Document:

EXHIBIT 10.83

 

FIRST AMENDMENT TO 

THIRD AMENDED AND RESTATED ADVISORY
AGREEMENT

 

This First Amendment
to Third Amended and Restated Advisory Agreement (this “First Amendment”) is adopted, executed and agreed to
effective as of October 14, 2013, by and among Bluerock Multifamily Growth REIT, Inc., a Maryland corporation (the “Corporation”),
Bluerock Multifamily Holdings, LP, a Delaware limited partnership (the “Operating Partnership”), and Bluerock
Multifamily Advisor, LLC, a Delaware limited liability company (the “Advisor”). Undefined terms used herein
shall have the meaning ascribed to them in the Agreement (as defined below).

 

WITNESSETH:

 

WHEREAS, the Corporation,
the Operating Partnership and the Advisor are parties to that certain Third Amended and Restated Advisory Agreement dated February
27, 2013, a copy of which is attached hereto as Exhibit A (the “Agreement”), pursuant to which the Advisor
is entitled to certain fees in exchange for providing to the Corporation and the Operating Partnership potential investment opportunities
and a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation;

 

WHEREAS, the Agreement
terminates on October 14, 2013, subject to the right of the parties thereto, upon mutual consent, to renew the term thereof for
an unlimited number of successive one-year periods;

 

WHEREAS, the Board
of Directors of the Corporation is exploring strategic alternatives, including the possibility of a public offering of shares of
its Common Stock and listing on a national securities exchange (the “Public Offering”); and

 

WHEREAS, to provide
for the continued services of the Advisor to the Corporation and the Operating Partnership until such time as the Public Offering
has been completed, the parties hereto wish to amend the Agreement to renew the term thereof for an additional one-year period,
to permit the early termination thereof upon the satisfaction of certain conditions and to make certain other modifications as
set forth herein.

 

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

 

1.           The
first sentence of Section 9(c) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“In connection
with a Sale of an Investment (except for such Investments that are traded on a national securities exchange) in which the Advisor
or any Affiliate of the Advisor provides a substantial amount of services, as determined by the Independent Directors, the Company
shall pay to the Advisor or its Affiliate a Disposition Fee equal to 1.5% of the Contract Sales Price of such Investment.”

 

    	 

    	 

    

  

EXHIBIT 10.83

 

2.           The
first sentence of Section 9(f) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“The Advisor
shall receive a Financing Fee equal to 0.25% of the amount made available to the Company under any Loan made available to it.”

 

3.           Section
16 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“16.         TERM
OF AGREEMENT. Subject to the provisions of Section 17 below, this Agreement shall continue in full force and effect until October
14, 2014.”

 

 

4.           Section
17 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“17.         TERMINATION
BY THE PARTIES. Notwithstanding any provision to the contrary contained in this Agreement, this Agreement shall be terminated,
without Cause and without penalty, (i)  upon 60 days’ prior written notice of such termination by any party hereto,
or (ii) upon completion of the initial closing of the Company’s initial firmly underwritten public offering of shares
of its common stock, whichever shall first occur. The provisions of Sections 18 through 31 of this Agreement shall survive termination
of this Agreement.”

 

5.           All
other provisions of the Agreement, as hereby amended, except superseded by or inconsistent with this Amendment, shall continue
to be in full force and effect.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	 

    	 

    

 

EXHIBIT 10.83

 

IN WITNESS WHEREOF,
the parties hereto have executed this First Amendment as of the date first set forth above.

 

	 	BLUEROCK MULTIFAMILY GROWTH REIT, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Michael L. Konig 
	 	Name:	Michael L. Konig 
	 	Title:	General Counsel
	 	 	 
	 	BLUEROCK MULTIFAMILY HOLDINGS, LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Bluerock Multifamily Growth REIT, Inc.,
	 	 	its General Partner

 

	 	By:	/s/ Michael L. Konig
	 	Name:	Michael L. Konig
	 	Title:	General Counsel 

 

	 	BLUEROCK MULTIFAMILY ADVISOR, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Michael L. Konig 
	 	Name:	Michael L. Konig
	 	Title:	General Counsel

 

    	 

    	 

    

  

EXHIBIT 10.83

 

EXHIBIT A

 

Third Amended and Restated Advisory AgreementFORM OF
AMENDMENT

to

amended and restated

agreement of limited partnership

of

ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

 

THIS AMENDMENT TO THE
SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ARC PROPERTIES OPERATING PARTNERSHIP, L.P. (this “Amendment”)
is made as of [________], 2013 by and among American Realty Capital Properties, Inc., a Maryland corporation (the “REIT”),
in its capacity as the General Partner and Special Limited Partner of ARC Properties Operating Partnership, L.P., a Delaware limited
partnership (the “Partnership”). Capitalized terms used but not otherwise defined in this Amendment shall have
the meanings given to such terms in the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated
as of February 28, 2013, by and among the REIT and the other parties signatory thereto (the “Partnership Agreement”).

 

witnesseth:

 

WHEREAS, on the date
hereof, the REIT has issued [_______] shares (the “Shares”) of the REIT’s Series F Cumulative Redeemable
Preferred Stock, par value $.01 per share (the “Series F Preferred Stock”) pursuant to that certain Agreement
and Plan of Merger, dated as of July 1, 2013, by and among the REIT, American Realty Capital Trust IV, Inc., a Maryland corporation,
Thunder Acquisition, LLC, a Delaware limited liability company, ARC Properties Operating Partnership, L.P., a Delaware limited
partnership and American Realty Capital Operating Partnership IV, L.P., a Delaware limited partnership, as amended on October 6,
2013 and October 11, 2013 (the “Merger Agreement”);

 

WHEREAS, pursuant to
the Merger Agreement, in connection with the Partnership Merger (as defined in the Merger Agreement) certain preferred Partnership
Interests represented by a newly designated preferred class of Partnership Units of the Partnership with the rights, privileges
and preferences set forth on Exhibit A hereto (the “Series F Preferred Units”) will be issued; and

 

WHEREAS, in accordance
with the authority granted to the General Partner in Section 11.01 of the Partnership Agreement, the General Partner desires to
amend the Partnership Agreement to reflect the creation of the Series F Preferred Units and the rights, privileges and preferences
thereof.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby
agree as follows.

 

1.Pursuant to Section
4.02 of the Partnership Agreement, the Partnership Agreement is hereby amended (i) to create the Series F Preferred Units with
the rights, privileges and preferences set forth on Exhibit A attached hereto and (ii) to issue [_____] Series F Preferred Units
in connection with the Partnership Merger as provided in the Merger Agreement.

 

    	 

    	 

    

 

2.Section 5.01 of
the Partnership Agreement is hereby amended to provide that, notwithstanding anything in the Partnership Agreement to the contrary,
allocations of Profit and Loss to holders of Series F Preferred Units in any year shall be limited as provided in Section 4(F)
of Exhibit A attached hereto.

 

3.Section 5.02 of
the Partnership Agreement is hereby amended to provide that, notwithstanding anything in the Partnership Agreement to the contrary,
distributions payable with respect to the Series F Preferred Units as provided in Section 4 of Exhibit A attached hereto shall
have priority over all of the other distributions to Partners pursuant to Section 5.02 of the Partnership Agreement, other than
distributions to Partners with respect to Series F Senior Units and Series F Parity Units.

 

4.Section 5.06 of
the Partnership Agreement is hereby amended to provide that, notwithstanding anything in the Partnership Agreement to the contrary,
distributions payable with respect to the Series F Preferred Units as provided in Section 5 of Exhibit A attached hereto shall
have priority over all of the other distributions to Partners upon a Liquidation pursuant to Section 5.06 of the Partnership Agreement,
other than distributions to Partners with respect to Series F Senior Units and Series F Parity Units.

 

5.The Partnership
Agreement is hereby amended to the fullest extent necessary to effect all of the matters contemplated by this Amendment, including
but not limited to the terms set forth on Exhibit A hereto, and including, without limitation, the voting rights of the holders
of Series F Preferred Units and restrictions on the General Partner and the Partnership that are set forth in Section 8 of Exhibit
A attached hereto. Except as specifically provided for in this Amendment, the provisions of the Partnership Agreement shall remain
in full force and effect.

 

6.The execution,
delivery and effectiveness of this Amendment shall not operate (a) as an amendment or modification of any provision, right or obligation
of any Partner under the Partnership Agreement except as specifically set forth in this Amendment or (b) as a waiver or consent
to any subsequent action or transaction.

 

7.This Amendment
shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles
of conflicts of laws thereof.

 

8.This Amendment
contains the entire understanding among the parties with respect to the subject matter hereof and supersedes any other prior written
or oral understanding or agreements among their with respect thereto.

 

9.This Amendment
may be executed in one or more counterparts, each of which shall be an original and all of which, when taken together, shall constitute
one and the same agreement.

 

    	 

    	 

    

 

10.This Amendment
shall become effective when each party hereto shall have received a counterpart hereof signed by all of the other parties hereto.

 

[SIGNATURE PAGE TO
FOLLOW]

 

    	 

    	 

    

 

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

 

 

	 	GENERAL PARTNER:
	 	 	 
	 	AMERICAN REALTY CAPITAL PROPERTIES, INC.
	 	 	 
	 	 	 
	 	By: 	  
	 	     	Name:
	   	    	Title:
	 	 	 
	 	 	 
	 	SPECIAL LIMITED PARTNER:
	 	 	 
	 	AMERICAN REALTY CAPITAL PROPERTIES, INC.
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title

 

[Signature Page to First Amendment to Amended
and Restated Agreement of Limited Partnership] 

    	 

    	 

    

 

exhibit
A

 

Terms of
Series F Preferred Units

 

In accordance with
Section 4.02 of the Partnership Agreement, set forth below are the terms and conditions of the Series F Preferred Units established
by the Partnership on the date hereof.

 

1.Definitions.
For purposes of the Series F Preferred Units, the following terms shall have the meanings indicated in this Section 1. Capitalized
terms used but not otherwise defined in this Exhibit A shall have the meanings set forth in Article I of the Partnership Agreement,
as amended by the Amendment to which this Exhibit A is attached.

 

“Annual Distribution
Rate” shall have the meaning set forth in Section 4(A) to this Exhibit A.

 

“Articles
Supplementary” shall mean the Articles Supplementary classifying and designating the Series F Preferred Stock and fixing
distribution and other preferences and rights of the Series F Preferred Stock as filed with the State Department of Assessments
and Taxation of Maryland on [______], 2013.

 

“Business
Day” shall mean any day other than Saturday, Sunday or a day on which state or federally chartered banking institutions
in New York, New York are not required to be open.

 

“Common Units”
shall mean any class or series of Partnership Interest that does not have a priority or preference in the payment of distributions
in the distribution of assets upon any Liquidation.

 

“Liquidation”
shall mean (A) a dissolution or winding up of the General Partner or the Partnership, whether voluntary or involuntary, (B) a consolidation
or merger of the General Partner or the Partnership with and into one or more entities which are not affiliates of the General
Partner or the Partnership which results in a Change in Control, or (C) a sale or transfer of all or substantially all of the Corporation’s
or the Partnership’s assets other than to an affiliate of the Corporation or the Partnership.

 

“Series F
Distribution Payment Date” shall mean the fifteenth (15th) calendar day of each month, commencing on the fifteenth
(15th) day of the month following the date on which Series F Preferred Units are first issued and sold; provided, however,
that if any Series F Distribution Payment Date falls on any day other than a Business Day, the distribution payment due on such
Series F Distribution Payment Date shall be paid on the first Business Day immediately following such Series F Distribution Payment
Date.

 

“Series F
Distribution Period” shall mean monthly distribution periods commencing on the first day of each month and ending on
and including the day preceding the first day of the next succeeding Series F Distribution Period (other than the initial Series
F Distribution Period, which shall commence on the date Series F Preferred Units are first issued and sold).

 

    	 

    	 

    

 

“Series F
Junior Units” shall mean Common Units and any class or series of Partnership Units hereafter issued and outstanding that
are not Series F Senior Units, Series F Preferred Units or Series F Parity Units.

 

“Series F
Liquidation Amount” shall have the meaning set forth in Section 5(A) of this Exhibit A.

 

“Series F
Liquidation Preference” shall mean twenty-five dollars ($25.00) per Series F Preferred Unit.

 

“Series F
Parity Units” shall mean any class or series of Partnership Units hereafter issued and outstanding, whether or not the
distribution rates thereof shall be different from those of the Series F Preferred Units, if the holders of such class or series
and the Series F Preferred Units shall be entitled to (i) the receipt of distributions in proportion to their respective amounts
of accrued and unpaid distributions per unit and (ii) amounts distributable upon Liquidation in proportion to their respective
liquidation preferences, in each case without preference or priority one over the other.

 

“Series F
Senior Units” shall mean any class or series of Partnership Units hereafter issued and outstanding, if the holders of
such class or series shall be entitled to the receipt of distributions prior to a Liquidation or of amounts distributable upon
any event of Liquidation, in preference or priority to the holders of Series F Preferred Units.

 

2.Number of Preferred
Units and Designation. This series of preferred Partnership Interests shall be designated as the Series F Preferred Partnership
Units (the “Series F Preferred Units”). The number of units which shall initially constitute such series shall
be [_____] units.

 

3.Ranking.
The Series F Preferred Units shall, with respect to, allocations, the payment of distributions and the right to receive the Series
F Liquidation Amount upon a Liquidation, rank junior to all Series F Senior Units; rank senior to all Series F Junior Units, and
rank in parity with all Series F Parity Units.

 

4.Distributions
and Allocations.

 

(A)Subject to
the preferential rights of the holders of any Series F Senior Units, the holders of Series F Preferred Units shall be entitled
to receive, when, as and if declared by the General Partner, distributions payable in cash at a per unit rate per annum equal to
6.70% of the Liquidation Preference (the “Annual Distribution Rate”). The distributions shall be cumulative
from the day of issuance of any such Series F Preferred Units and shall be payable monthly, when, as and if declared by the General
Partner, in arrears, on each Series F Distribution Payment Date. Each such distribution shall be payable to the holders of record
of Series F Preferred Units as they appear in the records of the Partnership at the close of business on such record date, which
shall not be more than 30 days preceding such Series F Distribution Payment Dates thereof, as shall be fixed by the General Partner.
Any distribution payment made on Series F Preferred Units shall first be credited against the earliest accrued but unpaid distribution
due with respect to Series F Preferred Units which remains payable.

 

    	 

    	 

    

 

(B)The amount
of distributions payable for any Series F Distribution Period shall be computed by dividing the Annual Distribution Rate by twelve.
The amount of distributions payable for the initial Series F Distribution Period, or any other period shorter or longer than a
full Series F Distribution Period, on the Series F Preferred Units shall be computed on the basis of twelve 30-day months and a
360-day year. Holders of Series F Preferred Units shall not be entitled to any distributions, whether payable in cash, property
or shares, in excess of cumulative distributions, as herein provided, on the Series F Preferred Units, plus any other amounts provided
herein.

 

(C)Distributions
of Cash Available for Distribution shall be made on the Series F Preferred Units pursuant to Section 5.02(a)(i) of the Partnership
Agreement pro rata and pari passu with Series F Parity Units in proportion to their relative accrued but unpaid return. Distributions
of Net Sales Proceeds shall be made on the Series F Preferred Units pursuant to Section 5.02(a)(i) of the Partnership Agreement
pro rata and pari passu with Series F Parity Units in proportion to their relative accrued but unpaid return.

 

(D)So long as
any Series F Preferred Units are outstanding, no distributions, except as described in the immediately following sentence, shall
be declared or paid or set apart for payment on any class or series of Series F Parity Units for any period unless full cumulative
distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set
apart for such payment on the Series F Preferred Units for all Series F Distribution Periods terminating on or prior to the distribution
payment date on such class or series of Series F Parity Units. When distributions are not paid in full or a sum sufficient for
such payment is not set apart, as aforesaid, all distributions authorized and declared upon Series F Preferred Units and all distributions
authorized and declared upon any other series or class or classes of Series F Parity Units shall be authorized and declared ratably
in proportion to the respective amounts of distributions accumulated and unpaid on the Series F Preferred Units and such class
or classes or series of Series F Parity Units.

 

(E)So long as
any Series F Preferred Units are outstanding, no distributions shall be declared and paid or set apart for payment on any class
or series of Series F Junior Units for any period unless full cumulative distributions on all outstanding Series F Preferred Units
and any other Series F Parity Units have been paid or set apart for payment for all past Series F Distribution Periods and sufficient
funds have been paid or set apart for the payment of the distribution for the current Series F Distribution Period with respect
to the Series F Preferred Units and any Series F Parity Units. When distributions are not paid in full or a sum sufficient for
such payment is not set apart, as aforesaid, all distributions declared upon Series F Preferred Units and all distributions declared
upon any other class or series of Series F Parity Units shall be declared ratably in proportion to the respective amounts of distributions
accumulated and unpaid on the Series F Preferred Units and accumulated and unpaid on such Series F Parity Units.

 

(F)No distributions
on Series F Preferred Units shall be declared by the General Partner or paid or set apart for payment by the Partnership at such
time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits
such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment
would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited
by law.

 

    	 

    	 

    

 

(G)Subject to
any special allocations referenced in Section 5.01(a) of the Partnership Agreement, if the Partnership has Net Income or Net Loss
for any taxable year or portion thereof, Partners holding Series F Preferred Units shall be allocated Net Income, and to the extent
necessary, individual items of Partnership income and gain, pursuant to Section 5.01(a)(i) of the Partnership Agreement, pro
rata and pari passu with Series F Parity Units that are subject to allocations pursuant to Section 5.01(a)(i), to the
extent of and until such Partners have received aggregate allocations pursuant to this Section 4(G) of Exhibit A equal to the aggregate
amount actually distributed to such Partners in accordance with Section 4(C) of this Exhibit A as it relates to Section 5.02(a)(i)
and Net Loss, and to the extent necessary, individual items of loss or deduction, pursuant to Section 5.01(a)(iii)(D) of the Partnership
Agreement, pro rata and pari passu with Series F Parity Units subject to allocation pursuant to Section 5.01(a)(iii)(D)
until the Capital Accounts of such Partners with respect to their Series F Preferred Units have been reduced to zero. Subject to
any special allocations referenced in Section 5.01(b) of the Partnership Agreement, if the Partnership has Net Property Gain for
any taxable year or portion thereof, Partners holding Series F Preferred Units shall be allocated, first, Net Property Gain
pro rata and pari passu with Series F Parity Units that are subject to allocations pursuant to Section 5.01(b)(i),
to the extent and until each such Partners’ Capital Accounts is equal to such Partner’s aggregate Series F Liquidation
Amount, and second, Net Property Gain, and to the extent necessary, individual items of Partnership gain, pursuant to Section
5.01(b)(ii) of the Partnership Agreement, pro rata and pari passu with Series F Parity Units that are subject to allocations pursuant
to Section 5.01(b)(ii), to the extent of and until such Partners have received aggregate allocations pursuant to this Section 4(G)
of Exhibit A equal to the aggregate amount actually distributed to such Partners in accordance with Section 4(C) of this Exhibit
A as it relates to Section 5.02(b)(ii).

 

(H)Notwithstanding
anything in this Exhibit A to the contrary, the Partnership shall be permitted to make any distributions that are necessary in
order to maintain the status of the REIT as a real estate investment trust as defined in Section 856 of the United States Internal
Revenue Code of 1986, as amended.

 

5.Liquidation
Preference.

 

(A)In the event
of any Liquidation, subject to the prior preferences and other rights of any Series F Senior Units, before any payment or distribution
of the assets of the Partnership (whether capital or surplus) shall be made to or set apart for the holders of Series F Junior
Units, the holders of the Series F Preferred Units shall be entitled to receive the greater of (i) (A) the Series F Liquidation
Preference per Series F Preferred Unit plus an amount equal to all distributions (whether or not earned or declared) accrued and
unpaid thereon to the date of final distribution to such holder or (ii) an amount per Series F Preferred Unit equal to the amount
which would have been payable had each Series F Preferred Unit been converted into OP Units immediately prior to such Liquidation
(the “Series F Liquidation Amount”); but such holders shall not be entitled to any further payment. If, upon
any Liquidation, the assets of the Partnership, or proceeds thereof, distributable among the holders of the Series F Preferred
Units shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any other units of any
class or series of Series F Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of
Series F Preferred Units and any such other Series F Parity Units ratably in accordance with the amounts that would be payable
on such Series F Preferred Units and any such other Series F Parity Units if all amounts payable thereon were paid in full.

 

    	 

    	 

    

 

(B)Subject to
the rights of the holders of any Series F Parity Units or Series F Senior Units, upon any Liquidation of the Partnership, after
payment shall have been made in full to the holders of the Series F Preferred Units, as provided in this Section 5, the holders
of Series F Preferred Units shall have no other claim to the remaining assets of the Partnership and any other series or class
or classes of Series F Junior Units shall, subject to the respective terms and provisions (if any) applying thereto, be entitled
to receive any and all assets remaining to be paid or distributed, and the holders of the Series F Preferred Units and Series F
Parity Units shall not be entitled to share therein.

 

6.Conversion.

 

(A)In connection
with Series F Preferred Units held by the General Partner, unless such Series F Preferred Units have previously been redeemed pursuant
to Section 7(A) hereof, at such time as there occurs a conversion of Shares of Series F Preferred Stock for REIT Shares, a corresponding
amount of Series F Preferred Units shall automatically convert into OP Units, on a one-to-one basis (subject to appropriate adjustment
in the event of any dividend, split, combination or other similar recapitalization with respect to the OP Units) on terms substantially
similar to the terms for conversion of Shares of Series F Preferred Stock for REIT Shares contained in the Articles Supplementary.
Each automatic conversion of Series F Preferred Units for OP Units shall be deemed to have been effected at such time as the concurrent
conversion of the corresponding Shares of Series F Preferred Stock for REIT Shares shall have been deemed effected in accordance
with the Charter, and Exhibit A to the Partnership Agreement shall be amended by the General Partner to reflect such conversion.

 

(B)In connection
with Series F Preferred Units held by Limited Partners other than the General Partner, unless such Series F Preferred Units have
previously been redeemed pursuant to Section 7(B) hereof, such Limited Partner shall have the right to convert all or a portion
of its Series F Preferred Units into OP Units upon the occurrence of a Change of Control (as defined in the Articles Supplementary)
on terms substantially similar to the terms for conversion of Shares of Series F Preferred Stock contained in the Articles Supplementary.

 

7.Redemption.

 

(A)In connection
with Series F Preferred Units held by the General Partner, if the General Partner redeems or otherwise purchases any Shares of
Series F Preferred Stock, the Partnership shall automatically redeem a corresponding number of Series F Preferred Units, on the
date of redemption or other purchase of Shares of Series F Preferred Stock by the General Partner (“Redemption Date”)
on terms substantially similar to the terms for redemption of Shares of Series F Preferred Stock contained in the Articles Supplementary.
Any automatic redemption of Series F Preferred Units shall be deemed to occur on the Redemption Date immediately prior to the related
redemption or other purchase of Shares of Series F Preferred Stock, and Exhibit A to the Partnership Agreement shall be amended
by the General Partner to reflect such redemption.

 

    	 

    	 

    

 

(B)In connection
with Series F Preferred Units held by Limited Partners other than the General Partner, the Partnership shall not redeem such Series
F Preferred Units prior to the fifth anniversary of the Original Issue Date (as defined in the Articles Supplementary) except upon
the occurrence of a Change of Control (as defined in the Articles Supplementary). The redemption of Series F Preferred Units by
the Partnership shall be on terms substantially similar to the terms for redemption of Shares of Series F Preferred Stock contained
in the Articles Supplementary.

 

(C)Limited Partners
holding Series F Preferred Units shall have the right to have the Partnership redeem all or a portion of such Series F Preferred
Units on such terms and conditions as provided for the redemption of OP Units in Section 8.04 of the Partnership Agreement, which
section will apply to such redemption as if all references to OP Units in such section were to Series F Preferred Units, including
the requirement that such Series F Preferred Units be outstanding for at least one year prior to being redeemable by a Limited
Partner.

 

8.Voting.

 

(A)(a)Except
as otherwise set forth herein, the Series F Preferred Units shall not have any relative, participating, optional or other special
voting rights and powers, and the consent of the holders thereof shall not be required for the taking of any Partnership action.

 

(B)So long as
any Series F Preferred Units are outstanding, in addition to any other vote or consent of holders of Series F Preferred Units required
by the Partnership Agreement, the affirmative vote of at least a majority of the votes entitled to be cast by the holders of Series
F Preferred Units, and at the time outstanding, voting as a single class, given in person or by proxy, either in writing without
a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating any amendment, alteration
or repeal of any of the provisions of the Partnership Agreement, including the terms of the Series F Preferred Units, that materially
and adversely affects the voting powers, rights or preferences of the Series F Preferred Units; provided, however, (A) with respect
to the occurrence of any Liquidation, so long as the Series F Preferred Units remain outstanding with the terms thereof materially
unchanged, or in the case in which the Partnership is not the surviving entity, so long as units into which the Series F Preferred
Units have been converted in any successor entity to the Partnership remain outstanding with the terms thereof materially unchanged,
the occurrence of such Liquidation shall not be deemed to materially and adversely affect such voting powers, rights or preferences
of the Series F Preferred Units, and in such case such holders shall not have any voting rights with respect to the occurrence
of a Liquidation; (B) the amendment of the provisions of the Partnership Agreement so as to authorize or create or to increase
the number of the Series F Junior Units, Series F Parity Units or Series F Junior Units shall not be deemed to materially and adversely
affect the voting powers, rights or preferences of the Series F Preferred Units and (C) any filing with the Secretary of State
of the State of Delaware by the Partnership in connection with a merger, consolidation or sale of all or substantially all of the
assets of the Partnership shall not be deemed to be an amendment, alteration or repeal of any of the provisions of the Partnership
Agreement, including the terms of the Series F Preferred Units.

 

    	 

    	 

    

 

9.Transfers.
Subject to the provisions of Section 9.02(b), (c) and (d) of the Partnership Agreement, no Series F Preferred Unit shall be transferred,
sold, assigned, conveyed, gifted, pledged, encumbered, hypothecated, mortgaged, exchanged or otherwise disposed of by law or otherwise
(collectively, a “Transfer”) without the prior written consent of the General Partner, which may be withheld
or denied by the General Partner it is sole and absolute discretion. Notwithstanding anything in the Partnership Agreement to the
contrary, any Transfer in contravention of the terms of this Exhibit A shall be void and ineffectual and shall not be binding upon,
or recognized by the Partnership.

 

10.Reserved.

 

11.Miscellaneous.

 

(A)Series F Preferred
Units will not have any designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions,
qualifications or terms and conditions of redemption, other than those specifically set forth herein, in the Partnership Agreement,
and as may be provided under applicable law.

 

(B)The headings
of the various subdivisions herein are for convenience only and will not affect the meaning if interpretation of any of the provisions
herein.

 

(C)The preferences,
conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions
of redemption of the Series F Preferred Units may be waived, and any of such provisions of the Series F Preferred Units may be
amended, with the approval of holders of at least sixty-six and two-thirds percent (66 and 2/3%) of the issued outstanding Series
F Preferred Units (other than Series F Preferred Units held by the General Partner), voting as a single class in person or by proxy.

 

12.Severability
of Provisions. Whenever possible, each provision hereof shall be interpreted in a manner as to be effective and valid under
applicable law, but if any provision hereof is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. If a court of competent jurisdiction should determine that a provision hereof would be valid or enforceable
if a period of time were extended or shortened or a particular percentage were increased or decreased, the such court may make
such change as shall be necessary to render the provision in question effective and valid under applicable law.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]