and pursuant to the terms for Class K-T REIT Shares provided in, Section 5.2.7 of the Charter.

 

(ii) Class B OP Units.

 

A. Excess Cash Distributions. If
the Partnership has Excess Cash, the holders of Class B OP Units shall be entitled to receive, pari passu with the holders
of Class A OP Units, Class K OP Units, Class K-I OP Units and Class K-T OP Units, a special distribution of 12.5% of Excess Cash
(pro rata based on the number of Class B OP Units).

 

B. Liquidation. Upon any voluntary
or involuntary liquidation, dissolution or winding up of the Partnership,12.5% of any Remaining Liquidation Cash available for
distribution by the General Partner shall be paid to holders of Class B OP Units, pro rata based on the number of Class B OP Units.

 

C. Listing. If there is an excess
amount in accordance with Section 5.3.5 of the Charter, the General Partner shall cause the outstanding Class B OP Units to be
redeemed for the same amount that the Class B REIT Shares would be redeemed pursuant to Section 5.3.5 of the Charter. If there
is no excess amount in accordance with Section 5.3.5 of the Charter, the Class B OP Units shall be redeemed and cancelled for no
consideration.

 

(iii) Class A OP Units.

 

A. Cash Distributions. Following
the payment in full of all accumulated, accrued and unpaid distributions on the Class K OP Units, Class K-I OP Units and Class
K-T OP Units, and the payment of any accrued asset management fees payable to the Advisor by the General Partner (and any interest
thereon), the holder of each Class A OP Unit shall be entitled to receive, when and as authorized by the General Partner, out of
Available Cash, distributions on each Class A OP Unit at the same per annum rate as set forth in the Charter from time to time
for the Class A REIT Shares. Except in the case of a Liquidation of the Partnership, the Class A OP Units shall not be entitled
to participate or receive any distributions on account of Net Sales Proceeds.

 

B. Excess Cash Distributions. If
the Partnership has Excess Cash, Partners holding Class A OP Units shall be entitled to receive, pari passu with the holders
of Class K OP Units, Class K-I OP Units, Class K-T OP Units, and Class B OP Units, a special distribution of 37.5% of such Excess
Cash (pro rata based on the number of Class A OP Units) unless all Class A OP Units have been repurchased because of a Non-Cause
Advisory Agreement Termination, in which case the Excess Cash otherwise apportioned to the Class A OP Units shall be distributed
to the holders of Class K OP Units, Class K-I OP Units and Class K-T OP Units.

 

C. Liquidation. Upon any voluntary
or involuntary liquidation, dissolution or winding up of the Partnership, after payment of the Partnership’s debts and liabilities
and the Liquidation Preferences, Partners holding Class A OP Units shall be entitled to be paid an amount equal to each Class A
OP Unit’s stated value of $10.00 per Unit. In addition, upon any

 

    26 

     

    

 

voluntary or involuntary liquidation, dissolution or winding
up of the Partnership, 37.5% of any Remaining Liquidation Cash available for Distribution shall be paid to the holders of the Class
A OP Units, pro rata based on the number of Class A OP Units, unless all Class A OP Units previously have been repurchased because
of a Non-Cause Advisory Agreement Termination, in which case the Remaining Liquidation Cash otherwise apportioned to the Class
A OP Units shall be distributed to the holders of the Class K OP Units, Class K-I OP Units and Class K-T OP Units.

 

D. Listing. Class A OP Units shall
redeemed by the General Partner or exchanged for the class or series of Common Stock that is Listed in accordance the election
of the holder of Class A REIT Shares pursuant to Section 5.4.5 of the Charter.

 

E. Termination of Advisory Agreement.
In the event of a Non-Cause Advisory Agreement Termination, the General Partner shall repurchase all outstanding Class A OP Units
for an amount per Class A OP Unit equal to the amount per Class A REIT Share calculated in accordance with Section 5.4.6 of the
Charter.

 

(iv) Consolidation, Merger or Certain
Other Transactions. If the Partnership enters into a merger or other acquisition transaction, the merger or acquisition transaction
consideration shall be distributed among the holders of the Class K OP Units, Class K-I OP Units, Class K-T OP Units, Class B OP
Units and Class A OP Units in the same order of priority as if the Partnership liquidated and wound up and the proceeds from such
liquidation and winding up available for distribution to the Limited Partners were equal to the aggregate consideration payable
in such merger or acquisition transaction.

 

(v) Additional Distribution Rules.

 

(1) Any distributions and redemptions made
pursuant to this Section 5.1 shall be made without economic duplication taking into account the intent of the provisions herein.

 

(2) If the priority distributions applicable
to Class K OP Units, Class K-I OP Units and Class K-T OP Units pursuant to this Article 5 prevents the Partnership from being able
to distribute sufficient amounts to the General Partner to enable the General Partner to satisfy the REIT Requirement, the General
Partner may, in its sole discretion, cause the Partnership to distribute some or all of the Net Sales Proceeds to the General Partner
in an amount sufficient to enable the General Partner to pay dividends to the Stockholders in order to satisfy the REIT Requirements;
provided, the Partners holding Class K OP Units, Class K-I OP Units and Class K-T OP Units, as applicable, shall be made whole
with future distributions as soon as possible thereafter.

 

(3) In no event may any Partner receive a
distribution pursuant to this Section 5.1 with respect to a Partnership Unit if such Partner is entitled to receive a distribution
with respect to Common Stock for which such a Partnership Unit has been exchanged.

 

(vi) Special Fees. Consistent with
Section 4.9, if the Partnership directly or indirectly incurs Special Fees: (i) Available Cash or Net Sales Proceeds, as the case
may be, available for distribution under this Section 5.1 shall be deemed to be increased by the Special Fees to the extent that
Available Cash or Net Sales Proceeds have been previously reduced by such fees; and (ii) the amounts otherwise distributable among
the Classes of OP Units based on such deemed increase shall then be reduced (without duplication of any prior reductions made under
this Section 5.1v) to reflect their appropriate shares of the Special Fees.

 

Section 5.2 Qualification as a REIT.

 

The General Partner shall use its best efforts
to cause the Partnership to distribute sufficient amounts to the General Partner under this Article 5 to enable the General Partner
to pay dividends to the Stockholders that will enable the

 

    27 

     

    

 

General Partner to (a) satisfy the requirements for qualification
as a REIT under the Code and Regulations (“REIT Requirements”), and (b) avoid any federal income or excise tax liability;
provided, however, that the General Partner shall not be bound to comply with this covenant to the extent (a) the
General Partner has determined not to continue to qualify as a REIT, or (b) such distributions would (i) violate applicable Delaware
law, or (ii) contravene the terms of any notes, mortgages or other types of debt obligations to which the Partnership may be subject
in conjunction with borrowed funds.

  

Section 5.3 Withholding.

 

With respect to any withholding tax or other
similar tax liability or obligation to which the Partnership may be subject as a result of any act or status of any Partner or
to which the Partnership becomes subject with respect to any Partnership Unit, the Partnership shall have the right to withhold
amounts distributable pursuant to this Article V to such Partner or with respect to such Partnership Units, to the extent of the
amount of such withholding tax or other similar tax liability or obligation pursuant to the provisions contained in Section 10.5,
and the amount of any withholding shall reduce the right of such Partner to future distribution to the extent provided in Section
10.5.

  

Section 5.4 Additional Partnership Interests.

 

If the Partnership issues Partnership Interests
in accordance with Section 4.4, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to reflect
the distribution priority of such Partnership Interests and corresponding amendments shall be made to the provisions of Exhibit
B.

 

Section 5.5 Distributions in Kind.

 

Except as expressly provided herein, no
right is given to any Partner to demand and receive property other than cash. The General Partner may determine, in its sole and
absolute discretion, to make a distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed
in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 10.

 

Section 5.6 Distributions upon Liquidation.

 

Notwithstanding Section 5.1, proceeds from
a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2.

  

Section 5.7 Reserved.

 

ARTICLE 6

ALLOCATIONS

 

Section 6.1 Allocations.

 

Net Income, Net Loss and other Partnership
items shall be allocated pursuant to the provisions of Exhibit B.

 

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ARTICLE 7

MANAGEMENT AND OPERATIONS OF BUSINESS

 

Section 7.1 Management.

 

A. Except as otherwise expressly provided
in this Agreement, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in
the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over
the business and affairs of the Partnership. The General Partner may not be removed by the Limited Partners with or without cause,
except with the consent of the General Partner. In addition to the powers now or hereafter granted a general partner of a limited
partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General
Partner, subject to the other provisions hereof including Sections 7.3 and 11.2, shall have full power and authority to do all
things deemed necessary or desirable by it to conduct the business 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
its REIT status), to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1, including,
without limitation:

 

(1) the making of any expenditures, the lending
or borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership
to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner has determined
to qualify as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax pursuant to Section
4981 of the Code) and to make distributions to its stockholders sufficient to permit the General Partner to maintain REIT status),
the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness
(including the securing of same by mortgage, deed of trust or other lien or encumbrance on all or any of the Partnership’s
assets) and the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership;

 

(2) the making of tax, regulatory and other
filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets
of the Partnership, the registration of any class of securities of the Partnership under the Exchange Act, and the listing of any
debt securities of the Partnership on any exchange;

 

(3) subject to the provisions of Section 11.2,
the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets of the Partnership or the
merger or other combination of the Partnership with or into another entity;

 

(4) the acquisition, disposition, mortgage,
pledge, encumbrance or hypothecation of all or any assets of the Partnership, and the use of the assets of the Partnership (including,
without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including,
without limitation, the financing of the conduct or the operations of the General Partner or the Partnership, the lending of funds
to other Persons (including, without limitation, the General Partner or any Subsidiaries of the Partnership) and the repayment
of obligations of the Partnership, any of its Subsidiaries and any other Person in which it has an equity investment, and the making
of capital contributions to its Subsidiaries;

 

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

 

(6) the negotiation, execution, and performance
of any contracts, leases, conveyances or other instruments that the General Partner considers useful or necessary to the conduct
of the Partnership’s operations or the

 

    29 

     

    

 

implementation of the General Partner’s powers under this
Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors
and other agents and the payment of their expenses and compensation out of the Partnership’s assets;

 

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

 

(8) the establishment of one or more divisions
of the Partnership, the selection and dismissal of employees of the Partnership (including, without limitation, employees having
titles such as “president,” “vice president,” “secretary” and “treasurer”), and
agents, outside attorneys, accountants, consultants and contractors of the Partnership, the determination of their compensation
and other terms of employment or hiring, including waivers of conflicts of interest and the payment of their expenses and compensation
out of the Partnership’s assets;

 

(9) the maintenance of such insurance for
the benefit of the Partnership and the Partners and directors and officers of the Partnership or the General Partner as it deems
necessary or appropriate;

 

(10) the formation of, or acquisition of an
interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint
ventures, corporations or other relationships that it deems desirable (including, without limitation, the acquisition of interests
in, and the contributions of property to any Subsidiary and any other Person in which it has an equity investment from time to
time); provided, that, as long as the General Partner has determined to continue to qualify as a REIT, the Partnership may not
engage in any such formation, acquisition or contribution that could cause the General Partner to fail to qualify as a REIT;

 

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

 

(12) the undertaking of any action in connection
with the Partnership’s direct or indirect investment in any Person (including, without limitation, contributing or loaning
Partnership funds to, incurring indebtedness on behalf of, or guarantying the obligations of any such Persons);

 

(13) subject to the other provisions in this
Agreement, the determination of the fair market value of any Partnership property distributed in kind using such reasonable method
of valuation as it may adopt, provided, that such methods are otherwise consistent with requirements of this Agreement;

 

(14) the management, operation, leasing, landscaping,
repair, alteration, demolition or improvement of any real property or improvements owned by the Partnership or any Subsidiary of
the Partnership or any Person in which the Partnership has made a direct or indirect equity investment;

 

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

 

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

 

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

 

    30 

     

    

 

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

 

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

 

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

 

(21) the issuance of additional Partnership
Interests, as appropriate, in connection with the contribution of Additional Funds pursuant to Section 4.4;

 

(22) the distribution of cash to acquire OP
Units held by a Limited Partner in connection with a Limited Partner’s exercise of its Redemption Right under Section 8.6
hereof;

 

(23) the amendment and restatement of Exhibit
A hereto to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same
are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of OP Units,
the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement,
notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the
matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement;

 

(24) the taking of any and all acts and things
necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” under
Section 7704 of the Code; and

 

(25) the delegation to another Person of any
powers now or hereafter granted to the General Partner.

 

B. Each of the Limited Partners agrees that
the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of
the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provisions of this Agreement
(except as provided in Section 7.3 or 11.2), the Act or any applicable law, rule or regulation to the fullest extent permitted
under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the
Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner
of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement
or of any duty stated or implied by law or equity.

 

C. At all times from and after the date
hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the
Investments and (ii) liability insurance for the Indemnities hereunder.

 

D. At all times from and after the date
hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts
as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time.

 

    31 

     

    

 

E. Each of the Limited Partners acknowledges
that, in exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into
account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by the General Partner.
The General Partner and the Partnership shall not have liability to a Partner under this Agreement as a result of any income tax
liability incurred by a Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority
under this Agreement. There may be circumstances in which the fiduciary duties that the General Partner owes to the Limited Partners
conflicts with any duties that the officers and directors of General Partner owe to its stockholders. For so long as the General
Partner owns a controlling interest in the Partnership, any such conflict that cannot be resolved in a manner not adverse to either
the stockholders or the Limited Partners shall be resolved in favor of the General Partner’s stockholders.

 

F. 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.

 

Section 7.2 Certificate of Limited Partnership.

 

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

 

Section 7.3 Restrictions on General Partner’s
Authority.

 

A. The General Partner may not take any
action in contravention of an express prohibition or limitation of this Agreement without the written Consent of the Limited Partners,
and may not (i) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any
other liability except as provided herein or under the Act; or (ii) enter into any contract, mortgage, loan or other agreement
that prohibits or restricts, or has the effect of prohibiting or restricting, the ability of a Limited Partner to exercise its
rights to a Redemption in full, except in each case with the written consent of such Limited Partner.

 

B. The General Partner shall not, without
the prior Consent of the Partners (in addition to any Consent of the Limited Partners required by any other provision hereof),
or except as provided in Section 7.3D, amend, modify or terminate this Agreement.

 

C. The General Partner may not cause the
Partnership to take any action which the General Partner would be prohibited from taking directly under the General Partner’s
bylaws as in effect from time to time.

 

    32 

     

    

 

D. Notwithstanding Section 7.3B, the General
Partner shall have the exclusive power to amend this Agreement as may be required to facilitate or implement any of the following
purposes:

 

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

 

(2) to reflect the issuance of additional
Partnership Interests pursuant to Sections 4.4B and 5.4 or the admission, substitution, termination, or withdrawal of Partners
in accordance with this Agreement (which may be effected through the replacement of Exhibit A with an amended Exhibit
A);

 

(3) to set forth or amend the designations,
rights, powers, duties and preferences of the holders of any additional Partnership Interests issued pursuant to Article 4;

 

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

 

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

 

(6) to reflect such changes as are reasonably
necessary for the General Partner to maintain its status as a REIT or to mitigate any otherwise payable U.S. federal income or
excises taxes, including changes which may be necessitated due to a change in applicable law (or an authoritative interpretation
thereof) or a ruling of the IRS; and

 

(7) to modify the manner in which Capital
Accounts are computed or allocations of items thereto are made.

 

The General Partner will provide notice
to the Limited Partners when any action under this Section 7.3D is taken.

 

E. Notwithstanding Sections 7.3B and 7.3D,
this Agreement shall not be amended with respect to any Partner adversely affected, and no action may be taken by the General Partner,
without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s
interest in the Partnership into a general partner’s interest (except as the result of the General Partner acquiring such
interest), (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive distributions pursuant
to Article 5 or Section 13.2A(4), or the allocations specified in Article 6 (except as permitted pursuant to Sections 4.4, 5.4,
and Section 7.3D(2)), (iv) materially alter or modify the rights to a Redemption or the REIT Shares Amount as set forth in Section
8.6, and related definitions hereof, or (v) amend this Section 7.3E. Further, no amendment may alter the restrictions on the General
Partner’s authority set forth elsewhere in this Section 7.3 or in Section 11.2A without the Consent specified in such section.
This Section 7.3E does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective
against all partners adversely affected.

 

Section 7.4 Reimbursement of the General
Partner.

 

A. Except as provided in this Section 7.4
and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments and allocations
to which it may be entitled), the General Partner shall not be

 

    33 

     

    

 

compensated for its services as general partner of the Partnership.

 

B. The Partnership shall be responsible
for and shall pay all expenses relating to the Partnership’s and the General Partner’s organization, the ownership
of its assets and its operations. The General Partner is hereby authorized to pay compensation for accounting, administrative,
legal, technical, management and other services rendered to the Partnership. Except to the extent provided in this Agreement, the
General Partner and its Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine
in its sole and absolute discretion, for all expenses that the General Partner and its Affiliates incur relating to the ownership
and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses); provided, that
the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts
or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such expenses of the
General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement
made as a result of indemnification pursuant to Section 7.7 hereof. In the event that certain expenses are incurred for the benefit
of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such
other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. All payments
and 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, with any Special Fees allocated to the applicable class or series of Partnership
Units or other securities issued by the Partnership that correspond to the REIT Shares, other shares of capital stock, or New Securities
issued by the General Partner.

 

C. If the General Partner shall elect to
purchase from its stockholders REIT Shares for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend
reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner, or any similar
obligation or arrangement undertaken by the General Partner in the future or for the purpose of retiring such REIT Shares, the
purchase price paid by the General Partner for such REIT Shares and any other expenses incurred by the General Partner in connection
with such purchase shall be considered expenses of the Partnership and shall be advanced to the General Partner or reimbursed to
the General Partner, subject to the condition that: (i) if such REIT Shares subsequently are sold by the General Partner, the General
Partner shall pay to the Partnership any proceeds received by the General Partner for such REIT Shares (which sales proceeds shall
include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT
Shares for OP Units pursuant to Section 8.6 would not be considered a sale for such purposes); and (ii) if such REIT Shares are
not retransferred by the General Partner within thirty (30) days after the purchase thereof, or the General Partner otherwise determines
not to retransfer such REIT Shares, the General Partner, shall cause the Partnership to redeem a number of OP Units held by the
General Partner equal to the number of such REIT Shares, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner
acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits
and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences
of indebtedness or assets relating to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership
(in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption
of such number of OP Units held by the General Partner).

 

D. As set forth in Section 4.4, the General
Partner shall be treated as having made a Capital Contribution in the amount of all expenses that it incurs relating to the General
Partner’s offering of REIT Shares, other shares of capital stock of the General Partner or New Securities.

 

E. If and to the extent any reimbursements
to the General Partner pursuant to this Section 7.4 constitute gross income of the General Partner (as opposed to the repayment
of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments within
the meaning of Section 707(c) of the Code, shall

 

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be treated consistently therewith by the Partnership and all
Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts.

 

Section 7.5 Outside Activities of the
General Partner.

 

A. Except in connection with a transaction
authorized in Section 11.2, without the Consent of the Limited Partners, the General Partner shall not, directly or indirectly,
enter into or conduct any business, other than in connection with the ownership, acquisition and disposition of Partnership Interests
as a General Partner and the management of the business of the Partnership, its operation as a public reporting company with a
class (or classes) of securities registered under the Exchange Act, its operation as a REIT and such activities as are incidental
to the same. Without the Consent of the Limited Partners, the General Partner shall not, directly or indirectly, participate in
or otherwise acquire any interest in any real or personal property, except its General Partner Interest, its minority interest
in any Subsidiary Partnership(s) that the General Partner holds in order to maintain such Subsidiary Partnership’s status
as a partnership, and such bank accounts, similar instruments or other short term investments as it deems necessary to carry out
its responsibilities contemplated under this Agreement and the Charter. In the event the General Partner desires to contribute
cash to any Subsidiary Partnership to acquire or maintain an interest of 1% or less in the capital of such partnership, the General
Partner may acquire or maintain an interest of 1% or less in the capital of such partnership, and the General Partner may acquire
such cash from the Partnership as a loan or in exchange for a reduction in the General Partner’s OP Units, in an amount equal
to the amount of such cash divided by the Fair Market Value of a REIT Share on the day such cash is received by the General Partner.
Notwithstanding the foregoing, the General Partner may acquire Investments or other assets in exchange for REIT Shares or cash,
to the extent such Investments or other assets are immediately contributed by the General Partner to the Partnership, pursuant
to the terms described in Section 4.4. Any Limited Partner Interests acquired by the General Partner, whether pursuant to exercise
by a Limited Partner of its right of Redemption, or otherwise, shall be automatically converted into a General Partner Interest
comprised of an identical number of OP Units with the same rights, priorities and preferences as the class or series so acquired.
The General Partner may also own one hundred percent (100%) of the stock or interests of one or more Qualified REIT Subsidiaries
or limited liability companies, respectively, provided that any such entity shall be subject to the limitations of this Section
7.5A. If, at any time, the General Partner acquires material assets (other than Partnership Interests or other assets on behalf
of the Partnership) the definition of “REIT Shares Amount” and the definition of “Deemed Value of Partnership
Interests” shall be adjusted, as reasonably determined by the General Partner, to reflect the relative Fair Market Value
of a share of capital stock of the General Partner relative to the Deemed Partnership Interest Value of the related Partnership
Unit. The General Partner’s General Partner Interest in the Partnership, its minority interest in any Subsidiary Partnership(s)
(held directly or indirectly through a Qualified REIT Subsidiary) that the General Partner holds in order to maintain such Subsidiary
Partnership’s status as a partnership, and interests in such short-term liquid investments, bank accounts or similar instruments
as the General Partner deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter are
interests which the General Partner is permitted to acquire and hold for purposes of this Section 7.5A.

 

B. In the event the General Partner exercises
its rights under the Charter to purchase REIT Shares, other common stock of the General Partner or New Securities, as the case
may be, then the General Partner shall cause the Partnership to purchase from it a number of OP Units equal to the number of REIT
Shares and of the same class, other capital stock of the General Partner or New Securities, as the case may be, so purchased on
the same terms that the General Partner purchased such REIT Shares, other capital stock of the General Partner or New Securities,
as the case may be.

 

Section 7.6 Contracts with Affiliates.

 

A. The Partnership may lend or contribute
to Persons in which it has an equity investment, and such Persons may

 

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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 Person.

 

B. Except as provided in Section 7.5A, the
Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or
thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law
as the General Partner in its sole discretion deems advisable.

 

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

 

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

 

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

 

Section 7.7 Indemnification.

 

A. To the fullest extent permitted by law,
the Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several,
expenses (including 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 (1) Section 12.2.2 of the Charter of the General Partner prohibits the corporation from indemnifying the Indemnitee
for a tax matter, in which case the Partnership shall likewise be prohibited from indemnifying the Indemnitee for the matter, or
(2) 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, fraud or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually
received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee
had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend
to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary
of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership
has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to
enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having
or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order, settlement, conviction
or upon a plea of nolo contendere or its equivalent, or any entry of an order of probation prior to judgment, does not create a
presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7A. Any indemnification
pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and any insurance proceeds from the liability
policy covering the General Partner and any Indemnitee, and neither the General Partner nor any Limited Partner shall have any
obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations
under this Section 7.7, except to the extent otherwise expressly agreed to by such Partner and the Partnership.

 

B. Reasonable expenses incurred by an Indemnitee
who is a party to a proceeding may be paid or reimbursed by

 

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the Partnership 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 7.7 has been met, and (ii)
a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard
of conduct has not been met.

 

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

 

D. The Partnership may, but shall not be
obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with
the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against
such liability under the provisions of this Agreement.

 

E. For purposes of this Section 7.7, the
Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance
by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants
or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable
law shall constitute fines within the meaning of Section 7.7; and actions taken or omitted by the Indemnitee with respect to an
employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants
and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

 

F. In no event may an Indemnitee subject
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 7.7 because the Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 

H. The provisions of this Section 7.7 are
for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights
for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be
prospective only and shall not in any way affect the limitations on the Partnership’s liability to any Indemnitee under this
Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating
to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may
arise or be asserted.

 

I. If and to the extent any reimbursements
to the General Partner pursuant to this Section 7.7 constitute gross income of the General Partner (as opposed to the repayment
of advances made by the General Partner on behalf of the Partnership) such amounts shall constitute guaranteed payments within
the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall
not be treated as distributions for purposes of computing the Partners’ Capital Accounts.

 

J. Any indemnification hereunder is subject
to, and limited by, the provisions of Section 17-108 of the Act and Section 12.2.2 of the Charter.

 

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K. In the event the Partnership is made
a party to any litigation or otherwise incurs any loss or expense as a result of or in connection with any Partner’s personal
obligations or liabilities unrelated to Partnership business, such Partner shall indemnify and reimburse the Partnership for all
such loss and expense incurred, including legal fees, and the Partnership interest of such Partner may be charged therefor. The
liability of a Partner under this Section 7.7K shall not be limited to such Partner’s Partnership Interest, but shall be
enforceable against such Partner personally.

 

Section 7.8 Liability of the General
Partner.

 

A. Notwithstanding anything to the contrary
set forth in this Agreement, none of the General Partner nor any of its officers, directors, agents or employees shall be liable
or accountable in damages or otherwise to the Partnership, any Partners or any Assignees, or their successors or assigns, for losses
sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or any act
or omission if the General Partner acted in good faith.

 

B. The Limited Partners expressly acknowledge
that the General Partner is acting for the benefit of the Partnership, the Limited Partners and the General Partner’s stockholders
collectively. The General Partner is under no obligation to give priority to the separate interests of the Limited Partners or
the General Partner’s stockholders (including, without limitation, the tax consequences to Limited Partners or Assignees
or to stockholders) in deciding whether to cause the Partnership to take (or decline to take) any actions. If there is a conflict
between the interests of the stockholders of the General Partner on one hand and the Limited Partners on the other, the General
Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders of the General
Partner or the Limited Partners; provided, however, that for so long as the General Partner, owns a controlling interest in the
Partnership, any such conflict that cannot be resolved in a manner not adverse to either the stockholders of the General Partner
or the Limited Partners shall be resolved in favor of the stockholders. The General Partner shall not be liable under this Agreement
to the Partnership or to any Partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived by
Limited Partners in connection with such decisions; provided, that the General Partner has acted in good faith.

 

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

 

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

 

Section 7.9 Other Matters Concerning
the General Partner.

 

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

 

(2) The General Partner may consult with legal
counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it,
and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such General Partner
reasonably believes to be within

 

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such Person’s professional or expert competence shall
be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion.

 

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

 

(4) Notwithstanding any other provisions of
this Agreement or any non-mandatory provision of 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 to protect the ability of the General Partner, for so long as the General
Partner has determined to qualify as a REIT, to (i) continue to qualify as a REIT or (ii) avoid the General Partner incurring any
taxes under Section 857 or Section 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all
of the Limited Partners.

 

Section 7.10 Title to Partnership Assets.

 

Title to Partnership assets, whether real,
personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partners,
individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any
or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more subsidiaries or
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, a subsidiary or a nominee thereof, 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.

 

Section 7.11 Reliance by Third Parties.

 

Notwithstanding anything to the contrary
in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power
and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts
on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s
sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies
which may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with
any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain
that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of
the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the
Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying
thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument,
this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument
was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument
was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership.

 

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ARTICLE 8

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

 

Section 8.1 Limitation of Liability.

 

The Limited Partners shall have no liability
under this Agreement except as expressly provided in this Agreement or under the Act.

  

Section 8.2 Management of Business.

 

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

 

Section 8.3 Outside Activities of Limited
Partners.

 

Subject to any agreements entered into by
a Limited Partner or its Affiliates with the General Partner, Partnership or a Subsidiary, any Limited Partner and any officer,
director, employee, agent, trustee, Affiliate or stockholder of any Limited 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 in direct competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership
nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee.
Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement
or the partnership relationship established hereby in any business ventures of any other Person, other than the Limited Partners
benefiting from the business conducted by the General Partner, and such Person shall have no obligation pursuant to this Agreement
to offer any interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such
opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken
by such Person.

  

Section 8.4 Return of Capital.

 

Except pursuant to the rights of Redemption
set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of his or her Capital Contribution,
except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein.
No Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital
Contributions, or as otherwise expressly provided in this Agreement, or as to profits, losses, distributions or credits.

  

Section 8.5 Rights of Limited Partners
Relating to the Partnership.

 

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A. In addition to other rights provided
by this Agreement or by the Act, and except as limited by Section 8.5C, each Limited Partner shall have the right, for a purpose
reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a
statement of the purpose of such demand and at such Limited Partner’s expense:

 

(1) to obtain a copy of the most recent annual
and quarterly reports filed with the Securities and Exchange Commission by the General Partner pursuant to the Exchange Act, and
each communication sent to the stockholders of the General Partner;

 

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

 

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

 

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

 

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

 

B. The Partnership shall notify each Limited
Partner in writing of any adjustment made in the calculation of the REIT Shares Amount within a reasonable time after the date
such change becomes effective.

 

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

 

Section 8.6 Redemption Rights.

 

A. At any time after one year following
the date of issuance of any OP Units to a Limited Partner, such Limited Partner shall have the right (subject to the terms and
conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion
of the OP Units held by such Limited Partner (such OP Units being hereafter referred to as “Tendered Units”) in exchange
for the Cash Amount (a “Redemption”); provided that the terms of such OP Units do not provide that such OP Units are
not entitled to a right of Redemption. Unless otherwise expressly provided in this Agreement or in a separate agreement entered
into between the Partnership and the holders of such OP Units, all OP Units, including Class A OP Units, Class B OP Units, Class
K OP Units, Class K-I OP Units and Class K-T OP Units, shall be entitled to a right of Redemption hereunder. The Tendering Partner
shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption
Date. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner
who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable to the Tendering Partner within
ten (10) days of the Specified Redemption Date in accordance with the instructions set forth in the Notice of Redemption.

 

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B. Notwithstanding Section 8.6A above, if
a Limited Partner has delivered to the General Partner a Notice of Redemption then the General Partner may, in its sole and absolute
discretion (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter), elect to acquire some
or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares Amount (as of the Specified Redemption
Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General Partner in exchange
for the REIT Shares Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered
Units. The General Partner shall promptly give such Tendering Partner written notice of its election, and the Tendering Partner
may elect to withdraw its redemption request at any time prior to the acceptance of the cash or REIT Shares Amount by such Tendering
Partner.

 

C. The REIT Shares Amount, if applicable,
shall be delivered as duly authorized, validly issued, fully paid and nonassessable REIT Shares and, if applicable, free of any
pledge, lien, encumbrance or restriction, other than those provided in the Charter, the Bylaws of the General Partner, the Securities
Act, relevant state securities or blue sky laws and any applicable registration rights agreement with respect to such REIT Shares
entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.6E), the Tendering
Partner shall be deemed the owner of such REIT Shares for all purposes, including without limitation, rights to vote or consent,
and receive dividends, as of the Specified Redemption Date.

 

D. Each Limited Partner covenants and agrees
with the General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims
and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered
Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event
any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General Partner (or
its designee), such Partner shall assume and pay such transfer tax.

 

E. Notwithstanding the provisions of Section
8.6A, 8.6B, 8.6C or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for
cash or an exchange for REIT Shares to the extent the ownership or right to acquire REIT Shares pursuant to such exchange by such
Partner on the Specified Redemption Date could cause such Partner or any other Person, or, in the opinion of counsel selected by
the General Partner, may cause such Partner or any other Person, to violate the restrictions on ownership and transfer of REIT
Shares set forth in the Charter and (ii) shall have no rights under this Agreement to acquire REIT Shares which would otherwise
be prohibited under the Charter. To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this
Section 8.6E, it shall be null and void ab initio and such Partner shall not acquire any rights or economic interest in the cash
otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange.

 

F. Notwithstanding anything herein to the
contrary (but subject to Section 8.6E), with respect to any Redemption or exchange for REIT Shares pursuant to this Section 8.6:

 

(1) All OP Units acquired by the General Partner
pursuant thereto shall automatically, and without further action required, be converted into and deemed to be Limited Partner Interests
comprised of the same number and class of OP Units.

 

(2) A Limited Partner may not effect a Redemption
for less than one thousand (1,000) OP Units or, if such Partner holds less than one thousand (1,000) OP Units, such Partner may
effect a Redemption only with respect to all OP Units held by such Partner.

 

(3) A Tendering Partner may not effect more
than two (2) Redemptions in a single calendar year.

 

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(4) Without the consent of the General Partner,
a Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution
and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion
of such distribution.

 

(5) The consummation of any Redemption or
exchange for REIT Shares shall be subject to the expiration or termination of the applicable waiting period, if any, under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

(6) Each Tendering Partner shall continue
to own all OP Units subject to any Redemption or exchange for REIT Shares, and be treated as a Partner with respect to such OP
Units for all purposes of this Agreement, until such OP Units are transferred to the General Partner and paid for or exchanged
on the Specified Redemption Date. Until a Specified Redemption Date, the Tendering Partner shall have no rights as a stockholder
of the General Partner with respect to such Tendering Partner’s OP Units.

 

(7) The General Partner shall be entitled
to impose restrictions on the amount of and manner in which OP Units are Redeemed or exchanged pursuant to this Section 8.6 to
the extent the General Partner determines, in its sole and absolute discretion, such restrictions are necessary or advisable to
reduce any risk of the OP Units being treated as “traded on an established securities market” or “readily tradable
on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code.

 

G. In the event that the Partnership issues
additional Partnership Interests to any Additional Limited Partner pursuant to Section 4.4B, the General Partner shall make such
revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such additional Partnership Interests.

 

H. 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 Redemption or exchange of Tendered Units. If a Tendering Partner believes that it is exempt from withholding
upon a Redemption or exchange of Tendered Units, such Partner must furnish the General Partner a FIRPTA certificate or other documentation
requested by the General Partner is a form acceptable to the General Partner. If the Partnership or the General Partner is required
to withhold and pay over to any taxing authority any amount upon a Redemption or exchange of Tendered Units and the Cash Amount
or the REIT Shares Amount, as the case may be, equals or exceeds the amount of tax required to be withheld, the amount withheld
shall be treated as an amount received by such Partner in redemption of its Tendered Units. If the Cash Amount or the REIT Shares
Amount, as the case may be, is less than the amount of tax required to be withheld, the Tendering Partner shall not receive any
Cash Amount or REIT Shares Amount, and the Tendering Partner shall contribute the excess of the amount of tax required to be withheld
over the Cash Amount or REIT Shares Amount before such excess taxes are required to be paid to the taxing authority.

 

ARTICLE 9

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 9.1 Records and Accounting.

 

The General Partner shall keep, or cause
to be kept, at the principal office of the Partnership appropriate books and records with respect to the Partnership’s business,
including without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies
of documents required to be provided pursuant to Section 9.3. Any records maintained by or on behalf of the Partnership in the
regular course of its business may be kept on, or be in

 

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the form of any information storage device, provided, that the
records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership
shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting
principles.

 

Section 9.2 Fiscal Year.

 

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

 

Section 9.3 Reports.

 

A. As soon as practicable, but in no event
later than 105 days after the close of each Partnership Year, or such earlier date as they are filed with the Securities and Exchange
Commission, the General Partner shall cause to be delivered to each Limited Partner as of the close of the Partnership Year, an
annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely
on a consolidated basis with the General Partner, for such Partnership Year, presented in accordance with generally accepted accounting
principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General
Partner.

 

B. As soon as practicable, but in no event
later than 45 days after the close of each calendar quarter (except the last calendar quarter of each year), or such earlier date
as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be delivered to the each Limited
Partner as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership, or of
the General Partner, if such statements are prepared solely on a consolidated basis with the applicable law or regulation, or as
the General Partner determines to be appropriate.

 

Section 9.4 Nondisclosure of Certain
Information.

 

Notwithstanding the provisions of Sections
9.1 and 9.3, the General Partner may keep confidential from the Limited Partners any information that the General Partner believes
to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is
not in the best interest of the Partnership or which the Partnership is required by law or by agreements with unaffiliated third
parties to keep confidential.

  

ARTICLE 10

TAX MATTERS

 

Section 10.1 Preparation of Tax Returns.

 

The General Partner shall arrange for the
preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership
for federal and applicable state income tax purposes and shall use all reasonable efforts to furnish, within 90 days of the close
of each taxable year, the tax information reasonably required by the Limited Partners for federal and applicable state income tax
reporting purposes. Each Limited Partner shall promptly provide the General Partner with any information reasonably requested by
the General Partner relating to any Contributed Property contributed (directly or indirectly) by such Partner to the Partnership.

  

Section 10.2 Tax Elections.

 

A. Except as otherwise provided herein,
the General Partner shall, in its sole and absolute discretion, determine

 

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whether to make any available election pursuant to the Code,
including the election under Section 754 of the Code. The General Partner shall have the right to seek to revoke any such election
(including without limitation, any election under Section 754 of the Code) upon the General Partner’s determination in its
sole and absolute discretion that such revocation is the best interests of the Partners.

 

B. 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(l) 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 General Partner is authorized and directed
to execute and file any 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 General Partner is 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.

  

Section 10.3 [Intentionally Omitted.]

 

Section 10.4 [Intentionally Omitted.]

 

Section 10.5 Withholding.

 

Each Partner hereby authorizes the Partnership
to withhold from or pay on behalf of or with respect to such Partner any amount of federal, state, local, or foreign taxes that
the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or
allocable to such Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid
by the Partnership pursuant to Sections 1441, 1442, 1445 or 1446 (including Section 1446(f)) of the Code. Any amount paid on behalf
of or with respect to a Limited Partner shall constitute a receivable of the Partnership from such Partner, which receivable shall
be paid by such Partner within 15 days after notice from the General Partner that such payment must be made unless (i) the Partnership
withholds such payment from a distribution which would otherwise be made to the Partner or (ii) the General Partner determines,
in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would,
but for such payment, be distributed to the Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be
treated as having been distributed to such Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership
a security interest in such Partner’s Partnership Interest to secure such Partner’s obligation to pay to the Partnership
any amounts required to be paid pursuant to this Section 10.5. Any amounts payable by a Limited Partner hereunder shall bear interest
at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the
Wall Street Journal, plus two percentage points (but not higher than the maximum lawful rate) from the date such amount is due
(i.e., 15 days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership
or the General Partner shall request in order to perfect or enforce the security interest created hereunder.

 

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ARTICLE 11

TRANSFERS AND WITHDRAWALS

 

Section 11.1 Transfer.

 

A. The term “transfer”, when
used in this Article 11 with respect to a Partnership Interest, shall be deemed to refer to a transaction by which a Partner purports
to assign its Partnership Interest to another Person and includes a sale, assignment, gift (outright or in trust), pledge, encumbrance,
hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this
Article 11 does not include any Redemption or exchange for REIT Shares pursuant to Section 8.6, except as otherwise provided herein.
No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support,
or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided
for in this Agreement or consented to by the General Partner.

 

B. No Partnership Interest shall be transferred,
in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported
transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio unless otherwise
consented to by the General Partner in its sole and absolute discretion.

 

Section 11.2 Transfer of the Partnership
Interest of the General Partner.A. The General Partner may not Transfer any of its General Partner Interest or withdraw as
General Partner, or Transfer any of its Limited Partner Interest, except (i) if holders of at least two-thirds of the Limited Partner
Interests consent to such Transfer or withdrawal; (ii) if such Transfer is to an entity which is wholly owned by the General Partner
and is a Qualified REIT Subsidiary; or (iii) in connection with a transaction described in Section 11.2C or 11.2D (as applicable).

 

B. In the event the General Partner withdraws
as general partner of the Partnership in accordance with Section 11.2A, the General Partner’s General Partner Interest shall
immediately be converted into a Limited Partner Interest.

 

C. Except as otherwise provided in Section
11.2D, the General Partner shall not engage in any merger, consolidation or other combination of the General Partner with or into
another Person (other than a merger in which the General Partner is the surviving entity) or sale of all or substantially all of
its assets, or any reclassification, or any recapitalization of outstanding REIT Stock (other than a change in par value, or from
par value to no par value, or as a result of a subdivision or combination of REIT Stock) (a “Transaction”), unless
in connection with the Transaction all Limited Partners will either receive, or will have the right to elect to receive, for each
OP Unit an amount of cash, securities, or other property equal to the amount of cash, securities or other property or value paid
in the Transaction to or received by a holder of one REIT Share corresponding to such OP Unit in consideration of one REIT Share
(subject to any adjustments set forth in the definition of the “REIT Shares Amount” as determined by the General Partner)
at any time during the period from and after the date on which the Transaction is consummated; provided that if, in connection
with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders
of more than 50% of the outstanding REIT Shares, each holder of OP Units shall be given the option to exchange its OP Units for
the amount of cash, securities, or other property which a Limited Partner would have received had it (i) exercised its right of
Redemption and (ii) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the right of Redemption
immediately prior to the expiration of the Offer.

 

The foregoing is not intended to, and does
not, affect the ability of (i) a stockholder of the General Partner to sell its stock in the General Partner or (ii) the General
Partner to perform its obligations (under agreement or otherwise) to such stockholders (including the fulfillment of any obligations
with respect to registering the sale of stock under applicable

 

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securities laws).

 

D. Notwithstanding Section 11.2C, the General
Partner may merge 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 “Surviving General Partner”), other than OP Units held
by the General Partner, are contributed to the Partnership as a Capital Contribution in exchange for OP Units with a fair market
value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith and (ii) the
Surviving General Partner expressly agrees to assume all obligations of the General Partner hereunder.

 

Upon such contribution and assumption, the
Surviving General Partner shall have the right and duty to amend this Agreement as set forth in this Section 11.2D. The Surviving
General Partner shall in good faith arrive at a new method for the calculation of the REIT Shares Amount for an OP Unit after any
such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such
calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable
upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and which a
holder of OP Units could have acquired had such OP Units been redeemed for REIT Shares immediately prior to such merger or consolidation.
Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent
as may be practicable to the adjustments provided for in the definition of REIT Shares Amount.

 

The above provisions of this Section 11.2D
shall similarly apply to successive mergers or consolidations permitted hereunder.

 

Section 11.3 Limited Partners’
Rights to Transfer.

 

A. Prior to the first anniversary of the
Effective Date, no Limited Partner shall transfer all or any portion of its Partnership Interest to any transferee without the
consent of the General Partner, which consent may be withheld in their sole and absolute discretion; provided, however,
that any Limited Partner may, at any time, without the consent of the General Partner, (i) transfer all or any portion of its Partnership
Interest to the General Partner, (ii) transfer all or any portion of its Partnership Interest to an Affiliate, another original
Limited Partner or to an Immediate Family Member, subject to the provisions of Section 11.6, (iii) transfer all or any portion
of its Partnership Interest to a trust for the benefit of a charitable beneficiary or to a charitable foundation, subject to the
provisions of Section 11.6, and (iv) subject to the provisions of Section 11.6, pledge (a “Pledge”) all or any portion
of its Partnership Interest to a lending institution, which is not an Affiliate of such Limited Partner, as collateral or security
for a bona fide loan or other extension of credit, and transfer such pledged Partnership Interest to such lending institution in
connection with the exercise of remedies under such loan or extension or credit, and the transfer of such pledged Partnership Interest
by the lender to any transferee. Each Limited Partner or Assignee (resulting from a transfer made pursuant to clauses (i)-(iv)
of the proviso of the preceding sentence) shall have the right to transfer all or any portion of its Partnership Interest, subject
to the provisions of Section 11.6 and the satisfaction of each of the following conditions (in addition to the right of each such
Limited Partner or Assignee to continue to make any such transfer permitted by clauses (i)-(iv) of such proviso without satisfying
either of the following conditions):

 

(1) General Partner Right of First Refusal.
The transferring Partner shall give written notice of the proposed transfer to the General Partner, which notice shall state (i)
the identity of the proposed transferee, and (ii) the amount and type of consideration proposed to be received for the transferred
OP Units. The General Partner shall have ten (10) business days upon which to give the transferring Partner notice of its election
to acquire the OP Units on the proposed terms. If it so elects, it shall purchase the OP Units on such terms within ten (10) business
days after giving notice of such election. If it does not so elect, the transferring Partner may transfer such OP Units to a third
party, on economic terms no

 

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more favorable to the transferee than the proposed terms, subject
to the other conditions of this Section 11.3.

 

(2) Qualified Transferee. Any transfer of
a Partnership Interest shall be made only to Qualified Transferees. It is a condition to any transfer otherwise permitted hereunder
that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under
this Agreement with respect to such transferred Partnership Interest and no such transfer (other than pursuant to a statutory merger
or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation
of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the General Partner,
in its reasonable discretion. Notwithstanding the foregoing, any transferee of any transferred Partnership Interest shall be subject
to any and all ownership limitations contained in the Charter, which may limit or restrict such transferee’s ability to exercise
its Redemption rights, and to the representations in Section 3.4.D. Any transferee, whether or not admitted as a Substituted Limited
Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no
transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have any rights hereunder, other than the
rights of an Assignee as provided in Section 11.5.

 

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

 

C. The General Partner may prohibit any
transfer otherwise permitted under Section 11.3 by a Limited Partner of his or her OP Units if, in the opinion of legal counsel
to the Partnership, such transfer would require the filing of a registration statement under the Securities Act by the Partnership
or would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership
Unit.

 

Section 11.4 Substituted Limited Partners.

 

A. No Limited Partner shall have the right
to substitute a transferee as a Limited Partner in his or her place (including any transferee permitted by Section 11.3). The General
Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant
to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole
and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become
a Substituted Limited Partner shall not give rise to any cause of action, whether at law or in equity, against the Partnership
or any Partner.

 

B. A transferee who has been admitted as
a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the
restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a Substituted Limited
Partner shall be subject to the transferee executing and delivering to the General Partner an acceptance of all of the terms and
conditions of this Agreement (including without limitation, the provisions of Section 2.4 and such other documents or instruments
as may be required to effect the admission), each in form and substance satisfactory to the General Partner) and the acknowledgment
by such transferee that each of the representations and warranties set forth in Section 3.4 are true and correct with respect to
such transferee as of the date of the transfer of the Partnership Interest to such transferee and will continue to be true to the
extent required by such representations and warranties.

 

C. Upon the admission of a Substituted Limited
Partner, the General Partner shall amend Exhibit A to reflect the name, address, number of OP Units, and Percentage Interest
of such Substituted Limited Partner and to eliminate or adjust,

 

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if necessary, the name, address and interest of the predecessor
of such Substituted Limited Partner.

 

Section 11.5 Assignees.

 

If the General Partner, in its sole and
absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a Substituted Limited
Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee
shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive
distributions from the Partnership and the share of Net Income, Net Loss, gain and loss attributable to the OP Units assigned to
such transferee, the rights to transfer the OP Units provided in this Article 11, the right of Redemption provided in Section 8.6,
but shall not be deemed to be a holder of OP Units for any other purpose under this Agreement, and shall not be entitled to effect
a Consent with respect to such OP Units on any matter presented to the Limited Partners for approval (such Consent remaining with
the transferor Limited Partner). In the event any such transferee desires to make a further assignment of any such Partnership
Units, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any
Limited Partner desiring to make an assignment of OP Units. Notwithstanding anything contained in this Agreement to the contrary,
as a condition to becoming an Assignee, any prospective Assignee must first execute and deliver to the Partnership an acknowledgment
that each of the representations and warranties set forth in Section 3.4 are true and correct with respect to such prospective
Assignee as of the date of the prospective assignment of the Partnership Interest to such prospective Assignee and will continue
to be true to the extent required by such representations or warranties.

 

Section 11.6 General Provisions. 

 

A. No Limited Partner may withdraw from
the Partnership other than as a result of (i) a permitted transfer of all of such Limited Partner’s OP Units in accordance
with this Article 11 and the transferee(s) of such Partnership Units being admitted to the Partnership as a Substituted Limited
Partner or (ii) pursuant to the exercise of its right of Redemption of all of such Limited Partner’s OP Units under Section
8.6; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Interest.

 

B. Any Limited Partner who shall transfer
all of such Limited Partner’s OP Units in a transfer permitted pursuant to this Article 11 where such transferee was admitted
as a Substituted Limited Partner or pursuant to the exercise of its rights of Redemption of all of such Limited Partner’s
OP Units under Section 8.6 shall cease to be a Limited Partner; provided that after such transfer, exchange or redemption such
Limited Partner owns no Partnership Interest.

 

C. Transfers pursuant to this Article 11
may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees.

 

D. If any Partnership Interest is transferred,
assigned or redeemed during any quarterly segment of the Partnership’s Partnership Year in compliance with the provisions
of this Article 11 or transferred or redeemed pursuant to Section 8.6, on any day other than the first day of a Partnership Year,
then Net Income, Net Loss, each item thereof and all other items attributable to such Partnership Interest for such Partnership
Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying
interests during the Partnership Year using a method selected by the General Partner that is in accordance with Section 706(d)
of the Code. Except as otherwise agreed by the General Partner, all distributions of Available Cash with respect to which the Partnership
Record Date is before the date of such transfer, assignment, exchange or redemption shall be made to the transferor Partner, and
all distributions of Available Cash thereafter, in the case of a transfer or assignment other than a redemption, shall be made
to the transferee Partner.

 

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E. In addition to any other restrictions
on transfer herein contained, including without limitation the provisions of this Article 11, in no event may any transfer or assignment
of a Partnership Interest by any Partner (including pursuant to a Redemption or exchange for REIT Shares by the Partnership or
the General Partner) be made (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest;
(ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be given or withheld in its
sole and absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions,
separate and apart from all other components of a Partnership Interest;; (iv) if in the opinion of counsel to the Partnership such
transfer could cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result
of the Redemption or exchange for REIT Shares of all Partnership Interests held by all Limited Partners); (v) if such transfer
could, in the opinion of counsel to the Partnership, cause the Partnership to become, with respect to any employee benefit plan
subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(c) of the Code); (vi) if such transfer could, in the opinion of counsel to the Partnership,
cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of
Labor Regulations Section 2510.2-101; (vii) if such transfer requires the registration of such Partnership Interest pursuant to
any applicable federal or state securities laws; (viii) except with the consent of the General Partner, which may be given or withheld
in its sole and absolute discretion, if such transfer (1) could be treated as effectuated through an “established securities
market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of
the Code, (2) could cause the Partnership to become a “publicly traded partnership,” as such term is defined in Sections
469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.E(5), or (4) could cause the Partnership to fail one
or more of the PTP Safe Harbors (as defined below); (ix) if such transfer subjects the Partnership to be regulated under the Investment
Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended;
(x) except with the consent of the General Partner, which may be given or withheld in its sole discretion, if the transferee or
assignee of such Partnership Interest is unable to make the representations set forth in Section 3.4C; (xi) if such transfer is
made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations)
to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, except with the consent of the General Partner,
which may be given or withheld in its sole and absolute discretion; and provided, that, as a condition to granting such consent
the lender may be required to enter into an arrangement with the Partnership and the General Partner to redeem or exchange for
the REIT Shares Amount any OP Units in which a security interest is held simultaneously with the time at which such lender would
be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code;
or (xii) if in the opinion of legal counsel for the Partnership such transfer could adversely affect the ability of the General
Partner to continue to qualify as a REIT or, except with the consent of the General Partner, which may be given or withheld in
its sole and absolute discretion, subject the General Partner to any additional taxes under Section 857 or Section 4981 of the
Code.

 

F. The General Partner shall monitor the
transfers of interests in the Partnership (including any acquisition of OP Units by the Partnership or the General Partner) to
determine (i) if such interests 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
of interests 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 IRS setting forth safe harbors under which interests will
not be treated as “readily tradable on a secondary market” (or the substantial equivalent thereof), within the meaning
of Section 7704 of the Code) (the “PTP 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 to prevent any trading
of interests which could cause the Partnership to become a “publicly traded partnership” within the meaning of Code
Section 7704, or any recognition by the Partnership of such transfers, or to ensure that one or more of the PTP Safe Harbors is
met.

 

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Section 11.7 Put Right of General Partner.

 

The General Partner shall have the right
at any time (the “GP Put Right”) to require the Partnership to redeem any portion of the General Partner Interest for
the purpose of providing the General Partner with sufficient funds to enable it to make repurchases of its stock. The General Partner
shall exercise the GP Put Right at any time by providing the Partnership with written notice of its desire to exercise the GP Put
Right. The purchase price to be paid by the Partnership for the portion of the General Partner Interest that the General Partner
desires to be redeemed shall equal the fair market value of such portion as determined by Appraisal, and shall be paid in cash
within one hundred twenty (120) days after the General Partner provides the written notice required under this Section 11.7. In
the event that the General Partner exercises the GP Put Right, the OP Units held by the General Partner shall be reduced as appropriate.

 

ARTICLE 12

ADMISSION OF PARTNERS

 

Section 12.1 Admission of Successor General
Partner.

 

A successor to all of the General Partner’s
General Partner Interest pursuant to Section 11.2 who is proposed to be admitted as a successor General Partner shall be admitted
to the Partnership as the General Partner, effective upon such transfer. Any such transferee shall carry on the business of the
Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering
to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as
may be required to effect the admission. In the case of such admission on any day other than the first day of a Partnership Year,
all items attributable to the General Partner Interest for such Partnership Year shall be allocated between the transferring General
Partner and such successor as provided in Article 11.

 

Section 12.2 Admission of Additional
Limited Partners.

 

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

 

B. Notwithstanding anything to the contrary
in this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner,
which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person
as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books
and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited Partner and the consent
of the General Partner to such admission. If any Additional Limited Partner is admitted to the Partnership on any day other than
the first day of a Partnership Year, then Net Income, Net Loss, each item thereof and all other items allocable among Partners
and Assignees for such Partnership Year shall be allocated among such Limited Partner and all other Partners and Assignees by taking
into account their varying interests during the Partnership Year using a method selected by the General Partner that is in accordance
with Section 706(d) of the Code. All distributions of Available Cash with respect to which the Partnership Record Date is before
the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner (other than
in its capacity as an Assignee) and, except as otherwise agreed to by the Additional Limited Partners

 

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and the General Partner, all distributions of Available Cash
thereafter shall be made to all Partners and Assignees including such Additional Limited Partner.

 

Section 12.3 Amendment of Agreement and
Certificate of Limited Partnership.

 

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

 

ARTICLE 13

DISSOLUTION AND LIQUIDATION

  

Section 13.1 Dissolution.

 

The Partnership shall not be dissolved by
the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner
in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner (selected
as described in Section 13.1B below) shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs
shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”):

 

A. the expiration of its term as provided
in Section 2.5;

 

B. an event of withdrawal of the General
Partner, as defined in the Act, unless, within 90 days after the withdrawal, all of the remaining Partners agree in writing, in
their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as of the date
of withdrawal, of a substitute General Partner;

 

C. subject to compliance with Section 11.2,
an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion;

 

D. entry of a decree of judicial dissolution
of the Partnership pursuant to the provisions of the Act;

 

E. any sale or other disposition of all
or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result in the sale
or other disposition of all or substantially all of the assets of the Partnership;

 

F. the Incapacity of the General Partner,
unless all of the remaining Partners in their sole and absolute discretion agree in writing to continue the business of the Partnership
and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner;

 

G. the redemption or exchange for REIT Shares
of all Partnership Interests (other than those of the General Partner) pursuant to this Agreement; or

 

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

 

    52 

     

    

 

continue the business of the Partnership and to the appointment,
effective as of a date prior to the date of such order or judgment, of a substitute General Partner.

 

Section 13.2 Winding Up.

 

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

 

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

 

(2) Second, to the payment and discharge of
all of the Partnership’s debts and liabilities to the General Partner;

 

(3) Third, to the payment and discharge of
all of the Partnership’s debts and liabilities to the other Partners; and

 

(4) The balance, if any, to the General Partner
and the Limited Partners in proportion to their positive Capital Account balances, determined after taking into account all Capital
Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than those
made as a result of the liquidating distribution set forth in this Section 13.2A(4)).

 

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

 

Section 13.3 Capital Contribution Obligation.

 

A. If any Partner has a deficit balance
in its Capital Account (after giving effect to all contributions, distributions and allocations for the taxable years, including
the year during which such liquidation occurs), such Partner shall have no

 

    53 

     

    

 

obligation to make any contribution to the capital of the Partnership
with respect to such deficit, and such deficit at any time shall not be considered a debt owed to the Partnership or to any other
Person for any purpose whatsoever, except to the extent otherwise expressly agreed to by such Partner and the Partnership.

 

Section 13.4 Compliance with Timing Requirements
of Regulations.

 

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

 

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

 

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

 

Section 13.5 Deemed Distribution and
Recontribution.

 

Notwithstanding any other provision of this
Article 13, in the event the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Liquidating
Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be
paid or discharged, and the Partnership’s affairs shall not be wound up. Instead, the Partnership shall be deemed to have
contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership. Immediately
thereafter, the Partnership shall be deemed to distribute interests in the new partnership to the General Partner and Limited Partners
in proportion to their respective interests in the Partnership in liquidation of the Partnership.

 

Section 13.6 Rights of Limited Partners.

 

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

 

Section 13.7 Notice of Dissolution.

 

In the event a Liquidating Event occurs
or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the Partnership, the General Partner
shall, within 30 days thereafter, provide written notice thereof to each of the Partners and to all other parties with whom the
Partnership regularly conducts business (as determined in the discretion of the General Partner) and shall publish notice thereof
in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the
discretion of the General Partner).

 

    54 

     

    

 

Section 13.8 Cancellation of Certificate
of Limited Partnership.

 

Upon the completion of the liquidation of
the Partnership cash and property as provided in Section 13.2, the Partnership shall be terminated and the Certificate and all
qualifications of the Partnership as a foreign limited partnership in jurisdictions shall be cancelled and such other actions as
may be necessary to terminate the Partnership shall be taken.

 

Section 13.9 Reasonable Time for Winding-Up.

 

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

 

Section 13.10 Waiver of Partition.

 

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

 

ARTICLE 14

AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS

 

Section 14.1 Amendments.

 

A. The actions requiring consent or approval
of the Partners or of the Limited Partners pursuant to this Agreement, including Section 7.3, or otherwise pursuant to applicable
law, are subject to the procedures in this Article 14.

 

B. Amendments to this Agreement requiring
the consent or approval of Limited Partners may be proposed by the General Partner or by Limited Partners holding twenty-five percent
(25%) or more of the Partnership Interests held by Limited Partners. Following such proposal, the General Partner shall submit
any proposed amendment to the Partners or to the Limited Partners, as applicable. The General Partner shall seek the written consent
of the Limited 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 consent, the General Partner may require a response within a reasonable
specified time, but not less than 15 days, and failure to respond in such time period shall constitute a consent which is consistent
with the General Partner’s recommendation (if so recommended) with respect to the proposal; provided, that, an action shall
become effective at such time as requisite consents are received even if prior to such specified time.

  

Section 14.2 Action by the Partners.

 

A. Meetings of the Partners may be called
by the General Partner and shall be called upon the receipt by the General Partner of a written request by Limited Partners holding
twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The notice shall state the nature of the
business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven days nor more than 30
days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of
the Limited Partners or of the Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting
of Partners or may be given in accordance with the procedure prescribed in Section 14.1.

 

    55 

     

    

 

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

 

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

 

D. Each meeting of Partners shall be conducted
by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting
as the General Partner or such other Person deems appropriate.

 

E. On matters on which Limited Partners
are entitled to vote, each Limited Partner shall have a vote equal to the number of OP Units held.

  

ARTICLE 15

GENERAL PROVISIONS

 

Section 15.1 Addresses and Notice.

 

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

 

Section 15.2 Titles and Captions.

 

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

 

 

Section 15.3 Pronouns and Plurals.

 

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

 

Section 15.4 Further Action.

 

The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action

 

    56 

     

    

 

as may be necessary or appropriate to achieve the purposes of
this Agreement.

 

Section 15.5 Binding Effect.

 

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

 

Section 15.6 Creditors.

 

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

 

Section 15.7 Waiver.

 

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

 

Section 15.8 Counterparts.

 

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

 

Section 15.9 Applicable Law.

 

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

 

Section 15.10 Invalidity of Provisions.

 

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

 

Section 15.11 Entire Agreement.

 

This Agreement contains the entire understanding
and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings
or agreements among them with respect thereto.

  

Section 15.12 No Rights as Stockholders.

 

Nothing contained in this Agreement shall
be construed as conferring upon the holders of OP Units any rights whatsoever as stockholders of the General Partner, including
without limitation any right to receive dividends or other

 

    57 

     

    

 

distributions made to stockholders of the General Partner or
to vote or to consent or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors
of the General Partner or any other matter.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    58 

     

    

 

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

 

	 	 
	GENERAL PARTNER:	 
	 	 
	Procaccianti Hotel REIT, Inc.	 
	 	 
	By: 	 /s/ James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	President	 

 

	 	 
	LIMITED PARTNERS:	 
	 	 
	Procaccianti Hotel REIT L.P., LLC	 
	 	 
	By: Procaccianti Hotel REIT, Inc., its Sole Member	 
	 	 
	By: 	 /s/ James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	President	 

 

	 	 
	LFHI, LLC	 
	 	 
	 	 
	By: 	/s/ Robert Leven	 
	Name: 	Robert Leven	 
	Title:  	Manager	 
	
         

        PEH 1999 Realty Trust Number Two
	 
	 	 
	 	 
	By: 	/s/ James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	Trustee	 

 

    59 

     

    

 

	The LHG 1997 Realty Trust  	 
	 	 
	 	 
	By: 	/s/  Elizabeth A. Procaccianti 	 
	Name: 	Elizabeth A. Procaccianti 	 
	Title:  	Trustee	 
	 	 
	 	 
	TH Investment Holdings II, LLC	 
	 	 
	 	 
	 	 
	By: 	/s/  James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	Manager	 

 

 

    60 

     

    

 

	ETJ GANO HOLDINGS, INC.	 
	 	 
	 	 
	By: 	/s/  James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	Authorized Signatory	 

 

	 	 
	PRJA GANO HOLDINGS, LLC	 
	 	 
	 	 
	By: 	/s/  James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	Authorized Signatory	 
	
         

        EHI GANO HOLDINGS, INC.
	 
	 	 
	 	 
	By: 	/s/  James A. Procaccianti	 
	Name: 	James A. Procaccianti	 
	Title:  	Authorized Signatory	 

 

[Signature Page to Amended and Restated
Agreement of Limited Partnership

of Procaccianti Hotel REIT, L.P.]

 

    61 

     

    

 

Annex A

 

Annex A - Certain Audit Matters

 

(a) Appointment; Resignation. The
Partners hereby appoint James A. Procaccianti as the “partnership representative” as provided in Code Section 6223(a)
(the “Partnership Representative”). The Partnership Representative can be removed at any time by a vote of the
General Partner. The Partnership Representative shall resign if he is no longer a direct or indirect member of the Partnership.
In the event of the resignation or removal of the Partnership Representative, the General Partner shall select a replacement Partnership
Representative. If the resignation or removal of the Partnership Representative occurs prior to the effectiveness of the resignation
or removal under applicable Treasury Regulations or other administrative guidance, the Partnership Representative that has resigned
or been removed shall not take any actions in his capacity as Partnership Representative except as directed by the General Partner.

 

(b) Tax Examinations and Audits.
The Partnership Representative shall promptly notify the Partners of the commencement of any tax audit of the Partnership, upon
receipt of a tax assessment and upon the receipt of a notice of final partnership administrative adjustment or final partnership
adjustment and shall keep the Partners reasonably informed of the status of any tax audit or resulting administrative or judicial
proceeding. Without the consent of the General Partner, the Partnership Representative shall not extend the statute of limitations,
file a request for administrative adjustment, file suit relating to any Partnership tax refund or deficiency or enter into any
settlement agreement relating to items of income, gain, loss or deduction of the Partnership with any taxing authority.

 

(c) Elections. With respect to any
imputed underpayment, the Partnership Representative shall take such actions, on a timely basis, as directed by the General Partner,
including whether to (i) file a petition for readjustment in the Tax Court, federal district court, or the Court of Federal Claims,
(ii) cause the Partnership to pay the imputed underpayment under Code Section 6225, or (iii) make the election under Code Section
6226. If the General Partner directs the Partnership Representative to cause the Partnership to pay the imputed underpayment under
Code Section 6225, (A) the Partners shall take such actions as requested by the Partnership Representative, including filing amended
tax returns and paying any tax due under Code Section 6225(c)(2)(A) or paying any tax due and providing applicable information
to the Internal Revenue Service under Code Section 6225(c)(2)(B) and (B) the Partnership shall make any modifications available
under Code Section 6225(c)(3), (4), and (5) as directed by the General Partner. If the Partnership economically bears (or is required
to economically bear) any imputed underpayment and the General Partner determines that any portion of such liability is attributable
to a Partner or former Partner, then such amount shall be paid by such Person to the Partnership. Any such payment made by a Partner
shall not be treated as a capital contribution, except to the extent required for purposes of maintaining Capital Account balances.
Any amount not paid by a Partner or former Partner within fifteen (15) days of a request by the Partnership Representative pursuant
to this clause (c) shall accrue interest at an annual rate equal to the lesser of fifteen (15%) and the highest rate permitted
by applicable law. Any imputed underpayment amount paid by the Partnership on behalf of a Partner and not reimbursed by that Partner
shall be treated as a distribution to such Partner.

 

(d) Tax Returns and Tax Deficiencies.
Each Partner agrees that such Partner shall not treat any Partnership item inconsistently on such Partner’s federal, state,
foreign, or other income tax return with the treatment of the item on the Partnership’s return. Any deficiency for taxes
imposed on any Partner or former Partner (including penalties, additions to tax or interest imposed with respect to such taxes,
and any taxes imposed pursuant to Code Section 6226) shall be paid by such Partner or former Partner and if required to be paid
(and actually paid) by the Partnership, will be recoverable from such Partner or former Partner.

 

    Annex A-1 

     

    

 

(e) Cooperation by Partners and Former
Partners. Each Partner and former Partner shall provide such cooperation and assistance, including timely executing and filing
forms or other statements and providing information about the Partner, as is reasonably requested by the Partnership Representative
to enable the Partnership to satisfy any applicable tax reporting or compliance requirements, to make any tax election or to qualify
for an exception from or reduced rate of tax or other tax benefit or be relieved of liability for any tax regardless of whether
such requirement, tax benefit or tax liability existed on the date such Partner was admitted to the Partnership. If a Partner fails
to provide any such forms, statements, or other information requested by the Partnership Representative, such Partner shall indemnify
the Partnership for the share of any tax deficiency paid or payable by the Partnership that is due to such failure (as reasonably
determined by the Partnership Representative).

 

(f) Indemnification of Partnership Representative.
The Partnership shall, to the fullest extent permitted by the Act and other applicable law as it presently exists or may hereafter
be amended, indemnify and hold harmless any Person who serves as Partnership Representative, or as an officer or director of a
corporate Partnership Representative, with respect to any claim or demand against such Person and any debt, obligation or other
liability incurred by such Person by reason of such Person’s former or present capacity as the Partnership Representative
(or as an officer or director of a corporate Partnership Representative). The indemnification provided hereunder shall not be deemed
exclusive of any other rights to which any Person may be entitled under this Agreement, or under any applicable law, other agreement,
vote of the General Partners, or otherwise. For purposes of this paragraph (g), any provisions of the Act that restrict or prohibit
the Partnership from indemnifying a General Partner shall be deemed to also restrict or prohibit the Partnership from indemnifying
any Person who serves as Partnership Representative, or as an officer or director of a corporate Partnership Representative. Any
amendment, modification or repeal of any portion of this paragraph (g) shall not adversely affect any right or protection of a
Partnership Representative in respect of any act or omission occurring prior to the time of such amendment, modification or repeal.

 

(g) Tax Counsel. The Partnership
Representative may employ tax counsel to represent the Partnership in connection with any tax audit or investigation of the Partnership
and any administrative or judicial proceedings arising out of such audit. The fees and expenses of such counsel shall be a Partnership
expense and shall be paid by the Partnership.

 

(h) Survival. The obligations of
each Partner or former Partner under this Annex A shall survive the transfer or redemption by such Partner of its partnership
interest, the termination of this Agreement, or the dissolution of the Partnership.

 

    Annex A-2 

     

    

 

EXHIBIT A

 

PARTNERS, OP UNITS, PERCENTAGE INTERESTS

 

	Names and Addresses:	 	Class A 
OP Units	 	Class B OP

Units	 	Class K OP

Units	 	Class K-I 
OP Units	 	Class K-T 
OP Units	 	Percentage 
Interest
	General Partner	 	PER THE	 	BOOKS	 	AND	 	RECORDS	 	OF THE	 	REIT
	Procaccianti Hotel REIT, Inc. 
1140 Reservoir Avenue 
Cranston, Rhode Island 02920-6320	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Limited Partners	 	 	 	 	 	 	 	 	 	 	 	 
	Procaccianti Hotel REIT LP, LLC 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	PER THE	 	BOOKS	 	AND	 	RECORDS	 	 OF THE	 	REIT
	 	 	 	 	 	 	 	 	 	 	 	 	 
	LFHI, LLC 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	 	 	 	 	22,641.10	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PEH 1999 Realty Trust #2 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	 	 	 	 	11,321.19	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	LHG 1997 Realty Trust 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	 	 	 	 	11,321.19	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TH Investment Holdings II, LLC 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	 	 	 	 	81,807.72	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ETJ Gano Holdings, Inc. 
1149 Reservoir Avenue 
Cranston, Rhode Island 
02920-6320	 	 	 	 	 	666.62	 	 	 	 	 	 

 

    Exhibit A-1 

     

    

 

	PRJA GANO HOLDINGS, LLC

Cranston, Rhode Island

02920-6320
	 	 	 	 	 	399.97	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	EHI GANO HOLDINGS, Inc.

1149 Reservoir Avenue

Cranston, Rhode Island

02920-6320
	 	 	 	 	 	266.65	 	 	 	 	 	 

 

    Exhibit A-2 

     

    

 

EXHIBIT B

 

ALLOCATIONS

 

1. Allocations.

 

(a) Allocations of Net Income and Net
Loss. After giving effect to the allocations set forth in paragraphs 2 and 3 of this Exhibit B, items of Net Income
and Net Loss in each fiscal year shall be allocated among the Partners in a manner such that the Capital Account of each Partner,
immediately after giving effect to such allocation, is, as nearly as possible, equal (proportionately) to the amount of the distribution
that would be made to such Partner if:

 

(i) the Partnership were dissolved
and terminated;

 

(ii) the affairs of the Partnership
were wound up and each Partnership asset was sold for cash equal to its Gross Asset Value (except that any Partnership Asset actually
sold during the current year shall be treated as sold for the actual proceeds of the sale);

 

(iii) all Partnership liabilities
were satisfied; and

 

(iv) the net assets of the Partnership
were distributed to the Partners in accordance with Article 5 immediately after giving effect to such allocation.

 

To the extent that any loss or deduction otherwise allocable
to a Partner causes such Partner to have an Adjusted Capital Account Deficit as of the end of the fiscal year to which such loss
or deduction relates, such loss or deduction shall instead be allocated to the other Partner(s) in proportion to positive Capital
Account balances, until their Capital Accounts are all reduced to zero, then the remainder shall be allocated by Percentage Interest.

 

(b) For purposes of subparagraph 1(a) Partners
holding a class or series of Partnership Units that are burdened by Special Fees that are not applicable to all Partnership Units
within such class (such as the stockholder servicing fees described in the General Partner’s Prospectus, which is not applicable
to Class K-T OP Units corresponding to Class K-T REIT Shares purchased through the General Partner’s dividend reinvestment
plan), shall also be deemed to be a separate Partner with respect to each group of such class or series of Partnership Units.

 

2. Regulatory Allocations. Prior
to making any allocations pursuant to paragraph 1 of this Exhibit B, items of Partnership income and loss shall be allocated
in the following order and priority:

 

(a) Minimum Gain Chargeback (Nonrecourse
Liabilities). Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there is a net decrease in Partnership
Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated items of Partnership income and gain for
such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership
Minimum Gain determined in accordance with Section 1.704-2(g) of the Regulations. The items to be so allocated shall be determined
in accordance with Sections 1.704-2(f) and (j) of the Regulations. This subparagraph 2(a) is intended to comply with the minimum
gain chargeback requirement in section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith. Allocations
pursuant to this subparagraph 2(a) shall be made in proportion to the respective amounts required to be allocated to each Partner
pursuant hereto.

 

(b) Partner Minimum Gain Chargeback.
Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if

 

    Exhibit B-1 

     

    

 

there is a net decrease in Partner Nonrecourse Debt Minimum
Gain during any fiscal year, each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain, determined in accordance
with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to that Partner’s share of the net decrease in the Partner Nonrecourse
Debt Minimum Gain to the extent and in the manner required by Section 1.704-2(i) of the Regulations. The items to be so allocated
shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This subparagraph 2(b) is intended
to comply with the minimum gain chargeback requirement contained in section 1.704-2(i)(4) of the Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this subparagraph 2(b) shall be made in proportion to the respective amounts required
to be allocated to each Partner pursuant hereto.

 

(c) Qualified Income Offset. If a
Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), (5)
or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income and gain shall
be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as
quickly as possible as required by the Regulations without creating or increasing an Adjusted Capital Account Deficit of any other
Partner, provided that an allocation pursuant to this subparagraph 2(c) shall be made only if and to the extent that such
Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in this Exhibit B have been
tentatively made as if this subparagraph 2(c) were not in the Agreement.. This subparagraph 2(c) is intended to constitute a “qualified
income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith.

 

(d) Gross Income Allocation. If any
Partner has an Adjusted Capital Account Deficit at the end of any fiscal year or other applicable period which is in excess of
the amount such Partner is obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5)
of the Regulations, such Partner shall be specially allocated items of Partnership income (including gross income) and gain in
the amount of such excess as quickly as possible, provided that an allocation pursuant to this subparagraph 2(g) shall be made
if and only to the extent that such Partner would have an Adjusted Capital Account Deficit in excess of such amount after all other
allocations provided for under this Agreement have been tentatively made as if subparagraph 2(c) and this subparagraph 2(d) were
not in this Agreement.

 

(e) Nonrecourse Deductions. Nonrecourse
Deductions for any fiscal year or other applicable period shall be allocated to the Partners the same ratio as Net Income for such
fiscal year or other applicable period.

 

(f) Partner Nonrecourse Deductions.
Partner Nonrecourse Deductions for any fiscal year or other applicable period shall be specially allocated to the Partner that
bears the economic risk of loss for which such Partner Nonrecourse Deductions are attributable(as determined in accordance with
Section 1.704-2(i)(1) of the Regulations).

 

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

 

3. Curative Allocations and Similar Rules.
The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special
allocations of other items of Partnership income, gain, loss, or deduction pursuant to this paragraph 3. Therefore, notwithstanding
any other provision of this Exhibit B (other than the Regulatory Allocations and Tax Allocations), the General Partner shall
make such offsetting allocations of Partnership

 

    Exhibit B-2 

     

    

 

income, gain, loss or deduction in whatever manner the General
Partner determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance
is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were
not part of this Agreement. In addition, in the event the General Partner determines the allocation provisions of the Agreement
and this Exhibit B result in allocations or Capital Account balances that do not comport with the economic intent of the
parties, the General Partner shall be entitled, in its sole discretion, to make such adjustments to such provisions as it deems
necessary or appropriate to correct such provisions.

 

4. Tax Allocations.

 

(a) Items of Income or Loss. Except
as is otherwise provided in this Exhibit B, an allocation of Partnership Net Income or Net Loss to a Partner shall be treated
as an allocation to such Partner of the same share of each item of income, gain, loss, deduction and item of tax-exempt income
or Section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations)
(“Tax Items”) that is taken into account in computing Net Income or Net Loss.

 

(b) Section 1245/1250 Recapture.
Subject to subparagraph 4(c) below, if any portion of gain from the sale of Partnership assets is treated as gain which is ordinary
income by virtue of the application of Sections 1245 or 1250 of the Code (“Affected Gain”), then such Affected
Gain shall be allocated among the Partners in the same proportion that the depreciation and amortization deductions giving rise
to the Affected Gain were allocated. This subparagraph 4(b) shall not alter the amount of Net Income (or items thereof) allocated
among the Partners, but merely the character of such Net Income (or items thereof). For purposes hereof, in order to determine
the proportionate allocations of depreciation and amortization deductions for each fiscal year or other applicable period, such
deductions shall be deemed allocated on the same basis as Net Income and Net Loss for such respective period.

 

(c) Precontribution Gain, Revaluations.
With respect to any Contributed Property, the Partnership shall use any permissible method contained in the Regulations promulgated
under Section 704(c) of the Code selected by the General Partner, in its sole discretion, to take into account any variation between
the adjusted basis of such asset and the fair market value of such asset as of the time of the contribution (“Precontribution
Gain”). Each Partner hereby agrees to report income, gain, loss and deduction on such Partner’s federal income
tax return in a manner consistent with the method used by the Partnership. If any asset has a Gross Asset Value which is different
from the Partnership’s adjusted basis for such asset for federal income tax purposes because the Partnership has revalued
such asset pursuant to Section 1.704-1(b)(2)(iv)(f) of the Regulations, the allocations of Tax Items shall be made in accordance
with the principles of Section 704(c) of the Code and the Regulations and the methods of allocation promulgated thereunder. The
intent of this subparagraph 4(c) is that each Partner who contributed to the capital of the Partnership a Contributed Property
will bear, through reduced allocations of depreciation, increased allocations of gain or other items, the tax detriments associated
with any Precontribution Gain. This subparagraph 4(c) is to be interpreted consistently with such intent.

 

(d) Excess Nonrecourse Liability Safe
Harbor. Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s proportionate
share of the “excess nonrecourse liabilities” of the Partnership (as defined in Section 1.752-3(a)(3) of the Regulations),
the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined
by the General Partner, provided however, Excess Nonrecourse Liabilities shall be allocated first to the ETJ Gano Holdings, Inc.,
PRJA Gano Holdings, LLC and EHI Gano Holdings, Inc. to the extent of their allocable share of 704(c) built-in gain.”

 

(e) References to Regulations. Any
reference in this Exhibit B or the Agreement to a provision of proposed and/or temporary Regulations shall, if such provision
is modified or renumbered, be deemed to refer to the successor provision as

 

    Exhibit B-3 

     

    

 

so modified or renumbered, but only to the extent such successor
provision applies to the Partnership under the effective date rules applicable to such successor provision.)

 

(f) Successor Partners. For purposes
of this Exhibit B, a transferee of a Partnership Interest shall be deemed to have been allocated the Net Income, Net Loss
and other items of Partnership income, gain, loss, deduction and credit allocable to the transferred Partnership Interest that
previously have been allocated to the transferor Partner pursuant to this Agreement.

 

    Exhibit B-4 

     

    

 

EXHIBIT C

 

NOTICE OF REDEMPTION

 

The undersigned hereby irrevocably (i) transfers
[Class A][Class B][Class K][Class K-I][Class K-T] OP Units in Procaccianti Hotel REIT, L.P. in accordance with the terms of the
Amended and Restated Agreement of Limited Partnership of Procaccianti Hotel REIT, L.P. and the rights of Redemption referred to
therein, (ii) surrenders such [Class A][Class B][Class K][Class K-I][Class K-T] OP Units and all right, title and interest therein,
and (iii) directs that the cash (or, if applicable, REIT Shares of the corresponding Class of OP Units being redeemed) deliverable
upon Redemption or exchange be delivered to the address specified below within ten (10) days of the receipt of this Notice of Redemption,
and if applicable, that such REIT Shares of the corresponding Class of OP Units being redeemed be registered or placed in the name(s)
and at the address(es) specified below.

 

	 	 	 
	Dated:	 	 
	 	 
	 	 	Name of Partner:

 

	 
	 
	(Signature of Partner)
	 
	 
	(Street Address)
	 
	 
	(City, State, Zip Code)

 

Issue REIT Shares of the corresponding Class of OP Units being
redeemed to:

 

Please insert social security or identifying number:

 

Name:

 

    Exhibit C-1 

     

    

 

EXHIBIT D

 

FORM OF
[Class A][Class B][Class K][Class K-I][Class K-T] OP UNIT CERTIFICATE

 

CERTIFICATE FOR OP UNITS OF

Procaccianti
Hotel REIT, L.P.

 

	No.	 	UNITS

 

Procaccianti
Hotel REIT, Inc., as the General Partner of Procaccianti Hotel REIT, L.P., a Delaware limited partnership (the “Operating
Partnership”), hereby certifies that is a Limited Partner of the Operating Partnership whose Partnership Interests therein,
as set forth in the Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated [•], 2020, as
amended (the “Partnership Agreement”), under which the Operating Partnership is existing (copies of which are on file
at the Operating Partnership’s principal office at 1140 Reservoir Avenue, Cranston, Rhode Island 02920-6320),
represent [Class A][Class B][Class K][Class K-I][Class K-T] OP Units in the Operating Partnership.

 

THE UNITS REPRESENTED BY THIS CERTIFICATE OR INSTRUMENT MAY
NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE PARTNERSHIP AGREEMENT, AS IT MAY BE AMENDED FROM TIME TO
TIME (A COPY OF WHICH IS ON FILE WITH THE OPERATING PARTNERSHIP). EXCEPT AS OTHERWISE PROVIDED IN THE PARTNERSHIP AGREEMENT, THE
UNITS EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS THE TRANSFEROR
DELIVERS TO THE GENERAL PARTNER AN OPINION OF COUNSEL SATISFACTORY TO THE GENERAL PARTNER, TO THE EFFECT THAT THE PROPOSED SALE,
TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE
SKY” LAWS. THIS CERTIFICATE EVIDENCES AN INTEREST IN THE OPERATING PARTNERSHIP AND SHALL BE A SECURITY GOVERNED BY ARTICLE
8 OF THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN THE STATE OF DELAWARE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OTHER
APPLICABLE JURISDICTION.

 

    Exhibit D-1 

     

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	ARTICLE 1 DEFINED TERMS	1
	Section 1.1	Definitions.	1
	ARTICLE 2 ORGANIZATIONAL MATTERS	17
	Section 2.1	Organization.	17
	Section 2.2	Name.	17
	Section 2.3	Registered Office and Agent; Principal Office.	17
	Section 2.4	Power of Attorney.	17
	Section 2.5	Term.	18
	ARTICLE 3 PURPOSE	18
	Section 3.1	Purpose and Business.	18
	Section 3.2	Powers.	19
	Section 3.3	Partnership only for Purposes Specified.	19
	Section 3.4	Representations and Warranties by the Parties.	19
	Section 3.5	Certain ERISA Matters.	21
	ARTICLE 4 CAPITAL CONTRIBUTIONS	21
	Section 4.1	Capital Contributions of the Partners.	21
	Section 4.2	Classes of Partnership Units.	21
	Section 4.3	Loans by Third Parties.	22
	Section 4.4	Additional Funding and Capital Contributions.	22
	Section 4.5	Other Contribution Provisions.	23
	Section 4.6	No Preemptive Rights.	23
	Section 4.7	No Interest; No Return.	23
	Section 4.8	Intentionally Omitted.	24
	Section 4.9	Special Fees.	24
	ARTICLE 5 DISTRIBUTIONS	24
	Section 5.1	Distributions.	24
	Section 5.2	Qualification as a REIT.	27
	Section 5.3	Withholding.	28
	Section 5.4	Additional Partnership Interests.	28
	Section 5.5	Distributions in Kind.	28
	Section 5.6	Distributions upon Liquidation.	28
	Section 5.7	Distribution Limitation.	28
	ARTICLE 6 ALLOCATIONS	28
	Section 6.1	Allocations.	28
	ARTICLE 7 MANAGEMENT AND OPERATIONS
    OF BUSINESS	29
	Section 7.1	Management.	29
	Section 7.2	Certificate of Limited Partnership.	32
	Section 7.3	Restrictions on General Partner’s Authority.	32
	Section 7.4	Reimbursement of the General Partner.	33
	Section 7.5	Outside Activities of the General Partner.	35
	Section 7.6	Contracts with Affiliates.	35
	Section 7.7	Indemnification.	36
	Section 7.8	Liability of the General Partner.	38
	Section 7.9	Other Matters Concerning the General Partner.	38
	Section 7.10	Title to Partnership Assets.	39
	Section 7.11	Reliance by Third Parties.	39
	ARTICLE 8 RIGHTS AND OBLIGATIONS
    OF LIMITED PARTNERS	40
	Section 8.1	Limitation of Liability.	40

 

    i

     

    

 

	Section 8.2	Management of Business.	40
	Section 8.3	Outside Activities of Limited Partners.	40
	Section 8.4	Return of Capital.	40
	Section 8.5	Rights of Limited Partners Relating to the Partnership.	40
	Section 8.6	Redemption Rights.	41
	ARTICLE 9 BOOKS, RECORDS, ACCOUNTING
    AND REPORTS	43
	Section 9.1	Records and Accounting.	43
	Section 9.2	Fiscal Year.	44
	Section 9.3	Reports.	44
	Section 9.4	Nondisclosure of Certain Information.	44
	ARTICLE 10 TAX MATTERS	44
	Section 10.1	Preparation of Tax Returns.	44
	Section 10.2	Tax Elections.	44
	Section 10.3	[Intentionally Omitted.]	45
	Section 10.4	[Intentionally Omitted.]	45
	Section 10.5	Withholding.	45
	ARTICLE 11 TRANSFERS AND WITHDRAWALS	46
	Section 11.1	Transfer.	46
	Section 11.2	Transfer of the Partnership Interest of the
    General Partner..	46
	Section 11.3	Limited Partners’ Rights to Transfer.	47
	Section 11.4	Substituted Limited Partners.	48
	Section 11.5	Assignees.	49
	Section 11.6	General Provisions.	49
	Section 11.7	Put Right of General Partner.	51
	ARTICLE 12 ADMISSION OF PARTNERS	51
	Section 12.1	Admission of Successor General Partner.	51
	Section 12.2	Admission of Additional Limited Partners.	51
	Section 12.3	Amendment of Agreement and Certificate of Limited
    Partnership.	52
	ARTICLE 13 DISSOLUTION AND LIQUIDATION	52
	Section 13.1	Dissolution.	52
	Section 13.2	Winding Up.	53
	Section 13.3	Capital Contribution Obligation.	53
	Section 13.4	Compliance with Timing Requirements of Regulations.	54
	Section 13.5	Deemed Distribution and Recontribution.	54
	Section 13.6	Rights of Limited Partners.	54
	Section 13.7	Notice of Dissolution.	54
	Section 13.8	Cancellation of Certificate of Limited Partnership.	55
	Section 13.9	Reasonable Time for Winding-Up.	55
	Section 13.10	Waiver of Partition.	55
	ARTICLE 14 AMENDMENT OF PARTNERSHIP
    AGREEMENT; CONSENTS	55
	Section 14.1	Amendments.	55
	Section 14.2	Action by the Partners.	55
	ARTICLE 15 GENERAL PROVISIONS	56
	Section 15.1	Addresses and Notice.	56
	Section 15.2	Titles and Captions.	56
	Section 15.3	Pronouns and Plurals.	56
	Section 15.4	Further Action.	56
	Section 15.5	Binding Effect.	57
	Section 15.6	Creditors.	57
	Section 15.7	Waiver.	57
	Section 15.8	Counterparts.	57
	Section 15.9	Applicable Law.	57
	Section 15.10	Invalidity of Provisions.	57
	Section 15.11	Entire Agreement.	57
	Section 15.12	No Rights as Stockholders.	57

 

    ii

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