Document:

Executive Employment Agreement

 EXHIBIT 10.43 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 This Executive Employment Agreement (“Agreement”) is made effective November 14, 2003 (“Effective
Date”), by and between Wireless Facilities, Inc. (“Company”) and Eric DeMarco (“Executive”). 
  
 The parties agree as follows: 
  
 1.    Employment. Company hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions
set forth herein. 
  
 2.    Duties.

  
 2.1    Position.
Executive shall initially be employed as a non-officer regular, full-time employee but will become Company’s President and Chief Operating Officer (“COO”) within two (2) weeks of the Effective Date. Immediately upon the announcement
of Executive’s assumption of the President and COO roles, Company shall announce a 3 to 6 month succession plan for Executive to transfer into Company’s Chief Executive Officer (“CEO”) role. Executive shall have the duties and
responsibilities assigned by Company’s Board of Directors (“Board of Directors”) both upon initial hire and as may be reasonably assigned from time to time. Executive will also be offered a seat on Company’s Board of Directors.

  
 2.2    Best
Efforts/Full-time. Executive will expend his best efforts on behalf of Company, and will abide by all policies and decisions made by Company, as well as all applicable federal, state and local laws, regulations or ordinances. Executive will act
in the best interest of Company at all times. Executive shall devote his full business time and efforts to the performance of his assigned duties for Company, unless Executive notifies the Board of Directors in advance of his intent to engage in
other paid work and receives the Board of Directors’ express written consent to do so. 
  
 3.    At-will Employment Relationship. Executive’s employment with Company is at-will and not for any specified period and may be terminated by either Executive or Company at any time,
with or without cause. In addition, Company reserves the right to modify Executive’s position or duties to meet business needs and to use discretion in deciding on appropriate discipline. No representative of Company, other than the Board of
Directors, has the authority to alter the at-will employment relationship between Executive and Company. Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and the Board of Directors. Nothing
in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship. 
  
 4.    Compensation. 
  
 4.1    Base Salary. As compensation for Executive’s performance of his duties hereunder, Company shall pay
to Executive an initial Base Salary of $275,000 per year, payable in accordance with the normal payroll practices of Company, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll
deductions. In the event Executive’s employment under this Agreement is terminated by either party, for any reason, Executive will earn the Base Salary prorated to the date of termination. 

 4.2    Incentive Compensation. Executive will be eligible to
earn an annual performance bonus, up to a maximum amount of 100% of his Base Salary, based upon the achievement of certain goals and objectives to be mutually determined by Executive and Company. 
  
 4.3    Stock Options. Subject to
the Board of Directors’ approval, Executive will be granted a nonqualified stock option to purchase 1,250,000 shares of Company’s Common Stock under Company’s 1999 Equity Incentive Plan (the “Plan”) at an exercise price
equal to $12.80 (the “Option”). The Option will vest in accordance with the following schedule: 20% of the Option will vest on the first anniversary of the Effective Date and the remaining 80% will vest in equal monthly increments over the
following 48 months. The Option will be subject to the terms and conditions of the Plan and the standard stock option agreement provided pursuant to the Plan, which Executive will be required to sign as a condition of receiving the Option. Executive
will also be eligible to receive additional stock options based upon his performance as determined by Company in its sole and absolute discretion. 
  
 4.4    Performance and Salary Review. The Board of Directors will periodically review Executive’s
performance on no less than an annual basis. Adjustments to salary or other compensation, if any, will be made by the Board of Directors in its sole and absolute discretion. 
  
 5.    Customary Fringe Benefits. Executive will be eligible for all customary and usual fringe
benefits generally available to executives of Company subject to the terms and conditions of Company’s benefit plan documents. Company reserves the right to change or eliminate the fringe benefits on a prospective, company-wide basis, at any
time, effective upon notice to Executive. 
  
 6.    Business Expenses. Executive will be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of his duties on behalf of Company. To obtain reimbursement, expenses must be
submitted promptly with appropriate supporting documentation in accordance with Company’s policies. 
  
 7.    Termination of Executive’s Employment. 
  
 7.1    Termination for Cause by Company. Although Company anticipates a mutually
rewarding employment relationship with Executive, Company may terminate Executive’s employment immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined as: (a) acts or omissions constituting gross
negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business of Company; (b) Executive’s material breach of this Agreement or Company’s standard
form of confidentiality agreement; (c) Executive’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; or (d) Executive’s willful neglect of duties or
poor performance. Notwithstanding the foregoing, a termination under subsection 7.1(d) above shall not constitute a termination for “Cause” unless Company has first given Executive written notice of the offending conduct (such notice shall
include a description of remedial actions that the Company reasonably deems appropriate to cure such offending conduct) and a thirty (30) opportunity to cure such offending conduct. In the event Company terminates Executive’s employment under
subsection 7.1(d) above, Company agrees to participate in binding arbitration, if requested by Executive, to determine whether the cause for termination was willful neglect of duties or poor performance as opposed to some other reason that does not
constitute Cause under this Agreement. In the 
  

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event Executive’s employment is terminated in accordance with this subsection 7.1, Executive shall be entitled to receive only the Base Salary then in
effect, prorated to the date of termination and any accrued but unpaid vacation (the “Standard Entitlements”). All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely
extinguished. In addition, Executive will not be entitled to receive the Severance Packages described in subsections 7.2 or 7.3 below. 
  
 7.2    Termination Without Cause by Company/Severance. Company may terminate Executive’s employment under
this Agreement without Cause at any time on thirty (30) days’ advance written notice to Executive. In the event of such termination, Executive will receive the Standard Entitlements and the “Severance Package” described in subsection
7.2(a) below, provided that Executive agrees to comply with all of the conditions set forth in subsection 7.2(b) below. All other Company obligations to Executive pursuant to this Agreement will be automatically terminated and completely
extinguished. 
  
 (a)    Severance Package. The Severance Package will consist of the following: 
  
 (i)    a “Severance Payment” equivalent to the sum of three (3) years of Executive’s Base Salary then
in effect on the date of termination plus three (3) times Executive’s bonus potential for the year in which Executive was terminated, less any bonus amounts already received and applicable taxes and withholdings, payable immediately in a lump
sum; 
  
 (ii)    accelerated
vesting of any and all of Executive’s stock options that remain unvested as of the date of termination; and 
  
 (iii)    continuation of Executive’s group health insurance benefits on the same terms as during his employment
until the sooner of one (1) year following the Separation Date or Executive’s procurement of health care coverage through another employer (the “Benefits Continuation Period”), provided Company’s insurance carrier allows for such
benefits continuation. In the event Company’s insurance carrier does not allow for such coverage continuation, Company agrees to pay the premiums required to continue Executive’s group health care coverage during the Benefits Continuation
Period, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided that Executive elects to continue and remains eligible for these benefits under COBRA 
  
 (b)    Conditions to Receive Severance
Package. Executive will receive the Severance Package described above only if he meets all of the following conditions: 
  
 (i)    complies with all surviving provisions of this Agreement as specified in subsection 13.8 below; and

  
 (ii)    executes a full
general release, in a form acceptable to Company, releasing all claims, known or unknown, that Executive may have against Company, and any parent, subsidiary or related entity, their officers, directors, employees and agents, arising out of or any
way related to Employee’s employment or termination of employment with Company. 
  
 7.3    Resignation by Executive for Good Reason/Severance. In the event Company fails to promote Executive to
the position of Chief Executive Officer within six (6) 
  

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months of the Effective Date of this Agreement, Executive may resign for “Good Reason” upon giving thirty (30) days’ advance written notice to
Company. In the event of Executive’s resignation for Good Reason, Executive will be entitled to receive the Standard Entitlements and the Severance Package described in subsection 7.2(a) above, provided that Executive complies with all of the
conditions set forth in subsection 7.2(b) above. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. 
  
 7.4    Resignation by Executive Without Good Reason. Executive may resign
Executive’s position with Company without Good Reason, at any time on thirty (30) days’ advance written notice. In the event of Executive’s resignation without Good Reason, Executive will be entitled to receive only the Standard
Entitlements and no other amount. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. In addition, Executive will not be entitled to receive the Severance Packages
described in subsections 7.2 or 7.3 above. 
  
 7.5    Termination Upon A Change Of Control. 
  
 (a)    Accelerated Vesting Upon A Change Of Control. Upon the close of a transaction that constitutes a Change
of Control (as that term is defined below), Company shall immediately accelerate vesting of 50% of any portion of the Option that remains unvested. On the one (1)-year anniversary of such Change of Control or upon a “Triggering Event” (as
defined below), whichever occurs sooner, the remaining unvested portion of the Option shall immediately vest. For purposes of this subsection 7.5(a), a “Triggering Event” shall mean: (i) Executive’s termination from employment; (ii) a
material change in the nature of Executive’s role or job responsibilities so that Executive’s job duties and responsibilities after the Change of Control, when considered in their totality as a whole, are substantially different in nature
from the job duties Executive performed immediately prior to the Change of Control; or (iii) the relocation of Executive’ s principal place of work to a location more than thirty (30) miles from the location Executive was assigned to
immediately prior to the Change of Control. 
  
 (b)    Continued Validity of Severance Package After A Change Of Control. In the event of a Change of Control, the termination provisions described in section 7 above shall remain in full force and effect and
Executive shall continue to be entitled to receive the Severance Package described in subsection 7.2(a) above, provided Executive complies with all of the conditions described in subsection 7.2(b) above. 
  
 (c)    Change of Control. A
“Change of Control” is defined as any one of the following occurrences: (i) the acquisition by an individual person or entity or a group of individuals or entities acting in concert, directly or indirectly, through one transaction or a
series of related transaction, of more than 50% of the outstanding voting securities of Company; (ii) a merger or consolidation of Company with or into another entity after which the stockholders of Company immediately prior to such transaction hold
less than 50% of the voting securities of the surviving entity; (iii) a sale of all or substantially all of the assets of Company; or (iv) the change in the majority of the Board of Directors pursuant to a successful hostile proxy contest.

  
 7.6    Termination Due
to Death or Disability. This Agreement will immediately terminate upon Executive’s death or Disability (as defined below). In the event of Executive’s death or Disability, Executive, or Executive’s heirs, personal representatives
or estate, as the case may be, will be entitled to receive only the Standard Entitlements and those benefits available under any applicable Company plan or insurance policy, subject to such plan or policy 
  

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requirements. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. In
addition, neither Executive nor Executive’s heirs, personal representatives or estate will be entitled to receive the Severance Packages described in subsections 7.2 or 7.3 above. For purposes of this Agreement, “Disability” shall be
defined as Executive’s inability to perform the essential functions of his job, with or without reasonable accommodation, due to a mental or physical impairment. 
  
 8.    No Conflict of Interest. During Executive’s employment with Company and during any
period Executive is receiving payments from Company pursuant to this Agreement, Executive must not engage in any work, paid or unpaid, that creates an actual conflict of interest with Company. Such work shall include, but is not limited to, directly
or indirectly competing with Company in any way, or acting as an officer, director, employee, consultant, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition with, the business
in which Company is now engaged or in which Company becomes engaged during Executive’s employment with Company, as may be determined by the Board of Directors in its sole discretion. If the Board of Directors believes such a conflict exists
during Executive’s employment, the Board of Directors may ask Executive to choose to discontinue the other work or resign employment with Company. If the Board of Directors believes such a conflict exists during any period in which Executive is
receiving payments pursuant to this Agreement, the Board of Directors may ask Executive to choose to discontinue the other work or forfeit the remaining severance payments. In addition, Executive agrees not to refer any client or potential client of
Company to competitors of Company, without obtaining Company’s prior written consent, during Executive’s employment and during any period in which Executive is receiving payments from Company pursuant to this Agreement. 
  
 9.    Confidentiality and Proprietary Rights.
Executive agrees to read, sign and abide by Company’s standard form of confidentiality agreement, which is provided with this Agreement and incorporated herein by reference. 
  
 10.    Nonsolicitation. Executive understands and agrees that Company’s employees and
customers and any information regarding Company employees and/or customers is confidential and constitutes trade secrets. Accordingly, Executive agrees that during his employment and for a period of one (1) year after the termination of his
employment, Executive will not, either directly or indirectly, separately or in association with others: (a) interfere with, impair, disrupt or damage Company’s relationship with any of its customers or customer prospects by soliciting or
encouraging others to solicit any of them for the purpose of diverting or taking away business from Company; or (b) directly or indirectly, separately or in association with others, interfere with, impair, disrupt or damage Company’s business
by soliciting, encouraging or attempting to hire any of Company’s employees or causing others to solicit or encourage any of Company’s employees to discontinue their employment with Company. 
  
 11.    Injunctive Relief. Executive acknowledges
that his breach of the covenants contained in sections 8-10 would cause irreparable injury to Company and agrees that in the event of any such breach, Company shall be entitled to seek temporary, preliminary and permanent injunctive relief, to the
extent allowed under the California Arbitration Act, without the necessity of proving actual damages or posting any bond or other security. 
  
 12.    Agreement to Arbitrate. 
  

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 12.1    Scope. To the fullest extent permitted by law,
Executive and Company agree to arbitrate any controversy, claim or dispute between them arising out of or in any way related to this Agreement, the employment relationship between Company and Executive and any disputes upon termination of
employment, including but not limited to breach of contract, tort, discrimination, harassment, wrongful termination, demotion, discipline, failure to accommodate, family and medical leave, compensation or benefits claims, constitutional claims; and
any claims for violation of any local, state or federal law, statute, regulation or ordinance or common law. For the purpose of this agreement to arbitrate, references to “Company” include all parent, subsidiary or related entities and
their employees, supervisors, officers, directors, agents, pension or benefit plans, pension or benefit plan sponsors, fiduciaries, administrators, affiliates and all successors and assigns of any of them, and this agreement to arbitrate shall apply
to them to the extent Executive’s claims arise out of or relate to their actions on behalf of Company. 
  
 12.2    Arbitration Procedure. Either party may exercise the right to arbitrate by providing the other party
with written notice of any and all claims forming the basis of such right in sufficient detail to inform the other party of the substance of such claims. In no event shall the request for arbitration be made after the date when institution of legal
or equitable proceedings based on such claims would be barred by the applicable statute of limitations. The arbitration will be conducted in San Diego, California by a single neutral arbitrator and in accordance with the then current rules for
resolution of employment disputes of the American Arbitration Association (“AAA”). The parties are entitled to representation by an attorney or other representative of their choosing. The arbitrator shall have the power to enter any award
that could be entered by a judge of the trial court of the State of California, and only such power, and shall follow the law. The parties agree to abide by and perform any award rendered by the arbitrator. The arbitrator shall issue the award in
writing and therein state the essential findings and conclusions on which the award is based. Judgment on the award may be entered in any court having jurisdiction thereof. Company shall bear the costs of the arbitration filing and hearing fees and
the cost of the arbitrator. 
  
 13.    General Provisions. 
  
 13.1    Successors and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Company.
Executive shall not be entitled to assign any of Executive’s rights or obligations under this Agreement. 
  
 13.2    Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be
construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement. 
  
 13.3    Attorneys’ Fees. Each side will bear its own attorneys’ fees in any dispute unless a
statutory section at issue, if any, authorizes the award of attorneys’ fees to the prevailing party. 
  
 13.4    Severability. In the event any provision of this Agreement is found to be unenforceable by an
arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein
to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator 
  

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or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

  
 13.5    Interpretation;
Construction. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but Executive has participated in the
negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect
that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
  
 13.6    Governing Law. This Agreement will be governed by and construed in accordance with the laws of the
United States and the State of California. Each party consents to the jurisdiction and venue of the state or federal courts in San Diego, California, if applicable, in any action, suit, or proceeding arising out of or relating to this Agreement.

  
 13.7    Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of
receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set
forth below, or such other address as either party may specify in writing. 
  
 13.8    Survival. Sections 8 (“No Conflict of Interest”), 9 (“Confidentiality and Proprietary Rights”), 10 (“Nonsolicitation”), 11 (“Injunctive
Relief”), 12 (“Agreement to Arbitrate”), 13 (“General Provisions”) and 14 (“Entire Agreement”) of this Agreement shall survive Executive’s employment by Company. 
  

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 THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 
  
 14.    Entire Agreement. This Agreement, including
the Company’s standard form of confidentiality agreement incorporated herein by reference and Company’s 1999 Equity Incentive Plan and related option documents described in subsection 4.3 of this Agreement, constitutes the entire agreement
between the parties relating to this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended or modified only with the written consent
of Executive and the Board of Directors of Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever. 
  
 THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS
AGREEMENT ON THE DATES SHOWN BELOW. 
  

									
	 	 	 	 	 	 	 Eric DeMarco

				
	Dated:	 	11/14/03	 	 	 	 
	 	 	
	 	 	 	

	 	 	 	 	 	 	 	 	 

  
  
  
  

									
	 	 	 	 	 	 	 Wireless Facilities, Inc.

					
	Dated:	 	11/14/03	 	 	 	By:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Masood Tayebi
 Chairman and Chief Executive Officer
 4810 Eastgate Mall
 San Diego, CA 92121

  

 8Joint Venture Partnership Agreement

 EXHIBIT 10.16 
 TO FORM 10-K 
 OF 
 WELLS REAL ESTATE FUND XIII, L.P. 
  
 JOINT VENTURE PARTNERSHIP AGREEMENT 
 OF 
 FUND XIII AND FUND XIV ASSOCIATES 
  
 THIS JOINT VENTURE PARTNERSHIP AGREEMENT (the “Agreement”) is made and entered into as of the              day of August, 2003, by and between
WELLS REAL ESTATE FUND XIII, L.P., a Georgia limited partnership having Leo F. Wells, III and Wells Capital, Inc., a Georgia corporation, as general partners (“Fund XIII”), and WELLS REAL ESTATE FUND XIV, L.P., a Georgia limited
partnership having Leo F. Wells, III and Wells Capital, Inc., a Georgia corporation, as general partners (“Fund XIV”). Each of the parties may also be referred to herein as a “Venturer” and together as the “Venturers.”

  
 WITNESSETH : 
  
 WHEREAS, the Venturers desire to form a partnership under the Georgia Uniform Partnership Act for the acquisition, development, operation and sale of real properties according to the terms and conditions set forth
herein; 
  
 NOW, THEREFORE, for and in consideration of the mutual
covenants hereinafter set forth, the parties hereto covenant and agree as follows: 
  
 1. DEFINITIONS. 
  
 For the
purposes of this Agreement, the following defined terms shall have the meanings ascribed thereto. 
  
 1.1 “Administrative Venturer” means the Entity responsible for the conduct of the ordinary and usual business of the
Venture and the implementation of the decisions of the Venturers, all as is more fully set forth in Subsection 4.2 hereof. The initial Administrative Venturer shall be Fund XIII. 
  
 1.2 “Agreed Value” means with respect to Contributed Property the fair market value of such
property as of the date of contribution to the Venture as determined by the general partners of the Venturers. 
  
 1.3 “Approve,” “Approved” or “Approval” means, as to the subject matter thereof and as
the context may require, an express consent evidenced by and contained in a written statement signed by the approving Entity. A copy of each such written statement shall be kept at the office of the respective Venturer and shall be available for
inspection by the other Venturer upon request. 
  
 1.4 “Bankrupt” or “Bankruptcy” means the occurrence of one or more of the following 
 events:

 (i) The appointment of a permanent or temporary receiver of the assets and properties of
the Venture or a Venturer, and the failure to secure the removal thereof within 60 days after such appointment; 
  
 (ii) The adjudication of the Venture or a Venturer as bankrupt or the commission by the Venture or a Venturer of an act of bankruptcy;

  
 (iii) The making by the Venture or a Venturer
of an assignment for the benefit of creditors; 
  
 (iv) The levying upon or attachment by process of the assets and properties of the Venture or a Venturer; or 
  
 (v) The use by the Venture or a Venturer, whether voluntary or involuntary, of any debt or relief proceedings under the present or future
law of any state or of the United States. 
  
 1.5
“Capital Account” means a separate account maintained for each Venturer in a manner which complies with Treasury Regulation Section 1.704-1(b), as may be amended or revised from time to time. 
  
 1.6 “Capital Contributions” means the
aggregate contributions to the capital of the Venture made by the Venturers as Capital Contributions pursuant to Subsection 3.1 hereof. 
  
 1.7 “Contributed Property” means any property contributed to the Venture as a Capital Contribution and/or the interest of
each Venturer contributing property (excluding cash or cash equivalents) to the Venture in such property. 
  
 1.8 “Defaulting Venturer” means any Venturer failing to perform any of the obligations of such Venturer under this
Agreement or violating the provisions of this Agreement. 
  
 1.9 “Distribution Percentage Interests” means collectively the interests in the income, gains, losses, deductions, credits, Net Cash Flow, Extraordinary Receipts, as determined by Subsection 3.2
hereof, as such may be adjusted from time to time as provided in this Agreement. 
  
 1.10 “Entity” means any person, corporation, partnership (general or limited), joint venture, association, joint stock
company, trust or other business entity or organization. 
  
 1.11 “Extraordinary Receipts” means those funds of the Venture which are derived from (i) the net proceeds of any casualty insurance insuring any of the Properties or any portion thereof, to the
extent not applied to the repair, restoration or replacement of the Properties or any portion thereof as may be Approved by the Venturers; (ii) the net proceeds of any condemnation, or any taking by eminent domain, or any transfer in lieu thereof,
of any of the Properties, or any portion thereof, to the extent not applied to the repair, restoration or reconstruction of any remaining portion of the Properties as may be Approved by the Venturers; (iii) the net proceeds of any sale of any of the
Properties, or any portion thereof; and (iv) the net proceeds of any indebtedness (or any refinancing of such indebtedness) secured in whole or in part by any of the Properties or any portion thereof. 
  
 1.12 “Fiscal Year” means the fiscal year of
the Venture established under Subsection 3.4(c) hereof. 
  
 1.13 “I.R.C.” means the Internal Revenue Code of 1986, as amended. 
  
 1.14 “Lease” means a lease or rental agreement now or hereafter existing between the Venture, as lessor or landlord
(whether initially or by assignment) and an Entity. 

 1.15 “Major Decisions” means any decision or action to (i) convey by the
Venture substantially all the assets of the Venture; (ii) acquire any Property; (iii) finance or borrow or execute any promissory note or other obligation (other than a Lease) or mortgage or other encumbrance in the name of or on behalf of the
Venture; (iv) retain the services of a manager other than Wells Management; (v) approve each construction and architectural contract and all architectural plans, specifications and drawings and all revisions or changes thereof in connection with the
development and construction of any improvements for any Property; (vi) reduce any portion of the insurance program for the Properties or the Venture; (vii) determine any fee or other amount to be paid to either Venturer or any affiliate of a
Venturer; (viii) make any expenditure or incur any obligation by or on behalf of the Venture involving a sum in excess of $15,000 for any transaction or group of similar transactions except for expenditures made and obligations incurred pursuant to
and specifically set forth in a budget Approved by the Venturers; (ix) adjust, settle or compromise any claim, obligation, debt, demand, suit or judgment against the Venture or any Venturer in its capacity as a Venturer, or waive any breach of or
default in any monetary or non-monetary obligation owed to the Venture, involving singly or in the aggregate an amount in excess of $15,000, or in the initiation of any such claim or suit for the benefit of the Venture; (x) convey or sell any
Property or authorize the conveyance or sale of all Properties; (xi) admit any new Venturer to the Venture; (xii) cause the Venture to be admitted as a joint venturer to any other joint venture; and (xiii) make any other decision or action which by
the provisions of this Agreement is required to be Approved by the Venturers or which in a material respect affects the Venture or any of the assets or operations thereof. All Major Decisions shall be made by the Venturers in a timely manner with
due regard for the necessity of obtaining and evaluating the information necessary for making such Major Decisions. 
  
 1.16 “Management Agreements” means, collectively, those certain Property Management and Leasing Agreements between the
Venturers as “Owner” and Wells Management Company, Inc. as “Manager” therein, concerning the management of the Properties. 
  
 1.17 “Manager” means Wells Management Company, Inc. 
  
 1.18 “Net Cash Flow” means for a given fiscal period, those funds of the Venture
constituting the gross cash receipts of the Venture from the operation of the Properties (including interest and proceeds from business interruption or rent insurance) for such period exclusive of Capital Contributions by the Venturers and
Extraordinary Receipts, which are available for distribution to the Venturers following (i) the payment of all operating, fixed cost and capital expenditures of the Venture, for which no reserves have been established, applicable to such period;
(ii) the payment of all principal and interest with respect to any debt secured by any mortgage permitted by this Agreement; and (iii) the establishment by the Venturers of appropriate reserves for taxes, debt service, maintenance, repairs and other
expenses and working capital requirements of the Venture including, without limitation, accruals for real estate taxes, insurance and other annual expense items (unless and to the extent the same are escrowed with a mortgagee). 
  
 1.19 “Nondefaulting Venturer” in the context
wherein one or more Venturers become a Defaulting Venturer, means the remaining Venturers (provided the remaining Venturers are not also Defaulting Venturers). 
  

1.20 “Notice” means a written advice or notification required or permitted by this Agreement, 
  
 as more particularly provided in Subsection 8.1 hereof.

  
 1.21 “Prime Rate” means the
rate of interest announced from time to time by Bank of America, N.A. as its prime rate. In the event the prime rate of Bank of America, N.A. is hereafter discontinued or becomes unascertainable, the Administrative Venturer shall designate a
comparable reference rate to be the Prime Rate. 
  
 1.22 “Property” means any particular tract of land (and all rights and appurtenances incident thereto) owned or to be owned by the Venture or owned or to be owned by any joint venture, partnership, limited liability company
or other entity in which the Venture owns an economic or beneficial interest and all improvements located, constructed or developed thereon or to be constructed or developed thereon. 

 1.23 “Properties” means, collectively, all Property of the Venture at
any given time. 
  
 1.24 “Purchasing
Party” means the Venturer other than the Selling Party in the event of a proposed transfer described in Subsection 6.4 hereof. 
  
 1.25 “Selling Party” means the Venturer desiring to transfer its interest in a transaction described in Subsection 6.4
hereof. 
  
 1.26 “Venture” means
the joint venture formed pursuant to the laws of the State of Georgia by this Agreement. 
  
 1.27 “Venturer” or “Venturers” means the party or parties to this Agreement and all permitted successors
and assigns thereof. 
  
 1.28 Other terms defined
in this Agreement: 
  

				
	 Term

	  	Section

	 
	 “Assignment”
	  	6.1	 
	 “Right of First Refusal”
	  	6.2	 
	 “Certification”
	  	6.4	(a)
	 “Accepting Venturer”
	  	6.5	(a)
	 “Dissenting Venturer”
	  	6.5	(a)

  
 2.
THE VENTURE. 
  
 2.1 Formation. The
Venturers hereby enter into and form the Venture as a Georgia general partnership under the Georgia Uniform Partnership Act for the limited purposes and scope set forth herein. The rights and obligations of the Venturers and the status,
administration and termination of the Venture shall be governed by the Georgia Uniform Partnership Act and other applicable laws of the State of Georgia. The Venture is being formed for the sole purpose of acquiring, owning, developing, operating
and eventually selling Properties. 
  
 2.2
Purposes and Scope of Venture. Subject to the provisions of this Agreement, the activities of the Venture shall be limited strictly to the acquisition, ownership, financing, development, leasing, operation, sale and management of the
Properties for the production of income and profit, either directly or through the ownership of joint ventures, partnerships, limited liability companies or other entities, including all activities reasonably necessary or desirable to accomplish
such purposes, and shall not be extended by implication or otherwise unless Approved by all venturers. Nothing in this Agreement shall be deemed to restrict in any way the freedom of any Venturer to conduct any other business or activity whatsoever
(including, without limitation, 
  
 the
acquisition, development, leasing, sale, operation and management of other real property) without any accountability to the Venture or any other Venturer, even if such business or activity competes with the business of the Venture, it being
understood by each Venturer that the other Venturer may be interested directly or indirectly in various other businesses and undertakings not included in the Venture. 
  
 2.3 Name of Venture. The business and affairs of the Venture shall be conducted under the name the
“Fund XIII and Fund XIV Associates” (or such other names as shall be approved by both Venturers), and such name shall be used at all times in connection with the business and affairs of the Venture. The Venturers shall execute any assumed
or fictitious name certificate or certificates required by law to be filed in connection with the formation of the Venture and shall cause such certificate or certificates to be filed in the appropriate records. 

 2.4 Scope of Authority. Except as otherwise expressly and specifically provided in
this Agreement, no Venturer shall have any authority to act for, or assume any obligations or responsibility on behalf of, any other Venturer or the Venture. 
  
 2.5 Principal Place of Business. The principal place of business and initial office of the Venture shall be located at 6200 The
Corners Parkway, Suite 250, Norcross, Georgia 30092, and may be relocated as may be from time to time Approved by the Venturers. 
  
 2.6 Representations, Warranties and Indemnity. In order to induce the other Venturer to enter into this Agreement, each Venturer
does hereby make to each other Venturer the representations and warranties hereinafter set forth, and does hereby agree to indemnify and hold each other Venturer harmless from any and all loss, expense or liability any other Venturer may suffer as a
result of any inaccuracy as of the date hereof in any representation and warranty set forth below: 
  
 (a) Authorization. The execution and delivery of this Agreement has been duly authorized by the agreements by which each Venturer
was either created or currently governed. 
  
 (b)
Claims. There is no claim, litigation, proceeding or governmental investigation pending, or, so far as is known to each Venturer, threatened, against or relating to each Venturer, or the transactions contemplated by this Agreement which does
or would reasonably be expected materially and adversely to affect the ability of each Venturer to enter into this Agreement or to carry out its obligations hereunder, and there is not any basis for any such claim, litigation, proceeding or
governmental investigation. 
  
 (c)
Conflicts. Neither the consummation of the transactions contemplated by this Agreement to be performed, nor the fulfillment of the terms, conditions and provisions of this Agreement, conflict with or will result in the breach of any of the
terms, conditions or provisions of, or constitute a default under, the agreements by which each Venturer was created or is currently governed or any material agreement, indenture, instrument or undertaking to which each Venturer is a party.

  
 (d) Investment Objectives. The
investment objectives of each Venturer with respect to the Properties and the objectives of the Venture are: (i) to maximize Net Cash Flow; (ii) to preserve, protect and return the Venturers’ investment in the Venture; and (iii) to realize
appreciation upon the sale of the Properties. 
  
 (e) Charges to the Venturer. Neither Venturer will be charged, directly or indirectly, more than once for the same services. 
  
 2.7 Term of Venture. 
  
 (a) Commencement. The Venture term shall begin on the date of this Agreement as set forth above and end upon dissolution of the
Venture. 
  
 (b) Dissolution and
Termination. Dissolution shall occur upon the occurrence of any of the events described in Section 7 of this Agreement. Upon dissolution, the assets shall be liquidated in due course and distributed as provided in Subsection 3.3(c)(i) hereof.
The Venture shall continue until termination in accordance with the relevant dissolution and termination provisions of the Georgia Uniform Partnership Act. 
  
 3. FINANCIAL STRUCTURE. 
  
 3.1 Capital Contributions. The Venturers shall from time to time make Capital Contributions to the Venture in such amounts as are
agreed to by the Venturers. 
  
 3.2
Distribution Percentage Interest. The Distribution Percentage Interest of each of the 

 
Venturers shall be equal to the percentage equivalent (rounded to the nearest one-hundredth of a percent) of a fraction, the numerator of which is the
aggregate of all Capital Contributions (or the Agreed Value thereof) made by each Venturer pursuant to Subsection 3.1 hereof, and the denominator of which is the aggregate amount of all Capital Contributions (or the Agreed Value thereof) made
by all of the Venturers pursuant to Subsection 3.1 hereof. Each Venturer’s interest in the Venture shall always be proportional to its Capital Contributions. 
  
 Each Venturer (the “First Venturer”) does hereby agree to indemnify and hold the other Venturer (the “Second
Venturer”) harmless from and against any claim, action, liability, loss, damage, cost or expense, including, without limitation, attorney’s fees and expenses incurred by the Second Venturer by reason of (i) any act or omission of the First
Venturer in connection with the operation of the Venture and the Properties, or (ii) the claims made by third parties to the extent that the Second Venturer’s percentage share of the total liability, loss, damage, cost or expense incurred by
the Venture and the Venturers in connection with such claims exceeds its Distribution Percentage Interest at the time such liability, loss, damage, cost or expense is suffered or incurred. Upon dissolution, each Venturer shall look solely to the
assets of the Venture for the return of its investment, and if the Venture Property remaining after payment or discharge of the debts and liabilities of the Venture, including debts and liabilities owed to one or more of the Venturers, is
insufficient to return the aggregate Capital Contributions of each Venturer, such Venturers shall have no recourse against the Venture or any other Venturer. 
  
 3.3 Allocations and Distributions. Allocations for accounting purposes and for federal, state and local income tax purposes of each
item of income, loss, deduction and gain, and distributions of Net Cash Flow and Extraordinary Receipts shall be allocated among the Venturers as follows: 
  
 (a) Allocation of Tax Items. For federal, state and local income tax purposes and for purposes of maintaining the Venturers’
Capital Accounts, except as otherwise provided herein, each item of income, gain, loss and deduction of the Venture for each tax year shall be allocated to the Venturers in accordance with their Distribution Percentage Interests. 
  
 (b) Net Cash Flow. All distributions of Net Cash Flow
shall be made to the Venturers in accordance with each such Venturer’s Distribution Percentage Interest and shall be made at such intervals as may be approved by the Venturers, but in no event less frequently than quarterly. 
  
 (c) Extraordinary Receipts. Distributions of
Extraordinary Receipts shall be made as follows: 
  
 (i) Distributions Not in Connection With Dissolution. Distribution of Extraordinary Receipts not generated in connection with an event of dissolution shall be made as follows: first, to the establishment of any reserve
approved by the Venturers; and second, to the Venturers based on their respective Distribution Percentage Interests. 
  
 (ii) Distributions in Connection With Dissolution. Distribution of Extraordinary Receipts generated in connection with an event of
dissolution (as well as the other assets of the Venture) shall be made as follows: first, to the payment of debts and liabilities of the Venture to creditors (including all mortgages, but excluding any other debts or liabilities to Venturers
or affiliates of Venturers), and to the expenses of liquidation; second, to the establishment of such reserves as the Venturers may deem reasonably necessary for contingent or unforeseen liabilities or obligations of the Venture, which may be
held in escrow for a reasonable period of time and then distributed pursuant to the remainder of this Subsection; third, to the repayment of any remaining debts and obligations of the Venture to the Venturers or affiliates of the Venturers;
and fourth, to the Venturers in accordance with the positive balances in their respective Capital Accounts. 
  
 (d) Compliance with Section 704(c). To comply with Section 704(c) of the I.R.C., items of income, gain, loss, depreciation and cost
recovery deductions attributable to Contributed Property shall be allocated for federal income tax purposes among the Venturers in the manner provided under Section 704(c) of the 

 
I.R.C. taking into account the variation, if any, between the Agreed Value of such Property and its adjusted tax basis at the time of contribution.

  
 (e) Qualified Income Offset.
Notwithstanding any provision to the contrary contained herein, in the event that any Venturer receives an adjustment, allocation or distribution described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) which causes a deficit
balance in such Venturer’s Capital Account, such Venturer will be allocated items of income or gain (consisting of a pro rata portion of each item of partnership income, including gross income, and gain for such year) in an amount and manner
sufficient to eliminate such deficit balance as quickly as possible, all in accordance with Treasury Regulations Section 1.704-1(b)(2)(ii)(d). (It is the intent of the Venturers that the foregoing provision constitute a “Qualified Income
Offset,” as defined in Treasury Regulations Section 1.704-1(b)(2)(ii)(d), and the foregoing provision shall in all events be interpreted so as to constitute a valid “Qualified Income Offset.”) 
  
 3.4 Income Taxes and Accounting. 
  
 (a) Income Tax Returns. All income tax returns of the
Venture shall be prepared on an accrual basis (except to the extent as may otherwise be Approved by all Venturers or be required by law, statute or regulation governing such tax and returns). 
  
 (b) Elections. Any provision of this Agreement to the
contrary notwithstanding, solely for federal income tax purposes, each of the Venturers hereby recognizes that the Venture will be subject to all provisions of Subchapter K of Chapter 1 of Subtitle A of the I.R.C.; provided, however, that the filing
of U.S. Partnership Returns of Income shall not be construed to extend the purposes of the Venture or expand the obligations or liabilities of the Venturers. The Venture shall file an election under Section 754 of the I.R.C. only in the event of a
transfer or proposed transfer by any one or more Venturers of all or any part of their interest or interests in the Venture to any Entity. Such election shall be filed by the Venture upon the request of any Venturer made with respect to the income
tax return for the period which includes the date of transfer of such interest in the Venture; such request shall be in writing and shall be made not less than 60 days prior to the initial date established by law for filing such income tax return.

  
 (c) Fiscal Year. The Venture shall
operate on a calendar year basis. 
  
 (d) Books
of Account. The books of account of the Venture and the Venturer’s Properties shall be kept and maintained at all times by the Administrative Venturer or the delegated representative thereof at the principal place of business of the
Administrative Venturer. The books of account shall be maintained on an accrual basis, unless otherwise determined by the Administrative Venturer, in accordance with generally accepted accounting principles, consistently applied, and shall show all
items of income and expense relating to the Venture and the Properties. 
  
 (e) Reports. The Administrative Venturer shall cause to be prepared at the expense of the Venture and furnished to each of the Venturers the information and data with respect to the Venture during the Fiscal
Year as shall enable each Venturer on a timely basis to prepare or cause to be prepared the reports required under their respective partnership agreements to be made to their partners. In addition, within 60 days after the end of each Fiscal Year,
the Administrative Venturer shall use its best efforts to cause to be prepared and to deliver to each Venturer a report setting forth in sufficient detail all such information and data with respect to business transactions effected by or involving
the Venture during such Fiscal Year as shall enable the Venture and each Venturer to prepare its federal, state and local income tax returns on a timely basis in accordance with the laws, rules and regulations then prevailing. The Administrative
Venturer shall cause to be prepared federal, state and local tax returns required of the Venture and submit such returns to the Venturers no later than 30 days prior to the date required for the filing thereof and shall file the same. 
  
 (f) Records. Any Venturer shall have the right at all
reasonable times during usual 

 
business hours to audit, examine and make copies of the books of account of the Venture. Such right may be exercised through any agent or employee of such
Venturer designated by such Venturer or by an independent certified public accountant designated by such Venturer. Any Venturer shall bear all expenses incurred in any examination or audit made for such Venturer’s account. 
  
 (g) Audits. In the event that the Internal Revenue
Service or any other governmental agency with jurisdiction shall conduct, commence or give notification of intent to conduct or commence any audit or other investigation of the books, records, tax returns or other affairs of the Venture, the
Administrative Venturer shall immediately advise the Venturers thereof by Notice. The Administrative Venturer shall be the “tax matters partner,” as that term is defined by I.R.C., if one is needed for the Venture. 
  
 3.5 Banking. Funds of the Venture shall be deposited
in an account or accounts of a type, in form and name and in a bank or banks selected by the Administrative Venturer. No funds other than Venture funds shall be deposited in any such account. Withdrawals from bank accounts shall be made by the
Administrative Venturer and by such other parties as may be designated by the Venturers. 
  
 4. MANAGEMENT. 
  
 4.1 Authority of Administrative Venturer. The overall management and control of the business and affairs of the Venture shall be vested in the Venturers, collectively, acting by and through the Administrative Venturer. The
Administrative Venturer shall have responsibility for establishing the policies and operating procedures with respect to the business and affairs of the Venture and for making all decisions, except as otherwise provided herein and except Major
Decisions, as to all matters which the Venture has authority to perform, as fully as if the Venturers were themselves making such decisions. All decisions, other than Major Decisions, with respect to the management and control of the Venture made by
the Administrative Venturer shall be binding on the Venture and all Venturers. The Administrative Venturer shall be responsible for performing, or for causing to be performed, all acts necessary to accomplish the purposes of the Venture. No act
shall be taken, sum expended, decision made or obligation incurred by the Venture, or any Venturer, with respect to a matter within the scope of any of the Major Decisions, unless such matter has been Approved by all of the Venturers. Except as
otherwise expressly provided for in this Agreement, documents executed by or behalf of the Venture shall be executed only with the Approval of the Administrative Venturer. 
  
 4.2 Administrative Venturer. The initial Administrative Venturer shall be Fund XIII. The
Administrative Venturer shall, at the expense of the Venture, discharge or cause the discharge of the duties of the Administrative Venturer unless and until (i) the Administrative Venturer resigns as the Administrative Venturer, or (ii) the
Administrative Venturer becomes a Defaulting Venturer. In the event of an occurrence described in either clause (i) or (ii) of the immediately preceding sentence, the then current Administrative Venturer shall thereupon be relieved from any further
performance of the functions of the Administrative Venturer under this Agreement and a replacement for the Administrative Venturer shall be appointed by a majority in interest of the other Venturers. In the event an Entity not a Venturer shall be
appointed to be Administrative Venturer, such Entity shall discharge the functions of the Administrative Venturer under this Agreement but shall not be entitled to any of the rights, titles or interests of a Venturer. The breach or violation by the
Administrative Venturer of any provision of this Subsection, or of any other duty or obligation imposed upon the Administrative Venturer by this Agreement, shall subject to the Administrative Venturer to the provisions of Subsection 4.4 hereof as a
Defaulting Venturer (provided the Administrative Venturer is then also a Venturer) only if such breach or violation by the Administrative Venturer involves fraud, negligence or willful misconduct. Furthermore, the Administrative Venturer shall be
liable to the Venture and to the Venturers for any breach or violation of the Administrative Venturer’s duties and obligations under this Subsection only if such breach or violation involves fraud, negligence or willful misconduct. 

 
 (a) Records. The Administrative Venturer shall
maintain or cause to be maintained at the expense of the Venture, books of account as described in Subsection 3.4(d) hereof. 

 (b) Property Taxes and Licenses. The Administrative Venturer shall cause to be
filed each year timely ad valorem tax returns for the Properties. 
  
 (c) Leases. The Administrative Venturer is authorized to negotiate and execute Leases on behalf of the Venture without further Approval of the Venturers and is authorized to delegate this responsibility
pursuant to a management agreement. Initially, this responsibility will be delegated to the Manager under the Management Agreements by and between the Venturers and the Manager. 
  
 (d) Indemnity. The Venture shall indemnify and hold the Administrative Venturer harmless against all
claims, actions, liability, loss, damage, cost or expense, including attorney’s fees and expenses, by reason of any act or omission of the Administrative Venturer that is duly authorized and performed in accordance with the terms and provisions
of this Agreement. However, any Entity which is both the Administrative Venturer and a Venturer shall be responsible as a Venturer, to the extent of the proportionate liability thereof, for such obligation for the Venture to so indemnify and hold
harmless the Administrative Venturer. The liability of the Venturers under this Subsection shall be several, and not joint, and shall be shared in proportion to the Distribution Percentage Interests of the Venturers. 
  
 4.3 Compensation of Venturers. No payment will be made
by the Venture to any Venturer for the services of such Venturer or any affiliate, partner or employee of any Venturer, other than as provided in the Management Agreements. 
  
 4.4 Defaulting Venturer. If any Venturer fails to perform any of its obligations under this Agreement
or violates the terms of this Agreement, such Venturer shall be a Defaulting Venturer and the Nondefaulting Venturer shall have the right to give such Defaulting Venturer a Notice specifically setting forth the nature of the default and stating that
such Defaulting Venturer shall have a period of 15 days to pay any sums of money specified therein as due and owing to the Venture or to any Venturer, or 30 days (or such longer period as is specified in the next succeeding sentence) to cure any
other default specified in such Notice. If the monies specified are not paid within such 15 day period or such Defaulting Venturer does not cure all other defaults within such 30 day period, or, if the defaults are not capable of being cured within
such 30 day period, such Defaulting Venturer has not commenced in good faith the curing of such defaults within such 30 days period and does not thereafter prosecute to completion with diligence and continuity the curing thereof, the Nondefaulting
Venturer shall have all rights provided in Subsections 4.4(a) through 4.4(c) below, in addition to any other rights it may have under the Georgia Uniform Partnership Act. If a Defaulting Venturer completely cures all of such defaults within the
aforesaid cure periods, then such defaults shall be deemed no longer to exist and such Venturer shall be deemed no longer to constitute a Defaulting Venturer unless and until another default by such Venturer occurs. A Defaulting Venturer shall have
no power or authority to bind the Venture or the Venturers but shall cooperate with and, to the extent requested, assist the Nondefaulting Venturers in every way possible. 
  
 (a) Equitable Relief. The Nondefaulting Venturer may bring any proceeding in the nature of
injunction, specific performance or other equitable remedy, it being acknowledged by each of the Venturers that damages at law may be an inadequate remedy for a default or threatened breach of this Agreement. 
  
 (b) Damages. The Nondefaulting Venturer may bring any
action at law by or on behalf of itself or the Venture as may be permitted in order to recover damages. 
  
 (c) Dissolution. The Nondefaulting Venturer may institute such proceedings as may be appropriate to secure an accounting and to
dissolve, wind up and terminate the Venture. 
  
 (d) Additional Remedies. The rights and remedies of the Venturers under this Agreement shall not be mutually exclusive; that is, the exercise of one or more of the provisions hereof shall not preclude the exercise of any other
provisions hereof, except as may be expressly provided in this Agreement. Each of the Venturers confirms that damages at law may be an inadequate remedy for a breach or threatened breach of this 

 
Agreement and agrees that, in the event of a breach or threatened breach of any provision hereof, the respective rights and obligations hereunder shall be
enforceable by specific performance, injunction or other equitable remedy, but nothing herein contained is intended to, nor shall it, limit or affect any right or rights at law or by statute or otherwise of any Venturer aggrieved as against any
other Venturer for breach or threatened breach of any provisions of this Agreement, it being the intention of this Subsection to make clear the Agreement of the Venturers that the respective rights and obligations of the Venturers under this
Agreement shall be enforceable in equity as well as at law or otherwise. 
  
 4.5 Limitation on Authority. Notwithstanding any provision of this Agreement to the contrary, neither Venturer shall have the authority to take any action which, if taken singularly by such Venturer separate
from the Venture, would be prohibited by such Venturer’s 
  
 4.6 Holding Title as Nominee. With the consent of the other Venturers, any Venturer shall be authorized to hold title to a Property or Properties as agent or as nominee on behalf of the Venture. 
  
 5. INSURANCE. 
  
 5.1 Minimum Insurance Requirements. The Venture shall
carry and maintain in force the insurance hereinafter described, the premiums for which shall be a cost and expense of the Venture. 
  
 (a) Liability Insurance. Comprehensive general liability insurance for the benefit of the Venture and the Venturers as named
insureds against claims for “personal injury” liability. 
  
 (b) Other Insurance. Such other insurance as the Venturers may reasonably deem to be necessary or as may be required by any mortgagee of any Property of the Venture. 
  
 5.2 Insureds. All of the policies of insurance
described in Subsection 5.1 shall name the Venture and each of the Venturers as named insureds, as their respective interests may appear. All such insurance shall be effected under policies issued by insurers and be in forms and for amounts Approved
by both Venturers. 
  
 6. TRANSFERS AND OTHER DISPOSITIONS.

  
 6.1 Prohibited Transfers. No Venturer
may sell, transfer, assign, mortgage, pledge, hypothecate or otherwise dispose of, encumber or permit or suffer any encumbrance on (all referred to as “Assignment”), all or any part of the interest of such Venturer in the Venture or in the
Properties (including, but not limited to, the right to receive any distributions under this Agreement) unless such an Assignment is Approved by all Venturers, provided that this restriction on Assignment shall not apply to the Assignment of units
of partnership interests or beneficial interests in a Venturer. Any Assignment made in violation of this Section 6 shall be void. 
  
 6.2 Exceptions. The prohibition in Subsection 6.1 hereof shall not apply to an Assignment permitted under Subsection 6.4 hereof
(“Right of First Refusal”). 
  
 6.3
Notice. Each Venturer shall promptly by Notice inform the other Venturer of the occurrence of any disposition not required to have been Approved by the other Venturer. 
  
 6.4 Right of First Refusal. If any Selling Party shall desire to transfer (for the purposes of this
Subsection the terms “transfer” and “transferred” include any and all types of disposition) all or any portion of its interest in the Venture to any Entity, such Selling Party may consummate such transfer only if (i) such sale is
a sale of Selling Party’s interest in the Venture separate and distinct from any other property, (ii) the consideration payable is cash and/or note(s) and not an interest in other property, and (iii) the provisions and conditions of Subsections
(a) through (d) hereof have been complied with. 

 (a) Certification. The Selling Party shall deliver to the Purchasing Party a
written certification (“Certification”) reflecting (i) the name of the prospective transferee of the entire interest of the Selling Party in the Venture; (ii) the price for which, and the terms upon which, the Selling Party is willing to
transfer and such prospective transferee is willing to buy the entire interest of the Selling Party in the Venture (which price and terms shall be based either upon preliminary discussions and negotiations, evidenced in a writing signed by the
prospective transferee, between the Selling Party and such prospective transferee or upon a fully negotiated and executed purchase agreement, a copy of which shall be furnished to the Purchasing Party); and (iii) whether the Selling Party has any
interest, financial or otherwise, in the prospective transferee and whether, to the best knowledge of the Selling Party, there exists any other contract or offer for the purchase of all or any portion of the Properties or of the Selling Party’s
interest in the Venture. Such Certification shall be accompanied by a request (in the form of a Notice) by the Selling Party to the Purchasing Party to either Approve such transfer and prospective transferee or to purchase the Selling Party’s
interest in the Venture for the price and upon the terms provided in such Certification. The Selling Party may transfer the interest of the Selling Party in the Venture only to such prospective transferee or to the Purchasing Party. The Purchasing
Party must either approve such prospective transferee or purchase the interest of the Selling Party in the Venture. 
  
 (b) Purchasing Party’s Rights. The Purchasing Party shall have the right either (i) to allow the Selling Party to transfer the
interest of the Selling Party in the Venture for a price and upon terms no more favorable to the prospective transferee than those reflected, and to the prospective transferee named in the Certification, or (ii) to purchase the Selling Party’s
entire interest in the Venture at the price contained in the Certification and on the other terms and conditions of the Certification. The price for which, and the terms upon which, the Selling Party shall transfer its interest in the Venture shall,
by way of illustration and not limitation, be deemed “more favorable” than those reflected in the Certification if (i) the total actual transfer price is lower than that set forth in such Certification, (ii) a lesser portion of the price
is paid in cash at the time of the transfer than that set forth in such Certification, or (iii) the portion of the price not paid in cash at the time of the transfer is payable over a longer period of time, at a lower interest rate or with lower or
less frequent periodic payments than those set forth in such Certification. 
  
 (c) Notice of Election. The Purchasing Party shall have a period of 60 days after receipt of the Selling Party’s Certification specified in Subsection 6.4(a) hereof to serve upon the Selling Party a Notice
which shall specify whether such Purchasing Party will Approve a transfer to such prospective transferee, or whether the Purchasing Party shall purchase the entire interest of the Selling Party as provided in Subsection 6.4(b) hereof. If the
Purchasing Party fails to give such Notice within the allocated time, the Purchasing Party shall be deemed to have approved the transfer of the interest to such prospective transferee, and the Purchasing Party shall, if requested by the Selling
Party, execute, acknowledge and deliver such documents, or cause the same to be executed, acknowledged and delivered, including without limitation, the rights and restrictions contained in this Section 6 with respect to further transfers. Any such
new Venturer shall execute and deliver to the other Venturers such documents as the other Venturers may reasonably request confirming the assumption by such new Venturer of the obligations of the Selling Party under this Agreement. At the time of
closing of a transfer to a third party transferee pursuant to this Subsection 6.4, the Purchasing Party shall execute and deliver to the Selling Party and such transferee a written estoppel certificate in recordable form pursuant to which the
Purchasing Party shall certify and agree that to the best of the Purchasing Party’s knowledge and belief the pending transfer is permitted pursuant to this Subsection (provided, that to the best of the Purchasing Party’s knowledge and
belief such transfer is, in fact, permitted by this Subsection). In such estoppel certificate, the Purchasing Party shall waive any further right whatsoever to attempt to force a rescission or setting aside of such transfer; provided, however, the
Purchasing Party shall expressly reserve any rights thereafter to pursue any action for damages against both the Selling Party and the transferee should the Purchasing Party thereafter determine that, contrary to the Purchasing Party’s earlier
best knowledge and belief, the transfer was in fact not consummated in strict accordance with the terms of this Section 6. 
  
 (d) Power of Attorney. In the event that either (i) the Purchasing Party shall have failed to respond, in the manner and within the
time required by Subsection 6.4(c) hereof, to the Selling Party’s Certification specified in Subsection 6.4(a) hereof, or (ii) the Purchasing Party shall have served upon the Selling 

 Party a Notice specifying that the Purchasing Party has approved a transfer to a prospective transferee
of the Selling Party as contemplated by Subsection 6.4(c) hereof, and the Purchasing Party shall have thereafter failed or refused, within ten days after receipt of a Notice from the other Venturer requesting same, to execute, acknowledge and
deliver such documents, or cause the same to be done, as shall be required to effectuate a transfer of such interest in accordance with the Certification, then, and in either of such events, the Selling Party may execute, acknowledge and deliver
such documents for, on behalf of and in the stead of the Purchasing Party, and such execution, acknowledgment and delivery by the Selling Party shall be for all purposes as effective against and binding upon the Purchasing Party as though such
execution, acknowledgment and delivery had been by the Purchasing Party; provided, however, that no such documents executed by the Selling Party shall contain any undertaking on behalf of the Purchasing Party beyond the scope of the undertakings
necessary for the Selling Party to effectuate such transfer. Each Venturer does hereby irrevocably constitute and appoint each other Venturer as the true and lawful attorney in fact of such Venture and the successors and assigns thereof, in the
name, place and stead of such Venturer or the successors or assigns thereof, as the case may be, to execute, acknowledge and deliver such documents in the event such Venturer shall be the Purchasing Party under the circumstances contemplated by this
Subsection 6.4(d). It is expressly understood, intended and agreed by each Venturer, for such Venturer and the successors and assigns thereof, that the grant of the power of attorney to each other Venturer pursuant to this Subsection 6.4(d) is
coupled with an interest, is irrevocable and shall survive the death, termination or legal incompetency of such granting Venturer, as the case may be, or the assignment of the interest of such granting Venturer in the Venture, or the dissolution of
the Venture. 
  
 6.5 Offer from Third Party to
Purchase the Property. 
  
 (a) In the event
that one of the Venturers receives a bona fide offer from an unrelated third party for the sale of all or substantially all of the Properties or last remaining Property owned by the Venture at the time of such offer, which offer such Venturer wishes
to accept (the “Accepting Venturer”), but the other Venturer wishes to reject, the Venturer not desiring to sell the Property or Properties pursuant to said offer (the “Dissenting Venturer”) must elect within thirty (30) days
after receipt by the Dissenting Venturer of notice of said offer from the Accepting Venturer to either (i) purchase the Accepting Venturer’s entire interest in the Venture on the same terms and conditions as the third party offer to purchase;
or (ii) consent to the sale of the Properties or last remaining Property of the Venturer pursuant to such third party offer. The Accepting Venturer shall deliver to the Dissenting Venturer a written notice (the “Notice”) reflecting (i) the
name and address of the person or entity desiring to purchase the Properties or last remaining Property of the Venture; (ii) the sales price to be paid by such person or entity; and (iii) shall include a copy of the third party offer. In the event
that the Dissenting Venturer elects to purchase the Accepting Venturer’s entire interest in the Venture, the purchase price payable for the Accepting Partner’s interest in the Venture shall be equal to the amount such Accepting Venturer
would have received if the Property or Properties had been sold to such unrelated third party in accordance with the terms of its offer, after payment of all sales commissions and other fees and expenses which would have been due and payable upon
the sale of said Property or Properties and the repayment of all debts of the Venture, if any. 
  
 (b) As set forth above, the Dissenting Venturer shall have 30 days after receipt of the Notice in which to make its election. The election
of the Dissenting Venturer shall be made by written notice to the Accepting Venturer. In the event that the Dissenting Venturer elects to purchase the Accepting Venturer’s interest in the Venture pursuant to alternative (i) above, the
Dissenting Venturer shall have an additional 30 days following the receipt of the Notice within which to close the purchase of the Accepting Venturer’s interest in the Venture. The failure of the Dissenting Venturer to either elect to purchase
the Accepting Venturer’s interest in the Venture pursuant to subparagraph (a)(i) above within 30 days after the receipt by the Dissenting Venturer of the Notice, or the failure to close the purchase of the Accepting Venturer’s interest in
the Venture within the foregoing time period shall be conclusively deemed to constitute a consent to the sale of the Properties or last remaining Property of the Venturer pursuant to such third party offer. 
  
 (c) The closing of any purchase and sale under this Section
6.5 shall be held at the principal office of the Venturer or at such other place as shall be mutually agreed to by the Venturers within 30 days following 

 the receipt by the Accepting Venturer of written notice that the Dissenting Venturer has exercised its
option to purchase the Accepting Venturer’s interest in the Venture. At the closing, an appropriate assignment of the Accepting Venturer’s interest in the Venture, with covenants against Assignor’s acts, together with such other
instruments and documents as may be necessary or appropriate to effect the transfer of the Accepting Venturer’s interest in the Venture, shall be executed and delivered. The Venturers shall also execute and deliver an amendment to this
Agreement, if appropriate. The purchase price payable to the Accepting Venturer shall be paid at closing by wire transfer of immediately available federal funds. Effective the date of closing, the Accepting Venturer shall cease to be a member of the
Venture, and the Accepting Venturer shall have no further rights, duties or obligations with respect to the Venture arising out of this Agreement. Subsequent to the closing date, the Accepting Venturer shall have no further interest in the
Venture’s capital, income, profits, losses, gains, allocations or distributions. 
  
 (d) Upon any default or breach of any provision of this Section 6.5, the nonbreaching party shall be entitled to sue such defaulting party
and recover damages or enforce the terms hereof by specific performance. 
  
 (e) In the event that either (i) the Dissenting Venturer shall have failed to respond, in the manner and within the time required by Subsection 6.5(a) hereof, to the Accepting Venturer’s Notice specified in
Subsection 6.5(a) hereof, or (ii) the Dissenting Venturer shall have served upon the Accepting Venturer a notice specifying its intent to approve the transfer of the Properties or Property, and the Dissenting Venturer shall have thereafter failed or
refused within ten (10) days after receipt of a notice from the Accepting Venturer requesting same to execute, acknowledge and deliver such documents, instruments and writings, or to cause the same to be done, as required to effectuate the
contemplated sale of the Properties, or (iii) the Dissenting Venturer shall have failed to close the purchase of the Accepting Venturer’s interest in the Venture within the time period set forth in Subsection 6.5(c) hereof, then, in such event,
the Accepting Venturer may execute, acknowledge and deliver such documents, instruments and writings for, and on behalf of, and in the name, place and stead of, the Dissenting Venturer, and such execution, acknowledgment and delivery by such
Accepting Venturer shall be for all purposes as effective against and binding upon the Venture and the Dissenting Venturer as if such execution, acknowledgment and delivery had been made by the Dissenting Venturer; provided, however, that no such
documents executed by the Accepting Venturer pursuant to the terms hereof shall contain any undertaking on behalf of the Dissenting Venturer beyond the scope of the undertaking as necessary for the Accepting Venturer to effectuate the transfer and
sale of the Properties of the Venture. Each Venturer does hereby irrevocably constitute and appoint each other Venturer as its true and lawful attorney-in-fact of such Venturer and its successors and assigns, in the name, place and stead of such
Venturer or its successors or assigns, as the case may be, to execute, acknowledge and deliver any and all such deeds, assignments, documents, instruments and writings in the event such Venturer shall be the Dissenting Venturer under the
circumstances contemplated by this Subsection 6.5(e). It is expressly understood, intended and agreed by each Venturer, for such Venturer and its successors and assigns, that the grant of the power of attorney to each other Venturer pursuant to this
Subsection 6.5(e) is coupled with an interest, is irrevocable and shall survive the death, termination or legal incompetence of such granting Venturer, as the case may be, or the assignment of the interest of such granting Venturer in the Venture,
or the dissolution of the Venture. 
  
 7. DISSOLUTION AND
TERMINATION. 
  
 The Venture shall dissolve on
December 31, 2030, or upon the occurrence of any of the following: 
  
 (i) A decree of a court of competent jurisdiction declaring dissolution; 
  
 (ii) Sale of all or substantially all of the assets of the Venture and the receipt and distribution of the proceeds therefrom; 

 
 (iii) The Venture or either Venturer is adjudicated
insolvent or bankrupt; 
  
 (iv) Termination of
either of the Venturers; or 

 (v) Unanimous consent of the Venturers. 
  
 Upon the occurrence of any of the events set forth in this Section 7, Notice
thereof shall be given to all of the Venturers by the Administrative Venturer and the Administrative Venturer shall, as required by Subsection 2.7(b) hereof, proceed to terminate and wind up the Venture and shall distribute the Extraordinary
Receipts (and the other assets of the Venture) resulting therefrom in accordance with Subsection 3.3(c) hereof. 
  
 8. MISCELLANEOUS PROVISIONS. 
  
 8.1 Notices. Notices given under this Agreement shall be in writing and shall be deemed to have been properly given or served by
the deposit of such with the United States Postal Service, or any official successor thereto, designated as registered or certified mail, return receipt requested, bearing adequate postage and addressed as hereinafter provided. The time period in
which a response to any such Notice must be given or any action taken with respect thereto, however, shall commence to run from the date of receipt on the return receipt of the Notice. Rejection or other refusal to accept or the inability to deliver
because of changed address or status of which no Notice was given to the Administrative Venturer shall be deemed to be receipt of the Notice sent. In the event that registered or certified mail is not being accepted for prompt delivery, each Notice
may then be served by personal service addressed as hereinafter provided. By giving to the other Venturer at least 30 days’ Notice thereof, any Venturer shall have the right from time to time during the term of this Agreement to change his
Notice address(es) and to specify as his Notice address(es) any other address(es) within the continental United States of America. Each Notice to the Venturers shall be sent to the addresses set forth below (unless such Notice address is properly
changed): 
  
 Wells Real Estate Fund XIII, L.P. 
 6200 The Corners Parkway 
 Suite 250 

Norcross, Georgia 30092 
  
 Wells Real Estate Fund XIV, L.P. 
 6200 The
Corners Parkway 
 Suite 250 
 Norcross, Georgia 30092 
  
 8.2
Governing Law. This Agreement and the obligations of the Venturers hereunder shall be interpreted, construed and enforced in accordance with the laws of the State of Georgia, including the Georgia Uniform Partnership Act. 
  
 8.3 Fees and Commissions. Except as may otherwise be
provided herein, each Venturer hereby represents to each other Venturer that there are no claims for brokerage or other commissions or finder’s or other similar fees in connection with the transactions contemplated by this Agreement insofar as
such claims shall be based on arrangements or agreements made by or on behalf of the Venturer so representing, and each Venturer so representing hereby indemnifies and agrees to hold harmless each other Venturer from and against all liabilities,
cost, damages and expenses from any such claims. 
  
 8.4 Waiver. No consent or waiver, express or implied, by any Venturer to or of any breach or default by any other Venturer in the performance by such other Venturer of the obligations thereof under this Agreement shall be deemed or
construed to be a consent or waiver to or of any other breach or default in the performance by such other Venturer of the same or any other obligations of such other Venturer under this Agreement. Failure on the part of any Venturer to complain or
any act or failure to act of any other Venturer or to declare any other Venturer in default, irrespective of how long such failure continues, shall not constitute a waiver of such Venturer of the rights thereof under this Agreement. 

 8.5 Severability. If any provision of this Agreement or the application thereof to
any Entity or circumstances shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to any other Entity or circumstance shall not be affected thereby and shall be enforced to the
greatest extent permitted by law. 
  
 8.6
Status Reports. Recognizing that each Venturer may find it necessary from time to time to establish to third parties such as accountants, banks, mortgagees or the like, the then current status of performance hereunder, upon the written
request of any other Venturer, made from time to time by Notice, each Venturer shall furnish promptly a written statement (in recordable form, if requested) on the status of any matter pertaining to this Agreement to the best of the knowledge and
belief of the Venturer making such statement. 
  
 8.7 Entire Agreement—Amendment. This Agreement constitutes the entire agreement of the Venturers with respect to the subject matter hereof. Neither this Agreement nor any provision hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the Venturer against whom enforcement of the change, waiver, discharge or termination is sought. The execution of any amendment to this Agreement, or the execution of any other
agreement or amendment thereto, by all Venturers shall establish that such execution was made in accordance with any applicable requirements for Approval. 
  
 8.8 Terminology. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall
include all other genders; the singular shall include the plural; and the plural shall include the singular. Titles of Sections, Subsections and Paragraphs in this Agreement are for convenience only, and neither limit nor amplify the provisions of
this Agreement, and all references in this Agreement to Sections, Subsections or Paragraphs shall refer to the Section, Subsection or Paragraph of this Agreement unless specific reference is made to another document or instrument. 
  
 8.9 Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be deemed to be an original and all of which together shall comprise but a single instrument. 
  
 8.10 Successors and Assigns. Subject to the restrictions on transfers and encumbrances set forth herein, this Agreement shall inure
to the benefit of and be binding upon the Venturers and their respective heirs, executors, legal representatives, successors and assigns. Whenever in this Agreement a reference to any Entity or Venturer is made, such reference shall be deemed to
include a reference to the heirs, executors, legal representatives, successors and assigns of such Entity or Venturer. 
  
 [SIGNATURES ON NEXT PAGE] 

 IN WITNESS WHEREOF, the undersigned Venturers have executed and entered into this Joint Venture
Partnership Agreement of Fund XIII and Fund XIV Associates as of the day and year first above written. 
  

			
	WELLS REAL ESTATE FUND XIII, L.P.
A Georgia Limited Partnership
		
	By:	 	Wells Capital, Inc.
A Georgia Corporation
(As General Partner)
		
	By:	 	 
	 	 	

	 	 	 Leo F. Wells, III
President
  

							
				
	Signed, sealed and delivered	 	 	 	By:	 	 
	 	 	 	 	 	 	

	 in the presence of:
	 	 	 	 	 	 Leo F. Wells, III
President

  

 Unofficial Witness 
  

 Notary Public 
  

							
				
	Signed, sealed and delivered	 	 	 	By:	 	 
	 	 	 	 	 	 	

	 in the presence of:
	 	 	 	 	 	 Leo F. Wells, III
General Partner

  

 Unofficial Witness 
  

 Notary Public 

			
	WELLS REAL ESTATE FUND XIV, L.P.
A Georgia Limited Partnership
		
	By:	 	Wells Capital, Inc.
A Georgia Corporation
(As General Partner)
		
	By:	 	 
	 	 	

	 	 	 Leo F. Wells, III
President
  

			
	  

 Unofficial
Witness
  

 Notary
Public
	  	 

							
				
	Signed, sealed and delivered	 	 	 	By:	 	 
	 	 	 	 	 	 	

	 in the presence of:
	 	 	 	 	 	 Leo F. Wells, III
General Partner

			
	  

 Unofficial
Witness
  

 Notary
Public

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