Document:

Exhibit 4.2

 

SECOND AMENDED AND RESTATED AGREEMENT OF
LIMITED PARTNERSHIP

OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P.

(a Delaware limited partnership)

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINED TERMS	1
	ARTICLE II FORMATION OF PARTNERSHIP	11
	2.01	Formation of the Partnership	11
	2.02	Name	12
	2.03	Registered Office and Agent; Principal Office	12
	2.04	Term and Dissolution	12
	2.05	Filing of Certificate and Perfection of Limited Partnership	13
	2.06	Certificates Describing Partnership Units	13
	ARTICLE III BUSINESS OF THE PARTNERSHIP	13
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	14
	4.01	Capital Contributions	14
	4.02	Additional Capital Contributions and Issuances of Additional Partnership Units	14
	4.03	Additional Funding	17
	4.04	LTIP Units	17
	4.05	Conversion of LTIP Units	20
	4.06	Capital Accounts	23
	4.07	Percentage Interests	23
	4.08	No Interest on Contributions	24
	4.09	Return of Capital Contributions	24
	4.10	No Third-Party Beneficiary	24
	ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS	24
	5.01	Allocation of Profit and Loss	24
	5.02	Distribution of Cash	27
	5.03	REIT Distribution Requirements	28
	5.04	No Right to Distributions in Kind	28
	5.05	Limitations on Return of Capital Contributions	28
	5.06	Distributions Upon Liquidation	28
	5.07	Substantial Economic Effect	29
	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	29
	6.01	Management of the Partnership	29
	6.02	Delegation of Authority	31
	6.03	Indemnification and Exculpation of Indemnitees	32
	6.04	Liability of the General Partner	33
	6.05	Partnership Obligations	34
	6.06	Outside Activities	35
	6.07	Employment or Retention of Affiliates	35
	6.08	General Partner Activities	35
	6.09	Title to Partnership Assets	36
	6.10	Restrictions on General Partner Authority	36
	ARTICLE VII CHANGES IN GENERAL PARTNER	36
	7.01	Transfer of the General Partner’s Partnership Interest	36
	7.02	Admission of a Substitute or Additional General Partner	38

 

    	i

    	 

    

 

	7.03	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	39
	7.04	Removal of General Partner	39
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	40
	8.01	Management of the Partnership	40
	8.02	Power of Attorney	40
	8.03	Limitation on Liability of Limited Partners	41
	8.04	Common Unit Redemption Right	41
	8.05	Registration	43
	ARTICLE IX TRANSFERS OF PARTNERSHIP INTERESTS	47
	9.01	Purchase for Investment	47
	9.02	Restrictions on Transfer of Partnership Units	48
	9.03	Admission of Substitute Limited Partner	49
	9.04	Rights of Assignees of Partnership Units	50
	9.05	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	51
	9.06	Joint Ownership of Partnership Units	51
	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	51
	10.01	Books and Records	51
	10.02	Custody of Partnership Funds; Bank Accounts	52
	10.03	Fiscal and Taxable Year	52
	10.04	Annual Tax Information and Report	52
	10.05	Tax Matters Partner; Tax Elections; Special Basis Adjustments	52
	ARTICLE XI AMENDMENT OF AGREEMENT	53
	11.01	Amendment of Agreement	53
	ARTICLE XII GENERAL PROVISIONS	55
	12.01	Notices	55
	12.02	Survival of Rights	55
	12.03	Additional Documents	55
	12.04	Severability	55
	12.05	Entire Agreement	55
	12.06	Pronouns and Plurals	56
	12.07	Headings	56
	12.08	Counterparts	56
	12.09	Governing Law	56

 

EXHIBITS 

 

EXHIBIT A - Partners, Capital Contributions and Percentage Interests

EXHIBIT B - Notice of Exercise of Common Unit Redemption Right

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

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

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

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

 

    	ii

    	 

    

 

SECOND AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P.

 

THIS SECOND AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF BLUEROCK RESIDENTIAL HOLDINGS, L.P. (the “Partnership”), dated
as of _________, 2014, is made and entered into by and among Bluerock Residential Growth REIT, Inc., a Maryland corporation (together
with its successors and assigns, the “General Partner”), and the Limited Partners set forth on the attached
Exhibit A.

 

RECITALS

 

WHEREAS, the
Partnership was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership
filed with the Secretary of State of the State of Delaware effective as of August 8, 2008 and an Agreement of Limited Partnership,
entered into as of August 8, 2008 (the “Original Agreement”), by and between the General Partner and Bluerock
Enhanced Multifamily Advisor, LLC, a Delaware limited liability company as the initial limited partner (the “Initial Limited
Partner”);

 

WHEREAS, Bluerock
REIT Holdings, LLC (“REIT Holdings”) was formed to replace the Initial Limited Partner;

 

WHEREAS, the
General Partner and REIT Holdings amended and restated the Original Agreement by entering into that certain Amended and Restated
Limited Partnership Agreement of the Partnership dated as of June 2009 (the “A & R Partnership Agreement”);

 

WHEREAS, the
Partners desire to amend and restate the A & R Partnership Agreement as set forth below; and

 

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

 

 

AGREEMENT

 

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

 

ARTICLE I

DEFINED TERMS

 

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

 

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

 

    	1

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

“Charter”
means the Second Articles of Amendment and Restatement of the General Partner filed on __________, 2014 with the State Department
of Assessments and Taxation of the State of Maryland, as amended, supplemented or restated from time to time.

 

“Class A REIT
Share” means one share of the Class A common stock, par value $0.01 per share, of the General Partner (or Successor Entity,
as the case may be).

 

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

 

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

 

“Common Partnership
Unit Distribution” has the meaning set forth in Section 4.04(a)(ii).

 

    	3

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Conversion Right” has
the meaning set forth in Section 4.05(a).

 

    	4

    	 

    

 

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

 

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

 

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

 

“Equity Incentive
Plan” means any equity incentive or compensation plan hereafter adopted by the Partnership or the General Partner, including,
without limitation, the General Partner’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	5

    	 

    

 

“Indemnified
Party” has the meaning set forth in Section 8.05(e)

 

“Indemnifying
Party” has the meaning set forth in Section 8.05(e).

 

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

 

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

 

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

 

“Initial Redemption
Shares” has the meaning set forth in Section 8.05(a).

 

“Initial Registration
Statement” has the meaning set forth in Section 8.05(a).

 

“Investment
Allocation Agreement” means that certain Investment Allocation Agreement dated as of ________, 2014, by and among the
General Partner, the Partnership, the Manager and Bluerock Real Estate, L.L.C.

 

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

 

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

 

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

 

“LTIP Unit”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated
in Section 4.04 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the
Partners shall be set forth on Exhibit A, as it may be amended or restated from time to time.

 

    	6

    	 

    

 

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

 

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

 

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

 

“Management
Agreement” means that certain Management Agreement dated as of _______, 2014 by and among the General Partner, the Partnership
and the Manager.

 

“Manager”
means BRG Manager, LLC, Delaware limited liability company.

 

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

 

“NYSE” means the New
York Stock Exchange.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	7

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Redemption Shares” has
the meaning provided in Section 8.05(a).

 

“Registration Statement”
has the meaning provided in Section 8.05(a).

 

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

 

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

 

    	8

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“S-3 Eligible Date” has
the meaning provided in Section 8.05(a).

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

“Service” means the Internal
Revenue Service.

 

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

 

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

 

“Subsequent
Redemption Shares” has the meaning set forth in Section 8.05(a).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	10

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

FORMATION OF PARTNERSHIP

 

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

 

    	11

    	 

    

 

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

 

2.03        Registered
Office and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware is
located at 160 Greentree Drive, Suite 101, Dover, 19904 and the registered agent for service of process on the Partnership in the
State of Delaware at such registered office is National Registered Agents, Inc., a Delaware corporation. The principal office of
the Partnership is located at 712 Fifth Avenue, 9th Floor, New York, New York 10019, or such other place as the General
Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place
or places within or outside the State of Delaware as the General Partner deems necessary or desirable.

 

2.04        Term
and Dissolution.

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

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

 

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

 

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

 

ARTICLE III

BUSINESS OF THE PARTNERSHIP

 

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

 

    	13

    	 

    

 

ARTICLE IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

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

 

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

 

(a)          Issuances
of Additional Partnership Units.

 

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

 

    	14

    	 

    

 

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

 

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

 

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

 

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

 

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

 

    	15

    	 

    

 

(ii) Upon Issuance
of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than (i) REIT Shares issued
in connection with an exchange pursuant to Section 8.04, (ii) Class A REIT Shares issued upon a conversion in accordance with
Section 5.2.6 of the Charter, (iii) REIT Shares issued in a taxable share dividend as described in Section 4.02(a)(i)(2)), or (iv)
Rights (collectively, “Additional Securities”) other than to all holders of REIT Shares, unless (A) the
General Partner shall cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner, including without limitation REIT Holdings) Partnership Units or Rights having designations, preferences
and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the
General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings)
contributes the proceeds from the issuance of such Additional Securities and from any exercise of Rights contained in such Additional
Securities to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection
with an acquisition of Property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance
of Additional Securities have been approved by a majority of the Independent Directors. Without limiting the foregoing, the General
Partner is expressly authorized to issue Additional Securities for less than fair market value, and the General Partner is authorized
to cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
corresponding Partnership Units, so long as (x) the General Partner concludes in good faith that such issuance is in the best
interests of the General Partner and the Partnership and (y) the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner, including without limitation REIT Holdings) contributes all proceeds from such issuance to the Partnership,
including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to a share purchase plan
providing for purchases of REIT Shares at a discount from fair market value or pursuant to share awards, including share options
that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the
time of exercise, and restricted or other share awards approved by the Board of Directors. For example, in the event the
General Partner issues REIT Shares for a cash purchase price and the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner, including without limitation REIT Holdings) contributes all of the proceeds of such issuance to the Partnership
as required hereunder, the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including
without limitation REIT Holdings) shall be issued a number of additional Partnership Units equal to the product of (A) the
number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction,
the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution.

 

(b)          Certain
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings)
shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received
and contributed by the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without
limitation REIT Holdings) are less than the gross proceeds of such issuance as a result of any underwriter’s discount, commissions,
placement fees or other expenses paid or incurred in connection with such issuance, then the General Partner (or any direct or
indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings) shall be deemed to have made
a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of
such underwriter’s discount, commissions, placement fees or other expenses paid by the General Partner and the Partnership
shall be deemed simultaneously to have reimbursed such discount, commissions, placement fees and expenses as an Administrative
Expense for the benefit of the Partnership for purposes of Section 6.05(b)).

 

    	16

    	 

    

 

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

 

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

 

4.04        LTIP
Units.

 

(a)          Issuance
of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services
to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit
such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05
and 5.01(g), LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto.
For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders
and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence
between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with
the following procedures:

 

    	17

    	 

    

 

(i) If an Adjustment Event
occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one conversion and
economic equivalence ratio between Common Units and LTIP Units. The following shall be “Adjustment Events”:
(A) the Partnership makes a distribution on all outstanding Common Units in Partnership Units, (B) the Partnership subdivides
the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units,
or (C) the Partnership issues any Partnership Units in exchange for its outstanding Common Units by way of a reclassification
or recapitalization of its Common Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made
only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously.
For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing,
reorganization, acquisition or other similar business Common Unit Transaction, (y) the issuance of Partnership Units pursuant
to any employee benefit or compensation plan or distribution reinvestment plan or (z) the issuance of any Partnership Units
to the General Partner in respect of a capital contribution to the Partnership of proceeds from the sale of Additional Securities
by the General Partner. If the Partnership takes an action affecting the Common Units other than actions specifically described
above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the
LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment
to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General
Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP
Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate
setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive
evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership
shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such
adjustment; and

 

(ii) The LTIP Unitholders
shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled
to receive distributions in an amount per LTIP Unit equal to the distributions per Common Unit (the “Common Partnership
Unit Distribution”), paid to holders of Common Units on such Partnership Record Date established by the General Partner
with respect to such distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall
be authorized, declared or paid on Common Units, unless equal distributions have been or contemporaneously are authorized, declared
and paid on the LTIP Units.

 

(b)          Priority.
Subject to the provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g), the LTIP Units
shall rank pari passu with the Common Units as to the payment of regular and special periodic or other distributions and
distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of
assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms specifies that
it shall rank junior to, on a parity with, or senior to the Common Units shall also rank junior to, or pari passu with,
or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an LTIP Unitholder shall be entitled
to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Units are entitled
to transfer their Common Units pursuant to Article IX.

 

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

 

    	18

    	 

    

 

(i) Vesting Agreements.
LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions
on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner
from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or
by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to
as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested LTIP Units.”

 

(ii) Forfeiture.
Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting
in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other
forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in
accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be
treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration
or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with
respect to a Partnership Record Date before the effective date of the forfeiture. In connection with any repurchase or forfeiture
of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her
LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(g),
calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

 

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

 

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

 

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

 

(d)          Voting.
LTIP Unitholders shall (a) have the same voting rights as the Limited Partners, with the LTIP Units voting as a single class
with the Common Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set
forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders
of a majority of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting
separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement
applicable to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the
LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights,
privileges and voting powers of the Limited Partners; but subject, in any event, to the following provisions:

 

    	19

    	 

    

 

(i) With respect to any
Common Unit Transaction (as defined in Section 4.05(f)), so long as the LTIP Units are treated in accordance with Section 4.05(f),
the consummation of such Common Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences,
privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and

 

(ii) Any creation or
issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional Common
Units or LTIP Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and
the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect
such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such.

 

The foregoing voting
provisions will not apply if, at or before the time when the act with respect to which such vote would otherwise be required will
be effected, all outstanding LTIP Units shall have been converted into Common Units.

 

4.05        Conversion
of LTIP Units.

 

(a)          Subject
to the provisions of this section, an LTIP Unitholder shall have the right (the “Conversion Right”), at his
or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units; provided, however, that
a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less
than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right
to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder
is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units,
such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and
such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such
condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units. In
all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in this
Section 4.05.

 

    	20

    	 

    

 

(b)          A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Common Units, giving
effect to all adjustments (if any) made pursuant to Section 4.04. Notwithstanding the foregoing, in no event may a holder
of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Limited
Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Common Unit Economic Balance, in each
case as determined as of the effective date of conversion (the “Capital Account Limitation”). To exercise such
LTIP Unitholder’s Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”)
substantially in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not less than
ten nor more than 60 days before a date (the “Conversion Date”) specified in such Conversion Notice; provided,
however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Common Unit Transaction
(as defined in Section 4.05(f)) at least 30 days before the effective date of such Common Unit Transaction, then LTIP
Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth day after such notice from
the General Partner of a Common Unit Transaction or (y) the third business day immediately preceding the effective date of
such Common Unit Transaction. A Conversion Notice shall be provided in the manner provided in Section 12.01. Each LTIP Unitholder
covenants and agrees that all Vested LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of
all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant
to Section 8.04(a) relating to those Common Units that will be issued to such holder upon conversion of such LTIP Units into
Common Units in advance of the Conversion Date; provided, however, that the redemption of such Common Units by the
Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the objective of this paragraph
is to put an LTIP Unitholder in a position where, if such LTIP Unitholder so wishes, the Common Units into which such LTIP Unitholder’s
Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence
that, if the General Partner elects to assume the Partnership’s redemption obligation with respect to such Common Units under
Section 8.04(b) by delivering to such holder Class A REIT Shares rather than cash, then such holder can have such Class A
REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common Units. The General
Partner and LTIP Unitholder shall reasonably cooperate with each other to coordinate the timing of the events described in the
foregoing sentence.

 

(c)          The
Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP Unitholder
to be converted (a “Forced Conversion”) into an equal number of Common Units, giving effect to all adjustments
(if any) made pursuant to Section 4.04; provided, however, that the Partnership may not cause Forced Conversion of any LTIP Units
that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.05(b). To
exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”)
in the form attached as Exhibit E to the applicable LTIP Unitholder not less than ten nor more than 60 days before
the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided
in Section 12.01.

 

(d)          A
conversion of Vested LTIP Units for which the LTIP Unitholder has given a Conversion Notice or the Partnership has given a Forced
Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on
the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership
with the issuance as of the opening of business on the next day of the number of Common Units issuable upon such conversion. After
the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written request,
a certificate of the General Partner certifying the number of Common Units and remaining LTIP Units, if any, held by such person
immediately after such conversion. The Assignee of any Limited Partner pursuant to Article IX may exercise the rights of such
Limited Partner pursuant to this Section 4.05 and such Limited Partner shall be bound by the exercise of such rights by the
Assignee.

 

    	21

    	 

    

 

(e)          For
purposes of making future allocations under Section 5.01(g) and applying the Capital Account Limitation, the portion of the
Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall
be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Unit Economic Balance.

 

(f)          If
the Partnership or the General Partner shall be a party to any Common Unit Transaction (including without limitation a merger,
consolidation, unit exchange, self-tender offer for all or substantially all Common Units or other business combination or reorganization,
or sale of all or substantially all of the Partnership’s assets, but excluding any Common Unit Transaction which constitutes
an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the
holders of such Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each
of the foregoing being referred to herein as a “Common Unit Transaction”), then the General Partner shall, immediately
before the Common Unit Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of LTIP
Units then eligible for conversion, taking into account any allocations that occur in connection with the Common Unit Transaction
or that would occur in connection with the Common Unit Transaction if the assets of the Partnership were sold at the Common Unit
Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the
Partnership Units in the context of the Common Unit Transaction (in which case the Conversion Date shall be the effective date
of the Common Unit Transaction).

 

In anticipation of
such Forced Conversion and the consummation of the Common Unit Transaction, the Partnership shall use commercially reasonable efforts
to cause each LTIP Unitholder to be afforded the right to receive in connection with such Common Unit Transaction in consideration
for the Common Units into which such LTIP Units will be converted the same kind and amount of cash, securities and other property
(or any combination thereof) receivable upon the consummation of such Common Unit Transaction by a holder of the same number of
Common Units, assuming such holder of Common Units is not a Person with which the Partnership consolidated or into which the Partnership
merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person. In the event that holders of Common Units have the opportunity to
elect the form or type of consideration to be received upon consummation of the Common Unit Transaction, before such Common Unit
Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially
reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type
of consideration to be received upon conversion of each LTIP Unit held by such holder into Common Units in connection with such
Common Unit Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive
upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration
that a holder of a Common Unit would receive if such Common Unit holder failed to make such an election.

 

    	22

    	 

    

 

Subject to the rights
of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use
commercially reasonable efforts to cause the terms of any Common Unit Transaction to be consistent with the provisions of this
Section 4.05(f) and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit
of any LTIP Unitholders whose LTIP Units will not be converted into Common Units in connection with the Common Unit Transaction
that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Common Unit Transaction
to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Common Units and
(ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and
other rights set forth in this Agreement for the benefit of the LTIP Unitholders.

 

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

 

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

 

    	23

    	 

    

 

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

 

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

 

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

 

ARTICLE V

PROFITS AND LOSSES; DISTRIBUTIONS

 

5.01        Allocation
of Profit and Loss.

 

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

 

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

 

    	24

    	 

    

 

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

 

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

 

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

 

    	25

    	 

    

 

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

 

(g)          Special
Allocations Regarding LTIP Units. Notwithstanding the provisions of Sections 5.01(a) and (b), Liquidating Gains shall
first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership
of LTIP Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units.
For this purpose, “Liquidating Gains” means net capital gains realized in connection with the actual or hypothetical
sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection
with an adjustment to the value of Partnership assets under Section 704(b) of the Code. The “Economic Capital Account
Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account
balance of the General Partner, plus the amount of the General Partner’s share of any Partner Nonrecourse Debt Minimum Gain
or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Common Units
and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made
under this Section 5.01(g), divided by (ii) the number of the General Partner’s Common Units. Any such allocations
shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 5.01(g).
The parties agree that the intent of this Section 5.01(g) is to make the Capital Account balance associated with each LTIP
Unit to be economically equivalent to the Capital Account balance associated with the General Partner’s Common Units (on
a per-Unit basis).

 

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

 

    	26

    	 

    

 

5.02        Distribution
of Cash.

 

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

 

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

 

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

 

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

 

    	27

    	 

    

 

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

 

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

 

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

 

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

 

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

 

5.06        Distributions
Upon Liquidation.

 

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

 

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

 

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

 

    	28

    	 

    

 

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

 

ARTICLE VI

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

 

6.01        Management
of the Partnership.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	29

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	30

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	31

    	 

    

 

6.03        Indemnification
and Exculpation of Indemnitees.

 

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

 

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

 

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

 

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

 

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

 

    	32

    	 

    

 

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

 

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

 

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

 

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

 

6.04        Liability
of the General Partner.

 

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

 

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

 

    	33

    	 

    

 

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

 

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

 

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

 

6.05        Partnership
Obligations.

 

(a)          Except
as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles V and VI regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services
as general partner of the Partnership.

 

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

 

    	34

    	 

    

 

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

 

6.07        Employment
or Retention of Affiliates.

 

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

 

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

 

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

 

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

 

    	35

    	 

    

 

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

 

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

 

ARTICLE VII

CHANGES IN GENERAL PARTNER

 

7.01        Transfer
of the General Partner’s Partnership Interest.

 

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

 

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

 

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

 

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

 

    	36

    	 

    

 

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

 

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

 

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

 

    	37

    	 

    

 

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

 

(e)          Notwithstanding
anything in this Article VII:

 

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

 

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

 

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

 

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

 

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

 

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

 

    	38

    	 

    

 

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

 

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

 

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

 

7.04        Removal
of General Partner.

 

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

 

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

 

    	39

    	 

    

 

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

 

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

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS

OF THE LIMITED PARTNERS

 

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

 

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

 

    	40

    	 

    

 

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

 

8.04        Common
Unit Redemption Right.

 

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

 

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

 

    	41

    	 

    

 

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

 

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

 

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

 

    	42

    	 

    

 

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

 

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

 

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

 

(a) Registration
of the REIT Shares. One year following the date of this Agreement, or as soon as is practicable thereafter, the General Partner
shall file with the Commission a continuous offering registration statement under Rule 415 of the Securities Act (a “Registration
Statement”), or any similar rule that may be adopted by the Commission, on appropriate form as determined by the General
Partner, covering the resale of REIT Shares issuable upon redemption of the Common Units or LTIP Units held by the Limited Partners
as of the date of this Agreement, or their respective transferees and assigns (collectively, “Qualifying Limited Partners”),
other than the REIT Shares covered by a separate registration statement under the Securities Act, including without limitation
a registration statement on Form S-8 (“Initial Redemption Shares”). In connection therewith, the General Partner
will:

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

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

 

    	43

    	 

    

 

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

 

The General Partner
agrees to supplement or make amendments to the Registration Statement, if required by the rules, regulations or instructions applicable
to the registration form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for a Registration
Statement. The General Partner further agrees that it shall, in its discretion, either (i) amend or supplement the Registration
Statement filed with respect to the Initial Redemption Shares (the “Initial Registration Statement”) to cover
the resale of any REIT Shares issuable upon redemption of Common Units or LTIP Units issued by the Partnership to the Qualifying
Limited Partners after the Initial Registration Statement is declared effective, other than those Units covered by another registration
statement under the Securities Act, including without limitation a registration statement on Form S-8 (“Subsequent Redemption
Shares” and collectively with the Initial Redemption Shares, “Redemption Shares”); or (ii) file a
new Registration Statement covering any Subsequent Redemption Shares. In connection with and as a condition to the General Partner’s
obligations with respect to the filing of the Registration Statement pursuant to this Section 8.05, each Limited Partner agrees
with the General Partner that:

 

(w) it will provide
in a timely manner to the General Partner such information with respect to the Limited Partner as reasonably required to complete
a Registration Statement, including without limitation the information required by Item 507 of Regulation S-K promulgated under
the Securities Act, and file the Registration Statement and to have the Registration Statement declared effective by the Commission
and cleared by the Financial Industry Regulatory Authority (if required), and take such other acts as otherwise required to comply
with applicable securities laws and regulations;

 

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

 

(y) if the General
Partner determines in its good faith judgment, after consultation with counsel, that the use of a Registration Statement, including
any pre- or post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require
the disclosure of important information that the General Partner has a bona fide business purpose for preserving as confidential
or the disclosure of which, in the judgment of the General Partner, would impede the General Partner’s ability to consummate
a significant transaction, upon written notice of such determination by the General Partner (which notice shall be deemed sufficient
if given through the issuance of a press release or filing with the Commission and, if such notice is not publicly distributed,
the Limited Partner agrees to keep the subject information confidential and acknowledges that such information may constitute material
non-public information subject to the applicable restrictions under securities laws), the rights of each Limited Partner to offer,
sell or distribute its Redemption Shares pursuant to such Registration Statement or prospectus or to require the General Partner
to take action with respect to the registration or sale of any Redemption Shares pursuant to a Registration Statement (including
any action contemplated by this Section 8.05) will be suspended until the date upon which the General Partner notifies such Limited
Partner in writing (which notice shall be deemed sufficient if given through the issuance of a press release or filing with the
Commission and, if such notice is not publicly distributed, the Limited Partner agrees to keep the subject information confidential
and acknowledges that such information may constitute material non-public information subject to the applicable restrictions under
securities laws) that suspension of such rights for the grounds set forth in this paragraph is no longer necessary; provided,
however, that the General Partner may not suspend such rights for an aggregate period of more than 180 days in any 12-month
period; and

 

    	44

    	 

    

 

(z) in the case of
the registration of any underwritten equity offering proposed by the General Partner (other than any registration by the General
Partner on Form S-8, or a successor or substantially similar form, of an employee share option, share purchase or compensation
plan or of securities issued or issuable pursuant to any such plan), each Limited Partner will agree, (i) if requested in writing
by the General Partner, managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution
of any REIT Shares or Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period
commencing on the tenth day prior to the expected effective date (which date shall be stated in such notice) of the registration
statement covering such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective
shelf registration statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice)
of such offering and ending on the date specified by such General Partner, managing underwriter, or underwriters administering
such offering in such written request to the Limited Partners and (ii) to keep all information regarding any such offering, including
without limitation the existence, timing, pricing and terms of any such offering, confidential until such time as the General Partner
makes such information public; provided, however, that no Limited Partner shall be required to agree not to effect
any offer, sale or distribution of its Redemption Shares for a period of time that is longer than the greater of 90 days or the
period of time for which any senior executive of the General Partner is required so to agree in connection with such offering.
Nothing in this paragraph shall be read to limit the ability of any Limited Partner to redeem its Common Units in accordance with
the terms of this Agreement.

 

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

 

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

 

    	45

    	 

    

 

(d) Indemnification.

 

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

 

(ii) Promptly upon
receipt by a party indemnified under this Section 8.05(d) of notice of the commencement of any action against such indemnified
party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this Section 8.05(d), such
indemnified party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so notify
the indemnifying party shall not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 8.05(d) unless such failure shall materially adversely affect the defense of such action. In case notice of commencement
of any such action shall be given to the indemnifying party as above provided, the indemnifying party shall be entitled to participate
in and, to the extent it may wish, jointly with any other indemnifying party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory to such indemnified party. The indemnified party
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be paid by the indemnified party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying
party fails to assume the defense of such action with counsel reasonably satisfactory to the indemnified party or (iii) the named
parties to any such action (including any impleaded parties) have been advised by such counsel that representation of such indemnified
party and the indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct
(in which case the indemnified party shall have the right to separate counsel and the indemnifying party shall pay the reasonable
fees and expenses of such separate counsel, provided that, the indemnifying party shall not be liable for more than one separate
counsel). No indemnifying party shall be liable for any settlement of any proceeding entered into without its consent.

 

    	46

    	 

    

 

(iii) The indemnification
provided for in this Section 8.05(d) shall survive the termination of this Agreement and shall remain in full force and effect
regardless of any investigation made by or on behalf of any indemnified party.

 

(e) Contribution.

 

(i) If for any reason
the indemnification provisions contemplated by Section 8.05(d) hereof are either unavailable or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party that would otherwise
be required to provide indemnification or the indemnifying party (in either case, for purposes of this Section 8.05(e), the “Indemnifying
Party”) in respect of such losses, claims, damages or liabilities, shall contribute to the amount paid or payable by
the party that would otherwise be entitled to indemnification or the indemnified party (in either case, for purposes of this Section
8.05(e), the “Indemnified Party”) as a result of such losses, claims, damages, liabilities or expense, in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well as any
other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact related to information supplied by the Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount
paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed
to include any legal or other fees or expenses reasonably incurred by such party.

 

(ii) The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 8.05(e) were determined by pro rata
allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation that does not
take account of the equitable considerations referred to in the immediately preceding paragraph. No person or entity determined
to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(iii) The contribution
provided for in this Section 8.05(e) shall survive the termination of this Agreement and shall remain in full force and effect
regardless of any investigation made by or on behalf of any Indemnified Party.

 

ARTICLE IX

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.01        Purchase
for Investment.

 

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

 

    	47

    	 

    

 

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

 

9.02        Restrictions
on Transfer of Partnership Units.

 

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

 

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

 

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

 

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

 

    	48

    	 

    

 

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

 

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

 

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

 

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

 

9.03        Admission
of Substitute Limited Partner.

 

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

 

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

 

    	49

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9.04        Rights
of Assignees of Partnership Units.

 

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

 

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

 

    	50

    	 

    

 

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

 

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

 

ARTICLE X

BOOKS AND RECORDS; ACCOUNTING; TAX
MATTERS

 

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

 

    	51

    	 

    

 

10.02      Custody
of Partnership Funds; Bank Accounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	52

    	 

    

 

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

 

ARTICLE XI

AMENDMENT OF AGREEMENT

 

11.01      Amendment
of Agreement.

 

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

 

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

 

    	53

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	54

    	 

    

 

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

 

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

 

ARTICLE XII

GENERAL PROVISIONS

 

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

 

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

 

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

 

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

 

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

 

    	55

    	 

    

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS] 

 

    	56

    	 

    

 

IN WITNESS WHEREOF, the parties have hereunder
affixed their signatures to this Amended and Restated Agreement of Limited Partnership, all as of the ___ day of __________  __, 2014.

 

	 	GENERAL PARTNER:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.
	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	LIMITED PARTNERS:
	 	 
	 	BLUEROCK REIT HOLDINGS, LLC,
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	BRG MANAGER, LLC
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	BR-NPT SPRINGING ENTITY, LLC
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 
	 	 	 
	 	BLUEROCK MULTIFAMILY ADVISOR, LLC
	 	 	 
	 	By:	 
	 	 	 
	 	Its:	 

 

    	57

    	 

    

 

EXHIBIT A

(As of ______  __, 2014)

 

	 	 	 	 	 	 	Agreed	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Value of	 	 	 	 	 	 	 	 	 	 
	 	 	Cash	 	 	Capital	 	 	Common	 	 	LTIP	 	 	Percentage	 
	Partner	 	Contribution	 	 	Contribution	 	 	Units	 	 	Units	 	 	Interest	 
	General Partner:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
        Bluerock
Residential Growth REIT, Inc.
	 	$	[_______]	 	 	 	 	 	 	 	[________]	 	 	 	0	 	 	 	[_______]	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Limited Partners:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
        Bluerock
REIT Holdings, LLC
	 	$	[_______]	 	 	 	 	 	 	 	[________]	 	 	 	0	 	 	 	[_______]	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BRG Manager, LLC	 	$	[_______]	 	 	 	 	 	 	 	[________]	 	 	 	0	 	 	 	[_______]	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
        BR-NPT Springing Entity, LLC
	 	$	[_______]	 	 	 	 	 	 	 	[________]	 	 	 	0	 	 	 	[_______]	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
        Bluerock Multifamily Advisor, LLC
	 	$	[_______]	 	 	 	 	 	 	 	[________]	 	 	 	0	 	 	 	[_______]	%
	TOTALS	 	$	[________]	 	 	$	[________]	 	 	 	[________]	 	 	 	[______]	 	 	 	100.0000	%

 

    	58

    	 

    

 

EXHIBIT B

NOTICE OF EXERCISE OF COMMON UNIT
REDEMPTION RIGHT

 

In accordance with
Section 8.04 of the Agreement of Limited Partnership (the “Agreement”) of Bluerock Residential Holdings, LP, the
undersigned hereby irrevocably (i) presents for redemption                     
Common Units in Bluerock Residential Holdings, LP in accordance with the terms of the Agreement and the Common Unit Redemption
Right referred to in Section 8.04 thereof, (ii) surrenders such Common Units and all right, title and interest therein
and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner
deliverable upon exercise of the Common Unit Redemption Right be delivered to the address specified below, and if Class A REIT
Shares (as defined in the Agreement) are to be delivered, such Class A REIT Shares be registered or placed in the name(s) and at
the address(es) specified below.

 

     Dated:                    ,
___

     Name of Limited
Partner:

 

	 	 	 
	 	 	 
	 	 	(Signature of Limited Partner)
	 	 	 
	 	 	 
	 	 	(Mailing Address)
	 	 	 
	 	 	 
	 	 	(City) (State) (Zip Code)
	 	 	 
	 	 	Signature Guaranteed by:
	 	 	 

 

If REIT Shares are to be issued, issue to:

Please insert social security or identifying number:

Name:

    	59

    	 

    

 

EXHIBIT C-1

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE ENTITIES)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	 	PARTNER:	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	 	 	 
	 	 	Name:	 	 	 	 
	 	 	 	 	 
	 	 	Title:	 	 	 	 
	 	 	 	 	 

 

    	60

    	 

    

 

 

Exhibit C-1-1

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

	 	 	 	 	 
	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:

    	61

    	 

    

EXHIBIT C-2

CERTIFICATION OF NON-FOREIGN STATUS

(FOR REDEEMING LIMITED PARTNERS THAT ARE INDIVIDUALS)

 

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

 

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

 

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

 

		3.	My home address is:                                         .

 

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

 

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

	 	 	 	 	 
	 	 	Name:	 	 

 

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

	 	 	 	 	 
	Date:                                        	 	
         

        Name:
	 	 
	 	 	Title:	 	 

 

    	62

    	 

    

 

EXHIBIT D 

NOTICE OF ELECTION BY PARTNER TO CONVERT

LTIP UNITS INTO COMMON UNITS

 

     The
undersigned holder of LTIP Units hereby irrevocably (i) elects to convert the number of LTIP Units in Bluerock Residential
Holdings, LP (the “Partnership”) set forth below into Common Units in accordance with the terms of the Agreement of
Limited Partnership of the Partnership, as amended; and (ii) directs that any cash in lieu of Common Units that may be deliverable
upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that
the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity
other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided
herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having the right to consent or
approve such conversion.

	 	 	 	 	 
	Name of Holder:	 	 	 	 
	 	 	 (Please Print: Exact Name as Registered with Partnership)	 	 

 

Number of LTIP Units to be Converted:

 

Date of this Notice:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	(Signature of Holder: Sign Exact Name as Registered with Partnership)

 

	 	 	 	 	 	 	 
	 	 	(Street Address)

 

	 	 	 	 	 	 	 
	 	 	(City)                                                                           (State)                                                                      
	 	 	(Zip Code)

          Signature
Guaranteed by:

 

    	63

    	 

    

 

EXHIBIT E

 

NOTICE OF ELECTION BY PARTNERSHIP
TO FORCE CONVERSION OF

LTIP UNITS INTO COMMON UNITS

 

Bluerock Residential
Holdings, LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of
LTIP Units set forth below to be converted into Common Units in accordance with the terms of the Agreement of Limited Partnership
of the Partnership, as amended.

	 	 	 	 	 
	Name of Holder:	 	 	 	 
	 	 	(Please Print: Exact Name as Registered with Partnership)	 	 

 

Number of LTIP Units to be Converted:

 

Date of this Notice:

 

    	64Exhibit 4.3

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of _____, 2014, is made and entered into by and among Bluerock
Residential Growth REIT, Inc., a Maryland corporation (the “Company”), and certain Persons listed on
Schedule I attached hereto (such Persons, in their capacity as holders of Registrable Securities, the “Holders”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in Section 1.

 

 WHEREAS, certain
of the Holders (“Contributing Holders”) have entered into various contribution agreements (the “Contribution
Agreements”) with the Company pursuant to which such Holders have contributed (the “Contributions”)
certain indirect interests in real property (the “Interests”) to the Company in exchange, in part, for
shares of the Company’s Class A common stock (the “Class A Common Stock”); and

 

WHEREAS, pursuant to
the terms of certain management arrangements between each Contributing Holder and Bluerock Real Estate, L.L.C. (the “Demand
Agent”) or an affiliate of the Demand Agent (each, a “BRE Party” and collectively, the
“BRE Parties”), a BRE Party was entitled to a disposition fee upon any disposition of the Interests;
and

 

WHEREAS, in lieu of
the payment of disposition fees payable to the BRE Parties in cash, the BRE Parties elected to have such fees paid to them from
a portion of the consideration payable to the Contributing Holders under the Contribution Agreements in the form of shares of Class
A Common Stock, paid to the BRE Parties; and

 

 WHEREAS, the
Company desires to enter into this Agreement with the Holders in order to grant the Holders the registration rights contained herein;
and

 

WHEREAS, the Contributing
Holders contributed the Interests in consideration of, among other things, their receipt and receipt by the BRE Parties of the
registration rights contained herein.

 

 NOW, THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 Section 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
shall mean, when used with reference to a specified Person, (i) any Person that directly or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the specified Person; (ii) any Person who, from time to time, is a
member of the immediate family of a specified Person; (iii) any Person who, from time to time, is an officer or director or manager
of a specified Person; or (iv) any Person who, directly or indirectly, is the beneficial owner of 50% or more of any class of equity
securities or other ownership interests of the specified Person, or of any Person of which the specified Person is directly or
indirectly the owner of 50% or more of any class of equity securities or other ownership interests.

 

“Agreement”
shall mean this Registration Rights Agreement as originally executed and as amended, supplemented or restated from time to time.

 

“Board”
shall mean the Board of Directors of the Company and any successor governing body of the Company or any successor of the Company.

 

“BRE Parties”
has the meaning set forth in the Recitals hereto.  

 

“Business
Day” shall mean each day other than a Saturday, a Sunday or any other day on which banking institutions in the State
of New York are authorized or obligated by law or executive order to be closed.

 

“Commission”
shall mean the United States Securities and Exchange Commission and any successor thereto.

 

    	1

    	 

    

 

“Company”
shall have the meaning set forth in the introductory paragraph hereof and includes the Company’s successors by merger, acquisition,
reorganization or otherwise.

 

“Continuous
Offering Registration Statement” shall have the meaning set forth in Section 3(a) hereof.

 

“Control”
(including the terms “Controlling,” “Controlled by” and “under
common Control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person through the ownership of Voting Power, by contract or otherwise.

 

“Contributing
Holders” shall have the meaning set forth in the Recitals hereto.

 

“Contributions”
shall have the meaning set forth in the Recitals hereto.

 

“Contribution
Agreements” shall have the meaning set forth in the Recitals hereto.

 

“Demand
Agent” shall have the meaning set forth in the Recitals hereto.

 

“Demand
Notice” shall have the meaning set forth in Section 2(b) hereof.

 

“Demand
Expiration Date” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Registration” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

 

“Demand
Right” shall have the meaning set forth in Section 2(a) hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended (or any corresponding provision of succeeding law),
and the rules and regulations thereunder.

 

“Holder”
has the meaning set forth in the introductory paragraph above.

 

“Interests”
has the meaning set forth in the Recitals hereto.

 

“Maximum
Demand Amount” shall mean Fifty Percent (50%) of the aggregate Registrable Securities collectively held by all Holders.

 

“Minimum
Demand Amount” shall mean Twenty Percent (20%) of the aggregate Registrable Securities collectively held by all Holders.

 

“Offering”
means the firmly underwritten public offering by the Company of shares of its Class A Common Stock registered with the Commission
with Registration No. 333-192610.

 

“Person”
shall mean any individual, partnership, corporation, limited liability company, joint venture, association, trust, unincorporated
organization or other governmental or legal entity.

 

“Piggy-Back
Registration” shall have the meaning set forth in Section 4(a) hereof.

 

“Registrable
Securities” shall mean at any time a class of equity securities of the Company or of a successor to the entire business
of the Company which (i) are the shares of Class A Common Stock received by the Holders in connection with the Contributions; and
(ii) are of a class of securities that are listed for trading on a national securities exchange; provided, however,
such Registrable Securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale
of such Registrable Securities shall have been declared effective by the Commission and all such Registrable Securities shall have
been disposed of in accordance with such registration statement, (B) such Registrable Securities shall have been sold in accordance
with Rule 144 (or any successor provision) under the Securities Act, (C) such Registrable Securities become eligible to be publicly
sold without limitation as to amount or manner of sale pursuant to Rule 144 (or any successor provision) under the Securities Act,
(D) such Registrable Securities have ceased to be outstanding; or (E) such Registrable Securities have otherwise been transferred
in a transaction that constitutes a sale thereof under the Securities Act, the Company has delivered to the Holder’s transferee
a new certificate or other evidence of ownership for such shares not bearing the Securities Act restricted stock legend and such
shares may subsequently be resold or otherwise transferred by such transferee without registration under the Securities Act.

 

    	2

    	 

    

 

“Registration
Expenses” shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company
incurred in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any
special audits or “comfort” letters required by or incident to such performance and compliance, and any premiums and
other costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and
(ii) all registration, filing and stock exchange fees, all fees and expenses of complying with securities or “blue sky”
laws, all fees and expenses of custodians, transfer agents and registrars, all printing expenses, messenger and delivery expenses;
provided, however, Registration Expenses shall not include any out-of-pocket expenses of the Holders, transfer taxes,
underwriting or brokerage commissions or discounts associated with effecting any sales of Registrable Securities that may be offered,
or legal expenses of any Holder or group of Holders, which expenses shall be borne by each Holder of Registrable Securities on
a pro rata basis with respect to the Registrable Securities so sold.

 

“Registration
Statement” shall mean a Demand Registration Statement or a Continuous Offering Registration Statement.

 

“Rule 144”
shall mean Rule 144 promulgated by the Commission under the Securities Act.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended (or any successor corresponding provision of succeeding law),
and the rules and regulations thereunder.

 

“SOIF II”
shall mean Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company.

 

“SOIF III”
shall mean Bluerock Special Opportunity + Income Fund III, LLC, a Delaware limited liability company.

 

“SOIFs”
shall mean SOIF II and SOIF III, collectively.

 

“Stand-Off
Period” shall have the meaning set forth in Section 8 hereof.

 

“Voting
Power” shall mean voting securities or other voting interests ordinarily (and apart from rights accruing under special
circumstances) having the right to vote in the election of board members or Persons performing substantially equivalent tasks and
responsibilities with respect to a particular entity.

 

Section 2. Demand Registration

 

(a) Demand Right.
The Holders shall have a one-time right to demand registration of an offering under the Securities Act of not more than the Maximum
Demand Amount and not less than the Minimum Demand Amount (the “Demand Right”). The Holders must exercise
the Demand Right not later than 150 days following the initial closing of the Offering (the “Demand Expiration Date”)
in accordance with the provisions of Section 2(b). Any registration demanded by exercise of the Demand Right (the “Demand
Registration”) shall be made in accordance with the provisions of Section 2(b)(iii).

 

    	3

    	 

    

 

(b) Exercise of
Demand Right; Demand Agent.

 

(i) The Holders
shall exercise the Demand Right exclusively by and through the Demand Agent, who the Holders have expressly appointed to exercise
the Demand Right and carry out such other activities related to the Demand Right as described herein. The Company shall be entitled
to rely upon any statements, certificates, notifications or other information provided to it by the Demand Agent, including, without
limitation, any Demand Notice, without verification from the Holders.

 

(ii) To exercise
the Demand Right, the Demand Agent shall transmit a notice (the “Demand Notice”) to the Company on or
prior to the Demand Expiration Date in accordance with the notice procedures set forth in Section 9(g). The Demand Notice
shall specify: (i) the number of Registrable Securities of each Holder requested to be registered in such Demand Registration;
(ii) the intended method of disposition in connection with such Demand Registration, to the extent then known; and (iii) the identity
of each Holder intending to sell Registrable Securities pursuant to the Demand Registration. Notwithstanding the foregoing, the
Holders hereby agree that any Demand Notice shall demand registration of the Registrable Securities in the following order and
priority: (i) first, the number of Registrable Securities the SOIFs propose to sell in an amount up to their pro rata portion
of the Maximum Demand Amount, allocated pro rata between SOIF II and SOIF III on the basis of the number of Registrable
Securities owned by each of the SOIFs or in such manner as they may otherwise agree; and (ii) second, to the extent any portion
of the Maximum Demand Amount remains unallotted following the operation of (i), the number of Registrable Securities requested
to be included therein by the other Holders in an amount not to exceed their pro rata portion of the Maximum Demand Amount,
allocated pro rata among all such Holders on the basis of the number of Registrable Securities owned by each such Holder
or in such manner as they may otherwise agree.

 

(iii) If
the Company receives a Demand Notice on or prior to the Demand Expiration Date, the Company shall file, not earlier than 180 days
following the initial closing of the Offering and not later than 195 days following the initial closing of the Offering, a registration
statement under the Securities Act, on appropriate form as reasonably determined by the Company, for the registration of the Registrable
Securities set forth in the Demand Notice (a “Demand Registration Statement”). The Company shall use
its commercially reasonable efforts to (A) cause such Demand Registration Statement to be declared effective by the Commission
as soon as practicable thereafter; and (B) keep such Demand Registration Statement effective until the earlier of (i) the time
that all the Registrable Securities covered by the Demand Registration Statement cease to be Registrable Securities or (ii) the
date that is two (2) years from the date of effectiveness of such Demand Registration Statement. The Company further agrees to
supplement or amend the Demand Registration Statement and any related prospectus if required by any applicable laws, rules, regulations
or instructions, and to use its commercially reasonable efforts to cause any such amendment to become effective and such Registration
Statement and related prospectus to become usable as soon as thereafter practicable.

 

Section 3. Continuous Offering Registration.

 

(a) Remaining Registrable
Securities; Continuous Offering Registration. The Company agrees to prepare and file with the Commission not earlier than 270
days and not later than 315 days following the initial closing of the Offering a registration statement under Rule 415 of the Securities
Act or any successor rule thereto (the “Continuous Offering Registration Statement”) for the offering
on a continuous or delayed basis in the future covering resales of all Registrable Securities not registered pursuant to a Demand
Registration Statement, and will use commercially reasonable efforts to cause such Continuous Offering Registration Statement to
be declared effective by the Commission as soon as practicable thereafter. The Continuous Offering Registration Statement shall
be on an appropriate form, as reasonably determined by the Company, and the Continuous Offering Registration Statement and any
form of prospectus included therein (or prospectus supplement relating thereto) shall reflect the plan of distribution or method
of sale as each Holder may from time to time specify in a notice to the Company.  

 

(b) Effectiveness.
The Company shall use commercially reasonable efforts to keep the Continuous Offering Registration Statement continuously effective
for the period beginning on the date on which the Continuous Offering Registration Statement is declared effective and ending on
the date that all of the Registrable Securities registered under the Continuous Offering Registration Statement cease to be Registrable
Securities. During the period that the Continuous Offering Registration Statement is effective, the Company shall supplement or
make amendments to the Continuous Offering Registration Statement, as required by the Securities Act or other law, including to
reflect any specific plan of distribution or method of sale, and shall use its commercially reasonable efforts to have such supplements
and amendments declared effective, if required, as soon as practicable after filing.

 

    	4

    	 

    

 

Section 4. Piggy-Back Registration.

 

In the event that the
Company fails to file, or if filed fails to maintain the effectiveness of, a Continuous Offering Registration Statement, each Holder
may participate, subject to the limitations set forth herein, in a Piggy-Back Registration pursuant to Section 4 hereof;
provided that, if and so long as a Continuous Offering Registration Statement is on file and effective, then the Company
shall have no obligation to allow participation in a Piggy-Back Registration.  

 

(a) Piggy-Back Registration.
If, (i) the Company proposes to file a registration statement under the Securities Act with respect to an underwritten equity offering
of at least Thirty Million Dollars ($30,000,000) for its own account or for the account of any of its security holders of any class
of equity security other than (1) any registration statement filed by the Company under the Securities Act relating to an
offering of Class A Common Stock for its own account as a result of the exercise of the exchange rights set forth in the Partnership
Agreement, (2) any registration statement filed in connection with a demand registration right, including, without limitation,
a Demand Registration Statement, (3) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted
by the Commission), (4) any registration statement filed prior to the date that is 180 days following the date of the initial closing
of the Offering, or (5) any registration statement filed in connection with an exchange offer or offering of securities solely
to the Company’s existing securities holders, and (ii) either (1) the Company has failed to file, or if filed fails to maintain
the effectiveness of, a Continuous Offering Registration Statement or (2) the registration statement is filed on or after the date
that is 180 days following the initial closing of the Offering and prior to the date that is 270 days following the initial closing
of the Offering, then the Company shall give written notice of such proposed filing to the Holders as soon as practicable (but
in no event less than ten (10) days before the anticipated filing date), and such notice shall offer each Holder the opportunity
to register such number of shares of Registrable Securities as each such Holder may request (a “Piggy-Back Registration”);
provided, that, in no event shall the Company be required to register in a Piggy-Back Registration any Registrable Securities registered
pursuant to an effective, or filed but not yet effective, Registration Statement. The Company shall use its commercially reasonable
efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities
requested to be included in a Piggy-Back Registration to be included on the same terms and conditions as any similar securities
of the Company included therein.

 

(b) Reduction of
Offering. Notwithstanding anything contained herein, if in the opinion of the managing underwriter or underwriters of an offering
described in Section 4(a) hereof, the (i) size of the offering that the Holders, the Company and such other Persons intend to make
or (ii) kind of securities that the Holders, the Company and/or any other Persons intend to include in such offering are such that
the success of the offering would be adversely affected by inclusion of the Registrable Securities requested to be included, then
(A) if the size of the offering is the basis of such underwriter’s opinion, the amount of securities to be offered for the
accounts of Holders shall be reduced pro rata (according to the Registrable Securities proposed for registration) to the
extent necessary to reduce the total amount of Registrable Securities to be included in such offering to the amount recommended
by such managing underwriter or underwriters; provided that, in the case of a Piggy-Back Registration, if the securities are being
offered for the account of other Persons as well as the Company, then with respect to the Registrable Securities intended to be
offered by Holders, the proportion by which the amount of such class of securities intended to be offered by Holders is reduced
shall not exceed the proportion by which the amount of such class of the securities intended to be offered by such other Persons
is reduced; and (B) if the combination of the securities to be offered is the basis of such underwriter’s opinion, (x) the
Registrable Securities to be included in such offering shall be reduced as described in clause (A) above (subject to the proviso
in clause (A)) or (y) if the actions described in clause (x) would, in the opinion of the managing underwriter or underwriters,
be insufficient to substantially eliminate the adverse effect that inclusion of the Registrable Securities requested to be included
would have on such offering, such Registrable Securities will be excluded from such offering.

 

    	5

    	 

    

 

Section 5. Black-Out Periods.  

 

Notwithstanding anything
herein to the contrary, the Company shall have the right, exercisable from time to time by the Board, to defer the filing of a
Registration Statement or to require the Holders not to sell pursuant to a Registration Statement or similar document under the
Securities Act filed pursuant to Section 2 or Section 3 or to suspend the effectiveness thereof if at the time of
the delivery of such notice the Board reasonably and in good faith has determined that (a) such offer or sale of any Registrable
Securities would materially impede, delay or interfere with any material transaction involving the Company; (b) the sale of Registrable
Securities pursuant to a Registration Statement or similar document under the Securities Act filed pursuant to Section 2
or Section 3 would require disclosure of non-public material information not otherwise required to be disclosed under applicable
law; (c)(i) the Company has a bona fide business purpose for preserving the confidentiality of a material transaction; (ii) disclosure
would have a material adverse effect on the Company or the Company’s ability to consummate such a material transaction; or
(iii) such a material transaction renders the Company unable to comply with Commission requirements, in each case, under circumstances
that would make it impracticable or inadvisable, to cause the Registration Statement or other similar document under the Securities
Act filed pursuant to Section 2 or Section 3 to become effective or to promptly amend or supplement the Registration
Statement on a post-effective basis, as applicable; or (d) the Board determines in good faith that it is in the Company’s
best interests or the Company is required by law, rule or regulation to supplement a Registration Statement or other similar document
in order to ensure that the prospectus included in such Registration Statement or similar document (i) contains the information
required by the form on which such Registration Statement or similar document was filed, or (ii) discloses any facts or events
arising after the effective date of the Registration Statement or similar document that, individually or in the aggregate, represents
a fundamental change in the information set forth therein; provided, however, that in no event shall any black-out
period extend for an aggregate period of more than 90 days in any 12-month period. The Company, as soon as practicable, shall (i)
give the Holders prompt written notice in the event that the Company has suspended sales of Registrable Securities pursuant to
this Section 5, (ii) give the Holders prompt written notice of the completion of such suspension event and (iii) use its
commercially reasonable efforts to cause the Registration Statement to become effective or amend or supplement the Registration
Statement on a post-effective basis or take such action as is necessary to permit resumed use of the Registration Statement or
filing thereof as soon as reasonably possible following the conclusion of the applicable suspension event and its effect.  

 

Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in this Section 5,
such Holder will forthwith discontinue its disposition of Registrable Securities pursuant to the Registration Statement relating
to such Registrable Securities until such Holder’s receipt of the notice of completion of such event.  

 

Section 6. Registration Procedures.
 

 

(a) In connection with
the filing of any Registration Statement as provided by this Agreement, until the Registrable Securities cease to be Registrable
Securities, the Company shall use commercially reasonable efforts to, as expeditiously as reasonably practicable:   

 

(i)          furnish to each
Holder of the Registrable Securities being registered, without charge, such number of conformed copies of such Registration Statement
and of each such amendment and supplement thereto (in each case including all exhibits) other than those which are being incorporated
into such Registration Statement by reference, such number of copies of the prospectus contained in such Continuous Offering Registration
Statement (including each complete prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act in conformity with the requirements of the Securities Act, and such other documents, including documents incorporated
by reference, as the Holder may reasonably request;  

 

(ii)         register or qualify
all Registrable Securities under such other securities or “blue sky” laws of such jurisdictions as the Holder and the
underwriters of the Registrable Securities being registered, if any, shall reasonably request, but only to the extent legally required
to do so, to keep such registration or qualification in effect for so long as such Registration Statement remains in effect, to
allow the Holder to consummate the disposition in such jurisdiction of the securities owned by the Holder, except that the Company
shall not for any such purpose be required to qualify generally to do business as a foreign company or to register as a broker
or dealer in any jurisdiction where it would not otherwise be required to qualify but for this Section 6(a)(ii), or to consent
to general service of process in any such jurisdiction, or to be subject to any material tax obligation in any such jurisdiction
where it is not then so subject;  

 

    	6

    	 

    

 

(iii)        notify the Holders
at any time when the Company becomes aware during any period during which a prospectus for Registrable Securities is required to
be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made,
and promptly prepare and file a supplement or prepare, file and obtain effectiveness of a post-effective amendment to the Registration
Statement and, at the request of the Holders, furnish to the Holders a reasonable number of copies of a supplement to, or an amendment
of, such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances under which they were made;  

 

(iv)        comply or continue
to comply in all material respects with the Securities Act and the Exchange Act and with all applicable rules and regulations of
the Commission thereunder so as to enable any Holder to sell its Registrable Securities pursuant to the Registration Statement;

 

(v)         provide a transfer
agent and registrar for all Registrable Securities covered by any such Registration Statement not later than the effective date
of such Registration Statement;  

 

(vi)        cooperate with
the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities (if the Registrable
Securities are then certificated) to be sold and not bearing any Securities Act legend; and enable certificates for such Registrable
Securities to be issued for such number of shares and registered in such names as any Holder may reasonably request in writing
at least two Business Days prior to any sale of Registrable Securities;  

 

(vii)       list all Registrable
Securities covered by such Continuous Offering Registration Statement on any securities exchange or national quotation system on
which any such class of securities is then listed or quoted and cause to be satisfied all requirements and conditions of such securities
exchange or national quotation system to the listing or quoting of such Registrable Securities that are reasonably within the control
of the Company including, without limitation, registering the applicable class of Registrable Securities under the Exchange Act,
if appropriate, and using commercially reasonable efforts to cause such registration to become effective pursuant to the rules
of the Commission;  

 

(viii)      in connection
with any sale, transfer or other disposition by any Holder of any Registrable Securities pursuant to Rule 144, cooperate with such
Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold and
not bearing any Securities Act legend, and enable certificates for such Registrable Securities to be for such number of shares
and registered in such name as such Holder may reasonably request in writing at least three Business Days prior to any sale of
Registrable Securities pursuant to Rule 144. 

 

(ix)        notify each Holder,
promptly after it shall receive notice thereof, of the time when such Registration Statement, or any post-effective amendments
to the Registration Statement, shall have become effective, or a supplement to any prospectus forming part of such Registration
Statement has been filed or when any document is filed with the Commission which would be incorporated by reference into the prospectus;
 

 

(x)         notify each Holder
of any request by the Commission for the amendment or supplement of such Registration Statement or prospectus for additional information;
and  

 

(xi)        advise each Holder,
promptly after it shall receive notice or obtain actual knowledge thereof, of (A) the issuance of any stop order, injunction or
other order or requirement by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and use commercially reasonable efforts to prevent the issuance of any stop order, injunction
or other order or requirement or to obtain its withdrawal, if such stop order, injunction or other order or requirement should
be issued, (B) the suspension of the registration of the subject shares of the Registrable Securities in any state or other jurisdiction
and (C) the removal of any such stop order, injunction or other order or requirement or proceeding or the lifting of any such suspension.
 

 

    	7

    	 

    

 

(b) In connection with
the filing of any Registration Statement covering Registrable Securities, each Holder shall furnish in writing to the Company such
information regarding such Holder (and any of his, her or its Affiliates) of the Registrable Securities to be sold, the intended
method of distribution of such Registrable Securities and such other information requested by the Company as is necessary or advisable
for inclusion in the Registration Statement relating to such offering pursuant to the Securities Act, including without limitation
any information required by Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time.  

 

Each Holder agrees
by acquisition of the Registrable Securities that (i) upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 6(a)(iii) hereof, such Holder will forthwith discontinue its disposition of Registrable
Securities pursuant to the Continuous Offering Registration Statement until such Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 6(a)(iii) hereof; (ii) upon receipt of any notice from the Company of the
happening of any event of the kind described in clause (A) of Section 6(a)(xi) hereof, such Holder will discontinue its
disposition of Registrable Securities pursuant to such Continuous Offering Registration Statement until such Holder’s receipt
of the notice described in clause (C) of Section 6(a)(xi) hereof; and (iii) upon receipt of any notice from the Company
of the happening of any event of the kind described in clause (B) of Section 6(a)(xi) hereof, such Holder will discontinue
its disposition of Registrable Securities pursuant to such Continuous Offering Registration Statement in the applicable state jurisdiction(s)
until such Holder’s receipt of the notice described in clause (C) of Section 6(a)(xi) hereof.  

 

Section 7. Indemnification.  

 

(a) Indemnification
by the Company. The Company agrees to indemnify and hold harmless each Holder, its members, partners, officers, directors,
managers, trustees, stockholders, employees, retained professionals, agents and investment advisers, each underwriter, broker or
any other Person on behalf of such Holder, and each Person, if any, who Controls such Holder, together with the members, partners,
officers, directors, managers, trustees, stockholders, employees, retained professionals, agents and investment advisers of such
Controlling Person, against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees) to which a Holder or any such indemnitees may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages, liabilities and expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
out of, or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration
Statement under which such Registrable Securities were registered and sold under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, or arising out of or based upon
any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, or (ii) any violation or alleged violation of
the Securities Act or state securities laws or rules thereunder by the Company that relate to any action or inaction by the Company
in connection with such Registration Statement, and the Company will reimburse such Persons for any reasonable legal or any other
expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, liability, action
or proceedings; provided, however, that the Company shall not be liable to, or required to indemnify, any Holder
under this Section 7(a) in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding
in respect thereof) or expense arises out of or is based upon, an untrue statement or alleged statement or omission or alleged
omission made in such Registration Statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment
or supplement in reliance upon and in conformity with written information furnished to the Company by any such Holder or on such
Holder’s behalf. The indemnity contained in this Section 7(a) shall remain in full force and effect regardless of
any investigation made by or on behalf of a Holder or any such Controlling Person and shall survive the transfer of such securities
by a Holder.

 

(b) Indemnification
by the Holders. In connection with any registration in which a Holder is participating, each such Holder agrees to indemnify
and hold harmless the Company, each present or past member of the Board, each past or present officer, employee, retained professional,
agent and investment adviser, each past or present external advisor or manager, of the Company, underwriter, broker or other Person
acting on behalf of the Holder, and each other Person, if any, who Controls any of the foregoing, together with the members, partners,
officers, directors, managers, trustees, stockholders, employees, retained professionals, agents and investment advisers of such
Controlling Person, against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees), joint or several, to which the Company or any such indemnitees may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages, liabilities and expenses (or actions or proceedings, whether commenced or threatened,
in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact in or
omission or alleged omission to state a material fact from such Registration Statement, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement
or omission or alleged omission was made in reliance upon information provided by such Holder or on such Holder’s behalf,
or (ii) any violation or alleged violation of the Securities Act or state securities laws or rules thereunder by such Holder. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any such
Board member, officer, employee, agent, investment adviser or Controlling Person and shall survive the transfer of such securities
by any Holder. The obligation of a Holder to indemnify will be several and not joint, among the Holders of Registrable Securities
and shall be limited to the net proceeds (after underwriting fees, commissions or discounts) actually received by such Holder from
the sale of Registrable Securities pursuant to such Registration Statement, except in the case of fraud or willful misconduct by
such Holder.

 

    	8

    	 

    

 

(c) Notices of Claims,
Etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim
referred to in the preceding paragraphs of this Section 7, such indemnified party will, if a claim in respect thereof is
to be made against an indemnifying party, give prompt written notice to the latter of the commencement of such action; provided,
however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying
party of its obligations under the preceding paragraphs of this Section 7, except to the extent that the indemnifying party
is actually and materially prejudiced by such failure to give notice. In case any such action is brought against an indemnified
party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
parties may exist in respect of such claim, the indemnifying party shall be entitled to assume the defense thereof, for itself,
if applicable, together with any other indemnified party similarly notified, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to the indemnified
party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof; provided, that
if (i) any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available
to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim
or litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, or (ii) such
action seeks an injunction or equitable relief against any indemnified party or involves actual or alleged criminal activity, the
indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such
indemnified party's prior written consent (but, without such consent, shall have the right to participate therein with counsel
of its choice) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party
for that portion of the fees and expenses of any counsel retained by the indemnified party which is reasonably related to the matters
covered by the indemnity provided hereunder. The indemnifying party shall not, without the consent of the indemnified party, consent
to any judgment or settlement that (i) does not contain a full and unconditional release of the indemnified party from all liability
concerning any claim or litigation; (ii) includes a statement about or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party; or (iii) commits any indemnified party to take, or hold back from taking, any action.

 

(d) Indemnification
Payments. To the extent that the indemnifying party does not assume the defense of an action brought against the indemnified
party as provided in Section 7(c) hereof, or assumes such defense and thereafter does not diligently pursue the same to
conclusion the indemnified party (or parties if there is more than one) shall be entitled to the reasonable legal expenses of common
counsel for the indemnified party (or parties). In such event, however, the indemnifying party will not be liable for any settlement
effected without the written consent of such indemnifying party, which consent shall not be unreasonably withheld. The indemnification
required by this Section 7 shall be made by periodic payments of the amount thereof during the course of an investigation
or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

(e) Contribution.
If, for any reason, the foregoing indemnity is unavailable, or is insufficient to hold harmless an indemnified party, then the
indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of the expense, loss, damage
or liability, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and the indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission) or (ii)
if the allocation provided by subclause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified
party than the amount hereinafter calculated, in the proportion as is appropriate to reflect not only the relative fault of the
indemnifying party and the indemnified party, but also the relative benefits received by the indemnifying party on the one hand
and the indemnified party on the other, as well as any other relevant equitable considerations. No indemnified party guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any indemnifying party who was not guilty of such fraudulent misrepresentation.

 

    	9

    	 

    

 

Section 8. Market Stand-Off Agreement.
Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company
in connection with any public offering of the Company’s Class A Common Stock or other equity securities, directly or indirectly
sell, offer to sell (including, without limitation, any short sale), grant any option or otherwise transfer or dispose of any Registrable
Securities (other than to donees of the Holder, who agree to be similarly bound) within fourteen days prior to, and for up to 90
days following, the effective date of a Continuous Offering Registration Statement of the Company filed under the Securities Act
or the date of an underwriting agreement with respect to an underwritten public offering of the Company’s securities (the
“Stand-Off Period”); provided, however, that:  

 

(a) with respect to
any Stand-Off Period, such agreement to Stand-Off shall not be applicable to the Registrable Securities to be sold on the Holder’s
behalf to the public in such underwritten offering pursuant to such Continuous Offering Registration Statement;  

 

(b) all executive officers
and directors of the Company then holding shares of Class A Common Stock of the Company shall enter into similar agreements;

 

(c) the Company shall
use commercially reasonable efforts to obtain similar agreements from each 5% or greater stockholder of the Company; and

 

(d) the Holder shall
be allowed any concession or proportionate release allowed to any (i) officer, (ii) director or (iii) other 5% or greater stockholder
of the Company that entered into similar agreements.  

 

In order to enforce
the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Registrable
Securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Securities
and such other shares of Class A Common Stock of each Holder (and the Class A Common Stock or securities of every other Person
subject to the foregoing restriction) until the end of such period.

 

 Section 9.
Miscellaneous.  

 

(a) Termination;
Survival. The rights of each Holder under this Agreement shall terminate upon the earlier of (i) the date on which such Holder
no longer holds Registrable Securities or (ii) date that all of the Registrable Securities held by such Holder may be sold during
any three-month period in a single transaction or series of transactions without volume limitations under Rule 144 (or any successor
provision) under the Securities Act. Notwithstanding the foregoing, the obligations of the parties under Section 7 hereof
and paragraphs (d), (e) and (g) of this Section 9 shall survive the termination of this Agreement.  

 

(b) Expenses.
All Registration Expenses incurred in connection with any Registration Statement under Section 2 or Section 3 hereof
shall be borne by the Company, whether or not any Registration Statement related thereto becomes effective.

 

(c) Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall
become effective when one or more such counterparts have been signed by each of the parties and delivered to each of the other
parties.  

 

(d) Applicable Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

    	10

    	 

    

 

(e) Waiver Of Jury
Trial; Forum. THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY SHALL BRING ANY ACTION AGAINST ANY OTHER PARTY IN CONNECTION
WITH THIS AGREEMENT IN A FEDERAL OR STATE COURT LOCATED IN NEW YORK, NEW YORK, CONSENTS TO THE JURISDICTION OF SUCH COURTS, AND
WAIVES ANY RIGHT TO HAVE ANY PROCEEDING TRANSFERRED FROM SUCH COURTS ON THE GROUND OF IMPROPER VENUE OR INCONVENIENT FORUM.

 

(f) Prior Agreement;
Construction; Entire Agreement. This Agreement, including the exhibits and other documents referred to herein (which form a
part hereof), constitutes the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings between the parties, and all such prior agreements and understandings are merged herein and shall
not survive the execution and delivery hereof.

 

(g) Notices.
All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand
or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service or be telecopier and
shall be deemed given when so delivered by hand or, if mailed, three days after mailing (one Business Day in the case of express
mail or overnight courier service), addressed as follows:

 

	If to the Holder:	 	To the address indicated for such Holder in Schedule I hereto.
	 	 	 
	If to the Company:	 	Bluerock Residential Growth REIT, Inc.
	 	 	712 Fifth Avenue, 9th Floor
	 	 	New York, New York 10019
	 	 	Attention:  R. Ramin Kamfar
	 	 	Facsimile: 646-278-4220
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Kaplan, Voekler, Cunningham & Frank, PLC
	 	 	1401 East Cary Street
	 	 	Richmond, VA 23219
	 	 	Attention: Richard P. Cunningham, Jr.
	 	 	Facsimile: 804.823.4099

 

(h) Successors and
Assigns; Assignment. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties thereto. The Company may assign its rights or obligations hereunder to any successor to the Company’s
business or with the prior written consent of Holders of a majority of the then outstanding Registrable Securities, which consent
will not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, no assignee of the Company shall have
any of the rights granted under this Agreement until such assignee shall acknowledge its rights and obligations hereunder by a
signed written agreement pursuant to which such assignee accepts such rights and obligations. A Holder may not assign its rights
under this Agreement without the consent of the Company, which the Company may withhold in its sole discretion.

 

(i) Headings.
Headings are included solely for convenience of reference and if there is any conflict between headings and the text of this Agreement,
the text shall control.

 

(j) Amendments And
Waivers. The provisions of this Agreement may be amended or waived at any time only by the written agreement of the Company
and the Holders of a majority of the Registrable Securities; provided, however, that the provisions of this Agreement
may not be amended or waived without the consent of the Holder of all the Registrable Securities adversely affected by such amendment
or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect
all of the Registrable Securities; provided, further, that the provisions of the preceding provision may not be amended
or waived except in accordance with this sentence. Any waiver, permit, consent or approval of any kind or character on the part
of any such Holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the
extent specifically set forth in writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon
each Holder of Registrable Securities and the Company.

 

    	11

    	 

    

 

(k) Interpretation;
Absence Of Presumption. For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa
and words of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,”
“herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer
to this Agreement as a whole and not to any particular provision of this Agreement, and section, paragraph or other references
are to the sections, paragraphs, or other references to this Agreement unless otherwise specified, (iii) the word “including”
and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context
otherwise requires or unless otherwise specified, (iv) the word “or” shall not be exclusive and (v) provisions shall
apply, when appropriate, to successive events and transactions.

 

 This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
or causing any instruments to be drafted.  

 

(l) Severability.
If any provision of this Agreement shall be or shall be held or deemed by a final, non-appealable order by a competent authority
to be invalid, inoperative or unenforceable, such circumstance shall not have the non-appealable effect of rendering any other
provision or provisions herein contained invalid, inoperative or unenforceable, but this Agreement shall be construed as if such
invalid, inoperative or unenforceable provision had never been contained herein so as to give full force and effect to the remaining
such terms and provisions.

 

(m) Specific Performance;
Other Rights. The parties recognize that various other rights rendered under this Agreement are unique and, accordingly, the
parties shall, in addition to such other remedies as may be available to them at law or in equity, have the right to enforce the
rights under this Agreement by actions for injunctive relief and specific performance.

 

(n) Attorneys’
Fees. Should any party hereto employ attorneys or arbitrators to bring an action or arbitration to enforce any of the provisions
hereof, the non-prevailing party in such action or arbitration shall pay the prevailing party all reasonable costs, charges, and
expenses, including attorneys’ fees and costs, expended or incurred in connection therewith.

 

(o) Further Assurances.
In connection with this Agreement, as well as all transactions and covenants contemplated by this Agreement, each party hereto
agrees to execute and deliver or cause to be executed and delivered such additional documents and instruments and to perform or
cause to be performed such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms,
provisions and conditions of this Agreement and all such transactions and covenants contemplated by this Agreement.

 

(p) No Waiver Of
Breach. The waiver of any breach of any term or condition of this Agreement shall not operate as a waiver of any other breach
of such term or condition or of any other term or condition, nor shall any failure to enforce any provision hereof operate as a
waiver of such provision or of any other provision hereof.

 

[SIGNATURE PAGE FOLLOWS]

 

    	12

    	 

    

 

[Signature Page to Registration Rights Agreement]

 

IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be duly executed as of the date first written above.

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland corporation
	 	 
	 	 
	 	By: 	 
	 	Name: 	        
	 	Its: 	 
	 	 
	 	HOLDERS:
	 	 
	 	Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company
	 	 
	 	By: BR SOIF II Manager, LLC
	 	Its: Manager

 

	 	By: 	 
	 	Name: 	 
	 	Its: 	 

 

	 	Bluerock Special Opportunity + Income Fund III, LLC, a Delaware limited liability company
	 	 
	 	By: BR SOIF III Manager, LLC
	 	Its: Manager

 

	 	By: 	 
	 	Name: 	 
	 	Its: 	 

 

	 	BR SOIF II Manager, LLC, a Delaware limited liability company
	 	 
	 	By: 	 
	 	Name: 	 
	 	Its: 	       
	 	 
	 	BR SOIF III Manager, LLC, a Delaware limited liability company
	 	 
	 	By: 	 
	 	Name: 	 
	 	Its: 	 

 

    	13

    	 

    

 

Schedule I

 

	Holder	 	Address	 	Registrable Securities
	 	 	 	 	 
	Bluerock Special Opportunity +	 	c/o Bluerock Real Estate, L.L.C.	 	 
	Income Fund II, LLC*	 	712 Fifth Avenue, 9th Floor	 	 
	 	 	New York, New York 10019	 	 
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	Bluerock Special Opportunity +	 	c/o Bluerock Real Estate, L.L.C.	 	 
	Income Fund III, LLC*	 	712 Fifth Avenue, 9th Floor	 	 
	 	 	New York, New York 10019	 	 
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	BR SOIF II Manager, LLC	 	c/o Bluerock Real Estate, L.L.C.	 	 
	 	 	712 Fifth Avenue, 9th Floor	 	 
	 	 	New York, New York 10019	 	 
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 
	 	 	 	 	 
	BR SOIF III Manager, LLC	 	c/o Bluerock Real Estate, L.L.C.	 	 
	 	 	712 Fifth Avenue, 9th Floor	 	 
	 	 	New York, New York 10019	 	 
	 	 	Attention: R. Ramin Kamfar	 	 
	 	 	Facsimile: 646-278-4220	 	 

 

* Denotes Contributing Holder

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]