Document:

Dividend Capital Diversified Property Fund Inc. POS AM

Exhibit 10.22

 

FINAL FORM

 

TRUST AGREEMENT

OF DCX [·] DST,

a Delaware statutory trust

DATED AS OF

[·], [·]

BY AND AMONG

 

TRT [·]
LLC,

a Delaware limited liability company,

AS INITIAL DEPOSITOR

DCX [·] MANAGER LLC,

a Delaware limited liability company,

AS MANAGER & SIGNATORY TRUSTEE

 

AND

 

THE CORPORATION TRUST COMPANY,

 

AS DELAWARE TRUSTEE 

 

    	 

    	 

    

Table
of Contents

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE 1 DEFINITIONS AND INTERPRETATION	2
	 	 
	 	Section 1.	Definitions	2
	 	 	 	 
	ARTICLE 2 GENERAL MATTERS	5
	 	 
	 	Section 2.1	Organizational Matters	5
	 	 	 	 
	 	Section 2.2	Declaration of Trust and Statement of Intent	6
	 	 	 	 
	 	Section 2.3	Purposes	6
	 	 	 	 
	ARTICLE 3 PROVISIONS RELATING TO TAX TREATMENT	6
	 	 
	 	Section 3.1	Article 3 Supersedes All Other Provisions of this Trust Agreement	6
	 	 	 	 
	 	Section 3.2	Provisions Relating to Tax Treatment	7
		 
	ARTICLE 4 CONCERNING THE DELAWARE TRUSTEE AND THE SIGNATORY TRUSTEE	8
	 	 	 	 
	 	Section 4.1	Power and Authority of the Delaware Trustee	8
	 	 	 	 
	 	Section 4.2	Delaware Trustee May Request Direction	9
	 	 	 	 
	 	Section 4.3	Delaware Trustee’s Capacity	9
	 	 	 	 
	 	Section 4.4	Duties	9
	 	 	 	 
	 	Section 4.5	Indemnification	10
	 	 	 	 
	 	Section 4.6	Removal; Resignation; Succession	11
	 	 	 	 
	 	Section 4.7	Fees and Expenses	11
	 	 	 	 
	 	Section 4.8	Signatory Trustee	11
	 	 	 	 
	ARTICLE 5 CONCERNING THE MANAGER	12
	 	 
	 	Section 5.1	Power and Authority	12
	 	 	 	 
	 	Section 5.2	Manager’s Capacity	12
	 	 	 	 
	 	Section 5.3	Duties	12
	 	 	 	 
	 	Section 5.4	Indemnification	14
	 	 	 	 
	 	Section 5.5	Fees and Expenses	15
	 	 	 	 
	 	Section 5.6	Sale of Trust Estate by Manager Is Binding	15
	 	 	 	 
	 	Section 5.7	Removal/ Resignation; Succession	15
	 	 	 	 
	ARTICLE 6 BENEFICIAL INTERESTS	16
	 	 
	 	Section 6.1	Issuance of Class 1 and Class 2 Beneficial Interests	16

 

    	 

    	 

    

 

	 	 	 	 
	 	Section 6.2	Ownership Records	16
	 	 	 	 
	 	Section 6.3	[Intentionally Omitted]	16
	 	 	 	 
	 	Section 6.4	Restrictions on Transfer	16
	 	 	 	 
	 	Section 6.5	Conditions to Admission of New Beneficial Owners	17
	 	 	 	 
	 	Section 6.6	Limit on Number of Beneficial Owners	17
	 	 	 	 
	 	Section 6.7	Representations and Acknowledgements of Beneficial Owners	18
	 	 	 	 
	 	Section 6.8	Status of Relationship	18
	 	 	 	 
	 	Section 6.9	No Legal Title to Trust Estate	18
	 	 	 	 
	 	Section 6.10	In-Kind Distributions	18
	 	 	 	 
	 	Section 6.11	Rights and Powers of Class 2 Beneficial Owner Prior to Conversion
    Notice	18
	 	 	 	 
	 	Section 6.12	Issuance of Conversion Notice	19
	 	 	 	 
	 	Section 6.13	Rights and Powers of Class 1 Beneficial Owners	19
	 			 
	 	Section 6.14	Contributions by the Class 1 Beneficial Owners; Reduction in Class
    2 Beneficial Interest	20
	 	 	 	 
	ARTICLE 7 DISTRIBUTIONS AND REPORTS	20
	 	 
	 	Section 7.1	Payments From Trust Estate Only	20
	 	 	 	 
	 	Section 7.2	Operating Account	20
	 	 	 	 
	 	Section 7.3	Distributions in General	20
	 	 	 	 
	 	Section 7.4	Distribution Upon Dissolution	21
	 	 	 	 
	 	Section 7.5	Cash and other Accounts; Reports by the Manager	21
	 	 	 	 
	ARTICLE 8 RELIANCE; REPRESENTATIONS; COVENANTS	21
	 	 
	 	Section 8.1	Good Faith Reliance	21
	 	 	 	 
	 	Section 8.2	No Representations or Warranties as to Certain Matters	22
	 	 	 	 
	ARTICLE 9 TERMINATION	22
	 	 
	 	Section 9.1	Termination in General	22
	 	 	 	 
	 	Section 9.2	Termination to Protect and Conserve Trust Estate	22
	 	 	 	 
	 	Section 9.3	Sale of the Trust Estate	23
	 	 	 	 
	 	Section 9.4	Manager Fee on Sale	23
	 	 	 	 
	 	Section 9.5	Distribution Upon Sale or Transfer Distribution	24
	 	 	 	 
	 	Section 9.6	Certificate of Cancellation	24
	 	 	 	 
	ARTICLE 10 MISCELLANEOUS	24
	 	 
	 	Section 10.1	Limitations on Rights of Others	24

 

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	 	Section 10.2	Successors and Assigns	24
	 	 	 	 
	 	Section 10.3	Usage of Terms	24
	 	 	 	 
	 	Section 10.4	Headings	24
	 	 	 	 
	 	Section 10.5	Amendments	25
	 	 	 	 
	 	Section 10.6	Notices	25
	 	 	 	 
	 	Section 10.7	Governing Law	26
	 	 	 	 
	 

         
	Section 10.8	Counterparts	26
	 	Section 10.9	Severability	26
	 	 	 	 
	 	Section 10.10	Signature of Beneficial Owners	27
	 	 	 	 
	 	Section 10.11	Arbitration	27

 

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TRUST AGREEMENT

OF

DCX [·] DST,

A DELAWARE STATUTORY TRUST

 

This TRUST AGREEMENT, dated as of
[·], [·] (as the same may be amended or supplemented from time to time, this “Trust Agreement”),
is made by and among TRT [·] LLC, a Delaware limited liability company (as the “Initial Depositor”), DCX
[·] Manager LLC, a Delaware limited liability company, as Manager and Signatory Trustee, and the Corporation Trust Company
of Delaware (“CTC”) as Delaware Trustee.

 

RECITALS

 

A.          On
[·],[·], the Initial Depositor purchased from [·], a [·] (the “Seller”) the land parcel
located in, [·], as more particularly described on Exhibit A (the “Land Parcel”; together with,
and subject to, that certain [Development and Operating] Agreement dated [·],[·], as amended from time to time, and
together with the rights and appurtenances pertaining to the Land Parcel, including all of Initial Depositor’s right, title
and interest in and to (A) the adjacent streets, roads, alleys, strips, gores, easements, rights of ingress or egress, rights-of-way,
reversionary rights, and any other interests in, on, or to any land, highway, street, road or avenue, open or proposed, in, on,
across, in front of, abutting or adjoining the Land Parcel, and any awards made or to be made in connection therewith, and (B)
the air rights or development rights, if any, owned by Initial Depositor appertaining to or otherwise benefitting the Land Parcel,
and together with all of the Initial Depositor’s right, title and interest, if any, in all buildings, structures, fixtures
and improvements located on the Land Parcel [(Initial Depositor’s interest being subject to certain subleases under which
[·] and [·] are the owners of certain buildings, structures, fixtures and improvements subject to a reversionary interest
of Initial Depositor)], collectively, the “Real Estate”).

 

B.          The
Real Estate is subject to the Master Lease (as hereinafter defined).

 

C.          The
Initial Depositor and CTC have agreed to form a statutory trust in accordance with Chapter 38 of Title 12 of the Delaware Code,
12 Del. C. §3801, et seq. (the “Statutory Trust Act”).

 

D.          The
Initial Depositor will convey the Real Estate to the Trust (as hereinafter defined) in exchange for one hundred percent (100%)
of the Class 2 Beneficial Interests (as hereinafter defined) in the Trust.

 

E.          It
is anticipated that the Initial Depositor will sell and transfer (the “Affiliate Transfer”) all of its Class
2 Beneficial Interests to DCX [·] TRS LLC, a Delaware limited liability company (the “Successor Depositor”),
at which time the Successor Depositor will execute a joinder to this Trust Agreement.

 

F.          It
is anticipated that certain Persons (as hereinafter defined) will acquire Class 1 Beneficial Interests (as hereinafter defined)
in the Trust in exchange for payment of money to the Trust and become Class 1 Beneficial Owners (as hereinafter defined) in accordance
with the provisions of this Trust Agreement, which money will be distributed to the Depositor (as hereinafter defined) in whole
or partial redemption of the Beneficial Interest held by the Depositor.

 

    	- 1 -

    	 

    

 

G.          The
Trust will retain DCX [·] Manager LLC, a Delaware limited liability company, as the Manager of the Trust to undertake
certain actions and perform certain duties that would otherwise be performed by the Trust.

 

NOW, THEREFORE, in consideration
of the mutual agreements contained in this Trust Agreement and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows:

 

Article
1

DEFINITIONS AND INTERPRETATION

  

Section 1.          Definitions.
Capitalized terms used in this Trust Agreement shall have the following meanings:

 

“Affiliate” means,
with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” when used with respect to any
specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract, or otherwise; and the terms “controlling” and “controlled”
shall have meanings correlative to the foregoing.

 

“Affiliated Transfer”
has the meaning given to such term in Recital E.

 

“Beneficial Interest”
means a beneficial interest in the Trust, as such term is used in the Statutory Trust Act, all of which interests shall be either
Class 1 Beneficial Interests or Class 2 Beneficial Interests.

 

“Beneficial Owner”
means each Person who, at the time of determination, holds a Beneficial Interest as reflected on the most recent Ownership Records.

 

“Business Day”
is any day other than on Saturday, Sunday or legal holiday in the State of Delaware.

 

“CTC” means the
Corporation Trust Company.

 

“Cause” shall
mean willful misconduct, bad faith, fraud or gross negligence, as determined by arbitration under the procedures described in Section
10.11.

 

“Certificate of Trust”
means the certificate of trust of the Trust in substantially the form of Exhibit C.

 

“Class 1 Beneficial Interests”
means the Beneficial Interests held by the Investors.

 

“Class 2 Beneficial Interest”
means the Beneficial Interest held by the Depositor.

 

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“Class 1 Beneficial Owners”
means the Investors.

 

“Class 2 Beneficial Owner”
means the Depositor.

 

“Closing Date”
means that date of the first sale of Beneficial Interests in the Trust to the Investors.

 

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

 

“Conversion Notice”
means the notice, in substantially the form of Exhibit G, issued by the Depositor to the Delaware Trustee and the Manager
stating that the provisions of Section 3.2(c) shall become effective upon receipt of the notice by the Delaware Trustee.

 

“Delaware Trustee”
means the Person serving, at the time of determination, as the Delaware Trustee under this Trust Agreement. As of the Effective
Date, the Delaware Trustee is CTC.

 

“Deposit Date”
means the date on which the transaction described in Recital D occurs.

 

“Depositor” means,
at any time prior to the Affiliate Transfer, the Initial Depositor and, at any time after the Affiliate Transfer, the Successor
Depositor.

 

“Effective Date”
means the date of this Trust Agreement as specified in the introductory paragraph of this Trust Agreement.

 

“Exhibit” means
an exhibit attached to this Trust Agreement, unless otherwise specified.

 

“Investors” means
the purchasers of Class 1 Beneficial Interests in the Trust.

 

“LP” has the meaning
given to such term in Section 9.2.

 

“Manager” means
the Person serving, at the time of determination, as the manager under this Trust Agreement. As of the Effective Date, the Manager
is DCX [·] Manager LLC, a Delaware limited liability company.

 

“Manager Covered Expenses”
has the meaning given to such term in Section 5.4.

 

“Manager Indemnified Persons”
has the meaning given to such term in Section 5.4.

 

“Master Lease”
means that master lease agreement between the Master Tenant and the Trust, relating to the Real Estate, together with all amendments,
supplements and modifications thereto.

 

“Master Tenant”
means DPF [·] Master Tenant LLC, a Delaware limited liability company.

 

“Offered Interest”
means a Class 1 Beneficial Interest, or portion thereof, that is being offered for sale pursuant to a Third-Party Offer.

 

    	- 3 -

    	 

    

 

“Offerees” means,
with respect to a Third-Party Offer, the Manager and each Class 1 Beneficial Owner other than the Selling Beneficial Owner.

 

“Ownership Records”
means the records maintained by the Manager, substantially in the form of Exhibit D, indicating from time to time the name,
mailing address, and Percentage Share of each Beneficial Owner, which records shall initially indicate the Depositor as the sole
Beneficial Owner and shall be revised by the Manager contemporaneously to reflect the issuance of Beneficial Interests in accordance
with this Trust Agreement, changes in mailing addresses, or other changes.

 

“Percentage Share”
means, for each Beneficial Owner, the percentage of the aggregate Beneficial Interests in the Trust held by such Beneficial Owner
as reflected on the most recent Ownership Records. For the avoidance of doubt, the sum of (i) the Percentage Share of the Class
1 Beneficial Interests and (ii) the Percentage Share of the Class 2 Beneficial Interests at all times shall be one hundred percent
(100%).

 

“Permitted Investment”
has the meaning set forth in Section 7.3.

 

“Permitted Transfer”
means (a) the transfer of a Class 1 Beneficial Interest (i) by devise, descent or by operation of law upon the death of a Class
1 Beneficial Owner or the member, partner, or stockholder of a Class 1 Beneficial Owner or (ii) by an individual to a trust or
other entity created for estate planning purposes primarily for the benefit of such individual or (b) the transfer of a Class 2
Beneficial Interest by the Depositor to an Affiliate.

 

“Person” means
a natural person, corporation, limited partnership, general partnership, joint stock company, joint venture, association, company,
trust, bank trust company, land trust, business trust, statutory trust or other organization, whether or not a legal entity, and
a government or agency or political subdivision thereof.

 

“Purchase Agreement”
means the agreement to be entered into by the Trust (through the Manager) and each Investor with respect to the acquisition of
Class 1 Beneficial Interests by the Investors.

 

“Real Estate”
has the meaning given to such term in Recital A.

 

“Regulations”
means U.S. Treasury Regulations promulgated under the Code.

 

“Reserves” has
the meaning given to such term in Section 7.3.

 

“ROFR Notice”
has the meaning given to such term in Section 6.4(a).

 

“Secretary of State”
has the meaning given to such term in Section 2.1(b).

 

“Section” means
a section of this Trust Agreement, unless otherwise specified.

 

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

 

“Seller” means
[·], a [·].

 

    	- 4 -

    	 

    

 

“Selling Beneficial Owner”
means a Class 1 Beneficial Owner who receives a Third-Party Offer.

 

“Signatory Trustee”
has the meaning given to such term in Section 4.8.

 

“Statutory Trust Act”
has the meaning given to such term in Recital C.

 

“Successor Depositor”
has the meaning given to such term in Recital E.

 

“Third-Party Offer”
means an offer, whether solicited or unsolicited, to purchase all or a portion of a Class 1 Beneficial Interest or a controlling
ownership interest in the Selling Beneficial Owner that (a) is for a specified price and stated terms, (b) is made by a Person,
identified therein by name and address and (c) contains all terms and conditions of the proposed purchase and sale thereof.

 

“Transaction Documents”
means the Trust Agreement (including all agreements the forms of which are attached as exhibits thereto), the Purchase Agreement,
the Master Lease, together with any other documents to be executed in furtherance of the investment activities of the Trust.

 

“Transfer Distribution”
has the meaning given to such term in Section 9.2.

 

“Trust” means
DCX [·] DST, a Delaware statutory trust formed by and in accordance with, and governed by, this Trust Agreement.

 

“Trust Agreement”
has the meaning given to such term in the introductory paragraph of this Trust Agreement.

 

“Trust Year” means
(i) initially, the period of time commencing on the Deposit Date and ending on the date that is twelve (12) months later and (ii)
subsequently, each successive twelve (12) month period thereafter.

 

“Trustee Covered Expenses”
has the meaning given to such term in Section 4.5.

 

“Trustee Indemnified Persons”
has the meaning given to such term in Section 4.5.

 

“Trust Estate”
means all of the Trust’s right, title, and interest in and to the Master Lease, the Real Estate, and any and all other property
and assets (whether tangible or intangible) in which the Trust at any time has any right, title or interest.

 

Article
2

GENERAL MATTERS

 

Section 2.1          Organizational
Matters. 

 

(a)          CTC
is hereby appointed as the Delaware Trustee, and CTC hereby accepts such appointment.

 

    	- 5 -

    	 

    

 

(b)          The
Depositor hereby authorizes and directs the Delaware Trustee to execute and file the Certificate of Trust in the office of the
Secretary of State of the State of Delaware (the “Secretary of State”), and authorizes the Delaware Trustee
to execute and file in the office of the Secretary of State such certificates as may from time to time be required under the Statutory
Trust Act or any other Delaware law.

 

(c)          The
name of the Trust is “DCX [·] DST.” The Manager shall have full power and authority, and is hereby authorized,
to conduct the activities of the Trust, execute and deliver all documents (including, without limitation, the Transaction Documents)
for or on behalf of the Trust, and cause the Trust to sue or be sued under its name. Any reference to the Trust shall be a reference
to the statutory trust formed pursuant to the Certificate of Trust and this Trust Agreement and not to the Delaware Trustee, the
Signatory Trustee or the Manager individually or to the officers, agents or employees of the Trust, the Delaware Trustee, the Signatory
Trustee or the Manager.

 

(d)          The
principal office of the Trust, and such additional offices as the Manager may determine to establish, shall be located at such
places inside or outside of the State of Delaware as the Manager shall designate from time to time. As of the Effective Date, the
principal office of the Trust is located c/o the Manager at 518 17th Street, 17th Floor, Denver, CO 80202.

 

(e)          Legal
title to the Trust Estate shall be vested in the Trust as a separate legal entity.

 

Section 2.2     Declaration
of Trust and Statement of Intent.

 

(a)          The
Trust hereby declares that it shall hold the Trust Estate in trust for the benefit of the Beneficial Owners upon the terms set
forth in this Trust Agreement.

 

(b)          It
is the intention of the parties that the Trust constitute a “statutory trust,” the Delaware Trustee is a “trustee,”
the Manager is an “agent” of the Trust, the Signatory Trustee is a co-trustee (subject to the limitations provided
for in Section 4.8), the Beneficial Owners are “beneficial owners,” and this Trust Agreement is the “governing
instrument” of the Trust, each within the respective meaning of such term as provided in or as used in the Statutory Trust
Act.

 

Section
2.3     Purposes.   The purposes of the Trust are to engage in the following activities:
(a) to acquire the Real Estate subject to the Master Lease; (b) to hold for investment and eventually dispose of the Real
Estate; and (c) to take only such other actions as the Manager deems necessary to carry out the foregoing.

 

Article
3

PROVISIONS RELATING TO TAX TREATMENT

 

 

 

Section 3.1     Article 3
Supersedes All Other Provisions of this Trust Agreement. This Article 3 contains certain provisions intended to
achieve the desired treatment of the Trust and Beneficial Interests for United States federal income tax purposes. To the extent
of any inconsistency between this Article 3 and any other provision of this Trust Agreement, this Article 3 shall
supersede and be controlling; provided, for the avoidance of doubt, that nothing in this Article 3 shall limit or impair the Trust’s
power and authority to execute and deliver, and to perform its obligations under, the Transaction Documents, and further provided
that the requirements of this Article 3 shall be enforceable to the maximum extent permissible under the Statutory Trust
Act.

 

    	- 6 -

    	 

    

 

Section 3.2     Provisions
Relating to Tax Treatment.

 

(a)           Prior
to the issuance of the Conversion Notice, the sole Beneficial Owner of the Trust shall be the Depositor. The rights of the Depositor
(as the Class 2 Beneficial Owner) with respect to the assets and property held by the Trust, as provided in Section 6.11,
are such that the Trust will be characterized at such time as a “business entity” within the meaning of Regulation
Section 301.7701-3. Because the Depositor will be the sole Beneficial Owner, the Trust will be characterized as a disregarded entity,
and all assets and property of the Trust shall be treated for Federal income tax purposes as assets and property of the Depositor.

 

(b)           Upon
the issuance of the Conversion Notice, the special rights of Depositor (as the Class 2 Beneficial Owner) set forth in Section
6.11 will terminate, as set forth in Section 6.12, and the Depositor will have the same rights as any Class 1 Beneficial Owner.
At that time, the Depositor will be deemed for Federal income tax purposes to have transferred the Real Estate to a separate entity,
the Trust, which will be classified for Federal income tax purposes as specified in Section 3.2(c).

 

(c)           It
is the intention of the parties to this Trust Agreement that upon and at all times after the issuance of the Conversion Notice
that the Trust shall constitute an investment trust pursuant to Regulation Section 301.7701-4(c) and each Beneficial Owner shall
be treated as a “grantor” within the meaning of Code Section 671. As such, the parties further intend that each Beneficial
Owner shall be treated for Federal income tax purposes as if it holds a direct ownership interest in the Real Estate. Each Beneficial
Owner agrees to report its interest in the Trust in a manner consistent with the foregoing and otherwise not to take any action
that would be inconsistent with the foregoing. Upon and after issuance of the Conversion Notice, none of the Delaware Trustee,
the Signatory Trustee, the Manager, the Beneficial Owners and/or the Trust shall have power and authority, or shall be authorized,
and each of them is hereby expressly prohibited from taking, and none of them shall be allowed to take, any of the following actions:

 

(i)          sell,
transfer or exchange the Real Estate except as required under Article 9;

 

(ii)          reinvest
any monies of the Trust, except to make modifications or repairs to the Real Estate permitted under this Trust Agreement or in
accordance with Section 7.3;

 

(iii)         renegotiate
the terms of any loan or enter into new financing;

 

(iv)         renegotiate
any lease or enter into new leases, except in the case of the tenant’s bankruptcy or insolvency;

 

(v)          make
modifications to the Real Estate (other than minor non-structural modifications) unless required by law;

 

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(vi)        accept
any capital from a Beneficial Owner (other than capital from an Investor that will be distributed to the Depositor and reduce the
Depositor’s Percentage Share); or

 

(vii)       take
any other action which would in the opinion of tax counsel to the Trust cause the Trust to be treated as a business entity for
federal income tax purposes if the effect would be that such action or actions would constitute a power under the Trust Agreement
to “vary the investment of the certificate holders” under Regulations Section 301.7701-4(c)(1) and Rev. Rul. 2004-86.

 

The Trust shall hold the Trust Estate for investment
purposes and only lease the Real Estate to the Master Tenant. The activities of the Trust with respect to the Trust Estate shall
be limited to the activities which are customary services in connection with the maintenance and repair of the Real Estate and
none of the Delaware Trustee, the Signatory Trustee, Beneficial Owners, the Manager nor their agents shall provide non-customary
services, as such term is defined in Code Sections 512 and 856 and Rev. Rul. 75-374, 1975-2 C.B. 261. The Trust shall conduct no
business other than as specifically set forth in this Section 3.2. Without limiting the generality of the foregoing, upon
and after issuance of the Conversion Notice, (a) none of the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial
Owners and the Trust shall have any power or authority to undertake any actions that are not permitted to be undertaken by an entity
that is treated as a “trust” within the meaning of Regulations Section 1.7701-4 and not treated as a “business
entity” within the meaning of Regulations Section 1.7701-3, and (b) this Trust Agreement shall be interpreted and enforced
so as to be in compliance with the requirements of Rev. Rul. 2004-86, 2004-33 I.R.B. 191.

 

For Federal income tax purposes, after issuance of the
Conversion Notice, the Trust is intended to be and shall constitute an investment trust pursuant to Regulations Section 301.7701-4(c)
and a “grantor trust” under Subpart E of Part 1, Subchapter J of the Code (Code Sections 671 - 679) and shall not constitute
a “business entity.”

 

Article
4

CONCERNING THE DELAWARE TRUSTEE AND THE SIGNATORY TRUSTEE 

 

Section 4.1     Power
and Authority of the Delaware Trustee. The Delaware Trustee shall have the power and authority, and is hereby authorized
and empowered, to (a) accept legal process served on the Trust in the State of Delaware; and (b) execute any certificates that
are required to be executed under the Statutory Trust Act and file such certificates in the office of the Secretary of State,
and take such action or refrain from taking such action under this Trust Agreement as may be directed in a writing delivered to
the Delaware Trustee by the Manager; provided, however, that the Delaware Trustee shall not be required to take or to refrain
from taking any such action if the Delaware Trustee shall believe, or shall have been advised by counsel, that such performance
is likely to involve the Delaware Trustee in personal liability or to result in personal liability to the Delaware Trustee, or
is contrary to the terms of this Trust Agreement or of any document contemplated hereby to which the Trust or the Delaware Trustee
is or becomes a party or is otherwise contrary to law. The Manager agrees not to instruct the Delaware Trustee to take any action
or to refrain from taking any action that is contrary to the terms of this Trust Agreement or of any document contemplated hereby
to which the Trust or the Delaware Trustee is or becomes party or that is otherwise contrary to law. Other than as expressly provided
for in this Trust Agreement, the Delaware Trustee shall have no duty to take any action for or on behalf of the Trust.

 

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Section 4.2     Delaware
Trustee May Request Direction. If at any time the Delaware Trustee determines that it requires or desires guidance regarding
the application of any provision of this Trust Agreement or any other document, or regarding action that must or may be taken
in connection herewith or therewith, or regarding compliance with any direction it received under this Trust Agreement, then the
Delaware Trustee may deliver a notice to a court of applicable jurisdiction or, in the Delaware Trustee’s sole and absolute
discretion, to an arbitrator in accordance with Section 10.11, requesting written instructions as to the desired course
of action, and such instructions from the court or arbitrator shall constitute full and complete authorization and protection
for actions taken and other performance by the Delaware Trustee in reliance thereon. Until the Delaware Trustee has received such
instructions after delivering such notice, it shall be fully protected in refraining from taking any action with respect to the
matters described in such notice.

 

Section 4.3      Delaware
Trustee’s Capacity. In accepting the trust hereby created, CTC acts solely as Delaware Trustee under this
Trust Agreement and not in its individual capacity, serves the Trust solely to fulfill the Trust’s obligation pursuant to
Section 3807(a) of the Statutory Trust Act to have at least one trustee who has its principal place of business in the State of
Delaware, and all Persons having any claim against the Delaware Trustee by reason of the transactions contemplated by this Trust
Agreement, the Transaction Documents, or any other document shall look only to the Trust Estate for payment or satisfaction thereof.
Notwithstanding any provision of this Trust Agreement or any other document to the contrary, under no circumstances shall CTC,
in its individual capacity or in its capacity as Delaware Trustee, (a) have any duty to choose or supervise, nor shall it have
any liability for the actions or inactions of, the Manager or any officer, manager, employee, or other Person (other than CTC
and its own employees), or (b) be liable or responsible for, or obligated to perform, any contract, representation, warranty,
obligation or liability of the Trust, the Manager, or any officer, manager, employee, or other Person (other than CTC and
its own employees); provided, however, that this limitation shall not protect CTC against any liability to the Beneficial
Owners to which it would otherwise be subject by reason of its willful misconduct, bad faith, fraud or gross negligence in the
performance of its duties under this Trust Agreement.

 

Section 4.4     Duties.
None of the Delaware Trustee, CTC or any successor Delaware Trustee shall have any duty or obligation under or in connection
with this Trust Agreement, the Trust, or any transaction or document contemplated by this Trust Agreement, except as expressly
provided by the terms of this Trust Agreement, and no implied duties or obligations shall be read into this Trust Agreement against
the Delaware Trustee, CTC or any successor Delaware Trustee. The right of the Delaware Trustee to perform any discretionary act
enumerated in this Trust Agreement shall not be construed as a duty. To the fullest extent permitted by applicable law, including
without limitation Section 3806 of the Statutory Trust Act, the Delaware Trustee’s, CTC’s or any successor Delaware
Trustee’s duties (including fiduciary duties) and liabilities relating thereto to the Trust and the Beneficial Owners shall
be restricted to those duties (including fiduciary duties) expressly set forth in this Trust Agreement and liabilities relating
thereto.

 

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Section 4.5     Indemnification.
The Class 1 Beneficial Owners, jointly and severally, hereby agree to (a) reimburse the Delaware Trustee, CTC and/or any successor
Delaware Trustee for all reasonable expenses (including reasonable fees and expenses of counsel and other professionals), incurred
in connection with the negotiation, execution, delivery, or performance of, or exercise of rights or powers under, this Trust
Agreement, (b) to the fullest extent permitted by law, indemnify, defend and hold harmless the Delaware Trustee, CTC and/or any
successor Delaware Trustee, and the officers, directors, employees and agents of the Delaware Trustee and/or any successor Delaware
Trustee (collectively, including the Delaware Trustee, CTC and/or any successor Delaware Trustee in its individual capacity, the
“Trustee Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions,
suits, costs, expenses, disbursements (including the reasonable fees and expenses of counsel and other professionals), taxes and
penalties of any kind and nature whatsoever (collectively, “Trustee Covered Expenses”), to the extent that
such Trustee Covered Expenses arise out of or are imposed upon or asserted at any time against any such Trustee Indemnified Persons,
including without limitation on the basis of ordinary negligence on the part of any such Trustee Indemnified Persons, with respect
to or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated hereby; provided, however,
that the Beneficial Owners or the Trust shall not be required to indemnify a Trustee Indemnified Person for Trustee Covered Expenses
to the extent such Trustee Covered Expenses result from the willful misconduct, bad faith, fraud or gross negligence of such Trustee
Indemnified Person, and (c) to the fullest extent permitted by law, advance to each such Trustee Indemnified Person Trustee Covered
Expenses incurred by such Trustee Indemnified Person in defending any claim, demand, action, suit or proceeding, in connection
with this Trust Agreement, the Trust, or any transaction or document contemplated hereby, prior to the final disposition of such
claim, demand, action, suit or proceeding only upon receipt by any Class 1 Beneficial Owner of an undertaking, by or on behalf
of such Trustee Indemnified Person, to repay such amount if a court of competent jurisdiction renders a final, nonappealable judgment
that includes a specific finding of fact that such Trustee Indemnified Person is not entitled to be indemnified therefor under
this Section 4.5. The obligations of the Class 1 Beneficial Owners under this Section 4.5 shall survive the resignation
or removal of the Delaware Trustee, shall survive the dissolution and termination of the Trust, and shall survive the termination,
amendment, supplement, and/or restatement of this Trust Agreement. The obligations of the Class 1 Beneficial Owners under this
Section 4.5 shall be personal obligations irrespective of the sufficiency or insufficiency of the Trust Estate to satisfy
any such obligations; provided, however, that the Manager shall utilize income from the Trust Estate to satisfy any such obligations
prior to seeking contribution from the Beneficial Owners, which will reduce amounts that would otherwise be distributable to the
Beneficial Owners. For the avoidance of doubt, pursuant to Section 3803(b) of the Statutory Trust Act, the Delaware Trustee shall
not be liable to any person other than the Trust or a beneficiary of the Trust for any act, omission or obligation of the Trust
or any trustee thereof and all persons having any claim against Statutory Trust Act by reason of the transactions contemplated
by this Trust Agreement or any other agreement or instrument related to the Trust shall look only to the Trust Estate for payment
or satisfaction thereto.

 

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Section 4.6     Removal;
Resignation; Succession. The Delaware Trustee may resign at any time by giving at least sixty (60) days’ prior written
notice to the Manager. The Manager may at any time remove the Delaware Trustee for Cause by written notice to the Delaware Trustee.
Cause shall only result from the willful misconduct, bad faith, fraud or gross negligence of the Delaware Trustee, as determined
by arbitration under the procedures described in Section 10.11. Such resignation or removal shall be effective upon the
acceptance of appointment by a successor Delaware Trustee, as hereinafter provided. In case of the removal or resignation of a
Delaware Trustee, the Manager may appoint a successor by written instrument. If a successor Delaware Trustee shall not have been
appointed within sixty (60) days after the giving of such notice, the Delaware Trustee or any of the Beneficial Owners may apply
to any court of competent jurisdiction in the United States to appoint a successor Delaware Trustee to act until such time, if
any, as a successor shall have been appointed as provided above. Any successor so appointed by such court shall immediately and
without further act be superseded by any successor appointed as provided above within one (1) year from the date of the appointment
by such court. Any successor, however appointed, shall execute and deliver to its predecessor Delaware Trustee an instrument accepting
such appointment, and thereupon such successor, without further act, shall become vested with all the estates, properties, rights,
powers, duties and trusts of the predecessor Delaware Trustee in the trusts under this Trust Agreement with like effect as if
originally named the Delaware Trustee in this Trust Agreement; provided, however, that the predecessor Delaware Trustee shall
take all action required to transfer title to the Trust Estate to such successor Delaware Trustee and upon the written request
of such successor, such predecessor shall execute and deliver an instrument transferring to such successor, upon the trusts in
this Trust Agreement expressed, all the estates, properties, rights, powers, duties and trusts of such predecessor, and such predecessor
shall duly assign, transfer, deliver and pay over to such successor all monies or other property then held by such predecessor
upon the trusts in this Trust Agreement expressed. Any right of the Beneficial Owners against a predecessor Delaware Trustee in
its individual capacity shall survive the resignation or removal of such predecessor, shall survive the dissolution and termination
of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.

 

Any successor Delaware Trustee, however
appointed, shall be a bank or trust company satisfying the requirements of Section 3807(a) of the Statutory Trust Act. Any corporation
into which the Delaware Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Delaware Trustee shall be a party, or any corporation to which substantially
all the corporate trust business of the Delaware Trustee may be transferred, shall, subject to the preceding sentence, be the Delaware
Trustee under this Trust Agreement without further act.

 

Section 4.7    Fees
and Expenses. The Delaware Trustee shall receive as compensation for its services under this Trust Agreement such fees
as have been reasonably approved by the Manager. The Delaware Trustee shall not have any obligation by virtue of this Trust Agreement
to spend any of its own funds, or to take any action that could result in its incurring any cost or expense.

 

Section 4.8     Signatory
Trustee. The Manager will appoint in its sole discretion, and at all times, a co-trustee to serve with the Delaware Trustee
for the purpose of performing all obligations and duties other than fulfilling the Trust’s obligations pursuant to Section
3807(a) of the Statutory Trust Act, including, but not limited to executing any documentation that may require the signature of
more than one trustee of the Trust (the “Signatory Trustee”). The Trust hereby grants the Signatory Trustee
the power to act and sign documents on behalf of the Trust pursuant to the terms of this Section 4.8. The Manager may appoint
additional Signatory Trustees and replace any Signatory Trustee. The Signatory Trustee shall not receive any compensation for
its services. The initial Signatory Trustee shall be the Manager.

 

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Article
5

CONCERNING THE MANAGER

  

Section 5.1       Power
and Authority. The investment activities and affairs of the Trust shall be managed exclusively by or under the direction
of the Manager. The Manager shall have the power and authority, and is hereby authorized and empowered, to manage the Trust Estate
and the investment activities and affairs of the Trust, subject to and in accordance with the terms and provisions of this Trust
Agreement, provided that the Manager shall have no power to engage on behalf of the Trust in any activities that the Trust
could not engage in directly. The Manager shall have the power and authority, and is hereby authorized, empowered, and directed
by the Trust, to enter into, execute and deliver, and to cause the Trust to perform its obligations under, each of the Transaction
Documents to which the Trust is or becomes a party or signatory, and in furtherance thereof, the Class 2 Beneficial Owner, at
any time prior to the issuance of the Conversion Notice, may confirm such authorization, empowerment, and direction and otherwise
direct the Manager in connection with the investment activities and affairs of the Trust. The Manager may freely assign its power
and authority pursuant to this Article 5.

 

Section 5.2       Manager’s
Capacity. The Manager acts solely as an agent of the Trust and not in its individual capacity, and all Persons having
any claim against the Manager by reason of the transactions contemplated by this Trust Agreement, the Transaction Documents, or
any other document shall look only to the Trust Estate for payment or satisfaction thereof. Notwithstanding any provision of this
Trust Agreement to the contrary, the Manager shall not have any liability to any Person except for its own willful misconduct,
bad faith, fraud or gross negligence.

 

Section 5.3       Duties.

 

(a)       The
Manager has primary responsibility for performing the administrative actions set forth in this Section 5.3. In addition,
the Manager shall have the obligations with respect to a potential sale of the Trust Estate set forth in Article 9. In performing
its duties under this Agreement, the Manager will act in good faith and in the interest of the Beneficial Owners. The Manager shall
not have any duty or obligation under or in connection with this Trust Agreement, the Trust, or any transaction or document contemplated
hereby, except as expressly provided by the terms of this Trust Agreement, and no implied duties or obligations shall be read into
this Trust Agreement against the Manager. The right of the Manager to perform any discretionary act enumerated in this Trust Agreement
shall not be construed as a duty. To the fullest extent permitted by applicable law, including without limitation Section 3806
of the Statutory Trust Act, the Manager’s duties (including fiduciary duties) and liabilities relating thereto to the Trust
and the Beneficial Owners shall be restricted to those duties (including fiduciary duties) expressly set forth in this Trust Agreement
and liabilities relating thereto.

 

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(b)       Without
limiting the generality of clause (a) above, upon and after the issuance of the Conversion Notice, the Manager, for and
on behalf of the Trust, is hereby authorized and directed to take each of the following actions necessary to conserve and protect
the Trust Estate:

 

(i)         receiving
the contribution of the Real Estate (subject to the existing leases) and entering into the Master Lease;

 

(ii)        collecting
rents and making distributions in accordance with Article 7;

 

(iii)       entering
into any agreement for purposes of completing tax-free exchanges of real property with a Qualified Intermediary as defined in Section
1031 of the Code;

 

(iv)       notifying
the relevant parties of any default by them under the Transaction Documents; and

 

(v)        solely
to the extent necessitated by the bankruptcy or insolvency of the Master Tenant or any other tenant of the Real Estate, if the
Trust has not terminated under Section 9.2, entering into a new lease with respect to the Real Estate.

 

The foregoing notwithstanding, from and after the issuance
of the Conversion Notice, under no circumstances shall the power or authority of the Manager include the ability to take any actions
which would cause the Trust to cease to constitute an “investment trust” within the meaning of Regulation Section 1.7701-4(c).
After issuance of the Conversion Notice, the power and authority of the Manager shall be strictly and narrowly construed so as
to preserve and protect the status of the Trust as an “investment trust” for Federal income tax purposes.

 

(c)       The
Manager shall keep customary and appropriate books and records relating to the Trust and the Trust Estate. The Manager shall maintain
appropriate books and records in order to provide reports of income and expenses to each Beneficial Owner as necessary for such
Beneficial Owner to prepare his/her income tax returns regarding the Trust Estate.

 

(d)       The
Manager shall promptly furnish to the Beneficial Owners copies of all reports, notices, requests, demands, certificates, financial
statements and any other writings required to be distributed to them pursuant to the Transaction Documents, unless the Manager
reasonably believes the same to have been sent directly to the Beneficial Owners.

 

(e)       The
Manager shall not be required to act or refrain from acting under this Trust Agreement if the Manager reasonably determines, or
has been advised by counsel, that such actions may result in personal liability, unless the Manager is indemnified by the Trust
and the Beneficial Owners against any liability and costs (including reasonable legal fees and expenses) which may result in a
manner and form reasonably satisfactory to the Manager.

 

(f)        The
Manager shall not, on its own behalf (in contrast to actions that the Manager is required to perform on behalf of the Trust), have
any duty to (i) file, record or deposit any document or to maintain any such filing, recording or deposit or to refile, rerecord
or redeposit any such document, (ii) obtain or maintain any insurance on the Real Estate, (iii) maintain the Real Estate, or (iv)
pay or discharge any tax levied against any part of the Trust Estate.

 

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(g)       The
Manager shall manage, control, dispose of or otherwise deal with the Trust Estate consistent with its duties to conserve and protect
the Trust Estate, subject to any restrictions provided in this Trust Agreement.

 

(h)       The
Manager shall provide to each Person who becomes a Beneficial Owner a copy of this Trust Agreement at or before the time such Person
becomes a Beneficial Owner.

 

(i)         The
Manager shall provide to the Delaware Trustee and the Signatory Trustee a copy of the Ownership Records contemporaneously with
each revision thereto.

 

Section 5.4      Indemnification.
The Class 1 Beneficial Owners, jointly and severally, hereby agree to (a) reimburse the Manager for all reasonable expenses
(including reasonable fees and expenses of counsel and other professionals), incurred in connection with the negotiation, execution,
delivery, or performance of, or exercise of rights or powers under, this Trust Agreement, (b) to the fullest extent permitted
by law, indemnify, defend and hold harmless the Signatory Trustee, the Manager, and the officers, directors, employees and agents
of the Signatory Trustee or the Manager (collectively, including the Manager in its individual capacity, the “Manager
Indemnified Persons”) from and against any and all losses, damages, liabilities, claims, actions, suits, costs, expenses,
disbursements (including the reasonable fees and expenses of counsel and other professionals), taxes and penalties of any kind
and nature whatsoever (collectively, “Manager Covered Expenses”), to the extent that such Manager Covered Expenses
arise out of or are imposed upon or asserted at any time against any such Manager Indemnified Persons, including without limitation
on the basis of ordinary negligence on the part of any such Manager Indemnified Persons, with respect to or in connection with
this Trust Agreement, the Trust, or any transaction or document contemplated hereby; provided, however, that the Class 1 Beneficial
Owners shall not be required to indemnify a Manager Indemnified Person for Manager Covered Expenses to the extent such Manager
Covered Expenses result from the willful misconduct, bad faith, fraud or gross negligence of such Manager Indemnified Person,
and (c) to the fullest extent permitted by law, advance to each such Manager Indemnified Person Manager Covered Expenses incurred
by such Manager Indemnified Person in defending any claim, demand, action, suit or proceeding, in connection with this Trust Agreement,
the Trust, or any transaction or document contemplated hereby, prior to the final disposition of such claim, demand, action, suit
or proceeding upon receipt by any Class 1 Beneficial Owner of an undertaking, by or on behalf of such Manager Indemnified Person,
to repay such amount unless a court of competent jurisdiction renders a final, nonappealable judgment that includes a specific
finding of fact that such Manager Indemnified Person is not entitled to be indemnified therefor under this Section 5.4.
The obligations of the Class 1 Beneficial Owners under this Section 5.4 shall survive the resignation or removal of the
Manager, shall survive the dissolution and termination of the Trust, and shall survive the termination, amendment, supplement,
and/or restatement of this Trust Agreement. The obligations of the Class 1 Beneficial Owners under this Section 5.4 shall
be personal obligations irrespective of the sufficiency or insufficiency of the Trust Estate to satisfy any such obligations;
provided, however, that the Manager shall utilize income from the Trust Estate to satisfy any such obligations prior to seeking
contribution from the Beneficial Owners, which will reduce amounts that would otherwise be distributable to the Beneficial Owners.

 

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Section 5.5      Fees
and Expenses. The Manager shall receive as compensation for its services as Manager under this Trust Agreement an annual
fee in the amount of [·] percent ([·]%)
of the gross rents payable by the Master Tenant to the Trust as landlord under the Master Lease (the “Management Fee”),
which shall be payable monthly in arrears and pro-rated for any applicable portion of a calendar year, and the additional fee
contemplated by Section 9.4. The Manager shall not have any obligation by virtue of this Trust Agreement to spend any of
its own funds, or to take any action that could result in its incurring any cost or expense.

 

Section 5.6     Sale of Trust Estate
by Manager Is Binding. Any sale or other conveyance of the Trust Estate or any part thereof by the Manager made for and
on behalf of the Trust pursuant to the terms of this Trust Agreement shall bind the Trust and the Beneficial Owners and be effective
to transfer or convey all rights, title and interest of the Trust and the Beneficial Owners in and to the Trust Estate.

 

Section 5.7     Removal/
Resignation; Succession. The Manager may resign at any time by giving at least sixty (60) days’ prior written
notice to the Delaware Trustee. The Delaware Trustee may, with the prior written consent of Beneficial Owners holding more than
fifty percent (50%) of the Class 1 Beneficial Interests, remove the Manager for Cause by providing written notice to the Manager,
and such removal shall become effective upon the acceptance of appointment by a successor Manager, as hereinafter provided. Such
notice will provide that the Manager must either resign or, in the Manager’s sole discretion, select a qualified arbitrator
within thirty (30) days to dispute such claim of Cause, and such claim of Cause will then be subject to arbitration in accordance
with the procedures described in Section 10.11. Cause shall only result from the willful misconduct, bad faith, fraud or
gross negligence of the Manager, as determined by arbitration under the procedures described in Section 10.11. The Manager
will be removed upon a determination of Cause. Any resignation or removal shall be effective upon the acceptance of appointment
by a successor Manager as hereinafter provided. Any such successor Manager shall be a nationally recognized property manager in
the business of managing Class A commercial real estate assets. In case of the removal or resignation of the Manager, the Delaware
Trustee may appoint a successor by written instrument. If a successor Manager shall not have been appointed within sixty (60)
days after the giving of such notice, the Manager or any of the Beneficial Owners may apply to any court of competent jurisdiction
in the United States to appoint a successor Manager to act until such time, if any, as a successor shall have been appointed as
provided above. Any successor so appointed by such court shall immediately and without further act be superseded by a successor
appointed as provided above within one (1) year from the date of the appointment by such court. Any successor, however appointed,
shall execute and deliver to its predecessor Manager an instrument accepting such appointment, and thereupon such successor, without
further act, shall become vested with all the rights, powers and duties of the predecessor Manager in the trusts under this Trust
Agreement with like effect as if originally named the Manager in this Trust Agreement; but upon the written request of such successor,
such predecessor shall execute and deliver an instrument transferring to such successor, upon the trusts in this Trust Agreement
expressed, all the rights, powers and duties of such predecessor. Any right of the Beneficial Owners against a predecessor Manager
in its individual capacity shall survive the resignation or removal of such predecessor Manager, shall survive the dissolution
and termination of the Trust, and shall survive the termination, amendment, supplement, and/or restatement of this Trust Agreement.

 

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Article
6

beneficial INTERESTS 

 

Section 6.1        Issuance
of Class 1 and Class 2 Beneficial Interests.

 

(a)        The
Depositor shall convey the Real Estate to the Trust, and the Trust shall issue one hundred percent (100%) of the Class 2 Beneficial
Interests to the Depositor.

 

(b)        No
earlier than three (3) days after the issuance of the Conversion Notice, one or more Investors who have executed Purchase Agreement(s)
shall contribute cash to the Trust, and the Trust shall issue Class 1 Beneficial Interests to each contributing Investor in accordance
with their Percentage Share.

 

(c)        Any
Beneficial Owner shall agree, accept and become bound by, and subject to, the provisions of this Trust Agreement pursuant to (i)
such Beneficial Owner’s execution of the Purchase Agreement or (ii) such Beneficial Owner’s execution of an agreement
substantially in the form of Exhibit E. In addition, any Beneficial Owner of a Class 1 Beneficial Interest shall agree,
accept and be bound by and subject to, and shall execute and deliver (i) a Substitute Option Agreement substantially in the form
of Exhibit B and (ii) a Call Agreement substantially in the form of Exhibit H. Each Beneficial Owner hereby acknowledges
and agrees that, in its capacity as a Beneficial Owner, it has no ability either to (x) petition for a partition of the assets
of the Trust, (y) file a petition in bankruptcy on behalf of the Trust, or (z) take any action that consents to, aids, supports,
solicits or otherwise cooperates in the filing of an involuntary bankruptcy proceeding involving the Trust.

 

Section 6.2     Ownership
Records. The Manager shall at all times be the Person at whose office notices and demands to or upon the Trust in respect
of a Beneficial Owner may be served. The Manager shall keep Ownership Records, which shall include records of the transfer and
exchange of Beneficial Interests. Notwithstanding any provision of this Trust Agreement to the contrary, transfer of a Beneficial
Interest in the Trust, or of any right, title or interest therein, shall occur only upon and by virtue of the entry of such transfer
in the Ownership Records. In the event of any transfer permitted under the terms of this Trust Agreement, the Manager shall update
the Ownership Records as soon as reasonably possible thereafter. Except as specifically permitted by Section 6.4, Section
6.5 and Section 6.6, the Beneficial Interests shall be non-transferable and may not be negotiated, endorsed or otherwise
transferred to a holder. Upon request by the Delaware Trustee or the Signatory Trustee, the Manager shall furnish to the Delaware
Trustee and the Signatory Trustee the most current Ownership Records containing the names, addresses and phone numbers of the
Class 1 Beneficial Owners.

 

Section 6.3     [Intentionally
Omitted].

 

Section 6.4     Restrictions
on Transfer.

 

(a)        Subject
to compliance with applicable securities laws, this Section 6.4 and Section 6.5 and Section 6.6, all or any
portion of the Beneficial Interest of any Beneficial Owner may be assigned or transferred without the prior consent of any of the
Trust, the Delaware Trustee, the Signatory Trustee, the Manager, or the other Beneficial Owners. All expenses of any such transfer
shall be paid by the assigning or transferring Beneficial Owner.

 

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(b)        Right
of First Refusal. Upon the receipt of a Third-Party Offer by a Selling Beneficial Owner, such Selling Beneficial Owner shall
provide the Depositor notice of such Third-Party Offer, together with a true, correct and complete copy of such Third-Party Offer
(collectively, the “ROFR Notice”). The Depositor will then have the right, but not the obligation, assignable
in its sole and absolute discretion to any other Person, within ten (10) Business Days after Depositor’s receipt of the
ROFR Notice, to elect to purchase the Offered Interest for the price and upon the terms and conditions as are contained in the
Third-Party Offer by providing notice of such election to the Selling Beneficial Owner; provided, however, that the price that
the Depositor or its assignee shall pay for the Offered Interest shall be reduced by any broker’s fees or commissions that
would have been payable to any person under the Third-Party Offer if the Offered Interest had been sold pursuant to the Third-Party
Offer. The giving of a ROFR Notice by a Selling Beneficial Owner to the Depositor shall constitute a representation and warranty
by the Selling Beneficial Owner to the Offerees that the Third-Party Offer is bona fide in all respects. If the Depositor elects
to purchase or assign the right to purchase the Offered Interest as described above, the closing on the sale of the Offered Interest
shall take place within sixty (60) days of Depositor’s election to purchase or assign the right to purchase the Offered
Interest, at a place and time to be mutually agreed between the Selling Beneficial Owner and the Depositor or other purchasing
party. If the Depositor does not elect, within ten (10) days of Depositor’s receipt of the ROFR Notice, to purchase or assign
the right to purchase the Offered Interest as described above, then the Selling Beneficial Owner shall be free to sell the Offered
Interest to the Person who made the Third-Party Offer in accordance with the terms and conditions of the Third-Party Offer; provided,
that (i) if the Offered Interest will not be sold for the price or upon the other terms and conditions stated in the Third-Party
Offer for any reason, the Offered Interest may not be sold unless and until the Depositor has been given an opportunity to accept
the revised Third-Party Offer in accordance with the terms and conditions of the right of first refusal contained in this Trust
Agreement and (ii) the Depositor’s election not to exercise its right of first refusal under this Trust Agreement shall
not be deemed a waiver of its rights under this Trust Agreement with respect to any other Third-Party Offers. Any transfer in
violation of this Section 6.4(b) shall, to the fullest extent permitted by law, be null, void and of no effect whatsoever
and the Trust (through the Depositor) may enforce this Section 6.4(b), without limitation, by injunction, specific performance
or other equitable relief. Notwithstanding anything in this Trust Agreement to the contrary, the right of first refusal described
in this Trust Agreement shall not be applicable with respect to a Permitted Transfer.

 

Section 6.5     Conditions
to Admission of New Beneficial Owners. Any assignee or transferee of a Class 1 Beneficial Owner shall only become a Beneficial
Owner upon such assignee’s or transferee’s written acceptance and adoption of this Trust Agreement, as manifested
by its execution and delivery to the Manager of an executed agreement substantially in the form of Exhibit E, copies of
which will be provided by the Manager to the Delaware Trustee and the Signatory Trustee.

 

Section 6.6     Limit
on Number of Beneficial Owners. Notwithstanding anything to the contrary in this Trust Agreement, at no time shall the
number of Beneficial Owners exceed 1,999 Persons. Any transfer that results in a violation of the preceding sentence shall, to
the fullest extent permitted by law, be null, void and of no effect whatsoever.

 

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Section 6.7        Representations
and Acknowledgements of Beneficial Owners. Each Beneficial Owner hereby represents and warrants that it (a) is not acquiring
its Beneficial Interest with a view to any distribution thereof in a transaction that would violate the Securities Act or the
securities laws of any state of the United States; and (b) is aware of the restrictions on transfer that are applicable to the
Beneficial Interests and will not offer, sell, pledge or otherwise transfer its Beneficial Interest except in compliance with
all applicable securities laws and regulations. Each Beneficial Owner hereby acknowledges that (y) no Beneficial Interest may
be sold, transferred or otherwise disposed of unless expressly permitted under this Trust Agreement and it is registered or qualified
under the Securities Act and all other applicable laws of any applicable jurisdiction or an exemption therefrom is available in
accordance with all other laws of any applicable jurisdiction; and (z) no Beneficial Interest has been or is expected to be registered
under the Securities Act, and accordingly, all Beneficial Interests are subject to restrictions on transfer.

 

Section 6.8        Status
of Relationship. This Trust Agreement shall not be interpreted to impose a partnership or joint venture relationship on
the Beneficial Owners either at law or in equity. Accordingly, no Beneficial Owner shall have any liability for the debts or obligations
incurred by any other Beneficial Owner, with respect to the Trust Estate, or otherwise, and no Beneficial Owner shall have any
authority, other than as specifically provided in this Trust Agreement, to act on behalf of any other Beneficial Owner or to impose
any obligation on any other Beneficial Owner with respect to the Trust Estate. Neither the power to give direction to the Delaware
Trustee, the Signatory Trustee, the Manager, or any other Person nor the exercise thereof by any Beneficial Owner shall cause
such Beneficial Owner to have duties (including fiduciary duties) or liabilities relating thereto to the Trust or to any Beneficial
Owner.

 

Section 6.9       No
Legal Title to Trust Estate. The Beneficial Owners shall not have legal title to the Trust Estate. The death, incapacity,
dissolution, termination, or bankruptcy of any Beneficial Owner shall not result in the termination or dissolution of the Trust.

 

Section 6.10     In-Kind
Distributions. Except as expressly provided in this Trust Agreement, no Beneficial Owner (a) has an interest in specific
Trust property or (b) shall have any right to demand and receive from the Trust an in-kind distribution of the Trust Estate or
any portion thereof. In addition, each Beneficial Owner expressly waives any right, if any, under the Statutory Trust Act to seek
a judicial dissolution of the Trust, to terminate the Trust, or, to the fullest extent permit by law, to partition the Trust Estate.

 

Section 6.11      Rights
and Powers of Class 2 Beneficial Owner Prior to Conversion Notice. Prior to the issuance of the Conversion Notice,
the Class 2 Beneficial Owner shall have the right and power, at its sole discretion (but subject to the restrictions in Article
3), to:

 

(a)        Contribute
additional assets to the Trust;

 

(b)        Cause
the Trust to negotiate or re-negotiate loans or leases;

 

(c)        Cause
the Trust to sell all or any portion of its assets and re-invest the proceeds of such sale or sales; and

 

    	- 18 -

    	 

    

 

(d)        Take any other action it deems appropriate in connection with the ownership and operation of the Real Estate.

 

It is expressly understood by the Class 2 Beneficial
Owner that these powers are inconsistent with the ability to classify the Trust as an “investment trust” under Regulations
Section 301.7701-4(c), and the Trust shall not be so classified prior to the issuance of the Conversion Notice. The Percentage
Share of the Class 2 Beneficial Owner prior to the issuance of any Class 1 Beneficial Interests (pursuant to Section 6.14) shall
be one hundred percent (100%).

 

Section 6.12     Issuance
of Conversion Notice. The Class 2 Beneficial Owner may, at any time in its sole discretion, issue the Conversion Notice
to the Delaware Trustee, the Signatory Trustee and the Manager. Upon issuance of the Conversion Notice, the Class 2 Beneficial
Owner shall no longer have any of the rights or powers set forth in Section 6.11. Instead, the Class 2 Beneficial Owner
shall have the same rights and powers as apply to a Class 1 Beneficial Owner (as set forth in Section 6.13). In no event
may any Class 1 Beneficial Interests be issued to Investors until at least three (3) days after the issuance of the Conversion
Notice.

 

Section 6.13     Rights
and Powers of Class 1 Beneficial Owners. The Class 1 Beneficial Owners shall only have the right to receive distributions
from the Trust as a result of the operations or sale of the Real Estate. The Class 1 Beneficial Owners shall not have the right
or power to direct in any manner the Trust or the Manager in connection with the operation of the Trust or the actions of the
Delaware Trustee, the Signatory Trustee or the Manager. In addition, the Class 1 Beneficial Owners shall not have the right or
power to:

 

(a)        Contribute
additional assets to the Trust (other than the initial contribution of cash in exchange for Class 1 Beneficial Interests);

 

(b)        Be
involved in any manner in the operation or management of the Trust or its assets;

 

(c)        Cause
the Trust to negotiate or re-negotiate loans or leases; or

 

(d)        Cause
the Trust to sell its assets and re-invest the proceeds of such sale.

 

    	- 19 -

    	 

    

 

Section 6.14     Contributions
by the Class 1 Beneficial Owners; Reduction in Class 2 Beneficial Interest. Upon the contribution of cash to the Trust
by the Investors in exchange for Class 1 Beneficial Interests, such Investors shall become Class 1 Beneficial Owners. The amount
of cash contributed by, and the Percentage Share of, each Investor shall be determined by the Manager and shall be set forth in
the Purchase Agreement for each Investor. All cash contributed by Investors in exchange for Class 1 Beneficial Interests shall
be used by the Trust to repurchase a corresponding portion of the Class 2 Beneficial Interest then held by the Depositor. With
respect to each contribution by a Class 1 Beneficial Owner and related repurchase of a portion of the Class 2 Beneficial Interest
then held by the Depositor, the reduction of the Percentage Share of the Depositor shall be equal to the Percentage Share granted
by the Trust to the contributing Class 1 Beneficial Owner and shall be reflected on the books and records of the Trust. All funds
received by the Trust from the Investors after issuance of the Conversion Notice (less any amounts required to pay expenses of
the Trust) shall be used to repurchase a corresponding portion of the Class 2 Beneficial Interest then held by the Depositor,
so that in no event may such repurchase result in a net increase or decrease in the corpus of the Trust. In no event shall any
Class 2 Beneficial Interests be reissued.

 

Article
7

DISTRIBUTIONS AND REPORTS

 

Section 7.1        Payments
From Trust Estate Only. All payments to be made by the Manager under this Trust Agreement shall be from the Trust Estate. 

 

Section 7.2        Operating
Account.  The Manager shall deposit all rents and other funds collected from the operation of the Real Estate
in a reputable bank or financial institution in a trust or depository account (the “Operating Account”). The
Manager shall maintain books and records of the funds from the Real Estate deposited in such account, interest earned thereon,
and withdrawals therefrom. The Manager shall pay from the Operating Account the operating expenses of the Real Estate (other than
those paid by a tenant of the Real Estate as set forth in its lease) and any other payments relative to the Real Estate as required
by this Agreement.

 

Section 7.3        Distributions
in General. The Manager shall distribute all available cash to the Beneficial Owners in accordance with their Percentage
Share on a quarterly basis, after paying or reimbursing the Manager or the Delaware Trustee for any fees or expenses paid by the
Manager or the Delaware Trustee on behalf of the Trust and paying the Manager’s annual fee, and retaining such additional
amounts as the Manager determines are necessary to pay anticipated ordinary current and future Trust expenses (“Reserves”).
Reserves and any other cash retained pursuant to this paragraph shall be invested by the Manager only in short-term obligations
of (or guaranteed by) the United States, or any agency or instrumentality thereof and in certificates of deposit or interest-bearing
bank accounts of any bank or trust companies having a minimum stated capital and surplus of $100,000,000 (a “Permitted
Investment”). All such obligations must mature prior to the next distribution date, and be held to maturity. All amounts
distributable to the Beneficial Owners pursuant to this Trust Agreement shall be paid by check or in immediately available funds
by transfer to a banking institution with bank wire transfer facilities for the account of such Beneficial Owner, as instructed
from time to time by such Beneficial Owner on the last Business Day of each calendar quarter.

 

    	- 20 -

    	 

    

 

Section 7.4        Distribution
Upon Dissolution. In the event of the Trust’s dissolution in accordance with Article 9, all of the Trust Estate
as may then exist after the winding up of its affairs in accordance with the Statutory Trust Act (including without limitation
subsections (d) and (e) of Section 3808 of the Statutory Trust Act and providing for all costs and expenses, including any income
or transfer taxes which may be assessed against the Trust, whether or not by reason of the dissolution of the Trust), shall, subject
to Section 9.2, be distributed to those Persons who are then Beneficial Owners in their respective Percentage Shares.

 

Section 7.5        Cash
and other Accounts; Reports by the Manager. The Manager shall be responsible for receiving all cash from the Master Tenant
and placing such cash into one or more accounts as required under the distribution and investment obligations of the Trust under
Section 7.3. The Manager shall furnish annual reports to each of the Beneficial Owners as to the amounts of rent received
from the Master Tenant, the expenses incurred by the Trust with respect to the Real Estate (if any), the amount of any Reserves
and the amount of the distributions made by the Trust to the Beneficial Owners.

 

Article
8

RELIANCE; REPRESENTATIONS; COVENANTS

 

Section 8.1        Good
Faith Reliance. None of the Delaware Trustee, the Signatory Trustee or the Manager shall incur any liability to anyone
in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other
document or paper reasonably and in good faith believed by such Person to be genuine and signed by the proper party or parties
thereto. As to any fact or matter, the manner of ascertainment of which is not specifically described in this Trust Agreement,
the Delaware Trustee, the Signatory Trustee and the Manager may for all purposes of this Trust Agreement rely on a certificate,
signed by or on behalf of the Person executing such certificate, as to such fact or matter, and such certificate shall constitute
full protection of the Delaware Trustee, the Signatory Trustee and the Manager for any action taken or omitted to be taken by
them in good faith in reliance thereon, and the Delaware Trustee, the Signatory Trustee and the Manager may conclusively rely
upon any certificate furnished to such Person that on its face conforms to the requirements of this Trust Agreement. Each of the
Delaware Trustee, the Signatory Trustee and the Manager may (a) exercise its powers and perform its duties by or through such
attorneys and agents as it shall appoint with due care, and it shall not be liable for the acts or omissions of such attorneys
and agents; and (b) consult with counsel, accountants and other experts, and shall be entitled to rely upon the advice of counsel,
accountants and other experts selected by it in good faith and shall be protected by the advice of such counsel and other experts
in anything done or omitted to be done by it in accordance with such advice. In particular, no provision of this Trust Agreement
shall be deemed to impose any duty on the Delaware Trustee, the Signatory Trustee or the Manager to take any action if such Person
shall have been advised by counsel that such action may involve it in personal liability or is contrary to the terms of this Trust
Agreement or to applicable law. For all purposes of this Trust Agreement, the Delaware Trustee and the Signatory Trustee shall
be fully protected in relying upon the most recent Ownership Records delivered to it by the Manager.

 

    	- 21 -

    	 

    

 

Section 8.2        No
Representations or Warranties as to Certain Matters. NONE OF THE DELAWARE TRUSTEE, THE SIGNATORY TRUSTEE OR THE MANAGER,
EITHER WHEN ACTING UNDER THIS TRUST AGREEMENT IN ITS CAPACITY AS DELAWARE TRUSTEE, SIGNATORY TRUSTEE OR MANAGER OR IN ITS INDIVIDUAL
CAPACITY, MAKES OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, LOCATION,
VALUE, CONDITION, WORKMANSHIP, DESIGN, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION, OPERATION, MERCHANTABILITY OR FITNESS FOR
USE FOR A PARTICULAR PURPOSE OF THE TRUST ESTATE OR ANY PART THEREOF, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR
NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS
BASED ON STRICT LIABILITY IN TORT, OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE
TRUST ESTATE OR ANY PART THEREOF.

 

None of the Delaware Trustee, the Signatory
Trustee or the Manager makes any representation or warranty as to (a) the title, value, condition or operation of the Real Estate
and (b) the validity or enforceability of Transaction Documents or as to the correctness of any statement contained in any thereof,
except as expressly made by the Delaware Trustee, the Signatory Trustee or the Manager in its individual capacity. Each of the
Delaware Trustee, the Signatory Trustee and the Manager represents and warrants to the Beneficial Owners that it has authorized,
executed and delivered the Trust Agreement.

  

Article
9

TERMINATION 

 

Section 9.1        Termination
in General. The Trust shall not have perpetual existence and instead shall be dissolved and wound up in accordance with
Section 3808 of the Statutory Trust Act upon the first to occur of a Transfer Distribution or the sale of Trust Estate pursuant
to Section 9.3, at which time each Beneficial Owner’s Percentage Share of the Trust Estate shall be distributed to such
Beneficial Owner in accordance with Section 7.4. Notwithstanding anything in this Section 9.1 or the Trust Agreement
to the contrary, the Trust shall dissolve and wind up not later than twenty-one (21) years after the death of the last living
descendant of Barack Obama, the 44th President of the United States, who was alive on the Deposit Date.

 

Section 9.2        Termination
to Protect and Conserve Trust Estate. Upon the first to occur of (a) a sale of the Trust Estate pursuant to Section
9.3 or (b) if the Conversion Notice has been issued and the Manager determines that (i) the Master Tenant has failed to timely
pay rent due under the Master Lease after the expiration of any applicable notice and cure provisions in the Master Lease, if
any, (ii) the Master Tenant files for bankruptcy, seeks appointment of a receiver, makes an assignment for the benefit of its
creditors or there occurs any similar event, or (iii) the Trust is otherwise in violation of Section 3.2(c), and if the
Manager determines in writing that dissolution of the Trust is necessary and appropriate to preserve and protect the Trust Estate
for the benefit of the Beneficial Owners, then, in either case, the Trust shall dissolve and wind up in accordance with Section
3808 of the Statutory Trust Act and each Beneficial Owner’s Percentage Share of the Trust Estate shall be distributed to
such Beneficial Owner in accordance with this Section 9.2 in full and complete satisfaction and redemption of their Beneficial
Interests. Subject to the requirements of Section 3808 of the Statutory Trust Act, immediately before any such liquidating distributions,
and only in the event that a distribution is to be made to the Beneficial Owners under this Section 9.2, the Manager shall
transfer title to the assets comprising the Trust Estate to a newly formed Delaware limited partnership (the “LP”)
that has a limited partnership agreement substantially similar to that set forth in Exhibit F (the “Transfer Distribution”).
As part of the Transfer Distribution, the Manager shall cause the limited partnership interests in the LP to be distributed to
the Beneficial Owners in complete satisfaction of their Beneficial Interests in order to consummate the dissolution of the Trust.
It is the express intent of this Agreement that no distribution be made under this Section 9.2. To the fullest extent permitted
by applicable law, the Manager shall be fully protected in any such determination made in good faith, and shall have no liability
to any Person, including without limitation the Beneficial Owners, with respect thereto, and each Beneficial Owner hereby releases
Manager from any liability (and waives any rights to claims) with respect to any such determination made in good faith. If a determination
has been made to dissolve the Trust under this Section 9.2, the Manager may, in its discretion and upon advice of counsel,
utilize such other form of transaction (including, without limitation, a conversion of the Trust into a limited partnership if
then permitted by applicable law) to accomplish the transaction contemplated by the Transfer Distribution, provided that such
alternative form of transaction is entered into to preserve and protect the Trust Estate for the benefit of the Beneficial Owners
and is in compliance with the Statutory Trust Act.

 

    	- 22 -

    	 

    

 

Section 9.3        Sale
of the Trust Estate. The Manager may sell the Trust Estate at any time after the Trust Estate has been held by the Trust
for at least two (2) years, or prior to the second anniversary of the Closing Date if there has been a material adverse change
in the value of the Real Estate, as determined by the Manager (in its sole discretion), upon providing notice to the Delaware
Trustee that, in the Manager’s sole discretion, a sale of the Trust Estate is appropriate. Any such sale of the Trust Estate
shall occur as soon as practicable after the Manager has determined that such sale is appropriate. The Manager shall be responsible
for (a) determining the fair market value of the Trust Estate, (b) providing notice to the Delaware Trustee that a sale of the
Trust Estate is appropriate, (c) conducting the sale of the Trust Estate, and (d) after paying all amounts due to the Delaware
Trustee under this Trust Agreement, and the Lender, if any, distributing the balance of the proceeds (net of any fee due to the
Manager and applicable closing costs such as transfer taxes, title insurance and legal expenses) to the Beneficial Owners. The
Delaware Trustee shall not be responsible for conducting the sale of the Trust Estate; provided, however, that the Delaware Trustee
shall, at the Manager’s direction, execute any documents necessary to accomplish the sale of the Trust Estate as provided
in this Trust Agreement. The Manager and the Delaware Trustee are expressly instructed to permit each Beneficial Owner to undertake
its portion of the sale as a like-kind exchange within the meaning of Section 1031 of the Code or another type of tax-deferred
exchange, including as described in Section 721 of the Code. Any sale of the Trust Estate shall be on an “as is, where is”
basis and without any representations or warranties by the Delaware Trustee or the Manager (other than as to ownership of the
Trust Estate and authority to enter into the sale).

 

Section 9.4        Manager
Fee on Sale. The Manager shall receive a fee from the Trust equal to [·]
percent ([·]%) of the gross proceeds of a sale of the Trust Estate to a third party
(the “Disposition Fee”) as a result of offers received at any time as a result of negotiations by the Manager
or its affiliates with, and submission of offers from, a prospective purchaser, and provided the Trust Agreement is in effect
at the earlier of (a) the time of the Manager’s decision to sell the Trust Estate, and (b) the time of the submission of
the offers. The Manager shall not have any obligation by virtue of this Trust Agreement to spend any of its own funds, or to take
any action that could result in its incurring any cost or expense; provided, however, the Trust shall reimburse
the Manager for any such out of pocket cost or expense reasonably incurred in connection with a sale of the Trust Estate to a
third party as contemplated under this Trust Agreement. The Disposition Fee shall be reduced by the amount of any outstanding
Manager Covered Expenses incurred by the Trust to the extent such Manager Covered Expenses result from the willful misconduct,
bad faith, fraud or gross negligence of any Manager Indemnified Person.

 

    	- 23 -

    	 

    

 

Section 9.5        Distribution
Upon Sale or Transfer Distribution. It is the express understanding of the Depositor that upon a Transfer Distribution
under Section 9.2 or a sale under Section 9.3, the Trust shall distribute the interests in the LP or the proceeds
of the sale, respectively, to the holders of Beneficial Interests in the Trust.

 

Section 9.6        Certificate
of Cancellation. Upon the completion of the dissolution and winding up of the Trust, upon receipt of a written direction
from the Manager, the Certificate of Trust shall be cancelled by the Delaware Trustee who shall execute and cause a certificate
of cancellation to be filed in the office of the Secretary of State.

 

Article
10

MISCELLANEOUS

 

Section 10.1      Limitations
on Rights of Others. Nothing in this Trust Agreement, whether express or implied, shall give to any Person other than
the Depositor, the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial Owners, and the Trust any legal or equitable
right, remedy or claim under this Trust Agreement.

 

Section 10.2     Successors and
Assigns. All covenants and agreements contained in this Trust Agreement shall be binding upon and inure to the benefit
of the Depositor, the Delaware Trustee, the Signatory Trustee, the Manager, the Beneficial Owners, the Trust, and their successors
and assigns, all as provided in this Trust Agreement. Any request, notice, direction, consent, waiver or other writing or action
by any such Person shall bind its successors and assigns.

 

Section
10.3     Usage of Terms. With respect to all terms in this Trust Agreement, the singular
includes the plural and the plural includes the singular; words importing any gender include the other gender; references to
“writing” include printing, typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein
entered into in accordance with their respective terms and not prohibited by this Trust Agreement; references to Persons
include their successors and permitted assigns; and the term “including” means including without limitation.

 

Section 10.4      Headings. The headings of the various Articles and Sections in this Trust Agreement are for convenience of reference only and shall
not define or limit any of the terms or provisions of this Trust Agreement.

 

    	- 24 -

    	 

    

 

Section 10.5      Amendments.
To the fullest extent permitted by applicable law, this Trust Agreement may not be supplemented or amended, and no term or
provision of this Trust Agreement may be waived, discharged, or terminated orally, but only by a signed writing.

 

Section 10.6      Notices.
All notices, consents, directions, approvals, instructions, requests and other communications required or permitted by the
terms of this Trust Agreement shall be in writing, and given by (a) overnight courier, or (b) hand delivery and shall be deemed
to have been duly given when received. Notices shall be provided to the parties at the addresses specified below.

 

If to the Depositor: 

 

TRT [·] LLC (or DCX
[·] TRS LLC, as applicable) 

518 17th Street, Suite 1700 

Denver, Colorado 80202 

Attention:      M. Kirk Scott

Facsimile:      (303) 577-9797

Telephone:    (303) 339-3609

  

with a copy to: 

 

Dividend Capital Diversified Property Fund Inc. 

518 17th Street, Suite 1700 

Denver, Colorado 80202 

Attention:      Joshua Widoff

Facsimile:      (303) 869-4602

Telephone:    (303) 597-0483

  

with a copy to: 

 

Bryan Cave LLP 

1700 Lincoln Street, Suite 4100

Denver, Colorado 80203

Attention:     Robert Bach

Facsimile:      (303) 335-3736

Telephone:    (303) 866-0236 

 

If to the Delaware Trustee: 

 

The Corporation Trust Company 

209 N Orange St 

Wilmington, DE 19801 

 

If to the Manager, to:

 

DCX [·] Manager LLC 

518 17th Street, Suite 1700 

Denver, Colorado 80202 

Attention:      M. Kirk Scott

Facsimile:     (303) 577-9797

Telephone:    (303) 339-3609

 

    	- 25 -

    	 

    

 

with a copy to:

 

Dividend Capital Diversified Property Fund Inc. 

518 17th Street, Suite 1700 

Denver, Colorado 80202 

Attention:      Joshua Widoff

Facsimile:      (303) 869-4602

Telephone:    (303) 597-0483

  

with a copy to: 

 

Bryan Cave LLP 

1700 Lincoln Street, Suite 4100

Denver, Colorado 80203

Attention:      Robert Bach

Facsimile:      (303) 335-3736

Telephone:     (303) 866-0236 

 

If to a Beneficial Owner, at such Person’s address
as specified in the most recent Ownership Records.

 

From time to time the Depositor, Delaware Trustee, the
Signatory Trustee or Manager may designate a new address for purposes of notice under this Trust Agreement by notice to the others,
and any Beneficial Owner may designate a new address for purposes of notice under this Trust Agreement by notice to the Manager.

 

Section 10.7     Governing
Law. This Trust Agreement shall be governed by and construed and enforced in accordance with the laws of the state of
Delaware (without regard to conflict of law principles). The laws of the state of Delaware pertaining to trusts (other than the
Statutory Trust Act) shall not apply to this Trust Agreement.

 

Section 10.8     Counterparts.
This Trust Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and to this Trust Agreement were upon the same instrument.

 

Section 10.9     Severability.
Any provision of this Trust Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction
only, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Trust Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. To the extent permitted by applicable law, each of the parties hereby waives any provision
of applicable law that renders any such provision prohibited or unenforceable in any respect.

 

    	- 26 -

    	 

    

 

Section 10.10    Signature
of Beneficial Owners. Each Investor will execute the Signature Page for Assignee or Transferee Beneficial Owners of DCX
[·] DST, a Delaware statutory trust in substantially the form set forth in Exhibit
E (the “Signature Page”) in connection with their acquisition of a Class 1 Beneficial Interests. By executing
the Signature Page, each Investor hereby acknowledges and agrees to be bound by the terms of the limited partnership agreement
contemplated under Section 9.2 and in the form substantially similar to that set forth in Exhibit F (the “LP
Agreement”) when and if such limited partnership is formed and pursuant to Section 19.19 of the LP Agreement. In addition,
in light of their agreement to this Section 10.10, each Investor hereby acknowledges and agrees that their signature to
the LP Agreement will not be required as of the Kick-out Date (as defined in the LP Agreement).

 

Section 10.11    Arbitration.  Any
dispute, claim or controversy arising out of or relating to this Trust Agreement, or breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this Trust Agreement, shall be determined by
binding arbitration in Denver, Colorado, before a sole arbitrator selected by the Signatory Trustee (or by the Manager, if explicitly
provided in this Trust Agreement) in its sole and absolute discretion. Arbitration shall be administered by JAMS pursuant to its
Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. The arbitrator
shall, in the award, allocate all of the costs of the arbitration (and the mediation, if applicable), including the fees of the
arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did not prevail. Anything to
the contrary in this Trust Agreement notwithstanding, the provisions of this Section 10.11 shall not apply with respect
to any application made by any party to this Trust Agreement for injunctive relief under this Trust Agreement.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGE FOLLOWS]

  

    	- 27 -

    	 

    

 

IN WITNESS WHEREOF, each of the parties has caused this
Trust Agreement to be duly executed as of the day and year first above written. 

	 	 	 	 
	 	THE INITIAL DEPOSITOR:
	 	 
	 	TRT [·] LLC, a Delaware limited liability company
	 	 	 	 
	 	 	By: TRT Master Retail Holdco LLC, a Delaware limited liability company,
its sole member
	 	 	 
	 	 	By: DCTRT Real Estate Holdco LLC, a Delaware limited liability company,
its sole member
	 	 	 
	 	 	By:
Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership, its sole member
	 	 	 
	 	 	 By:
Dividend Capital Diversified Property Fund Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	By:
	 	 
	 	 	Name:
	 	 	Title: 
	 	 	 	 
	 	THE MANAGER AND SIGNATORY TRUSTEE:
	 	 
	 	DCX [·] Manager LLC, a Delaware limited liability company
	 	 
	 	 	By: DCX Manager LLC, a Delaware limited liability company, its sole
member
	 	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 
	 	THE Delaware Trustee:
	 	 
	 	The Corporation Trust Company

	 	 	 	 	 	 	 
	 	 	 By:	 	 	 	 
	 	 	 Name:	 	 	 
	 	 	 Title:	 	 	 

 

[Signature Page to Trust Agreement ([·])]

 

    	 

    	 

    

  

EXHIBIT A

 

REAL ESTATE

 

(Legal Description)

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF substitute
option agreement

 

[INSERT FORM]

 

    	2

    	 

    

  

EXHIBIT C

 

CERTIFICATE OF TRUST

OF

DCX [·] DST, a delaware statutory trust

  

THIS CERTIFICATE OF TRUST OF DCX [·]
DST, a Delaware statutory trust (the “Trust”) is being duly executed and filed by the undersigned on behalf
of the Trust to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §§3801 et
seq.) (as amended, the “Statutory Trust Act”). 

 

		1.	Name. The name of the statutory trust being formed
is DCX [·] DST

 

		2.	Delaware Resident Trustee. The name and business
address of the Delaware resident trustee of the Trust with a principal place of business in the State of Delaware is as follows:

		 	 	 	 	 	 
	 	 	The Corporation Trust Company	 
	 	 	1209
N Orange St. 	 
	 	 	Wilmington,
DE 19801	 

  

IN WITNESS WHEREOF, the undersigned has executed this
Certificate of Trust in accordance with Section 3811(a) of the Statutory Trust Act.

		 	 	 	 	 	 
	 	The Corporation Trust Company, not in its individual capacity, but
solely as Delaware resident trustee	 
	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	Name:	 	 	 
	 	 	Title:	 	 	 
	 	 	 	 	 	 

		 	 	 	 	 	 
	 	DCX [●] Manager LLC, a Delaware limited liability company, as co-trustee
	 	 	 	 	 	 	 
	 	 	By: DCX Manager LLC, a Delaware limited liability company, its sole member	 
	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	Name:	 	 	 
	 	 	Title:	 	 	 
	 	 	 	 	 	 

 

    	 

    	 

    

   

EXHIBIT D

 

OWNERSHIP RECORDS 

FOR 

DCX [·]
DST, a Delaware statutory trust 

LAST REVISED [·],[·].

 

	Name:	Mailing Address:	Telephone Number:	Percentage (%)

Beneficial Interest
	________________	________________	________________ 	________________ 

  

[Signatures on Following Page]

 

    	 

    	 

    

  

I hereby certify that the foregoing Ownership Records are complete and accurate
as of the date set forth above. 

	 	 	 
	 	DCX [·] Manager LLC, not in its individual capacity, but solely
as Manager
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Trust Agreement Exhibit D]

 

    	 

    	 

    

 

 

 

EXHIBIT
E

 

AGREEMENT
OF ASSIGNEE OR TRANSFEREE BENEFICIAL OWNER OF

 

DCX [●]
DST, A DELAWARE STATUTORY TRUST

 

The undersigned has received and reviewed,
with assistance from such legal, tax, investment, and other advisors and skilled persons as the undersigned has deemed appropriate,
the Trust Agreement of DCX [●] DST, a Delaware statutory trust dated as of [●],[●] (the “Trust
Agreement”), by and among TRT [●] LLC, as Initial Depositor, DCX [●] MANAGER LLC, as Manager and Signatory
Trustee, and the Corporation Trust Company, as Delaware Trustee, and hereby covenants and agrees to be bound by the Trust Agreement
as a Class 1 Beneficial Owner. All capitalized terms used in this Agreement, and not defined in this Agreement shall have the meanings
given to such terms in the Trust Agreement.

  

In connection with the purchase of the Class 1 Beneficial Interest,
the undersigned hereby:

 

1.1          Acknowledges
(a) that the Class 1 Beneficial Interest being acquired by the undersigned is subject to a right of first refusal in favor of the
Manager, all as more particularly set forth in Section 6.4 of the Trust Agreement and (b) that the failure of the Manager being
given the right to exercise said right of first refusal could void the undersigned’s acquisition of the subject Class 1 Beneficial
Interest or otherwise have an adverse effect on the undersigned’s right, title and interest in and to the subject Class 1
Beneficial Interest.

 

1.2          Represents
and warrants that the undersigned: (a) understands and is aware that there are substantial uncertainties regarding the treatment
of the undersigned’s Class 1 Beneficial Interest as real estate for federal income tax purposes; (b) fully understands that
there is significant risk that the undersigned’s Class 1 Beneficial Interest will not be treated as real estate for federal
income tax purposes; (c) has independently obtained advice from its legal counsel and/or accountant regarding any tax-deferred
exchange under Code Section 1031, including, without limitation, whether the acquisition of the undersigned’s Class 1 Beneficial
Interest may qualify as part of a tax-deferred exchange, and the undersigned is relying on such advice and not on the opinion of
counsel issued to the Trust or upon any statements in the Memorandum (as defined below) regarding the tax treatment of the Class
1 Beneficial Interests; (d) is aware that the Internal Revenue Service (“IRS”) has issued Revenue Ruling 2004-86
(the “Revenue Ruling”) specifically addressing Delaware Statutory Trusts, the Revenue Ruling is merely guidance
and is not a “safe-harbor” for taxpayers or sponsors, and, without the issuance of a Private Letter Ruling on a specific
offering, there is no assurance that the undersigned’s Class 1 Beneficial Interest will not be treated as a partnership interest
for federal income tax purposes; (e) understands that Trust has not obtained a ruling from the IRS that the undersigned’s
Class 1 Beneficial Interest will be treated as an undivided interest in real estate as opposed to an interest in a partnership;
(f) understands that the tax consequences of an investment in the undersigned’s Class 1 Beneficial Interest, especially the
treatment of the transaction described in this Agreement under Code Section 1031 and the related “1031 Exchange” rules,
are complex and vary with the facts and circumstances of each individual purchaser; (g) understands that, notwithstanding the opinion
of counsel issued to the Trust states that a purchaser’s Class 1 Beneficial Interest “should” be considered a
real property interest and not a partnership interest for federal income tax purposes, no assurance can be given that the IRS will
agree with this opinion; and (h) shall, for federal income tax purposes, report the purchase of the Class 1 Beneficial Interest
by the undersigned as a purchase by the undersigned of a direct ownership interest in the Real Estate.

 

     

     

    

 

1.3          Acknowledges
that the undersigned (a) has received from the undersigned’s transferor or assignor a courtesy copy of the Program Description
Memorandum and applicable Supplement regarding the sale of the Class 1 Beneficial Interests by the Trust (together with any addendums
or supplements thereto, the “Memorandum”) and the Trust Agreement and (b) is familiar with and understands each
of the foregoing including the “Risk and Other Investment Factors” set forth in the Memorandum.

 

1.4          Represents
and warrants that the undersigned, in determining to acquire the Class 1 Beneficial Interest, has relied solely upon the advice
of the undersigned’s legal counsel and accountants or other financial advisors with respect to the tax and other consequences
involved in acquiring the Class 1 Beneficial Interest and that none of the Trust, the Delaware Trustee, the Signatory Trustee,
the Manager or the Initial Depositor or the Successor Depositor has made any representation to the undersigned regarding the Class
1 Beneficial Interest or the Real Estate.

 

1.5          Acknowledges
that the Class 1 Beneficial Interest being acquired will be governed by the terms and conditions of the Trust Agreement, and under
certain circumstances by the limited partnership agreement contemplated under Section 9.2 of the Trust Agreement and attached as
Exhibit F thereto, both of which the undersigned accepts and by which the undersigned agrees by execution of this Agreement to
be legally bound notwithstanding that his signature will not be required on either agreement.

 

1.6          Represents
and warrants that the undersigned either (a) is an “accredited investor” as such term is defined Regulation D of the
Securities Act of 1933, or (b) is acquiring the Class 1 Beneficial Interest in a fiduciary capacity for a person meeting such condition.

 

1.7          Represents
and warrants that the Class 1 Beneficial Interest being acquired will be acquired for the undersigned’s own account without
a view to public distribution or resale and that the undersigned has no contract, undertaking, agreement or arrangement to sell
or otherwise transfer or dispose of the Class 1 Beneficial Interest or any portion thereof to any other Person.

 

1.8          Represents
and warrants that the undersigned (a) can bear the economic risk of the purchase of the Class 1 Beneficial Interest including the
total loss of the undersigned’s investment, (b) has such knowledge and experience in business and financial matters, including
the analysis of or participation in offerings of privately issued securities, as to be capable of evaluating the merits and risks
of purchasing Class 1 Beneficial Interests, and (c) if an individual, is at least nineteen (19) years of age.

 

1.9          Understands
that the Class 1 Beneficial Interest has not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or the securities laws of any state and are subject to substantial restrictions on transfer as described in the
Memorandum under “Transfer Limitations,” which restrictions are in addition to certain other restrictions set forth
in the Trust Agreement.

 

     

     

    

 

1.10        Agrees
that the undersigned will not sell or otherwise transfer or dispose of any Class 1 Beneficial Interest or any portion thereof unless
(a) (i) such Class 1 Beneficial Interest is registered under the Securities Act and any applicable state securities laws, (ii)
the transferee is an accredited investor as such term is defined Regulation D of the Securities Act of 1933 and (iii) if required
by the Trust (through the Manager), the undersigned obtains an opinion of counsel that is satisfactory to the Trust that such Class
1 Beneficial Interest may be sold in reliance on an exemption from such registration requirements, and (b) the transfer is otherwise
made in accordance with the Trust Agreement.

 

1.11        Understands
that (a) the Trust has no obligation or intention to register any Class 1 Beneficial Interest for resale or transfer under the
Securities Act or any state securities laws or to take any action (including the filing of reports or the publication of information
as required by Rule 144 under the Securities Act) which would make available any exemption from the registration requirements of
any such laws, and (b) the undersigned therefore may be precluded from selling or otherwise transferring or disposing of any Class
1 Beneficial Interest or any portion thereof for an indefinite period of time or at any particular time.

 

1.12        Understands
that no federal or state agency including the Securities and Exchange Commission or the securities commission or authorities of
any other state has approved or disapproved the Class 1 Beneficial Interests, passed upon or endorsed the merits of the Trust’s
offering of Class 1 Beneficial Interests or the accuracy or adequacy of the Memorandum, or made any finding or determination as
to the fairness of the Interest for public investment.

 

1.13        Represents,
warrants and agrees that, if the undersigned is acquiring the Class 1 Beneficial Interest in a fiduciary capacity, (a) the above
representations, warranties, agreements, acknowledgments and understandings shall be deemed to have been made on behalf of the
Person or Persons for whose benefit such Class 1 Beneficial Interest is being acquired, (b) the name of such Person or Persons
is indicated below the undersigned’s name, and (c) such further information as the Manager deems appropriate shall be furnished
regarding such Person or Persons.

 

1.14        Acknowledges
and agrees that counsel, including special tax counsel, to the Trust, the Initial Depositor, the Successor Depositor, the Manager
and their Affiliates do not represent, and shall not be deemed under applicable codes of professional responsibility, to have represented
or to be representing, any transferee or assignee, including the undersigned, in any way in connection with the transfer or assignment
of a Class 1 Beneficial Interest.

 

     

     

    

 

1.15        Agrees
to indemnify, defend and hold harmless the Trust, Delaware Trustee, the Signatory Trustee, Initial Depositor, the Successor Depositor,
and Manager, and each of their members, managers, shareholders, officers, directors, employees, consultants, affiliates and advisors
(collectively, the “Indemnified Persons”) of and from any and all damages, losses, liabilities, costs and expenses
(including reasonable attorneys’ fees and costs) that they may incur by reason of the untruth or inaccuracy of any of the
representations, warranties, covenants or agreements contained in this Agreement or in any other document transferee or assignee
has furnished to any of the foregoing in connection with this transaction. In addition, if any person shall assert a claim to a
finder’s fee or real estate brokerage commission on account of alleged employment as a finder or real estate broker through
or under the undersigned in connection with the undersigned’s acquisition of the Class 1 Beneficial Interest, the undersigned
shall indemnify and hold the Indemnified Parties harmless from and against any such claim. This indemnification includes, but is
not limited to, any damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and costs) incurred
by the Indemnified Parties defending against any alleged violation of federal or state securities laws, which is based upon or
related to any untruth or inaccuracy of any of the representations, warranties or agreements contained in this Agreement or in
any other documents the undersigned has furnished to any of the foregoing in connection with this transaction, and against any
failure of the transaction to satisfy any Code Section 1031 requirements in connection with the undersigned’s exchange under
such provisions.

 

1.16        Represents
and warrants that neither the undersigned nor any Affiliate of the undersigned (a) is a Sanctioned Person (defined below), (b)
has more than __% of its assets in Sanctioned Countries (defined below), or (c) derives more than __% of its operating income from
investments in, or transactions with Sanctioned Persons or Sanctioned Countries. For purposes of the foregoing, a “Sanction
Person” shall mean (y) a Person named on the list of “specially designated nationals” or “blocked persons”
maintained by the U.S. Office of Foreign Assets Control (“OFAC”) at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html,
or as otherwise published from time to time, or (z) (i) an agency of the government of a Sanctioned Country, (ii) an organization
controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program
administered by OFAC. A “Sanction Country” shall mean a country subject to a sanctions program identified on the list
maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html,
or as otherwise published from time to time.

 

[THE REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

The representations,
warranties, acknowledgments, understandings and indemnities of transferee or assignee set forth in this Agreement above shall survive
the undersigned’s acquisition of the Class 1 Beneficial Interest.

 

	 	 	 	 	 
	 	 	 	Name:	 
	 	 	 	 	 
	STATE OF
    _____________	)	 	 	 
	 	)	           SS.	 	 
	COUNTY OF
    ____________	)	 	 	 

  

SWORN AND SUBSCRIBED before me
the __ day of _______, 20__.

 

	 	 	 
	 	 	 
	 	Name of Notary Public:______________	 
	 	 	 
	 	My Commission Expires:_____________	 
	 	 	 

 

     

     

    

 

EXHIBIT
F

 

FORM
OF LIMITED PARTNERSHIP AGREEMENT

 

     

     

    

 

 

 

LIMITED
PARTNERSHIP AGREEMENT

OF

DCx [●] dst LP

    	 

    	 

    

 

Table
of Contents

 

	 	Page
	1.                             Organization	1
	1.1                  Limited
    Partnership	1
	1.2                  Name
    and Place of Business	2
	1.3                  Business
    and Purpose of the Partnership	2
	1.4                  Term	2
	1.5                  Required
    Filings	2
	1.6                  Registered
    Office and Registered Agent	2
	1.7                  Certain
    Transactions	2
	2.                             Definitions	2
	3.                             Capitalization
    and Financing	3
	3.1                  Limited
    Partners’ Capital Contributions	3
	3.2                  Additional
    Voluntary Capital Contributions or Additional Class A Units	3
	3.3                  General
    Partner Loans	4
	4.                             Allocation
    of Income and Loss	4
	4.1                  Allocation
    to the Partners	4
	4.2                  Allocation
    Among Class A Units	4
	4.3                  Allocation
    of Partnership Items	4
	4.4                  Assignment	4
	4.5                  Consent
    of Limited Partners	5
	4.6                  Withholding
    Obligations	5
	5.                             Distributions	5
	5.1                  Cash
    from Operations	5
	5.2                  Restrictions	6
	6.                             Compensation
    to the General Partner and its Affiliates	6
	6.1                  Fees
    and Compensation to the General Partner and its Affiliates	6
	6.2                  Partnership
    Expenses	6
	7.                             Authority
    and Responsibilities of the General Partner	7
	7.1                  Management	7
	7.2                  Number,
    Tenure and Qualifications	7

 

    	-i-

    	 

    

 

Table
of Contents

(continued)

 

	 	Page
	7.3                  General
    Partner Authority	7
	7.4                  Restrictions
    on General Partner’s Authority	10
	7.5                  Responsibilities
    of the General Partner	10
	7.6                  Administration
    of Partnership	11
	7.7                  Indemnification
    of General Partner	11
	7.8                  No
    Personal Liability for Return of Capital	12
	7.9                  Authority
    as to Third Persons	12
	8.                             Rights,
    Authority And Voting Of The Limited Partners	13
	8.1                  Limited
    Partners are Not Agents	13
	8.2                  Voting
    Rights of Limited Partners	13
	8.3                  Limited
    Partner Vote; Consent of General Partner	13
	8.4                  Meetings
    of the Limited Partners	13
	8.5                  Rights
    of Limited Partners	16
	8.6                  Restrictions
    on the Limited Partner	16
	8.7                  Return
    of Capital of Limited Partner	16
	9.                             Resignation,
    Withdrawal or Removal of the General Partner	17
	9.1                  Resignation
    or Withdrawal of General Partner	17
	9.2                  Removal	17
	9.3                  General
    Partner’s Fees	17
	10.                           Assignment
    of the General Partner’s Interest	17
	10.1                Permitted
    Assignments	17
	10.2                Substitute
    General Partner	18
	10.3                Transfer
    in Violation Not Recognized	18
	11.                           Assignment
    of Units	18
	11.1                Permitted
    Assignments	18
	11.2                Substituted
    Limited Partner	19
	11.3                Assignment
    of 50% or More of Units	19
	11.4                Transfer
    Subject to Law	19
	11.5                Termination
    of Limited Partnership Interest	19
	12.                           Books,
    Records, Accounting and Reports	20
	12.1                Records,
    Audits and Reports	20

 

    	-ii-

    	 

    

 

Table
of Contents

(continued)

 

	 	Page
	12.2                Delivery
    to Limited Partners and Inspection	20
	12.3                Annual
    Report	20
	12.4                Tax
    Information	21
	13.                           Termination
    and Dissolution of the Partnership	21
	13.1                Termination
    of Partnership	21
	13.2                Certificate
    of Cancellation	21
	13.3                Liquidation
    of Assets	22
	13.4                Distributions
    Upon Dissolution	22
	13.5                Limitation
    on Distributions	22
	14.                           Special
    and Limited Power of Attorney	22
	14.1                Power
    of Attorney	22
	14.2                Provision
    of Power of Attorney	23
	14.3                Notice
    to Limited Partners	23
	15.                           Relationship
    of this Agreement to the Act	23
	16.                           Amendment
    of Agreement	23
	16.1                Admission
    of Limited Partner	23
	16.2                Amendments
    with Consent of Limited Partners	24
	16.3                Amendments
    Without Consent of the Limited Partners	24
	16.4                Execution
    and Recording of Amendments	24
	17.                           Limited
    Partner Representations	24
	17.1                Authority	24
	17.2                No
    Registration	24
	18.                           Miscellaneous	25
	18.1                Counterparts	25
	18.2                Successors
    and Assigns	25
	18.3                Severability	25
	18.4                Notices	25
	18.5                General
    Partner’s Address	25
	18.6                Governing
    Law	26
	18.7                Captions	26
	18.8                Gender	26

 

    	-iii-

    	 

    

 

Table
of Contents

(continued)

 

	 	Page
	18.9                Time	26
	18.10              Additional
    Documents	26
	18.11              Descriptions	26
	18.12              Binding
    Arbitration	26
	18.13              Venue	26
	18.14              Partition	26
	18.15              Integrated
    and Binding Agreement	26
	18.16              Legal
    Counsel	27
	18.17              Title
    to Partnership Property	27
	18.18              Conflict	27
	18.19              Signature
    of the Limited Partners	27

 

    	-iv-

    	 

    

 

LIMITED
PARTNERSHIP AGREEMENT

OF

dcx [●] dst LP

 

This
Limited Partnership Agreement (this “Agreement”),
effective as of the Transfer Date, is entered into by and between DCX [●] Manager LLC, a Delaware limited partnership, or
its affiliate as the General Partner and in its capacity as Manager of the Initial Limited Partner, and the parties listed on
Exhibit B and executing counterparts to this Agreement, as Limited Partners, pursuant to the Act on the following terms
and conditions.

 

RECITALS

 

WHEREAS,
an Affiliate of the General Partner established DCX [●] DST, a Delaware statutory trust (the “Trust”)
to acquire and hold the Trust Estate and sell Beneficial Interests in such Trust to the Beneficial Owners pursuant to that certain
Program Description Memorandum dated as of March 2, 2016 (the “Memorandum”) and that certain Property Supplement
to the Memorandum dated as of [●]
(the “Supplement”); 

 

WHEREAS,
the Limited Partners hold all of the Beneficial Interests in the Trust as the Beneficial Owners thereof and in the percentage
amounts reflected on Exhibit B;

 

WHEREAS,
the Manager has determined that a distribution of Units to the Beneficial Owners in exchange for, and in termination of, their
Beneficial Interests should be made pursuant to Section 9.2 of the Trust Agreement in order to preserve and protect the Trust
Estate;

 

WHEREAS,
in order to preserve and protect the Trust Estate, the General Partner established the Partnership to hold the Trust Estate and
issue (a) all of the Class A Units to the Initial Limited Partner in exchange for its contribution of the Trust Estate to the
Partnership, and (b) one Class B Unit to the General Partner in exchange for its contribution of cash to the Partnership in the
amount reflected on Exhibit B; and

 

WHEREAS,
upon termination of the Trust (which will occur immediately after the transfer of the Trust Estate to the Partnership in exchange
for the Class A Units), the Trust, as the Initial Limited Partner, will distribute all of the Class A Units held by the Trust
to the Beneficial Owners (in the amounts reflected on Exhibit B, such that each Limited Partner shall receive a percentage
amount of Class A Units which is equal to such Limited Partner’s percentage amount of Beneficial Interests as reflected
on Exhibit B) in exchange for, and in termination and redemption of, their Beneficial Interests, and, in connection therewith,
the General Partner will admit the Beneficial Owners as Limited Partners of the Partnership and the interest of the Initial Limited
Partner in the Partnership will be terminated.

 

AGREEMENT

 

NOW
THEREFORE, the Limited Partners and the General Partner agree that the Partnership shall be governed by and operated pursuant
to the Act and the terms of this Agreement as hereinafter set forth.

 

1.           
Organization.

 

1.1             
Limited Partnership. On the Transfer Date, or shortly thereafter, the General Partner shall file a Certificate of
Limited Partnership with the office of the Secretary of State of Delaware in accordance with and pursuant to the Act to form the
Partnership. The General Partner may at its discretion elect limited liability limited partnership status for the Partnership.

 

    	1

    	 

    

 

1.2             
Name and Place of Business. The name of the Partnership shall be DCX [●] DST LP, and its principal place of
business shall be 518 17th Street, 17th Floor, Denver, Colorado 80202. The General Partner may change such
name, change such place of business or establish additional places of business of the Partnership as the General Partner may determine
to be necessary or desirable.

 

1.3             
Business and Purpose of the Partnership. The nature of the business and the purposes to be conducted and promoted
by the Partnership are to engage solely in the following activities:

 

1.3.1        
To own, hold, sell, assign, transfer, and otherwise deal with the Trust Estate.

 

1.3.2       
To exercise all powers enumerated in the Act if necessary or convenient to the conduct, promotion or attainment of
the business or purposes otherwise set forth in this Agreement.

 

1.4             
Term. The term of the Partnership shall terminate as provided in Section 13 of this Agreement.

 

1.5             
Required Filings. The General Partner shall execute, acknowledge, file, record and/or publish such certificates
and documents as may be required by this Agreement or by law in connection with the formation and operation of the Partnership.

 

1.6             
Registered Office and Registered Agent. The Partnership’s initial registered office and initial registered
agent shall be as provided in the Certificate of Limited Partnership. The registered office and registered agent may be changed
from time to time by the General Partner by filing the address of the new registered office and/or the name of the new registered
agent pursuant to the Act.

 

1.7             
Certain Transactions. Any Partner, or any Affiliate of a Partner, or any shareholder, officer, director, employee,
partner, member or any person owning an interest therein, may engage in or possess an interest in any other business or venture
of any nature or description, whether or not competitive with the Partnership including, but not limited to, the acquisition,
syndication, ownership, financing, leasing, operation, maintenance, management, brokerage, construction and development of property
similar to the Property and no General Partner, Limited Partner or other person or entity shall have any interest in such other
business or venture by reason of their interest in the Partnership.

 

2.           
Definitions.
Definitions for this Agreement are set forth on Exhibit A and are incorporated in this Agreement.

 

    	2

    	 

    

 

3.           
Capitalization and Financing.

 

3.1             
Limited Partners’ Capital Contributions.

 

3.1.1       
Initial Limited Partner; Contribution of the General Partner. The Trust, as the Initial Limited Partner, shall contribute
the Trust Estate to the Partnership in exchange for all of the authorized Class A Units in the Partnership. The Trust shall then
distribute the Class A Units to the Beneficial Owners in proportion to and in exchange for, and in termination of, their Beneficial
Interests in the Trust. The General Partner shall contribute the amount of cash reflected on Exhibit B to the Partnership in exchange
for the one Class B Unit authorized under this Agreement.

 

3.1.2       
Units. The Partnership is hereby authorized to issue Class A Units and to admit the Beneficial Owners as Limited Partners
of the Partnership. In addition, the Partnership is hereby authorized to issue one (1) Class B Unit to the General Partner.

 

3.1.3       
Liabilities of Limited Partners. Except as specifically provided in this Agreement, neither the General Partner nor
any Limited Partner shall be required to make any additional contributions to the Partnership and no General Partner or Limited
Partner shall be liable for the debts, liabilities, contracts, or any other obligations of the Partnership, nor shall the General
Partner or the Limited Partners be required to lend any funds to the Partnership.

 

3.2             
Additional Voluntary Capital Contributions or Additional Class A Units. The General Partner may determine, in its
sole discretion, that Capital Expenditures are in the best interest of the Partnership. The General Partner may request that the
Limited Partners make additional voluntary capital contributions (“Additional Voluntary Capital Contributions”)
in exchange for additional Class A Units or may sell additional Class A Units to new Limited Partners to enable the Partnership
to make Capital Expenditures. In the event the General Partner requests Additional Voluntary Capital Contributions, the General
Partner shall notify the Limited Partners in writing (the “Contribution Notice”) of the requested amount of
such Additional Voluntary Capital Contribution, and a Limited Partner may, within twenty-one (21) days of receiving such notice,
elect (in writing by notice given to the General Partner) to make the requested Additional Voluntary Capital Contributions. Limited
Partners shall initially have the right to make Additional Voluntary Capital Contributions in proportion to their Class A Units
in exchange for additional Class A Units. If less than all of the Limited Partners elect to make Additional Voluntary Capital
Contributions, the Limited Partners agreeing to make Additional Voluntary Capital Contributions may elect to contribute additional
amounts in proportion to their Class A Units in exchange for additional Class A Units. If the total amount the Limited Partners
wishing to make the Additional Voluntary Capital Contributions agree to contribute is less than the amount requested by the General
Partner, the General Partner is hereby authorized to sell Class A Units to new Limited Partners and to admit additional Limited
Partners as necessary to insure that it receives the requested amount of Additional Voluntary Capital Contributions. In the event
the General Partner determines to sell additional Class A Units, existing Limited Partners and the General Partner may participate
on the same basis as new Limited Partners on a first-come, first-serve basis. Fractional Class A Units may be issued under this
Agreement. To the extent that additional Class A Units are issued to any existing or new Partner in exchange for Additional Voluntary
Capital Contributions in accordance with this Section 3.2, the number of additional Class A Units issued to each Partner
making Additional Voluntary Capital Contributions shall be equal to (a) the Additional Voluntary Capital Contributions made by
such Partner in response to the Contribution Notice divided by (b) the “Adjusted Class A Unit Price.” The “Adjusted
Class A Unit Price” shall be equal to (a) the net fair market value of the assets of the Partnership as determined by
the General Partner in its sole discretion and set forth in the Contribution Notice, divided by (b) the aggregate number of Class
A Units outstanding on the date the Contribution Notice is issued by the General Partner. The General Partner may amend Exhibit
B from time to time to reflect the issuance of additional Class A Units and the admission of additional Limited Partners.

 

    	3

    	 

    

 

3.3             
General Partner Loans. The General Partner or its Affiliates may, but will have no obligation to, make loans to
the Partnership to pay Partnership operating expenses. No such loan shall be made unless and until the Limited Partners have had
the opportunity to make and have failed, within the twenty-one (21) day period set forth in Section 3.2, to make sufficient
Additional Voluntary Capital Contributions in an amount that would otherwise satisfy such Partnership operating expenses. Any
such loan shall bear interest at the lesser of (a) fifteen percent (15%) or (b) the maximum rate allowable by law, and shall provide
for the payment of principal and any accrued but unpaid interest in accordance with the terms of the promissory note evidencing
such loan, but in no event later than dissolution of the Partnership.

 

4.           
Allocation of Income and Loss.

 

4.1             
Allocation to the Partners. For each fiscal year, the income and loss of the Partnership shall be allocated .0001%
to the General Partner and the balance to the Limited Partners in proportion to their Class A Units.

 

4.2             
Allocation Among Class A Units. Except as otherwise provided in this Agreement, all Distributions and allocations
made to the Class A Units shall be in the ratio of the number of Class A Units held by each such Limited Partner on the date of
such allocation (which allocation date shall be deemed to be the last day of each month) to the total outstanding Class A Units
as of such date, and, except as otherwise provided in this Agreement, without regard to the number of days during such month that
the Units were held by each Limited Partner. In the event additional Limited Partners are admitted to the Partnership on different
dates during any fiscal year, the income or loss allocated to Limited Partners for that fiscal year shall be apportioned among
them in proportion to the number of Class A Units each Limited Partner held from time to time during the fiscal year in accordance
with Code Section 706.

 

4.3             
Allocation of Partnership Items. Except as otherwise provided in this Agreement, whenever a proportionate part of
income or loss is allocated to a Partner, every item of income, gain, loss or deduction entering into the computation of such
income or loss, and every item of credit or tax preference related to such allocation and applicable to the period during which
such income or loss was realized, shall be allocated to the Partner in the same proportion.

 

4.4             
Assignment. In the event of the assignment of a Class A Unit, the income and loss shall be apportioned as between
the Limited Partner and his or her assignee based upon the number of months of their respective ownership during the year in which
the assignment occurs, without regard to the results of the Partnership’s operations during the period before or after such
assignment. Distributions shall be made to the holder of record of the Class A Units as of the date of the Distribution. An assignee
that receives Class A Units during the first fifteen (15) days of a month will receive any allocations relative to such month.
An assignee that acquires Class A Units on or after the sixteenth (16th) day of a month will be treated as acquiring
his or her Units on the first (1st) day of the following month.

 

    	4

    	 

    

 

4.5             
Consent of Limited Partners. The methods for allocating income and loss are hereby expressly consented to by each
Limited Partner as a condition of becoming a Limited Partner.

 

4.6             
Withholding Obligations.

 

4.6.1       
If the Partnership is required (as determined in good faith by the General Partner) to make a payment (“Tax
Payment”) with respect to any Limited Partner to discharge any legal obligation on the part of the Partnership or the
General Partner to make payments to any governmental authority with respect to any federal, foreign, state or local tax liability
of such Limited Partner arising as a result of such Limited Partner’s interest in the Partnership, then, notwithstanding
any other provision of this Agreement to the contrary, the amount of any such Tax Payment shall be deemed to be a loan by the
Partnership to such Limited Partner, which loan shall bear interest at the Prime Rate and be payable upon demand or by offset
to any Distribution which otherwise would be made to such Limited Partner.

 

4.6.2       
If and to the extent the Partnership is required to make any Tax Payment with respect to any Limited Partner, or elects
to make payment on any loan described in Section 4.6.1 by offset to a Distribution to a Limited Partner, either (a) such
Limited Partner’s proportionate share of such Distribution shall be reduced by the amount of such Tax Payment, or (b) such
Limited Partner shall pay to the Partnership prior to such Distribution an amount of cash equal to such Tax Payment. In the event
a portion of a Distribution in kind is retained by the Partnership pursuant to clause (a) above, such retained property may, in
the discretion of the General Partner, either (i) be distributed to the other Limited Partners, or (ii) be sold by the Partnership
to generate the cash necessary to satisfy such Tax Payment. If the property is sold, then for purposes of income tax allocations
only under the Agreement, any gain or loss from such sale or exchange shall be allocated to the Limited Partner to whom the Tax
Payment relates. If the property is sold at a gain, and the Partnership is required to make any Tax Payment on such gain, the
Limited Partner to whom the gain is allocated shall pay the Partnership prior to the due date of Tax Payment an amount of cash
equal to such Tax Payment.

 

4.6.3       
The General Partner shall be entitled to hold back any Distribution to any Limited Partner to the extent the General
Partner believes in good faith that a Tax Payment will be required with respect to such Limited Partner in the future and the
General Partner believes that there will not be sufficient subsequent Distributions to make such Tax Payment.

 

5.           
Distributions.

 

5.1             
Cash from Operations. Except as provided in Section 5.2 and as otherwise provided in Section 13, Distributable
Cash with respect to each calendar year shall be distributed .0001% to the General Partner and the balance to the Limited Partners
in proportion to their Class A Units.

 

    	5

    	 

    

 

5.2             
Restrictions. The Partnership intends to make periodic distributions of substantially all cash determined by the
General Partner to be distributable, subject to the following: (a) Distributions may be restricted or suspended for periods when
the General Partner determines in its reasonable discretion that it is in the best interest of the Partnership; (b) all Distributions
are subject to the payment, and the maintenance of reasonable reserves for payment, of Partnership obligations; and (c) all Distributions
shall be paid only to the extent that all currently due operating expenses have been paid or otherwise provided for.

 

6.            Compensation to the General Partner and its Affiliates.

 

6.1             
Fees and Compensation to the General Partner and its Affiliates. The General Partner, its Affiliates, and Affiliates
of officers of the General Partner shall be entitled to receive as compensation an annual fee in an amount that is the greater
of (a) [●] percent ([●]%) of the gross rents payable by the Master Tenant under the Master Lease or (b) $[●],
which shall be payable monthly in arrears and pro-rated for any applicable portion of a calendar year. In addition, the General
Partner, its Affiliates, and Affiliates of officers of the General Partner shall be entitled to receive a fee from the Partnership
equal to [●]percent ([●]%) of the gross proceeds of a sale of the Trust Estate to a third party as a result of offers
received at any time as a result of negotiations by the General Partner or its Affiliates with, and submission of offers from,
a prospective purchaser, and provided this Limited Partnership Agreement is in effect at the earlier of (x) the time of the General
Partner’s decision to sell the Trust Estate, and (y) the time of the submission of the offers. The General Partner shall
not have any obligation by virtue of this Limited Partnership Agreement to spend any of its own funds, or to take any action that
could result in its incurring any cost or expense; provided, however, the Partnership shall reimburse the General
Partner for any such out of pocket cost or expense reasonably incurred in connection with a sale of the Trust Estate to a third
party as contemplated under this Agreement.

 

6.2             
Partnership Expenses.

 

6.2.1       
Operating Expenses. Subject to the limitations set forth in Section 6.2.2, the Partnership shall pay directly, or reimburse
the General Partner as the case may be, for all of the costs and expenses of the Partnership’s operations, including, without
limitation, the following costs and expenses: (a) all Organization Expenses advanced or otherwise paid by the General Partner;
(b) all costs of personnel employed by the Partnership and directly involved in the Partnership’s business; (c) all compensation
due to the General Partner or its Affiliates; (d) all costs of personnel employed by the General Partner or its Affiliates and
directly involved in the business of the Partnership; (e) all costs of borrowed money and taxes applicable to the Partnership;
(f) legal, accounting, audit, brokerage, and other fees; (g) fees and expenses paid to independent contractors, mortgage bankers,
real estate brokers, and other agents; (h) all expenses incurred in connection with the maintenance of Partnership books and records,
the preparation and dissemination of reports, tax returns or other information to the Limited Partners and the making of Distributions
to the Limited Partners; (i) expenses incurred in preparation and filing reports or other information with appropriate regulatory
agencies; (j) expenses of insurance as required in connection with the business of the Partnership, other than any insurance insuring
the General Partner against losses for which it is not entitled to be indemnified under Section 7.7; (k) costs incurred in
connection with any litigation in which the Partnership may become involved, or any examination, investigation, or other proceedings
conducted by any regulatory agency, including legal and accounting fees; (l) the actual costs of goods and materials used by or
for the Partnership; (m) the costs of services that could be performed directly for the Partnership by independent parties such
as legal, accounting, secretarial or clerical, reporting, transfer agent, data processing and duplicating services but which are
in fact performed by the General Partner or its Affiliates, but not in excess of the lesser of: (i) the actual costs to the General
Partner or its Affiliates of providing such services; or (ii) the amounts which the Partnership would otherwise be required to
pay to independent parties for comparable services in the same geographic locale; (n) expenses of Partnership administration,
accounting, documentation and reporting; (o) expenses of revising, amending, modifying, or terminating this Agreement; (p) all
travel expenses incurred in connection with the Partnership’s business; and (q) all other costs and expenses incurred
in connection with the business of the Partnership exclusive of those set forth in Section 6.2.2. All payments set forth in this
Agreement shall be paid from any funds available after payment of, or other provision for, all other currently due operating expenses
for the Property.

 

    	6

    	 

    

 

6.2.2       
General Partner Overhead. Except as set forth in this Section 6, the General Partner and its Affiliates shall
not be reimbursed for overhead expenses incurred in connection with the Partnership, including but not limited to rent, depreciation,
utilities, capital equipment, or other administrative items.

 

7.           
Authority and Responsibilities of the General
Partner.

 

7.1             
Management. The General Partner shall manage the business and affairs of the Partnership. Except as otherwise set
forth in this Agreement and the Certificate of Limited Partnership, and to the maximum extent permitted by law, the General Partner
shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of the
Partnership, to make all decisions regarding those matters, and to perform any and all other acts or activities customary or incident
to the management of the Partnership’s business.

 

7.2             
Number, Tenure and Qualifications. The Partnership shall have one General Partner, which shall initially be DCX
[●] Manager LLC. The General Partner shall remain the General Partner until such General Partner is removed, withdraws or
resigns.

 

7.3             
General Partner Authority. The General Partner shall have all authority, rights and powers conferred by law (subject
only to Section 7.4 and the Certificate of Limited Partnership) and those required or appropriate to the management of
the Partnership’s business, as limited by Section 1.3, which, by way of illustration but not by way of limitation,
shall include the right, authority and power to cause the Partnership to:

 

7.3.1       
Take all actions relating to the management of the Trust Estate;

 

7.3.2       
Hold, sell, exchange and otherwise dispose of the Trust Estate;

 

7.3.3       
Borrow money, and, if security is required therefor subject the Trust Estate to any security device, and to prepay,
in whole or in part, refinance, increase, modify, consolidate, or extend any security device. All of the foregoing shall be on
such terms and in such amounts as the General Partner, in its sole discretion, deems to be in the best interest of the Partnership;

 

    	7

    	 

    

 

7.3.4       
Enter into such contracts and agreements, including lease agreements in connection with the Property, as the General
Partner determines to be reasonably necessary or appropriate in connection with the Partnership’s business and purpose (including
contracts with Affiliates of the General Partner), and any contract of insurance that the General Partner deems necessary or appropriate
for the protection of the Partnership and the General Partner, including errors and omissions insurance, for the conservation
of Partnership assets, or for any purpose convenient or beneficial to the Partnership;

 

7.3.5      
Employ persons, who may be Affiliates of the General Partner, in the operation and management of the business of the
Partnership;

 

7.3.6       
Prepare or cause to be prepared reports, statements, and other relevant information for distribution to the Limited
Partners;

 

7.3.7       
Open accounts and deposits and maintain funds in the name of the Partnership in banks, savings and loan associations,
“money market” mutual funds and other instruments as the General Partner may deem in its discretion to be necessary
or desirable;

 

7.3.8       
Cause the Partnership to make or revoke any of the elections referred to in the Code (the General Partner shall have
no obligation to make any such elections);

 

7.3.9       
Select as its accounting year a calendar or fiscal year as may be approved by the Internal Revenue Service (the Partnership
initially intends to adopt the calendar year);

 

7.3.10     
Determine the appropriate accounting method or methods to be used by the Partnership;

 

7.3.11     
In addition to any amendments otherwise authorized in this Agreement, amend this Agreement without any action on the
part of the Limited Partners by special or general power of attorney or otherwise to:

 

      (a)          Add to the representations, duties, services or obligations of the General Partner or its Affiliates, for the benefit of
the Limited Partners;

 

      (b)         Cure any ambiguity or mistake, correct or supplement any provision in this Agreement that may be inconsistent with any
other provision in this Agreement, or make any other provision with respect to matters or questions arising under this Agreement
that will not be inconsistent with the provisions of this Agreement;

 

      (c)          Amend this Agreement to reflect the addition or substitution of Limited Partners;

 

      (d)         Minimize the adverse impact of, or comply with, any final regulation of the United States Department of Labor, or other
federal agency having jurisdiction, defining “plan assets” for ERISA purposes;

 

    	8

    	 

    

 

      (e)         Reconstitute the Partnership under the laws of another state if beneficial;

 

      (f)          Execute, acknowledge and deliver any and all instruments to effectuate the foregoing, including the execution, acknowledgment
and delivery of any such instrument by the attorney-in-fact for the General Partner under a special or limited power of attorney,
and to take all such actions in connection therewith as the General Partner shall deem necessary or appropriate with the signature
of the General Partner acting alone; and

 

   
  (g)         Make any changes to this Agreement as requested or required by any lender that may be required to obtain financing, as needed.

 

7.3.12    
 Require in any Partnership contract that the General Partner shall not have any personal liability, but that the person
or entity contracting with the Partnership is to look solely to the Partnership and its assets for satisfaction;

 

7.3.13     
Lease personal property for use by the Partnership;

 

7.3.14   
  Establish reserves from income in such amounts as the General Partner may deem appropriate;

 

7.3.15   
 Make secured or unsecured loans to the Partnership and receive interest at the rates set forth in this Agreement;

 

7.3.16   
Represent the Partnership and the Limited Partners as “Tax Matters Partner” or “Partnership Representative”
as set forth in Section 7.9.4 regarding the tax treatment of items of Partnership income, loss, deduction or credit, or
any other matter reflected in the Partnership’s returns, and, if deemed in the best interest of the Limited Partners, to
agree to final Partnership administrative adjustments or file a petition for a readjustment of the Partnership items in question
with the applicable court;

 

7.3.17     
Redeem or repurchase Class A Units on behalf of the Partnership;

 

7.3.18     
Hold an election for a successor General Partner before the resignation, withdrawal, expulsion or dissolution of the
General Partner;

 

7.3.19     
Initiate, settle and defend legal actions on behalf of the Partnership;

 

7.3.20     
Admit itself as a Limited Partner;

 

7.3.21     
Enter into any transaction with any partnership or venture;

 

7.3.22     
Perform any and all other acts which the General Partner is obligated to perform under this Agreement; and

 

7.3.23    
Execute, acknowledge and deliver any and all instruments to effectuate the foregoing and take all such actions in connection
therewith as the General Partner may deem necessary or appropriate. The General Partner may, on behalf and in the name of the
Partnership, execute any and all documents or instruments.

 

    	9

    	 

    

 

7.4            
Restrictions on General Partner’s Authority. Subject to the balance of the terms of this Agreement and the
Certificate of Limited Partnership, neither the General Partner nor any Affiliates shall have authority, without a Majority Vote
of the Units, to:

 

7.4.1       
Use or permit any other person to use Partnership funds or assets in any manner except for the exclusive benefit of
the Partnership;

 

7.4.2       
Alter the primary purpose of the Partnership;

 

7.4.3       
Sell or lease to the Partnership any real property in which the General Partner or any Affiliate has any interest;

 

7.4.4       
Admit another person or entity as the General Partner, except with the consent of the Limited Partners as provided
in this Agreement;

 

7.4.5       
Reinvest Cash from Operations in any additional properties;

 

7.4.6       
Enter into any agreement imposing personal liability on any Limited Partner; or

 

7.4.7      
Commingle the Partnership funds with those of any other person or entity, except for (a) the temporary deposit of funds
in a bank checking account for the sole purpose of making Distributions immediately thereafter to the Limited Partners and the
General Partner or (b) funds attributable to the Property and held for use in the management of the operations of the Property.

 

7.5             
Responsibilities of the General Partner. The General Partner shall:

 

7.5.1       
Devote such of its time and business efforts to the business of the Partnership as it shall in its discretion, exercised
in good faith, determine to be necessary to, directly or indirectly, conduct the business of the Partnership for the benefit of
the Partnership and the Limited Partners (it being understood, however, that this Section 7.5.1 shall in no way impose
limitations or restrictions upon Affiliates of the General Partner to engage in activities that may conflict or compete with the
business of the Partnership);

 

7.5.2       
File and publish all certificates, statements, or other instruments required by law for formation, qualification and
operation of the Partnership and for the conduct of its business in all appropriate jurisdictions;

 

7.5.3       
Cause the Partnership, at the Partnership’s cost and expense, to be protected by public liability, property damage
and other insurance determined by the General Partner in its discretion to be appropriate to the business of the Partnership;
and

 

7.5.4        At all times use its best efforts to meet applicable requirements for the Partnership to be taxed as a partnership
and not as an association taxable as a corporation.

 

    	10

    	 

    

 

7.5.5       
To the maximum extent not prohibited by applicable law, including, but not limited to, the Act, none of the General
Partner or any member, manager, officer, employee, agent, advisor, representative or Affiliate of the General Partner (or any
of their respective members, managers, shareholders, partners, directors, officers, employees, agents, advisors, representatives
or Affiliates), shall be liable to any Limited Partner or the Partnership for (a) any action taken, or failure to act, as the
General Partner, or on behalf of the General Partner, with respect to the Partnership, unless and only to the extent that such
action taken or failure to act is a willful violation of the material provisions of this Agreement or constitutes gross negligence
or willful malfeasance by such Person or was in bad faith taken or failed to be taken, (b) any action or inaction arising from
reliance in good faith upon the opinion or advice as to legal matters of legal counsel or as to accounting matters of accountants
selected by any of them with reasonable care or (c) the action or inaction of any agent, contractor or consultant selected by
any of them with reasonable care. To the extent that, at law or in equity, the General Partner or any other Person has duties
(including fiduciary duties) and liabilities relating thereto to the Partnership or any Limited Partner, any such Person acting
under this Agreement shall not be liable to the Partnership or any Limited Partner for its good faith reliance on the provisions
of this Agreement. The provisions of this Agreement, to the extent they restrict or eliminate the duties and liabilities of the
General Partner or any other Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties
and liabilities of such Person. Nothing in this Agreement is intended to or shall eliminate any implied contractual covenant of
good faith and fair dealing, the requirement not to waste Partnership assets or otherwise relieve or discharge the General Partner
from liability to any Limited Partner or the Partnership on account of any fraudulent or intentional misconduct of the General
Partner.

 

7.6            
Administration of Partnership. So long as it is the General Partner and the provisions of this Agreement for compensation
and reimbursement of expenses of the General Partner are observed, the General Partner shall have the responsibility of providing
continuing administrative and executive support, advice, consultation, analysis and supervision with respect to the functions
of the Partnership, and compliance with federal, state and local regulatory requirements and procedures. In this regard, the General
Partner may retain the services of such Affiliates or unaffiliated parties as the General Partner may deem appropriate to provide
management and financial consultation and advice, and may enter into agreements for the management and operation of Partnership
assets.

 

7.7             
Indemnification of General Partner.

 

7.7.1       
The General Partner, its shareholders, Affiliates, officers, directors, partners, manager, members, employees, agents
and assigns, shall not be liable for, and shall be indemnified and held harmless by the Partnership (to the extent of the Partnership’s
assets) from, any loss or damage incurred by them, the Partnership or the Partners in connection with the business of the Partnership,
including costs and reasonable attorneys’ fees and any amounts expended in the settlement of any claims of loss or damage
resulting from any act or omission, which shall not constitute willful misconduct, bad faith, fraud or gross negligence, pursuant
to the authority granted, to promote the interests of the Partnership. Moreover, the General Partner shall not be liable to the
Partnership or the Limited Partners because any taxing authorities disallow or adjust any deductions or credits in the Partnership
income tax returns.

 

    	11

    	 

    

 

7.7.2       
Notwithstanding anything contained in this Agreement to the contrary, any indemnification of the General Partner or
any Limited Partner shall be fully subordinated to any obligations respecting the Property and such indemnification shall not
constitute a claim against the Partnership in the event that cash flow in excess of amounts necessary to pay holders of such obligations
is insufficient to pay such indemnification obligations.

 

7.8             
No Personal Liability for Return of Capital. The General Partner shall not be personally liable or responsible for
the return or repayment of all or any portion of the Capital Contribution of any Limited Partner or any loan made by any Limited
Partner to the Partnership, it being expressly understood that any such return of capital or repayment of any loan shall be made
solely from the assets (which shall not include any right of contribution from any Limited Partner) of the Partnership.

 

7.9             
Authority as to Third Persons.

 

7.9.1       
No third party dealing with the Partnership shall be required to investigate the authority of the General Partner or
secure the approval or confirmation by any Limited Partner of any act of the General Partner in connection with the Partnership
business. No purchaser of any property or interest owned by the Partnership shall be required to determine the right to sell or
the authority of the General Partner to sign and deliver any instrument of transfer on behalf of the Partnership, or to see to
the application or distribution of revenues or proceeds paid or credited in connection therewith.

 

7.9.2       
The General Partner shall have full authority to execute on behalf of the Partnership any and all agreements, contracts,
conveyances, deeds, mortgages and other instruments, and the execution thereof by the General Partner, executing on behalf of
the Partnership, shall be the only execution necessary to bind the Partnership thereto. No signature of any Limited Partner shall
be required.

 

7.9.3       
The General Partner shall have the right by separate instrument or document to authorize one or more individuals or
entities to execute leases and lease-related documents on behalf of the Partnership and any leases and documents executed by such
agent shall be binding upon the Partnership as if executed by the General Partner.

 

7.9.4       
The General Partner is hereby designated (i) as the Partnership’s “tax matters partner” within the
meaning of Section 6231(a)(7) of the Code (“Tax Matters Partner”) and (ii) commencing with respect to taxable
years commencing after December 31, 2017, as the Partnership’s “partnership representative” in accordance with
Section 6223 of the Code (“Partnership Representative”), in all cases to exercise all authority permitted of
a Tax Matters Partner or Partnership Representative, as applicable, under the Code. The General Partner, in its capacity as Partnership
Representative, may exercise any authority granted to the Partnership Representative under the Code. In particular, as Partnership
Representative, the General Partner may, in its sole discretion, make any elections provided for under the new partnership audit
rules enacted under the Bipartisan Budget Act of 2015 (the “New Audit Rules”) and may, in its sole discretion,
settle and/or litigate any audit adjustments proposed by the Internal Revenue Service in any audit governed by the New Audit Rules.
The Partnership shall fully reimburse the General Partner for any and all costs and expenses incurred as a result of acting as
Tax Matters Partner or Partnership Representative, as the case may be. [The General Partner, is authorized to amend the provisions
of this Agreement concerning the Tax Matters Partner and related provisions to reflect new tax rules and regulations scheduled
to go into effect at the end of 2016.]

 

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8.          
Rights, Authority And Voting Of The Limited Partners.

 

8.1             
Limited Partners are Not Agents. Pursuant to Section 7 and the Certificate of Limited Partnership, the management
of the Partnership is vested in the General Partner. No Limited Partner, acting solely in the capacity of a Limited Partner, is
an agent of the Partnership nor can any Limited Partner in such capacity bind or execute any instrument on behalf of the Partnership.

 

8.2             
Voting Rights of Limited Partners. Limited Partners who own Class A Units shall be entitled to cast one vote for
each Class A Unit they own. Except as otherwise specifically provided in this Agreement, Limited Partners shall have the right
to vote only upon the following matters:

 

8.2.1       
remove the General Partner as provided in Section 9.2 of this Agreement;

 

8.2.2       
remove the current Tax Matters Partner (or Partnership Representative, as the case may be) and elect a successor Tax
Matters Partner (or Partnership Representative, as the case may be);

 

8.2.3       
amend this Agreement;

 

8.2.4       
extend the term of the Partnership as provided in Section 13.1.4 when there is a Dissolution Event;

 

8.2.5       
elect an additional General Partner;

 

8.2.6       
elect a successor General Partner; or

 

8.2.7       
upon a Supermajority Vote, direct the disposition of the Trust Estate without the consent of the General Partner.

 

8.3             
Limited Partner Vote; Consent of General Partner. All matters upon which the Limited Partners may vote, except as
otherwise provided in this Agreement, shall require a Majority Vote and (except for removal of the General Partner as provided
in Section 9.2 or directing the disposition of the Trust Estate without the consent of the General Partner) the consent
of the General Partner to pass and become effective.

 

8.4             
Meetings of the Limited Partners. The General Partner may at any time call for a meeting of the Limited Partners,
or for a vote without a meeting, on matters on which the Limited Partners are entitled to vote, and shall call for such a meeting
(but not a vote without a meeting) following receipt of a written request therefor of Limited Partners holding more than twenty-five
percent (25%) of the Units entitled to vote as of the record date. Within twenty (20) days after receipt of such request, the
General Partner shall notify all Limited Partners of record on the record date of the meeting.

 

    	13

    	 

    

 

8.4.1       
Notice. Except as provided by Section 8.4.5, written notice of each meeting shall be given to each Limited Partner
entitled to vote, either personally or by mail or other means of written communication, charges prepaid, addressed to such Limited
Partner at his or her address appearing on the books of the Partnership or given by him or her to the Partnership for the purpose
of notice or, if no such address appears or is given, at the principal executive office of the Partnership, or by publication
of notice at least once in a newspaper of general circulation in the county in which such office is located. All such notices
shall be sent not less than five (5), nor more than sixty (60), days before such meeting. The notice shall specify the place,
date and hour of the meeting and the general nature of business to be transacted, and no other business shall be transacted at
the meeting.

 

8.4.2       
Adjourned Meeting and Notice Thereof. When a Limited Partners’ meeting is adjourned to another time or place,
notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment
is taken. At the adjourned meeting, the Partnership may transact any business that might have been transacted at the original
meeting. If the adjournment is for more than forty-five (45) days or if after the adjournment a new record date is fixed for the
adjourned meeting, a notice of the adjourned meeting shall be given to each Limited Partner of record entitled to vote at the
meeting.

 

8.4.3       
Quorum. The presence in person or by proxy of the persons entitled to vote a majority of the Units shall constitute
a quorum for the transaction of business. The Limited Partners present at a duly called or held meeting at which a quorum is present
may continue to transact business until adjournment. Any meeting of Limited Partners may be adjourned from time to time by a Majority
Vote of the Units represented either in person or by proxy.

 

8.4.4       
Consent of Absentees. The transactions of any meeting of Limited Partners, however called and noticed and wherever
held, are as valid as though they occurred at a meeting duly held after regular call and notice, if a quorum is present either
in person or by proxy, and if, either before or after the meeting, each of the persons entitled to vote, not present in person
or by proxy, signs a written waiver of notice, or a consent to the holding of the meeting or an approval of the minutes thereof.
All waivers, consents and approvals shall be filed with the Partnership records or made a part of the minutes of the meeting.

 

8.4.5       
Action Without Meeting. Except as otherwise provided in this Agreement, any action which may be taken at any meeting
of the Limited Partners may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed
by Limited Partners having not less than the minimum number of votes that would be necessary to authorize or take that action
at a meeting at which all entitled to vote thereon were present and voted. In the event the Limited Partners are requested to
consent on a matter without a meeting, each Limited Partner shall be given not less than five (5), nor more than sixty (60), days’
notice.

 

    	14

    	 

    

 

8.4.6       
Record Dates. For purposes of determining the Limited Partners entitled to notice of any meeting or to vote or entitled
to receive any Distributions or to exercise any rights in respect of any other lawful matter, the General Partner may fix in advance
a record date, which is not more than sixty (60) nor less than five (5) days’ prior to the date of the meeting nor more
than sixty (60) days’ prior to any other action. If no record date is fixed:

 

      (a)          The record date for determining Limited Partners entitled to notice of or to vote at a meeting of Limited Partners shall
be at the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the
close of business on the business day next preceding the day on which the meeting is held;

 

      (b)          The record date for determining Limited Partners entitled to give consent to Partnership action in writing without a meeting
shall be the day on which the first written consent is given;

 

      (c)          The record date for determining Limited Partners for any other purpose shall be at the close of business on the day on
which the General Partner adopts it, or the 60th day before the date of the other action, whichever is later; and

 

      (d)          A determination of Limited Partners of record entitled to notice of or to vote at a meeting of Limited Partners shall apply
to any adjournment of the meeting unless the General Partner, or the Limited Partners who requested the meeting, fix a new record
date for the adjourned meeting, but the General Partner, or such Limited Partners, shall fix a new record date if the meeting
is adjourned for more than forty-five (45) days from the date set for the original meeting.

 

8.4.7       
Proxies. Every person entitled to vote or execute consents shall have the right to do so either in person or by one
or more agents authorized by a written proxy executed by such person or his duly authorized agent and filed with the General Partner.
No proxy shall be valid after the expiration of three (3) months from the date thereof unless otherwise provided in the proxy.
Every proxy continues in full force and effect until revoked as specified or unless it states that it is irrevocable. A proxy
that states that it is irrevocable is irrevocable for the period specified therein to the fullest extent permitted by law.

 

8.4.8       
Chairman of Meeting. The General Partner may select any person to preside as Chairman of any meeting of the Limited
Partners, and if such person shall be absent from the meeting, or fail or be unable to preside, the General Partner may name any
other person in substitution therefor as Chairman. The Chairman of the meeting shall designate a secretary for such meeting, who
shall take and keep or cause to be taken and kept minutes of the proceedings thereof. The conduct of all Limited Partners’
meetings shall at all times be within the discretion of the Chairman of the meeting and shall be conducted under such rules as
he may prescribe. The Chairman shall have the right and power to adjourn any meeting at any time, without a vote of the Units
present in person or represented by proxy, if the Chairman shall determine such action to be in the best interests of the Partnership.

 

    	15

    	 

    

 

8.4.9       
Inspectors of Election. In advance of any meeting of Limited Partners, the General Partner may appoint any persons
other than nominees for General Partner or other office as the inspector of election to act at the meeting and any adjournment
thereof. If an inspector of election is not so appointed, or if any such person fails to appear or refuses to act, the Chairman
of any such meeting may, and on the request of any Limited Partner or his proxy shall, make such appointment at the meeting. The
inspector of election shall determine the number of Units outstanding and the voting power of each, the Units represented at the
meeting, the existence of a quorum, the authenticity, validity and effect of proxies, receive votes, ballots or consents, hear
and determine all challenges and questions in any way arising in connection with the right to vote, count and tabulate all votes
or consents, determine when the polls shall close, determine the result and do such acts as may be proper to conduct the election
or vote with fairness to all Limited Partners.

 

8.4.10     
Record Date and Closing Partnership Books. When a record date is fixed, only Limited Partners of record on that date
are entitled to notice of and to vote at the meeting or to receive a Distribution, or allotment of rights, or to exercise the
rights, as the case may be, notwithstanding any transfer of any Units on the books of the Partnership after the record date.

 

8.5             
Rights of Limited Partners. No Limited Partner shall have the right or power to: (a) withdraw or reduce his contribution
to the capital of the Partnership, except as a result of the dissolution and termination of the Partnership or as otherwise provided
in this Agreement or by law; (b) bring an action for partition against the Partnership; or (c) demand or receive property other
than cash in return for his Capital Contribution. Except as provided in this Agreement, no Limited Partner shall have priority
over any other Limited Partner either as to the return of Capital Contributions or as to allocations of the income, loss or Distributions
of the Partnership. Other than upon the termination and dissolution of the Partnership as provided by this Agreement, there has
been no time agreed upon when the contribution of each Limited Partner (other than the Initial Limited Partner) is to be returned.

 

8.6             
Restrictions on the Limited Partner. No Limited Partner shall:

 

8.6.1        Disclose to any non-Limited Partner other than their lawyers, accountants or consultants and/or commercially exploit
any of the Partnership’s business practices, trade secrets or any other information not generally known to the business
community;

 

8.6.2       
Do any other act or deed with the intention of harming the business operations of the Partnership; or

 

8.6.3       
Do any act contrary to the Agreement.

 

8.7            
Return of Capital of Limited Partner. In accordance with the Act, a Limited Partner may, under certain circumstances,
be required to return to the Partnership, for the benefit of the Partnership’s creditors, amounts previously distributed
to the Limited Partner. If any court of competent jurisdiction holds that any Limited Partner is obligated to make any such payment,
such obligation shall be the obligation of such Limited Partner and not of the Partnership, the General Partner or any other Limited
Partner.

 

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9.           
Resignation, Withdrawal or Removal of the General
Partner.

 

9.1             
Resignation or Withdrawal of General Partner. Subject to Section 9, the General Partner may withdraw upon sixty
(60) days’ written notice to the Limited Partners. An additional General Partner of the Partnership may be admitted to the
Partnership by Majority Vote of the Limited Partners and upon its execution of an instrument signifying its agreement to be bound
by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission
shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning General
Partner shall cease to be a General Partner of the Partnership.

 

9.2             
Removal. The General Partner may be removed by a Supermajority Vote for “cause.” For purposes of this
Section 9.2 “cause” shall be deemed to exist (a) if the General Partner has engaged in willful misconduct, gross negligence,
breach of fiduciary duty or a material breach of this Agreement and, to the extent such breach is susceptible of being cured,
such breach has continued for thirty (30) days after written notice thereof from the Limited Partners to the General Partner (provided,
however, that if such breach is susceptible of cure but such cure cannot be accomplished with reasonable diligence within said
period of time, and if the General Partner commences to cure such breach promptly after receipt of notice thereof from the Limited
Partners, and thereafter prosecutes the curing of such breach with reasonable diligence, such period of time shall be extended
for such period of time as may be necessary to cure such breach with reasonable diligence) or (b) upon an Event of Insolvency
of the General Partner. Any indemnification of the General Partner pursuant to this Agreement shall survive the removal of the
General Partner.

 

9.3             
General Partner’s Fees. Upon the removal of the General Partner pursuant to Section 9.2 or its withdrawal
with the approval of a Majority Vote, the Partnership shall redeem the General Partner’s Class B Unit for $100, and such
General Partner shall be paid all of its earned but unpaid fees and other compensation remaining to be paid under this Agreement.
The Partnership shall pay these amounts to the General Partner in cash within sixty (60) days of the removal or withdrawal of
the General Partner. If the General Partner and the Partnership cannot agree upon the accrued but unpaid fees within thirty (30)
days, the amount shall be determined by arbitration as described in Section 18.12.

 

10.         
Assignment of the General Partner’s Interest.

 

10.1           
Permitted Assignments. The General Partner may sell, assign, hypothecate, encumber or otherwise transfer any part
or all of its interest in the Partnership in its sole and absolute discretion.

 

10.1.1   
 Any assignment or transfer of the General Partner’s interest provided for by this Agreement can be an assignment
or transfer of all of its interest or any portion or part of its interest.

 

10.1.2   
 Any transfer of all or a part of the General Partner’s interest may be made only pursuant to the terms and conditions
contained in this Section 10.

 

10.1.3   
Any such assignment shall be by a written instrument of assignment, the terms of which are not in contravention of
any of the provisions of this Agreement, and which has been duly executed by the assignor of such General Partner’s interest.

 

    	17

    	 

    

 

10.2           
Substitute General Partner. Upon acceptance by the Limited Partners, any assignee of such General Partner’s
interest in compliance with this Section 10 shall be substituted as the General Partner.

 

10.3           
Transfer in Violation Not Recognized. Any assignment, sale, exchange or other transfer in contravention of the provisions
of this Section 10 shall be void and ineffectual and shall not bind or be recognized by the Partnership.

 

11.          Assignment of Units.

 

11.1           
Permitted Assignments. A Limited Partner (other than the General Partner) may only sell, assign, hypothecate, encumber
or otherwise transfer all or any part of his or her interest in the Partnership if the following requirements are satisfied:

 

11.1.1   
The General Partner consents in its sole and absolute discretion in writing to the transfer;

 

11.1.2   
No Limited Partner shall transfer, assign or convey or offer to transfer, assign or convey all or any portion of a
Unit to any person who does not possess the financial qualifications required of all persons who become Limited Partners (including,
but not limited to, being an “accredited investor”), as described in the Memorandum and the Supplement;

 

11.1.3   
No Limited Partner shall have the right to transfer any Unit to any minor or to any person who, for any reason, lacks
the capacity to contract for himself or herself under applicable law. Such limitations shall not, however, restrict the right
of any Limited Partner to transfer any one or more Units to a custodian or a trustee for a minor or other person who lacks such
contractual capacity;

 

11.1.4   
The General Partner, with advice of counsel, must determine that such transfer will not jeopardize the applicability
of the exemptions from the registration requirements under the Securities Act of 1933, as amended, and registration or qualification
under state securities laws relied upon by the Partnership and General Partner in offering and selling the Units or otherwise
violate any federal or state securities laws;

 

11.1.5   
The General Partner, with advice of counsel, must determine that, despite such transfer, Units will not be deemed traded
on an established securities market or “readily tradable on a secondary market (or the substantial equivalent thereof)”
under the provisions applicable to publicly traded partnership status;

 

11.1.6   
Any such transfer shall be by a written instrument of assignment, the terms of which are not in contravention of any
of the provisions of this Agreement, and which has been duly executed by the assignor of such Units and accepted by the General
Partner in writing;

 

11.1.7   
A transfer fee shall be paid by the transferring Limited Partner in such amount as may be required by the General Partner
and/or Lender to cover all reasonable expenses, including attorneys’ fees, connected with such assignment; and

 

    	18

    	 

    

 

11.1.8   
The transfer will not result in qualified benefit plans owning twenty-five percent (25%) or more of the Units.

 

11.2           
Substituted Limited Partner.

 

11.2.1   
Conditions to be Satisfied. No person shall have the right to become a Substituted Limited Partner unless the General
Partner shall consent thereto in accordance with Section 11.2.2 and all of the following conditions are satisfied:

 

    (a)           A duly executed and acknowledged written instrument of assignment shall have been filed with the Partnership, which instrument
shall specify the number of Units being assigned and set forth the intention of the assignor that the assignee succeed to the
assignor’s interest as a Substituted Limited Partner in his or her place;

 

    (b)           The assignor and assignee shall have executed, acknowledged and delivered such other instruments as the General Partner
may deem necessary or desirable to effect such substitution, which may include an opinion of counsel regarding the effect and
legality of any such proposed transfer, and which shall include: (i) the written acceptance and adoption by the assignee of the
provisions of this Agreement and (ii) the execution, acknowledgment and delivery to the General Partner of a special power of
attorney, the form and content of which are more fully described in this Agreement; and

 

    (c)           A transfer fee sufficient to cover all reasonable expenses connected with such substitution shall have been paid to the
Partnership.

 

11.2.2   
Consent of General Partner. The consent of the General Partner shall be required to admit a person as a Substituted
Limited Partner. The granting or withholding of such consent shall be within the sole and absolute discretion of the General Partner.

 

11.2.3   
Consent of Limited Partner. By executing or adopting this Agreement, each Limited Partner hereby consents to the admission
of additional or Substituted Limited Partners upon consent of the General Partner and in compliance with this Agreement.

 

11.3           
Assignment of 50% or More of Units. No assignment of any Units may be made if the Units to be assigned, when added
to the total of all other Units and General Partner interests assigned within the thirteen (13) immediately preceding months,
would, in the opinion of counsel for the Partnership, result in the termination of the Partnership under the Code.

 

11.4           
Transfer Subject to Law. No assignment, sale, transfer, exchange or other disposition of any Units may be made except
in compliance with the applicable governmental laws and regulations, including state and federal securities laws.

 

11.5           
Termination of Limited Partnership Interest. Upon the transfer of a Unit in violation of this Agreement or the occurrence
of a Limited Partner Dissolution that does not result in the dissolution of the Partnership, the Limited Partnership Interest
of a Limited Partner shall be converted into an Economic Interest.

 

    	19

    	 

    

 

12.         
Books, Records, Accounting and Reports.

 

12.1           
Records, Audits and Reports. The Partnership shall maintain at its principal office the Partnership’s records
and accounts of all operations and expenditures of the Partnership including the following:

 

12.1.1   
A current list in alphabetical order of the full name and last known business or resident address of each Limited Partner
and General Partner, together with the number of Units owned by each Limited Partner;

 

12.1.2   
A copy of the Certificate of Limited Partnership and all amendments thereto, together with any powers of attorney pursuant
to which the Certificate of Limited Partnership or any amendments thereto were executed;

 

12.1.3   
Copies of the Partnership’s federal, state, and local income tax or information returns and reports, if any,
for the six (6) most recent taxable years;

 

12.1.4   
Copies of this Agreement and any amendments thereto together with any powers of attorney pursuant to which any written
accounting or any amendments thereto were executed;

 

12.1.5   
Copies of any financial statements of the Partnership, if any, for the six (6) most recent years; and

 

12.1.6   
The Partnership’s books and records as they relate to the internal affairs of the Partnership for at least the
current and past four (4) fiscal years.

 

12.2           
Delivery to Limited Partners and Inspection. 

 

12.2.1   
Each Limited Partner, or its representative designated in writing, has the right, upon reasonable written request for
purposes related to the interest of that person as a Limited Partner, which purposes are set forth in the written request, to
receive from the Partnership:

 

     (a)          
True and full information regarding the status of the business and financial condition of the Partnership;

 

     (b)          Promptly after becoming available, a copy of the Partnership’s federal, state and local income tax returns for each
year; and

 

     (c)          A copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto, together with executed
copies of any written powers of attorney pursuant to which this Agreement and any certificate and all amendments thereto have
been executed.

 

12.3           
Annual Report. The General Partner will cause the Partnership to send to each Limited Partner such tax information
as may be necessary for the preparation of the Limited Partner’s tax returns. The General Partner will use reasonable efforts
to provide this information by the original due date of Limited Partner’s tax returns; however, it may be necessary for
the Limited Partners to extend their tax returns.

 

    	20

    	 

    

 

12.4           
Tax Information. The General Partner shall cause the Partnership, at the Partnership’s expense, to prepare
and timely file income tax returns for the Partnership with the appropriate authorities, and shall cause all Partnership information
necessary in the preparation of the Limited Partners’ individual income tax returns to be distributed to the Limited Partners
not later than seventy-five (75) days after the end of the Partnership’s fiscal year. The General Partner shall also distribute
a copy of the Partnership’s tax return to a Limited Partner, if requested by such Limited Partner.

 

13.         
Termination and Dissolution of the Partnership.

 

13.1           
Termination of Partnership. Subject to the limitations contained in Section 1.4 and Section 9 and
to the Certificate of Limited Partnership, the Partnership shall be dissolved, shall terminate and its assets shall be disposed
of, and its affairs wound up, upon the earliest to occur of the following:

 

13.1.1   
Upon the happening of any event of dissolution specified in the Certificate of Limited Partnership;

 

13.1.2   
A determination by the General Partner to terminate the Partnership;

 

13.1.3   
After (i) the sale of the Trust Estate held by the Partnership, or the receipt of the final payment on any seller financing
provided by the Partnership on the sale of the Trust Estate, if later and (ii) the General Partner has determined in its sole
and absolute discretion that such termination is appropriate; or

 

13.1.4   
The occurrence of a Dissolution Event unless the business of the Partnership is continued by a Majority Vote of the
remaining Limited Partners within ninety (90) days following the occurrence of the event.

 

The
bankruptcy, death, dissolution, liquidation, termination or adjudication of incompetency of a Limited Partner (a “Limited
Partner Dissolution”) shall not cause the termination or dissolution of the Partnership and the business of the
Partnership shall continue.

  

13.2           
Certificate of Cancellation. As soon as possible following the completion of the winding up of the Partnership,
the General Partner who has not wrongfully dissolved the Partnership or, if none, the Limited Partners, shall execute and file
a Certificate of Cancellation in such form as shall be required by the Act. The Partnership shall continue to exist as a separate
legal entity until the Certificate of Cancellation has been filed in accordance with the Act.

 

    	21

    	 

    

 

13.3           
Liquidation of Assets. Upon a dissolution and termination of the Partnership, the General Partner (or in case there
is no General Partner, the Limited Partners or person designated by a Majority Vote) shall take full account of the Partnership
assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair market value thereof,
and shall apply and distribute the proceeds therefrom in the following order:

 

13.3.1   
To the payment of creditors of the Partnership, including the Lender, other than Limited Partners who are creditors,
but excluding secured creditors whose obligations will be assumed or otherwise transferred on liquidation of Partnership assets,
and then to the payment of Limited Partners who are creditors of the Partnership;

 

13.3.2   
To the setting up of any reserves as required by law for any liabilities or obligations of the Partnership; provided,
however, that said reserves shall be deposited with a bank or trust company in escrow with interest for the purpose of disbursing
such reserves for the payment of any of the aforementioned contingencies and, at the expiration of a reasonable period, for the
purpose of distributing the balance remaining in accordance with the remaining provisions of this Section 13.3; and

 

13.3.3   
To the General Partner .0001% and the balance to the Limited Partners in proportion to their Units.

 

13.4           
Distributions Upon Dissolution. Each Limited Partner shall look solely to the assets of the Partnership for all
Distributions, and shall have no recourse therefor (upon dissolution or otherwise) against any General Partner or any Limited
Partner.

 

13.5           
Limitation on Distributions. Notwithstanding any other provision in this Agreement, the Partnership shall make no
distribution that would violate the Act or other applicable law.

 

14.         
Special and Limited Power of Attorney.

 

14.1           
Power of Attorney. The General Partner shall at all times during the term of the Partnership have a special and
limited power of attorney as the attorney-in-fact for each Limited Partner, with power and authority to act in the name and on
behalf of each such Limited Partner to execute, acknowledge, and swear to in the execution, acknowledgment and filing of documents
that are not inconsistent with the provisions of this Agreement and which may include, by way of illustration but not by way of
limitation, the following:

 

14.1.1   
This Agreement, as well as any amendments to the foregoing which, under the laws of the State of Delaware or the laws
of any other state, are required to be filed or which the General Partner shall deem it advisable to file;

 

14.1.2   
Any other instrument or document that may be required to be filed by the Partnership under the laws of any state or
by any governmental agency or which the General Partner shall deem it advisable to file;

 

14.1.3   
Any instrument or document that may be required to effect the continuation of the Partnership, the admission of Substituted
Limited Partners, or the dissolution and termination of the Partnership (provided such continuation, admission or dissolution
and termination are in accordance with the terms of this Agreement);

 

14.1.4   
Any instrument of conveyance or encumbrance with respect to the Trust Estate;

 

    	22

    	 

    

 

14.1.5   
This Agreement or any other instrument or document to include any special purpose entity or bankruptcy remote entity
requirement imposed by the Lender; and

 

14.1.6   
Any and all other instruments as the General Partner may deem necessary or desirable to effect the purposes of this
Agreement and carry out fully its provisions, including, but not limited to, those in Section 16.

 

14.2           
Provision of Power of Attorney. The special and limited power of attorney of the General Partner:

 

14.2.1   
Is a special power of attorney coupled with the interest of the General Partner in the Partnership, and its assets,
is irrevocable, shall survive the death, incapacity, termination or dissolution of the granting Limited Partner, and is limited
to those matters in this Agreement set forth;

 

14.2.2   
May be exercised by the General Partner by and through one or more of the officers of the General Partner, for each
of the Limited Partners by the signature of the General Partner acting as attorney-in-fact for the Limited Partners, together
with a list of all Limited Partners executing such instrument by their attorney-in-fact or by such other method as may be required
or requested in connection with the recording or filing of any instrument or other document so executed; and

 

14.2.3   
Shall survive an assignment by a Limited Partner of all or any portion of his or her Units except that, where the assignee
of the Units owned by the Limited Partner has been approved by the General Partner for admission to the Partnership as a Substituted
Limited Partner, the special power of attorney shall survive such assignment for the sole purpose of enabling the General Partner
to execute, acknowledge and file any instrument or document necessary to effect such substitution to the fullest extent permitted
by law.

 

14.3           
Notice to Limited Partners. The General Partner shall promptly furnish to a Limited Partner a copy of any amendment
to the Partnership Agreement executed by the General Partner pursuant to a power of attorney from the Limited Partner.

 

15.         Relationship of this Agreement to the Act.
Many of the terms of this Agreement are intended to alter or extend provisions of the Act as they may apply to the Partnership
or the Limited Partners. Any failure of this Agreement to mention or specify the relationship of such terms to provisions of the
Act that may affect the scope or application of such terms shall not be construed to mean that any of such terms are not intended
to be a partnership agreement provision authorized or permitted by the Act or which in whole or in part alters, extends or supplants
provisions of the Act as may be allowed thereby.

 

16.        
Amendment of Agreement.

 

16.1           
Admission of Limited Partner. Amendments to this Agreement for the admission of any Limited Partner or Substituted
Limited Partner shall not, if in accordance with the terms of this Agreement, require the consent of any Limited Partner.

 

    	23

    	 

    

 

16.2           
Amendments with Consent of Limited Partners. Subject to the terms of Section 9.1 and the Certificate
of Limited Partnership, in addition to any amendments otherwise authorized in this Agreement, this Agreement may be amended by
the General Partner with a Majority Vote of the Units; provided, however, that any amendment that would treat a specific Limited
Partner less favorably than another Limited Partner (in application but not in effect), then such amendment shall require the
vote of such adversely affected Limited Partner.

 

16.3           
Amendments Without Consent of the Limited Partners. Subject to the Certificate of Limited Partnership, in addition
to the Amendments authorized pursuant to Section 7.3.11 or otherwise authorized in this Agreement, the General Partner
may amend this Agreement, without the consent of any of the Limited Partners, to (a) change the name and/or principal place of
business of the Partnership; (b) decrease the rights and powers of the General Partner (so long as such decrease does not impair
the ability of the General Partner to manage the Partnership and conduct its business and affairs) and/or add to the representations,
duties, services or obligations of the General Partner; provided, however, that no amendment shall be adopted pursuant to this
Section 16.3 unless the adoption thereof (i) is for the benefit of or not adverse to the interests of the Limited Partners,
(ii) is not inconsistent with Section 7, and (iii) does not affect the limited liability of the Limited Partners or the
status of the Partnership as a partnership for federal income tax purposes; (iii) cure any ambiguity or mistake or make any other
provision with respect to matters or questions arising under this Agreement that will not be inconsistent with the provisions
of this Agreement; and delete or add any provision of this Agreement required to be so deleted or added for the benefit of the
Limited Partners by the staff of the Securities and Exchange Commission or by a state “Blue Sky” Commissioner or similar
official. Further, the General Partner shall be allowed to amend this Agreement without the consent of any of the Limited Partners
to comply with any terms or modifications required by any lender to make this Agreement comply with any special purpose entity
requirements or otherwise.

 

16.4           
Execution and Recording of Amendments. Any amendment to this Agreement shall be executed by the General Partner,
and by the General Partner as attorney-in-fact for the Limited Partners pursuant to the power of attorney contained in Section
14. After the execution of such amendment, the General Partner shall also prepare and record or file any certificate or other
document which may be required to be recorded or filed with respect to such amendment, either under the Act or under the laws
of any other jurisdiction in which the Partnership holds any property or otherwise does business.

 

17.        
Limited Partner Representations.
Each Limited Partner hereby represents and warrants to the Partnership, the General Partner and all other Limited Partners that:

 

17.1           
Authority. Such Limited Partner has the power and authority to execute and comply with the terms and provisions
of this Agreement.

 

17.2           
No Registration. Such Limited Partner’s interest in the Partnership has not and will not be registered under
the Securities Act of 1933, as amended, or the securities laws of any state, and cannot be sold or transferred without compliance
with the registration provisions of said Securities Act of 1933, as amended, and the applicable state securities laws, or compliance
with the exemptions, if any, available thereunder. Such Limited Partner understands that neither the Partnership nor the General
Partner or any other Limited Partner has any obligation or intention to register the Limited Partner interests under any federal
or state securities act or law, or to file the reports to make public the information required by Rule 144 under the Securities
Act of 1933, as amended.

 

    	24

    	 

    

 

18.        
Miscellaneous.

 

18.1           
Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement,
binding on all of the parties to this Agreement, notwithstanding that all of the parties are not signatory to the original or
the same counterpart.

 

18.2           
Successors and Assigns. The terms and provisions of this Agreement shall be binding upon and shall inure to the
benefit of the successors and assigns of the respective Limited Partners.

 

18.3           
Severability. In the event any sentence or Section of this Agreement is declared by a court of competent jurisdiction
to be void, such sentence or Section shall be deemed severed from the remainder of this Agreement and the balance of this Agreement
shall remain in full force and effect.

 

18.4           
Notices. All notices under this Agreement shall be in writing and shall be given to the Limited Partner entitled
thereto, by personal service or by mail, posted to the address maintained by the Partnership for such person or at such other
address as he or she may specify in writing; provided, however, that in the event that any such Limited Partner does not respond
to the personal service or mail as set forth above, that the General Partner shall send out one additional notice by certified
mail return receipt requested or by a delivery service that maintains records regarding their deliveries or attempted deliveries.

 

18.5           
General Partner’s Address. The name and address of the General Partner is as follows:

	 	 	 	 
	 	DCX [●] Manager LLC	 
	 	518 17th Street, 17th Floor	 
	 	Denver, Colorado 80202	 
	 	Attention:	M. Kirk Scott	 
	 	Facsimile:	(303) 577-9797	 
	 	Telephone:	(303) 339-3609	 
	 	 	 	 
	 	With a copy to:	 
	 	Dividend Capital Diversified Property Fund Inc.	 
	 	518 17th Street, Suite 1700	 
	 	Denver, Colorado 80202	 
	 	Attention:	Joshua Widoff	 
	 	Facsimile:	(303) 869-4602	 
	 	Telephone:	(303) 597-0483	 

 

    	25

    	 

    

 

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

 

18.7       
Captions. Section titles or captions contained in this Agreement are inserted only as a matter of convenience and
reference. Such titles and captions in no way define, limit, extend or describe the scope of this Agreement nor the intent of
any provisions of this Agreement.

 

18.8       
Gender. Whenever required by the context of this Agreement, the singular shall include the plural, and vice versa,
the masculine gender shall include the feminine and neuter genders, and vice versa.

 

18.9       
Time. Time is of the essence with respect to this Agreement.

 

18.10     
Additional Documents. Each Limited Partner, upon the request of the General Partner, shall perform any further acts
and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement, including,
but not limited to, providing acknowledgment before a Notary Public of any signature made by a Limited Partner.

 

18.11     
Descriptions. All descriptions referred to in this Agreement are expressly incorporated in this Agreement by reference
as if set forth in full, whether or not attached to this Agreement.

 

18.12     
Binding Arbitration. Any dispute, claim or controversy arising out of or relating to this Agreement or breach, termination,
enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Agreement to
arbitrate, shall be determined by arbitration in Denver, Colorado, before a sole arbitrator. The arbitration shall be administered
by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having
jurisdiction. The arbitrator shall, in the award, allocate all of the costs of the arbitration (and the mediation, if applicable),
including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did
not prevail. Anything to the contrary in this Agreement notwithstanding, the provisions of this Section 18.12 shall not apply
with respect to any application made by any party to this Agreement for injunctive relief under this Limited Partnership Agreement.

 

18.13     
Venue. Subject to Section 18.12, any action relating to or arising out of this Agreement shall be brought
only in a court of competent jurisdiction located in Denver, CO.

 

18.14     
Partition. The Limited Partners agree that the assets of the Partnership are not and will not be suitable for partition.
Accordingly, each of the Limited Partners hereby irrevocably waives any and all rights that he may have, or may obtain, to maintain
any action for partition of any of the assets of the Partnership.

 

18.15     
Integrated and Binding Agreement. This Agreement contains the entire understanding and agreement among the Limited
Partners with respect to the subject matter of this Agreement, and there are no other agreements, understandings, representations
or warranties among the Partners other than those set forth in this Agreement except the purchase agreement executed in connection
with the purchase of Beneficial Interests in the Trust (the “Purchase Agreement”). This Agreement may be amended
only as provided in this Agreement.

 

    	26

    	 

    

 

18.16     
Legal Counsel. Each Limited Partner acknowledges and agrees that counsel representing the Partnership, the General
Partner and its Affiliates does not represent and shall not be deemed under the applicable codes of professional responsibility
to have represented or to be representing any or all of the Limited Partners, other than the General Partner, in any respect.
In addition, each Limited Partner consents to the General Partner hiring counsel for the Partnership that is also counsel to one
or more of the General Partners.

 

18.17     
Title to Partnership Property. All Property owned by the Partnership shall be owned by the Partnership as an entity
and, insofar as permitted by applicable law, no Limited Partner shall have any ownership interest in any Partnership Property
in its individual name or right, and each Limited Partner’s Limited Partnership Interest shall be personal property for
all purposes. As long as any obligation to the Lender is outstanding, nothing in this Agreement is intended to give any creditor
of a Limited Partner any rights in the Limited Partner’s interest in the Partnership other than as an assignee of the Limited
Partner’s interest in the Partnership and such creditor will have no direct claim to the assets of the Partnership.

 

18.18     
Conflict. In the event of a conflict between the terms of this Agreement and the Certificate of Limited Partnership,
the terms of the Certificate of Limited Partnership shall control.

 

18.19     
Signature of the Limited Partners. The Limited Partners hereby acknowledge and agree that by signing the Purchase
Agreement they are also agreeing to be bound by the terms of this Agreement and that their signature to this Agreement will not
be required as of the Transfer Date.

 

*
* * *

 

[Remainder
of page intentionally left blank; signatures follow.]

 

    	27

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have set their hands to this Limited Partnership Agreement as of the date set forth below.

  

GENERAL PARTNER: 

  

DCX [●]
MANAGER LLC or its affiliate a 

Delaware limited liability company

 

By: DCX Manager LLC, a Delaware limited

 liability company, its
sole member

	 	 
	By:	 	 
	Name: 	 
	Title:	 
	Date:	 

 

INITIAL
LIMITED PARTNER:

DCX [●]
DST, a Delaware statutory trust 

 

By: DCX [●]
Manager LLC, a Delaware limited 

liability company, its manager

  

By: DCX Manager LLC, a Delaware limited 

liability company, its
manager

	 	 
	By:	 	 
	Name: 	 
	Title:	 
	Date:	 

    	[Signature
                                         Page to Limited Partnership Agreement ([·])]

    	 

    

 

COUNTERPART SIGNATURE
PAGE

 

Limited partner: 

					
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	  	 
	 	 	 
	Date:	  	 

 

 

    	 

    	 

    

 

EXHIBIT
A

Definitions

 

“Act”
shall mean the Delaware Revised Uniform Limited Partnership Act, as the same may be amended from time to time.

 

“Additional
Capital Contributions” means those additional Capital Contributions which may be voluntarily given pursuant to Section
3.2.

 

“Affiliate”
shall mean (a) any person directly or indirectly controlling, controlled by or under common control with another person; (b) a
person owning or controlling ten percent (10%) or more of the outstanding voting securities of such other person; (c) any officer,
director or partner of such other person; and (d) if such other person is an officer, director or partner, any company for which
such person acts in any capacity. The term “person” shall include any natural person, corporation, partnership,
trust, unincorporated association or other legal entity.

 

“Agreement”
shall mean this Limited Partnership Agreement, as amended from time to time.

 

“Beneficial
Interest” means a beneficial interest in the Trust as defined in the Trust Agreement.

 

“Beneficial
Owner” means each Person who, at the time of determination, holds a Beneficial Interest as reflected on the Ownership
Records (as defined in the Trust Agreement) as of the Transfer Date.

 

“Capital
Contribution(s)” means, with respect to any Partner, or all of the Partners, all cash and properties contributed to
the Partnership pursuant to Section 3.1.1 net of liabilities assumed or taken subject to by the Partnership.

 

“Capital
Expenditures” means expenditures for items that are capital in nature, including, but not limited to, tenant improvements,
leasing commissions, and major repairs, made at the discretion of the General Partner.

 

“Cash
from Operations” shall mean the net cash realized by the Partnership from all sources, including, but not limited to,
the operations of the Partnership including the sale, financing, refinancing or other disposition of the Trust Estate, after payment
of all cash expenditures of the Partnership, including, but not limited to, all operating expenses including all fees payable
to the General Partner or Affiliates, all payments of principal and interest on indebtedness, and such reserves and retentions
as the General Partner reasonably determines to be necessary and desirable in connection with Partnership operations with its
then existing assets and any anticipated acquisitions.

 

“Certificate
of Limited Partnership” shall mean the Certificate of Limited Partnership of the Partnership as filed with the Secretary
of State of Delaware as the same may be amended or restated from time to time.

 

“Class
A Units” shall mean the Class A Units authorized and issued pursuant to Section 3.

 

“Class
B Unit” shall mean the one (1) Class B Unit authorized and issued pursuant to Section 3.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequently enacted federal revenue
laws.

 

“Delaware
Trustee” means the person serving, at the time of determination, as the Delaware Trustee under the Trust.

 

    	 

    	 

    

 

“Dissolution
Event” shall mean with respect to the General Partner one or more of the following: the death, insanity, withdrawal,
retirement, resignation, expulsion, Event of Insolvency or dissolution (unless reconstituted by the General Partner) of the General
Partner unless the Limited Partners consent to continue the business of the Partnership pursuant to Section 14.1.5.

 

“Distributable
Cash” shall mean Cash from Operations and Capital Contributions determined by the General Partner to be available for
Distribution to the Limited Partners.

 

“Distribution”
shall refer to any money or other property transferred without consideration (other than repurchased Units) to Limited Partners
with respect to their interests or Units in the Partnership, but shall not include any payments to the General Partner pursuant
to Section 6.

 

“Economic
Interest” shall mean an interest in the income, loss and Distributions of the Partnership but shall not include any
right to vote or to participate in the management of the Partnership.

 

“Event
of Insolvency” shall occur when an order for relief against the General Partner is entered under Chapter 7 of the federal
bankruptcy law, or (a) the General Partner: (i) makes a general assignment for the benefit of creditors, (ii) files a voluntary
petition under the federal bankruptcy law, (iii) files a petition or answer seeking for that General Partner a reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (iv)
files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the General
Partner in any proceeding of this nature, or (v) seeks, consents to, or acquiesces in the appointment of a trustee, receiver,
or liquidator of that General Partner or of all or a substantial part of that General Partner’s properties, or (b) the expiration
of sixty (60) days after either (i) the commencement of any proceeding against the General Partner seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any statute, law, or regulation, if the proceeding
has not been dismissed, or (ii) the appointment without the General Partner’s consent or acquiescence of a trustee,
receiver, or liquidator of the General Partner or of all or any substantial part of the General Partner’s properties, if
the appointment has not been vacated or stayed (or if within sixty (60) days after the expiration of any such stay, the appointment
is not vacated).

 

“General
Partner” shall refer to DCX [●] Manager LLC or its affiliate, a Delaware limited liability company. The term “General
Partner” shall also refer to any successor or additional General Partner who is admitted to the Partnership as the General
Partner.

 

“Initial
Limited Partner” shall mean the Trust.

 

“Liquidation”
means in respect to the Partnership the earlier of the date upon which the Partnership is terminated under Section 708(b)(1) of
the Code or the date upon which the Partnership ceases to be a going concern (even though it may exist for purposes of winding
up its affairs, paying its debts and distributing any remaining balance to its Partners), and in respect to a Limited Partner
where the Partnership is not in Liquidation means the date upon which occurs the termination of the Limited Partner’s entire
interest in the Partnership by means of a Distribution or the making of the last of a series of Distributions (whether or not
made in more than one (1) year) to the Limited Partner by the Partnership.

 

“Limited
Partner” or “Limited Partners” shall mean the persons listed on Exhibit B.

 

“Limited
Partnership Interest” shall mean a Limited Partner’s entire interest in the Partnership including such Limited
Partner’s Economic Interest and such voting and other rights and privileges that the Limited Partner may enjoy by being
a Limited Partner.

 

“Majority
Vote” shall mean the vote of more than fifty percent (50%) of the Class A Units entitled to vote. Limited Partners shall
be entitled to cast one vote for each Class A Unit they own, and a fractional vote for each fractional Class A Unit they own.

 

    	 

    	 

    

 

“Master
Lease” means that master agreement between the Master Tenant and the Trust, relating to the Property, together with
all amendments, supplements and modifications thereto.

 

“Master
Tenant” shall mean DCX [●] Master Tenant LLC, a Delaware limited liability company.

 

“New
Audit Rules” shall have the meaning set forth in Section 7.9.4.

 

“Organization
Expenses” shall mean all expenses incurred in connection with the organization and formation of the Partnership, including
but not limited to legal and accounting fees, tax planning fees, promotional fees or expenses, filing and recording fees and other
costs or expenses incurred in connection therewith.

 

“Partners”
shall mean the General Partner and the Limited Partners.

 

“Partnership”
shall mean DCX [●] DST LP.

 

“Partnership
Representative” shall have the meaning set forth in Section 7.9.4.

 

“Prime
Rate” shall mean the reference rate announced from time-to-time by the Wall Street Journal, and changes in the Prime
Rate shall be deemed to occur on the date that changes in such rate are announced.

 

“Property”
shall refer to any or all of such real and tangible or intangible personal property or properties held by the Trust on the Transfer
Date.

 

“Substituted
Limited Partner” shall mean any person admitted as a substituted Limited Partner pursuant to this Agreement.

 

“Supermajority
Vote” shall mean the vote of more than sixty-six percent (66%) of the Class A Units entitled to vote. Limited Partners
shall be entitled to cast one vote for each Class A Unit they own, and a fractional vote for each fractional Class A Unit they
own

 

“Tax
Matters Partner” means the “tax matters partner,” as defined in section 6231(a)(7) of the Code. The Tax
Matters Partner shall be the General Partner until such time as a new Tax Matters Partner is selected by the Partnership.

 

“Tax
Payment” shall have the meaning set forth in Section 4.6.1.

 

“Transfer
Date” shall mean the date the Trust Estate is distributed to the Partnership pursuant to Section 9.2 of the Trust Agreement.

 

“Trust”
means DCX [●] DST, that certain Delaware statutory trust formed by and in accordance with, and governed by, the Trust Agreement.

 

“Trust
Agreement” means that certain Trust Agreement dated as of [●], [●], by and among TRT [●] LLC as Initial
Depositor, DCX [●] Manager LLC as Manager and Signatory Trustee, the Corporation Trust Company as Delaware Trustee, and
certain Beneficial Owners holding a Beneficial Interest in the Trust.

 

“Trust
Estate” means all of the Trust’s right, title, and interest in and to the Property and any and all other property
and assets (whether tangible or intangible) in which the Trust at any time has any right, title or interest, all of which are
or will be acquired by the Partnership in connection with the formation of the Partnership.

 

    	 

    	 

    

 

“Unit”
shall represent an interest in the Partnership entitling the owner of the Unit if admitted as a Partner to the respective voting
and other rights afforded to a Partner holding a Unit, and affording to such Partner a share in income, loss and Distributions
as provided for in this Agreement. The Units shall consist of Class A Units held by the Limited Partners and one Class B Unit
held by the General Partner.

 

    	 

    	 

    

 

Table
of Contents

  

Page

 

EXHIBIT
B

PARTNERS

 

Limited
Partners

 

(prior
Beneficial Owners under the Trust Agreement)

 

	Name	 	Percentage Interest	 	Units	 

 

General
Partner

 

	Name	 	 	Percentage
    Interest	 		Units	 	 
	DCX
    [●] Manager LLC	0.0001%	 	1
    Class B Unit

 

 

    	- 1 -

    	 

    

 

EXHIBIT
G

  

FORM
OF CONVERSION NOTICE

  

TRT
[●] LLC, a Delaware limited liability company (the “Depositor”), as the sole Class 2 Beneficial Owner
in DCX [●] DST, a Delaware statutory trust (the “Trust”), hereby provides a Conversion Notice
pursuant to Section 6.12 of the Trust Agreement dated as of [●],[●].

  

Date:
____________

	 	 	 	 	 
	 	TRT [●] LLC, a
	 	Delaware limited liability company
	 	 
	 	By: TRT Master Retail Holdco LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: DCTRT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
	 	 
	 	By: Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership, its sole member
	 	
	 	By: Dividend Capital Diversified Property Fund Inc., a Maryland corporation, its general partner
	 	 
	 	By:	 	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT
H

 

FORM
OF CALL AGREEMENT

  

[INSERT
FORM]Dividend Capital Diversified Property Fund Inc. POS AM

 

Exhibit 10.23

 

FINAL FORM

 

MASTER LEASE

DCX [●] DST, a Delaware statutory trust,

as Landlord,

-to-

DCX [●] Master Tenant LLC, a Delaware limited liability company

as Tenant
 

Premises:          [●]

 

Dated
as of: [●], [●]

 

    	 

    	 

    

 

TABLE OF CONTENTS

	 		 	 
	 	 	 	Page
	 	 	 	 
	Paragraph 1:	Term	 	1
	Paragraph 2:	Rental	 	2
	Paragraph 3:	Use of Demised Premises	 	3
	Paragraph 4:	Payment of Taxes	 	3
	Paragraph 5:	Proration	 	5
	Paragraph 6:	Tenant’s Improvements and Alterations	 	5
	Paragraph 7:	Repairs	 	6
	Paragraph 8:	Compliance With Laws	 	6
	Paragraph 9:	Indemnification	 	7
	Paragraph 10:	Insurance	 	7
	Paragraph 11:	Damage or Destruction	 	8
	Paragraph 12:	Condemnation	 	10
	Paragraph 13:	Landlord’s Right to Perform Tenant’s Covenants	 	11
	Paragraph 14:	Discharge of Liens	 	12
	Paragraph 15:	Landlord’s Access to Premises	 	13
	Paragraph 16:	Assignment, Mortgage, Etc.	 	14
	Paragraph 17:	Default	 	14
	Paragraph 18:	Representations by Landlord	 	17
	Paragraph 19:	Quiet Enjoyment	 	18
	Paragraph 20:	Subordination; Subleases	 	18
	Paragraph 21:	Brokerage	 	20
	Paragraph 22:	Lease Status	 	21
	Paragraph 23:	Holdover	 	21
	Paragraph 24:	Definition and Liability of Landlord	 	21
	Paragraph 25:	Environmental Covenants	 	22
	Paragraph 26:	Memorandum of Lease	 	22
	Paragraph 27:	Arbitration	 	22
	Paragraph 28:	Governing Law	 	23
	Paragraph 29:	Notices	 	23
	Paragraph 30:	Entire Agreement	 	24
	Paragraph 31:	Assigns	 	25
	Paragraph 32:	Invalidity of Particular Provisions	 	25
	Paragraph 33:	Severability	 	25
	Paragraph 34:	Captions	 	25
	Paragraph 35:	Surrender of the Demised Premises	 	25
	Paragraph 36:	Certificate of Occupancy	 	25

 

    	- i -

    	 

    

 

TABLE OF CONTENTS

(continued)

	 		 	 
	 	 	 	Page
	 	 	 	 
	Paragraph 37:	Name Buildings/Demised Premises; Signs	 	26
	Paragraph 38:	Attorneys’ Fees	 	26
	Paragraph 39:	Definitions	 	26
	 	 	 	 
	EXHIBIT A Legal Description	 	 
	 	 	 
	EXHIBIT B Form of Memorandum of Lease	 	 
	 	 	 
	EXHIBIT C Form of Termination of Memorandum of Lease	 	 
	 	 	 
	EXHIBIT D Form of Assignment and Assumption of Subleases	 	 
	 	 	 	 
	SCHEDULE 1 Rent	 	 
	 	 	 
	SCHEDULE 2 Percentage Interests	 	 

 

    	- ii -

    	 

    

  

MASTER LEASE

 

This Master Lease, dated as of [●],[●]
(this “Lease”) is by and among DCX [●] DST, a Delaware statutory trust (together with its successors and
assigns, “Landlord”), and DCX [●] Master Tenant LLC, a Delaware limited liability company, having an address
at 518 17th Street, 17th Floor, Denver, Colorado 80202 (together with its successors and assigns, “Tenant”).

 

W I T N E S S E T H:

 

Landlord hereby leases to Tenant
and Tenant hereby hires from Landlord all of Landlord’s right, title and interest in and to the land parcel (the “Land”)
described in Exhibit A annexed to this Lease and made a part of this Lease, together with [●]1 (the “Improvements”).

 

TOGETHER WITH:

 

(a)          and
subject to, that certain [●]2 dated [●],[●], as amended from time to time; and

 

(b)          the
rights and appurtenances pertaining to the Land, including [●]3 (the Land and all of the foregoing, including
the Improvements sometimes referred to hereafter as the “Demised Premises”).

 

SUBJECT TO the Permitted Exceptions
(as hereinafter defined). The demise of the Demised Premises includes, without limitation, Tenant’s right to use the furniture,
fixtures, equipment and other personal property, if any, owned by Landlord and located in, on or about the Demised Premises (the
“Personalty”), and Tenant hereby waives any right, title or interest to the ownership thereof, whether pursuant
to statute or common law.

 

NOW, THEREFORE, IT IS MUTUALLY COVENANTED
AND AGREED between Landlord and Tenant as follows:

 

Paragraph 1:        Term.

 

The term (the “Term”)
of this Lease shall commence on [●], [●] (the “Commencement Date”) and expire on the twentieth (20th)
anniversary of the Commencement Date (the “Expiration Date”) unless sooner terminated as hereinafter provided.

 

All of the terms, provisions and
conditions of this Lease shall be effective as of the Commencement Date.

 

1 Note to Draft: Include appropriate
description of improvements.

2 Note to Draft: Clause (a)
is intended to capture any additional agreements that should be included in the property description.

3 Note to Draft: Include
appropriate description of appurtenances. 

 

    	 

    	 

    

 

Paragraph 2:        Rental.

 

A.          Tenant
agrees to pay Landlord (or as otherwise directed by Landlord), without any setoff or deduction whatsoever, except as otherwise
specifically provided under this Lease, a fixed rental (“Fixed Rent”) in accordance with the terms of Schedule
1 annexed to this Lease and made a part of this Lease. During the Term, the Fixed Rent shall be payable in quarterly installments
as set forth on Schedule 1, on the dates set forth on said Schedule 1, provided, that if this Lease is terminated
prior to the Expiration Date, then Tenant agrees to pay Landlord the pro rata portion of the then current quarterly installment
of the Fixed Rent through and including the date of such early termination. The Fixed Rent payable by Tenant pursuant to this Lease
shall be over and above all other payments required to be made by Tenant as provided in this Lease.

 

B.          All
Fixed Rent, additional rent, and other sums payable by Tenant hereunder shall be paid in lawful money of the United States of America
and without relief from valuation and appraisement laws. Any installment or installments of Fixed Rent, additional rent, and/or
other sums coming due to Landlord under the provisions of this Lease which are not paid when due and remain unpaid for thirty (30)
days following notice and demand from Landlord, shall bear interest at the Default Rate (as hereinafter defined) from the date
such amounts had originally become due hereunder, until such amounts shall have been paid by Tenant. As used throughout this Lease,
the term “Default Rate” shall mean a rate per annum equal to the lesser of (i) the Prime Rate (as hereinafter
defined) plus two percent (2.00%) and (ii) the maximum legal rate, if any. As used herein, the term “Prime Rate”
means, for any period of time, the then published prime interest rate upon unsecured loans charged by JPMorgan Chase Bank, N.A.
or its successor (or Citibank or its successor if JPMorgan Chase Bank, N.A. or its successor shall cease to exist or shall not
have an announced prime rate or lastly, if Citibank, or its successor, shall cease to exist or shall not have an announced prime
rate, the prime rate of the largest commercial bank headquartered in the City of New York) on loans of ninety (90) days.

 

C.          Commencing
on the Commencement Date and at all times during the Term, Tenant shall pay or shall cause all Sublessees (as hereinafter defined)
to pay for all public utilities, including all charges for electricity, water, fuel oil, gas and telephone, incurred in connection
with the occupancy, maintenance and/or operation of the Demised Premises, and any and all other costs and expenses incurred in
connection with the occupancy, maintenance and/or operation of the Demised Premises.

 

D.          Except
as expressly provided otherwise in this Lease, this Lease shall be deemed and construed to be a “net lease” and Tenant
shall pay absolutely net to Landlord throughout the term of this Lease, the Fixed Rent, and all other charges payable by Tenant
hereunder, free of any charges, assessments, impositions, expenses or deductions of any kind and, except as specifically provided
in this Lease, without abatement, deduction or setoff, and under no circumstances or conditions, whether now existing or hereafter
arising, or whether within or beyond the present contemplation of the parties, shall Landlord be expected or required to make any
payment of any kind whatsoever or be under any other obligation or liability hereunder except as set forth herein, and Tenant agrees
to pay all costs and expenses of every kind and nature whatsoever arising out of or in connection with the Demised Premises which
may arise or become due during, or in connection with, the term of this Lease, and which, except for the execution and delivery
of this Lease, would have been payable by Landlord. Landlord and Tenant agree that this Lease is a “true lease” and
does not represent a financing arrangement, joint venture, management arrangement, or any arrangement other than a true lease.
Each party shall reflect the transactions represented by this Lease in all applicable books, records and reports (including, without
limitation, income tax filings) in a manner consistent with “true lease” treatment.

 

    	- 2 -

    	 

    

 

E.          Except
as otherwise expressly provided in this Lease, this Lease shall not terminate, nor shall Tenant have any right to terminate this
Lease, nor shall Tenant be entitled to any abatement or reduction of Fixed Rent or additional rent hereunder, nor shall the obligations
of Tenant under this Lease be in any way affected, by reason of (i) any damage to or destruction of all or any part of the Demised
Premises from whatever cause, (ii) the taking of the Demised Premises or any portion thereof by condemnation, requisition or otherwise,
(iii) the prohibition, limitation or restriction of Tenant’s use of all or any part of the Demised Premises or any interference
with such use by law or ordinance or other governmental regulation or by injunction, (iv) any default on the part of Landlord under
this Lease or under any other agreement to which Landlord and Tenant may be parties, or (v) the bankruptcy, insolvency, reorganization,
composition, readjustment, liquidation, dissolution, winding up or other proceeding affecting Landlord or any assignee of Landlord.
It is the intention of the parties to this Lease that the obligations of Tenant hereunder shall be separate and independent covenants
and agreements, that the Fixed Rent, additional rent and all other sums payable by Tenant hereunder shall continue to be payable
in all events and that the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform
the same shall have been suspended or terminated pursuant to an express provision of this Lease.

 

F.          Tenant
and Landlord shall keep separate books and records as to rental payments received and/or paid by each, as the case may be, and
each party shall separately report rental expense and income. Tenant shall not keep books or records on behalf of Landlord.

 

Paragraph 3:       Use of Demised Premises.

 

Subject to and in accordance with
all rules, regulations, laws, ordinances, statutes and requirements of all governmental authorities having jurisdiction thereof,
Tenant covenants and agrees that it shall use the Demised Premises for any lawful purpose (and for no other purpose). Anything
herein contained to the contrary notwithstanding, Tenant shall not use or permit the use of the Demised Premises or any part thereof
for any unlawful or illegal purposes or in violation of any certificate of occupancy, or for any extra-hazardous purpose or in
such manner as to create or constitute a nuisance of any kind.

 

Paragraph 4:       Payment of Taxes.

 

A.         As
used herein, the term “Taxes” shall mean all taxes, assessments, water charges and sewer rents, rates and charges,
transit taxes, charges for public utilities, excises, levies, license and permit fees and other governmental charges, general and
special, ordinary and extraordinary, foreseen and unforeseen, of any kind and nature whatsoever which at any time prior to or during
the term of this Lease may be assessed, levied, confirmed, imposed upon or become a lien on the Demised Premises or the Land, or
any part thereof, or for any use or occupation of the Demised Premises, and such franchises as may be appurtenant to the use of
the Demised Premises, this transaction or any document to which Tenant is a party. The term “Taxes” as used
herein shall not include any franchise, excise, corporate, inheritance, succession, capital levy or transfer tax of Landlord, or
any income, profits or revenue tax upon the income of Landlord.

 

    	- 3 -

    	 

    

 

B.          As
additional rent, Tenant shall pay or shall cause to be paid, as the same shall become due and payable, all Taxes which are assessed
and are, or become, a lien during the term of this Lease; provided, however, that with respect to any bill or statement
for Taxes issued by any taxing authority directly to Landlord, Tenant shall have no obligation to pay such Taxes, or interest or
penalties accrued with respect thereto, until seven (7) business days shall have expired following Tenant’s receipt of such
bill or statement. Tenant shall, promptly after payment, deliver to Landlord receipts evidencing payment of all such Taxes. Tenant
may pay or shall cause to be paid any Taxes in installments, if payment may be so made, without fine or penalty. Notwithstanding
the foregoing, in the event the holder (the “Fee Mortgagee”) of any mortgage which affects Landlord’s
interest in the Demised Premises or any portion thereof (each such mortgage, a “Fee Mortgage”) requires that
Taxes be paid in advance of their due date, or in installments in advance of the due date to be held in escrow by the Fee Mortgagee,
Tenant hereby agrees to pay or shall cause to be paid Taxes as required by the Fee Mortgagee.

 

C.          Landlord
hereby designates Tenant to act on its behalf and, during the Term of this Lease, assigns to Tenant Landlord’s rights and
interest: (a) to complete, terminate or settle any appeal proceedings pending on the Commencement Date with respect to real estate
tax assessments of the Demised Premises for periods prior to the Commencement Date, (b) to determine the need to initiate an appeal
of any real estate tax assessment of the Demised Premises with respect to periods prior to or after the Commencement Date, and
to complete, terminate or settle any such appeals, and (c) to engage legal counsel in connection with the foregoing, provided,
however, that any refunds or settlement monies resulting from such appeals shall be applied as follows subject to the terms
of any Fee Mortgage: (i) first, to the payment of all attorneys’ fees and costs attendant to such appeals, (ii) second, to
Sublessees to the extent such Sublessees are entitled to a portion of such refunds or monies under their respective subleases and
(iii) third, so long as an Event of Default is not occurring hereunder, to Tenant. Tenant shall pay all costs, including attorneys’
fees and costs, attendant to such appeals (to the extent not covered by the application of any refunds or settlement monies) and
Landlord shall have no obligation to pay the same. To the extent any refund or settlement monies are received that relate to the
period after the Expiration Date, after the application set forth in clauses (i) and (ii) above, the remainder
of such refunds shall be for Tenant, to the extent such refunds or settlement relates to a period of time on or prior to the Expiration
Date, and to Landlord, to the extent such refunds or settlement relates to a period of time after the Expiration Date. At Tenant’s
sole cost and expense, Landlord shall cooperate with Tenant to the extent Landlord’s participation is necessary to initiate,
settle, terminate, extend or amend such appeals or to otherwise secure any refunds.

 

D.          All
Taxes assessed for the tax year in which this Lease shall commence or terminate (including any installment or installments of such
Taxes which Tenant has elected to pay in installments) shall be apportioned between Landlord and Tenant. The allocation provided
herein shall be on the basis of the number of days elapsed during the fiscal year for which Taxes are being paid. If this Lease
shall have terminated by reason of Tenant’s default, all Taxes outstanding to the date of such termination shall be paid
in full by Tenant.

 

    	- 4 -

    	 

    

 

Paragraph 5:       Proration.

 

All utility costs, insurance premiums
on policies transferred to Tenant, if any (or Landlord, upon the expiration of the term of this Lease), and similar items of expense
pertaining to the Demised Premises for the years of commencement and termination of this Lease shall be prorated between Landlord
and Tenant.

 

Paragraph 6:       Tenant’s Improvements
and Alterations.

 

A.          Tenant
shall have the right to make any improvements or alterations (“Tenant Improvements”) to the Demised Premises,
provided that such Tenant Improvements (i) would not diminish, by more than a de minimus amount, the current or residual
value, remaining useful life or utility of the Demised Premises immediately prior to such Tenant Improvements, (ii) would not cause
the Demised Premises to become a “limited use” property within the meaning of IRS Revenue Procedure 2001-28, 2001-1
C.B. 1156 or (iii) would not otherwise cause this Lease to be treated as other than a “true lease” for federal income
tax purposes. All Tenant Improvements shall be done at Tenant’s full cost, expense and risk, shall comply with all applicable
governmental rules and regulations, and shall be done in a first class workmanlike manner. Tenant shall provide ten (10) days prior
written notice to Landlord for any Tenant Improvements other than non-structural repairs and maintenance consistent with keeping
the Demised Premises in good repair.

 

B.          Promptly
following completion of any Tenant Improvements, Tenant shall furnish to Landlord a copy of any and all “as-built”
plans and specifications if and to the extent prepared by Tenant in connection with such Tenant Improvements.

 

C.          Tenant
Improvements and all movable property, furniture, furnishings and trade fixtures including those affixed to the Improvements or
the Land (but in no event any Personalty) shall remain the property of Tenant and may be removed by Tenant at its option at any
time on or before the expiration of the term of this Lease, provided, that such removal (i) would not diminish, by more than a
de minimus amount, the current or residual value, remaining useful life or utility of the Demised Premises immediately prior to
such Tenant Improvement(s), (ii) would not cause the Demised Premises to become a “limited use” property within the
meaning of IRS Revenue Procedure 2001-28, 2001-1 C.B. 1156 or (iii) would not otherwise cause this Lease to be treated as other
than a “true lease” for federal income tax purposes. In the case of any damage to the Demised Premises by such removal,
Tenant shall restore the Demised Premises to substantially the same condition existing prior to such damage. Any Tenant Improvements,
fixtures, or equipment not removed by Tenant at the end of the term of this Lease may, at the option of Landlord, be deemed to
have been abandoned, and in such case shall be retained by Landlord as its property. Tenant’s obligations pursuant to this
Subparagraph 6.C shall survive the termination of this Lease. Notwithstanding the foregoing, Tenant shall remove any Specialty
Items (as hereinafter defined) and repair any damage to the Demised Premises occasioned by such removal. The term “Specialty
Items” shall mean Tenant Improvements affixed to the Improvements or the Land, the removal of which Landlord has notified
Tenant will be required, such notification to occur at the time Tenant has submitted plans and specifications for such Tenant Improvements
in accordance with Subparagraph 6.B.

 

    	- 5 -

    	 

    

 

Paragraph 7:       Repairs.

 

A.          Tenant
will (i) make all necessary repairs and replacements to the Demised Premises, whether ordinary or extraordinary, foreseen or unforeseen,
structural or non-structural, during the term of this Lease, (ii) keep the same in substantially the same condition and repair
as when received and (iii) at the expiration or sooner termination of this Lease, return the Demised Premises to Landlord in substantially
the same condition and repair as when received, ordinary wear and tear and casualty and condemnation losses excepted. In furtherance
and not in limitation of the foregoing, but subject to the provisions of Paragraph 11, Tenant agrees to perform any necessary
capital repairs, replacements and restorations to the Demised Premises as and when the same are necessary (in Tenant’s sole
judgment).

 

B.          Except
as provided in Paragraph 13, Landlord will not make any repairs or alterations to the Demised Premises during the term of
this Lease.

 

Paragraph 8:       Compliance With Laws.

 

Tenant shall comply with all orders,
regulations, rules and requirements of every kind and nature relating to the Demised Premises, now or hereafter in effect, of all
governmental authorities, whether they be usual or unusual, ordinary or extraordinary, or whether they or any of them relate to
any structural changes or requirements of whatever nature, or to changes or requirements incident to or as the result of any use
or occupation thereof or otherwise. Except as expressly provided otherwise in Paragraph 9, Tenant shall pay all costs and
expenses incidental to such compliance and will indemnify and save Landlord harmless from and against all expenses, costs and damages
of every nature by reason of any notice, orders, violations or penalties filed against or imposed upon the Demised Premises or
against Landlord as owner thereof, because of the failure of Tenant to comply with this covenant. Tenant shall have the right to
contest or review any such order by legal proceedings or in such manner as Tenant may deem advisable and may have any such order
cancelled, removed or revoked, without actual compliance therewith. If any such actions or proceedings are instituted by Tenant,
they shall be instituted and conducted diligently and in good faith at the expense of Tenant and free of expenses to Landlord.
In the event of any default under this Paragraph 8, Landlord may comply with any such order, regulation, rule or requirement
and the cost and expense of so doing may be paid by Landlord and shall be repaid to Landlord by Tenant within thirty (30) days
of demand therefor, as additional rent due hereunder.

 

    	- 6 -

    	 

    

 

Paragraph 9:       Indemnification.

 

Tenant shall indemnify and save
harmless Landlord, each Fee Mortgagee and their respective successors and assigns, and any partner, or principal (disclosed or
undisclosed) of Landlord from and against any and all liability and damages, and from and against any and all suits, claims, and
demands of every kind and nature, including reasonable counsel fees and expenses, by or on behalf of any person, firm, association
or corporation to the extent arising out of or based upon the negligence or willful misconduct of Tenant or any agent, employee
or contractor of Tenant, or any accident, injury or damage, however occurring, which shall or may happen during the term of this
Lease, on or about the Demised Premises. Nothing herein contained shall require Tenant to indemnify Landlord, any Fee Mortgagee,
or any parties or principal (disclosed or undisclosed) of Landlord based upon the following (each, an “Excepted Item”):
(a) any accident, injury or damage on or about the Demised Premises, arising out of the gross negligence or willful misconduct
of Landlord or any agent of Landlord; (b) any misrepresentation made by Landlord herein; (c) any condition of the Land or Improvements
existing prior to Tenant’s first occupancy of the Demised Premises; or (d) the presence on, within or under the Land or
Improvements, which existed prior to Tenant’s first occupancy of the Demised Premises, of any materials that are regulated
by or form the basis of liability under any Environmental Law (as hereinafter defined), including, without limitation, (i) any
substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid
or hazardous waste, hazardous material or toxic substance, (ii) any petroleum or petroleum derived substance or waste, (iii) any
asbestos or asbestos-containing material, (iv) any PCB or PCB-containing or urea-formaldehyde-containing material or fluid and
(v) any radioactive material or substance (collectively, “Hazardous Substances”). Tenant, at its expense, shall
have the right to defend with counsel of its own choice any legal proceeding commenced or threatened against Landlord or Tenant,
in connection with which a claim for indemnification may be asserted by Landlord. Landlord shall indemnify and save harmless Tenant,
its officers, directors, shareholders, successors, permitted assigns, and any guarantor of Tenant’s obligations hereunder
from and against any liability and damages, and from and against any and all suits, claims and demands of every kind and nature,
including reasonable counsel fees and expenses, to the extent arising out of or based upon any Excepted Item. Landlord, at its
expense, shall have the right to defend with counsel of its own choice any legal proceeding commenced or threatened against Landlord
or Tenant, in connection with which a claim for indemnification may be asserted by Tenant on account of any Excepted Item.

 

Landlord shall not be required to
furnish any services or facilities or to make any repairs or alterations of any nature in or to the Demised Premises, Tenant hereby
assuming the full and exclusive control thereof and responsibility for the condition, operation, repair, replacement, maintenance
and management of the Demised Premises.

 

Paragraph 10:      Insurance.

 

Tenant shall obtain (or cause to
be obtained) and keep in full force and effect either builder’s risk insurance (the “Builder’s Risk Insurance
Policy”) coverage or permanent All Risk/All Perils insurance coverage as appropriate and to the extent applicable. All
insurance policies shall be commercially reasonable and issued by carriers licensed in the state in which the Demised Premises
is located with a Best’s Insurance Reports policy holder’s rating of “A” and a financial size category
of Class “X”. The policies shall provide for the following, and any other coverage that a Fee Mortgagee may from time
to time deem necessary:

 

A.          Coverage
against all perils and/or builders risk in the amount of one hundred percent (100%) of the replacement cost of all Improvements
located or to be located on the Land. If the policy is written on a “co-insurance” basis, the policy shall contain
an “agreed amount endorsement” as evidence that the coverage is in an amount sufficient to insure the full amount of
any fee first mortgage indebtedness secured by the Demised Premises;

 

    	- 7 -

    	 

    

 

B.          Commercial
general liability coverage in a minimum amount of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate, with
umbrella coverage for $5,000,000;

 

C.          Rent
loss or business interruption coverage in a minimum amount approved by Fee Mortgagee of not less than the appraised rentals for
a minimum of one year;

 

D.          Flood
hazard coverage in a minimum amount available, if the premises are located in a special flood hazard area (“Flood Hazard
Area”) as designated by the Federal Emergency Management Agency on its Flood Hazard Boundary Map and Flood Insurance
Rate Maps, and the Department of Housing and Urban Development, Federal Insurance Administration, Special Flood Hazard Area Maps;
and

 

E.          Workers
Compensation and Disability insurance as required by law.

 

Each policy shall provide that the
insurer will endeavor to deliver written notice to Landlord at least thirty (30) days’ prior to cancellation, reduction or
termination.

 

Paragraph 11:      Damage or Destruction.

 

A.          If
during the Term of this Lease any portion of the Demised Premises or the Improvements are damaged or destroyed by fire or other
casualty, Tenant shall forthwith give notice thereof to Landlord. Unless Landlord or Tenant exercises its express right to terminate
this Lease as a result of such fire or other casualty in accordance with this Paragraph 11, Tenant shall (or shall cause
the applicable Sublessees to) promptly repair, replace and rebuild (collectively, “Repair”) the same, at least
to the extent of the value, and as nearly as reasonably possible to the character of the property involved, as it was immediately
before the loss. Prior to the commencement by Tenant of the Repair of any such damage as required pursuant to this Paragraph
11, Tenant shall submit plans and specifications for such Repair to Landlord for approval, which approval will not be unreasonably
withheld or delayed. Any such Repair shall be done in a first class workmanlike manner, and in compliance with all applicable laws.
Tenant shall also furnish to Landlord an estimate of the cost of any Repairs, which estimate shall be prepared by a licensed architect
(the “Architect”) reasonably acceptable to Landlord.

 

B.          Unless
any Fee Mortgage requires payment of any insurance proceeds to the Fee Mortgagee thereunder or except as set forth in Subparagraph
11.F, all insurance proceeds under the insurance policies to be maintained by Tenant hereunder shall be paid to Tenant. If
the insurance proceeds from such policies made available to Tenant shall be insufficient for the proper and complete Repair of
the damaged property, or if there be no insurance proceeds, Tenant shall nevertheless be required to make the Repairs at its own
cost and expense or to pay for any such deficiency. If the amount of such net insurance proceeds shall be in excess of the cost
of the Repairs, such excess shall be paid to Tenant, unless any Fee Mortgage requires payment thereof to the Fee Mortgagee thereunder,
in which event such excess shall be delivered to such Fee Mortgagee and Landlord shall promptly pay to Tenant an amount equivalent
to the amount delivered to such Fee Mortgagee.

 

    	- 8 -

    	 

    

 

C.          Notwithstanding
anything herein contained to the contrary, if all or a portion of the Demised Premises shall be damaged or destroyed, and the cost
of restoring the Demised Premises following such damage or destruction, as determined by the Architect, is thirty percent (30%)
or more of the fair market value of the Improvements immediately prior to such damage or destruction, Tenant shall have the right,
exercisable by written notice delivered to Landlord within thirty (30) days of such damage or destruction, to terminate this Lease
(as opposed to Tenant proceeding with the Repair of the Demised Premises), and upon delivery of the foregoing notice to Landlord,
this Lease and the terms of this Lease shall cease and come to an end and all rentals shall be apportioned as of the date of such
damage or destruction.

 

D.          Tenant
shall control the negotiations with the relevant federal, state, county, municipal or other governmental or regulatory authority,
agency, board, body, commission, court or quasi-governmental authority (the “Governmental Authority”) in connection
with any destruction or damage. Tenant shall give to Landlord such information, and copies of such documents, which relate to such
proceedings and are in the possession of Tenant or are readily obtainable by Tenant, when and as reasonably requested.

 

E.          If
any damage or destruction to the Demised Premises occurs at a time when the then current Term of this Lease has two (2) years or
less to run, and the cost of restoring the Demised Premises following such damage or destruction, as determined by the Architect,
is thirty percent (30%) percent or more of the fair market value of the Improvements immediately prior to such damage or destruction,
this Lease, except as hereinafter provided, may be terminated and ended at the election of either Landlord or Tenant (as opposed
to Tenant proceeding with the Repair of the Demised Premises), provided that notice in writing of such election shall be sent by
the party so electing to the other, within thirty (30) days after the occurrence of such damage or destruction. Upon such termination,
this Lease and the Term thereof shall cease and come to an end and all rentals shall be apportioned as of the date of such destruction
or damage. If pursuant to this Subparagraph 11.E Landlord shall elect to terminate this Lease, Tenant shall then have the
right to exercise any unexpired options to extend the Term of this Lease, in accordance with the terms of this Lease, and in the
event Tenant exercises any such renewal option within twenty (20) days after receiving such notice of termination from Landlord,
such termination notice shall be void and of no effect and Tenant shall Repair the Demised Premises as provided in this Paragraph
11.

 

F.          If
this Lease is terminated as a result of any damage or destruction in accordance with this Paragraph 11, the entire insurance
proceeds payable on account of such damage and destruction shall be paid to Landlord unless any Fee Mortgage requires payment of
any insurance proceeds to the Fee Mortgagee thereunder. Subject to any Fee Mortgage, if Tenant shall not commence the repair or
rebuilding of the Demised Premises within a period of ninety (90) days after damage or destruction, subject to extension for force
majeure, and prosecute the same thereafter with such dispatch as may be necessary to complete the same within a reasonable period
after said damage or destruction occurs, not to exceed three hundred and sixty (360) days from the date of commencement of such
repair or rebuilding, then, in addition to whatever other remedies Landlord may have either under this Lease, at law or in equity,
any insurance proceeds received by Tenant shall be paid to and retained by Landlord as security for the continued performance and
observance by Tenant of Tenant’s covenants and agreements hereunder, subject to the terms of any applicable Fee Mortgage,
such proceeds to be released to Tenant only upon the completion of reconstruction or repairs in accordance with such disbursement
requirements as Landlord may reasonably impose, including, without limitation, reasonable approval by Landlord of any plans, specifications
and budget for such reconstruction or repair, and receipt by Landlord of all lien waivers.

 

    	- 9 -

    	 

    

 

G.          So
long as this Lease is not terminated in accordance with this Paragraph 11, neither the rent payable by Tenant nor any of
Tenant’s other obligations under the other provisions of this Lease shall be affected by any damage to or destruction of
the Demised Premises, and Tenant expressly waives such additional rights as it might otherwise have under any law or statute by
reason of damage or destruction of the Demised Premises by fire or any other cause.

 

Paragraph 12:      Condemnation.

 

A.          If
at any time during the term of this Lease, all or substantially all of the Demised Premises shall be taken for any public or quasi-public
purpose by any lawful power or authority by the exercise of the right of condemnation or eminent domain or by agreement between
Landlord and those authorized to exercise such right, this Lease and the term of this Lease shall terminate and expire on the date
of such taking and the Fixed Rent and other sums of money and charges herein reserved and provided to be paid by Tenant shall be
apportioned and paid by Tenant to the date of such taking.

 

B.          If
less than substantially all of the Demised Premises shall be taken as aforesaid, this Lease and the term of this Lease shall continue,
without reduction, abatement or effect of any nature whatsoever upon said term or the liability of Tenant to pay in full the additional
rent and other sums of money and charges herein reserved and provided to be paid by Tenant; provided, however, that
the Fixed Rent payable by Tenant shall be reduced to equal an amount which bears the same ratio to the Fixed Rent payable immediately
prior to such taking as the rentable area of the untaken portion of the Improvements bears to the rentable area of the Improvements
immediately before the taking. Notwithstanding the foregoing, if at any time during the term of this Lease twenty-five percent
(25%) or more of (i) the Improvements, or (ii) the parking areas within the Demised Premises, shall be taken as aforesaid, or if
access to all of the parking areas upon the Demised Premises shall be obstructed for at least six (6) consecutive months as a result
of such taking, Tenant shall have the right, exercisable by written notice to Landlord delivered at any time within thirty (30)
days of such taking, to terminate this Lease, whereupon this Lease and the term of this Lease shall terminate and expire on the
date of such taking, and the Fixed Rent and other sums of money and charges herein reserved and provided to be paid by Tenant shall
be apportioned and paid by Tenant to the date of such taking.

 

C.          All
compensation awarded or paid upon such a total or partial taking of the Demised Premises shall belong to and be the property of
Landlord without any participation by Tenant. Nothing contained herein shall be construed to preclude Tenant from prosecuting any
claim directly against the condemning authority in such condemnation proceedings for loss of business, depreciation or damage to
and/or cost of removal or the value of stock and/or trade fixtures, furniture and other personal property belonging to Tenant;
provided, however, that no such claim or award shall diminish or otherwise adversely affect Landlord’s claim
or award, nor any claim or award of any Fee Mortgagee. In no event shall Tenant make any claim for the value of the unexpired term
of this Lease. If any award pursuant to a taking of the nature described in Subparagraph 12.B above shall have a “loss
of use” component specifically allocated, such component of the award shall be paid to Tenant.

 

    	- 10 -

    	 

    

 

D.          In
the event of a condemnation for a temporary use or occupancy of a portion of the Demised Premises for any public or quasi-public
use or purpose during the term of the Lease, this Lease shall be and remain unaffected by such condemnation and Tenant shall continue
to be responsible for all of its obligations hereunder and it shall continue to pay all Fixed Rent, additional rent, and other
sums of money and charges herein reserved. In the event of any such condemnation, Tenant shall be entitled to appear, claim, prove
and receive the entire award unless the period of temporary use or occupancy extends beyond the Expiration Date (as extended in
the event Tenant exercises its option to extend the term of this Lease), in which event Landlord shall be entitled to appear, claim,
prove and receive the entire award as represents the cost of restoration of the Demised Premises and the portion of any such award
allocable to the period following the Expiration Date. At the termination of such public or quasi-public occupancy prior to the
Expiration Date, Tenant shall, at its own expense, restore the Demised Premises as nearly as reasonably possible to the condition
in which they were prior to the condemnation. Notwithstanding the preceding provisions of this Paragraph 12, any lump sum
award received by Tenant as compensation for temporary use and occupancy of the Demised Premises shall be delivered forthwith to
Landlord to be held by Landlord in trust for the payment of future installments of Fixed Rent and other money and charges herein
reserved by Tenant as provided in this Lease, and the restoration of the Demised Premises. Notwithstanding the foregoing, a temporary
taking of more than twenty-five percent (25%) of the Improvements or all of the parking areas upon the Demised Premises which in
either case lasts more than six (6) consecutive months shall be deemed a permanent taking of all the Property hereunder.

 

E.          Tenant
shall control the negotiations with the Governmental Authority in connection with any taking. Tenant shall give to Landlord such
information, and copies of such documents, which relate to such proceedings and are in the possession of Tenant or are readily
obtainable by Tenant, as reasonably requested.

 

Paragraph 13:      Landlord’s
Right to Perform Tenant’s Covenants.

 

If Tenant shall at any time fail
to make any payment or perform any act on its part to be made or performed hereunder, then Landlord, without waiving or releasing
Tenant from any obligation of Tenant contained in this Lease, may at its option pay any sum or perform any act on Tenant’s
part to be paid or performed as provided herein, and may enter upon the Demised Premises for any purpose and take any action thereon
as may be necessary to cure such failure. The amount of any payment made or expense incurred by Landlord in connection with the
foregoing, with interest thereon at the Default Rate from the date of payment, shall constitute additional rent and shall be paid
by Tenant to Landlord on demand. Notwithstanding the foregoing, Landlord may not, except in the case of an emergency, exercise
any rights pursuant to this Paragraph 13, except upon thirty (30) days’ prior written notice to Tenant.

 

In the event Tenant fails to pay
Taxes or any other sum which Tenant is required by the terms of this Lease to pay, and Landlord, in its absolute discretion elects
to pay such sum on behalf of Tenant, Tenant shall pay to Landlord, as additional rent hereunder, within fifteen (15) days of demand
therefor, the amount of such payment, together with interest at the Default Rate, from the date of such payment by Landlord until
the date Tenant pays such sums to Landlord.

 

    	- 11 -

    	 

    

 

Paragraph 14:      Discharge of Liens.

 

A.          Tenant
shall not create, permit to be created or to remain, and covenants to discharge any lien, encumbrance or charge upon the Demised
Premises or any part thereof or the income therefrom having any priority or preference over this Lease or ranking on a parity with
the estate, right and interest of Landlord in the Demised Premises or the Land, or any part thereof, or the income therefrom, and
Tenant will not suffer any matter or thing whereby the estate, right and interest of Landlord might be impaired except as expressly
provided in this Lease. Except for any Fee Mortgage, Landlord shall not create, permit to be created or to remain, and covenants
to discharge any lien, encumbrance or charge upon the Land or the Improvements or any part thereof or the income therefrom, and
Landlord will not suffer any matter or thing whereby the estate, right and interest of Tenant might be impaired except as expressly
provided in this Lease.

 

B.          If,
as a result of action or inaction by Tenant, any mechanic’s, laborer’s or materialmen’s lien shall at any time
be filed against any part of the Demised Premises, Tenant shall within sixty (60) days after the notice of the filing thereof cause
the same to be discharged of record by payment, deposit, bond, order of a court of competent jurisdiction or otherwise. If Tenant
fails to cause such lien to be so discharged, then in addition to any other right or remedy of Landlord, Landlord may, but shall
not be obligated to, discharge the same. Any amount paid by Landlord and all costs and expenses incurred by Landlord in connection
therewith, together with interest thereon at the Default Rate, shall constitute additional rent paid by Tenant hereunder and shall
be paid by Tenant to Landlord on demand. Tenant shall defend on behalf of Landlord and at Tenant’s own cost and expense any
action which may be brought for the enforcement of any such liens, and Tenant shall pay any damages and discharge any judgment
entered thereon and indemnify and save Landlord and any Fee Mortgagee harmless from and against any claim or damage resulting therefrom.
In the event any mechanic, laborer or materialman shall send a notice of lien to Landlord, and not to Tenant, Landlord shall forward
a copy of such notice of lien to Tenant, and the foregoing sixty (60) day period shall commence as of the date Tenant receives
such notice.

 

C.          Anything
to the contrary in the foregoing notwithstanding, Tenant shall not be required to pay, discharge or remove any mechanic’s,
laborer’s or materialman’s lien filed against the Demised Premises, or any part thereof, so long as Tenant shall in
good faith proceed to contest the same, or the validity thereof, by appropriate legal proceedings, which shall operate to prevent
enforcement of such lien, so long as Tenant’s failure to pay, discharge or remove such lien does not result in a default
under the terms of any Fee Mortgage or other agreement affecting the Demised Premises.

 

D.          All
materialmen, contractors, artisans, mechanics, laborers and any other persons who now or hereafter have contracted with Tenant
(or any Sublessee) for the furnishings of any labor, services, materials, supplies or equipment with respect to any portion of
the Demised Premises at any time from the date of this Lease until the end of the term of this Lease, are hereby charged with notice
that they must look exclusively to Tenant (or such Sublessee) to obtain payment for the same.

 

    	- 12 -

    	 

    

 

Paragraph 15:      Landlord’s
Access to Premises.

 

A.          Subject
to the terms of any Subleases, Tenant will permit Landlord and its authorized representatives upon reasonable notice to enter the
Demised Premises during business hours (but not more than one time during any calendar year) for the purpose of inspecting the
same and performing any work therein that may be necessary by reason of Tenant’s failure to make any repairs or perform any
work required of Tenant pursuant to the terms of this Lease. Nothing herein shall imply any duty upon the part of Landlord to do
any such work, and performance thereof by Landlord shall not constitute a waiver of Tenant’s default in failing to perform
the same.

 

B.          Landlord,
upon reasonable notice, shall have the right to enter the Demised Premises during business hours, for the purpose of showing same
to prospective purchasers of the Demised Premises and, at any time within twelve (12) months prior to the expiration of the term
of this Lease (unless Tenant shall have exercised its option to extend the term of this Lease as hereinafter provided), for the
purpose of showing same to prospective tenants.

 

C.          Landlord’s
rights under this Paragraph 15 shall be subject to the limitations that (i) Landlord shall use all reasonable efforts to
avoid interference with or disruption to Tenant’s operations in the Demised Premises, and (ii) Tenant shall have the right
to designate secure areas within the Demised Premises in which access shall be permitted only in the company of a designated representative
of Tenant.

 

D.          Tenant
shall not enter into any future Sublease unless such Sublease contains the following provision:

 

“Master Lease. Tenant
acknowledges that the Premises is subject to that certain Master Lease (the “Master Lease”) dated as of [●],[●],
by and between various parties as landlord (the “Master Landlord”), and Landlord as tenant, and that this Lease
shall in all respects be subject and subordinate to the terms of the Master Lease and any other ground lease, master lease or underlying
lease now or hereafter placed on the property containing the Premises. No further documentation shall be required to evidence the
foregoing; provided, however, that in confirmation of such subordination, Tenant shall execute promptly any certificate, in recordable
form, that Landlord may reasonably request.

 

In the event Master Landlord shall
succeed to the rights of Landlord, or if any lessor of any underlying or ground lease shall succeed to the position of Landlord
under this Lease, then Tenant will recognize such successor landlord as Landlord of this Lease and pay the rent and attorn to and
perform the provisions of this Lease for the benefit of any such successor Landlord, and Master Landlord will recognize Tenant
under this Lease. No documentation other than this Lease shall be necessary to evidence such attornment but Tenant agrees to execute
any documents, in recordable form, reasonably requested by the successor Landlord to confirm such attornment or to otherwise carry
out the intent and purposes of this Paragraph ____.”

 

    	- 13 -

    	 

    

 

The requirements of this Subparagraph
15.D shall not apply to the Subleases in existence as of the date of this Lease or to any amendments, modifications or supplements
thereto.

 

Paragraph 16:       Assignment, Mortgage,
Etc.

 

A.           Tenant
shall have the right to assign this Lease or the leasehold estate created hereby without the consent of Landlord. Tenant shall
have the right to sublet all or any portion of the Demised Premises without the consent of Landlord, including, without limitation,
the right to enter into Subleases that extend beyond the Term of this Lease.

 

B.           Subject
to the terms of any Fee Mortgage, Tenant shall have the right to mortgage, hypothecate, or otherwise encumber (collectively, a
“Leasehold Mortgage”) this Lease, or Tenant’s interest in the Demised Premises or any part thereof, without
Landlord’s prior written consent.

 

Paragraph 17:       Default.

 

A.           If
any one or more of the following events (herein sometimes called “Events of Default”) shall happen:

 

(1)          if
Tenant shall fail to make due and punctual payment of any Fixed Rent or additional rent payable under this Lease or any other sum
when and as the same shall become due and payable, and such failure shall continue for a period of five (5) days after written
notice from Landlord; or

 

(2)          if
Tenant shall fail in the performance or compliance with any of the agreements, terms, covenants or conditions in this Lease (other
than those referred to in the foregoing Subparagraph 17.A.(l)) for a period of thirty (30) days after written notice from
Landlord to Tenant specifying the items which Tenant has failed to perform or comply with, or in the case of any failure or a contingency
which cannot with due diligence be cured within said thirty (30) day period, if Tenant fails to proceed within said thirty (30)
day period to commence to cure the same and thereafter to prosecute the curing of such failure with due diligence (it being intended
in connection with a failure not susceptible of being cured with due diligence within said thirty (30) day period that the time
of Tenant within which to cure the same shall be extended for such period as may be necessary to complete the same with all due
diligence); or

 

    	- 14 -

    	 

    

 

(3)          if
Tenant shall (i) apply for, or consent in writing to, the appointment of a custodian, receiver, trustee or liquidator of Tenant
or of all or substantially all of its assets, (ii) file a voluntary petition in bankruptcy or admit in writing its inability to
pay its debts as they become due, (iii) make a general assignment for the benefit of creditors, or (iv) file a petition or an answer
seeking a reorganization (other than a reorganization not involving the liabilities of Tenant) or an arrangement with creditors,
or take advantage of any insolvency law, (v) file an answer admitting the material allegations of a petition filed against Tenant
in any bankruptcy, reorganization or insolvency proceedings, (vi) admit in writing its inability to pay its debts as they mature,
or (vii) be dissolved as the result of any adversary suit or proceedings; or

 

(4)          if
an order, judgment or decree shall be entered by any court of competent jurisdiction approving a petition seeking a reorganization
of Tenant or the appointment of a custodian, receiver, trustee or liquidator of Tenant, or of all or substantially all of Tenant’s
assets, and such order, judgment or decree shall continue unstayed and in effect, whether pursuant to appeal or otherwise, for
any period of ninety (90) days; or

 

(5)          if
an involuntary case is commenced against Tenant by the filing of a petition under Chapter 7 or Chapter 11 of Title 11 of the United
States Bankruptcy Code and an order for relief is entered therein or the petition is not dismissed within ninety (90) days after
the filing of such petition; or

 

(6)          if
Dividend Capital Total Realty Operating Partnership LP (the “Operating Partnership”) shall default under that
certain Guaranty dated as of the date of this Lease from the Operating Partnership to Landlord (the “Guaranty”)
beyond any applicable notice and cure period contained therein; then and in any such event Landlord, at any time thereafter, may
give written notice to Tenant specifying such Event of Default or Events of Default and stating that this Lease and the term hereby
demised shall expire and terminate on the date specified in such notice, which shall be no less than ten (10) days after the giving
of such written notice, and upon said date this Lease and the term hereby demised and all rights of Tenant under this Lease, including
any renewal privileges whether or not exercised, shall expire and terminate, and Tenant shall remain liable as hereinafter provided.

 

B.          Upon
any such expiration or termination of this Lease, Tenant shall quit and peacefully surrender the Demised Premises to Landlord and
Landlord, upon or at any time after any such expiration or termination, may without further notice enter upon and re-enter the
Demised Premises and possess and repossess itself thereof, by force, summary proceedings, ejectment or otherwise, and may dispossess
Tenant and remove Tenant and (subject to the provisions of Subparagraph 17.D) all other persons and property from the Demised
Premises and may have, hold and enjoy the Demised Premises and the right to receive all rental income of and from the same.

 

C.          At
any time or from time to time after any such expiration or termination, Landlord may relet the Demised Premises or any part thereof,
in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period which would otherwise
have constituted the balance of the term of this Lease) and on such conditions (which may include concessions or free rent) as
Landlord in its uncontrolled discretion may determine and may collect and receive the rents therefor. Landlord shall in no way
be responsible or liable for any failure to relet the Demised Premises or any part thereof, or for any failure to collect any rent
due upon any such re-letting.

 

    	- 15 -

    	 

    

 

D.         No
such expiration or termination of this Lease shall relieve Tenant of Tenant’s liability and obligations under this Lease,
and such liability and obligations shall survive any such expiration or termination. In the event of any such expiration or termination,
whether or not the Demised Premises or any part thereof shall have been relet, Tenant shall pay to Landlord the Fixed Rent and
all other charges required to be paid by Tenant up to the time of such expiration or termination of this Lease. Thereafter, until
the end of what would have been the term of this Lease in the absence of such expiration or termination, Tenant shall be liable
to Landlord for and shall pay to Landlord as and for liquidated and agreed current damages for Tenant’s default, the equivalent
of the amount of the Fixed Rent and the other rent and charges which would be payable under this Lease by Tenant if this Lease
were still in effect, less the net proceeds of any re-letting effected pursuant to the provisions of Subparagraph 17.C and
any rent collected by Lender under any subleases not terminated, after deducting all of Landlord’s reasonable expenses in
connection with such re-letting, including, without limitation, all repossession costs and reasonable attorneys’ fees.

 

E.          Tenant
shall pay such current damages (herein called “deficiency”) to Landlord monthly on the days on which the Fixed
Rent and other charges would have been payable under this Lease if this Lease were still in effect and Landlord shall be entitled
to recover from Tenant each monthly deficiency as the same shall arise. In addition, at any time after any such expiration or termination,
whether or not Landlord shall have collected any deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant,
and Tenant shall pay to Landlord on demand, as and for liquidated and agreed final damages for Tenant’s default, an amount
equal to the difference between the total of the Fixed Rent and other charges reserved under this Lease from the date of such expiration
or termination for what would be the then unexpired term of this Lease if the same had remained in effect, and the then fair rental
value of the Demised Premises for the same period, discounted at the rate of eight percent (8%) per annum.

 

F.          Tenant
hereby expressly waives, so far as permitted by law, the service of any notice of intention to reenter provided for in any statute,
or of the institution of legal proceedings to that end. Tenant, for and on behalf of Tenant and all persons claiming through or
under Tenant, also waives any and all right of redemption or reentry or repossession or to restore the operation of this Lease
in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by
Landlord or in case of any expiration or termination of this Lease. Landlord and Tenant, so far as permitted by law, waive and
will waive any and all right to a trial by jury in any action, proceeding or counterclaim brought by either of the parties to this
Lease against the other in connection with any matters whatever arising out of or in any way connected with this Lease, the relationship
of Landlord and Tenant, Tenant’s use or occupancy of the Demised Premises and any claim of injury or damage. The terms “enter,”
“re-enter,” “entry” or “re-entry,” as used in this Lease are not restricted in their technical
legal meaning.

 

G.          No
failure by either party to insist upon the strict performance of any covenant, agreement, term or condition of this Lease or to
exercise any right or remedy consequent upon a breach thereof, and no acceptance of full or partial rent during the continuance
of any such breach, shall constitute a waiver of any such breach or of such covenant, agreement, term or condition. No covenant,
agreement, term or condition of this Lease to be performed or complied with by either party and no breach thereof, shall be waived,
altered or modified except by a written instrument executed by the other party. No waiver of any breach shall affect or alter this
Lease but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect
to any other then existing or subsequent breach thereof.

 

    	- 16 -

    	 

    

 

H.           Each
right and remedy of the parties provided for in this Lease shall be cumulative and shall be in addition to every other right or
remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. The exercise or
beginning of the exercise by either party of any one or more of the rights or remedies provided for in this Lease or now or hereafter
existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by such party of
any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or
otherwise.

 

I.            Upon
an Event of Default by Landlord hereunder, Tenant shall be entitled to recover against Landlord all of its reasonable costs and
expenses, together with interest at the Default Rate on any sums determined to be due and payable to Tenant, in connection with
any such default.

 

Paragraph 18:      Representations by
Landlord. 

 

A.          Tenant
has inspected the Demised Premises and agrees to accept the Demised Premises in its “as is” condition as of the date
of this Lease, and agrees that Landlord shall not be required to do any work to prepare the Demised Premises for use or occupancy
by Tenant. Landlord’s agents have made no representations or promises with respect to the Improvements or the Demised Premises
except as herein expressly set forth.

 

B.           Landlord
hereby represents and warrants to Tenant as follows:

 

(i)          Landlord
has fee title to the Demised Premises, subject to no liens or encumbrances other than Permitted Exceptions. The representation
contained in this Subparagraph 18.B.(i) shall be true and correct as of this date and the Commencement Date.

 

(ii)        The
Improvements were constructed in accordance with all applicable laws, legal requirements and building codes, the compliance with
which was necessary in order to obtain a certificate of occupancy for the Improvements.

 

(iii)       Landlord,
if a partnership, limited liability company, trust or corporation, is duly organized and validly existing under the laws of the
state of its organization and is duly registered and qualified to do business in each jurisdiction where such registration or qualification
is material to the transactions contemplated hereby and has been duly authorized by all necessary and appropriate action to enter
into this Lease and to consummate the transaction contemplated herein, and the individuals executing this Lease on behalf of Landlord,
have been duly authorized by all necessary and appropriate action on behalf of Landlord. Landlord, if an individual, has full power,
authority and capacity to enter into this Lease and to consummate the transaction contemplated herein. When executed and delivered
by Landlord, this Lease will constitute valid and legally binding obligations of Landlord, enforceable against Landlord in accordance
with its terms.

 

    	- 17 -

    	 

    

 

(iv)        Neither
the execution nor the delivery of this Lease nor the consummation of the transaction contemplated hereby nor fulfillment of or
compliance with the terms and conditions of this Lease conflict with or will result in a breach of any of the terms, conditions
or provisions of any agreement, order, judgment, decree, arbitration award, statute, regulation or instrument to which Landlord
is a party or by which it is bound, or constitutes or will constitute a breach, violation or default under any of the foregoing.

 

C.          During
the term of this Lease, Landlord shall not voluntarily pursue an application for a zoning variance, land use approval, assessment,
special improvement or similar action which would materially adversely affect Tenant’s use of the Demised Premises or materially
increases Tenant’s cost to operate and maintain the Demised Premises.

 

D.          Landlord
hereby transfers and assigns to Tenant any and all warranties and guaranties in Landlord’s possession which were obtained
by Landlord (whether by specific agreement or as a matter of law) in connection with the construction or acquisition of the Improvements,
and preparation of the Demised Premises, and agrees to cooperate with Tenant in connection with the enforcement of any of the foregoing.
Landlord further agrees to execute any documents which Tenant may reasonably request in furtherance of the foregoing assignment.

 

Paragraph 19:      Quiet Enjoyment.

 

Landlord represents and covenants
that Landlord has full right, power and authority to enter this Lease for the term herein granted and Landlord covenants and agrees
with Tenant that upon Tenant paying the Fixed Rent and other charges due hereunder, and observing and performing all the terms,
covenants and conditions on Tenant’s part to be observed and performed, Tenant may peaceably and quietly enjoy the Demised
Premises, free from any interference, molestation or acts of Landlord or of anyone claiming by, through or under Landlord, subject,
nevertheless, to the terms and conditions of this Lease.

 

Paragraph 20:      Subordination; Subleases.

 

A.          Subject
to Tenant receiving a subordination and non-disturbance agreement as provided in Subparagraph 20.D from any existing or
future Fee Mortgagee(s) or underlying lessors, this Lease, and all the rights of Tenant hereunder, are and shall be subject and
subordinate to any and all Fee Mortgages now or hereafter existing and any other liens either in whole or in part on the Demised
Premises, and any extension, renewal or modification of any such Fee Mortgages, and to any and all ground or underlying leases
which may now or hereafter affect the Demised Premises or any portion thereof, and any extensions, renewals or modifications thereof.
In confirmation of such subordination, Tenant shall execute promptly any certificate, in recordable form, that Landlord may reasonably
request.

 

B.          Subject
to Tenant receiving a subordination and non-disturbance agreement as provided in Subparagraph 20.D from any existing or
future Fee Mortgagee(s) or underlying lessors, Tenant hereby agrees that, in the event that any Fee Mortgagee shall succeed to
the rights of Landlord, or if any lessor of any underlying lease shall succeed to the position of Landlord under this Lease, then
Tenant will recognize such successor Landlord as Landlord of this Lease and pay the rent and attorn to and perform the provisions
of this Lease for the benefit of any such successor Landlord. No documentation other than this Lease shall be necessary to evidence
such attornment but Tenant agrees to execute any documents, in recordable form, reasonably requested by the successor Landlord
to confirm such attornment or to otherwise carry out the intent and purposes of this Paragraph 20.

 

    	- 18 -

    	 

    

 

C.          Intentionally
omitted.

 

D.          Landlord,
at no cost to Tenant, shall obtain from any future Fee Mortgagee or from any future lessor of any underlying lease, an agreement
to the effect that, so long as no Event of Default shall at the time have occurred and be continuing hereunder, Tenant and its
permitted subtenants and assigns shall not be made party to any proceeding to foreclose the Fee Mortgage or to terminate the underlying
lease; that Tenant’s possession (and its permitted subtenants’ possession) of the Demised Premises under the term of
this Lease shall not be terminated or disturbed as a result of the foreclosure of any Fee Mortgage or termination of any underlying
lease; that such Fee Mortgagee or underlying lessor, as the case may be, will recognize Tenant as the direct tenant of such Fee
Mortgagee or lessor on all of the terms and conditions of this Lease subject to the provisions hereinafter set forth; together
with such other terms as are customarily contained in a subordination, non-disturbance and attornment agreement (any such agreement
from a Fee Mortgagee or lessor is called a “Nondisturbance Agreement”). Tenant agrees it will execute any agreement
consistent with the foregoing provisions which may be required to confirm the subordination of this Lease subject to the non-disturbance
provisions above outlined. In any such agreement Tenant shall agree that, in the event that the Fee Mortgagee shall succeed to
the rights of Landlord herein named, or if any lessor of any underlying lease shall succeed to the position of Landlord under this
Lease, then Tenant will recognize such successor Landlord as the landlord of this Lease and pay the rent and attorn to and perform
the provisions of this Lease for the benefit of any such successor Landlord.

 

E.          Any
Nondisturbance Agreement may be made on the condition that, and Tenant hereby agrees that neither the Fee Mortgagee nor the lessor,
as the case may be, nor anyone claiming by, through or under such Fee Mortgagee or lessor, as the case may be, including a purchaser
at a foreclosure sale, shall be:

 

(i)          liable
for any previous act or omission of Landlord under this Lease, except to the extent that a default continues after the date of
foreclosure or purchase of the Demised Premises (in which case such default shall be deemed to have occurred on the date of transfer
of title to the Demised Premises); or

 

(ii)        subject
to any credit, claim, counterclaim, demand, defense or offset that previously accrued to Tenant against Landlord under this Lease;
or

 

(iii)       obligated
to perform any alteration or improvements of the premises not expressly required under this Lease; or

 

(iv)        be
responsible for (a) the performance or completion of any construction work to be performed by Landlord under this Lease, or (b)
any reimbursement or payment required by Landlord to Tenant or its designees pursuant to this Lease on account of work performed
by, or for the account of, Tenant; or

 

(v)          be
liable for the repayment of any monies owed by Landlord to Tenant; or

 

    	- 19 -

    	 

    

 

(vi)        have
any obligation with respect to any security deposited under this Lease unless and to the extent such security shall have been transferred
to the Fee Mortgagee or lessor, as the case may be, or anyone claiming by, through or under such party; or

 

(vii)       be
bound by any previous prepayment of Fixed Rent or additional rent for more than one (1) quarter.

 

F.          On
the date of this Lease, Tenant and Landlord shall execute and deliver an Assignment and Assumption of Subleases substantially in
the form of Exhibit D, pursuant to which Landlord shall assign to Tenant and Tenant shall assume from Landlord all of Landlord’s
right, title and interest in and obligations under each sublease for space at the Demised Premises (each, a “Sublease”;
the sublessee under each Sublease being a “Sublesssee”), subject to the terms of this Subparagraph 20.F.

 

G.          Landlord
agrees that upon the request of Tenant, Landlord shall execute and deliver to any Sublessee a commercially reasonable subordination,
non-disturbance and attornment agreement pursuant to which Landlord will agree (i) that such Sublessee’s possession of the
premises leased under such Sublessee’s lease shall not be disturbed as a result of the termination of this Lease and (ii)
to recognize such Sublessee as a direct tenant of Landlord in the event of any such termination. Such subordination, non-disturbance
and attornment agreement shall contain such other customary terms as are reasonably requested by such Sublessee, Landlord or Tenant.
Tenant shall deliver to Landlord a true copy of each executed lease within seven (7) days of the date of execution and delivery
thereof.

 

H.          In
the event of a termination of this Lease by operation of law or otherwise, each Sublease shall continue in full force and effect
as a direct lease between Landlord and Sublessee, and each Sublessee’s possession of the premises leased under the applicable
Sublease shall not be disturbed as a result of the termination of this Lease.

 

Paragraph 21:      Brokerage.

 

A.          Tenant
warrants and represents that it has not dealt with any realtor, broker or agent, in connection with the negotiation of this Lease
and agrees to pay and to hold Landlord (and any partner, affiliate or principal (disclosed or undisclosed) of Landlord) harmless
from any cost, expense or liability (including costs of suit and reasonable attorney’s fees) for any compensation, commission
or charges claimed by any broker with respect to this Lease (other than any compensation, fees and expenses as set forth in in
that certain Program Description Memorandum dated March 2, 2016 (the “Memorandum”) and the Property Supplement
to the Memorandum dated [●],[●]), arising as a result of the acts of Tenant.

 

B.          Landlord
warrants and represents that it has not dealt with any realtor, broker or agent in connection with the negotiation of this Lease
(other than the Operating Partnership and its affiliates and subsidiaries) and agrees to pay and to hold Tenant harmless from any
cost, expense or liability (including costs of suit and reasonable attorney’s fees) for any compensation, commission or charges
claimed by any broker with respect to this Lease, arising as a result of the acts of Landlord.

 

    	- 20 -

    	 

    

 

Paragraph 22:      Lease Status.

 

Upon request of either party to this
Lease, the other party will execute and deliver (within ten (10) business days after request therefor) an instrument stating, if
the same be true, that this Lease is a true and exact copy of the Lease between the parties to this Lease, that there are no amendments
of this Lease (or stating what amendments there may be), that the same is then in full force and effect and that, to the best of
such party’s knowledge, there are then no offsets, defenses or counterclaims with respect to the payment of rent reserved
hereunder or in the performance of the other terms, covenants and conditions of this Lease to be performed by either party to this
Lease, and that as of such date no default has been declared hereunder by either party to this Lease and that such party at the
time has no knowledge of any factor or circumstance which it might reasonably believe would give rise to a default by either party.

 

Paragraph 23:      Holdover.

 

After the expiration of the term
of this Lease if not extended, or extended term, if extended, if Tenant shall continue in possession thereafter, such possession
shall be on a month-to-month basis upon the same terms of this Lease (except that the Fixed Rent payable by Tenant shall be at
a rate equal to one hundred fifty percent (150%) of the average quarterly rent paid during the expired term) until terminated at
the end of a month by either party upon thirty (30) days’ advance written notice to the other party.

 

Paragraph 24:      Definition and Liability
of Landlord.

 

The term “Landlord” as
used in this Lease means only the owner(s) or the mortgagee(s) in possession for the time being of the Demised Premises, so that
in the event of any sale of the Demised Premises or an assignment of this Lease by Landlord or such mortgagee, or a demise of the
Demised Premises, Landlord (and each of the partners and principals (disclosed and undisclosed) of Landlord) shall be and hereby
is entirely freed and relieved of all obligations of Landlord hereunder, provided such successor Landlord agrees in writing to
assume all such obligations, whether arising prior or subsequent to the date of such assignment. In the event of any of the foregoing
transfers by Landlord (or any assignee of Landlord), Landlord (or such assignee) shall deliver to Tenant a written agreement from
the purchaser(s), assignee(s) or lessee(s) of Landlord’s (or such assignee’s) interest in this Lease or the Demised
Premises, that the purchaser, assignee or lessee has assumed and agreed to observe and perform all obligations of Landlord hereunder
including, without limitation, all obligations which were the responsibility of the prior Landlord hereunder, but only with respect
to the period ending with a subsequent transfer of such purchaser’s, assignee’s, or lessee’s interest in the
Demised Premises.

 

It is specifically understood and
agreed that there shall be no personal liability on Landlord (or any of the partners or principals (disclosed or undisclosed) of
Landlord) in respect of any of the covenants, conditions or provisions of this Lease; and in the event of a breach or default by
Landlord of any of its obligations under this Lease, Tenant shall look solely to the equity of Landlord in the Demised Premises,
the Improvements, and the Land for the satisfaction of Tenant’s remedies.

 

    	- 21 -

    	 

    

 

Paragraph 25:      Environmental Covenants.

 

Tenant hereby unconditionally covenants and agrees with
Landlord, as follows:

 

A.          Tenant
shall not use, generate, manufacture, produce, store, release, discharge, treat, or dispose of on, under, from or about the Demised
Premises or transport to or from the Demised Premises any Hazardous Substance, and shall use reasonable efforts to not allow any
other person or entity to do so, except in compliance with Environmental Laws. Tenant shall not install or permit to be installed
any asbestos or storage tanks at the Demised Premises and shall remedy all violations of Environmental Laws with respect thereto
which arise as a direct result of Tenant’s actions, including, but not limited to, removal of asbestos and/or storage tanks
in the manner and as required by applicable Environmental Laws.

 

B.          During
the term of this Lease, Tenant shall use reasonable efforts to keep and maintain the Demised Premises in compliance with, and to
not cause or permit the Demised Premises to be in violation of any Environmental Law and shall promptly take corrective action
to remedy such noncompliance which arises as a direct result of Tenant’s actions.

 

Paragraph 26:      Memorandum of Lease.

 

At Tenant’s request, Landlord
and Tenant shall enter into a Memorandum of Lease for recording substantially in the form of Exhibit B (the “Memorandum
of Lease”). Tenant shall have the right, at Tenant’s expense, to record said Memorandum of Lease; provided,
however, that upon the termination of the Lease, Tenant shall terminate the Memorandum of Lease of record pursuant to the
Termination of Memorandum of Lease set forth in Exhibit C (the “Termination of Memorandum of Lease”),
and Tenant hereby appoints Landlord its attorney-in-fact to execute and record such Termination of Memorandum of Lease if Tenant
shall fail to do so as required herein. Tenant shall indemnify, defend and hold Landlord harmless from and against any and all
loss, cost, damage, expense, liability and claims (including, without limitation, reasonable attorneys’ fees and disbursements)
incurred by Landlord as the result of Tenant’s breach of this Paragraph 26.

 

Paragraph 27:      Arbitration.

 

A.          Any
dispute, claim or controversy arising out of or relating to this Lease, or breach, termination, enforcement, interpretation or
validity thereof, including the determination of the scope or applicability of this Lease, shall be determined by binding arbitration
in Denver, Colorado, before a sole arbitrator. Arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration
Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. The arbitrator shall, in the award,
allocate all of the costs of the arbitration (and the mediation, if applicable), including the fees of the arbitrator and the reasonable
attorneys’ fees of the prevailing party, against the party who did not prevail.

 

B.          Anything
to the contrary therein notwithstanding, the provisions of Subparagraph 27.A shall not apply with respect to any application
made by any party to this Lease for injunctive relief under this Lease.

 

    	- 22 -

    	 

    

 

Paragraph 28:      Governing Law.

 

This Lease shall be governed by and
construed in accordance with the laws of [●]. The parties hereby: (a) submit to personal jurisdiction in Denver, Colorado
for the enforcement of this Lease; and (b) waive any and all personal rights under the law of any state or the District of Columbia
to object to jurisdiction within Denver, Colorado for the purposes of litigation to enforce this Lease. Tenant agrees that in any
action or proceeding brought under this Lease, Tenant shall waive trial by jury.

 

Paragraph 29:      Notices.

 

Any notice to be given or other document
or payment to be delivered by any party to any other party hereunder may be delivered by (a) depositing the same with the United
States Postal Service, addressed to the party to be notified, postage prepaid, registered or certified mail with return receipt
requested, (b) delivering the same in person to such party via a hand delivery service, Federal Express or any other courier service
that provides a return receipt showing the date of actual delivery of same to the addressee thereof, or (c) facsimile transmission
with confirmation of receipt to the party sending same, if a copy is deposited with the United States Postal Service as provided
in subpart (a) above, and addressed to the party for whom intended, as follows:

 

	If to Tenant:	DCX [●] MASTER TENANT LLC

c/o Dividend Capital Total Realty Operating Partnership LP

518 17th Street, 17th Floor

Denver, Colorado 80202

Attention:        M. Kirk Scott

Facsimile:        (303) 577-9797

Telephone:      (303) 339-3609
	With a copy to:	DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC.

518 17th Street, 17th Floor

Denver, Colorado 80202

Attention:        Joshua Widoff

Facsimile:        (303) 869-4602

Telephone:      (303) 597-0483

 

    	- 23 -

    	 

    

 

	With a copy to:	BRYAN CAVE LLP

1700 Lincoln Street, Suite 4100

Denver, Colorado 80203

Attention:        Robert Bach

Facsimile:        (303) 335-3736

Telephone:      (303) 866-0236
	If to Landlord:	DCX [●] DST

c/o DCX [●] Manager LLC

518 17th Street, 17th Floor

Denver, Colorado 80202

Attention:        M. Kirk Scott

Facsimile:        (303) 577-9797

Telephone:      (303) 339-3609
	With a copy to:	DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC.

518 17th Street, 17th Floor

Denver, Colorado 80202

Attention:        Joshua Widoff

Facsimile:        (303) 869-4602

Telephone:      (303) 597-0483
	With a copy to:	BRYAN CAVE LLP

1700 Lincoln Street, Suite 4100

Denver, Colorado 80203

Attention:        Robert Bach

Facsimile:        (303) 335-3736

Telephone:      (303) 866-0236

Either party may, by notice given
to the other party, designate a new address to which notices, demands and requests shall be sent and, thereafter, any of the foregoing
shall be sent to the address most recently designated by such party. Notice shall be conclusively be presumed to have been received
by a party on the date the notice is shown as received on a registered or certified mail return receipt, Federal Express or courier
return receipt or fax confirmation of receipt.

 

Paragraph 30:      Entire Agreement.

 

This Lease and the Exhibits and Schedules
attached to this Lease set forth the entire agreement between the parties. Any prior conversations or writings are merged herein
and extinguished. No subsequent amendment to this Lease shall be binding upon Landlord or Tenant unless reduced to writing and
signed by Landlord and Tenant.

 

    	- 24 -

    	 

    

 

Paragraph 31:      Assigns.

 

Subject to the terms and conditions
of this Lease, the covenants, conditions and agreements contained in this Lease shall bind and inure to the benefit of Landlord
and Tenant and their respective successors, assigns and legal representatives (including any Fee Mortgagee(s)). Tenant hereby acknowledges
that Landlord shall have the absolute right to transfer one or more undivided interests in the Demised Premises without the consent
of or notice to Tenant, in which event such transferee shall be deemed to be a “Landlord” hereunder. As soon as reasonably
practicable after any such transfer, the transferor of such interests in the Demised Premises shall deliver a notice to Landlord
and Tenant of such transfer, which notice shall include a revised Schedule 2 reflecting each Landlord’s undivided
percentage interest in the Demised Premises, but the failure to deliver any such notice shall not affect Landlord’s rights
or Tenant’s obligations hereunder.

 

Paragraph 32:      Invalidity of Particular
Provisions.

 

If any term or provision of this
Lease or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder
of this Lease or the application of such term or provision to other persons or circumstances shall not be affected thereby, and
each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law.

 

Paragraph 33:      Severability.

 

If any portion of this Lease shall
become illegal, null or void or against public policy, for any reason, or shall be held by any court of competent jurisdiction
to be illegal, null or void or against public policy (a) the remaining portions of this Lease shall not be affected thereby and
shall remain in full force and effect to the fullest extent permissible by law and (b) in lieu of such invalid and unenforceable
provision, there will be added automatically as a part of this Lease a provision as similar in terms to the invalid or unenforceable
provision as may be possible and be valid and enforceable.

 

Paragraph 34:      Captions.

 

Captions or titles of the sections,
paragraphs and subparagraphs of this Lease are inserted solely for convenience of reference and shall not constitute a part of
this Lease, nor shall they affect its meaning, construction or effect.

 

Paragraph 35:      Surrender of the
Demised Premises.

 

Except as otherwise herein provided,
at the expiration of the term of this Lease, Tenant will peaceably yield up to Landlord the Demised Premises, broom clean, in as
good order and repair as when delivered to Tenant, ordinary wear and tear and damage by the elements excepted.

 

Paragraph 36:      Certificate of Occupancy.

 

Landlord agrees to cooperate with
Tenant, and to use reasonable efforts to cause Landlord’s architect to cooperate with Tenant, in connection with Tenant’s
obtaining any certificate of occupancy which may be required as a result of any work done in the Demised Premises by Tenant.

 

    	- 25 -

    	 

    

 

Paragraph 37:      Name Buildings/Demised
Premises; Signs.

 

Pursuant to and in compliance with
any applicable rules, regulations and legal requirements, Tenant shall have the right to name the any building located at the Demised
Premises, or the Demised Premises themselves and, at its expense, to install and maintain a sign on the exterior of such building,
or on the Land. Tenant shall, prior to erecting any such sign, submit to Landlord final drawings of the sign proposed to be installed
by Tenant, showing the location, proposed appearance, dimensions, and manner of affixation to the Demised Premises. Tenant, at
its expense, shall obtain prior to the erection of any sign, such permits as Tenant may be required to obtain from any and all
public authorities having jurisdiction with respect to the erection, installation, maintenance or use of said sign. Landlord agrees
to cooperate with Tenant in the obtaining of any such permits. Tenant shall, at its expense, maintain and repair said sign in compliance
with all applicable laws and requirements of public authorities. At the expiration or earlier termination of this Lease, or in
the event that any governmental authority having jurisdiction shall revoke any permits required to maintain the sign, Landlord
may require Tenant to remove, at Tenant’s expense, any sign installed pursuant to this Lease, and to restore any affected
areas of the Demised Premises to their preexisting condition as nearly as may be practicable.

 

Paragraph 38:      Attorneys’
Fees.

 

If either party institutes an action
or proceeding against the other party relating to the provisions of this Lease, then the non-prevailing party in such action or
proceeding shall reimburse the prevailing party for its actual attorneys’ fees, and all fees, costs and expenses incurred
on any appeal or in collection of any judgment.

 

Paragraph 39:      Definitions.

 

The following terms have been defined in the locations
set forth below:

 

(a)          “Architect”
has the meaning set forth in Subparagraph 11.A.

 

(b)          “Builder’s
Risk Insurance Policy” has the meaning set forth in Paragraph 10.

 

(c)          “Commencement
Date” has the meaning set forth in Paragraph 1.

 

(d)          “Default
Rate” has the meaning set forth in Subparagraph 2.B.

 

(e)          “Demised
Premises” has the meaning set forth in the recitals.

 

(f)          “Environmental
Law” means all applicable present and future laws, statutes, regulations, ordinances, rules, codes, judgments, orders
or other similar enactments of any governmental authority or agency regulating or relating to health, safety, or environmental
conditions on, under, or about the Demised Premises or the environment, including without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, and all state and local counterparts thereto,
and any regulations or policies promulgated or issued thereunder.

 

    	- 26 -

    	 

    

 

(g)          “Environmental
Law” means all applicable present and future laws, statutes, regulations, ordinances, rules, codes, judgments, orders
or other similar enactments of any governmental authority or agency regulating or relating to health, safety, or environmental
conditions on, under, or about the Demised Premises or the environment.

 

(h)          “Events
of Default” has the meaning set forth in Subparagraph 17.A.

 

(i)           “Excepted
Item” has the meaning set forth in Paragraph 9.

 

(j)           “Expiration
Date” has the meaning set forth in Paragraph 1.

 

(k)          “Fee
Mortgage” has the meaning set forth in Subparagraph 4.B.

 

(l)           “Fee
Mortgagee” has the meaning set forth in Subparagraph 4.B.

 

(m)         “Flood
Hazard Area” has the meaning set forth in Subparagraph 10.D.

 

(n)          “Fixed
Rent” has the meaning set forth in Subparagraph 2.A.

 

(o)          “Governmental
Authority” has the meaning set forth in Subparagraph 11.D.

 

(p)          “Guaranty”
has the meaning set forth in Subparagraph 17.A.(6).

 

(q)          “Hazardous
Substances” has the meaning set forth in Paragraph 9.

 

(r)           “Improvements”
has the meaning set forth in the Recitals.

 

(s)          “Land”
has the meaning set forth in the Recitals.

 

(t)           “Landlord”
has the meaning set forth in the initial paragraph of this Lease as further defined in Paragraph 24 and Paragraph 31.

 

(u)          “Lease”
has the meaning set forth in the initial paragraph of this Lease.

 

(v)          “Leasehold
Mortgage” has the meaning set forth in Subparagraph 16.C

 

(w)         “Memorandum
of Lease” has the meaning set forth in Paragraph 26.

 

(x)          “Nondisturbance
Agreement” has the meaning set forth in Subparagraph 20.E.

 

(y)          “Personalty”
has the meaning set forth in the Recitals.

 

    	- 27 -

    	 

    

 

(z)          “Prime
Rate” has the meaning set forth in Subparagraph 2.B.

 

(aa)        “Repair”
has the meaning set forth in Subparagraph 11.A.

 

(bb)       “Specialty
Items” has the meaning set forth in Subparagraph 6.C.

 

(cc)        “Sublease”
has the meaning set forth in Subparagraph 20.F.

 

(dd)       “Sublessee”
has the meaning set forth in Subparagraph 20.F.

 

(ee)        “Taxes”
has the meaning set forth in Subparagraph 4.A.

 

(ff)         “Tenant”
has the meaning set forth in the initial paragraph of this Lease.

 

(gg)       “Tenant
Improvements” has the meaning set forth in Subparagraph 6.A.

 

(hh)       “Term”
has the meaning set forth in Paragraph 1.

 

(ii)          “Termination
of Memorandum of Lease” has the meaning set forth in Paragraph 26.

 

(Signatures appear on the following
page)

 

    	- 28 -

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have hereunto set their hands and seals the day and year first above written.

	 	 	 
	[INSERT WITNESS BLOCKS, IF NECESSARY]	 	 
	 	 	 
	 	LANDLORD:
	 	 
	 	DCX [●] DST, a Delaware statutory trust
	 	 
	 	By: DCX [●] Manager LLC, a Delaware limited liability company, its manager
	 	 
	 	By: DCX Manager LLC, a Delaware limited liability company, its sole member
	 	 	 
	 	By:	 
	 	 	

Name:
	 	 	Title:

  

[INSERT PROPER NOTARY BLOCKS, IF NECESSARY]

  

[Signature Page to Master Lease ([●])] 

    	 

    	 

    

 

	 	 	 
	 	
        TENANT:

        

         

        DCX [●] MASTER TENANT LLC, a Delaware limited liability company,

         

        By: DCX Master Tenant LLC, a Delaware limited liability company, its sole
        member

         

        By: DCTRT Real Estate Holdco LLC, a Delaware limited liability company, its
        sole member

         

        By: Dividend Capital Total Realty Operating Partnership LP, a Delaware limited
        partnership, its sole member

         

        By: Dividend Capital Diversified Property Fund Inc., a Maryland corporation,
        its general partner

        

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[INSERT
PROPER NOTARY BLOCKS, IF NECESSARY]

 

[Signature
Page to Master Lease ([●])] 

    	 

    	 

    

  

EXHIBIT A

(Legal Description)

 

    	 

    	 

    

  

EXHIBIT B

Form of Memorandum of Lease

 

MEMORANDUM OF LEASE

 

THIS MEMORANDUM OF LEASE, is made
and entered into as of this [●] day of [●],[●], by and between DCX [●] DST, a Delaware statutory trust
(together with its successors and assigns, “Landlord”), and DCX [●] Master Tenant LLC, a Delaware limited
liability company, having an address at 518 17th Street, 17th Floor, Denver, Colorado 80202 (together with its successors and assigns,
“Tenant”).

 

W I T N E S S E T H :

 

Landlord and Tenant have entered
into that certain Master Lease dated as of [●],[●], by and between Landlord and Tenant (the “Master Lease”)
to which reference is here made, with respect to all that certain piece or parcel of land, together with all appurtenances thereto
(but excluding any Tenant Improvements to be constructed or placed thereon, which shall remain the property of Tenant until the
termination hereof), situated, lying and being in the City of [●], County of [●], State of [●], and being bounded
and described as set forth in Exhibit A attached hereto and made a part of this Memorandum (the “Demised Premises”).
Capitalized terms used herein and not otherwise defined have the meaning ascribed thereto in the Master Lease.

 

Landlord acquired title to the Demised
Premises by deed filed with [●] as [Document No. ________].

 

The term of the Master Lease shall
commence on [●],[●] and shall end at midnight on the date which shall be twenty (20) years from the date the Master
Lease commences.

 

Notice is hereby given that Landlord
shall not be liable for any labor or materials furnished or to be furnished to Tenant upon credit, and that no mechanics’
or other liens for such labor or materials shall attach to or affect the estate or interest of Landlord in and to the Demised Premises.

 

All contracts Tenant makes for such
labor or materials shall include a provision declaring that Tenant in no way acts as Landlord’s agent in making such contract,
and that Landlord’s interest in the Demised Premises shall not be subject to any mechanics’ or other liens, on account
of such labor or materials.

 

The sole purpose of this instrument
is to give notice of the Master Lease and all of its terms, covenants and conditions to the same extent as if the same were fully
set forth herein.

 

[Signatures follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals as of the day and date first above written.

 

	[INSERT WITNESS BLOCKS, IF NECESSARY]	 	 
	 	 	 
	 	LANDLORD:
	 	 
	 	DCX [●] DST, a Delaware statutory trust
	 	 
	 	By:  DCX [●] Manager LLC, a Delaware limited liability company, its manager
	 	 
	 	By: DCX Manager LLC, a Delaware limited liability company, its sole member
	 	 
	 	By:	 
	 	 	

Name:  
	 	 	Title:  

 

[INSERT
PROPER NOTARY BLOCKS, IF NECESSARY]

 

[Signature
Page to Memorandum of Lease ([●])]

    	 

    	 

    

  

		 	 
	 	 	 
	 	
        TENANT:

         

        DCX [●] MASTER TENANT LLC, a Delaware limited liability company,

         

        By: DCX Master Tenant LLC, a Delaware limited liability company, its sole
        member

         

        By: DCTRT Real Estate Holdco LLC, a Delaware limited liability company, its
        sole member

         

        By: Dividend Capital Total Realty Operating Partnership LP, a Delaware limited
        partnership, its sole member

         

        By: Dividend Capital Diversified Property Fund Inc., a Maryland corporation,
        its general partner

	 	 
	 	By: 	 
	 	 	Name:  
	 	 	Title:  

 

[INSERT PROPER NOTARY BLOCKS, IF NECESSARY]

 

[Signature Page to Memorandum of Lease ([●])]

    	 

    	 

    

  

EXHIBIT C

Form of Termination of Memorandum of Lease

 

THIS AGREEMENT made as of the _____
day of _________, 20__, by and between _______________________(the “Landlord”) and ____________________ (the
“Tenant”).

 

W I T N E S S E T H:

 

WHEREAS, by that certain Master Lease
dated as of [_________________], (the “Lease”) Landlord leased to Tenant the real estate described in Exhibit
A attached hereto, and the improvements thereon, a memorandum of which Lease is filed with [●] as [Document No. ________];
and

 

WHEREAS, Tenant has offered to terminate
said Lease and Landlord desires to accept such offer.

 

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

 

1.          The
term of said Lease shall be cancelled as of _____________, 20__.

 

2.          Landlord
hereby agrees that Tenant shall be and is hereby released from all obligations and liabilities of the Tenant to be performed under
the Lease from and after the date of cancellation.

 

3.          Tenant
hereby agrees that Landlord shall be and is hereby released from all obligations, duties and liabilities of Landlord to be performed
under the Lease from and after the date of cancellation.

 

4.          This
Agreement shall be binding upon and inure to the benefit of the parties hereto, their (heirs) (successors) and assigns.

 

    	 

    	 

    

 

	 	 	 
	 	
        LANDLORD:

         

        DCX [●] DST, a Delaware statutory trust

         

        By: DCX [●] Manager LLC, a Delaware limited liability company, its manager

         

        By: DCX Manager LLC, a Delaware limited liability company, its sole member

	 	 
	 	By:	 
	 	 	

Name:  
	 	 	Title:  

 

[Signature Page to Termination of Memorandum of Lease
([●])]

    	 

    	 

    

 

	 	 	 
	 	TENANT:

         

        DCX [●]
        MASTER TENANT LLC, a Delaware limited liability company,

         

        By: DCX Master
        Tenant LLC, a Delaware limited liability company, its sole member

         

        By: DCTRT Real
        Estate Holdco LLC, a Delaware limited liability company, its sole member

         

        By: Dividend Capital
        Total Realty Operating Partnership LP, a Delaware limited partnership, its sole member

         

        By: Dividend Capital Diversified Property
        Fund Inc., a Maryland corporation, its general partner

	 	 
	 	By:	 
	 	 	 
	 	 	Name:  
	 	 	Title:  

 

[INSERT PROPER NOTARY BLOCKS, IF NECESSARY]

 

[Signature
Page to Termination of Memorandum of Lease ([●])]

    	 

    	 

    

  

EXHIBIT D

Form of Assignment and Assumption of Subleases

 

FORM OF ASSIGNMENT AND ASSUMPTION
OF SUBLEASE

 

THIS ASSIGNMENT AND ASSUMPTION OF
SUBLEASES (this “Assignment”) is made as of [●],[●], by and among DCX
[●] DST, a Delaware statutory trust, having an address at
518 17th Street, 17th Floor, Denver, Colorado 80202 (together with its successors and assigns, collectively, “Assignor”),
and DCX [●] Master Tenant
LLC, a Delaware limited liability company, having an address at 518 17th Street, 17th Floor, Denver, Colorado 80202
(together with its successors and assigns, collectively “Assignee”).

 

WITNESSETH:

 

WHEREAS, the Property (as defined
below) is subject to that certain Master Lease dated as of the date hereof (as the same may be amended, modified or supplemented
from time to time, the “Master Lease”), pursuant to which Assignee will lease from Assignor the Property
(as defined below);

 

WHEREAS, Assignor is the landlord
under those certain leases described on Exhibit A attached hereto and made a part hereof (such leases, as amended,
modified and/or supplemented to date, the “Subleases” and the leasehold interests created thereby, the
“Sublease Interests”) of certain improved real property commonly known as the [●] with a street
address of [●] as more particularly described on Exhibit B attached hereto and made a part hereof (the “Property”);

 

WHEREAS, under the terms and conditions
of the Master Lease, it was contemplated that Assignor and Assignee would enter into this Assignment; and

 

WHEREAS, Assignor desires to assign
to Assignee all of Assignor’s right, title and interest in and to the Subleases, the Sublease Interests and all guaranties,
if any (collectively, the “Guaranties”), of the obligations of the tenants under the Subleases and all
security deposits of such tenants, if any (collectively, the “Security Deposits”), and Assignee desires
to accept such assignment, each upon the terms, covenants and conditions herein contained.

 

NOW THEREFORE, for Ten Dollars ($10.00)
and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, and intending to
be legally bound hereby, the parties hereto agree as follows:

 

AGREEMENT:

 

1.           Assignment.
Assignor hereby transfers and assigns to Assignee all right, title and interest of Assignor as landlord under all of the Subleases,
the Sublease Interests, the Guaranties and the Security Deposits, TO HAVE AND TO HOLD all of the foregoing unto Assignee, its successors
and assigns, from and after the date hereof, subject to the terms, covenants, conditions and provisions contained herein.

 

    	 

    	 

    

 

2.           Assumption.
Assignee hereby accepts the foregoing assignment of the Subleases, the Sublease Interests, the Guaranties and the Security Deposits
from and after the date hereof, and assumes the obligations thereunder first arising from and after the date hereof.

 

3.           Binding
Effect; Governing Law. This Assignment and the obligations of the parties hereunder shall be binding upon and inure to the
benefit of the parties hereto, their respective legal representatives, successors and assigns and shall be governed by and construed
in accordance with the laws of [●] and may not be modified or amended except by written agreement signed by both parties.

 

4.           Indemnity.
Assignor shall be responsible for all matters, constituting obligations of the lessor under the Subleases, arising in connection
with the Subleases or the Property prior to the date hereof, and Assignee shall be responsible for all matters, constituting obligations
under the Subleases, arising in connection with the Subleases or the Property on and after the date hereof, subject to the terms
of the Master Lease.

 

(a)          Assignor
agrees to defend, indemnify, and hold Assignee and all affiliates, subsidiaries, related corporations, related partnerships, officers,
directors, employees and agents of Assignee fully and completely harmless from and against any and all cost, expense, liability,
claim, damages, assertion or demand whatsoever, of any kind or nature (collectively, the “Liabilities”),
asserted by any third party whatsoever, arising prior to the date hereof in connection with the Subleases, which Liabilities result
from unperformed obligations under the Subleases or otherwise arise solely as a result of the acts or omissions to act of Assignor.

 

(b)          Assignee
agrees to defend, indemnify, and hold Assignor and all affiliates, subsidiaries, related corporations, related partnerships, officers,
directors, employees and agents of Assignor fully and completely harmless from and against any and all Liabilities, asserted by
any third party whatsoever, arising on or subsequent to the date hereof in connection with the Subleases, which Liabilities result
from unperformed obligations under the Subleases or otherwise arise solely as a result of the acts or omissions to act of Assignee.

 

(c)          The
parties acknowledge that these indemnities are a material part of this Assignment and that the parties would not enter into this
Assignment without the indemnities contained herein.

 

5.           Ratification.
Nothing in this Assignment alters or amends any covenants, representations, warranties or indemnities set forth in the Subleases,
all of which shall be independent of the terms and conditions of this Assignment.

 

6.           No
Warranties. This Assignment is made without representation, warranty (express or implied) or recourse of any kind.

 

    	 

    	 

    

 

7.           Counterparts;
Execution. This Assignment may be executed in one or more counterparts, each of which will constitute an original, and all
of which together shall constitute one and the same agreement. Executed copies hereof may be delivered by facsimile, PDF or email,
and, upon receipt, shall be deemed originals and binding upon the parties hereto. Without limiting or otherwise affecting the
validity of executed copies hereof that have been delivered by facsimile, PDF or email, the parties will use their best efforts
to deliver originals as promptly as possible after execution.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have
executed this Assignment on the day and year first above written.

 

	 	 	 
	 	
        ASSIGNOR:

         

        DCX [●] DST, a Delaware statutory trust

         

        By: DCX [●] Manager LLC, a Delaware limited liability company, its manager

         

        By: DCX Manager LLC, a Delaware limited liability company, its sole member

	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

[Signature
Page to Assignment and Assumption of Subleases ([●])]

    	 

    	 

    

 

	 	 	 
	 	
        ASSIGNEE:

         

        DCX [●] MASTER TENANT LLC, a Delaware limited liability company,

         

        By: DCX Master Tenant LLC, a Delaware limited liability company, its sole
        member

         

        By: DCTRT Real Estate Holdco LLC, a Delaware limited liability company, its
        sole member

         

        By: Dividend Capital Total Realty Operating Partnership LP, a Delaware limited
        partnership, its sole member

         

        By: Dividend Capital Diversified Property Fund Inc., a Maryland corporation,
        its general partner

	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

[INSERT PROPER NOTARY BLOCKS, IF NECESSARY]

 

[Signature Page to Assignment and Assumption of Subleases ([●])]

    	 

    	 

    

 

SCHEDULE 1

Rent

 

	Payment Date	Fixed Rent Payment

 

    	 

    	 

    

 

SCHEDULE 2

Percentage Interests

 

	Landlord	Address for Notice	Percentage Interest
	TRT [●] LLC	518 17th Street, 17th Floor, 

Denver, Colorado 80202	100%

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