Document:

Form of Advisory Agreement

 Exhibit 10.1 
 Advisory Agreement 
 between 
 Institutional REIT, Inc. 
 and 
 Wells Capital, Inc. 
                     , 2006 

 Table of Contents 
  

			
	 	  	Page
	 Section 1 – Definitions
	  	1
	 Section 2 – Appointment
	  	7
	 Section 3 – Duties Of The Advisor
	  	7
	 3.1 Organizational and Offering Services
	  	7
	 3.2 Acquisition Services
	  	7
	 3.3 Asset Management Services
	  	8
	 3.4 Stockholder Services
	  	11
	 3.5 Other Services
	  	11
	 Section 4 – Authority of Advisor
	  	11
	 4.1 General
	  	11
	 4.2 Powers of the Advisor
	  	11
	 4.3 Approval by the Board of Directors
	  	11
	 4.4 Modification or Revocation of Authority of Advisor
	  	11
	 Section 5 – Bank Accounts
	  	12
	 Section 6 – Records; Financial Statements; and SEC Reporting
	  	12
	 Section 7 – Limitation on Activities
	  	12
	 Section 8 – Fees
	  	13
	 8.1 Acquisition Fees
	  	13
	 8.2 Asset Management Fees
	  	13
	 8.3 Disposition Fees
	  	14
	 8.4 Subordinated Share of Net Sales Proceeds
	  	14
	 8.5 Subordinated Incentive Fee
	  	14
	 8.6 Changes to Fee Structure
	  	15
	 Section 9 – Expenses
	  	15
	 9.1 General
	  	15
	 9.2 Other Services
	  	17
	 9.3 Timing of and Limitations on Reimbursements
	  	17
	 Section 10 – Relationship of Advisor and Company; Other Activities of the Advisor
	  	17
	 10.1 Relationship
	  	17
	 10.2 Time Commitment
	  	17
	 10.3 Investment Opportunities and Allocation
	  	17
	 Section 11 – Representations and Warranties
	  	18
	 11.1 Of the Company
	  	18
	 11.2 Of the Advisor
	  	18
	 Section 12 – Term and Termination of the Agreement
	  	19
	 12.1 Term
	  	19
	 12.2 Termination by Either Party
	  	19
	 12.3 Payments on Termination and Survival of Certain Rights and Obligations
	  	19
	 Section 13 – Assignment
	  	20
	 Section 14 – Indemnification and Limitation of Liability
	  	20
	 Section 15 – Non-Solicitation
	  	20

  

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	 15.1 By Company
	  	20
	 15.2 By Advisor
	  	21
	 15.3 Reasonableness; Interpretation
	  	21
	 15.4 Injunctive Relief
	  	21
	 Section 16 – Miscellaneous
	  	21
	 16.1 Notices
	  	21
	 16.2 Modification
	  	22
	 16.3 Severability
	  	22
	 16.4 Construction
	  	22
	 16.5 Entire Agreement
	  	22
	 16.6 Waiver
	  	22
	 16.7 Gender
	  	22
	 16.8 Titles Not to Affect Interpretation
	  	23
	 16.9 Counterparts
	  	23

  

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 Advisory Agreement 
 This Advisory Agreement, dated as of                     , 2006 (the “Agreement”), is between
Institutional REIT, Inc., a Maryland corporation (the “Company”), and Wells Capital, Inc., a Georgia corporation (the “Advisor”). 
 Background 
 The Company desires to avail itself of the knowledge, experience, sources of
information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities set forth in this Agreement on behalf of, and subject to the supervision of, the Board of Directors of
the Company, all as provided in this Agreement. The Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors of the Company, on the terms and conditions of this Agreement. 
 Agreement 
 Now, Therefore, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1.
Definitions.The following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition
Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.1, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any
Property, Loan or other potential Permitted Investment, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other
investments not acquired, accounting fees and expenses, and title insurance premiums. 
 “Acquisition Fees” means the fee
payable to the Advisor pursuant to Section 8.1 plus all other fees and commissions paid by any Person to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or
construction of Property by the Company including any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. 
 “Advisor” means (i) Wells Capital, Inc., a Georgia corporation, or (ii) any successor advisor to the Company. 
 “Affiliate” or “Affiliated.” An Affiliate of another Person includes any of the following: (i) any Person directly
or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such
other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of 
  

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 whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such
other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10%
or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity. 
 “Appraised Value” means the value according to an appraisal made by an Independent Appraiser. 
 “Articles of Incorporation” means the Articles of Incorporation of the Company under Title 2 of the Corporations and Associations
Article of the Annotated Code of Maryland, as amended from time to time. 
 “Asset Management Fee” has the meaning set forth
in Section 8.2. 
 “Board of Directors” or “Board” means the persons holding such office, as of any
particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 
 “Cash
from Financings” means the net cash proceeds realized by the Company from the financing of Properties, Loans or other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in
connection therewith). 
 “Cash from Sales” means the net cash proceeds realized by the Company from the sale, exchange or
other disposition of any of its assets after deduction of all expenses incurred in connection therewith. In the case of a transaction described in clause (C) of the definition of Sale, Cash From Sales means the proceeds of any such transaction
actually distributed to the Company from the joint venture. Cash from Sales shall not include Cash from Financings. 
 “Cash from
Sales and Financings” means the total sum of Cash from Sales and Cash from Financings. 
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 “Company” means Institutional REIT, Inc., a
corporation organized under the laws of the State of Maryland. 
 “Conflicts Committee” shall have the meaning set forth in
the Company’s Articles of Incorporation. 
  

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 “Construction Fee” means a fee or other remuneration for acting as general contractor
and/or construction manager to construct improvements, to supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract Sales Price” means the total consideration received by the Company for the sale of a Property. 
 “Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned by the Company, the amount actually paid or allocated to the purchase, development, construction or
improvement of Properties, inclusive of expenses related thereto, plus the amount of any outstanding debt attributable to such Properties and (ii) in the case of properties owned by any Joint Venture or partnership in which the Company is a
co-venturer or partner, the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of properties, inclusive of expenses related thereto, plus the amount of any outstanding debt associated with such
properties that is attributable to the Company’s investment in the Joint Venture or partnership. 
 “Dealer Manager”
means (i) Wells Investment Securities, Inc., a Georgia corporation, or (ii) any successor dealer manager to the Company. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property,
either initially or at a later date. 
 “Director” means a member of the Board of Directors of the Company. 
 “Disposition Fee” shall have the meaning set forth in Section 8.3. 
 “Distributions” means any distributions of money or other property by the Company to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 “GAAP” means accounting principles generally accepted in
the United States. 
 “Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the
Company through an Offering, without deduction for Organization and Offering Expenses, dealer manager fees, or commissions. 
 “Independent Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering
opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate
Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such qualification. 
  

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 “Invested Capital” means the amount calculated by multiplying the total number of Shares
purchased by Stockholders by the issue price, reduced by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
 “Joint Venture” means any joint venture, corporation or other Affiliate of the Company that owns, in whole or in part, any Properties,
Loans or other Permitted Investments. 
 “Listed” or “Listing” shall have the meaning set forth in the
Company’s Articles of Incorporation. 
 “Loans” means mortgage loans and other types of debt financing. 
 “Net Sales Proceeds” means , in the case of a transaction described in clause (A) of the definition of Sale, the proceeds of any
such transaction less the amount of all selling commissions and closing costs paid by the Company; in the case of a transaction described in clause (B) of such definition, the proceeds of any such transaction less the amount of any legal and
other selling expenses incurred in connection with such transaction; and in the case of a transaction described in clause (C) of such definition, the proceeds of any such transaction actually distributed to the Company from the joint venture.

 “Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee
benefit plan. 
 “Operating Cash Flow” means Operating Revenue Cash Flows minus (A) the sum of (i) Operating
Expenses, and (ii) all principal and interest payments on indebtedness and other sums paid to lenders (to the extent not included in Operating Expenses), plus (B) non-cash expenditures such as depreciation, amortization and bad loan
reserves. 
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, which in
any way are related to the operation of the Company or to Company business, including fees paid to the Advisor. 
 “Operating Revenue
Cash Flows” means the Company’s cash flow from ownership and operation of Properties, Loans, interests in Properties owned by any Joint Venture or partnership in which the Company is a co-venturer or partner, Permitted Investments, and
short-term investments. 
 “Organization and Offering Expenses” means all expenses incurred (before, on, or after the date
hereof) in connection with and in preparing the Company for registration of and subsequently offering and distributing its shares to the public, including, but not limited to, fees of attorneys of the Company, the advisor, and of any underwriters;
expenses for printing, engraving and mailing; salaries of employees of the Advisor or its affiliates and internal operating costs (including overhead) incurred (before, on, or after the date hereof) in connection with and in preparing the Company
for registration of and 
  

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 subsequently offering and distributing its shares to the public; charges of transfer agents, registrars, trustees, escrow
holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal and State laws, including taxes and fees, and accountants’ fees. 
 “Partnership” means Institutional Operating Partnership, L.P., a Delaware limited partnership formed to own and operate Properties,
Loans and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all investments (other than
Properties, Loans and interests in properties owned by any Joint Venture or partnership in which the Company is a co-venturer or partner) that the Company may acquire pursuant to its Articles of Incorporation, Bylaws and the investment objectives
and policies adopted by the Board of Directors of the Company from time to time, other than short-term investments acquired for purposes of cash management. 
 “Person” means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a
trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or
any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “Property” or “Properties” means any real property or properties transferred or conveyed to the Company or the Partnership,
either directly or indirectly. 
 “Property Manager” means an entity that has been retained to perform and carry out at one
or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed
through to and ultimately paid by the tenant at such Property. 
 “Registration Statement” means the registration statement
filed by the Company with the SEC on Form S-11 (Reg. No. 333-136273), as amended from time to time, in connection with the public offering of the Company’s Shares. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale or Sales” means any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants,
transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, and including any event with respect to any
Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or

  

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 substantially all of the interest of the Company or the Partnership in any joint venture in which it is a co-venturer or
partner; or (C) any joint venture in which the Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof,
including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards. 
 “SEC” means the United States Securities and Exchange Commission 
 “Shares” means the shares of
common stock of the Company, par value $.01 per share. 
 “Stockholders” means the registered holders of the Shares.

 “Stockholders’ 9.0% Return” means, as of any date, an aggregate amount equal to an 9.0% cumulative, non-compounded,
annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the Stockholders’ 9.0% Return, “Invested Capital” shall be determined for
each day during the period for which the Stockholders’ 9.0% Return is being calculated and shall be calculated net of (1) Distributions of Operating Cash Flow to the extent such Distributions of Operating Cash Flow provide a cumulative,
non-compounded, annual return in excess of 9.0%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year; (2) Distributions of Cash from Sales and Financings, except to the extent such Distributions would be
required to supplement Distributions of Operating Cash Flow in order to achieve a cumulative, non-compounded, annual return of 9.0%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year; and (3) amounts
paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares, even if such redemption occurred after the day in the period for which Invested Capital is being determined. 
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if the Shares are Listed, as calculated in
Section 8.5. 
 “Subordinated Performance Fee Due Upon Termination” means a fee equal to (1) 8.0% of the amount,
if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus the net asset value of all other Loans and Permitted Investments
of the Company plus total Distributions (excluding any stock dividend) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the Stockholders’
9.0% Return from inception through the Termination Date less (2) any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. 
 “Subordinated Share of Net Sales Proceeds” has the meaning set forth in Section 8.4. 
 “Termination Date” means the date of termination of the Agreement. 
  

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 2. Appointment. The Company hereby appoints the Advisor to serve as its advisor and asset manager on the
terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. Duties of the Advisor. The Advisor is
responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its reasonable efforts to present to the Company potential investment opportunities and to
provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board of Directors. Subject to the limitations set forth
in this Agreement, including Section 4 hereof, and the continuing and exclusive authority of the Board of Directors over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the
following duties: 
  

	 	3.1.	Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any Offering or private sale of the Company’s
securities other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state.

  

	 	3.2.	Acquisition Services. 

  

	 	A.	Serve as the Company’s investment and financial advisor and provide relevant market research and economic and statistical data in connection with the Company’s assets and
investment objectives and policies; 

  

	 	B.	Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and
negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire Properties, Loans and other Permitted Investments on behalf of the Company;
(d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments; and (e) enter into leases, service contracts and other agreements for
Properties, Loans and other Permitted Investments; 

  

	 	C.	Perform due diligence, including any environmental due diligence as set forth in the Prospectus, on prospective investments and create due diligence reports summarizing the results
of such work; 

  

	 	D.	Prepare reports regarding prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments;

  

 7 

	 	E.	Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company;

  

	 	F.	Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the Company’s investments; and 

  

	 	G.	Negotiate and execute approved investments and other transactions. 

  

	 	3.3.	Asset Management Services. 

  

	 	A.	Real Estate Services: 

  

	 	(1)	Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper
performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians,
agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing
services; 

  

	 	(2)	Negotiate and service the Company’s debt facilities and other financings; 

  

	 	(3)	Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company;

  

	 	(4)	Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio assets, provide daily management services to the Company and perform and
supervise the various management and operational functions related to the Company’s investments; 

  

	 	(5)	Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing,
leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

  

	 	(6)	Consult with the officers and the Board of Directors of the Company and assist the Board in the formulation and implementation of the Company’s financial policies, and, as
necessary, furnish the Board with advice and recommendations with respect to the making of 

  

 8 

 investments consistent with the investment objectives and policies of the Company and in connection with
any borrowings proposed to be undertaken by the Company; 
  

	 	(7)	Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance;

  

	 	(8)	Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to
evaluate the performance of the Property Managers; 

  

	 	(9)	Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into
the Company’s overall budget, with any adjustments as the Advisor deems appropriate; 

  

	 	(10)	Coordinate and manage relationships between the Company and any joint venture partners; and 

  

	 	(11)	Consult with the officers and Board of Directors of the Company and provide assistance with the evaluation and approval of potential asset dispositions, sales and refinancings.

  

	 	B.	Accounting and Other Administrative Services: 

  

	 	(1)	Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of the Company;

  

	 	(2)	From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company under this Agreement;

  

	 	(3)	Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, as well as any
investments that have been made by the Advisor or any of its Affiliates directly; 

  

	 	(4)	Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental
to the Company’s business and operations; 

  

	 	(5)	Provide financial and operational planning services; 

  

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	 	(6)	Maintain accounting and other record-keeping functions at the Company level and the investment levels, including information concerning the activities of the Company as shall be
required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency; 

  

	 	(7)	Maintain and preserve all appropriate books and records of the Company; 

  

	 	(8)	Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s independent auditors and other consultants, on related tax matters;

  

	 	(9)	Provide the Company with all necessary cash management services; 

  

	 	(10)	Manage and coordinate with the transfer agent the monthly payments of deferred selling commissions to broker-dealers participating in the Offering; 

  

	 	(11)	Manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders; 

  

	 	(12)	Consult with the officers and Board of Directors of the Company and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management
determinations; 

  

	 	(13)	Provide the officers and Board of Directors of the Company with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance
with such matters, including but not limited to compliance with the Sarbanes-Oxley Act; 

  

	 	(14)	Consult with the officers and Board of Directors of the Company relating to the corporate governance structure and appropriate policies and procedures related thereto;

  

	 	(15)	Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including the Sarbanes-Oxley Act;

  

	 	(16)	Notify the Board of Directors of all proposed material transactions before they are completed; and 

  

	 	(17)	Do all things necessary to assure its ability to render the services described in this Agreement. 

  

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	 	3.4.	Stockholder Services. 

  

	 	A.	Manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; 

  

	 	B.	Oversee the performance of (or act as) the transfer agent and registrar; and 

  

	 	C.	Establish technology infrastructure to assist in providing Stockholder support and service. 

  

	 	3.5.	Other Services. Except as provided in Section 7, the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts
Committee). 

 4. Authority of Advisor. 
  

	 	4.1.	General. All rights and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to
delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any
authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Articles of Incorporation or bylaws of the Company.

  

	 	4.2.	Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board of Directors over the management
of the Company, the power to direct the management, operation and policies of the Company shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry
out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its
obligations under this Agreement. 

  

	 	4.3.	Approval by the Board of Directors. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of
Directors or duly authorized committees thereof if the Articles of Incorporation, bylaws or Maryland General Corporation law require the prior approval of the Board of Directors. The Advisor will deliver to the Board of Directors all material
information required by it to evaluate a proposed investment (and any related financing). 

  

	 	4.4.	Modification or Revocation of Authority of Advisor. The Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the

  

 11 

	 	    	authority or approvals set forth in Section 3 and this Section 4; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor
and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 

 5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such
account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor.
The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the auditors of the Company. 
 6.
Records; Financial Statements; and SEC Reporting. The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which
shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by
counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under
this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft, error or fraudulent activity. All financial
statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the
Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. The Advisor shall prepare the Company’s periodic reports and other filings made
under the Securities Exchange Act of 1934, as amended, and the Company’s Post-Effective Amendments to the Registration Statement as well as all related prospectuses, prospectus supplements, and supplemental sales literature and assist in
connection with the filing of such documents with the appropriate regulatory authorities. 
 7. Limitation on Activities. Notwithstanding any
provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code,
(ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares
or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Articles of Incorporation or Bylaws. In the event an action that would violate (i) through (v) of the
preceding sentence but such action has been ordered by the Board of Directors of the Company, the Advisor 
  

 12 

 shall notify the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall
refrain from taking such action until it receives further clarification or instructions from the Board of Directors. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board of Directors
so given. The Advisor represents and warrants that it has or will obtain sufficient knowledge and understanding of the legal requirements necessary to enable it to comply with this section. 
 8. Fees. 
  

	 	8.1.	Acquisition Fees. As compensation for the investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments,
the Company shall pay Acquisition Fees to the Advisor for each such investment. With respect to the acquisition of a Property to be wholly owned by the Company, the Acquisition Fee payable to the Advisor shall equal 1.50% of the sum of the amount
actually paid or allocated to the purchase, development, construction or improvement of such Property, inclusive of the Acquisition Expenses associated with such Property, and the amount of any debt attributable to such Property. With respect to the
acquisition of real property through any Joint Venture or partnership in which the Company is a co-venturer or partner, the Acquisition Fee payable to the Advisor shall equal 1.50% of the portion of the amount actually paid or allocated to the
purchase, development, construction or improvement of the real property, inclusive of the Acquisition Expenses associated with such real property, plus the amount of any outstanding debt associated with such real property that is attributable to the
Company’s investment in the Joint Venture or partnership. With respect to Loans and other Permitted Investments, the Acquisition Fee payable to the Advisor shall equal 1.50% of the cost of such investment, inclusive of Acquisition Expenses
associated with such investment and any debt attributable to such investment. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition, accompanied by a computation of the Acquisition Fee. The
Acquisition Fee payable to the Advisor shall be paid at the closing of the acquisition upon receipt of the invoice by the Company. 

  

	 	8.2.	Asset Management Fees. The Company shall pay the Advisor as compensation for the services described in Section 3 hereof a monthly fee (the “Asset Management
Fee”) in an amount equal to one-twelfth of 0.50% of the sum of the Cost of Real Estate Investments and the outstanding principal amount of the Loans and other Permitted Investments, as of the end of the preceding month. The Advisor shall submit
a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be payable on the last day of such month, or the first business day following the last day of such
month. The Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fee not taken as to any fiscal year shall be deferred without interest and
may be taken in such other fiscal year as the Advisor shall determine. 

  

 13 

	 	8.3.	Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee based in part on the criteria
described below) in connection with the Sale of one or more Properties, Loans or other Permitted Investments, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1.0% of the Contract Sales
Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its Properties in one or more transactions designed to effectuate a business
combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this
Section 8.3 may be paid in addition to real estate commissions paid to non-Affiliates. Substantial assistance in connection with the sale of a property may include the Advisor’s preparation of an investment package for the property
(including a new investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor in connection with
a Sale. 

  

	 	8.4.	Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 8.0% of Net Sales Proceeds
remaining after the Stockholders have received Distributions equal to the sum of: 

  

	 	a.	the Stockholders’ 9.0% Return and 

  

	 	b.	Invested Capital. 

 When determining
whether the above threshold has been met: 
  

	 	(A)	Any stock dividend shall not be included as a Distribution; 

  

	 	(B)	Distributions paid on Shares redeemed by the Company (and thus no longer included in the determination of Invested Capital), shall not be included as a Distribution.

 Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
  

	 	8.5.	Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 8.0% of the amount by which (i) the
market value of the outstanding Shares of the Company, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period
beginning 180 days after Listing (the “Market Value”), plus the total 

  

 14 

	 	    	of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum
of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 9.0% Return from inception through the date Market Value is determined. The Company shall have
the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Net Sales
Proceeds. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. 

  

	 	8.6.	Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a
perpetual-life entity. 

 9. Expenses. 
  

	 	9.1.	General. In addition to the compensation paid to the Advisor pursuant to Section 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the
expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 

  

	 	A.	All Organization and Offering Expenses; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by
the Company on Organization and Offering Expenses to exceed 1.0% of the Gross Proceeds raised as of the date of the reimbursement; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee
decides are not fair and commercially reasonable to the Company. 

  

	 	B.	Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such expenses
incurred related to assets pursued or considered but not ultimately acquired by the Company; 

  

	 	C.	The actual cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor; 

  

	 	D.	Interest and other costs for borrowed money, including discounts, points and other similar fees; 

  

	 	E.	Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income;

  

 15 

	 	F.	Costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 

  

	 	G.	Expenses of managing, improving, developing, operating and selling Properties owned by the Company whether payable to an Affiliate of the Company or a non-affiliated Person;

  

	 	H.	All expenses in connection with payments to the Board of Directors and meetings of the Board of Directors and Stockholders; 

  

	 	I.	Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services under this Agreement, including but not limited to reasonable salaries
and wages, benefits and overhead of all employees directly involved in the performance of such services, as well as the Company’s allocable share of other overhead of the Advisor such as rent and utilities, provided that no reimbursement shall
be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees or Disposition Fees; 

  

	 	J.	Expenses of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and
other reports required by governmental entities; 

  

	 	K.	Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the
Conflicts Committee or any committee of the Board of Directors; 

  

	 	L.	Costs for the Company to comply with all applicable laws, regulations and ordinances; 

  

	 	M.	Expenses associated with Listing or with the issuance and distribution of securities other than the Shares, such as selling commissions and fees, advertising expenses, taxes, legal
and accounting fees, listing and registrations fees; 

  

	 	N.	Expenses connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 

  

	 	O.	Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; and 

  

	 	P.	All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

  

 16 

	 	9.2.	Other Services. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Paragraph 3,
such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Conflicts Committee, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services
pursuant to the terms of this Agreement. 

  

	 	9.3.	Timing of Reimbursements. Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Section 9 shall be reimbursed no less than monthly
to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 

 10. Relationship of Advisor and Company; Other Activities of the Advisor. 
  

	 	10.1.	Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or
joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised,
sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render
services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the
Board of Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to
or its interest in any other Person. 

  

	 	10.2.	Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be
reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and
agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

  

	 	10.3.	Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the
Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular 

  

 17 

	 	    	investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment
opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Procedures – Allocation of Investment Opportunities” in the Registration Statement shall govern the
allocation of the opportunity among the Company and Affiliates of the Advisor. 

 11. Representations and Warranties. 

 

	 	11.1.	Of the Company. To induce the Advisor to enter into this Agreement, the Company hereby represents and warrants that: 

  

	 	A.	The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Maryland with all requisite corporate power and authority and all
material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 

  

	 	B.	The Company’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement constitutes the valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in
a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third
party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other action by or notice to any court or administrative or
governmental body pursuant to, the Articles of Incorporation or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case
in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Agreement. 

  

	 	11.2.	Of the Advisor. To induce Company to enter into this Agreement, the Advisor represents and warrants that: 

  

	 	A.	The Advisor is a corporation, duly organized, validly existing and in good standing under the laws of the State of Georgia with all requisite corporate power and authority and all
material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 

  

 18 

	 	B.	The Advisor’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement constitutes a valid and binding obligation of the Advisor,
enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in
a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third
party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or other action by or notice to any court or administrative or
governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is subject, or any agreement, instrument, order, judgment or decree by which the Advisor is bound, in
any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Agreement. 

  

	 	C.	The Advisor has received copies of the Articles of Incorporation, Bylaws, and the Registration Statement and of the Partnership’s limited partnership agreement and is familiar
with the terms thereof, including without limitation the investment limitations included therein. Advisor warrants that it will use reasonable care to avoid any act or omission that would conflict with the terms of the Articles of Incorporation,
Bylaws, the Registration Statement, or the Partnership’s limited partnership agreement in the absence of the express direction of the Conflicts Committee. 

 12. Term and Termination of the Agreement. 
  

	 	12.1.	Term. This Agreement shall have an initial term of two years from the date hereof and may be renewed for an unlimited number of successive terms upon mutual consent of the
parties. Any such renewal must be approved by the Conflicts Committee. 

  

	 	12.2.	Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts
Committee) or the Advisor. The provisions of Sections 1, 12, 14, 15 and 16 shall survive termination of this Agreement. 

  

	 	12.3.	Payments on Termination and Survival of Certain Rights and Obligations. 

  

	 	A.	After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days
after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement 

  

 19 

	 	    	and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is
obligated to pay the Subordinated Incentive Fee. 

  

	 	B.	The Advisor shall promptly upon termination: 

  

	 	(1)	pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then
entitled; 

  

	 	(2)	deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period
following the date of the last accounting furnished to the Board; 

  

	 	(3)	deliver to the Board of Directors all assets and documents of the Company then in the custody of the Advisor; and 

  

	 	(4)	cooperate with the Company to provide an orderly transition of advisory functions. 

  

	 	13.	Assignment. This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive
fees or other payments under this Agreement without obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a
corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the
Company is bound by this Agreement. 

  

	 	14.	Indemnification and Limitation of Liability. The Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers,
directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the Company’s the Articles of Incorporation. Any indemnification of the Advisor may be made only out of the net assets
of the Company and not from Stockholders. 

 15. Non-Solicitation 
  

	 	15.1.	By Company. Until the third anniversary of the date of termination of this Agreement, the Company shall not hire or solicit to perform services (as an employee, consultant or
otherwise) any employee of the Advisor or any employee of an Affiliate of the Advisor; provided, however, that (i) general 

  

 20 

	 	    	solicitations of employment published in a journal, newspaper or other publication of general circulation or listed on any internet job site and not specifically directed towards
such employees shall not be deemed to constitute solicitation for purposes of this Agreement and (ii) any hiring of any employee of the Advisor or any employee of an Affiliate of the Advisor will not be prohibited where such hiring is not the
result of a solicitation by the Company. 

  

	 	15.2.	By Advisor. Until the third anniversary of the date of termination of this Agreement, the Advisor shall not hire or solicit to perform services (as an employee, consultant or
otherwise) any employee of the Company or any subsidiary of the Company; provided, however, that (i) general solicitations of employment published in a journal, newspaper or other publication of general circulation or listed on any internet job
site and not specifically directed towards such employees shall not be deemed to constitute solicitation for purposes of this Agreement and (ii) any hiring of any employee of the Company or any subsidiary of the Company will not be prohibited
where such hiring is not the result of a solicitation by the Advisor or an Affiliate of the Advisor. 

  

	 	15.3.	Reasonableness; Interpretation. Each of the Company and the Advisor specifically acknowledges and agrees that the time and activity restrictions set forth in this
Section 16 are reasonable and properly required for the protection of the Company and the Advisor, respectively. However the Company and the Advisor further agree that if any of the provisions of this Section 15 is found by any court of
competent jurisdiction (or legally empowered agency) to be in violation of applicable law or unenforceable for any reason whatsoever, then it is the intention of the parties hereto that such provision or provisions be deemed to be automatically
amended to the extent necessary to comply with applicable law and permit enforcement. 

  

	 	15.4.	Injunctive Relief. The Company and the Advisor agree that a monetary remedy for breach under this Section 15 shall be inadequate, and will be impracticable and extremely
difficult to prove, and further agree (i) that a breach of Section 15.1 will cause the Advisor irreparable harm, and that, in addition to any other rights or remedies available to it, the Advisor is entitled to temporary and permanent
injunctive relief without the necessity of proving actual damages, with a bond or other form of security not being required and specifically waived hereby and (ii) that a breach of Section 15.2 will cause the Company irreparable harm, and
that, in addition to any other rights or remedies available to it, the Company is entitled to temporary and permanent injunctive relief without the necessity of proving actual damages, with a bond or other form of security not being required and
specifically waived hereby. 

 16. Miscellaneous. 
  

	 	16.1.	Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or
other communication is accepted by the party to whom it is 

  

 21 

	 	    	given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth below: 

  

	 	A.	To the Company: c/o the Chair of the Conflicts Committee at his or her home or business address (or such other address as may be specified by the Chair) or at any meeting of the
Conflicts Committee. 

  

	 	B.	To the Advisor: Wells Capital, Inc., 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092 or such other address as may be specified by the Advisor. 

 

	 	16.2.	Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto,
or their respective successors or permitted assigns. 

  

	 	16.3.	Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by
virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  

	 	16.4.	Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Georgia. 

  

	 	16.5.	Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course
of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

  

	 	16.6.	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

  

	 	16.7.	Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires. 

  

 22 

	 	16.8.	Titles Not to Affect Interpretation. The titles of Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they
to be used in the construction or interpretation hereof. 

  

	 	16.9.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected
hereon as the signatories. 

 [The remainder of this page is intentionally left blank. 
 Signature page follows.] 
  

 23 

 In Witness Whereof, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

			
	INSTITUTIONAL REIT, INC.
		
	By:	 	  

		 	Douglas P. Williams, Executive Vice President
	
	WELLS CAPITAL, INC.
		
	By:	 	  

		 	Leo F. Wells III, President

 [ Signature Page to Advisory Agreement between Institutional REIT, Inc. and Wells Capital,
Inc.]Form of Agreement

 Exhibit 10.2 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 INSTITUTIONAL OPERATING PARTNERSHIP, L.P. 

 TABLE OF CONTENTS 
  

					
	ARTICLE I	 	DEFINED TERMS	  	- 1 -
			
	ARTICLE II	 	PARTNERSHIP FORMATION AND IDENTIFICATION	  	- 7 -
			
	        2.01	 	Formation	  	- 7 -
			
	        2.02	 	Name, Office and Registered Agent	  	- 7 -
			
	        2.03	 	Partners	  	- 8 -
			
	        2.04	 	Term and Dissolution	  	- 8 -
			
	        2.05	 	Filing of Certificate and Perfection of Limited Partnership	  	- 8 -
			
	        2.06	 	Certificates Describing Partnership Units	  	- 9 -
			
	ARTICLE III	 	BUSINESS OF THE PARTNERSHIP	  	- 9 -
			
	ARTICLE IV	 	CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	- 9 -
			
	        4.01	 	Capital Contributions	  	- 9 -
			
	        4.02	 	Additional Capital Contributions and Issuance of Additional Partnership Interests	  	- 9 -
			
	        4.03	 	Additional Funding	  	- 12 -
			
	        4.04	 	Capital Accounts	  	- 12 -
			
	        4.05	 	Percentage Interests	  	- 12 -
			
	        4.06	 	No Interest on Contributions	  	- 12 -
			
	        4.07	 	Return of Capital Contributions	  	- 12 -
			
	        4.08	 	No Third Party Beneficiary	  	- 13 -
			
	ARTICLE V	 	PROFITS AND LOSSES; DISTRIBUTIONS	  	- 13 -
			
	        5.01	 	Allocation of Profit and Loss	  	- 13 -
			
	        5.02	 	Distribution of Cash	  	- 15 -
			
	        5.03	 	REIT Distribution Requirements	  	- 16 -
			
	        5.04	 	No Right to Distributions In Kind	  	- 16 -
			
	        5.05	 	Limitations of Return of Capital Contributions	  	- 16 -
			
	        5.06	 	Distributions Upon Liquidation	  	- 16 -
			
	        5.07	 	Substantial Economic Effect	  	- 16 -
			
	ARTICLE VI	 	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	  	- 17 -
			
	        6.01	 	Management of the Partnership	  	- 17 -
			
	        6.02	 	Delegation of Authority	  	- 19 -
			
	        6.03	 	Indemnification	  	- 19 -
			
	        6.04	 	Liability of the General Partner	  	- 20 -

 TABLE OF CONTENTS 
  

					
	        6.05	 	Reimbursement of General Partner	  	- 21 -
			
	        6.06	 	Outside Activities	  	- 22 -
			
	        6.07	 	Employment or Retention of Affiliates	  	- 22 -
			
	        6.08	 	[reserved]	  	- 22 -
			
	        6.09	 	Title to Partnership Assets	  	- 22 -
			
	        6.010	 	Miscellaneous	  	- 23 -
			
	ARTICLE VII	 	CHANGES IN GENERAL PARTNER	  	- 23 -
			
	        7.01	 	Transfer of the General Partner’s Partnership Interest	  	- 23 -
			
	        7.02	 	Admission of a Substitute or Additional General Partner	  	- 25 -
			
	        7.03	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner	  	- 25 -
			
	        7.04	 	Removal of a General Partner	  	- 26 -
			
	ARTICLE VIII	 	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	  	- 27 -
			
	        8.01	 	Management of the Partnership	  	- 27 -
			
	        8.02	 	Power of Attorney	  	- 27 -
			
	        8.03	 	Limitation on Liability of Limited Partners	  	- 27 -
			
	        8.04	 	[reserved]	  	- 27 -
			
	        8.05	 	Redemption Right	  	- 27 -
			
	ARTICLE IX	 	TRANSFERS AND REDEMPTIONS OF LIMITED PARTNERSHIP INTERESTS	  	- 29 -
			
	        9.01	 	Purchase for Investment	  	- 29 -
			
	        9.02	 	Restrictions on Transfer of Limited Partnership Interests	  	- 29 -
			
	        9.03	 	Admission of Substitute Limited Partner	  	- 31 -
			
	        9.04	 	Rights of Assignees of Partnership Interests	  	- 32 -
			
	        9.05	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	  	- 32 -
			
	        9.06	 	Joint Ownership of Interests	  	- 32 -
			
	        9.07	 	Redemption of Partnership Units	  	- 33 -
			
	ARTICLE X	 	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	  	- 33 -
			
	        10.01	 	Books and Records	  	- 33 -
			
	        10.02	 	Custody of Partnership Funds, Bank Accounts	  	- 33 -
			
	        10.03	 	Fiscal and Taxable Year	  	- 33 -
			
	        10.04	 	Annual Tax Information and Report	  	- 33 -

					
	        10.05	 	Tax Matters Partner, Tax Elections, Special Basis Adjustments	  	- 34 -
			
	        10.06	 	Reports to Limited Partners	  	- 34 -
			
	ARTICLE XI	 	AMENDMENT OF AGREEMENT; MERGER	  	- 35 -
			
	ARTICLE XII	 	GENERAL PROVISIONS	  	- 35 -
			
	        12.01	 	Notices	  	- 35 -
			
	        12.02	 	Survival of Rights	  	- 35 -
			
	        12.03	 	Additional Documents	  	- 35 -
			
	        12.04	 	Severability	  	- 36 -
			
	        12.05	 	Entire Agreement	  	- 36 -
			
	        12.06	 	Pronouns and Plurals	  	- 36 -
			
	        12.07	 	Headings	  	- 36 -
			
	        12.08	 	Counterparts	  	- 36 -
			
	        12.09	 	Governing Law	  	- 36 -

 Exhibit 10.2 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 INSTITUTIONAL OPERATING PARTNERSHIP, L.P. 
 RECITALS 
 Institutional Operating Partnership, L.P. (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 Office of the Secretary of State of the State of Delaware effective as of June 26, 2006. This Agreement of Limited Partnership is entered into this
         day of                     , 2006 between Institutional REIT, Inc., a Maryland
corporation (the “General Partner”), and the Limited Partner(s) set forth on Exhibit A hereto (the “Agreement”). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Act”
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 “Additional Funds” has the
meaning set forth in Section 4.03 hereof. 
 “Additional Securities” means any additional REIT Shares (other than REIT Shares
issued in connection with an exchange pursuant to Section 8.05 hereof) or preferred stock or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares or preferred stock.

 “Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those 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 clause (ii) above, 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 partnership interests in a Subsidiary Partnership that are owned by the General Partner directly. 

 “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 or trustee of such Person or any Person controlling, controlled by or under common control with such Person (excluding trustees 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.

 “Agreement” means this Agreement of Limited Partnership. 
 “Articles Of Incorporation” means the Articles of Incorporation of the General Partner filed with the Maryland State Department of Assessments
and Taxation, as amended or restated from time to time. 
 “Capital Account” has the meaning provided in Section 4.04 hereof.

 “Capital Contribution” means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset
contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of the Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a
predecessor holder of the Partnership Interest of such Partner. 
 “Cash Amount” means an amount of cash per Partnership Unit equal
to the Value of the REIT Shares Amount on the date of receipt by 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 hereof) 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. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference
to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
  

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 “Commission” means the U.S. Securities and Redemption Commission. 
 “Conversion Factor “ means 1.0, provided that in the event that 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 further, that in the event that 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, that if the General Partner receives a Notice of Redemption after the record date, but prior to 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 prior to the record date for such dividend, distribution, subdivision or combination. 
 “Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy
Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; 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; 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. 
 “General Partner” means Institutional REIT, Inc., a Maryland corporation, and any Person who becomes a substitute or additional General Partner
as provided herein, and any of their successors as General Partner. 
 “General Partnership Interest” means a Partnership Interest
held by the General Partner that is a general partnership interest. 
 “Indemnitee” means (i) any Person made a party to a
proceeding by reason of its status as the General Partner, or a director, officer or employee of the General Partner or the Partnership, 
  

 3 

 and (ii) such other Persons (including Affiliates of the General Partner, the Advisor or the Partnership) as the
General Partner may designate from time to time, in its sole and absolute discretion. 
 “Independent Director” means a director of
the General Partner who is not an officer or employee of the General Partner, any Affiliate of an officer or employee or any Affiliate of (i) any lessee of any property of the General Partner or any Subsidiary of the General Partner,
(ii) any Subsidiary of the General Partner, or (iii) any partnership that is an Affiliate of the General Partner. 
 “Limited
Partner” means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “Limited Partnership Interest” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right
of such Limited Partner to any and all benefits to which such Limited Partner 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. 
 “Listing” means the approval of the REIT Shares, issued by the General Partner pursuant to an effective
Registration Statement, for trading on a national securities exchange. Upon such Listing, the shares shall be deemed “Listed.” 
 “Loss” has the meaning provided in Section 5.01(f) hereof. 
 “Notice of Redemption” means the Notice of
Exercise of Redemption Right substantially in the form attached as Exhibit B hereto. 
 “Offer” has the meaning set forth in
Section 7.01(c) hereof. 
 “Offering” means the initial offer and sale by the General Partner and the purchase by the Dealer
Manager (as defined in the Prospectus) of REIT Shares for sale to the public. 
 “Original Limited Partner” means the Limited
Partner designated as “Original Limited Partner” on Exhibit A hereto. 
 “Partner” means any General Partner or Limited
Partner. 
 “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” means Institutional Operating Partnership, L.P., a Delaware limited partnership. 
 “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 
  

 4 

 such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person
to comply with the terms and provisions of this Agreement. 
 “Partnership Minimum Gain” 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 hereof, 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 all of its portion of such
distribution. 
 “Partnership Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued
hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as may be amended from time to time. 
 “Percentage Interest” means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The
Percentage Interest of each Partner shall be as set forth on Exhibit A, as may be amended from time to time. 
 “Person” means any
individual, partnership, corporation, joint venture, trust or other entity. 
 “Profit” has the meaning provided in
Section 5.01(f) hereof. 
 “Property” means any office or industrial property or other investment in which the Partnership
holds an ownership interest. 
 “Prospectus” means the final prospectus delivered to purchasers of REIT Shares in the Offering.

 “Redemption Amount” means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner in its sole and
absolute discretion pursuant to Section 8.05(b) hereof. 
 “Redemption Right” has the meaning provided in Section 8.05(a)
hereof. 
 “Redeeming Partner” has the meaning provided in Section 8.05(a) hereof. 
 “Regulations” means the Federal Income Tax Regulations 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 hereof and any successor provision of the Regulations. 
  

 5 

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

 “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 purposes hereof, be included within the definition of 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 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 a share of common stock,
par value $0.01 per share, in the General Partner (or successor entity, as the case may be). 
 “REIT Shares Amount” means a number
of REIT Shares equal to the product of the number of Partnership Units offered for exchange by a Redeeming Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Redemption Date; provided that in the event the
General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
“rights”), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of
determining the holders of REIT Shares entitled to rights. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Service” means the Internal Revenue Service. 
 “Specified Redemption Date” means the first business day of the month that is at least 60 business days after the receipt by the General Partner of the Notice of Redemption. 
 “Subsidiary” 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. 
  

 6 

 “Subsidiary Partnership” means any partnership of which the partnership interests therein are
owned by the General Partner or a wholly owned subsidiary of the General Partner. 
 “Substitute Limited Partner” means any Person
admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof. 
 “Successor Entity” has the meaning
provided in the definition of “Conversion Factor” contained herein. 
 “Surviving General Partner” has the meaning set
forth in Section 7.01(d) hereof. 
 “Transaction” has the meaning set forth in Section 7.01(c) hereof. 
 “Transfer” has the meaning set forth in Section 9.02(a) hereof. 
 “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, the 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, 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 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 prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten days prior to 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. In the event the security includes any additional 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. 
 ARTICLE II 
 PARTNERSHIP FORMATION AND IDENTIFICATION 
 2.01 Formation. The Partners hereby agree to form the Partnership pursuant to the Act and upon the terms and conditions set forth in this
Agreement. 
 2.02 Name, Office and Registered Agent. The name of the Partnership is Institutional Operating Partnership, L.P. The
specified office and place of business of the Partnership shall be 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the
Partners of any such change. The name and address of the Partnership’s registered agent is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New 
  

 7 

 Castle County, Delaware 19801. The sole duty of the registered agent as such is to forward to the Partnership any notice
that is served on him as registered agent. 
 2.03 Partners. 
 (a) The General Partner of the Partnership is Institutional REIT, Inc., a Maryland corporation. Its principal place of business is the same as that of the
Partnership. 
 (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to time.

 2.04 Term and Dissolution. 
 (a) The Partnership shall have perpetual duration, except that the Partnership shall be 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) hereof; 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 note or notes are paid in full); or 
 (iii) [reserved] 
 (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) hereof), the General Partner (or its trustee, 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 hereof. 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 
  

 8 

 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 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 approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend 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 Institutional Operating Partnership, L.P., as amended 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 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’s current status as a REIT 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 its status as a REIT under the Code
at any time to the full extent permitted under the Articles of Incorporation. 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” for purposes of Section 7704 of the Code. 
 ARTICLE IV 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 4.01 Capital Contributions. The General Partner and the Limited Partner have made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as amended from time to
time. 
 4.02 Additional Capital Contributions and Issuance of Additional Partnership Interests. Except as provided in this
Section 4.02 or in Section 4.03, the Partners shall have no right or 
  

 9 

 obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute
additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.02. 
 (a) Issuances of Additional Partnership Interests. 
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such 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. Any additional Partnership Interests 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 Limited Partnership Interests, 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 Interests; (ii) the right of each such class or series of
Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership
Interests shall be issued to the General Partner unless: 
 (1) (A) the additional Partnership Interests 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 Interests issued to the General Partner by the Partnership in accordance with this Section 4.02 and (B) the General Partner shall make a Capital Contribution to the Partnership in an amount equal
to the proceeds raised in connection with the issuance of such shares of stock of or other interests in the General Partner; 
 (2) the
additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 
 (3) the additional Partnership Interests are issued to all Partners in proportion to their respective Percentage Interests. 
 In addition, the General Partner may acquire Partnership Interests from other Partners pursuant to this Agreement. In the event that the Partnership
issues Partnership Interests pursuant to this Section 4.02(a), the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) as it deems necessary to reflect 

 

 10 

 the issuance of such additional Partnership Interests and any special rights, powers, and duties associated therewith.

 Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less
than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (ii) Upon Issuance of Additional Securities. The General Partner shall not issue any Additional Securities other than to all holders of
REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the
Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the net proceeds from the issuance of
such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities
in connection with an acquisition of a property to be held directly by the General Partner. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the
Partnership to issue to the General Partner corresponding Partnership Interests, 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, including
without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock 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 (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in
the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to the Partnership as required hereunder, the General Partner 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 Deemed Contributions of Proceeds of Issuance of REIT Shares. In
connection with any and all issuances of REIT Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received and contributed by the General Partner are less
than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the
Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.05 hereof and in connection with the required
issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.02(a) hereof. 
  

 11 

 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 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, or (iii) the
Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), 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). 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. 
 4.05 Percentage
Interests. If the number of outstanding Partnership 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 Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners” Percentage Interests are
adjusted pursuant to this Section 4.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General
Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute
discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage
Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 
 4.06 No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
 4.07 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 
  

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 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. 
 4.08 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) General. Profits (and items thereof) and Losses (and items thereof) for each fiscal year or other applicable period shall be allocated among the
Partners in accordance with their respective Percentage Interests. 
 (b) 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). A
Partner’s “interest in partnership profits” for purposes of 
  

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 determining its share of the nonrecourse liabilities of the Partnership within the meaning of Regulations
Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (c) 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(c), 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(c). 
 (d) 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(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be allocated to such Partner in an amount necessary to offset the Loss previously
allocated to each Partner under this Section 5.01(d). 
 (e) 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. 
 (f) 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(b), 5.01(c), or 5.01(d). 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). 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 including a method 
  

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 that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation deductions,
and such election shall be binding on all Partners. 
 5.02 Distribution of Cash. 
 (a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount 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 accordance with their respective Percentage Interests on the
Partnership Record Date; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than the next day after a Partnership Record Date, the cash
distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest (or relating to the Partnership Record Date if such Partnership Interest
was acquired on a Partnership Record Date) shall be reduced in the proportion to (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date
(including such Partnership Record Date) and the immediately preceding Partnership Record Date. 
 (b) 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 the Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership,
the amount withheld shall be treated as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership,
the amount required to be withheld shall be treated as a loan (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 through
withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting 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 loan (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. 
  

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 Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.02(b)
shall bear interest at the lesser of (i) 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, 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. 
 (c) In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash dividend as the holder of record of a REIT Share for which all or part of
such Partnership Unit has been or will be exchanged. 
 5.03 REIT Distribution Requirements. The General Partner shall use its
reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to pay shareholder dividends 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. 
 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 of 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. 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. For purposes of the preceding sentence, 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. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use
of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 5.07
Substantial Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under the Agreement have substantial economic effect (or be consistent with the Partners” interests in the Partnership in the case of
the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article V and other relevant provisions of this Agreement shall be
interpreted in a manner consistent with such intent. 
  

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 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 or in the
best interests of 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 Interests 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 Interests, or options, rights, warrants or
appreciation rights relating to any Partnership Interests) 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 such 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 the General Partner or any Subsidiary thereof, refinance, increase the amount
of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets;

 (vii) to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this
Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general 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; 
  

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 (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 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 therefore 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 therefore such remuneration as the General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the
General Partner; 
 (xvii) to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on
behalf of the Partnership; 
 (xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement;

 (xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other
relationships that it deems 
  

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 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; and 
 (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” for purposes of Section 7704 of the Code; and 
 (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 its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the
General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General
Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 
 6.02 Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint,
employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may
approve. 
 6.03 Indemnification. 
 (a) To the maximum extent permitted by Delaware law in effect from time to time, the Partnership shall indemnify any Indemnitee from and against any claim or liability to which such Person may become subject or which such Person may incur
by reason of his service on behalf of the Partnership and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse any Indemnitee reasonable expenses in advance of final disposition of a
proceeding. 
 (b) Neither the amendment nor repeal of this Section 6.03, nor the adoption or amendment of any other provision of the
Agreement inconsistent with Section 6.03, shall apply to or affect in any respect the applicability with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 
  

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 (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, 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 which is not opposed to the best interests
of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under this
Section 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) Notwithstanding anything in this Section 6.03 to the contrary,
if the General Partner would be prohibited under the Articles of Incorporation from providing the indemnification or advancement of expenses otherwise called for by this Section 6.03, then the Partnership shall not provide such indemnification
or advancement of expenses. 
 6.04 Liability of the General Partner. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not 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 of any act or omission if the General Partner 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. 
  

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 (b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the
Partnership, itself and its 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 its shareholders on one hand and the Limited
Partners on the other, the General Partner shall endeavor to resolve the conflict in a manner not adverse to either its shareholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling
interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its shareholders or the Limited Partner shall be resolved in favor of the
shareholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good
faith. 
 (c) Subject to its obligations and duties as General Partner set forth in Section 6.01 hereof, 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 hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.04 as in effect
immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

 6.05 Reimbursement of General Partner. 
 (a) Except as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the
General Partner shall not be compensated for its services as general partner of the Partnership. 
  

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 (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General
Partner may determine in its sole and absolute discretion, for all Administrative Expenses. 
 6.06 Outside Activities. Subject to the
Articles of Incorporation and any agreements 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 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 which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
 6.07 Employment or Retention of Affiliates. 
 (a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or
otherwise) and may receive from the Partnership any compensation, price, or other payment therefore which 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. 
 (d) Except as expressly permitted by this Agreement,
neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and
reasonable to the Partnership. 
 6.08 [reserved] 
 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 
  

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 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.

 6.010 Miscellaneous. In the event the General Partner redeems any REIT Shares, then the General Partner shall cause the Partnership
to purchase from the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that the General Partner exchanged such REIT Shares. Moreover, if the General Partner makes a cash
tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event
any REIT Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the
Conversion Factor. 
 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 Interest or withdraw as General Partner except as provided in or
in connection with a transaction contemplated by Section 7.01(c), (d) or (e). 
 (b) [reserved] 
 (c) Except as otherwise provided in Section 6.04(b) or Section 7.01(d) or (e) hereof, 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: 
 (i) the consent of the holders
of a majority of the Partnership Units (including the Partnership Units held by the General Partner or an Affiliate thereof) is obtained; 
 (ii) as a result of such Transaction all Limited Partners will receive for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount
of cash, securities or other property paid in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have
been made to and accepted by the holders of more than 50% of the 
  

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 outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its
Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Redemption Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT
Shares received upon exercise of the Redemption Right immediately prior to 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) receive an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an
amount per REIT Share) received in the Transaction by any holder of 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, as appropriate, 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 REIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior to such merger or
consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion Factor. The Survivor
also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.05 hereof so as to approximate the existing rights and obligations set forth in Section 8.05 as closely as reasonably possible. The above
provisions of this Section 7.01(d) shall similarly apply to successive mergers or consolidations permitted hereunder. 
 (e)
Notwithstanding Section 7.01(c), 
 (i) a General Partner may transfer all or any portion of its General Partnership
Interest to (A) a wholly owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General
Partner; and 
  

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 (ii) the General Partner may engage in transactions not required by law or by the rules
of any national securities exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
 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 in order 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 hereof 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 and the state or any other jurisdiction as
may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the admission of such Person as a substitute or
additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 
 7.03 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof) or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a 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 such General Partner if the business of such 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) hereof. 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 hereof 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 a General Partner (and its
removal pursuant to Section 7.04(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a 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 such General Partner if the 
  

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 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 hereof by selecting, subject to Section 7.02 hereof and any other provisions of this Agreement, a substitute
General Partner by consent of a majority in interest of the Limited Partners. 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 a General Partner.

 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to
be removed automatically; provided, however, that if a 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 may not remove the General Partner, with or without cause. 
 (b) If a General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03 hereof, such
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 of the Limited Partners in accordance with Section 7.03(b) hereof and
otherwise admitted to the Partnership in accordance with Section 7.02 hereof. 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 of the Limited Partners within 10 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 of the Limited Partners 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. 
 (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 
  

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 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. 
 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. 
 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, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 

8.03 Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of
the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise
required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 
 8.04
[reserved] 
 8.05 Redemption Right. 
 (a) Subject to Sections 8.05(b), 8.05(c), 8.05(d), and 8.05(e) and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited
Partner, other than the General Partner, shall have the right (the “Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date all or a portion of the Partnership Units held by such Limited Partner at an
Redemption price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one year. The Redemption Right shall be exercised pursuant to a Notice of
Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner requesting redemption (the “Redeeming Partner”); provided, however, that the Partnership shall not be obligated to 
  

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 satisfy such Redemption Right if the General Partner elects to purchase the Partnership Units subject to the Notice of
Redemption pursuant to Section 8.05(b); and provided, further, that no Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner may not exercise the Redemption Right for less than 1,000
Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Redeeming Partner shall have no right, with respect to any Partnership Units so Redemption, to receive any
distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Redemption Date. 
 (b) Notwithstanding the provisions of Section 8.05(a), a Limited Partner that exercises the Redemption Right shall be deemed to have offered to sell the Partnership 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 Partnership Units by paying to the Redeeming 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 Partnership Units offered for Redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the
owner of such Partnership Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under this Section 8.05(b) with respect to a Notice of Redemption, it shall so notify the Redeeming Partner within five
Business Days after the receipt by the General Partner of such Notice of Redemption. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Partnership Units from the Redeeming Partner pursuant to this
Section 8.05(b), the General Partner shall not have any obligation to the Redeeming Partner or the Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right. In the event the General Partner shall exercise its
right to purchase Partnership Units with respect to the exercise of a Redemption Right in the manner described in the first sentence of this Section 8.05(b), the Partnership shall have no obligation to pay any amount to the Redeeming Partner
with respect to such Redeeming Partner’s exercise of such Redemption Right, and each of the Redeeming Partner, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General Partner, as the case
may be, and the Redeeming Partner for federal income tax purposes as a sale of the Redeeming Partner’s Partnership Units to the General Partner, as the case may be. Each Redeeming Partner agrees to execute such documents as the General Partner
may reasonably require in connection with the issuance of REIT Shares upon exercise of the Redemption Right. 
 (c) Notwithstanding the
provisions of Section 8.05(a) and 8.05(b), a Limited Partner shall not be entitled to exercise the Redemption Right if the delivery of REIT Shares to such Partner on the Specified Redemption Date by the General Partner pursuant to
Section 8.05(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.05(b)) would (i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of
the Ownership Limitation (as defined in the Articles of Incorporation and calculated in accordance therewith), except as provided in the Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined
without reference to any rules of attribution), except as provided in the Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, or (iv) cause
the General Partner to own, directly or constructively, 10% or more of the ownership interests in a tenant of the General Partner’s, the Partnership’s, or a Subsidiary Partnership’s, real 
  

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 property, within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute
discretion, may waive the restriction on Redemption set forth in this Section 8.05(c). 
 (d) Any Cash Amount to be paid to an Redeeming
Partner pursuant to this Section 8.05 shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent
required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the
closing of the acquisition of Redemptiond Partnership Units hereunder to occur as quickly as reasonably possible. 
 (e) Notwithstanding any
other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights as and if deemed necessary to ensure that the Partnership does not constitute a
“publicly traded partnership” 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 which states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership
being treated as a “publicly traded partnership” under section 7704 of the Code. 
 ARTICLE IX 
 TRANSFERS AND REDEMPTIONS OF LIMITED PARTNERSHIP INTERESTS 
 9.01 Purchase for Investment. 
 (a) Each Limited Partner hereby represents and warrants to the General
Partner and to the Partnership that the acquisition of his Partnership Interests is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest 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) above and similarly agree not to sell, assign or transfer such
Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 
 9.02 Restrictions on
Transfer of Limited Partnership Interests. 
 (a) Subject to the provisions of 9.02(b), (c) and (d), no Limited Partner may offer,
sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, 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 
  

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 withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. 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 9.05 below) of all of his Partnership Units pursuant to this Article IX or pursuant to an exchange of all of his Partnership Units pursuant to 8.05. Upon the
permitted Transfer or redemption of all of a Limited Partner’s Partnership Units, such Limited Partner shall cease to be a Limited Partner. 
 (c) Subject to 9.02(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all or a portion of his Partnership Units to (i) a parent or parent’s spouse, natural or adopted
descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a
trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners. 
 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would violate any applicable
federal or state securities or blue sky law (including investment suitability standards). 
 (e) No Transfer by a Limited Partner of its
Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership’s 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) No transfer of any Partnership Units may be
made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations
Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement with the
Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for
purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g) Any Transfer in contravention of any of the
provisions of this Article IX shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
  

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 (h) Prior to 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 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 Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a
Limited Partner of the Partnership only with the consent of the General Partner 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 in order to effect the admission of such Person as a Limited Partner. 
 (ii)
To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement
set forth in Section 9.01(b) hereof. 
 (iv) If the assignee is a corporation, partnership 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 hereof.

 (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. 
 (vii) The assignee has 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) hereof 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. 
  

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 (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by
preparing the documentation required by this Section and making all official 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 Interests. 
 (a) Subject to the provisions of Sections 9.01 and 9.02 hereof, 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 Interest until the Partnership has received notice thereof. 
 (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such
Limited Partnership Interest, 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 Limited Partnership Interest. 
 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 he dies, his executor, administrator or trustee, or, if he is finally adjudicated
incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to
assign all or any part of his Partnership Interest 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 Interests. A Partnership Interest 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 Interest shall be required to constitute the action of the owners
of such Partnership Interest; 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 Interest held in a joint tenancy with a right of survivorship, the Partnership Interest 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 Interest 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 Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
  

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 9.07 Redemption of Partnership Units. The General Partner will cause the Partnership to redeem
Partnership Units, to the extent it shall have legally available funds therefor, at any time the General Partner redeems shares of beneficial interest in itself. The number and class or series of Partnership Units redeemed and the redemption price
shall equal the number (multiplied by the Conversion Factor) of shares of beneficial interest the General Partner redeems and the redemption price at which the General Partner redeems such shares, respectively. 
 ARTICLE X 
 BOOKS AND RECORDS;
ACCOUNTING; TAX MATTERS 
 10.01 Books and Records. At all times during the continuance of the Partnership, the Partners 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 of 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 the Agreement
and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication
and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.02 Custody of Partnership Funds, Bank
Accounts. 
 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking
or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment
grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers” acceptances and municipal notes and bonds. 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. 
 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. 
  

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 10.05 Tax Matters Partner, Tax Elections, Special Basis Adjustments. 
 (a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. 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. 
 10.06 Reports to Limited Partners. 
 (a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner shall cause to be mailed to each Limited Partner a quarterly report containing financial statements of
the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as
practicable after the close of each fiscal year, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared
solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner.

 (b) Any Partner shall further have the right to a private audit of the books and records of the Partnership, provided such audit is made
for Partnership purposes, at the expense of the Partner desiring it and is made during normal business hours. 
  

 34 

 ARTICLE XI 
 AMENDMENT OF AGREEMENT; MERGER 
 The General Partner’s consent shall be required for any
amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in
Section 17-211 of the Act) in a transaction pursuant to Section 7.01(c), (d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of
the holders of a majority of the Partnership Units (excluding the Partnership Units held by the General Partner or an Affiliate thereof): 
 (a) any amendment affecting the operation of the Conversion Factor or the Redemption Right (except as provided in Section 8.05(d) or 7.01(d) hereof) in a manner adverse to the Limited Partners; 
 (b) any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with
respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof; 
 (c) any amendment that would alter the
Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof; or 
 (d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership. 
 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 Exhibit A attached hereto; provided, however, that any Partner may
specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 
 12.02 Survival of Rights. Subject to the provisions hereof 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 which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the
Act. 
  

 35 

 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 hereof.

 12.05 Entire Agreement. This Agreement and exhibits attached hereto 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 hereof. 
 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 hereto, 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. 
  

 36 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Agreement of
Limited Partnership, all as of the      day of                     , 2006. 
  

			
	INSTITUTIONAL REIT, INC.
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	WELLS CAPITAL, INC.
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

 37 

 EXHIBIT A 
  

												
	 Partner
	  	Cash
Contribution	  	Agreed Value
of Capital
Contribution	  	Partnership
Units	  	Percentage
Interest	 
	 GENERAL PARTNER:
	  	$	1,000	  	$	1,000	  	100	  	1.0	%
	 Institutional REIT, Inc.
 6200 The Corners
 Parkway, Suite 250,
 Norcross, Georgia 30092
	  			  			  		  		
	 Partner
	  	Cash
Contribution	  	Agreed Value
of Capital
Contribution	  	Partnership
Units	  	Percentage
Interest	 
	 ORIGINAL LIMITED PARTNER
	  	$	99,000	  	$	99,000	  	9,900	  	99.0	%
	 Wells Capital, Inc.
 6200 The Corners
 Parkway, Suite 250,
 Norcross, Georgia 30092
	  			  			  		  		

 EXHIBIT B 
 NOTICE OF EXERCISE OF REDEMPTION RIGHT 
 In accordance with Section 8.05 of the Agreement of
Limited Partnership (the “Agreement”) of Institutional Operating Partnership, L.P., the undersigned hereby irrevocably (i) presents for redemption Partnership Units in Institutional Operating Partnership, L.P. in accordance with the
terms of the Agreement and the Redemption Right referred to in Section 8.05 thereof, (ii) surrenders such Partnership 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 Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such 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:

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