Document:

Exhibit 10.1

 

LIMITED PARTNERSHIP AGREEMENT

OF

WCRT OPERATING PARTNERSHIP, L.P.

 

 

 

Dated as of September [__], 2012

 

 

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE 1 DEFINED TERMS	1
	ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION	6
	2.1 Formation	6
	2.2 Name, Office and Registered Agent	6
	2.3 Partners	6
	2.4 Term and Dissolution	7
	2.5 Filing of Certificate and Perfection of Limited Partnership	7
	2.6 Certificates Describing Partnership Units	7
	ARTICLE 3 BUSINESS OF THE PARTNERSHIP	8
	ARTICLE 4 CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS	8
	4.1 Capital Contributions	8
	4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests	8
	4.3 Additional Funding	10
	4.4 Capital Accounts	10
	4.5 Percentage Interests	10
	4.6 No Interest on Contributions	10
	4.7 Return of Capital Contributions	10
	4.8 No Third Party Beneficiary	10
	ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS	11
	5.1 Allocation of Profit and Loss	11
	5.2 Distribution of Cash	12
	5.3 REIT Distribution Requirements	13
	5.4 No Right to Distributions In Kind	13
	5.5 Limitations on Return of Capital Contributions	13
	5.6 Distributions Upon Liquidation	13
	5.7 Substantial Economic Effect	13
	ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	14
	6.1 Management of the Partnership	14
	6.2 Delegation of Authority	16

  

    	 

    	 

    
 

	6.3 Indemnification and Exculpation of Indemnitees	16
	6.4 Liability of the General Partner	17
	6.5 Reimbursement of General Partner	18
	6.6 Outside Activities	18
	6.7 Employment or Retention of Affiliates	18
	6.8 General Partner Participation	19
	6.9 Title to Partnership Assets	19
	6.10 Miscellaneous	19
	ARTICLE 7 CHANGES IN GENERAL PARTNER	19
	7.1 Transfer of the General Partner’s Partnership Interest	19
	7.2 Admission of a Substitute or Additional General Partner	20
	7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner	21
	7.4 Removal of a General Partner	21
	ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	22
	8.1 Management of the Partnership	22
	8.2 Power of Attorney	22
	8.3 Limitation on Liability of Limited Partners	22
	8.4 Exchange Right	23
	8.5 Admission of Additional Limited Partners	24
	ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS	24
	9.1 Purchase for Investment	24
	9.2 Restrictions on Transfer of Limited Partnership Interests	25
	9.3 Admission of Substitute Limited Partner	26
	9.4 Rights of Assignees of Partnership Interests	26
	9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	27
	9.6 Joint Ownership of Interests	27
	9.7 Redemption of Partnership Units	27
	ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	27
	10.1 Books and Records	27
	10.2 Custody of Partnership Funds; Bank Accounts	27
	10.3 Fiscal and Taxable Year	28
	10.4 Annual Tax Information and Report	28
	10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments	28
	10.6 Reports Made Available to Limited Partners	28
	ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER	28
	ARTICLE 12 GENERAL PROVISIONS	29
	12.1 Notices	29
	12.2 Survival of Rights	29
	12.3 Additional Documents	29
	12.4 Severability	29
	12.5 Entire Agreement	30
	12.6 Pronouns and Plurals	30
	12.7 Headings	30
	12.8 Counterparts	30
	12.9 Governing Law	30
	12.10 Waivers	30
	EXHIBIT A - General Partner And Original Limited Partner, Capital Contributions And Percentage Interests	 
	EXHIBIT B - Notice Of Exercise Of Exchange Right	 

  

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LIMITED PARTNERSHIP AGREEMENT

OF

WCRT OPERATING PARTNERSHIP, L.P.

 

WCRT 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 on March 22, 2012. This Limited Partnership Agreement (“Agreement”)
is entered into as of September [__], 2012, by and between West Coast Realty Trust, Inc. a Maryland corporation (the “General
Partner”) and the Limited Partners set forth on Exhibit A hereto. Capitalized terms used herein but not otherwise
defined shall have the meanings given them in Article 1.

 

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 1 

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 4.3.

 

Additional Limited Partner means
a Person that has executed and delivered an additional limited partner signature page in the form attached hereto, has been admitted
to the Partnership as a Limited Partner pursuant to Section 4.2(a) hereof and that is shown as such on the books and records
of the Partnership.

 

Additional Securities means any additional
REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.4 hereof or REIT Shares issued
pursuant to a dividend reinvestment plan of the General Partner) or rights, options, warrants or convertible or exchangeable securities
containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.2(a)(ii).

 

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 (other than this Partnership) that are owned by the General
Partner directly.  

 

Advisor or Advisors means the Person
or Persons, if any, appointed, employed or contracted with by the General Partner and responsible for directing or performing the
day-to-day business affairs of the General Partner, including any Person to whom the Advisor subcontracts substantially all of
such functions.

 

    	 

    	 

    

 

Affiliate or Affiliated means, as
to any individual, corporation, partnership, trust, limited liability company or other legal entity (other than this Partnership),
(i) any Person, directly or indirectly through one or more intermediaries controlling, controlled by, or under common control with
another person; (ii) any Person, directly or indirectly owning, controlling, or holding with power to vote ten percent (10%) or
more of the outstanding voting securities of another Person; (iii) any officer, director, general partner or trustee of such Person;
(iv) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person; and (v) if such other Person is an officer, director, general partner, or trustee
of a Person, the Person for which such Person acts in any such capacity.  For purposes of this definition, “under common
control” shall mean that one Person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended) owns 10% or more of the outstanding voting securities of two or more Persons, in which case the Person so owned would
be affiliates of each other.

 

Agreement means this Limited Partnership
Agreement, as amended, modified supplemented or restated from time to time, as the context requires.

 

Articles of Incorporation means the
Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments and Taxation,
as amended or restated from time to time.

 

Auburn & Douglas LLC Purchase Agreement
means the LLC Membership Interest Purchase Agreement for Auburn & Douglas LLC, dated May 9, 2012, by and among Roger A. Dreyer,
University Capital Management, Inc., Richard P. Bernstein and the Partnership.

 

Capital Account has the meaning provided
in Section 4.4 hereof.

 

Capital Contribution means the total
amount of cash, cash equivalents, and the fair market value of any Property or other asset (other than cash) contributed or agreed
to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this 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
Exchange.

 

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 8.2 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.

 

Class A Common Units means the Partnership
Units owned by the General Partner, as set forth on Exhibit A.

 

Class B Common Units means the Partnership
Units owned by the Limited Partners, as set forth on Exhibit A.

 

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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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 then in effect 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 Exchange 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 Exchange 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, as the same may be amended from time to time, or any successor law (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.

 

Exchange Right has the meaning provided
in Section 8.4(a) hereof.

 

Exchanging Partner has the meaning
provided in Section 8.4(a) hereof.

 

General Partner means West Coast
Realty Trust, 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.

 

Howe & University LLC Purchase Agreement
means the LLC Membership Interest Purchase Agreement for Howe & University LLC, dated May 9, 2012, as amended as of August
1, 2012, by and among Roger A. Dreyer, Dreyer Properties, Inc., University Capital Management, Inc., Richard P. Bernstein and the
Partnership.

 

Indemnitee means (i) the General
Partner or a director, officer or employee of the General Partner or Partnership, (ii) the Advisor or a director, officer, employee
of the Advisor or another agent of the Advisor if such agent is an Affiliate of the Advisor and (iii) 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 (i) is not an officer or employee of the General Partner, and (ii) has been deemed independent
by the General Partner’s Board of Directors.

 

Initial Limited Partners means (i)
University Capital Management, Inc., a California corporation, and (ii) Richard P. Bernstein.

 

Limited Partner means, prior to the
admission of the first Additional Limited Partner to the Partnership, the Initial Limited Partners, and thereafter any Person named
as a Limited Partner in Exhibit A, as such Exhibit may be amended from time to time by the General Partner, upon the execution
and delivery by such Person of an additional limited partner signature page, or any Substitute Limited Partner or Additional Limited
Partner, in such Person’s capacity as a Limited Partner of the Partnership.

 

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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 listing of the
REIT Shares on a national securities exchange.  Upon Listing, the shares shall be deemed Listed.

 

Loss has the meaning provided in
Section 5.1(f) hereof.

 

Notice of Exchange means the Notice
of Exercise of Exchange Right substantially in the form attached as Exhibit B hereto.

 

Offer has the meaning set forth in
Section 7.1(b)(ii) hereof.

 

Ownership Entities means Auburn &
Douglas LLC and Howe & University LLC, each of which is a California limited liability company.

 

Partner means any General Partner
or Limited Partner, including the Initial Limited Partners, any Additional Limited Partner or any Substitute 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 WCRT Operating
Partnership, L.P., a Delaware limited partnership.

 

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

 

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 5.2 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 Units means fractional,
undivided shares of the Partnership Interests of all Partners issued hereunder, including both Class A Common Units and Class B
Common Units. The number of Partnership Units owned by each Partner is set forth on Exhibit A, as the same may be amended
from time to time by the General Partner pursuant to this Agreement.

 

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 such Exhibit may be amended from time to time.

 

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

 

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Profit has the meaning provided in
Section 5.1(f) hereof.

 

Property means any office or industrial
property or other investment in which the Partnership holds an ownership interest.

 

Purchase Agreements means the Auburn
& Douglas LLC Purchase Agreement and the Howe & University LLC Purchase Agreement.

 

Regulations means the Federal income
tax regulations promulgated 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.

 

Regulatory Allocations has the meaning
set forth in Section 5.1(h) hereof.

 

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 SEC, (v) costs
and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body,
including the SEC 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 an Exchanging Partner, multiplied
by the Conversion Factor as adjusted to and including the Specified Exchange 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 Exchange Date, then the REIT Shares Amount shall also include the rights issuable to a
holder of the REIT Shares Amount on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights.

 

SEC means the U.S. Securities and
Exchange Commission.

 

Service means the United States Internal
Revenue Service.

 

Specified Exchange 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 Exchange.

 

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

 

Subsidiary Partnership means any
partnership or limited liability company of which the partnership or membership interests therein are owned by the General Partner
or a direct or indirect subsidiary of the General Partner.

 

Substitute Limited Partner means
any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 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 7.1(c) hereof.

 

Transaction has the meaning set forth
in Section 7.1(b) hereof.

 

Transfer has the meaning set forth
in Section 9.2(a) hereof.

 

Value means, with respect to REIT
Shares, the average of the daily market price of such REIT Share for the ten (10) consecutive trading days immediately preceding
the date of such valuation. The market price for each such trading day shall be: (i) if the REIT Shares are 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 REIT Shares are 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 REIT Shares are 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 (10) 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 (10) days prior
to the date in question, the value of the REIT Shares 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 REIT Shares
Amount includes rights that a holder of REIT Shares would be entitled to receive, 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 2 

PARTNERSHIP FORMATION AND IDENTIFICATION

 

2.1          
Formation. The Partnership was formed as a limited partnership pursuant to the Act on March 22, 2012 for the purposes and
upon the terms and conditions set forth in this Agreement. Prior to the date hereof, the General Partner was the sole partner of
the Partnership without an agreement.

 

2.2          
Name, Office and Registered Agent. The name of the Partnership is WCRT Operating Partnership, L.P. The specified office
and place of business of the Partnership shall be 650 Howe Avenue, Suite 730, Sacramento, California 95825. 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, 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.

 

2.3          
Partners.

 

(a)          
The General Partner of the Partnership is West Coast Realty Trust, Inc., a Maryland corporation. Its principal place of business
is the same as that of the Partnership.

 

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(b)          
The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time to time.

 

2.4          
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 7.3(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);

 

(iii)          
The exchange of all Limited Partnership Interests (other than any of such interests held by the General Partner or Affiliates of
the General Partner) for REIT Shares or the securities of any other entity;

 

(iv)         
The election by the General Partner that the Partnership should be dissolved; or

 

(v)         An
entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act.

 

(b)          
Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(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 5.6 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.

 

2.5          
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, 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.

 

2.6          
Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may
(but shall not be required to) 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 (together with any additional legends required by applicable
law, including the federal securities laws):

 

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 WCRT Operating Partnership, L.P., as amended from time to time.

 

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ARTICLE 3 

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 form,
enter into, manage or otherwise participate in any partnership, entity 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 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 4 

CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS

 

4.1          
Capital Contributions. The General Partner has contributed cash to the Partnership as a capital contribution in the amount
of $[____]. The capital contributions of each Initial Limited Partner are deemed to constitute all of their membership interests
in the Ownership Entities acquired by the Partnership pursuant to the Purchase Agreements. The capital contributions of any Additional
Limited Partner shall be deemed to constitute all of the contributions made by such Additional Limited Partnership pursuant to
Section 8.5 herein. Each Partner owns Partnership Units in the amount set forth for such Partner on Exhibit A, as the same
may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other
Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect
on a Partner’s ownership of Partnership Units.

 

4.2          
Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in this Section 4.2
or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the
Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional
Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2.

 

(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:

 

    	8

    	 

    

 

(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 4.2 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 holding Partnership Units 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 4.2(a), the General Partner may take such steps as it, in its sole and absolute discretion, without any
requirement of receiving approval of the Limited Partners, deems necessary or appropriate to reflect the issuance of such additional
Partnership Interests or to admit any Person as an Additional Limited Partner, including, without limitation, amending the Certificate,
Exhibit A or any other provision of this Agreement.

 

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

 

(ii)          
Upon Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT
Shares issued in connection with an exchange pursuant to Section 8.4 hereof) or rights, options, warrants or convertible or exchangeable
securities containing the right to subscribe for or purchase REIT Shares (collectively, “Additional Securities”) other
than to all holders of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the General Partner,
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, but if and only if, such direct acquisition and issuance of Additional
Securities have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority
of the Independent Directors. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities
for less than fair market value, and 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 1.0, 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 discount,
commissions, fees 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 6.5 hereof and in connection with
the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section
4.2(a) hereof.

 

    	9

    	 

    

  

4.3          
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.

 

4.4          
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 5.1 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.

 

4.5          
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 4.5, 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.

 

4.6          
No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution.

 

4.7          
Return of Capital Contributions. No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital
Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise
provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital
Contribution for so long as the Partnership continues in existence.

 

4.8          
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.

 

    	10

    	 

    

 

ARTICLE 5 

PROFITS AND LOSSES; DISTRIBUTIONS

 

5.1          
Allocation of Profit and Loss.

 

(a)          
General. Profit and Loss of the Partnership for each fiscal year or other applicable period of the Partnership, as of the
end of such year or 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 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 unexpectedly 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).
This Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the
Regulations and shall be interpreted consistently therewith. After the occurrence of an allocation of income or gain to a Partner
in accordance with this Section 5.1(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 5.1(c).

 

(d)          
Capital Account Deficits. Loss shall not be allocated to a Limited Partner to the extent that such allocation would cause
or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (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, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i). 
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 5.1(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 5.1(d).

 

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(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 5.1(b), 5.1(c) or 5.1(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 5.1, except
as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4).

 

(g)          
Tax Allocations. Except as otherwise provided in this Section 5.1(g), for income tax purposes under the Code and the Regulations,
each Partnership item of income, gain, loss and deduction shall be allocated among the Partners in the same manner as its correlative
item of “book” income, gain, loss or deduction is allocated pursuant to the other provisions of this Section 5.1. Notwithstanding
the foregoing, Profit or Loss with respect to Property that is contributed to the Partnership with a fair market value that varies
from its adjusted tax basis in the hands of the contributing Partner immediately preceding the date of contribution shall be allocated
among the Partners for tax purposes pursuant to Code Section 704(c) and the “traditional method” of allocation as described
in Regulations Section 1.704-3(b) so as to take into account such variation.

 

(h)          Curative
Allocations. The allocations set forth in Section 5.1(b), (c) and (d) of this Agreement (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory
Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss
or deduction pursuant to this Section 5.1(h). Therefore, notwithstanding any other provision of this Section 5.1 (other than the
Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or
deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital
Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations
were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1(a).

 

5.2          
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 that (i) the number of days 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.

 

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(b)          Notwithstanding
any other provision of this Agreement, each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf
of or with respect to such Limited Partner any amount of federal, state, local or foreign taxes that the General Partner determines
that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner
pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant
to Code Sections 1441, 1442, 1445, 1446, or 1471-1474 and the Treasury Regulations thereunder. Any amount paid on behalf of
or with respect to a Limited Partner, in excess of any withheld amounts shall constitute a loan by the Partnership to such Limited
Partner, which loan shall be repaid by such Limited Partner within 15 days after notice from the General Partner that such
payment must be made unless (i) the Partnership withholds such payment from a distribution that would otherwise be made to
the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be
satisfied out of distributable cash of the Partnership that would, but for such payment, be distributed to the Limited Partner
pursuant to Section 5.2(a). Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest
in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership
any amounts required to be paid pursuant to this Section 5.2(b). In the event that a Limited Partner fails to pay any amounts owed
to the Partnership pursuant to this Section 5.2(b) when due, the General Partner may, in its sole and absolute discretion, elect
to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have
loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against
such defaulting Limited Partner (including, without limitation, the right to receive distributions). Any amounts payable by a Limited
Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks,
as published from time to time in The Wall Street Journal, plus four percentage points (but not higher than the maximum lawful
rate) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Limited
Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce the security
interest created hereunder.

 

(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 distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be
exchanged.

 

5.3          
REIT Distribution Requirements. The General Partner shall use its commercially 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.

 

5.4          
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.

 

5.5          
Limitations of Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, 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.

 

5.6          
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 have been made in accordance
with Sections 4.4, 5.1 and 5.2 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.

 

5.7          
Substantial Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under this 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 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent
with such intent.

 

    	13

    	 

    

 

ARTICLE 6

RIGHTS, OBLIGATIONS AND 

POWERS OF THE GENERAL PARTNER

 

6.1          
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
(in the Partnership’s own capacity directly or indirectly in the Partnership’s capacity as a partner, member, manager
or equity or debt holder of any other Person or Subsidiary Partnership or otherwise on behalf of any such Person or Subsidiary
Partnership, as the case may be):

 

(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;

 

(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;

 

    	14

    	 

    

  

(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 therefor such reasonable remuneration
as the General Partner may deem reasonable and proper;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(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.

 

    	15

    	 

    

 

(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.

 

6.2          
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.

 

6.3          
Indemnification and Exculpation of Indemnitees.

 

(a)          The
Partnership shall, to the maximum extent permitted by applicable law in effect from time to time, indemnify, and, without requiring
a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of
final disposition of a proceeding to each Indemnitee; provided, however, that the Partnership shall not indemnify an Indemnitee
(1) for fraud, willful misconduct or a knowing violation of the law or any rule or regulation, (2) for any transaction
for which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision
of this Agreement, or (3) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the
act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant
to a loan guaranty or otherwise (unless otherwise provided by the terms of any such guaranty or other instrument), for any indebtedness
of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership
or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered,
on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 6.3
in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding
by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct
set forth in this Section 6.3(a). The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo
contendere or its equivalent by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment,
does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 6.3(a) with
respect to the subject matter of such proceeding. Any indemnification pursuant to this Section 6.3 shall be made only out
of the assets of the Partnership and any insurance proceeds from the liability policy covering the General Partner and any Indemnitees,
and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership
or otherwise provide funds to enable the Partnership to fund its obligations under this Section 6.3.

 

(b)          To
the fullest extent permitted by law, and without requiring a preliminary determination of the Indemnitee’s ultimate entitlement
to indemnification under Section 6.3(a) above, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise
subject to or the focus of or is involved in any proceeding shall be paid or reimbursed by the Partnership as incurred by the Indemnitee
in advance of the final disposition of the proceeding upon receipt by the Partnership of (1) a written affirmation by the
Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership
as authorized in this Section 6.3(b) has been met and (2) a written undertaking by or on behalf of the Indemnitee to
repay the amount if it shall ultimately be determined that the standard of conduct has not been met.

 

(c)          The
indemnification provided by this Section 6.3 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 and shall inure to the benefit of the heirs, successors, assigns and
administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant
to which such Indemnitee is indemnified.

 

(d)          The
Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any 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.

 

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(e)          Any
liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership or the General Partner (whether as a
fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related
trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the Service, penalties assessed
by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary
of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this
Section 6.3, unless such liabilities arise as a result of (1) willful misconduct or a knowing violation of the law, (2) any
transaction in which such Indemnitee received an improper personal benefit in money, property or services in violation or breach
of any provision of this Agreement or applicable law, or (3) in the case of any criminal proceeding, the Indemnitee having
had reasonable cause to believe that the act or omission was unlawful.

 

(f)          In
no event may an Indemnitee subject any of the 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 6.3 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 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this
Section 6.3 or any provision hereof shall be prospective only and shall not in any way affect the obligations of the Partnership
or the limitations on the Partnership’s liability to any Indemnitee under this Section 6.3 as in effect immediately
prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

(i)          If
and to the extent any payments to the General Partner pursuant to this Section 6.3 constitute gross income to the General
Partner (as opposed to the repayment of advances made on behalf of the Partnership) such amounts shall be treated as “guaranteed
payments” for the use of capital within the meaning of Code Section 707(c), shall be treated consistently therewith
by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital
Accounts.

 

6.4          
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.

 

(b)          
The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, the Limited Partners
and its own 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 in good faith 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.

 

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(c)          
Subject to its obligations and duties as General Partner set forth in Section 6.1 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 6.4 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
6.4 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.

 

6.5          
Reimbursement of General Partner.

 

(a)          
Except as provided in this Section 6.5 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.

 

(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.

 

6.6          
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 Partnership, 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.

 

6.7          
Employment or Retention of Affiliates.

 

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

 

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(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.

 

6.8          
General Partner Participation. The General Partner agrees that all business activities of the General Partner, including
activities pertaining to the acquisition, development or ownership of retail property or other property, shall be conducted through
the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner is allowed to make a direct
acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct
acquisition and issuance have been approved and determined to be in the best interests of the General Partner and the Partnership
by a majority of the Independent Directors.

 

6.9          
Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible,
shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership
interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name
of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of
the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held
in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for
the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General
Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon
as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is held.

 

6.10        
Miscellaneous. In the event the General Partner redeems any REIT Shares (other than REIT Shares redeemed in accordance with
the share redemption program of the General Partner through proceeds received from any dividend reinvestment plan of the General
Partner), 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 7 

CHANGES IN GENERAL PARTNER

 

7.1          
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 for in this Agreement or in connection with a transaction contemplated by Section 7.1(b), (c) or (d).

 

(b)          
Except as otherwise provided in Section 7.1(c) or (d) 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)           if
required under applicable law, the Transaction is approved by (x) the stockholders of the General Partner in a vote to determine
whether the General Partner can proceed with the Transaction, and (y) holders of the number of Class B Common Units that is in
the same or greater proportion as the General Partner’s stockholders voted to approve the Transaction;

 

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(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 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
Exchange Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Exchange
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.

 

(c)          
Notwithstanding Section 7.1(b), 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 “Surviving General
Partner”), 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 Surviving General Partner in good faith and (ii) the Surviving General Partner expressly agrees to assume
all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Surviving General
Partner shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Surviving General Partner
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 Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to
Section 8.4 hereof so as to approximate the existing rights and obligations set forth in Section 8.4 as closely as reasonably possible.
The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder.

 

In respect of any transaction described
in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction
to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their
participation in such transaction.

 

(d)          
Notwithstanding Section 7.1(b),

 

(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

 

(ii)          
the General Partner may engage in Transactions that are 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.

 

7.2          
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:

 

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(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 2.5 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.

 

7.3          
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 7.4(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
7.3(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 7.2 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 7.4(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 Limited Partners holding 50 percent or more of the outstanding Limited Partnership Interests may, within
90 days after such occurrence, elect in writing to continue the business of the Partnership for the balance of the term specified
in Section 2.4 hereof by selecting, subject to Section 7.2 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.

 

7.4          
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.

 

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(b)          
If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3 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 7.3(b) hereof and otherwise admitted
to the Partnership in accordance with Section 7.2 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 7.4(b),
shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights
to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense,
profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead,
such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would
have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(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 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED
PARTNERS

 

8.1          
Management of the Partnership. The Limited Partners (in such capacity) shall not participate in the management or control
of Partnership or Partnership Subsidiary business nor shall they transact any business for the Partnership or any Partnership Subsidiary,
nor shall they have the power to sign for or bind the Partnership or any Partnership Subsidiary, such powers being vested solely
and exclusively in the General Partner.

 

8.2          
Power of Attorney. Each Limited Partner (in such capacity) hereby irrevocably appoints the General Partner its true and
lawful attorney-in-fact, who may act for each Limited Partner (in such capacity) 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.

 

8.3          
Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or
obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution,
if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise
required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

 

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8.4          
Exchange Right.

 

(a)          
Subject to Sections 8.4(b), 8.4(c), 8.4(d), and 8.4(e) and the provisions of any agreements between the Partnership and one or
more Limited Partners with respect to Partnership Units held by them or any other agreement to which a Limited Partner is bound
or the requirements of applicable laws, rules and regulations, each Limited Partner shall have the right (the “Exchange Right”)
to require the Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units held by such Limited
Partner at an exchange 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 Exchange Right shall be exercised pursuant to a Notice of Exchange
delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the
“Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right
if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to Section 8.4(b); and
provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner
may not exercise the Exchange 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 Exchanging Partner shall have no right, with respect to any Partnership
Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such distribution
is on or after the Specified Exchange Date.

 

(b)          
Notwithstanding the provisions of Section 8.4(a), a Limited Partner that exercises the Exchange Right shall be deemed to have offered
to sell the Partnership Units described in the Notice of Exchange 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 Exchanging 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
Exchange Date, whereupon the General Partner shall acquire the Partnership Units offered for exchange by the Exchanging Partner
and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. If the Exchanging Partner is also
an officer, director, employee or Affiliate of the General Partner, any election of the General Partner to purchase the applicable
Partnership Units and/or pay the Cash Amount or REIT Shares Amount may only be made on behalf of the General Partner by a majority
of the disinterested Independent Directors. If the General Partner shall elect to exercise its right to purchase Partnership Units
under this Section 8.4(b) with respect to a Notice of Exchange, it shall so notify the Exchanging Partner within five Business
Days after the receipt by the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute
discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.4(b),
the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s
exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect
to the exercise of a Exchange Right in the manner described in the first sentence of this Section 8.4(b), the Partnership shall
have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such
Exchange Right, and each of the Exchanging 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 Exchanging Partner for federal income tax purposes as a sale
of the Exchanging Partner’s Partnership Units to the General Partner, as the case may be. Each Exchanging 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 Exchange Right.

 

(c)          
Notwithstanding the provisions of Section 8.4(a) and 8.4(b), a Limited Partner shall not be entitled to exercise the Exchange Right
if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.4(b)
(regardless of whether or not the General Partner would in fact exercise its rights under Section 8.4(b)) would (i) result in such
Partner or any other person owning, directly or indirectly, REIT Shares in excess of the Aggregate Stock Ownership Limit or Common
Stock Ownership Limit (each as defined in the Articles of Incorporation and calculated in accordance therewith), except as provided
in the Articles of Incorporation or as approved by a majority of the disinterested Independent Directors, (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
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 exchange set forth in this Section 8.4(c).

 

(d)          
Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.4 shall be paid on the Specified Exchange Date;
provided, however, that the General Partner may elect to cause the Specified Exchange 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 exchanged Partnership Units hereunder to occur as quickly as reasonably possible.

 

    	23

    	 

    

 

(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 Exchange 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 or reasonable in order to avoid the Partnership being treated
as a “publicly traded partnership” under section 7704 of the Code.

 

8.5           Admission of Additional Limited
Partners

 

(a)          
After the admission to the Partnership of the Initial
Limited Partners, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement in exchange for
a Limited Partnership Interest shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the
General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this
Agreement and the Notice of Exchange, including, without limitation, the power of attorney granted in Section 8.2 hereof;
and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such
Person’s admission as an Additional Limited Partner.

 

(b)          
Notwithstanding anything to the contrary in this
Section 8.5, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which
consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an
Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records
of the Partnership, following the consent of the General Partner to such admission.

 

(c)          
If any Additional Limited Partner is admitted to
the Partnership on any day other than the first day of the fiscal year or other applicable period of the Partnership, then Profit,
Loss, each item thereof and all other items allocable among the Partners for such fiscal year or period shall be allocated among
such Additional Limited Partner and all other Partners by taking into account their varying interests during such fiscal year or
period in accordance with Section 706(d) of the Code, using the interim closing of the books method. Solely for purposes of
making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs
shall be allocated among all of the Partners, including such Additional Limited Partner. Distributions pursuant to Section 5.2
with respect to which the Partnership Record Date is before the date of such admission shall be made solely to the Partners other
than the Additional Limited Partner, and all distributions pursuant to Section 5.2 thereafter shall be made to all of the
Partners, including such Additional Limited Partner.

 

ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS

 

9.1          
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 9.1(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.

 

    	24

    	 

    

  

9.2          
Restrictions on Transfer of Limited Partnership Interests.

 

(a)          
Subject to the provisions of 9.2(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 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) of all of its Partnership Units pursuant to this Article 9 or pursuant
to an exchange of all of its Partnership Units pursuant to Section 8.4. Upon the permitted Transfer or redemption of all of a Limited
Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner.

 

(c)          
Subject to 9.2(d), (e) and (f) below, a Limited Partner may Transfer, with the consent of the General Partner, all or a portion
of its 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 otherwise violate any applicable federal or state securities or blue
sky law (including investment suitability standards).

 

(e)          
No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion
of legal counsel for the Partnership, 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 9 shall be void and ineffectual and shall not be binding
upon, or recognized by, the Partnership.

 

(h)          
Prior to the consummation of any Transfer under this Article 9, 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.

 

    	25

    	 

    
 

9.3          
Admission of Substitute Limited Partner.

  

(a)          
Subject to the other provisions of this Article 9, 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 9.1(a) hereof and the agreement set
forth in Section 9.1(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 8.2 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 9.3(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.

 

(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 9 to the admission of such Person as a Limited Partner
of the Partnership.

 

9.4          
Rights of Assignees of Partnership Interests.

 

(a)          
Subject to the provisions of Sections 9.1 and 9.2 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 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment
of its Limited Partnership Interest.

 

    	26

    	 

    

 

9.5          
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.

 

9.6          
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.

 

9.7          
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 10

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.1        
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 this Agreement and amendments thereto 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.

 

10.2        
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 10.2(b).

 

    	27

    	 

    

 

10.3        
Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year.  

 

10.4        
Annual Tax Information and Report. Within 75 days after the end of each fiscal year of the Partnership, the General Partner
shall furnish to each person who was a Limited Partner at any time during such year the tax information necessary to file such
Limited Partner’s individual tax returns as shall be reasonably required by law.

 

10.5        
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 Partnership’s assets. Notwithstanding
anything contained in Article 5 of this Agreement, any adjustments made pursuant to Section 754 of the Code 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.

 

10.6        
Reports Made Available to Limited Partners.

 

(a)          
As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), upon written request
by a Limited Partner to the General Partner, the General Partner will make available, without cost, 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, upon written request by a Limited Partner to the General
Partner, the General Partner will make available, without cost, 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.

 

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

  

ARTICLE 11 

AMENDMENT OF AGREEMENT; MERGER

 

11.1         Amendments
By General Partner. 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 Person in a transaction pursuant to Section 7.1(b), (c) or (d) 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):

 

    	28

    	 

    
 

(a)          
any amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in Section 8.4(d) or 7.1(c)
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 4.2 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 4.2 hereof; or

 

(d)          
any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership.

 

11.2        Consent
Required for Certain Amendments. Notwithstanding the provisions of Section 11.1, each of the following amendments to this Agreement
by the General Partner must be approved by each of the Limited Partners that would be adversely affected by such amendment:

 

(a)          Conversion
of a Limited Partner’s Limited Partnership Interest into a General Partnership Interest (except as a result of the General
Partner acquiring such interest);

 

(b)          Modification
of the limited liability of a Limited Partner;

 

(c)          Alteration
of the rights of any Partner to receive the distributions to which such Partner is entitled under this Agreement;

 

(d)          Modification
of the Exchange Right of a Limited Partner; or

 

(e)          Modifications
of the provisions in this Agreement governing the transfer of the General Partner’s General Partnership Interest.

 

ARTICLE 12 

GENERAL PROVISIONS

 

12.1        
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,
or by overnight delivery or via facsimile 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.

 

12.2        
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.

 

12.3        
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.

 

12.4        
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.

 

    	29

    	 

    
 

12.5        
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.

 

12.6        
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.

 

12.7        
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.

 

12.8         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. Delivery of a signed counterpart of this Agreement by facsimile or
email/pdf transmission shall constitute valid and sufficient delivery thereof.

 

12.9        
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware; provided,
however, that causes of action for violations of federal or state securities laws shall not be governed by this Section 12.9.

 

12.10       Waivers. The
failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right
of any of the parties hereto to thereafter enforce each and every provision of this Agreement.  No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.

 

IN WITNESS WHEREOF, the parties hereto have
hereunder affixed their signatures to this Limited Partnership Agreement, all as of September __, 2012.

 

	 	GENERAL PARTNER
	 	 
	 	WEST COAST REALTY TRUST, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INITIAL LIMITED PARTNERS
	 	 
	 	UNIVERSITY CAPITAL MANAGEMENT, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	RICHARD P. BERNSTEIN
	 	 
	 	 

 

    	30

    	 

    

 

Corporate/Limited Liability Company Additional Limited Partner
Signature Page to Limited Partnership Agreement of WCRT Operating Partnership L.P., by and among the undersigned and the other
parties thereto. 

	 	 	 	 	 	 	 	 	 
	Dated:                              , 20    	 	 	 	[Name of Corporation/LLC]
	 	 	 	 	 
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
        Name:

        Title:

 

Individual Additional Limited Partner Signature Page to Limited
Partnership Agreement of WCRT Operating Partnership L.P., by and among the undersigned and the other parties thereto.

	 	 	 	 	 	 	 	 	 
	Dated:                              , 20    	 	 	 	[Name of Individual]
	 	 	 	 	 
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
        Name:

        Title:

 

Partnership Additional Limited Partner
Signature Page to Limited Partnership Agreement of WCRT Operating Partnership L.P., by and among the undersigned and the other
parties thereto. 

	 	 	 	 	 	 	 	 	 
	Dated:                              , 20    	 	 	 	[Name of Partnership]
	 	 	 	 	 
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	
        Name:

        Title:

 

    	31

    	 

    

 

EXHIBIT A

 

PARTNERSHIP UNITS AND PERCENTAGE INTERESTS

 

	Name and Address	 	Number of	 	Percentage	 
	of Partner	 	Partnership Units	 	Interest:	 
	 	 	 	 	 	 
	General Partner:	 	 	 	 	 
	 	 	 	 	 	 
	West Coast Realty Trust, Inc.	 	2,200,100 Class A Common Units	 	88.95	% 
	650 Howe Avenue, Suite 730	 	 	 	 	 
	Sacramento, CA 95825	 	 	 	 	 
	 	 	 	 	 	 
	Initial Limited Partners:	 	 	 	 	 
	 	 	 	 	 	 
	University Capital Management, Inc.	 	186,986 Class B Common Units	 	7.56	% 
	2443 Fair Oaks Blvd., Suite 368	 	 	 	 	 
	Sacramento, CA 95825	 	 	 	 	 
	 	 	 	 	 	 
	Richard P. Bernstein	 	86,249 Class B Common Units	 	3.49	% 
	650 Howe Avenue, Suite 730	 	 	 	 	 
	Sacramento, CA 95825	 	 	 	 	 
	 	 	 	 	 	 
	Total Number of Units and Percentage Interests:	 	2,473,335 Common Units	 	100	% 

 

    	32

    	 

    

 

EXHIBIT B

 

NOTICE OF EXERCISE OF EXCHANGE RIGHT

 

In accordance with Section 8.4 of the Agreement
of Limited Partnership (the “Agreement”) of WCRT Operating Partnership, L.P., the undersigned hereby irrevocably (i)
presents for exchange ______ Partnership Units in WCRT Operating Partnership, L.P. in accordance with the terms of the Agreement
and the Exchange Right referred to in Section 8.4 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 Exchange 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:
	 	 	 
	 	 	Name:

 

	 	 	 	 
	 	 	 	 
	 	 	Social Security or Tax I.D. Number:
	 	 	 	 
	 	 	 	 

 

    	33Exhibit 10.7

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is made and entered into as of [       ], 2012 by and
between West Coast Realty Trust, Inc., a Maryland corporation (the “Company”), and the holders of OP Units (as
defined herein) listed on Schedule A hereto (each an “Initial Holder” and, collectively, the “Initial
Holders”).

 

WHEREAS, the Company intends to engage
in various related transactions (collectively, the “IPO Transactions”) pursuant to which, among other things,
the Company will effect an initial public offering of common stock, par value $0.01 per share (the “Common Shares”);

 

WHEREAS, in connection with the IPO
Transactions, the Company intends to engage in certain formation transactions (the “Formation Transactions”)
pursuant to which, among other things, the Initial Holders will sell all of their equity interests in each of Howe & University
Village, LLC and Auburn & Douglas, LLC, each California limited liability companies, to WCRT Operating Partnership, L.P., a
Delaware limited partnership, of which the Company will be the sole general partner as of the closing date of the Formation Transactions
(the “Operating Partnership”), in exchange for an aggregate of 273,235 Class B limited partner units of the
Operating Partnership (the “OP Units”) to be issued by the Operating Partnership on the closing date
of the Formation Transactions, in the amounts set forth on Schedule A hereto;

 

WHEREAS, pursuant to the terms of
Section 8.4 and the other related provisions of the Limited Partnership of the Operating Partnership, to be entered into as of
the closing date of the Formation Transactions (such agreement, as amended from time to time, the “Partnership Agreement”),
commencing on the first anniversary of the date of the IPO Closing Date (as defined herein), and subject to the various limitations
contained in the Partnership Agreement and other instruments being delivered in connection with the Formation Transactions, the
Initial Holders will be entitled to redeem their OP Units for cash or, at the Company’s election, Common Shares; and

 

WHEREAS, the Company has agreed to
grant to the Initial Holders (and their permitted assignees and transferees) the registration rights described in this Agreement
(the “Registration Rights”) with respect to the Registrable Securities (as defined herein) held by them.

 

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

 

SECTION 1.      DEFINITIONS

 

The following capitalized terms used herein
have the following meanings.

 

“144 Date” is defined
in Section 2.1(b) hereof.

 

“Agreement” is defined
in the preamble hereto.

 

    	 

    	 

    

 

“Blackout Period” is
defined in Section 2.2(f) hereof.

 

“Business Day” any Monday,
Tuesday, Wednesday, Thursday or Friday, other than a day on which banks and other financial institutions are authorized or required
to be closed for business in the State of New York.

 

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

 

“Common Shares” is defined
in the recitals hereto.

 

“Company” is defined
in the preamble hereto.

 

“Formation Transactions”
is defined in the recitals hereto.

 

“Demand Registration”
is defined in Section 2.2(a) hereof

 

“Demand Registration Notice”
is defined in Section 2.2(a) hereof.

 

“Demand Registration Statement”
is defined in Section 2.2(a) hereof.

 

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

 

“Holder” means (a) any
Initial Holder who is the record or beneficial owner of any Registrable Security or (b) any assignee or transferee of such
Initial Holder (including as a result of any assignment or transfers in connection with the foreclosure on any loans secured by
the Registrable Securities).

 

“Initial Holder” is defined
in the preamble hereto.

 

“IPO Closing Date” means
the closing date of the Company’s initial public offering as described in the Company’s Registration Statement on Form
S-11, as originally filed with the SEC on May 14, 2012, as amended.

 

“IPO Transactions” is
defined in the recitals hereto.

 

“Issuer Registration Statement”
is defined in Section 2.1(a) hereof.

 

“OP Units” is defined
in the recitals hereto.

 

“Operating Partnership”
is defined in the recitals hereto.

 

“Partnership Agreement”
is defined in the recitals hereto.

 

“Person” means any individual,
corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, other entity, any
federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity
on behalf of any of the foregoing.

 

    	2

    	 

    

 

“Prospectus” means the
prospectus or prospectuses included in any Issuer Registration Statement and any Demand Registration Statement or other registration
statement contemplated by Section 2.1 and Section 2.2(a) including any documents incorporated therein
by reference.

 

“Redemption Shares” means
the Common Shares issued to Holders upon redemption of OP Units held by such Holders.

 

“Registrable Securities”
means the Redemption Shares and any Common Shares issued to a Holder with respect to the Redemption Shares by way of share dividend
or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or
otherwise and any Common Shares or voting common shares issuable upon conversion, exercise or exchange of the Redemption Shares.

 

“Registration Rights”
is defined in the recitals hereto.

 

“Registration Statement”
means an Issuer Registration Statement and related prospectus (including any preliminary prospectus) and a Demand Registration
Statement and related prospectus (including any preliminary prospectus), whichever is utilized by the Company to satisfy a Holder’s
Registration Rights under this Agreement, including, in each case, any documents incorporated therein by reference.

 

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

 

“Suspension Event” is
defined in Section 2.3(a) hereof.

 

SECTION 2.      REGISTRATION
RIGHTS

 

2.1         Issuer
Registration Statement.

 

(a)          Subject
to Section 2.3 hereof, the Company shall use commercially reasonable efforts to cause to be filed, during the period
beginning fifteen (15) days prior to the date the Holders are first permitted to redeem their OP Units pursuant to the Partnership
Agreement, and ending fifteen (15) days thereafter, with the Commission a registration statement and related prospectus (the “Issuer
Registration Statement”) that comply as to form in all material respects with applicable Commission rules providing
for the registration of the Registrable Securities that may be issued to such Holders upon redemption of OP Units held by such
Holders.  The Company agrees (subject to Section 2.3 hereof) to use commercially reasonable efforts to cause the
Issuer Registration Statement, if filed, to be declared effective by the Commission as soon as practicable after the filing thereof.

 

    	3

    	 

    

 

(b)          Subject
to Section 2.3 hereof, the Company agrees to use commercially reasonable efforts to keep any Issuer Registration Statement
continuously effective (including the preparation and filing of any amendments and supplements necessary for that purpose) until
the later of the date on which: (i) no such Holder owns any Registrable Securities or (ii) the Registrable Securities are eligible
for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act without volume limitations
or other restrictions on transfer thereunder (the “144 Date”).  In the event that the Registrable Securities
are issued to any Holder by the Company pursuant to an Issuer Registration Statement, the Company shall be deemed to have satisfied
all of its registration obligations under this Agreement in respect of such Registrable Securities.

 

2.2         Demand
Registration Rights.

 

(a)          Demand
Registration. Subject to Sections 2.2(d) and 2.3 hereof, at any time after the date that is 365 days
after the IPO Closing Date, each Holder may deliver to the Company a written notice (a “Demand Registration Notice”)
informing the Company of such Holder’s desire to have some or all of its Registrable Securities registered for resale and
specifying the number of Registrable Securities to be registered by the Company (“Demand Registration”). 
Upon receipt of a Demand Registration Notice from a Holder requesting registration of any or all of such Holder’s Registrable
Securities, if the Company has not already caused such Registrable Securities to be included as part of an existing shelf registration
statement and related prospectus that the Company then has on file with, and which has been declared effective by, the Commission
and which remains in effect and not subject to any stop order, injunction or other order or requirement of the Commission (in which
event the Company shall be deemed to have satisfied its registration obligation under this Section 2.2 with respect
to such Registrable Securities), then the Company shall cause to be filed with the Commission as soon as reasonably practicable
after receiving the Demand Registration Notice, but in no event more than sixty (60) days following receipt of such notice, a new
registration statement and related prospectus covering the resale of the Registrable Securities on a delayed or continuous basis
(any such registration statement used to satisfy the Company’s obligations under this Section 2.2, the “Demand
Registration Statement”), which complies as to form in all material respects with applicable Commission rules providing
for the sale by such Holder or group of Holders of such Registrable Securities.  The Company agrees (subject to Section 2.3
hereof) to use commercially reasonable efforts to cause the Demand Registration Statement to be declared effective by the Commission
as soon as practicable.

 

(b)          Subject
to Section 2.3 hereof, the Company agrees to use commercially reasonable efforts to keep any Demand Registration Statement
continuously effective (including the preparation and filing of any amendments and supplements necessary for that purpose) until
the earlier of (i) the date that is two (2) years after the date of effectiveness of such Demand Registration Statement,
(ii) the 144 Date or (iii) the date on which the Holder or Holders consummate the sale of all of the Registrable Securities
registered under such Demand Registration Statement. Notwithstanding the foregoing, the Company may at any time (including, without
limitation, prior to or after receiving a Demand Registration Notice from a Holder), in its sole discretion, include all additional
Registrable Securities then outstanding or any portion thereof in any registration statement, including by virtue of adding such
Registrable Securities as additional securities to an Issuer Registration Statement, a Demand Registration Statement or an existing
shelf registration statement pursuant to Rule 462(b) under the Securities Act (in which event the Company shall be deemed to have
satisfied its registration obligation under this Section 2.2(a) with respect to the Registrable Securities so
included, so long as such registration statement remains effective and not the subject of any stop order, injunction or other order
of the Commission).

 

    	4

    	 

    

 

(c)          Notice
to Holders.  Upon receipt of a valid Demand Registration Notice, the Company shall give written notice of the proposed
filing of the Demand Registration Statement to all other Holders as soon as practicable, and each Holder who wishes to participate
in such Demand Registration Statement shall notify the Company in writing within ten (10) Business Days after the receipt
by the Holder of the notice from the Company, and shall specify in such notice the number of Registrable Securities to be included
in the Demand Registration Statement.

 

(d)          Offers
and Sales.  All offers and sales of Registrable Securities covered by a Demand Registration Statement by the Holder thereof
shall be completed within the period during which such Demand Registration Statement remains effective and not the subject of any
stop order, injunction or other order of the Commission.  Upon notice that such Demand Registration Statement is no longer
effective, no Holder will offer or sell the Registrable Securities covered by such Demand Registration Statement.  If directed
in writing by the Company, each Holder will return all undistributed copies of the related Prospectus in such Holder’s possession
upon the expiration of such period.

 

(e)          Limitations
on Demand Registration Rights.  During any period when the Company is not eligible to file a registration statement on
Form S-3, each Holder and its permitted assignees collectively shall be entitled to two (2) exercises of the Registration
Rights under Section 2.2(a); provided, that during any period when the Company is eligible to file a registration
statement on Form S-3, each Holder and its permitted assignees shall have no limitation on the number of exercises of the Demand
Registration Rights under Section 2.2(a); provided, however, that the Holders, collectively and as a
group, shall not be permitted under any circumstances to exercise the Demand Registration Rights under Section 2.2(a) more
than once in any consecutive six (6) month period and the Company shall not be obligated to effect any Demand Registration
Statement within six (6) months after the effective date of a previous Demand Registration Statement.  Notwithstanding
the foregoing, if a Registration Statement has not been declared effective by the Commission within one hundred twenty (120) days
after the original filing date or is suspended for more than ninety (90) days at any one time, the Holders shall be deemed
not to have exercised their Demand Registration Rights under Section 2.2(a).  Each Holder’s Demand Registration
Rights granted pursuant to this Section 2.2(a) shall expire upon the 144 Date.  The Demand Registration Rights
granted pursuant to this Section 2.2(a) may not be exercised by any Holder in connection with any underwritten
public offering by the Company without the prior written consent of the Company.

 

(f)          Black-Out
Period.  Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter
of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any
option or otherwise transfer or dispose of any Registrable Securities (other than to donees or affiliates of such Holder who agree
to be similarly bound) within seven (7) days prior to and for up to sixty (60) days, in the event of any subsequent offering,
following the effective date of a registration statement of the Company filed under the Securities Act or the date of an underwriting
agreement with respect to an underwritten public offering of the Company’s securities (the “Black-Out Period”);
provided, however, that:

 

    	5

    	 

    

 

(i)          with
respect to the Black-Out Period, such agreement shall not be applicable to the Registrable Securities to be sold on such Holder’s
behalf to the public in an underwritten offering pursuant to such registration statement;

 

(ii)         such
Holder shall be allowed any concession or proportionate release from sale restriction allowed to any officer, director or other
5% or greater shareholder of the Company that entered into similar agreements; and

 

(iii)        no
Holder shall be subject to more than two (2) Black-Out Periods in any one (1) calendar year.

 

In order to enforce the foregoing covenant, the Company shall
have the right to place restrictive legends on the certificates representing the Registrable Securities subject to this Section 2.2(f) and
to impose stop transfer instructions with respect to the Registrable Securities and such other Common Shares of any Holder (and
the Common Shares or securities of every other Person subject to the foregoing restriction) until the end of such period.

 

2.3         Suspension
of Offering.

 

(a)          Notwithstanding
Sections 2.1 and 2.2 hereof, the Company shall be entitled to postpone the filing of a Registration Statement, and
from time to time to require Holders not to sell under a Registration Statement or to suspend the effectiveness thereof, if: (i) the
Company is actively pursuing an underwritten primary offering of equity securities of the Company, or (ii) the negotiation
or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation
or event would require additional disclosure by the Company in the Registration Statement of material information which the Company
has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be
expected, in the Company’s reasonable determination, to cause the Registration Statement to fail to comply with applicable
disclosure requirements (each such circumstance a “Suspension Event”); provided, however, that
the Company may not delay, suspend or withdraw such Registration Statement for more than ninety (90) days at any one time,
or more than twice in any twelve (12) month period.  Upon receipt of any written notice from the Company of the happening
of any Suspension Event during the period the Registration Statement is effective or if as a result of a Suspension Event the Registration
Statement or related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the
case of the Prospectus) not misleading, each Holder agrees that (x) such Holder will immediately discontinue offers and sales
of the Registrable Securities under such Registration Statement until the Holder receives copies of a supplemental or amended Prospectus
(which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and
receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may
resume such offers and sales, and (y) such Holder will maintain the confidentiality of any information included in the written
notice delivered by the Company unless otherwise required by law or subpoena.  If so directed by the Company, each Holder
will deliver to the Company all copies of the Prospectus covering the Registrable Securities current at the time of receipt of
such notice, other than permanent file copies then in the possession of such Holder’s counsel.

 

    	6

    	 

    

 

(b)          If
all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date taking into
account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer,
sell or distribute any Registrable Securities pursuant to any Registration Statement or to require the Company take action with
respect to the registration or sale of any Registrable Securities pursuant to any Registration Statement shall be suspended until
the date on which the Company has filed such reports, and the Company shall notify the Holders in writing as promptly as practicable
when such suspension is no longer required.

 

2.4         Qualification.
The Company shall file such documents as necessary to register or qualify the Registrable Securities to be covered by a Registration
Statement by the time such Registration Statement is declared effective by the Commission under all applicable state securities
or “blue sky” laws of such jurisdictions as any Holder may reasonably request in writing, and shall use commercially
reasonable efforts to keep each such registration or qualification effective during the period such Registration Statement is required
to be kept effective pursuant to this Agreement or during the period offers or sales are being made by the Holders, whichever is
shorter, and to do any and all other similar acts and things which may be reasonably necessary or advisable to enable the Holders
to consummate the disposition of such Registrable Securities in each such jurisdiction; provided, however, that the
Company shall not be required to: (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer
in such jurisdiction where it would not otherwise be required to qualify but for this Agreement, (ii) take any action that
would cause it to become subject to any taxation in any jurisdiction where it would not otherwise be subject to such taxation or
(iii) take any action that would subject it to the general service of process in any jurisdiction where it is not then so
subject.

 

2.5         Additional
Obligations of the Company. When the Company is required to effect the registration of Registrable Securities under the Securities
Act pursuant to Sections 2.1 and 2.2 of this Agreement, subject to Section 2.3 hereof, the Company shall:

 

(a)          prepare
and file with the Commission such amendments and supplements as to the Registration Statement and the Prospectus used in connection
therewith as may be necessary (i) to keep such Registration Statement effective and (ii) to comply with the provisions
of the Securities Act with respect to the disposition of the Registrable Securities covered by such Registration Statement, in
each case for such time as is contemplated in Sections 2.1 and 2.2;

 

(b)          furnish,
without charge, to the Holders such number of copies of the Registration Statement, each amendment and supplement thereto (in each
case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary Prospectus)
in conformity with the requirements of the Securities Act as the Holders may reasonably request in order to facilitate the public
sale or other disposition of the Registrable Securities owned by the Holders;

 

    	7

    	 

    

 

(c)          notify
the Holders: (i) when the Registration Statement, any pre-effective amendment, the Prospectus or any prospectus supplement
related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that purpose,
and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable
Securities for sale under the securities or “blue sky” laws of any jurisdiction or the initiation of any proceeding
for such purpose;

 

(d)          promptly
use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement,
and, if any such order suspending the effectiveness of a Registration Statement is issued, shall promptly use commercially reasonable
efforts to obtain the withdrawal of such order at the earliest possible moment;

 

(e)          following
receipt of a Demand Registration Notice and thereafter until the sooner of completion, abandonment or termination of the offering
or sale contemplated thereby and the expiration of the period during which the Company is required to maintain the effectiveness
of the related Registration Statement, promptly notify the Holders: (i) of the existence of any fact of which the Company
is aware or the happening of any event which has resulted in (A) the Registration Statement, as then in effect, containing
an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make
any statements therein not misleading or (B) the Prospectus included in such Registration Statement containing an untrue statement
of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein,
in the light of the circumstances under which they were made, not misleading, and (ii) of the Company’s reasonable determination
that a post-effective amendment to the Registration Statement would be appropriate or that there exist circumstances not yet disclosed
to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective
amendment; and, if the notification relates to any event described in either of the clauses (i) or (ii) of this Section 2.4(e),
subject to Section 2.2 above, at the request of the Holders, the Company shall prepare and, to the extent the exemption
from the prospectus delivery requirements in Rule 172 under the Securities Act is not available, furnish to the Holders a
reasonable number of copies of a supplement or post-effective amendment to such Registration Statement or related Prospectus or
file any other required document so that (1) such Registration Statement shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
and (2) as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

    	8

    	 

    

 

(f)          use
commercially reasonable efforts to cause all such Registrable Securities to be listed on the national securities exchange on which
the Common Shares are then listed, if the listing of Registrable Securities is then permitted under the rules of such national
securities exchange; and

 

(g)          if
requested by any Holder participating in the offering of Registrable Securities, incorporate in a prospectus supplement or post-effective
amendment such information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be
included therein and is reasonably necessary to permit the sale of the Registrable Securities pursuant to the Registration Statement,
including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price
being paid therefor and any other material terms of the offering of the Registrable Securities to be sold in such offering; provided,
however, that the Company shall not be obligated to include in any such prospectus supplement or post-effective amendment
any requested information that is not required by the rules of the Commission and is unreasonable in scope compared with the
Company’s most recent prospectus or prospectus supplement used in connection with a primary or secondary offering of equity
securities by the Company.

 

2.6         Obligations
of the Holder.  In connection with any Registration Statement utilized by the Company to satisfy the Registration Rights
pursuant to this Section 2, each Holder agrees to cooperate with the Company in connection with the preparation of
the Registration Statement, and each Holder agrees that it will (i) respond within ten (10) Business Days to any written
request by the Company to provide or verify information regarding the Holder or the Holder’s Registrable Securities (including
the proposed manner of sale) that may be required to be included in such Registration Statement and related Prospectus pursuant
to the rules and regulations of the Commission, and (ii) provide in a timely manner information regarding the proposed
distribution by the Holder of the Registrable Securities and such other information as may be requested by the Company from time
to time in connection with the preparation of and for inclusion in the Registration Statement and related Prospectus.

 

SECTION 3.     
 INDEMNIFICATION; CONTRIBUTION

 

3.1         Indemnification
by the Company.  The Company agrees to indemnify and hold harmless each Holder and each Person, if any, who controls any
Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any of their partners,
members, officers, trustees, employees or representatives, as follows:

 

(a)          against
any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) pursuant
to which the Registrable Securities were registered under the Securities Act, including all documents incorporated therein by reference,
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission
or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;

 

    	9

    	 

    

 

(b)          against
any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of the Company; and

 

(c)          against
any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or
threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any
such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above;
provided, however, that the indemnity provided pursuant to this Section 3.1 does not apply to any Holder
with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or
any amendment or supplement thereto), or (B) any Holder’s failure to deliver an amended or supplemental Prospectus furnished
to such Holder by the Company, if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery
occurred.

 

3.2         Indemnification
by Holder. Each Holder (and each permitted assignee of such Holder, on a several basis) severally and not jointly agrees to
indemnify and hold harmless the Company, and each of its directors and officers (including each director and officer of the Company
who signed a Registration Statement), each Person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act and each other Holder as follows:

 

(a)          against
any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) pursuant
to which the Registrable Securities of such Holder were registered under the Securities Act, including all documents incorporated
therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement
of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein
by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

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(b)          against
any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
if such settlement is effected with the written consent of such Holder; and

 

(c)          against
any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or
threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any
such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or
(ii) above;

 

provided, however, that the
indemnity provided pursuant to this Section 3.2 shall only apply with respect to any loss, liability, claim, damage,
judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the
Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto) or (B) any Holder’s
failure to deliver an amended or supplemental Prospectus furnished to the Holder by the Company, if such loss, liability, claim,
damage or expense would not have arisen had such delivery occurred.  Notwithstanding the provisions of this Section 3.2,
a Holder and any permitted assignee shall not be required to indemnify the Company, its officers, trustees or control persons with
respect to any amount in excess of the amount of the net proceeds actually received by such Holder or such permitted assignee,
as the case may be, from sales of the Registrable Securities of such Holder under the Registration Statement that is the subject
of the indemnification claim.

 

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3.3         Conduct
of Indemnification Proceedings.  An indemnified party hereunder shall give reasonably prompt notice to the indemnifying
party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so
notify the indemnifying party (i) shall not relieve the indemnifying party from any liability which it may have under the
indemnity agreement provided in Sections 3.1 or 3.2 above, unless and only to the extent it did not otherwise learn
of such action and the lack of notice by the indemnified party results in the forfeiture by the indemnifying party of substantial
rights and defenses, and (ii) shall not, in any event, relieve the indemnifying party from any obligations to any indemnified
party other than the indemnification obligation provided under Sections 3.1 or 3.2 above.  If the indemnifying
party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action
or proceeding at such indemnifying party’s own expense with counsel chosen by the indemnifying party and approved by the
indemnified party, which approval shall not be unreasonably withheld; provided, however, that the indemnifying party
will not settle, compromise or consent to the entry of any judgment with respect to any such action or proceeding without the written
consent of the indemnified party unless such settlement, compromise or consent secures the unconditional release of the indemnified
party of all liability at no cost or expense to the indemnified party; and provided further, that, if the indemnified
party reasonably determines that a conflict of interest exists where it is advisable for the indemnified party to be represented
by separate counsel or that, upon advice of counsel, there may be legal defenses available to it which are different from or in
addition to those available to the indemnifying party, then the indemnifying party shall not be entitled to assume such defense
and the indemnified party shall be entitled to separate counsel at the indemnifying party’s expense. If the indemnifying
party is not entitled to assume the defense of such action or proceeding as a result of the second proviso to the preceding sentence,
the indemnifying party’s counsel shall be entitled to conduct the indemnifying party’s defense and counsel for the
indemnified party shall be entitled to conduct the defense of the indemnified party, it being understood that both such counsel
will cooperate with each other to conduct the defense of such action or proceeding as efficiently as possible. If the indemnifying
party is not so entitled to assume the defense of such action or does not assume such defense, after having received the notice
referred to in the first sentence of this paragraph, the indemnifying party will pay the reasonable fees and expenses of counsel
for the indemnified party. In such event, however, the indemnifying party will not be liable for any settlement effected without
the written consent of the indemnifying party (which consent will not be unreasonably withheld). If an indemnifying party is entitled
to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, the indemnifying party shall
not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action
or proceeding.

 

SECTION 4.      EXPENSES

 

The Company shall pay all expenses incident
to the performance by the Company of its registration obligations under Section 2 above, including (i) Commission,
stock exchange and FINRA registration and filing fees, (ii) all fees and expenses incurred in complying with securities or
“blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection
with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all
printing, messenger and delivery expenses, and (iv) the fees, charges and expenses of counsel to the Company and of its
independent public accountants and any other accounting fees, charges and expenses incurred by the Company (including, without
limitation, any expenses arising from any “comfort” letters or any special audits incident to or required by any registration
or qualification).  Each Holder shall be responsible for the payment of any brokerage and sales commissions, fees and disbursements
of such Holder’s counsel, accountants and other advisors, and any transfer taxes relating to the sale or disposition of the
Registrable Securities by such Holder pursuant to this Agreement.

 

SECTION 5.      RULE
144 COMPLIANCE

 

The Company covenants that it will use its
commercially reasonable best efforts to timely file the reports required to be filed by the Company under the Securities Act and
the Exchange Act so as to enable the Holders to sell the Registrable Securities pursuant to Rule 144 under the Securities
Act.  In connection with any sale, transfer or other disposition by a Holder of any Registrable Securities pursuant to Rule 144
under the Securities Act, the Company shall cooperate with the Holder to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be sold and not bearing any Securities Act legend, and enable certificates for such
Registrable Securities to be for such number of shares and registered in such names as such Holder may reasonably request at least
five (5) Business Days prior to any sale of Registrable Securities hereunder.

 

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SECTION 6.      MISCELLANEOUS

 

6.1         Integration;
Amendment.  This Agreement constitutes the entire agreement among the parties hereto with respect to the matters set forth
herein and supersedes and renders of no force and effect all prior or contemporaneous oral or written agreements, commitments and
understandings among the parties with respect to the matters set forth herein. Except as otherwise expressly provided in this Agreement,
no amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed
by each of the parties hereto.

 

6.2         Waivers. 
No waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against whom such
waiver is sought to be enforced, and only to the extent set forth in such instrument. Neither the waiver by any of the parties
hereto of a breach or a default under any of the provisions of this Agreement, nor the failure of any of the parties, on one or
more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter
be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights
or privileges hereunder.

 

6.3         Assignment;
Successors and Assigns.  This Agreement and the rights granted hereunder may not be assigned by a Holder without the prior
written consent of the Company; provided, however, that a Holder may assign its rights and obligations hereunder,
without such consent, in connection with a transfer of some or all of such Holder’s Registrable Securities: (i) to the
extent permitted under the Operating Partnership , as applicable, and (ii) provided such transferee agrees in writing to be
bound by all of the provisions hereof and the Holder provides written notice to the Company within ten (10) days of the effectiveness
of such assignment.  This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and their
respective heirs, executors, personal and legal representatives, successors and permitted assigns, including, without limitation,
any successor of the Company by merger, acquisition, reorganization, recapitalization or otherwise.

 

6.4         Notices. 
All notices called for under this Agreement shall be in writing and shall be deemed duly given (a) on the date of delivery
if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized
next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified
mail, return receipt requested, postage prepaid, or (d) if sent by facsimile transmission during business hours on a Business
Day, when transmitted and receipt is confirmed, or otherwise on the following Business Day.  All notices hereunder shall be
delivered to the parties at the addresses set forth opposite their signatures below, or to any other address or addressee as any
party entitled to receive notice under this Agreement shall designate, from time to time, to others in the manner provided in this
Section 6.4 for the service of notices; provided, however, that notices of a change of address shall
be effective only upon receipt thereof.

 

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6.5         Specific
Performance.  The parties hereto acknowledge that the obligations undertaken by them hereunder are unique and that there
would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each
party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to: (i) compel specific
performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and
conditions of this Agreement and (ii) obtain preliminary injunctive relief to secure specific performance and to prevent a
breach or contemplated breach of this Agreement in any court of the United States or any State thereof having jurisdiction.

 

6.6         Governing
Law.  This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall
be governed by and construed in accordance with the laws of the State of Maryland (excluding the conflict of law provisions thereof).

 

6.7         Headings. 
Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed
to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof.

 

6.8         Pronouns. 
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or entity may require.

 

6.9         Execution
in Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one and the same agreement.  This Agreement may be executed and delivered by facsimile
or email/.pdf signatures.

 

6.10       Severability. 
If fulfillment of any provision of this Agreement, at the time such fulfillment shall be due, shall transcend the limit of validity
prescribed by law, then the obligation to be fulfilled shall be reduced to the limit of such validity; and if any provision of
this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
of this Agreement shall not in any way be affected or impaired thereby.

 

6.11       No
Third Party Beneficiaries.  Except as may be expressly provided herein (including without limitation Section 3 hereof),
it is the explicit intention of the parties hereto that no person or entity other than the parties hereto is or shall be entitled
to bring any action to enforce any provision of this Agreement against any of the parties hereto, and the covenants, undertakings
and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto
or their respective successors, heirs, executors, administrators, legal representatives and permitted assigns.

 

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6.12       Legend
Removal.  The Company, upon the request of any Holder of Registrable Securities, shall use its commercially reasonable
efforts to remove any legend from the certificates representing such Registrable Securities with respect to the Securities Act
and any state securities laws, and shall cause the termination of any related stop transfer orders, if (a) such Registrable
Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities
Act without any volume limitations or other restrictions on transfer under paragraphs (c), (e), (f) and (h) of Rule 144
and (b) such Holder provides the Company with a representation letter in customary form reasonably sufficient to establish
that such limitations and restrictions under paragraphs (c), (e), (f) and (h) of Rule 144 do not apply to such Registrable
Securities.  Such Holder further agrees to indemnify the Company against any loss, cost or expenses, including reasonable
expenses and attorney’s fees, incurred as a result of such legend removal on such Holder’s behalf; provided,
however, that the foregoing indemnification shall not apply to a Holder that is a governmental entity unless such Holder
is authorized by applicable law to provide such indemnification.

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Agreement to be duly executed and delivered in its name and on its behalf as of the date first written above.

 

	Address:	 	THE COMPANY:
	 	 	 
	650 Howe Avenue, Suite 730	 	WEST COAST REALTY TRUST, INC.
	Sacramento, CA 95825	 	 
	Fax Number: (916) 927-6759	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	Jeffrey B. Berger
	 	 	Title:	President and Chief Executive Officer
	 	 	 
	Address: See Schedule A for the addresses of the Initial Holders	 	INITIAL HOLDERS:
	 	 	University Capital Management, Inc.
	 	 	 
	 	 	By:	 
	 	 	Name:	Jeffrey B. Berger
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	
	 	Richard P. Bernstein

 

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Schedule A

 

Initial Holders and OP Units

 

	Initial Holder:	 	Address:	 	OP Units:
	 	 	 	 	 
	University Capital Management Inc.	 	2443 Fair Oaks Boulevard, No, 368	 	186,986 Class B
	 	 	
        Sacramento, CA 95825

        Fax Number: (916) 929-5472
	 	 
	 	 	Attn: Jeffrey B. Berger	 	 
	 	 	 	 	 
	Richard P. Bernstein	 	
        Law Offices of Richard P. Bernstein

        650 Howe Avenue, Suite 730

        Sacramento, CA 95825

        Fax Number: (916) 921-7712
	 	86,249 Class B

 

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