Document:

Unassociated Document

     

     

     

    
 

    FIRST
      INDUSTRIAL REALTY TRUST, INC.,

    COMPUTERSHARE
      SHAREHOLDER SERVICES, INC. AND COMPUTERSHARE TRUST COMPANY, N.A.,

    AS
      DEPOSITARY,

     

    AND

     

    THE
      HOLDERS FROM TIME TO TIME OF

    THE
      DEPOSITARY RECEIPTS DESCRIBED HEREIN

    RELATING
      TO SERIES J CUMULATIVE REDEEMABLE PREFERRED STOCK

     

    DEPOSIT
      AGREEMENT

     

     

    
      
        

      

       

    

    Dated
      as
      of  January 13, 2006

     

    
      
        

      

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    Page

     

    ARTICLE
      I

     

    DEFINITIONS

     

    ARTICLE
      II

     

    FORM
      OF
      RECEIPTS, DEPOSIT OF STOCK,

    EXECUTION
      AND DELIVERY, TRANSFER,

    SURRENDER
      AND REDEMPTION OF RECEIPTS

     

    SECTION
      2.1. Form
      and
      Transfer of
      Receipts                                                                                                                                     2

    SECTION
      2.2. Deposit
      of Stock; Execution and Delivery of Receipts in Respect
      Thereof                                                         
4

    SECTION
      2.3. Registration
      of Transfer of
      Receipts                                                                                                                          
4

    SECTION
      2.4. Split-ups
      and Combinations of Receipts; Surrender of Receipts and Withdrawal of
      Stock                             
5

    SECTION
      2.5. Limitations
      on Execution and Delivery, Transfer, Surrender and Exchange of
      Receipts                                   
6

    SECTION
      2.6. Lost
      Receipts,
      etc.                                                                                                                                                          6

    SECTION
      2.7. Cancellation
      and Destruction of Surrendered
      Receipts                                                                                          
6

    SECTION
      2.8. Redemption
      of
      Stock                                                                                                                                                    
6

    SECTION
      2.9. Stock
      Constituting Excess
      Stock                                                                                                                                
8

     

    ARTICLE
      III

     

    CERTAIN
      OBLIGATIONS OF HOLDERS

    OF
      RECEIPTS AND THE COMPANY

     

    SECTION
      3.1. Filing
      Proofs, Certificates and Other
      Information                                                                                                                                                8

    SECTION
      3.2. Payment
      of Taxes or Other Governmental
      Charges                                                                                                  
8

    SECTION
      3.3. Warranty
      as to
      Stock                                                                                                                                                    
9

     

    ARTICLE
      IV

     

    THE
      DEPOSITED SECURITIES; NOTICES

     

    SECTION
      4.1. Cash
      Distributions                                                                                                                                                          
9

    SECTION
      4.2. Distributions
      Other than Cash, Rights, Preferences or
      Privileges                                                                         
10

    SECTION
      4.3. Subscription
      Rights, Preferences or
      Privileges                                                                                                         
10

    SECTION
      4.4. Notice
      of
      Dividends, etc.; Fixing Record Date for Holders of
      Receipts                                                                                                                                                     
11

    SECTION
      4.5. Voting
      Rights                                                                                                                                                                  
11

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      4.6. Changes
      Affecting Deposited Securities and Reclassifications, Recapitalizations,
      etc.                                                                                                                                                             
11

    SECTION
      4.7. Delivery
      of
      Reports                                                                                                                                                      
 12

    SECTION
      4.8. List
      of
      Receipt
      Holders                                                                                                                                                
 12

     

    ARTICLE
      V

     

    THE
      DEPOSITARY, THE DEPOSITARY’S

    AGENTS,
      THE REGISTRAR AND THE COMPANY

     

    SECTION
      5.1. Maintenance
      of Offices, Agencies and Transfer Books by the Depositary;
      Registrar                                       
12

    SECTION
      5.2. Prevention
      of or Delay in Performance by the Depositary, the Depositary’s Agents, the
      Registrar or the
      Company                                                                                                                                                   
 13 

    SECTION
      5.3. Obligation
      of the Depositary, the Depositary’s Agents, the Registrar and the
      Company                                  15

    SECTION
      5.4. Resignation
      and Removal of the Depositary; Appointment of Successor
      Depositary                                       
16

    SECTION
      5.5. Corporate
      Notices and
      Reports                                                                                                                                   
 16

    SECTION
      5.6. Indemnification
      by the
      Company                                                                                                                                 
16

    SECTION
      5.7. Charges
      and
      Expenses                                                                                                                                                  
 16

    SECTION
      5.8. Tax
      Compliance                                                                                                                                                             
  16

     

    ARTICLE
      VI

     

    AMENDMENT
      AND TERMINATION

     

    SECTION
      6.1. Amendment                                                                                                                                                                    
 17

    SECTION
      6.2. Termination                                                                                                                                                                     
 17

     

    ARTICLE
      VII

     

    MISCELLANEOUS

     

    SECTION
      7.1. Counterparts                                                                                                                                                             
      
18

    SECTION
      7.2. Exclusive
      Benefit of
      Parties                                                                                                                                          
 18

    SECTION
      7.3. Invalidity
      of
      Provisions                                                                                                                                                
 18

    SECTION
      7.4. Notices                                                                                                                                                                           
        18

    SECTION
      7.5. Appointment
      of
      Registrar                                                                                                                                            
 19

    SECTION
      7.6. Holders
      of Receipts Are
      Parties                                                                                                                                 
 19

    SECTION
      7.7. Governing
      Law                                                                                                                                                              
 19

    SECTION
      7.8. Inspection
      of Deposit
      Agreement                                                                                                                                19

    SECTION
      7.9. Headings                                                                                                                                                                       
 
      19

    

    

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    DEPOSIT
      AGREEMENT, dated as of January 13, 2006, among FIRST INDUSTRIAL REALTY
      TRUST, INC., a Maryland corporation (the “Company”), COMPUTERSHARE
      SHAREHOLDER SERVICES, INC., a Delaware corporation and its wholly-owned
      subsidiary COMPUTERSHARE
      TRUST COMPANY, N.A. (individually
      “CSS” and the “Trust Company” respectively, or collectively
      the “Depositary”),
      and the
      holders from time to time of the Receipts described herein.

     

    WHEREAS,
      it is desired to provide, as hereinafter set forth in this Deposit Agreement,
      for the deposit of shares of Stock of the Company with the Depositary for the
      purposes set forth in this Deposit Agreement and for the issuance hereunder
      of
      Receipts evidencing Depositary Shares in respect of the Stock so deposited;
      and

     

    WHEREAS,
      the Receipts are to be substantially in the form of Exhibit A annexed hereto,
      with appropriate insertions, modifications and omissions, as hereinafter
      provided in this Deposit Agreement;

     

    NOW,
      THEREFORE, in consideration of the promises contained herein, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereto hereby agree
      as
      follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    The
      following definitions shall, for all purposes, unless otherwise indicated,
      apply
      to the respective terms used in this Deposit Agreement:

     

    “Articles
      Supplementary” shall mean the Articles Supplementary filed with the Secretary of
      State of the State of Maryland establishing the Stock as a series of preferred
      stock of the Company.

     

    “Deposit
      Agreement” shall mean this Deposit Agreement, as amended or supplemented from
      time to time.

     

    “Depositary”
      shall have the meaning set forth in the preamble hereto.

     

    “Depositary
      Shares” shall mean Depositary Shares, each representing 1/10,000 of a share of
      Stock and evidenced by a Receipt.

     

    “Depositary’s
      Agent” shall mean one
      or
      more agents
      appointed by the Depositary pursuant to Section 5.1 and shall include the
      Registrar if such Registrar is not the Depositary.

     

    “Depositary’s
      Office” shall mean any office of the Depositary at which at any particular time
      its depositary receipt business shall be administered.

     

    “Excess
      Stock” shall mean Excess Stock as defined in Section 7.4 of the Company’s
      Amended and Restated Articles of Incorporation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Receipt”
      shall mean one of the Depositary Receipts, substantially in the form set forth
      as Exhibit A hereto, issued hereunder, whether in definitive or temporary form
      and evidencing the number of Depositary Shares held of record by the record
      holder of such Depositary Shares. If the context so requires, the term “Receipt”
shall be deemed to include the DTC Receipt (as defined in Section 2.1(c)
      hereof).

     

    “record
      holder” or “holder” as applied to a Receipt shall mean the person in whose name
      a Receipt is registered on the books of the Depositary maintained for such
      purpose.

     

    “Registrar”
      shall mean the Depositary or such other bank or trust company which shall be
      appointed to register ownership and transfers of Receipts as herein
      provided.

     

    “Securities
      Act” shall mean the Securities Act of 1933, as amended.

     

    “Stock”
      shall mean shares of the Company’s 7.25% Series J Cumulative Redeemable
      Preferred Stock, $.0l par value per share.

     

    ARTICLE
      II

     

    FORM
      OF
      RECEIPTS, DEPOSIT OF STOCK,

    EXECUTION
      AND DELIVERY, TRANSFER,

    SURRENDER
      AND REDEMPTION OF RECEIPTS

     

    SECTION
      2.1. Form
      and Transfer of Receipts.
      The
      Company and the Depositary shall make application to The Depository Trust
      Company (“DTC”) for acceptance of all or a portion of the Receipts for its
      book-entry settlement system. The Company hereby appoints the Depositary acting
      through any authorized officer thereof as its attorney-in-fact, with full power
      to delegate, for purposes of executing any agreements, certifications or other
      instruments or documents necessary or desirable in order to effect the
      acceptance of such Receipts for DTC eligibility. So long as the Receipts are
      eligible for book-entry settlement with DTC, unless otherwise required by law,
      all Depositary Shares to be traded on the New York Stock Exchange with
      book-entry settlement through DTC shall be represented by a single receipt
      (the
“DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing
      all such Depositary Shares and registered in the name of the nominee of DTC
      (initially expected to be Cede & Co.). The Depositary or such other entity
      as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership
      of beneficial interests in the DTC Receipt shall be shown on, and the transfer
      of such ownership shall be effected through, records maintained by (i) DTC
      or
      its nominee for such DTC Receipt or (ii) institutions that have accounts with
      DTC.

     

    If
      DTC
      subsequently ceases to make its book-entry settlement system available for
      the
      Receipts, the Company may instruct the Depositary regarding making other
      arrangements for book-entry settlement. In the event that the Receipts are
      not
      eligible for book-entry form, the Depositary shall provide written instructions
      to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the
      Company shall instruct the Depositary to deliver to the beneficial owners of
      the
      Depositary Shares previously evidenced by the DTC definitive Receipts in
      physical form evidencing such Depositary Shares. Such definitive receipts shall
      be in substantially the form annexed hereto as Exhibit A, with appropriate
      insertions, modifications and omissions, as hereafter provided.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    The
      beneficial owners of Depositary Shares shall, except as stated above with
      respect to Depositary Shares in book-entry form represented by the DTC Receipt,
      be entitled to receive Receipts in physical, certificated form as herein
      provided.

     

    The
      definitive Receipts shall be engraved or printed or lithographed on
      steel-engraved borders, with appropriate insertions, modifications and
      omissions, as hereinafter provided, if and to the extent required by any
      securities exchange on which the Receipts are listed. The DTC Receipt shall
      bear
      such legend or legends as may be required by DTC in order for it to accept
      the
      Depositary Shares for its book-entry settlement system. Pending the preparation
      of definitive Receipts or if definitive Receipts are not required by any
      securities exchange on which the Receipts are listed, the Depositary, upon
      the
      written order of the Company, delivered in compliance with Section 2.2 hereof,
      shall execute and deliver temporary Receipts which are printed, lithographed,
      typewritten, mimeographed or otherwise substantially of the tenor of the
      definitive Receipts in lieu of which they are issued and with such appropriate
      insertions, omissions, substitutions and other variations as the persons
      executing such Receipts may determine, as evidenced by their execution of such
      Receipts. If temporary Receipts are issued, the Company and the Depositary
      will
      cause definitive Receipts to be prepared without unreasonable delay. After
      the
      preparation of definitive Receipts, the temporary Receipts shall be exchangeable
      for definitive Receipts upon surrender of the temporary Receipts at the
      Depositary’s Office or at such other place or places as the Depositary shall
      determine, without charge to the holder. Upon surrender for cancellation of
      any
      one or more temporary Receipts, the Depositary shall execute and deliver in
      exchange therefor definitive Receipts representing the same number of Depositary
      Shares as represented by the surrendered temporary Receipt or Receipts. Such
      exchange shall be made at the Company’s expense and without any charge to the
      holder therefor. Until so exchanged, the temporary Receipts shall in all
      respects be entitled to the same benefits under this Deposit Agreement, and
      with
      respect to the Stock, as definitive Receipts.

     

    Receipts
      shall be executed by the Depositary by the manual and/or facsimile signature
      of
      a duly authorized officer of the Depositary. No Receipt shall be entitled to
      any
      benefits under this Deposit Agreement or be valid or obligatory for any purpose
      unless it shall have been executed in accordance with the foregoing sentence.
      The Depositary shall record on its books each Receipt so signed and delivered
      as
      hereinafter provided.

     

    Receipts
      shall be in denominations of any number of whole Depositary Shares. The Company
      shall deliver to the Depositary from time to time such quantities of Receipts
      as
      the Depositary may request to enable the Depositary to perform its obligations
      under this Deposit Agreement.

     

    Receipts
      may be endorsed with or have incorporated in the text thereof such legends
      or
      recitals or changes not inconsistent with the provisions of this Deposit
      Agreement as may be required by the Company
      or
      required to comply with any applicable law or any regulation thereunder or
      with
      the rules and regulations of any securities exchange upon which the Stock,
      the
      Depositary Shares or the Receipts may be listed or to conform with any usage
      with respect thereto, or to indicate any special limitations or restrictions
      to
      which any particular Receipts are subject, all
      as
      directed by the Company.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    Title
      to
      Depositary Shares evidenced by a Receipt which is properly endorsed or
      accompanied by a properly executed instrument of transfer shall be transferable
      by delivery with the same effect as in the case of a negotiable instrument;
      provided, however, that until transfer of a Receipt shall be registered on
      the
      books of the Depositary as provided in Section 2.3, the Depositary may,
      notwithstanding any notice to the contrary, treat the record holder thereof
      at
      such time as the absolute owner thereof for the purpose of determining the
      person entitled to distributions of dividends or other distributions or to
      any
      notice provided for in this Deposit Agreement and for all other
      purposes.

     

    SECTION
      2.2. Deposit
      of Stock; Execution and Delivery of Receipts in Respect Thereof. Subject
      to the terms and conditions of this Deposit Agreement, the Company may from
      time
      to time deposit shares of Stock under this Deposit Agreement by delivery to
      the
      Depositary of a certificate or certificates for the Stock to be deposited,
      properly endorsed or accompanied, if required by the Depositary, by a duly
      executed instrument of transfer or endorsement, in form satisfactory to the
      Depositary, together with (i) all such certifications as may be required by
      the Depositary in accordance with the provisions of this Deposit
      Agreement,
      including the resolutions of the Board of Directors of the Company, as certified
      by the Secretary or any Assistant Secretary of the Company on the date thereof
      as being as being complete, accurate and in effect, relating to issuance and
      sale of the Preferred Stock, (ii) a letter of counsel to the Company authorizing
      reliance on such counsel’s opinions delivered to the underwriters named therein
      relating to (A) the existence and good standing of the Company, (B) the due
      authorization of the Depositary Shares and the status of the Depositary Shares
      as validly issued, fully paid and non-assessable, and (C) the effectiveness
      of
      any registration statement under the Securities Act relating to the Depositary
      Shares, and (iii) a written letter of instruction
      of the
      Company or such holder, as the case may be, directing the Depositary to execute
      and deliver to, or upon the written order of, the person or persons stated
      in
      such order a Receipt or Receipts for the number of Depositary Shares
      representing such deposited Stock. Deposited Stock shall be held by the
      Depositary at the Depositary’s Office or at such other place or places as the
      Depositary shall determine.

     

    Upon
      receipt by the Depositary of a certificate or certificates for Stock deposited
      in accordance with the provisions of this Section, together with the other
      documents required as above specified, and upon recordation of the Stock on
      the
      books of the Company in the name of the Depositary or its nominee, the
      Depositary, subject to the terms and conditions of this Deposit Agreement,
      shall
      execute and deliver, to or upon the order of the person or persons named in
      the
      written order delivered to the Depositary referred to in the first paragraph
      of
      this Section 2.2, a Receipt or Receipts for the whole number of Depositary
      Shares representing, in the aggregate, the Stock so deposited and registered
      in
      such name or names as may be requested by such person or persons. The Depositary
      shall execute and deliver such Receipt or Receipts at the Depositary’s Office or
      such other offices, if any, as the Depositary may designate. Delivery at other
      offices shall be at the risk and expense of the person requesting such
      delivery.

     

    SECTION
      2.3. Registration
      of Transfer of Receipts.
      Subject
      to the terms and conditions of applicable law and of this Deposit Agreement,
      the
      Depositary shall register on its books from time to time transfers of Receipts
      upon any surrender thereof by the holder in person or by a duly authorized
      attorney,
      agent or
      representative,
      properly endorsed or accompanied by a properly executed instrument of
      transfer
      including a guarantee of the signature thereon by a participant in a signature
      guarantee medallion program approved by the Securities Transfer
      Associa-

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    tion
      (“Signature Guarantee”).
      Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
      the
      same aggregate number of Depositary Shares as those evidenced by the Receipt
      or
      Receipts surrendered and deliver such new Receipt or Receipts to or upon the
      order of the person entitled thereto.

     

    SECTION
      2.4. Split-ups
      and Combinations of Receipts; Surrender of Receipts and Withdrawal of
      Stock.
      Upon
      surrender of a Receipt or Receipts at the Depositary’s Office or at such other
      offices as it may designate for the purpose of effecting a split-up or
      combination of such Receipt or Receipts, and subject to the terms and conditions
      of this Deposit Agreement, the Depositary shall execute and deliver a new
      Receipt or Receipts in the authorized denomination or denominations requested,
      evidencing the aggregate number of Depositary Shares evidenced by the Receipt
      or
      Receipts surrendered; provided, however, that the Depositary shall not issue
      any
      Receipt evidencing a fractional Depositary Share.

     

    Any
      holder of a Receipt or Receipts representing any number of whole shares of
      Stock
      may (unless the related Depositary Shares have previously been called for
      redemption) withdraw the Stock and all money and other property, if any,
      represented thereby by surrendering such Receipt or Receipts at the Depositary’s
      Office or at such other offices as the Depositary may designate for such
      withdrawals and paying any unpaid amount due the Depositary. If such holder’s
      Depositary Shares are being held by DTC or its nominee pursuant to Section
      2.1
      hereof, such holder shall request withdrawal from the book-entry system of
      Receipts representing any number of whole shares. Thereafter, without
      unreasonable delay, the Depositary shall deliver to such holder or to the person
      or persons designated by such holder as hereinafter provided the number of
      whole
      shares of Stock and all money and other property, if any, represented by the
      Receipt or Receipts so surrendered for withdrawal, but holders of such whole
      shares of Stock will not thereafter be entitled to deposit such Stock hereunder
      or to receive Depositary Shares therefor. If a Receipt delivered by the holder
      to the Depositary in connection with such withdrawal shall evidence a number
      of
      Depositary Shares in excess of the number of Depositary Shares representing
      the
      number of whole shares of Stock to be so withdrawn, the Depositary shall at
      the
      same time, in addition to such number of whole shares of Stock and such money
      and other property, if any, to be so withdrawn, deliver to such holder, or
      upon
      his order, a new Receipt evidencing such excess number of Depositary Shares;
      provided, however, that the Depositary shall not issue any Receipt evidencing
      a
      fractional Depositary Share.

     

    Delivery
      of the Stock and money and other property being withdrawn may be made by the
      delivery of such certificates, documents of title and other instruments as
      the
      Depositary may deem appropriate, which, if required by the Depositary, shall
      be
      properly endorsed or accompanied by proper instruments of transfer.

     

    If
      the
      Stock and the money and other property being withdrawn are to be delivered
      to a
      person or persons other than the record holder of the Receipt or Receipts being
      surrendered for withdrawal of Stock, such holder shall execute and deliver
      to
      the Depositary a written order so directing the Depositary and the Depositary
      may require that the Receipt or Receipts surrendered by such holder for
      withdrawal of such shares of Stock be properly endorsed in blank or accompanied
      by a properly executed instrument of transfer in blank.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    Delivery
      of the Stock and the money and other property, if any, represented by Receipts
      surrendered for withdrawal shall be made by the Depositary at the Depositary’s
      Office, except that, at the request, risk and expense of the holder surrendering
      such Receipt or Receipts and for the account of the holder thereof, such
      delivery may be made at such other place as may be designated by such
      holder.

     

    SECTION
      2.5. Limitations
      on Execution and Delivery, Transfer, Surrender and Exchange of
      Receipts.
      As a
      condition precedent to the execution and delivery, registration of transfer,
      split-up, combination, surrender or exchange of any Receipt, the Depositary,
      any
      of the Depositary’s Agents or the Company may require payment to it of a sum
      sufficient for the payment (or, in the event that the Depositary or the Company
      shall have made such payment, the reimbursement to it) of any charges or
      expenses payable by the holder of a Receipt pursuant to Sections 3.2 and 5.7
      hereof, may require the production of evidence satisfactory to it as to the
      identity and genuineness of any signature
      including a Signature Guarantee,
      and may
      also require compliance with such regulations, if any, as the Depositary or
      the
      Company may establish consistent with the provisions of this Deposit
      Agreement.

     

    The
      deposit of Stock may be refused, the delivery of Receipts against Stock may
      be
      suspended, the registration of transfer of Receipts may be refused and the
      registration of transfer, surrender or exchange of outstanding Receipts may
      be
      suspended (i) during any period when the register of stockholders of the Company
      is closed, or (ii) if any such action is deemed necessary or advisable by the
      Depositary, any of the Depositary’s Agents or the Company at any time or from
      time to time because of any requirement of law or of any government or
      governmental body or commission or under any provision of this Deposit
      Agreement.

     

    SECTION
      2.6. Lost
      Receipts, etc. 
      In
      case
      any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in
      its
      reasonable discretion may execute and deliver a Receipt of like form and tenor
      in exchange and substitution for such mutilated Receipt, or in lieu of and
      in
      substitution for such destroyed, lost or stolen Receipt, upon (i) the filing
      by
      the holder thereof with the Depositary of evidence reasonably satisfactory
      to
      the Depositary of such destruction or loss or theft of such Receipt, of the
      authenticity thereof and of his or her ownership thereof, (ii) the
      furnishing of the Depositary with reasonable indemnification and
      the
      provision of an open penalty surety bond satisfactory
      to the Depositary and holding
      it and the
      Company
      harmless,
      and
      (iii)
      the payment of any reasonable expense (including reasonable fees, charges and
      expenses of the Depositary) in connection with such execution and
      delivery.

     

    SECTION
      2.7. Cancellation
      and Destruction of Surrendered Receipts.
      All
      Receipts surrendered to the Depositary or any Depositary’s Agent shall be
      cancelled by the Depositary. Except as prohibited by applicable law or
      regulation, the Company is authorized to destroy all Receipts so
      cancelled.

     

    SECTION
      2.8. Redemption
      of Stock.
      Whenever the Company shall be permitted and shall elect to redeem shares of
      Stock in accordance with the provisions of the Company’s Articles of
      Incorporation or Articles Supplementary, it shall (unless otherwise agreed
      to in
      writing with the Depositary) give or cause to be given to the Depositary not
      less than 45 days notice of the date of such proposed redemption or exchange
      of
      Stock and of the number of such shares held by the Depositary to be so redeemed
      and the applicable redemption price, as set forth

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    in
      the
      Articles Supplementary, which notice shall be accompanied by a certificate
      from
      the Company stating that such redemption of Stock is in accordance with the
      provisions of the Company’s Articles of Incorporation or Articles Supplementary.
      On the date of such redemption, provided that the Company shall then have paid
      or caused to be paid in full to the Depositary the redemption price of the
      Stock
      to be redeemed, plus an amount equal to any accrued and unpaid dividends thereon
      to the date fixed for redemption, in accordance with the provisions of the
      Articles Supplementary, the Depositary shall redeem the number of Depositary
      Shares representing such Stock. The Depositary shall mail notice of the
      Company’s redemption of Stock and the proposed simultaneous redemption of the
      number of Depositary Shares representing the Stock to be redeemed by first-class
      mail, postage prepaid, not less than 30 and not more than 60 days prior to
      the
      date fixed for redemption of such Stock and Depositary Shares (the “Redemption
      Date”) to the record holders of the Receipts evidencing the Depositary Shares to
      be so redeemed, at the address of such holders as they appear on the records
      of
      the Depositary; but neither failure to mail any such notice of redemption of
      Depositary Shares to one or more such holders nor any defect in any notice
      of
      redemption of Depositary Shares to one or more such holders shall affect the
      sufficiency of the proceedings for redemption as to the other holders. The
      Company will provide the Depositary with the information necessary for the
      Depositary to prepare such notice and each such notice shall state: (i) the
      Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if
      fewer than all the Depositary Shares held by any such holder are to be redeemed,
      the number of such Depositary Shares held by such holder to be so redeemed;
      (iii) the redemption price per Depositary Share; (iv) the place or places where
      Receipts evidencing Depositary Shares are to be surrendered for payment of
      the
      redemption price; and (v) that dividends in respect of the Stock represented
      by
      the Depositary Shares to be redeemed will cease to accrue on such Redemption
      Date and will bear no interest. In case fewer than all the outstanding
      Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed
      shall be determined pro rata or by lot in a manner required by any exchange
      upon
      which the Depositary Shares are listed or as otherwise determined by the Board
      of Directors.

     

    Notice
      having been mailed by the Depositary as aforesaid, from and after the Redemption
      Date (unless the Company shall have failed to provide the funds necessary to
      redeem the Stock evidenced by the Depositary Shares called for redemption)
      (i) dividends on the shares of Stock so called for redemption shall cease
      to accrue from and after such date, (ii) the Depositary Shares being redeemed
      from such proceeds shall be deemed no longer to be outstanding, (iii) all rights
      of the holders of Receipts evidencing such Depositary Shares (except the right
      to receive the redemption price) shall, to the extent of such Depositary Shares,
      cease and terminate and (iv) upon surrender in accordance with such
      redemption; notice of the Receipts evidencing any such Depositary Shares called
      for redemption (properly endorsed or assigned for transfer, if the Depositary
      or
      applicable law shall so require), such Depositary Shares shall be redeemed
      by
      the Depositary at a redemption price per Depositary Share equal to the same
      fraction of the redemption price per share paid with respect to the shares
      of
      Stock as the fraction each Depositary Share represents of a share of Stock
      plus
      the same fraction of all money and other property, if any, represented by such
      Depositary Shares, including all amounts paid by the Company in respect of
      dividends which on the Redemption Date have accumulated on the shares of Stock
      to be so redeemed and have not theretofore been paid. Any funds deposited by
      the
      Company with the Depositary for any Depositary Shares that the holders thereof
      fail to redeem will, upon the written request of the Company, be returned to
      the
      Company after a period of five years from the date such funds are so
      deposited.

     

    
      
        
        

      

      
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    If
      fewer
      than all of the Depositary Shares evidenced by a Receipt are called for
      redemption, the Depositary will deliver to the holder of such Receipt upon
      its
      surrender to the Depositary, together with the redemption payment, a new Receipt
      evidencing the Depositary Shares evidenced by such prior Receipt and not called
      for redemption; provided, however, that the Depositary shall not issue any
      Receipt evidencing a fractional Depositary Share.

     

    SECTION
      2.9. Stock
      Constituting Excess Stock.
      As
      provided in the Articles of Incorporation or Articles Supplementary, upon the
      happening of certain events, shares of Stock shall be deemed to automatically
      constitute Excess Stock. In the event of such a conversion, the Receipt
      representing the deposited Stock so converted shall no longer represent, to
      the
      extent of the shares so converted, such deposited Stock. Promptly upon its
      knowledge of the conversion of such deposited Stock into Excess Shares, the
      Company shall notify the Depositary of such conversion, the number of shares
      of
      deposited Stock so converted, and the identity of the holder of the Receipt
      so
      affected, whereupon the Depositary shall promptly notify the holder of such
      Receipt as to the foregoing information and the requirement for the holder
      to
      surrender such Receipt to the Depositary for cancellation of the number of
      Depositary Shares evidenced thereby equal to the deposited Stock constituting
      Excess Shares represented thereby.

     

    If
      fewer
      than all of the Depositary Shares evidenced by a Receipt are required to be
      surrendered for cancellation, the Depositary will deliver to the holder of
      such
      Receipt upon its surrender to the Depositary a new Receipt evidencing the
      Depositary Shares evidenced by such prior Receipt and not required to be
      surrendered for cancellation. Upon the conversion of the deposited Stock and
      cancellation of the Depositary Shares represented thereby, the Depositary will
      make appropriate adjustments in its records to reflect such conversion and
      cancellation (including the reduction of any fractional share of deposited
      Stock
      and the issuance of any Excess Shares).

     

    ARTICLE
      III

     

    CERTAIN
      OBLIGATIONS OF HOLDERS

    OF
      RECEIPTS AND THE COMPANY

     

    SECTION
      3.1. Filing
      Proofs, Certificates and Other Information.
      Any
      holder of a Receipt may be required from time to time to file such proof of
      residence, or other matters or other information, to execute such certificates
      and to make such representations and warranties as the Depositary or the Company
      may reasonably deem necessary or proper or otherwise reasonably request. Subject
      to applicable law, the Depositary or the Company may withhold the delivery,
      or
      delay the registration of transfer, redemption or exchange, of any Receipt
      or
      the withdrawal or conversion of the Stock represented by the Depositary Shares
      evidenced by any Receipt or the distribution of any dividend or other
      distribution or the sale of any rights or of the proceeds thereof until such
      proof or other information is filed or such certificates are executed or such
      representations and warranties are made.

     

    SECTION
      3.2. Payment
      of Taxes or Other Governmental Charges.
      Holders
      of Receipts shall be obligated to make payments to the Depositary of certain
      charges and expenses, as provided in Section 5.7 hereof. Subject to applicable
      law, registration of transfer of any Receipt or any withdrawal of Stock and
      all
      money or other property, if any, represented by the Depositary Shares evidenced
      by such Receipt may be refused until any such payment due is made, and
      any

     

    
      
        
        

      

      
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    dividends,
      interest payments or other distributions may be withheld or any part of or
      all
      the Stock or other property represented by the Depositary Shares evidenced
      by
      such Receipt and not theretofore sold may be sold for the account of the holder
      thereof (after attempting by reasonable means to notify such holder prior to
      such sale), and such dividends, interest payments or other distributions or
      the
      proceeds of any such sale may be applied to any payment of such charges or
      expenses, the holder of such Receipt remaining liable for any
      deficiency.

     

    SECTION
      3.3. Warranty
      as to Stock.
      The
      Company hereby represents and warrants that the Stock, when issued, will be
      duly
      authorized, validly issued, fully paid and nonassessable. Such representation
      and warranty shall survive the deposit of the Stock and the issuance of
      Receipts.

     

    ARTICLE
      IV

     

    THE
      DEPOSITED SECURITIES; NOTICES

     

    SECTION
      4.1. Cash
      Distributions.
      Whenever the Depositary shall receive any cash dividend or other cash
      distribution on Stock, the Depositary shall, subject to Sections 3.1 and 3.2
      hereof, distribute to record holders of Receipts on the record date fixed
      pursuant to Section 4.4 hereof such amounts of such dividend or distribution
      as
      are, as nearly as practicable, in proportion to the respective numbers of
      Depositary Shares evidenced by the Receipts held by such holders; provided,
      however, that, in case the Company or the Depositary shall be required to
      withhold and shall withhold from any cash dividend or other cash distribution
      in
      respect of the Stock an amount on account of taxes or as otherwise required
      by
      law, regulation or court process, the amount made available for distribution
      or
      distributed in respect of Depositary Shares shall be reduced accordingly. In
      the
      event that the calculation of any such cash dividend or other cash distribution
      to be paid to any record holder on the aggregate number of Depositary Receipts
      held by such holder results in an amount which is a fraction of a cent, the
      amount the Depositary shall distribute to such record holder shall be rounded
      to
      the next highest whole cent if such fraction of a cent is equal to or greater
      than $.005; otherwise such fractional interest shall be disregarded; and, upon
      request of the Depositary, the Company shall pay the additional amount to the
      Depositary for distribution.

     

    SECTION
      4.2. Distributions
      Other than Cash, Rights, Preferences or Privileges.
      Whenever the Depositary shall receive any distribution other than cash, rights,
      preferences or privileges upon Stock, the Depositary shall, subject to Sections
      3.1 and 3.2 hereof, distribute to record holders of Receipts on the record
      date
      fixed pursuant to Section 4.4 hereof such amounts of the securities or property
      received by it as are, as nearly as may be practicable, in proportion to the
      respective numbers of Depositary Shares evidenced by the Receipts held by such
      holders, in any manner that the Depositary may deem equitable and practicable
      for accomplishing such distribution. If in the opinion of the Depositary such
      distribution cannot be made proportionately among such record holders, or if
      for
      any other reason (including any requirement that the Company or the Depositary
      withhold an amount on account of taxes) the Depositary deems (after consultation
      with the Company) such distribution not to be feasible, the Depositary may,
      with
      the approval of the Company, adopt such method as it deems equitable and
      practicable for the purpose of effecting such distribution, including the sale
      (at public or private sale) of the securities or property thus received, or
      any
      part thereof, at such place or places and upon such

     

    
      
        
        

      

      
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    terms
      as
      it may deem equitable and appropriate. The net proceeds of any such sale shall,
      subject to Sections 3.1 and 3.2 hereof, be distributed or made available for
      distribution, as the case may be, by the Depositary to record holders of
      Receipts as provided by Section 4.1 in the case of a distribution received
      in
      cash.

     

    SECTION
      4.3. Subscription
      Rights, Preferences or Privileges.
      If the
      Company shall at any time offer or cause to be offered to the persons in whose
      names Stock is recorded on the books of the Company any rights, preferences
      or
      privileges to subscribe for or to purchase any securities or any rights,
      preferences or privileges of any other nature, the
      offering of such
      rights, preferences or privileges shall in each such instance be communicated
      to the Depositary and thereafter
      made
      available by the Depositary to the record holders of Receipts in such manner
      as
      the Depositary may determine, either by the issue to such record holders of
      warrants representing such rights, preferences or privileges or by such other
      method as may be approved by the Depositary in its discretion with the approval
      of the Company; provided, however, that (i) if at the time of issue or offer
      of
      any such rights, preferences or privileges the Depositary determines that it
      is
      not lawful or (after consultation with the Company) not feasible to make such
      rights, preferences or privileges available to holders of Receipts by the issue
      of warrants or otherwise, or (ii) if and to the extent so instructed by holders
      of Receipts who do not desire to execute such rights, preferences or privileges,
      then CI, in its discretion (with approval of the Company, in any case where
      the
      Depositary has determined that it is not feasible to make such rights,
      preferences or privileges available), may, if applicable laws or the terms
      of
      such rights, preferences or privileges permit such transfer, sell such rights,
      preferences or privileges at public or private sale, at such place or places
      and
      upon such terms as it may deem proper. The net proceeds of any such sale shall,
      subject to Sections 3.1 and 3.2 hereof, be distributed by CI to the record
      holders of Receipts entitled thereto as provided by Section 4.1 hereof in the
      case of a distribution received in cash.

     

    If
      registration under the Securities Act of the securities to which any rights,
      preferences or privileges relate is required in order for holders of Receipts
      to
      be offered or sold the securities to which such rights, preferences or
      privileges relate, the Company will file promptly a registration statement
      pursuant to the Securities Act with respect to such rights, preferences or
      privileges and securities and use its best efforts and take all steps available
      to it to cause such registration statement to become effective sufficiently
      in
      advance of the expiration of such rights, preferences or privileges to enable
      such holders to exercise such rights, preferences or privileges. In no event
      shall the Depositary make available to the holders of Receipts any right,
      preference or privilege to subscribe for or to purchase any securities unless
      and until it has received written notice from the Company that such registration
      statement shall have become effective, or that the offering and sale of such
      securities to such holders are exempt from registration under the provisions
      of
      the Securities Act and the Company shall have provided to the Depositary an
      opinion of counsel reasonably satisfactory to the Depositary to such
      effect.

     

    If
      any
      other action under the laws of any jurisdiction or any governmental or
      administrative authorization, consent or permit is required in order for such
      rights, preferences or privileges to be made available to holders of Receipts,
      the Company will use its reasonable best efforts to take such action or obtain
      such authorization, consent or permit sufficiently in advance of the expiration
      of such rights, preferences or privileges to enable such holders to exercise
      such rights, preferences or privileges.

     

    
      
        
        

      

      
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    SECTION
      4.4. Notice
      of
      Dividends, etc.; Fixing Record Date for Holders of Receipts.
      Whenever any cash dividend or other cash distribution shall become payable
      or
      any distribution other than cash shall be made, or if rights, preferences or
      privileges shall at any time be offered, with respect to Stock, or whenever
      the
      Depositary shall receive notice of any meeting at which holders of Stock are
      entitled to vote or of which holders of Stock are entitled to notice, or
      whenever the Depositary and the Company shall decide it is appropriate, the
      Depositary shall in each such instance fix a record date (which shall be the
      same date as the record date fixed by the Company with respect to or otherwise
      in accordance with the terms of the Stock) for the determination of the holders
      of Receipts who shall be entitled to receive such dividend, distribution,
      rights, preferences or privileges or the net proceeds of the sale thereof,
      or to
      give instructions for the exercise of voting rights at any such meeting, or
      who
      shall be entitled to notice of such meeting or for any other appropriate
      reasons.

     

    SECTION
      4.5. Voting
      Rights.
      Upon
      receipt of notice of any meeting at which the holders of Stock are entitled
      to
      vote, the Depositary shall, as soon as practicable thereafter, mail to the
      record holders of Receipts a notice which shall contain (i) such information
      as
      is contained in such notice of meeting and (ii) a statement that the holders
      may, subject to any applicable restrictions, instruct the Depositary as to
      the
      exercise of the voting rights pertaining to the amount of Stock represented
      by
      their respective Depositary Shares (including an express indication that
      instructions may be given to the Depositary to give a discretionary proxy to
      a
      person designated by the Company) and a brief statement as to the manner in
      which such instructions may be given. Upon the written request of the holders
      of
      Receipts on the relevant record date, the Depositary shall use its best efforts
      to vote or cause to be voted, in accordance with the instructions set forth
      in
      such requests, the maximum number of whole shares of Stock represented by the
      Depositary Shares evidenced by all Receipts as to which any particular voting
      instructions are received. The Company hereby agrees to take all action which
      may be deemed necessary by the Depositary in order to enable the Depositary
      to
      vote such Stock or cause such Stock to be voted. In the absence of specific
      instructions from the holder of a Receipt, the Depositary will not vote to
      the
      extent of the Stock represented by the Depositary Shares evidenced by such
      Receipt.

     

    SECTION
      4.6. Changes
      Affecting Deposited Securities and Reclassifications, Recapitalizations,
      etc.

     

    Upon
      any
      change in par value or liquidation preference, split-up, combination or any
      other reclassification of the Stock, or upon any recapitalization,
      reorganization, merger or consolidation affecting the Company or to which it
      is
      a party, the Depositary may in its discretion with the approval (not to be
      unreasonably withheld) of, and shall upon the instructions of, the Company,
      and
      (in either case) in such manner as the Depositary may deem equitable, (i) make
      such adjustments in the fraction of an interest in one share of Stock
      represented by one Depositary Share as may be necessary (as certified by the
      Company) fully to reflect the effects of such change in par value or liquidation
      preference, split-up, combination or other reclassification of Stock, or of
      such
      recapitalization, reorganization, merger or consolidation and (ii) treat any
      securities which shall be received by the Depositary in exchange for or upon
      conversion of or in respect of the Stock as new deposited securities so received
      in exchange for or upon conversion or in respect of such Stock. In any such
      case, the Depositary may in its discretion, with the approval of the Company,
      execute and deliver additional Receipts or may call for the surrender of all
      outstanding Receipts to be exchanged for new Receipts specifically describing
      such new deposited securities. Anything to the contrary herein notwithstanding,
      holders of Receipts

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    shall
      have the right from and after the effective date of any such change in par
      value
      or liquidation preference, split-up, combination or other reclassification
      of
      the Stock or any such recapitalization, reorganization, merger or consolidation
      to surrender such Receipts to the Depositary with instructions to convert,
      exchange or surrender the Stock represented thereby only into or for, as the
      case may be, the kind and amount of shares of stock and other securities and
      property and cash into which the Stock represented by such Receipts would have
      been converted or for which such Stock would have been exchanged or surrendered
      had such Receipt been surrendered immediately prior to the effective date of
      such transaction.

     

    SECTION
      4.7. Delivery
      of Reports.
      The
      Depositary shall furnish to holders of Receipts any reports and communications
      received from the Company which are received by the Depositary as the holder
      of
      Stock.

     

    SECTION
      4.8. List
      of Receipt Holders.
      Promptly upon request from time to time by the Company, the Depositary shall
      furnish to it a list, as of the most recent practicable date, of the names,
      addresses and holdings of Depositary Shares of all record holders of Receipts.
      The Company shall be entitled to receive such list four times
      annually.

     

    ARTICLE
      V

     

    THE
      DEPOSITARY, THE DEPOSITARY’S

    AGENTS,
      THE REGISTRAR AND THE COMPANY

     

    SECTION
      5.1. Maintenance
      of Offices, Agencies and Transfer Books by the Depositary;
      Registrar.
      Upon
      execution of this Deposit Agreement, the Depositary shall maintain at the
      Depositary’s Office facilities for the execution and delivery, registration and
      registration of transfer, surrender and exchange of Receipts, and at the offices
      of the Depositary’s Agents, if any, facilities for the delivery, registration of
      transfer, surrender and exchange of Receipts, all in accordance with the
      provisions of this Deposit Agreement, provided that, to the extent provisions
      of
      this Deposit Agreement regarding transfer or registrar functions of the
      Depositary conflict with the terms of any transfer agency agreement into which
      the Company and the Depositary may enter, the transfer agency agreement shall
      control.

     

    The
      Depositary shall keep books at the Depositary’s Office for the registration and
      registration of transfer of Receipts, which books during normal business hours
      shall be open for inspection by the record holders of Receipts subject to
      applicable laws; provided that any such holder requesting to exercise such
      right
      shall certify to the Depositary that such inspection shall be for a proper
      purpose reasonably related to such person’s interest as an owner of Depositary
      Shares evidenced by the Receipts.
      Books
      kept hereunder by the Depositary may be maintained in electronic
      form.

     

    The
      Depositary may close such books, at any time or from time to time, when deemed
      expedient by it in connection with the performance of its duties
      hereunder.

     

    The
      Depositary may, with the approval of the Company, appoint a Registrar for
      registration of the Receipts or the Depositary Shares evidenced thereby. If
      the
      Receipts or the Depositary Shares evidenced thereby or the Stock represented
      by
      such Depositary Shares shall be listed on

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    one
      or
      more national securities exchanges, the Depositary will appoint a Registrar
      (acceptable to the Company) for registration of such Receipts or Depositary
      Shares in accordance with any requirements of such exchange. Such Registrar
      (which may be the Depositary if so permitted by the requirements of any such
      exchange) may be removed and a substitute registrar appointed by the Depositary
      upon the request or with the approval of the Company. If the Receipts, such
      Depositary Shares or such Stock is listed on one or more other stock exchanges,
      the Depositary will, at the request and at the expense of the Company, arrange
      such facilities for the delivery, registration, registration of transfer,
      surrender and exchange of such Receipts, such Depositary Shares or such Stock
      as
      may be required by law or applicable securities exchange
      regulation.

     

    The
      Depositary may from time to time appoint Depositary’s Agents to act in any
      respect for the Depositary for the purposes of this Deposit Agreement and may
      at
      any time appoint additional Depositary’s Agents and vary or terminate the
      appointment of such Depositary’s Agents. The Depositary will notify the Company
      of any such action.

     

    SECTION
      5.2. Prevention
      of or Delay in Performance by the Depositary, the Depositary’s Agents, the
      Registrar or the Company.
      Neither
      the Depositary nor any Depositary’s Agent nor the Registrar nor the Company
      shall incur any liability to any holder of any Receipt if by reason of any
      provision of any present or future law, or regulation thereunder, of the United
      States of America or of any other governmental authority or, in the case of
      the
      Depositary, the Depositary’s Agent or the Registrar, by reason of any provision,
      present or future, of the Company’s Amended and Restated Articles of
      Incorporation or by reason of any act of God or war or other circumstance beyond
      the control of the relevant party, the Depositary, the Depositary’s Agent, the
      Registrar or the Company shall be prevented, delayed or forbidden from, or
      subjected to any penalty on account of, doing or performing any act or thing
      which the terms of this Deposit Agreement provide shall be done or performed;
      nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company
      incur liability to any holder of a Receipt (i) by reason of any nonperformance
      or delay, caused as aforesaid, in the performance of any act or thing which
      the
      terms of this Deposit Agreement shall provide shall or may be done or performed,
      or (ii) by reason of any exercise of, or failure to exercise, any discretion
      provided for in this Deposit Agreement except, in the case of any such exercise
      or failure to exercise discretion not caused as aforesaid, if caused by the
      gross negligence or willful misconduct of the party charged with such exercise
      or failure to exercise.

     

    SECTION
      5.3. Obligation
      of the Depositary, the Depositary’s Agents, the Registrar and the
      Company.
      Neither
      the Depositary nor any Depositary’s Agent nor the Registrar nor the Company
      assumes any obligation or shall be subject to any liability under this Deposit
      Agreement or any Receipt to holders of Receipts other than for its gross
      negligence, willful misconduct or bad faith.

     

    Neither
      the Depositary nor any Depositary’s Agent nor the Registrar nor the Company
      shall be under any obligation to appear in, prosecute or defend any action,
      suit
      or other proceeding in respect of the Stock, the Depositary Shares or the
      Receipts which in its reasonable opinion may involve it in expense or liability
      unless indemnity reasonably satisfactory to it against expense and liability
      be
      furnished as often as may be reasonably required.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    Neither
      the Depositary nor any Depositary’s Agent nor the Registrar nor the Company
      shall be liable for any action or any failure to act by it in reliance upon
      the
      written advice of legal counsel or accountants, or information from any person
      presenting Stock for deposit, any holder of a Receipt or any other person
      believed by it in good faith to be competent to give such information. The
      Depositary, any Depositary’s Agent, the Registrar and the Company may each rely
      and shall each be protected in acting upon any written notice, request,
      direction or other document reasonably believed by it to be genuine and to
      have
      been signed or presented by the proper party or parties.

     

    In
      the
      event the Depositary shall receive conflicting claims, requests or instructions
      from any holders of Receipts, on the one hand, and the Company, on the other
      hand, the Depositary shall be entitled to act on such claims, requests or
      instructions received from the Company, and shall be entitled to the full
      indemnification set forth in Section 5.6 hereof fin connection with any action
      so take.

     

    The
      Depositary shall not be responsible for any failure to carry out any instruction
      to vote any of the shares of Stock or for the manner or effect of any such
      vote
      made, as long as any such action or inaction is in good faith. The Depositary
      will indemnify the Company and hold it harmless from any loss, liability or
      expense (including the reasonable costs and expenses of defending itself) which
      arises from its negligence, wilful misconduct or bad faith. The Depositary
      undertakes and any Registrar shall be required to undertake only such duties
      as
      specifically set forth herein and no implied covenants or obligations shall
      be
      read into this Deposit Agreement against the Depositary or Registrar. In no
      event shall the Depositary’s aggregate liability during the term of this Deposit
      Agreement with respect to, arising from, or arising in connection with this
      Deposit Agreement, or from all services provided or omitted to be provided
      under
      this Deposit Agreement, whether in contract, or in tort, or otherwise, exceed
      an
      amount equal to three (3) times the amounts paid by the Company to Depositary
      as
      fees and charges, but not including reimbursable expenses. The indemnification
      obligations of the Depositary set forth in this Section 5.3 hereof shall
      survive any termination of this Deposit Agreement and any succession of any
      Depositary. 

     

    The
      Depositary, its parent, affiliates or subsidiaries, the Depositary’s Agents and
      the Registrar may own, buy, sell and deal in any class of securities of the
      Company and its affiliates and in Receipts or Depositary Shares or become
      pecuniarily interested in any transaction in which the Company or its affiliates
      may be interested or contract with or lend money to any such person or otherwise
      act as fully or as freely as if it were not the Depositary, parent, affiliate
      or
      subsidiary or Depositary’s Agent or Registrar hereunder. The Depositary may also
      act as trustee, transfer agent or registrar of any of the securities of the
      Company and its affiliates.

     

    It
      is
      intended that neither the Depositary nor any Depositary’s Agent nor the
      Registrar, acting as the Depositary’s Agent or Registrar, as the case may be,
      shall be deemed to be an “issuer” of the securities under the federal securities
      laws or applicable state securities laws, it being expressly understood and
      agreed that the Depositary, any Depositary’s Agent and the Registrar are acting
      only in a ministerial capacity as Depositary or Registrar for the
      Stock.

     

    Neither
      the Depositary (or its officers, directors, employees or agents) nor any
      Depositary’s Agent nor the Registrar makes any representation or has any
      responsibility as to the validity of the registration statement pursuant to
      which the Depositary Shares are registered under the

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    Securities
      Act, the Stock, the Depositary Shares or the Receipts (except for its
      counter-signatures thereon) or any instruments referred to therein or herein,
      or
      as to the correctness of any statement made therein or herein.

     

    The
      Depositary assumes no responsibility for the correctness of the description
      that
      appears in the Receipts. Notwithstanding any other provision herein or in the
      Receipts, the Depositary makes no warranties or representations as to the
      validity or genuineness of any Stock at any time deposited with the Depositary
      hereunder or of the Depositary Shares, as to the validity or sufficiency of
      this
      Deposit Agreement, as to the value of the Depositary Shares or as to any right,
      title or interest of the record holders of Receipts in and to the Depositary
      Shares. The Depositary shall not be accountable for the use or application
      by
      the Company of the Depositary Shares or the Receipts or the proceeds
      thereof.

     

    The
      Depositary shall not be liable for any incidental, indirect, special or
      consequential damages of any nature whatsoever, including, but not limited
      to,
      loss of anticipated profits, occasioned by breach of any provisions of this
      Agreement even if apprised of the possibility of such damages.

     

    SECTION
      5.4. Resignation
      and Removal of the Depositary; Appointment of Successor
      Depositary.
      The
      Depositary may at any time resign as Depositary hereunder by delivering notice
      of its election to do so to the Company, such resignation to take effect upon
      the appointment of a successor Depositary and its acceptance of such appointment
      as hereinafter provided.

     

    The
      Depositary may at any time be removed by the Company by notice of such removal
      delivered to the Depositary, such removal to take effect upon the appointment
      of
      a successor Depositary and its acceptance of such appointment as hereinafter
      provided.

     

    In
      case
      at any time the Depositary acting hereunder shall resign or be removed, the
      Company shall, within 60 days after the delivery of the notice of resignation
      or
      removal, as the case may be, appoint a successor Depositary, which shall be
      a
      bank or trust company having its principal office in the United States of
      America and having a combined capital and surplus of at least $150,000,000.
      If
      no successor Depositary shall have been so appointed and have accepted
      appointment within 60 days after delivery of such notice, the resigning or
      removed Depositary may at the expense of the Company petition any court of
      competent jurisdiction for the appointment of a successor Depositary. Every
      successor Depositary shall execute and deliver to its predecessor and to the
      Company an instrument in writing accepting its appointment hereunder, and
      thereupon such successor Depositary, without any further act or deed, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor and for all purposes shall be the Depositary under this Deposit
      Agreement, and such predecessor, upon payment of all sums due it and on the
      written request of the Company, shall execute and deliver an instrument
      transferring to such successor all rights and powers of such predecessor
      hereunder, shall duly assign, transfer and deliver all right, title and interest
      in the Stock and any moneys or property held hereunder to such successor, and
      shall deliver to such successor a list of the record holders of all outstanding
      Receipts and such records, books and other information in its possession
      relating thereto. Any successor Depositary shall promptly mail notice of its
      appointment to the record holders of Receipts.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    Any
      corporation into or with which the Depositary may be merged, consolidated or
      converted shall be the successor of such Depositary without the execution or
      filing of any document or any further act, and notice thereof shall not be
      required hereunder. Such successor Depositary may authenticate the Receipts
      in
      the name of the predecessor Depositary or in the name of the successor
      Depositary.

     

    SECTION
      5.5. Corporate
      Notices and Reports.
      The
      Company agrees that it will deliver to the Depositary, and the Depositary will,
      promptly after receipt thereof, transmit to the record holders of Receipts,
      in
      each case at the addresses recorded in the Depositary’s books, copies of all
      notices and reports (including without limitation financial statements) required
      by law or by the rules of any national securities exchange upon which the Stock,
      the Depositary Shares or the Receipts are listed, to be furnished to the record
      holders of Receipts. Such transmission will be at the Company’s expense and the
      Company will provide the Depositary with such number of copies of such documents
      as the Depositary may reasonably request.

     

    SECTION
      5.6. Indemnification
      by the Company.
      The
      Company shall indemnify the Depositary, any Depositary’s Agent and the Registrar
      against, and hold each of them harmless from, any loss, liability or expense
      (including the reasonable costs and expenses of defending itself) which may
      arise out of acts performed or omitted in connection with this Deposit Agreement
      and the Receipts by the Depositary, any Registrar or any of their respective
      agents (including any Depositary’s Agent), except for any liability arising out
      of gross negligence, willful misconduct or bad faith on the respective parts
      of
      any such person or persons, subject to the provisions of Section 5.3, above.
      The
      obligations of the Company set forth in this Section 5.6 hereof shall survive
      any termination of this Deposit Agreement or any succession of any Depositary
      or
      Depositary’s Agent.

     

    SECTION
      5.7. Charges
      and Expenses.
      The
      Company shall pay all transfer and other taxes and governmental charges arising
      solely from the existence of the depositary arrangements. The Company shall
      pay
      charges of the Depositary in connection with the initial deposit of the Stock
      and the initial issuance of the Depositary Shares, all withdrawals of shares
      of
      the Stock by owners of Depositary Shares, and any redemption of the Stock at
      the
      option of the Company. All other transfer and other taxes and governmental
      charges shall be at the expense of holders of Depositary Shares. If, at the
      request of a holder of Receipts, the Depositary incurs charges or expenses
      for
      which it is not otherwise liable hereunder, such holder will be liable for
      such
      charges and expenses. All other charges and expenses of the Depositary and
      any
      Depositary’s Agent hereunder (including, in each case, reasonable fees and
      expenses of counsel) incident to the performance of their respective obligations
      hereunder will be paid upon consultation and agreement between the Depositary
      and the Company as to the amount and nature of such charges and expenses. The
      Depositary shall present its statement for charges and expenses to the Company
      at such intervals as the Company and the Depositary may agree.

     

    SECTION
      5.8. Tax
      Compliance.
      CSS
      and, where applicable, the Depositary, on its own behalf and on behalf of the
      Company, will comply with all applicable certification, information reporting
      and withholding (including “backup” withholding) requirements imposed by
      applicable tax laws, regulations or administrative practice with respect to
      (i)
      any payments made with respect to the Depositary Shares or (ii) the issuance,
      delivery, holding, transfer, redemption or exercise of rights under the
      Depositary Receipts or the Depositary Shares. Such

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    compliance
      shall include, without limitation, the preparation and timely filing of required
      returns and the timely payment of all amounts required to be withheld to the
      appropriate taxing authority or its designated agent.

     

    The
      Depositary shall comply with any direction received from the Company with
      respect to the application of such requirements to particular payments or
      holders or in other particular circumstances, and may for purposes of this
      Deposit Agreement rely on any such direction in accordance with the provisions
      of Section 5.3 hereof.

     

    The
      Depositary shall maintain all appropriate records documenting compliance with
      such requirements, and shall make such records available on request to the
      Company or to its authorized representatives.

     

    ARTICLE
      VI

     

    AMENDMENT
      AND TERMINATION

     

    SECTION
      6.1. Amendment.
      The
      form of the Receipts and any provisions of this Deposit Agreement may at any
      time and from time to time be amended by agreement between the Company and
      the
      Depositary in any respect which they may deem necessary or desirable; provided,
      however, that no such amendment (other than any change in the fees) which shall
      materially adversely alter the rights of the holders of Receipts shall be
      effective unless such amendment shall have been approved by the holders of
      at
      least a majority of the Depositary Shares then outstanding. Every holder of
      an
      outstanding Receipt at the time any such amendment becomes effective shall
      be
      deemed, by continuing to hold such Receipt, to be bound by the Deposit Agreement
      as amended thereby. Subject to Section 2.9 hereof, notwithstanding the
      foregoing, in no event may any amendment impair the right of any holder of
      any
      Depositary Shares, upon surrender of the Receipts evidencing such Depositary
      Shares and subject to any conditions specified in this Deposit Agreement, to
      receive shares of Stock and any money or other property, if any, represented
      thereby, except in order to comply with mandatory provisions of applicable
      law.

     

    SECTION
      6.2. Termination.
      This
      Deposit Agreement may be terminated by the Company (provided (i) the consent
      of
      holders of a majority of the Depositary Shares has been obtained (such consent
      not to be unreasonably withheld, delayed or conditioned) or (ii) termination
      is
      necessary to preserve the Company’s status as a real estate investment trust),
      at any time upon not less than 30 days’ prior written notice to the Depositary,
      in which case, on a date that is not later than 30 days after the date of such
      notice, the Depositary shall deliver or make available for delivery to holders
      of Depositary Shares, upon surrender of the Receipts evidencing such Depositary
      Shares, such number of whole or fractional shares of Stock as are represented
      by
      such Depositary Shares. This Deposit Agreement will automatically terminate
      after (i) all outstanding Depositary Shares have been redeemed pursuant to
      Section 2.8 hereof or (ii) there shall have been made a final distribution
      in respect of the Stock in connection with any liquidation, dissolution or
      winding up of the Company and such distribution shall have been distributed
      to
      the holders of Depositary Receipts pursuant to Section 4.1 or 4.2 hereof, as
      applicable.

     

    In
      the
      event that the transfer agency relationship in effect between the Company and
      the Depositary terminates, the Depositary will be deemed to resign automatically
      with acceptance of

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    such
      resignation by the Company on the effective date of such termination and any
      required notice will be sent by the Company. 

     

    Upon
      the
      termination of this Deposit Agreement, the Company shall be discharged from
      all
      obligations under this Deposit Agreement except for its obligations to the
      Depositary, the Registrar and any Depositary’s Agent under Sections 5.6 and 5.7
      hereof.

     

    ARTICLE
      VII

     

    MISCELLANEOUS

     

    SECTION
      7.1. Counterparts.
      This
      Deposit Agreement may be executed in any number of counterparts, and by each
      of
      the parties hereto on separate counterparts, each of which counterparts, when
      so
      executed and delivered, shall be deemed an original, but all such counterparts
      taken together shall constitute one and the same instrument.

     

    SECTION
      7.2. Exclusive
      Benefit of Parties.
      This
      Deposit Agreement is for the exclusive benefit of the parties hereto, and their
      respective successors hereunder, and shall not be deemed to give any legal
      or
      equitable right, remedy or claim to any other person whatsoever.

     

    SECTION
      7.3. Invalidity
      of Provisions.
      In case
      any one or more of the provisions contained in this Deposit Agreement or in
      the
      Receipts should be or become invalid, illegal or unenforceable in any respect,
      the validity, legality and enforceability of the remaining provisions contained
      herein or therein shall in no way be affected, prejudiced or disturbed
      thereby.

     

    SECTION
      7.4. Notices.
      Any and
      all notices to be given to the Company hereunder or under the Receipts shall
      be
      in writing and shall be deemed to have been duly given if personally delivered
      or sent by mail, or by telegram or facsimile transmission confirmed by letter,
      addressed to the Company at:

     

    First
      Industrial Realty Trust, Inc.

    311
      S.
      Wacker Drive, Suite 4000

    Chicago,
      Illinois 60606

    Attn:
      John Clayton, Esq.

    Facsimile
      No.: (312) 922-6320

     

    or
      at any
      other address of which the Company shall have notified the Depositary in
      writing.

     

    Any
      and
      all notices to be given to the Depositary hereunder or under the Receipts shall
      be in writing and shall be deemed to have been duly given if personally
      delivered or sent by mail or by telegram or facsimile transmission confirmed
      by
      letter, addressed to the Depositary at the Depositary’s Office, at:

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    Computershare
      Trust Company, N.A.

    c/o
      Computershare Shareholder Services, Inc.

    150
      Royall Street

    Canton,
      Massachusetts 02021

    Attn:
      General Counsel

    Facsimile
      No.: 781-575-4210

     

    or
      at any
      other address of which the Depositary shall have notified the Company in
      writing.

     

    Any
      and
      all notices to be given to any record holder of a Receipt hereunder or under
      the
      Receipts shall be in writing and shall be deemed to have been duly given if
      personally delivered or sent by mail, or by telegram or facsimile transmission
      confirmed by letter, addressed to such record holder at the address of such
      record holder as it appears on the books of the Depositary, or if such holder
      shall have filed with the Depositary a written request that notices intended
      for
      such holder be mailed to some other address, at the address designated in such
      request.

     

    Delivery
      of a notice sent by mail or by telegram or facsimile transmission shall be
      deemed to be effected at the time when a duly addressed letter containing the
      same (or a confirmation thereof in the case of a telegram or facsimile
      transmission) is deposited for mailing by first class mail, postage prepaid.
      The
      Depositary or the Company may, however, act upon any telegram or facsimile
      transmission received by it from the other or from any holder of a Receipt,
      notwithstanding that such telegram or facsimile transmission shall not
      subsequently be confirmed by letter or as aforesaid.

     

    SECTION
      7.5. Appointment
      of Registrar.
      The
      Company hereby also appoints the Depositary as Registrar in respect of the
      Receipts and the Depositary hereby accepts such appointments.

     

    SECTION
      7.6. Holders
      of Receipts Are Parties.
      The
      holders of Receipts from time to time shall be parties to this Deposit Agreement
      and shall be bound by all of the terms and conditions hereof and of the Receipts
      by acceptance of delivery thereof.

     

    SECTION
      7.7. Governing
      Law.
      THIS
      DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER
      AND
      PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE
      OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
      THEREOF.

     

    SECTION
      7.8. Inspection
      of Deposit Agreement.
      Copies
      of this Deposit Agreement shall be filed with the Depositary and the
      Depositary’s Agent and shall be open to inspection during business hours at the
      Depositary’s office or respective offices of the Depositary’s Agent, if any, by
      any holder of a Receipt.

     

    SECTION
      7.9. Headings.
      The
      headings of articles and sections in this Deposit Agreement have been inserted
      for convenience only and are not to be regarded as a part of this Deposit
      Agreement or the Receipts or to have any bearing upon the meaning or
      interpretation of any provision contained herein or in the
      Receipts.

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    IN WITNESS
      WHEREOF, the Company and the Depositary have duly executed this Agreement as
      of
      the day and year first above set forth, and all holders of Receipts shall become
      parties hereto by and upon acceptance by them of delivery of Receipts issued
      in
      accordance with the terms hereof.

     

    FIRST
      INDUSTRIAL REALTY TRUST, INC.

     

    By:   /s/
      John H. Clayton

             
      Name: John H. Clayton

             
      Title: Vice President - Corporate Legal & Secretary 

     

    COMPUTERSHARE
      TRUST COMPANY, N.A. 

     

    By:   /s/
      John H. Ruocco

             
      Name: John H. Ruocco

             
      Title: Senior Account Manager  

     

    COMPUTERSHARE
      SHAREHOLDER SERVICES, INC..

     

    By:   /s/
      Thomas F. Lindeman

             
      Name: Thomas F. Lindeman

            
      Title: Senior Managing Director  

     

    

    

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [FORM
      OF
      FACE OF RECEIPT]

     

    NUMBER                                                                                                                                                                            
      SHARES

    DR-[                                ]                                                                                                                                                 (CUSIP
      _____________)

                                                              see
      reverse for certain definitions

     

    THIS
      CERTIFICATE IS TRANSFERABLE

        
IN
      NEW
      YORK, NY

     

    [Logo]

     

    RECEIPT
      FOR DEPOSITARY SHARES,

    EACH
      REPRESENTING 1/10,000 OF A SHARE OF

    SERIES
      J
      CUMULATIVE REDEEMABLE PREFERRED STOCK

     

    FIRST
      INDUSTRIAL REALTY TRUST, INC.

    (INCORPORATED
      UNDER THE LAWS OF THE STATE OF MARYLAND)

     

    Computershare
      Trust Company, N.A., a national banking association duly organized and existing
      under the laws of the United States of America, and Computershare Shareholder
      Services, Inc., a Delaware corporation, with an office at the time of execution
      of the Deposit Agreement (as defined below) at 150 Royall Street, Canton,
      Massachusetts 02021, as Depositary (the “Depositary”), hereby certifies that
      _____________is a registered owner of ___________________ DEPOSITARY SHARES
      (“Depositary Shares”), each Depositary Share representing 1/10,000 of one fully
      paid and non-assessable share of Series J Cumulative Redeemable Preferred Stock,
      $.01 par value per share (the “Shares”), of First Industrial Realty Trust, Inc.,
      a Maryland corporation (the “Company”), on deposit with the Depositary, subject
      to the terms and entitled to the benefits of the Deposit Agreement dated as
      of
      January 13, 2006 (the “Deposit Agreement”), among the Company, the
      Depositary and the holders from time to time of Receipts for Depositary Shares.
      By accepting this Receipt, the holder hereof becomes a party to and agrees
      to be
      bound by all the terms and conditions of the Deposit Agreement. This Receipt
      shall not be valid or obligatory for any purpose or be entitled to any benefits
      under the Deposit Agreement unless it shall have been executed by the Depositary
      by the manual or facsimile signature of a duly authorized officer or, if a
      Registrar in respect of the Receipts (other than the Depositary) shall have
      been
      appointed, by the manual signature of a duly authorized officer of such
      Registrar.

     

    Dated:

    Countersigned
      and Registered:

    COMPUTERSHARE
      TRUST COMPANY, N.A.

    Depositary
      and Registrar

     

    By:
      ____________________________________

     

     

    By:
      ___________________________________

             
      SECRETARY

     

    By:
      ___________________________________

              
      PRESIDENT

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    [FORM
      OF
      REVERSE OF RECEIPT]

     

    FIRST
      INDUSTRIAL REALTY TRUST, INC.

     

    THE
      SHARES OF STOCK REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO
      RESTRICTIONS ON TRANSFER FOR THE PURPOSE OF THE CORPORATION’S MAINTENANCE OF ITS
      QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE
      CODE
      OF 1986, AS AMENDED. NO PERSON MAY BENEFICIALLY OWN SHARES OF STOCK IN EXCESS
      OF
      9.9% (OR SUCH GREATER PERCENTAGE AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS
      OF THE CORPORATION) OF THE OUTSTANDING STOCK OF THE CORPORATION. ANY PERSON
      WHO
      ATTEMPTS TO BENEFICIALLY OWN SHARES OF STOCK IN EXCESS OF THE ABOVE LIMITATION
      MUST IMMEDIATELY NOTIFY THE CORPORATION. ALL CAPITALIZED TERMS IN THIS LEGEND
      HAVE THE MEANINGS DEFINED IN THE CORPORATION’S ARTICLES OF INCORPORATION, A COPY
      OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER, WILL BE SENT WITHOUT CHARGE
      TO
      EACH STOCKHOLDER WHO SO REQUESTS. IF THE RESTRICTIONS ON TRANSFER ARE VIOLATED,
      THE SHARES OF STOCK REPRESENTED HEREBY MAY BE AUTOMATICALLY EXCHANGED FOR SHARES
      OF EXCESS STOCK WHICH WILL BE HELD IN TRUST BY THE CORPORATION.

     

    THE
      CORPORATION WILL FURNISH TO ANY STOCKHOLDER ON REQUEST AND WITHOUT CHARGE A
      FULL
      STATEMENT OF THE DESIGNATIONS AND ANY PREFERENCES, CONVERSIONS AND OTHER RIGHTS,
      VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS, AND
      TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE
      CORPORATION IS AUTHORIZED TO ISSUE AND, WITH RESPECT TO ANY PREFERRED OR SPECIAL
      CLASS IN A SERIES, THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES
      BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN SET AND THE
      AUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND PREFERENCES
      OF SUBSEQUENT SERIES.

     

    The
      following abbreviations, when used in the inscription on the face of this
      Depositary Receipt, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    
      	
              TEN
                COM —

            	
              as
                tenants in common

            	
              UNIF
                GIFT MIN ACT -. . . Custodian . . . . 

            
	
              TEN
                ENT —

            	
              tenants
                by the entireties

            	
              (Cust)

            
	
              JT
                TEN —

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            	
              Minor
                under Uniform Gifts to Minors Act . . . . . 

              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      Value
      Received, _____________________ hereby sells, assigns and transfers
      unto

     

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

    

     

     

    PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
      ASSIGNEE

     

    Depositary
      Shares represented by the within Depositary Receipt, and do hereby irrevocably
      constitute and appoint ________________ Attorney to transfer the said Depositary
      Shares on the books of the within named Depositary with full power of
      substitution in the premises.

     

     

    Dated Signed

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    NOTICE:
      THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
      THE FACE OF THIS DEPOSITARY RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION
      OR
      ENLARGEMENT OR ANY CHANGE WHATEVER.

     

    SIGNATURE(S)
      GUARANTEED

     

    By:
      ___________________

     

    THE
      SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
      AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
      PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

     

    

    

     

     

     

    A-3First Industrial Realty Trust, Inc. Form 8K dated 1-10-2006

     

      
        

      

    

    
EXECUTION
      COPY

     

     

     

     

     

     

     

     

     

    FIRST
      INDUSTRIAL, L.P.

    

    TENTH
      AMENDED AND RESTATED

    

    LIMITED
      PARTNERSHIP AGREEMENT

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      	
              THESE
                SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE
                AND
                MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES
                ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS
                PURSUANT
                TO A REGISTRATION OR EXEMPTION
                THEREFROM.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    Page

    

      
        	
                ARTICLE
                  I - INTERPRETIVE PROVISIONS

              	 
	
                Section
                  1.1

              	
                Certain
                  Definitions

              	
                1

              
	
                Section
                  1.2

              	
                Rules
                  of Construction

              	
                12

              
	
                ARTICLE
                  II - CONTINUATION

              	 
	
                Section
                  2.1

              	
                Continuation

              	
                13

              
	
                Section
                  2.2

              	
                Name

              	
                13

              
	
                Section
                  2.3

              	
                Place
                  of Business; Registered Agent

              	
                13

              
	
                ARTICLE
                  III - BUSINESS PURPOSE

              	 
	
                Section
                  3.1

              	
                Business

              	
                13

              
	
                Section
                  3.2

              	
                Authorized
                  Activities

              	
                13

              
	
                ARTICLE
                  IV - CAPITAL CONTRIBUTIONS

              	 
	
                Section
                  4.1

              	
                Capital
                  Contributions

              	
                14

              
	
                Section
                  4.2

              	
                Additional
                  Partnership Interests

              	
                14

              
	
                Section
                  4.3

              	
                No
                  Third Party Beneficiaries

              	
                15

              
	
                Section
                  4.4

              	
                Capital
                  Accounts

              	
                15

              
	
                Section
                  4.5

              	
                Return
                  of Capital Account; Interest

              	
                16

              
	
                Section
                  4.6

              	
                Preemptive
                  Rights

              	
                16

              
	
                Section
                  4.7

              	
                REIT
                  Share Purchases

              	
                16

              
	
                ARTICLE
                  V - ALLOCATIONS AND DISTRIBUTIONS

              	 
	
                Section
                  5.1

              	
                Limited
                  Liability

              	
                16

              
	
                Section
                  5.2

              	
                Profits,
                  Losses and Distributive Shares

              	
                17

              
	
                Section
                  5.3

              	
                Distributions

              	
                22

              
	
                Section
                  5.4

              	
                Distribution
                  upon Redemption

              	
                23

              
	
                Section
                  5.5

              	
                Distributions
                  upon Liquidation

              	
                23

              
	
                Section
                  5.6

              	
                Amounts
                  Withheld

              	
                23

              
	
                ARTICLE
                  VI - PARTNERSHIP MANAGEMENT

              	 
	
                Section
                  6.1

              	
                Management
                  and Control of Partnership Business

              	
                24

              
	
                Section
                  6.2

              	
                No
                  Management by Limited Partners; Limitation of
                  Liability

              	
                24

              
	
                Section
                  6.3

              	
                Limitations
                  on Partners

              	
                25

              
	
                Section
                  6.4

              	
                Business
                  with Affiliates

              	
                25

              
	
                Section
                  6.5

              	
                Compensation;
                  Reimbursement of Expenses

              	
                25

              
	
                Section
                  6.6

              	
                Liability
                  for Acts and Omissions

              	
                26

              
	
                Section
                  6.7

              	
                Indemnification

              	
                26

              
	
                ARTICLE
                  VII - ADMINISTRATIVE, FINANCIAL AND TAX MATTERS

              	 
	
                Section
                  7.1

              	
                Books
                  and Records

              	
                27

              
	
                Section
                  7.2

              	
                Annual
                  Audit and Accounting

              	
                27

              
	
                Section
                  7.3

              	
                Partnership
                  Funds

              	
                27

              
	
                Section
                  7.4

              	
                Reports
                  and Notices

              	
                27

              
	
                Section
                  7.5

              	
                Tax
                  Matters

              	
                27

              
	
                Section
                  7.6

              	
                Withholding

              	
                28

              
	
                ARTICLE
                  VIII - TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF
                  PARTNERS

              	 
	
                Section
                  8.1

              	
                Transfer
                  by General Partner

              	
                28

              
	
                Section
                  8.2

              	
                Obligations
                  of a Prior General Partner

              	
                29

              

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  8.3

              	
                Successor
                  General Partner

              	
                29

              
	
                Section
                  8.4

              	
                Restrictions
                  on Transfer and Withdrawal by Limited Partner

              	
                29

              
	
                Section
                  8.5

              	
                Substituted
                  Limited Partner

              	
                30

              
	
                Section
                  8.6

              	
                Timing
                  and Effect of Transfers

              	
                31

              
	
                Section
                  8.7

              	
                Additional
                  Limited Partners

              	
                31

              
	
                Section
                  8.8

              	
                Amendment
                  of Agreement and Certificate

              	
                31

              
	
                ARTICLE
                  IX - REDEMPTION

              	 
	
                Section
                  9.1

              	
                Right
                  of Redemption

              	
                31

              
	
                Section
                  9.2

              	
                Timing
                  of Redemption

              	
                32

              
	
                Section
                  9.3

              	
                Redemption
                  Price

              	
                32

              
	
                Section
                  9.4

              	
                Assumption
                  of Redemption Obligation

              	
                32

              
	
                Section
                  9.5

              	
                Further
                  Assurances; Certain Representations

              	
                33

              
	
                Section
                  9.6

              	
                Effect
                  of Redemption

              	
                33

              
	
                Section
                  9.7

              	
                Registration
                  Rights

              	
                33

              
	
                Section
                  9.8

              	
                Redemption
                  upon REIT Share Repurchases by the General
                  Partner.

              	
                33

              
	
                ARTICLE
                  X - DISSOLUTION AND LIQUIDATION

              	 
	
                Section
                  10.1

              	
                Term
                  and Dissolution

              	
                34

              
	
                Section
                  10.2

              	
                Liquidation
                  of Partnership Assets

              	
                34

              
	
                Section
                  10.3

              	
                Effect
                  of Treasury Regulations

              	
                35

              
	
                Section
                  10.4

              	
                Time
                  for Winding-Up

              	
                36

              
	
                ARTICLE
                  XI - AMENDMENTS AND MEETINGS

              	 
	
                Section
                  11.1

              	
                Amendment
                  Procedure

              	
                36

              
	
                Section
                  11.2

              	
                Meetings
                  and Voting

              	
                37

              
	
                Section
                  11.3

              	
                Voting
                  of LB Units

              	
                37

              
	
                ARTICLE
                  XII - MISCELLANEOUS PROVISIONS

              	 
	
                Section
                  12.1

              	
                Title
                  to Property

              	
                37

              
	
                Section
                  12.2

              	
                Other
                  Activities of Limited Partners

              	
                37

              
	
                Section
                  12.3

              	
                Power
                  of Attorney

              	
                38

              
	
                Section
                  12.4

              	
                Notices

              	
                39

              
	
                Section
                  12.5

              	
                Further
                  Assurances

              	
                39

              
	
                Section
                  12.6

              	
                Titles
                  and Captions

              	
                39

              
	
                Section
                  12.7

              	
                Applicable
                  Law

              	
                39

              
	
                Section
                  12.8

              	
                Binding
                  Agreement

              	
                39

              
	
                Section
                  12.9

              	
                Waiver
                  of Partition

              	
                39

              
	
                Section
                  12.10

              	
                Counterparts
                  and Effectiveness

              	
                39

              
	
                Section
                  12.11

              	
                Survival
                  of Representations

              	
                39

              
	
                Section
                  12.12

              	
                Entire
                  Agreement

              	
                39

              

      

    

     

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    Exhibit
      1A - First
      Highland Partners

    Exhibit
      1B - Schedule
      of Partners

    Exhibit
      1C - LB
      Partners

    Exhibit
      1D - Contributor
      Partners

    Exhibit
      2 - Form
      of
      Redemption Notice

    Exhibit
      3 - Form
      of
      Registration Rights Agreement

    

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

    FIRST
      INDUSTRIAL, L.P.

    

    TENTH
      AMENDED AND RESTATED

    

    LIMITED
      PARTNERSHIP AGREEMENT

     

    The
      undersigned, being the sole general partner of First Industrial, L.P. (the
      “Partnership”), a limited partnership formed under the Delaware Revised Uniform
      Limited Partnership Act, does hereby amend and restate the Ninth Amended and
      Restated Partnership Agreement (as described below) this 13th day of January,
      2006 as follows:

     

    R
      E C I T A L S:

     

    A. The
      Partnership was formed pursuant to a Certificate of Limited Partnership filed
      on
      November 23, 1993 with the Secretary of State of the State of Delaware
      under the name “ProVest, L.P.” and a Limited Partnership Agreement dated
      November 23, 1993 (the “Original Partnership Agreement”).

     

    B. The
      Original Partnership Agreement was amended and restated as of January 28, 1994
      (such amended and restated partnership agreement, the “Prior Partnership
      Agreement”).

     

    C. A
      Second
      Amended and Restated Limited Partnership Agreement was executed as of June
      30,
      1994, a Third Amended and Restated Partnership Agreement was executed as of
      May
      14, 1997, a Fourth Amended and Restated Partnership Agreement was executed
      as of
      June 6, 1997, a Fifth Amended and Restated Partnership Agreement was executed
      as
      of February 4, 1998, a Sixth Amended and Restated Partnership Agreement was
      executed as of March 18, 1998, a Seventh Amended and Restated Partnership
      Agreement was executed as of May 26, 2004, an Eighth Amended and Restated
      Partnership Agreement was executed as of June 2, 2004, a Ninth Amended and
      Restated Partnership Agreement was executed as of November 8, 2005 (the “Ninth
      Partnership Agreement”).

     

    D. The
      General Partner desires to amend and restate the Ninth Partnership Agreement
      to
      (i) reflect the interests granted to the Class J Limited Partner (as
      hereinafter defined) and (ii) set forth the understandings and agreements,
      including certain rights and obligations, among the Partners (as hereinafter
      defined) with respect to the Partnership.

     

    ARTICLE
      I   -
      INTERPRETIVE PROVISIONS

     

    Section
      1.1  Certain
      Definitions.
      The
      following terms have the definitions hereinafter indicated whenever used in
      this
      Agreement with initial capital letters:

     

    Act:
      The
      Delaware Revised Uniform Limited Partnership Act, Sections 17-101 to 17-1109
      of
      the Delaware Code Annotated, Title 6, as amended from time to time.

     

    Additional
      Limited Partner:
      A Person
      admitted to the Partnership as a Limited Partner in accordance with Section
      8.7
      hereof and who is shown as such on the books and records of the
      Partnership.

     

    Adjusted
      Capital Account:
      With
      respect to any Partner, such Partner’s Capital Account maintained in accordance
      with Section 4.4 hereof, as of the end of the relevant Fiscal Year of the
      Partnership, after giving effect to the following adjustments:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (A) Credit
      to
      such Capital Account such Partner’s share of Partnership Minimum Gain determined
      in accordance with Treasury Regulations Section 1.704-2(g)(1) and such Partner’s
      share of Partner Minimum Gain determined in accordance with Treasury Regulations
      Section 1.704-2(i)(5).

     

    (B) Debit
      to
      such Capital Account the items described in Treasury Regulations Section 1.704-
      1(b)(2)(ii)(d)(4), (5) and (6).

     

    The
      foregoing definition of “Adjusted Capital Account” is intended to comply with
      the provisions of Treasury Regulations Sections 1.704-1(b)(2)(ii) and 1.704-2
      and shall be interpreted consistently therewith.

     

    Adjusted
      Capital Account Deficit:
      With
      respect to any Partner, the deficit balance, if any, in that Partner’s Adjusted
      Capital Account as of the end of the relevant Fiscal Year of the
      Partnership.

     

    Affiliate:
      With
      respect to any referenced Person, (i) a member of such Person’s immediate
      family; (ii) any Person who directly or indirectly owns, controls or holds
      the
      power to vote ten percent (10%) or more of the outstanding voting securities
      of
      the Person in question; (iii) any Person ten percent (10%) or more of whose
      outstanding securities are directly or indirectly owned, controlled, or held
      with power to vote by the Person in question; (iv) any Person directly or
      indirectly controlling, controlled by, or under direct or indirect common
      control with the Person in question; (v) if the Person in question is a
      corporation, any executive officer or director of such Person or of any
      corporation directly or indirectly controlling such Person; and (vi) if the
      Person in question is a partnership, any general partner of the partnership
      or
      any limited partner owning or controlling ten percent (10%) or more of either
      the capital or profits interest in such partnership. As used herein, “control”
shall mean the possession, directly or indirectly, of the power to direct or
      cause the direction of the management and policies of a Person, whether through
      the ownership of voting securities, by contract, or otherwise.

     

    Aggregate
      Protected Amount:
      With
      respect to the Contributor Partners, as a group, the aggregate balances of
      the
      Protected Amounts, if any, of the Contributor Partners, as determined on the
      date in question.

     

    Agreed
      Value: In
      the
      case of any (i) Contributed Property acquired pursuant to a Contribution
      Agreement, the value of such Contributed Property as set forth in such
      Contribution Agreement or, if no such value is set forth for such Contributed
      Property, the portion of the consideration provided for under such Contribution
      Agreement allocable to such Contributed Property, as determined by the General
      Partner in its reasonable discretion, (ii) Contributed Property acquired other
      than pursuant to a Contribution Agreement, the fair market value of such
      property at the time of contribution, as determined by the General Partner
      using
      such method of valuation as it may adopt in its reasonable discretion and (iii)
      property distributed to a Partner by the Partnership, the Partnership’s Book
      Value of such property at the time such property is distributed without taking
      into account, in the case of each of (i), (ii) and (iii), the amount of any
      related indebtedness assumed by the Partnership (or the Partner in the case
      of
      clause (iii)) or to which the Contributed Property (or distributed property
      in
      the case of clause (iii)) is taken subject.

     

    Agreement:
      This
      Tenth Amended and Restated Limited Partnership Agreement and all Exhibits
      attached hereto, as the same may be amended or restated and in effect from
      time
      to time.

     

    Assignee:
      Any
      Person to whom one or more Partnership Units have been Transferred as permitted
      under this Agreement but who has not become a Substituted Limited Partner in
      accordance with the provisions hereof.

     

    Bankruptcy:
      Either
      (i) a referenced Person’s making an assignment for the benefit of creditors,
      (ii) the filing by a referenced Person of a voluntary petition in bankruptcy,
      (iii) a referenced Person’s being adjudged insolvent or having entered against
      him an order for relief in any bankruptcy or insolvency proceeding, (iv) the
      filing by a referenced Person of an answer seeking any reorganization,
      composition, readjustment, liquidation, dissolution, or similar relief under
      any
      law or regulation, (v) the filing by a referenced Person of an answer or other
      pleading admitting or failing to contest the material allegations of a petition
      filed against him in any proceeding of 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    reorganization,
      composition, readjustment, liquidation, dissolution, or for similar relief
      under
      any statute, law or regulation or (vi) a referenced Person’s seeking, consenting
      to, or acquiescing in the appointment of a trustee, receiver or liquidator
      for
      all or substantially all of his property (or court appointment of such trustee,
      receiver or liquidator).

     

    Book-Tax
      Disparity:
      With
      respect to any item of Contributed Property, or property the Book Value of
      which
      has been adjusted in accordance with Section 4.4(D), as of the date of
      determination, the difference between the Book Value of such property and the
      adjusted basis of such property for federal income tax purposes.

     

    Book
      Value:
      With
      respect to any Contributed Property, the Agreed Value of such property reduced
      (but not below zero) by all Depreciation with respect to such property properly
      charged to the Partners’ Capital Accounts, and with respect to any other asset,
      the asset’s adjusted basis for federal income tax purposes; provided,
      however,
      (a) the
      Book Value of all Partnership Assets shall be adjusted in the event of a
      revaluation of Partnership Assets in accordance with Section 4.4(D) hereof,
      (b)
      the Book Value of any Partnership Asset distributed to any Partner shall be
      the
      fair market value of such asset on the date of distribution as determined by
      the
      General Partner and (c) such Book Value shall be adjusted by the Depreciation
      taken into account with respect to such asset for purposes of computing Profits
      and Losses.

     

    Capital
      Account:
      The
      account maintained by the Partnership for each Partner described in Section
      4.4
      hereof.

     

    Capital
      Contribution:
      The
      total amount of cash or cash equivalents and the Agreed Value (reduced to take
      into account the amount of any related indebtedness assumed by the Partnership,
      or to which the Contributed Property is subject) of Contributed Property which
      a
      Partner contributes or is deemed to contribute to the Partnership pursuant
      to
      the terms of this Agreement.

     

    Cash
      Payment:
      The
      payment to a Redeeming Party of a cash amount determined by multiplying (i)
      the
      number of Partnership Units tendered for redemption by such Redeeming Party
      pursuant to a validly proffered Redemption Notice by (ii) the Unit Value on
      the
      date the Redemption Notice is received by the General Partner.

     

    Certificate:
      The
      Partnership’s Certificate of Limited Partnership filed in the office of the
      Secretary of State of the State of Delaware, as amended from time to
      time.

     

    Class
      C Deemed Original Issue Date:
      (i) In
      the case of any Class C Unit which is part of the first issuance of such units
      or part of a subsequent issuance of such units prior to October 1, 1997, the
      date of such first issuance and (ii) in the case of any such unit which is
      part
      of a subsequent issuance of such units on or after October 1, 1997, the later
      of
      (x) October 1, 1997 and (y) the last Class C Distribution Period Commencement
      Date which precedes the date of issuance of such unit and which succeeds the
      last Class C Distribution Period for which full cumulative Class C Priority
      Return Amounts have been paid; provided,
      however,
      that,
      in the case of any such unit which is part of a subsequent issuance on or after
      October 1, 1997, the date of issuance of which falls between (a) the record
      date
      for dividends payable on the Series C Preferred Shares on the first succeeding
      dividend payment date on such stock and (b) such dividend payment date, the
      “Class C Deemed Original Issue Date” means the date of the Class C Distribution
      Period Commencement Date that immediately follows the date of issuance of such
      unit.

     

    Class
      C Distribution Period:
      The
      Class C Initial Distribution Period and each quarterly distribution period
      thereafter, commencing on January 1, April 1, July 1 and October 1 of each
      year
      and ending on and including the day preceding the next Class C Distribution
      Period Commencement Date.

     

    Class
      C Distribution Period Commencement Date:
      January
      1, April 1, July 1 and October 1 of each year commencing October 1,
      1997.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    Class
      C Initial Distribution Period:
      The
      period from the Class C Deemed Original Issue Date for a Class C Unit to, but
      excluding, October 1, 1997.

     

    Class
      C Limited Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, in its capacity as a
      limited partner in the Partnership holding Class C Units.

     

    Class
      C Priority Return Amount:
      With
      respect to each Class C Unit, (i) for the Class C Initial Distribution Period,
      the pro rata portion of the amount referred to in clause (ii) of this
      definition, computed in accordance with the last sentence of Section 5.3(A)
      hereof, and (ii) for each Class C Distribution Period thereafter, an amount
      equal to 2.15625% of that portion of the Capital Contribution of the Class
      C
      Limited Partner allocable to each such unit. Class C Priority Return Amounts
      on
      each Class C Unit that are not distributed as provided in Section 5.3(A) shall
      be cumulative from the Class C Deemed Original Issue Date of such
      unit.

     

    Class
      C Redemption:
      As
      defined in Section 9.1(C) hereof.

     

    Class
      C Redemption Price:
      As
      defined in Section 9.1(C) hereof.

     

    Class
      C Unit:
      The
      Partnership Interest held by the Class C Limited Partner, each full Class C
      Unit
      representing a $2,500 Capital Contribution.

     

    Class
      F Distribution Date:
      Each
      dividend payment date for the Series F Preferred Shares.

     

    Class
      F Limited Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, in its capacity as a
      limited partner in the Partnership holding Class F Units.

     

    Class
      F Priority Return Amount:
      With
      respect to each Class F Unit, that portion of the Capital Contribution of the
      Class F Limited Partner, allocable to each such unit, multiplied by the Dividend
      Rate in effect for the Series F Preferred Shares, in each case during the period
      with respect to which the Class F Priority Return Amount is to be
      determined.

     

    Class
      F Redemption:
      As
      defined in Section 9.1(D) hereof.

     

    Class
      F Redemption Price:
      As
      defined in Section 9.1(D) hereof.

     

    Class
      F Unit: The
      Partnership Interest held by the Class F Limited Partner, each full Class F
      Unit
      representing a $100,000 Capital Contribution.

     

    Class
      G Distribution Date:
      Each
      dividend payment date for the Series G Preferred Shares.

     

    Class
      G Limited Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, in its capacity as a
      limited partner in the Partnership holding Class G Units.

     

    Class
      G Priority Return Amount:
      With
      respect to each Class G Unit, that portion of the Capital Contribution of the
      Class G Limited Partner, allocable to each such unit, multiplied by the Dividend
      Rate in effect for the Series G Preferred Shares, in each case during the period
      with respect to which the Class G Priority Return Amount is to be
      determined.

     

    Class
      G Redemption:
      As
      defined in Section 9.1(E) hereof.

     

    Class
      G Redemption Price:
      As
      defined in Section 9.1(E) hereof.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    Class
      G Unit: The
      Partnership Interest held by the Class G Limited Partner, each full Class G
      Unit
      representing a $100,000 Capital Contribution.

     

    Class
      I Distribution Date:
      Each
      dividend payment date for the Series I Preferred Shares.

     

    Class
      I Limited Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, in its capacity as a
      limited partner in the Partnership holding Class I Units.

     

    Class
      I Priority Return Amount:
      With
      respect to each Class I Unit, that portion of the Capital Contribution of the
      Class I Limited Partner, allocable to each such unit, multiplied by the Dividend
      Rate in effect for the Series I Preferred Shares, in each case during the period
      with respect to which the Class I Priority Return Amount is to be
      determined.

     

    Class
      I Redemption:
      As
      defined in Section 9.1(F) hereof.

     

    Class
      I Redemption Price:
      As
      defined in Section 9.1(F) hereof.

     

    Class
      I Unit: The
      Partnership Interest held by the Class I Limited Partner, each full Class I
      Unit
      representing a $250,000 Capital Contribution.

     

    Class
      J Distribution Date:
      Each
      dividend payment date for the Series J Preferred Shares.

     

    Class
      J Limited Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, in its capacity as a
      limited partner in the Partnership holding Class J Units.

     

    Class
      J Priority Return Amount:
      With
      respect to each Class J Unit, that portion of the Capital Contribution of the
      Class J Limited Partner, allocable to each such unit, multiplied by the Dividend
      Rate in effect for the Series J Preferred Shares, in each case during the period
      with respect to which the Class J Priority Return Amount is to be
      determined.

     

    Class
      J Redemption:
      As
      defined in Section 9.1(G) hereof.

     

    Class
      J Redemption Price:
      As
      defined in Section 9.1(G) hereof.

     

    Class
      J Unit: The
      Partnership Interest held by the Class J Limited Partner, each full Class J
      Unit
      representing a $250,000 Capital Contribution.

     

    Code:
      The
      Internal Revenue Code of 1986, as amended from time to time.

     

    Consent:
      Either
      the written consent of a Person or the affirmative vote of such Person at a
      meeting duly called and held pursuant to this Agreement, as the case may be,
      to
      do the act or thing for which the consent is required or solicited, or the
      act
      of granting such consent, as the context may require.

     

    Contributed
      Property:
      Each
      property or other asset (excluding cash and cash equivalents) contributed or
      deemed contributed to the Partnership.

     

    Contribution
      Agreements:
      Those
      certain agreements among one or more of the Initial Limited Partners (or Persons
      in which such Initial Limited Partners have direct or indirect interests) and
      the Partnership pursuant to which, inter
      alia,
      the
      Initial Limited Partners (or such Persons), directly or indirectly, are
      contributing property to the Partnership on the Effective Date in exchange
      for
      Partnership Units.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    Contributor
      Partner(s):
      That or
      those Limited Partner(s) listed as Contributor Partner(s) on Exhibit
      1D
      attached
      hereto and made a part hereof, as such Exhibit may be amended from time to
      time
      by the General Partner, whether by express amendment to this Partnership
      Agreement or by execution of a written instrument by and between any additional
      Contributor Partner(s) being affected thereby and the General Partner, acting
      on
      behalf of the Partnership and without the prior consent of the Limited Partners
      (whether or not Contributor Partners other than the Contributor Partner(s)
      being
      affected thereby). For purposes hereof, any successor, assignee, or transferee
      of the Interest of a Contributor Partner (other than the Partnership in
      connection with a redemption pursuant to Article IX hereof) shall be considered
      a Contributor Partner for purposes hereof.

     

    Conversion
      Factor:
      The
      factor applied for converting Partnership Units to REIT Shares, which shall
      initially be 1.0; provided,
      however,
      in the
      event that the REIT (i) declares or pays a dividend on its outstanding REIT
      Shares in REIT Shares or makes a distribution to all holders of its outstanding
      REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares or
      (iii)
      combines its outstanding REIT Shares into a smaller number of REIT Shares,
      the
      Conversion Factor shall be adjusted by multiplying the Conversion Factor by
      a
      fraction, the numerator of which shall be the number of REIT Shares issued
      and
      outstanding on the record date (assuming for such purposes that such dividend,
      distribution, subdivision or combination has occurred as of such time), and
      the
      denominator of which shall be the actual number of REIT Shares (determined
      without the above assumption) issued and outstanding on the record date for
      such
      dividend, distribution, subdivision or combination; provided,
      further,
      in the
      event that the Partnership (a) declares or pays a distribution on the
      outstanding Partnership Units in Partnership Units or makes a distribution
      to
      all Partners in Partnership Units, (b) subdivides the outstanding Partnership
      Units or (c) combines the outstanding Partnership Units into a smaller number
      of
      Partnership Units, the Conversion Factor shall be adjusted by multiplying the
      Conversion Factor by a fraction, the numerator of which shall be the actual
      number of Partnership Units issued and outstanding on the record date
      (determined without giving effect to such dividend, distribution, subdivision
      or
      combination), and the denominator of which shall be the actual number of
      Partnership Units (determined after giving effect to such dividend,
      distribution, subdivision or combination) issued and outstanding on such record
      date. Any adjustment to the Conversion Factor shall become effective immediately
      after the effective date of such event retroactive to the record date, if any,
      for such event.

     

    Depreciation:
      For each
      Fiscal Year or other period, an amount equal to the depreciation, amortization
      or other cost recovery deduction allowable with respect to an asset for such
      year or other period, except that if the Book Value of an asset differs from
      its
      adjusted basis for federal income tax purposes at the beginning of such year
      or
      other period, Depreciation shall be adjusted as necessary so as to be an amount
      which bears the same ratio to such beginning Book Value as the federal income
      tax depreciation, amortization, or other cost recovery deduction for such year
      or other period bears to the beginning adjusted tax basis; provided,
      however,
      that if
      the federal income tax depreciation, amortization or other cost recovery
      deduction for such year or other period is zero, Depreciation for such year
      or
      other period shall be determined with reference to such beginning Book Value
      using any reasonable method approved by the General Partner.

     

    Distributable
      Cash:
      With
      respect to any period, and without duplication:

     

        (i)    all
      cash
      receipts of the Partnership during such period from all sources;

     

        (ii)    less
      all cash
      disbursements of the Partnership during such period, including, without
      limitation, disbursements for operating expenses, taxes, debt service
      (including, without limitation, the payment of principal, premium and interest),
      redemption of Partnership Interests and capital expenditures;

     

        (iii)    less
      amounts
      added to reserves in the sole discretion of the General Partner, plus
      amounts
      withdrawn from reserves in the reasonable discretion of the General
      Partner.

     

    Effective
      Date:
      June 30,
      1994.

     

    
      
        
        

      

      
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    ERISA:
      The
      Employee Retirement Income Security Act of 1976, as amended from time to
      time.

     

    First
      Highland Limited Partners:
      Those
      Limited Partners identified on Exhibit
      1A
      hereto.

     

    First
      Highland Properties:
      Those
      certain properties acquired by the Partnership pursuant to that certain
      Contribution Agreement, dated as of March 19, 1996.

     

    First
      Highland Units:
      The
      Partnership Units issued to the First Highland Limited Partners in connection
      with the acquisition of the First Highland Properties by the
      Partnership.

     

    Fiscal
      Year:
      The
      calendar year or in the event of a termination of the Partnership pursuant
      to
      Code Section 708, an appropriate portion of such year.

     

    General
      Partner:
      First
      Industrial Realty Trust, Inc., a Maryland corporation, and its respective
      successor(s) who or which become Successor General Partner(s) in accordance
      with
      the terms of this Agreement.

     

    General
      Partner Interest:
      A
      Partnership Interest held by the General Partner including both its General
      Partner and Limited Partner Interests. A General Partner Interest may be
      expressed as a number of Partnership Units.

     

    Involuntary
      Withdrawal:
      As to
      any (i) individual shall mean such individual’s death, incapacity or
      adjudication of incompetence, (ii) corporation shall mean its dissolution or
      revocation of its charter (unless such revocation is promptly corrected upon
      notice thereof), (iii) partnership shall mean the dissolution and commencement
      of winding up of its affairs, (iv) trust shall mean the termination of the
      trust
      (but not the substitution of trustees), (v) estate shall mean the distribution
      by the fiduciary of the estate’s complete interest in the Partnership and (vi)
      any Partner shall mean the Bankruptcy of such Partner.

     

    IRS:
      The
      Internal Revenue Service, which administers the internal revenue laws of the
      United States.

     

    LB
      Closing Date:
      January
      31, 1997.

     

    LB
      Partners:
      The
      persons identified on Exhibit
      1C
      hereto,
      following their admission to the Partnership as Additional Limited
      Partners.

     

    LB
      Units:
      The
      Partnership Units issued to the LB Partners in connection with the acquisition
      by the Partnership of certain properties on the LB Closing Date.

     

    Limited
      Partner:
      Those
      Persons listed as such on Exhibit
      1B
      attached
      hereto and made a part hereof, as such Exhibit may be amended from time to
      time,
      including any Person who becomes a Substituted Limited Partner or an Additional
      Limited Partner in accordance with the terms of this Agreement; provided such
      term shall not include the Class C Limited Partner, the Class F Limited Partner,
      the Class G Limited Partner, the Class I Limited Partner or the Class J Limited
      Partner.

     

    Limited
      Partner Interest:
      A
      Partnership Interest held by a Limited Partner that is a limited partner
      interest. A Limited Partner Interest may be expressed as a number of Partnership
      Units.

     

    Nonrecourse
      Liability:
      A
      liability as defined in Treasury Regulations Section 1.704-2(b)(3).

     

    Notice:
      A
      writing containing the information required by this Agreement to be communicated
      to a Person and delivered to such Person in accordance with Section 12.4;
provided,
      however,
      that
      any written communication containing such information actually received by
      such
      Person shall constitute Notice for all purposes of this Agreement.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    Partner
      Minimum Gain:
      The gain
      (regardless of character) which would be realized by the Partnership if property
      of the Partnership subject to a partner nonrecourse debt (as such term is
      defined in Treasury Regulations Section 1.704-2(b)(4)) were disposed of in
      full
      satisfaction of such debt on the relevant date. The adjusted basis of property
      subject to more than one partner nonrecourse debt shall be allocated in a manner
      consistent with the allocation of basis for purposes of determining Partnership
      Minimum Gain hereunder. Partner Minimum Gain shall be computed hereunder using
      the Book Value, rather than the adjusted tax basis, of the Partnership property
      in accordance with Treasury Regulations Section 1.704-2(d)(3).

     

    Partner
      Nonrecourse Deductions:
      With
      respect to any partner nonrecourse debt (as such term is defined in Treasury
      Regulations Section 1.704-2(b)(4)), the increase in Partner Minimum Gain during
      the tax year plus any increase in Partner Minimum Gain for a prior tax year
      which has not previously generated a Partner Nonrecourse Deduction hereunder.
      The determination of which Partnership items constitute Partner Nonrecourse
      Deductions shall be made in a manner consistent with the manner in which
      Partnership Nonrecourse Deductions are determined hereunder.

     

    Partners:
      The
      General Partner, the Class C Limited Partner, the Class F Limited Partner,
      the
      Class G Limited Partner, the Class I Limited Partner and the Limited Partners
      as
      a group. The term “Partner” shall mean a General Partner, the Class C Limited
      Partner, the Class F Limited Partner, the Class G Limited Partner, the Class
      I
      Limited Partner, the Class J Limited Partner or a Limited Partner. Such terms
      shall be deemed to include such other Persons who become Partners pursuant
      to
      the terms of this Agreement.

     

    Partnership:
      The
      Delaware limited partnership referred to herein as First Industrial, L.P.,
      as
      such partnership may from time to time be constituted.

     

    Partnership
      Assets:
      At any
      particular time, any assets or property (tangible or intangible, choate or
      inchoate, fixed or contingent) owned by the Partnership.

     

    Partnership
      Interest or Interest:
      As to
      any Partner, such Partner’s ownership interest in the Partnership and including
      such Partner’s right to distributions under this Agreement and any other rights
      or benefits which such Partner has in the Partnership, together with any and
      all
      obligations of such Person to comply with the terms and provisions of this
      Agreement. A Partnership Interest may be expressed as a number of Partnership
      Units.

     

    Partnership
      Minimum Gain:
      The
      aggregate gain (regardless of character) which would be realized by the
      Partnership if all of the property of the Partnership subject to nonrecourse
      debt (other than partner nonrecourse debt as such term is defined in Treasury
      Regulations Section 1.704-2(b)(4)) were disposed of in full satisfaction of
      such
      debt and for no other consideration on the relevant date. In the case of any
      Nonrecourse Liability of the Partnership which is not secured by a mortgage
      with
      respect to any specific property of the Partnership, any and all property of
      the
      Partnership to which the holder of said liability has recourse shall be treated
      as subject to such Nonrecourse Liability for purposes of the preceding sentence.
      Partnership Minimum Gain shall be computed separately for each Nonrecourse
      Liability of the Partnership. For this purpose, the adjusted basis of property
      subject to two or more liabilities of equal priority shall be allocated among
      such liabilities in proportion to the outstanding balance of such liabilities,
      and the adjusted basis of property subject to two or more liabilities of unequal
      priority shall be allocated to the liability of inferior priority only to the
      extent of the excess, if any, of the adjusted basis of such property over the
      outstanding balance of the liability of superior priority. Partnership Minimum
      Gain shall be computed hereunder using the Book Value, rather than the adjusted
      tax basis, of the Partnership property in accordance with Treasury Regulations
      Section 1.704-2(d)(3).

     

    Partnership
      Nonrecourse Deductions:
      The
      amount of Partnership deductions equal to the increase, if any, in the amount
      of
      the aggregate Partnership Minimum Gain during the tax year (plus any increase
      in
      Partnership Minimum Gain for a prior tax year which has not previously generated
      a Partnership Nonrecourse Deduction) reduced (but not below zero) by the
      aggregate distributions made during the tax year of the proceeds of
      a

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    Nonrecourse
      Liability of the Partnership which are attributable to an increase in
      Partnership Minimum Gain within the meaning of Treasury Regulations Section
      1.704-2(d). The Partnership Nonrecourse Deductions for a Partnership tax year
      shall consist first of depreciation or cost recovery deductions with respect
      to
      each property of the Partnership giving rise to such increase in Partnership
      Minimum Gain on a pro rata basis to the extent of each such increase, with
      any
      excess made up pro rata of all items of deduction.

     

    Partnership
      Unit:
      A
      fractional, undivided share of the Partnership Interests of all Partners (other
      than the Class C Limited Partner, the Class F Limited Partner, the Class G
      Limited Partner, the Class I Limited Partner and the Class J Limited Partner)
      issued pursuant to Section 4.1 hereof.

     

    Percentage
      Interest:
      As to
      any Partner, the percentage in the Partnership, as determined by dividing the
      Partnership Units then owned by such Partner by the total number of Partnership
      Units then outstanding, as the same may be automatically adjusted from time
      to
      time to reflect the issuance and redemption of Partnership Units in accordance
      with this Agreement, without requiring the amendment of Exhibit
      1B
      to
      reflect any such issuance or redemption.

     

    Person:
      Any
      individual, partnership, corporation, trust or other entity.

     

    Profits
      and Losses:
      For each
      Fiscal Year or other period, an amount equal to the Partnership’s taxable income
      or loss (as the case may be) for such year or period, determined in accordance
      with Code Section 703(a) (for this purpose, all items of income, gain, loss
      or
      deduction required to be stated separately pursuant to Code Section 703(a)(1)
      shall be included in taxable income or loss), with the following
      adjustments:

     

    a.  Any
      income of the Partnership that is exempt from federal income tax and not
      otherwise taken into account in computing Profits or Losses pursuant to this
      definition shall be added to such taxable income or loss;

     

    b.  Any
      expenditures of the Partnership described in Code Section 705(a)(2)(B) or
      treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury
      Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account
      in computing Profits or Losses pursuant to this definition, shall be subtracted
      from such taxable income or loss;

     

    c.  Gain
      or
      loss resulting from any disposition of Partnership property with respect to
      which gain or loss is recognized for federal income tax purposes shall be
      computed by reference to the Book Value of the property disposed of
      notwithstanding that the adjusted tax basis of such property differs from such
      Book Value;

     

    d.  In
      lieu
      of the depreciation, amortization, and other cost recovery deductions taken
      into
      account in computing such taxable income or loss, there shall be taken into
      account Depreciation for such Fiscal Year or other period, computed in
      accordance with the definition of “Depreciation” herein; and

     

    e.  In
      the
      event that any item of income, gain, loss or deduction that has been included
      in
      the initial computation of Profit or Loss is subject to the special allocation
      rules of Sections 5.2(C), 5.2(D) and 5.2(I) through 5.2(L), Profit or Loss
      shall
      be recomputed without regard to such item.

     

    Protected
      Amount:
      With
      respect to any Contributor Partner, the amount set forth or otherwise described
      opposite the name of such Contributor Partner on Exhibit
      1D
      attached
      hereto and made a part hereof, as such Exhibit may be modified from time to
      time
      by an amendment to the Partnership Agreement or by execution of a written
      instrument by and between the Contributor Partner being affected thereby and
      the
      General Partner, acting on behalf of the Partnership and without the prior
      written consent of the Limited Partners (whether or not Contributor Partners
      other than the Contributor Partner being affected thereby); provided,
      however,
      that no
      Contributor Partner shall be 

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    considered
      to have a Protected Amount from and following the first date upon which such
      Partner is no longer a Partner of the Partnership.

     

    Record
      Date:
      The
      record date established by the General Partner for distributions pursuant to
      Section 5.3 hereof, which record date shall be the same as the record date
      established by the General Partner for a distribution to its stockholders of
      some or all of its portion of such distribution.

     

    Recourse
      Liabilities:
      The
      amount of liabilities owed by the Partnership (other than nonrecourse
      liabilities and liabilities to which Partner Nonrecourse Deductions are
      attributable in accordance with Treasury Regulations Section
      1.704-2(i)).

     

    Redeeming
      Party:
      A
      Limited Partner or Assignee (other than the General Partner) who tenders
      Partnership Units for redemption pursuant to a Redemption Notice.

     

    Redemption
      Date:
      The date
      for redemption of Partnership Units as set forth in Section 9.2.

     

    Redemption
      Effective Date:
      The
      first date on which a Redeeming Party may elect to redeem Partnership Units,
      which date shall be the later of (i) the first anniversary of the date such
      Partnership Units are issued and (ii) the effective date of any registration
      statement filed by the Partnership with respect to the REIT Shares to be issued
      upon redemption of Partnership Units by a Redeeming Party.

     

    Redemption
      Notice:
      A Notice
      to the General Partner by a Redeeming Party, substantially in the form attached
      as Exhibit 2,
      pursuant to which the Redeeming Party requests the redemption of Partnership
      Units in accordance with Article IX.

     

    Redemption
      Obligation:
      The
      obligation of the Partnership to redeem the Partnership Units as set forth
      in
      Section 9.1(A).

     

    Redemption
      Period:
      The
      45-day period immediately following the filing with the SEC by the General
      Partner of an annual report of the General Partner on Form 10-K or a quarterly
      report of the General Partner on Form 10-Q or such other period or periods
      as
      the General Partner may otherwise determine.

     

    Redemption
      Restriction:
      A
      restriction on the ability of the Partnership to redeem the Partnership Units
      as
      set forth in Section 9.1(A).

     

    Registration
      Rights Agreement:
      A
      Registration Rights Agreement, substantially in the form of Exhibit
      3
      hereto,
      pursuant to which First Industrial will agree to register under the Securities
      Act of 1933, as amended, REIT Shares issued in connection with Share Payments
      made under Article IX hereof.

     

    REIT:
      A real
      estate investment trust, as defined in Code Section 856.

     

    REIT
      Charter:
      The
      Articles of Incorporation of First Industrial filed with the Department of
      Assessments and Taxation of the State of Maryland on August 10, 1993, as the
      same may be amended or restated and in effect from time to time.

     

    REIT
      Share:
      A share
      of common stock representing an ownership interest in the General
      Partner.

     

    REIT
      Share Rights:
      Rights
      to acquire additional REIT Shares issued to all holders of REIT Shares, whether
      in the form of rights, options, warrants or convertible or exchangeable
      securities, to the extent the same have been issued without additional
      consideration after the initial acquisition of such REIT Shares.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    SEC:
      The
      Securities and Exchange Commission.

     

    Series
      C Preferred Shares:
      8 5/8%
      Series C Cumulative Preferred Stock of First Industrial Realty Trust,
      Inc.

     

    Series
      F Preferred Shares:
      Series F
      Flexible Cumulative Redeemable Preferred Stock of First Industrial Realty Trust,
      Inc.

     

    Series
      G Preferred Shares:
      Series G
      Flexible Cumulative Redeemable Preferred Stock of First Industrial Realty Trust,
      Inc.

     

    Series
      I Preferred Shares:
      Series I
      Flexible Cumulative Redeemable Preferred Stock of First Industrial Realty Trust,
      Inc.

     

    Series
      J Preferred Shares:
      Series J
      Cumulative Redeemable Preferred Stock of First Industrial Realty Trust,
      Inc.

     

    Share
      Payment:
      The
      payment to a Redeeming Party of a number of REIT Shares determined by
      multiplying (i) the number of Partnership Units tendered for redemption by
      such
      Redeeming Party pursuant to a validly proffered Redemption Notice by (ii) the
      Conversion Factor. In the event the General Partner grants any REIT Share Rights
      prior to such payment, any Share Payment shall include for the Redeeming Party
      his ratable share of such REIT Share Rights other than REIT Share Rights which
      have expired.

     

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

     

    Substituted
      Limited Partner:
      That
      Person or those Persons admitted to the Partnership as substitute Limited
      Partner(s), in accordance with the provisions of this Agreement. A Substituted
      Limited Partner, upon his admission as such, shall succeed to the rights,
      privileges and liabilities of his predecessor in interest as a Limited
      Partner.

     

    Successor
      General Partner:
      Any
      Person who is admitted to the Partnership as substitute General Partner pursuant
      to this Agreement. A Successor General Partner, upon its admission as such,
      shall succeed to the rights, privileges and liabilities of its predecessor
      in
      interest as General Partner, in accordance with the provisions of the
      Act.

     

    Tax
      Matters Partner:
      The
      General Partner or such other Partner who becomes Tax Matters Partner pursuant
      to the terms of this Agreement.

     

    Terminating
      Capital Transaction:
      The sale
      or other disposition of all or substantially all of the Partnership Assets
      or a
      related series of transactions that, taken together, result in the sale or
      other
      disposition of all or substantially all of the Partnership Assets.

     

    Threshold
      Percentage:
      A
      percentage equal to 85% on the LB Closing Date and thereafter adjusted upwards
      (but not downwards) immediately prior to each solicitation of any vote of,
      or
      the seeking of any consent, approval or waiver from, the Limited Partners
      generally, to the sum of (i) 85% and (ii) the number of percentage points equal
      to the positive difference, if any, between (a) the aggregate Percentage
      Interest represented by the LB Units immediately following the LB Closing Date
      and (b) the aggregate Percentage Interest represented by the LP Units
      immediately prior to any such solicitation. For example, if on the LB Closing
      Date the LB Units represent a 10% aggregate Percentage Interest, and if
      immediately prior to a solicitation the Threshold Percentage is 85% and

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    the
      aggregate Percentage Interest represented by the LB Units is 8%, the Threshold
      Percentage would be increased to 87% (85% + (10% - 8%)).

     

    Transfer:
      With
      respect to any Partnership Unit shall mean a transaction in which a Partner
      assigns his Partnership Interest to another Person and includes any sale,
      assignment, gift, pledge, mortgage, exchange, hypothecation, encumbrance or
      other disposition by law or otherwise; provided,
      however,
      the
      redemption of any Partnership Interest pursuant to Article IX hereof shall
      not
      constitute a “Transfer” for purposes hereof.

     

    Transfer
      Restriction Date:
      June 23,
      1995.

     

    Treasury
      Regulations:
      The
      Income Tax Regulations promulgated under the Code, as such regulations may
      be
      amended from time to time (including corresponding provisions of succeeding
      regulations).

     

    Unit
      Value:
      With
      respect to any Partnership Unit, the average of the daily market price for
      a
      REIT Share for the ten (10) consecutive trading days immediately preceding
      the
      date of receipt of a Redemption Notice by the General Partner multiplied by
      the
      Conversion Factor. If the REIT Shares are traded on a securities exchange or
      the
      NASDAQ-National Market System, the market price for each such trading day shall
      be the reported last sale price on such day or, if no sales take place on such
      day, the average of the closing bid and asked prices on such day. If the REIT
      Shares are not traded on a securities exchange or the NASDAQ-National Market
      System, the market price for each such trading day shall be determined by the
      General Partner using any reasonable method of valuation. If a Share Payment
      would include any REIT Share Rights, the value of such REIT Share Rights shall
      be determined by the General Partner using any reasonable method of valuation,
      taking into account the Unit Value determined hereunder and the factors used
      to
      make such determination and the value of such REIT Share Rights shall be
      included in the Unit Value.

     

    Voting
      Termination Date:
      The
      first date after the LB Closing Date on which either (i) the General Partner
      holds 90% or more of all Partnership Units or (ii) the aggregate number of
      Partnership Units held by the General Partner and the LB Partners is less than
      the product of the Threshold Percentage and the total number of Partnership
      Units then outstanding.

     

    Section
      1.2  Rules
      of Construction.
      The
      following rules of construction shall apply to this Agreement:

     

    (A)  All
      section headings in this Agreement are for convenience of reference only and
      are
      not intended to qualify the meaning of any section.

     

    (B)  All
      personal pronouns used in this Agreement, whether used in the masculine,
      feminine or neuter gender, shall include all other genders, the singular shall
      include the plural, and vice versa, as the context may require.

     

    (C)  Each
      provision of this Agreement shall be considered severable from the rest, and
      if
      any provision of this Agreement or its application to any Person or
      circumstances shall be held invalid and contrary to any existing or future
      law
      or unenforceable to any extent, the remainder of this Agreement and the
      application of any other provision to any Person or circumstances shall not
      be
      affected thereby and shall be interpreted and enforced to the greatest extent
      permitted by law so as to give effect to the original intent of the parties
      hereto.

     

    (D)  Unless
      otherwise specifically and expressly limited in the context, any reference
      herein to a decision, determination, act, action, exercise of a right, power
      or
      privilege, or other procedure by the General Partner shall mean and refer to
      the
      decision, determination, act, action, exercise or other procedure by the General
      Partner in its sole and absolute discretion.

     

    
      
        
        

      

      
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    ARTICLE
      II   -
      CONTINUATION

     

    Section
      2.1  Continuation.
      The
      Partners hereby continue the Partnership as a limited partnership under the
      Act.
      The General Partner shall take all action required by law to perfect and
      maintain the Partnership as a limited partnership under the Act and under the
      laws of all other jurisdictions in which the Partnership may elect to conduct
      business, including but not limited to the filing of amendments to the
      Certificate with the Delaware Secretary of State, and qualification of the
      Partnership as a foreign limited partnership in the jurisdictions in which
      such
      qualification shall be required, as determined by the General Partner. The
      General Partner shall also promptly register the Partnership under applicable
      assumed or fictitious name statutes or similar laws.

     

    Section
      2.2  Name.
      The
      name of the Partnership is First Industrial, L.P. The General Partner may adopt
      such assumed or fictitious names as it deems appropriate in connection with
      the
      qualifications and registrations referred to in Section 2.1.

     

    Section
      2.3  Place
      of Business; Registered Agent.
      The
      principal office of the Partnership is located at 311 S. Wacker Drive, Suite
      4000, Chicago, Illinois 60606, which office may be changed to such other place
      as the General Partner may from time to time designate. The Partnership may
      establish offices for the Partnership within or without the State of Delaware
      as
      may be determined by the General Partner. The initial registered agent for
      the
      Partnership in the State of Delaware is The Corporation Trust Company, whose
      address is c/o Corporation Trust Center, 1209 Orange Street, Wilmington,
      Delaware 19801.

     

    ARTICLE
      III   -
      BUSINESS PURPOSE

     

    Section
      3.1  Business.
      The
      business of the Partnership shall be (i) conducting any business that may be
      lawfully conducted by a limited partnership pursuant to the Act including,
      without limitation, acquiring, owning, managing, developing, leasing, marketing,
      operating and, if and when appropriate, selling, industrial properties, (ii)
      entering into any partnership, joint venture or other relationship to engage
      in
      any of the foregoing or the ownership of interests in any entity engaged in
      any
      of the foregoing, (iii) making loans, guarantees, indemnities or other financial
      accommodations and borrowing money and pledging its assets to secure the
      repayment thereof, (iv) to do any of the foregoing with respect to any Affiliate
      or Subsidiary and (v) doing anything necessary or incidental to the foregoing;
      provided,
      however,
      that
      business of the Partnership shall be limited so as to permit the General Partner
      to elect and maintain its status as a REIT (unless the General Partner
      determines no longer to qualify as a REIT).

     

    Section
      3.2  Authorized
      Activities.
      In
      carrying out the purposes of the Partnership, but subject to all other
      provisions of this Agreement, the Partnership is authorized to engage in any
      kind of lawful activity, and perform and carry out contracts of any kind,
      necessary or advisable in connection with the accomplishment of the purposes
      and
      business of the Partnership described herein and for the protection and benefit
      of the Partnership; provided that the General Partner shall not be obligated
      to
      cause the Partnership to take, or refraining from taking, any action which,
      in
      the judgment of the General Partner, (i) could adversely affect the ability
      of the General Partner to qualify and continue to qualify as a REIT,
      (ii) could subject the General Partner to additional taxes under Code
      Section 857 or 4981 or (iii) could violate any law or regulation of any
      governmental body or agency having jurisdiction over the General Partner or
      its
      securities.

     

    ARTICLE
      IV   -
      CAPITAL CONTRIBUTIONS

     

    Section
      4.1  Capital
      Contributions.

     

    (A)  Upon
      the
      contribution to the Partnership of property in accordance with a Contribution
      Agreement, Partnership Units shall be issued in accordance with, and as
      contemplated by, such Contribution Agreement, and the Persons receiving such
      Partnership Units shall become Partners and shall be deemed to have made a
      Capital Contribution as set forth on Exhibit 1.
      Exhibit 1
      also
      sets forth the initial number of Partnership Units owned by each Partner and
      the
      Percentage Interest of each Partner, which Percentage Interest shall be adjusted
      from time to time by the General Partner to reflect the issuance of additional
      Partnership Units, the redemption of Partnership Units, additional Capital
      Contributions and similar events having an effect on a Partner’s Percentage
      Interest. Except as set forth in Section 4.2 (regarding issuance of additional
      Partnership Units) or Section 7.6 (regarding withholding obligations), no
      Partner shall be required under any circumstances to contribute to the capital
      of the Partnership any amount beyond that sum required pursuant to this Article
      IV.

     

    (B)  Anything
      in the foregoing Section 4.1(A) or elsewhere in this Agreement notwithstanding,
      the Partnership Units held by the General Partner shall, at all times, be deemed
      to be General Partner units and shall constitute the General Partner
      Interest.

     

    Section
      4.2  Additional
      Partnership Interests.

     

    (A)  The
      Partnership may issue additional limited partnership interests in the form
      of
      Partnership Units for any Partnership purpose at any time or from time to time,
      to any Partner or other Person (other than the General Partner, except in
      accordance with Section 4.2(B) below).

     

    (B)  The
      Partnership also may from time to time issue to the General Partner additional
      Partnership Units or other Partnership Interests in such classes and having
      such
      designations, preferences and relative rights (including preferences and rights
      senior to the existing Limited Partner Interests) as shall be determined by
      the
      General Partner in accordance with the Act and governing law. Except as provided
      in Article IX, any such issuance of Partnership Units or Partnership Interests
      to the General Partner shall be conditioned upon (i) the undertaking by the
      General Partner of a related issuance of its capital stock (with such shares
      having designations, rights and preferences such that the economic rights of
      the
      holders of such capital stock are substantially similar to the rights of the
      additional Partnership Interests issued to the General Partner) and the General
      Partner making a Capital Contribution (a) in an amount equal to the net proceeds
      raised in the issuance of such capital stock, in the event such capital stock
      is
      sold for cash or cash equivalents or (b) the property received in consideration
      for such capital stock, in the event such capital stock is issued in
      consideration for other property or (ii) the issuance by the General Partner
      of
      capital stock under any stock option or bonus plan and the General Partner
      making a Capital Contribution in an amount equal to the exercise price of the
      option exercised pursuant to such stock option or other bonus plan.

     

    (C)  Except
      as
      contemplated by Article IX (regarding redemptions) or Section 4.2(B), the
      General Partner shall not issue any (i) additional REIT Shares, (ii) rights,
      options or warrants containing the right to subscribe for or purchase REIT
      Shares or (iii) securities convertible or exchangeable into REIT Shares
      (collectively, “Additional REIT Securities”) other than to all holders of REIT
      Shares, pro rata, unless (x) the Partnership issues to the General Partner
      (i)
      Partnership Interests, (ii) rights, options or warrants containing the right
      to
      subscribe for or purchase Partnership Interests or (iii) securities convertible
      or exchangeable into Partnership Interests such that the General Partner
      receives an economic interest in the Partnership substantially similar to the
      economic interest in the General Partner represented by the Additional REIT
      Securities and (y) 

     

    
      
        
        

      

      
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    the
      General Partner contributes to the Partnership the net proceeds from, or the
      property received in consideration for, the issuance of the Additional REIT
      Securities and the exercise of any rights contained in any Additional REIT
      Securities.

     

    Section
      4.3  No
      Third Party Beneficiaries.
      The
      foregoing provisions of this Article IV are not intended to be for the
      benefit of any creditor of the Partnership or other Person to whom any debts,
      liabilities or obligations are owed by (or who otherwise has any claim against)
      the Partnership or any of the Partners and no such creditor or other Person
      shall obtain any right under any such foregoing provision against the
      Partnership or any of the Partners by reason of any debt, liability or
      obligation (or otherwise).

     

    Section
      4.4  Capital
      Accounts.

     

    (A)  The
      Partnership shall establish and maintain a separate Capital Account for each
      Partner in accordance with Code Section 704 and Treasury Regulations Section
      1.704-1(b)(2)(iv). The Capital Account of each Partner shall be credited
      with:

     

    (1)  the
      amount of all Capital Contributions made to the Partnership by such Partner
      in
      accordance with this Agreement; plus

     

    (2)  all
      income and gain of the Partnership computed in accordance with this Section
      4.4
      and allocated to such Partner pursuant to Article V (including for purposes
      of
      this Section 4.4(A), income and gain exempt from tax);

     

    and
      shall
      be debited with the sum of:

     

    (1)  all
      losses or deductions of the Partnership computed in accordance with this Section
      4.4 and allocated to such Partner pursuant to Article V,

     

    (2)  such
      Partner’s distributive share of expenditures of the Partnership described in
      Code Section 705(a)(2)(B), and

     

    (3)  all
      cash
      and the Agreed Value (reduced to take into account the amount of any related
      indebtedness assumed by the Partner, or to which the distributed property is
      subject) of any property actually distributed or deemed distributed by the
      Partnership to such Partner pursuant to the terms of this
      Agreement.

     

    Any
      reference in any section or subsection of this Agreement to the Capital Account
      of a Partner shall be deemed to refer to such Capital Account as the same may
      be
      credited or debited from time to time as set forth above.

     

    (B)  For
      purposes of computing the amount of any item of income, gain, deduction or
      loss
      to be reflected in the Partners’ Capital Accounts, the determination,
      recognition and classification of each such item shall be the same as its
      determination, recognition and classification for federal income tax purposes,
      determined in accordance with Code Section 703(a) and accounting for those
      adjustments set forth in the definition of Profits and Losses, with the
      following additional adjustments:

     

    (1)  the
      computation of all items of income, gain, loss and deduction shall be made
      without regard to any Code Section 754 election that may be made by the
      Partnership, except to the extent required in accordance with the provisions
      of
      Treasury Regulations Section 1.704-1(b)(2)(iv)(m); and

     

    (2)  in
      the
      event the Book Value of any Partnership Asset is adjusted pursuant to Section
      4.4(D) below, the amount of such adjustment shall be treated as gain or loss
      from the disposition of such asset.

     

    (C)  Any
      transferee of a Partnership Interest shall succeed to a pro
      rata
      portion
      of the transferor’s Capital Account transferred.

     

    (D)  Consistent
      with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(f),
      (i) immediately prior to the acquisition of an additional Partnership
      Interest by any new or existing Partner in connection with the contribution
      of
      money or other property (other than a de
      minimis
      amount)
      to the Partnership, (ii) immediately prior to the distribution by the
      Partnership to a Partner of Partnership property (other than a de
      minimis
      amount)
      as consideration for a Partnership Interest, (iii) immediately prior to the
      liquidation of the Partnership as defined in Treasury Regulations Section
      1.704-1(b)(2)(ii)(g) and (iv) immediately prior to any other event for which
      the
      Treasury Regulation Section 1.704-1(b)(2)(iv)(f) permits an adjustment to book
      value, the Book Value of all Partnership Assets shall be revalued upward or
      downward to reflect the fair market value of each such Partnership Asset as
      determined by the General Partner using such reasonable method of valuation
      as
      it may adopt.

     

    (E)  The
      foregoing provisions of this Section 4.4 are intended to comply with Treasury
      Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
      consistent with such Treasury Regulations. In the event the General Partner
      shall determine that it is prudent to modify the manner in which the Partners’
Capital Accounts are computed hereunder in order to comply with such Treasury
      Regulations, the General Partner may make such modification if such modification
      is not likely to have a material effect on the amount distributable to any
      Partner under the terms of this Agreement and the General Partner notifies
      the
      other Partners in writing of such modification prior to making such
      modification.

     

    Section
      4.5  Return
      of Capital Account; Interest.
      Except
      as otherwise specifically provided in this Agreement, (i) no Partner shall
      have
      any right to withdraw or reduce its Capital Contributions or Capital Account,
      or
      to demand and receive property other than cash from the Partnership in return
      for its Capital Contributions or Capital Account; (ii) no Partner shall have
      any
      priority over any other Partners as to the return of its Capital Contributions
      or Capital Account; (iii) any return of Capital Contributions or Capital
      Accounts to the Partners shall be solely from the Partnership Assets, and no
      Partner shall be personally liable for any such return; and (iv) no interest
      shall be paid by the Partnership on Capital Contributions or on balances in
      Partners’ Capital Accounts.

     

    Section
      4.6  Preemptive
      Rights.
      No
      Person shall have any preemptive or similar rights with respect to the issuance
      or sale of additional Partnership Units.

     

    Section
      4.7  REIT
      Share Purchases.
      If the
      General Partner acquires additional REIT Shares pursuant to Article IX of the
      REIT Charter, the Partnership shall purchase from the General Partner that
      number of Partnership Units determined by applying the Conversion Multiple
      to
      the number of REIT Shares purchased by the General Partner at the same price
      and
      on the same terms as those upon which the General Partner purchased such REIT
      Shares.

     

    ARTICLE
      V   -
      ALLOCATIONS AND DISTRIBUTIONS

     

    Section
      5.1  Limited
      Liability.
      For
      bookkeeping purposes, the Profits of the Partnership shall be shared, and the
      Losses of the Partnership shall be borne, by the Partners as provided in Section
      5.2 below; provided,
      however,
      that
      except as expressly provided in this Agreement, neither any Limited Partner
      (in
      its capacity as a Limited Partner), the Class C Limited Partner (in its capacity
      as Class C Limited Partner), the Class F Limited Partner (in its capacity as
      Class F Limited Partner), the Class G Limited Partner (in its capacity as Class
      G Limited Partner), the Class I Limited Partner (in its capacity as Class I
      Limited Partner) nor the Class J Limited Partner (in its capacity as Class
      J
      Limited Partner shall be personally liable for losses, costs, expenses,
      liabilities or obligations of the Partnership in excess of its Capital
      Contribution required under Article IV hereof.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    

    Section
      5.2  Profits,
      Losses and Distributive Shares.

     

    (A)  Profits.
      After
      giving effect to the special allocations, if any, provided in Section 5.2(C),
      (D), (I), (J), (K) and (L), Profits in each Fiscal Year shall be allocated
      in
      the following order:

     

    (1)  First,
      to
      the General Partner until the cumulative Profits allocated to the General
      Partner under this Section 5.2(A)(1), whether in the current or in any prior
      Fiscal Year equal the cumulative Losses allocated to such Partner under Section
      5.2(B)(6), whether in the current or in any prior Fiscal Year;

     

    (2)  Second,
      to the Class C Limited Partner, Class F Limited Partner, Class G Limited
      Partner, Class I Limited Partner and Class J Limited Partner, in proportion
      to
      the cumulative Losses allocated to each such Partner under Section 5.2(B)(5),
      whether in the current or in any prior Fiscal Year until the cumulative Profits
      allocated to each such Partner under this Section 5.2(A)(2) equal the cumulative
      Losses allocated to each such Partner under Section 5.2(B)(5), whether in the
      current or in any prior Fiscal Year;

     

    (3)  Third,
      to
      each Partner in proportion to the cumulative Losses allocated to such Partner
      under Section 5.2(B)(4), whether in the current or in any prior Fiscal Year,
      until the cumulative Profits allocated to such Partner under this Section
      5.2(A)(3) equal the cumulative Losses allocated to such Partner under Section
      5.2(B)(4), whether in the current or in any prior Fiscal Year;

     

    (4)  Fourth,
      to the General Partner until the cumulative Profits allocated to the General
      Partner under this Section 5.2(A)(4), whether in the current or in any prior
      Fiscal Year equal the cumulative Losses allocated to such Partner under Section
      5.2(B)(3), whether in the current or in any prior Fiscal Year;

     

    (5)  Fifth,
      to
      each Partner in proportion to the cumulative Losses allocated to such Partner
      under Section 5.2(B)(2), whether in the current or in any prior Fiscal Year,
      until the cumulative Profits allocated to such Partner under this Section
      5.2(A)(5) equal the cumulative Losses allocated to such Partner under Section
      5.2(B)(2), whether in the current or in any prior Fiscal Year;

     

    (6)  Sixth,
      to
      each Partner in proportion to the cumulative Losses allocated to such Partner
      under Section 5.2(B)(1), whether in the current or in any prior Fiscal Year,
      until the cumulative Profits allocated to such Partner under this Section
      5.2(A)(6) equal the cumulative Losses allocated to such Partner under Section
      5.2(B)(1), whether in the current or in any prior Fiscal Year; and

     

    (7)  Then,
      the
      balance, if any, to the Partners in proportion to their respective Percentage
      Interests.

     

    (B)  Losses.
      After
      giving effect to the special allocations, if any, provided in Section 5.2(C),
      (D), (I), (J), (K) and (L), Losses in each Fiscal Year shall be allocated in
      the
      following order of priority:

     

    (1)  First,
      to
      the Partners (other than the Class C Limited Partner, the Class F Limited
      Partner, the Class G Limited Partner, the Class I Limited Partner and the Class
      J Limited Partner), in proportion to their respective Percentage Interests,
      but
      not in excess of the positive Adjusted Capital Account balance of any Partner
      prior to the allocation provided for in this Section 5.2(B)(1);

     

    (2)  Second,
      to the Partners (other than the Class C Limited Partner, the Class F Limited
      Partner, the Class G Limited Partner, the Class I Limited Partner and the Class
      J Limited Partner) with positive Adjusted Capital Account balances prior to
      the
      allocation provided for in this Section 5.2(B)(2), in proportion to the amount
      of such balances until all such balances are reduced to zero;

     

    (3)  Third,
      to
      the General Partner until (i) the excess of (a) the cumulative Losses allocated
      under this Section 5.2(B)(3), whether in the current or in any prior Fiscal
      Year, over (b) the cumulative Profits allocated under Section 5.2(A)(4), whether
      in the current or in any prior Fiscal Year, equals (ii) the excess of (a) the
      amount of Recourse Liabilities over (b) the Aggregate Protected
      Amount;

     

    (4)  Fourth,
      to and among the Contributor Partners, in accordance with their respective
      Protected Amounts, until the excess of (a) the cumulative Losses allocated
      under
      this Section 5.2(B)(4), whether in the current or in any prior Fiscal Year,
      over
      (b) the
      cumulative Profits allocated under 5.2(A)(3), whether in the current or in
      any
      prior Fiscal Year, equals the Aggregate Protected Amount (as of the close of
      the
      Fiscal Year to which such allocation relates);

     

    (5)  Fifth,
      to
      the Class C Limited Partner, the Class F Limited Partner, the Class G Limited
      Partner, the Class I Limited Partner and the Class J Limited Partner, in
      accordance with their respective Adjusted Capital Accounts, until their Adjusted
      Capital Accounts are reduced to zero; and

     

    (6)  Thereafter,
      to the General Partner;

     

    provided,
      however,
      (i)
      that, from and following the first Fiscal Year upon which a Contributor Partner
      is no longer a Partner of the Partnership, the provisions of this Section 5.2(B)
      shall be null, void and without further force and effect with respect to such
      Contributor Partner; (ii) that this Section 5.2(B) shall control,
      notwithstanding any reallocation or adjustment of taxable income, loss or other
      items by the Internal Revenue Service or any other taxing authority;
provided,
      however,
      that
      neither the Partnership nor the General Partner (nor any of their respective
      affiliates) is required to indemnify any Contributor Partner (or its affiliates)
      for the loss of any tax benefit resulting from any reallocation or adjustment
      of
      taxable income, loss or other items by the Internal Revenue Service or other
      taxing authority; and (iii) that, during such period as there are Contributor
      Partners in the Partnership, the provisions of Section 5.2(B)(4) shall not
      be
      amended in a manner which adversely affects the Contributor Partners (without
      the consent of each Contributor Partner so affected).

     

    (C)  Special
      Allocations.
      Except
      as otherwise provided in this Agreement, the following special allocations
      will
      be made in the following order and priority:

     

    (1)  Partnership
      Minimum Gain Chargeback.
      Notwithstanding any other provision of this Article V, if there is a net
      decrease in Partnership Minimum Gain during any tax year or other period for
      which allocations are made, each Partner will be specially allocated items
      of
      Partnership income and gain for that tax year or other period (and, if
      necessary, subsequent periods) in an amount equal to such Partner’s share of the
      net decrease in Partnership Minimum Gain during such tax year or other period
      determined in accordance with Treasury Regulations Section 1.704-2(g).
      Allocations pursuant to the preceding sentence shall be made in proportion
      to
      the respective amounts required to be allocated to each Partner pursuant
      thereto. The items to be so allocated shall be determined in accordance with
      Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section
      5.2(C)(1) is intended to comply with the minimum gain chargeback requirements
      set forth in Treasury Regulations Section 1.704-2(f) and shall be interpreted
      consistently therewith, including the exceptions to the minimum gain chargeback
      requirement set forth in Treasury Regulations Section 1.704-2(f) and (3). If
      the
      General Partner concludes, after consultation with tax counsel, that the
      Partnership meets the requirements for a waiver of the minimum gain chargeback
      requirement as set forth in Treasury Regulations Section 1.704-2(f)(4), the
      General Partner may take steps reasonably necessary or appropriate in order
      to
      obtain such waiver.

     

    (2)  Partner
      Nonrecourse Debt Minimum Gain Chargeback.
      Notwithstanding any other provision of this Section (other than Section
      5.2(C)(1) which shall be applied before this Section 5.2(C)(2)), if there is
      a
      net decrease in Partner Minimum Gain during any tax year or other period for
      which allocations are made, each Partner with a share of Partner Minimum Gain
      determined in accordance with Treasury Regulations Section 1.704-2(i)(5) shall
      be specially allocated items of Partnership income and gain for that period
      

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    (and,
      if
      necessary, subsequent periods) in an amount equal to such Partner’s share of the
      net decrease in Partner Minimum Gain determined in accordance with Treasury
      Regulations Section 1.704-2(i)(4). The items to be so allocated shall be
      determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and
      1.704-2(j)(2)(ii). This Section 5.2(C)(2) is intended to comply with the minimum
      gain chargeback requirements of Treasury Regulations Section and shall be
      interpreted consistently therewith, including the exceptions set forth in
      Treasury Regulations Section 1.704-2(f)(2) and (3) to the extent such exceptions
      apply to Treasury Regulations Sections 1.704-2(i)(4). If the General Partner
      concludes, after consultation with tax counsel, that the Partnership meets
      the
      requirements for a waiver of the Partner Minimum Gain chargeback requirement
      set
      forth in Treasury Regulation 1.704-2(f), but only to the extent such exception
      applies to Treasury Regulations Section 1.704-2(i)(4), the General Partner
      may
      take steps necessary or appropriate to obtain such waiver.

     

    (3)  Qualified
      Income Offset.
      A
      Partner who unexpectedly receives any adjustment, allocation or distribution
      described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6)
      will be specially allocated items of Partnership income and gain in an amount
      and manner sufficient to eliminate, to the extent required by Treasury
      Regulations 1.704-1(b)(2)(ii)(d), the Adjusted Capital Account Deficit of the
      Partner as quickly as possible, provided that an allocation pursuant to this
      Section 5.2(C)(3) shall be made if and only to the extent that such Partner
      would have an Adjusted Capital Account Deficit after all other allocations
      provided for in this Article V have been tentatively made as if this Section
      5.2(C)(3) were not contained in this Agreement.

     

    (4)  Partnership
      Nonrecourse Deductions.
      Partnership Nonrecourse Deductions for any taxable year or other period for
      which allocations are made will be allocated among the Partners in proportion
      to
      their respective Percentage Interests.

     

    (5)  Partner
      Nonrecourse Deductions.
      Notwithstanding anything to the contrary in this Agreement, any Partner
      Nonrecourse Deductions for any taxable year or other period for which
      allocations are made will be allocated to the Partner who bears the economic
      risk of loss with respect to the liability to which the Partner Nonrecourse
      Deductions are attributable in accordance with Treasury Regulations Section
      1.704-2(i).

     

    (6)  Code
      Section 754 Adjustments.
      To the
      extent an adjustment to the adjusted tax basis of any Partnership asset under
      Code Section 734(b) or 743(b) is required to be taken into account in
      determining Capital Accounts under Treasury Regulations Section
      1.704-1(b)(2)(iv)(m)(2) or (4), the amount of the adjustment to the Capital
      Accounts will be treated as an item of gain (if the adjustment increases the
      basis of the asset) or loss (if the adjustment decreases the basis of the
      asset), and the gain or loss will be specially allocated to the Partners in
      a
      manner consistent with the manner in which their Capital Accounts are required
      to be adjusted under Treasury Regulations Section
      1.704-1(b)(2)(iv)(m).

     

    (7)  Depreciation
      Recapture.
      In the
      event there is any recapture of Depreciation or investment tax credit, the
      allocation thereof shall be made among the Partners in the same proportion
      as
      the deduction for such Depreciation or investment tax credit was
      allocated.

     

    (8)  Interest
      in Partnership.
      Notwithstanding any other provision of this Agreement, no allocation of Profit
      or Loss (or item of Profit or Loss) will be made to a Partner if the allocation
      would not have “economic effect” under Treasury Regulations Section
      1.704-1(b)(2)(ii)(a) or otherwise would not be in accordance with the Partner’s
      interest in the Partnership within the meaning of Treasury Regulations Section
      1.704-1(b)(3).

     

    (D)  Curative
      Allocations.
      The
      allocations set forth in Section 5.2(C)(1) through (8) (the “Regulatory
      Allocations”) are intended to comply with certain requirements of Treasury
      Regulations Sections 1.704-1(b) and 1.704-2. The Regulatory Allocations may
      not
      be consistent with the manner in which the Partners intend to divide Partnership
      distributions. Accordingly, the General Partner is authorized to further
      allocate Profits, Losses, and other items among the Partners in a reasonable
      manner so as to prevent the 

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    Regulatory
      Allocations from distorting the manner in which Partnership distributions would
      be divided among the Partners under Section 5.3, but for application of the
      Regulatory Allocations. In general, the reallocation will be accomplished by
      specially allocating other Profits, Losses and items of income, gain, loss
      and
      deduction, to the extent they exist, among the Partners so that the net amount
      of the Regulatory Allocations and the special allocations to each Partner is
      zero. The General Partner may accomplish this result in any reasonable manner
      that is consistent with Code Section 704 and the related Treasury
      Regulations.

     

    (E)  Tax
      Allocations.

     

    (1)  Except
      as
      otherwise provided in Section 5.2(E)(2), each item of income, gain, loss and
      deduction shall be allocated for federal income tax purposes in the same manner
      as each correlative item of income, gain, loss or deduction, is allocated for
      book purposes pursuant to the provisions of Section 5.1 hereof.

     

    (2)  Notwithstanding
      anything to the contrary in this Article V, in an attempt to eliminate any
      Book-Tax Disparity with respect to a Contributed Property, items of income,
      gain, loss or deduction with respect to each such property shall be allocated
      for federal income tax purposes among the Partners as follows:

     

    (a)  Depreciation,
      Amortization and Other Cost Recovery Items.
      In the
      case of each Contributed Property with a Book-Tax Disparity, any item of
      depreciation, amortization or other cost recovery allowance attributable to
      such
      property shall be allocated as follows: (x) first, to Partners (the
“Non-Contributing Partners”) other than the Partners who contributed such
      property to the Partnership (or are deemed to have contributed the property
      pursuant to Section 4.1(A)) (the “Contributing Partners”) in an amount up to the
      book allocation of such items made to the Non-Contributing Partners pursuant
      to
      Section 5.1 hereof, pro
      rata
      in
      proportion to the respective amount of book items so allocated to the
      Non-Contributing Partners pursuant to Section 5.1 hereof; and (y) any remaining
      depreciation, amortization or other cost recovery allowance to the Contributing
      Partners in proportion to their Percentage Interests. In no event shall the
      total depreciation, amortization or other cost recovery allowance allocated
      hereunder exceed the amount of the Partnership’s depreciation, amortization or
      other cost recovery allowance with respect to such property.

     

    (b)  Gain
      or Loss on Disposition.
      In the
      event the Partnership sells or otherwise disposes of a Contributed Property
      with
      a Book-Tax Disparity, any gain or loss recognized by the Partnership in
      connection with such sale or other disposition shall be allocated among the
      Partners as follows: (x) first, any gain or loss shall be allocated to the
      Contributing Partners in proportion to their Percentage Interests to the extent
      required to eliminate any Book-Tax Disparity with respect to such property;
      and
      (y) any remaining gain or loss shall be allocated among the Partners in the
      same
      manner that the correlative items of book gain or loss are allocated among
      the
      Partners pursuant to Section 5.1 hereof.

     

    (3)  In
      the
      event the Book Value of a Partnership Asset (including a Contributed Property)
      is adjusted pursuant to Section 4.4(D) hereof, all items of income, gain, loss
      or deduction in respect of such property shall be allocated for federal income
      tax purposes among the Partners in the same manner as provided in Section
      5.2(E)(2) hereof to take into account any variation between the fair market
      value of the property, as determined by the General Partner using such
      reasonable method of valuation as it may adopt, and the Book Value of such
      property, both determined as of the date of such adjustment.

     

    (4)  The
      General Partner shall have the authority to elect alternative methods to
      eliminate the Book-Tax Disparity with respect to one or more Contributed
      Properties, as permitted by Treasury Regulations Sections 1.704-3 and 1.704-3T,
      and such election shall be binding on all of the Partners.

     

    (5)  The
      Partners hereby intend that the allocation of tax items pursuant to this Section
      5.2(E) comply with the requirements of Code Section 704(c) and Treasury
      Regulations Sections 1.704-3 and 1.704-3T.

     

    (6)  The
      allocation of items of income, gain, loss or deduction pursuant to this Section
      5.2(E) are solely for federal, state and local income tax purposes, and the
      Capital Account balances of the Partners shall be adjusted solely for
      allocations of “book” items in respect of Partnership Assets pursuant to Section
      5.1 hereof.

     

    (F)  Other
      Allocation Rules.
      The
      following rules will apply to the calculation and allocation of Profits, Losses
      and other items:

     

    (1)  Except
      as
      otherwise provided in this Agreement, all Profits, Losses and other items
      allocated to the Partners will be allocated among them in proportion to their
      Percentage Interests.

     

    (2)  For
      purposes of determining the Profits, Losses or any other item allocable to
      any
      period, Profits, Losses and other items will be determined on a daily, monthly
      or other basis, as determined by the General Partner using any permissible
      method under Code Section 706 and the related Treasury Regulations.

     

    (3)  Except
      as
      otherwise provided in this Agreement, all items of Partnership income, gain,
      loss and deduction, and other allocations not provided for in this Agreement
      will be divided among the Partners in the same proportions as they share Profits
      and Losses, provided that any credits shall be allocated in accordance with
      Treasury Regulations Section 1.704-1(b)(4)(ii).

     

    (4)  For
      purposes of Treasury Regulations Section 1.752-3(a), the Partners hereby agree
      that any Nonrecourse Liabilities of the Partnership in excess of the sum of
      (i)
      the Partnership Minimum Gain and (ii) the aggregate amount of taxable gain
      that
      would be allocated to the Partners under Section 704(c) (or in the same manner
      as Section 704(c) in connection with a revaluation of Partnership property)
      if
      the Partnership disposed of (in a taxable transaction) all Partnership property
      subject to one or more Nonrecourse Liabilities of the Partnership in full
      satisfaction of such Liabilities and for no other consideration, shall be
      allocated among the Partners in accordance with their respective Partnership
      Interests; provided that the General Partner shall have discretion in any Fiscal
      Year to allocate such excess Nonrecourse Liabilities among the Partners (a)
      in a
      manner reasonably consistent with allocations (that have substantial economic
      effect) of some other significant item of Partnership income or gain or (b)
      in
      accordance with the manner in which it is reasonably expected that the
      deductions attributable to the excess Nonrecourse Liabilities will be
      allocated.

     

    (G)  Partner
      Acknowledgment.
      The
      Partners agree to be bound by the provisions of this Section 5.2 in reporting
      their shares of Partnership income, gain, loss, deduction and credit for income
      tax purposes.

     

    (H)  Regulatory
      Compliance.
      The
      foregoing provisions of this Section 5.2 relating to the allocation of Profits,
      Losses and other items for federal income tax purposes are intended to comply
      with Treasury Regulations Sections 1.704-1(b), 1.704-2, 1.704-3 and 1.704-3T
      and
      shall be interpreted and applied in a manner consistent with such Treasury
      Regulations.

     

    (I)  Class
      C Priority Allocation.
      The
      holders of the Class C Units shall be allocated gross income such that, from
      the
      inception of the partnership through the end of the Fiscal Year to which the
      allocation relates, including the year of liquidation of the Partnership in
      accordance with Article X, the sum of all priority allocations pursuant to
      this
      Section 5.2(I) equals (or approaches as nearly as possible) the sum of all
      Class
      C Priority Return Amounts accrued through the end of the fiscal year to which
      the allocation relates.

     

    (J)  Class
      F Priority Allocation.
      The
      holders of Class F Units shall be allocated gross income such that, from the
      inception of the partnership through the end of the fiscal year to which the
      allocation relates, including the year of liquidation of the Partnership in
      accordance with Article X, the sum of all priority allocations pursuant to
      this
      Section 5.2(J) equals (or approaches as nearly as possible) the sum of all
      Class
      F Priority Return Amounts accrued through the end of the fiscal year to which
      the allocation relates.

     

    (K)  Class
      G Priority Allocation.
      The
      holders of Class G Units shall be allocated gross income such that, from the
      inception of the partnership through the end of the fiscal year to which the
      allocation relates, including the year of liquidation of the Partnership in
      accordance with Article X, the sum of all priority allocations pursuant to
      this
      Section 5.2(K) equals (or approaches as nearly as possible) the sum of all
      Class
      G Priority Return Amounts accrued through the end of the fiscal year to which
      the allocation relates.

     

    (L)  Class
      I Priority Allocation.
      The
      holders of Class I Units shall be allocated gross income such that, from the
      inception of the partnership through the end of the fiscal year to which the
      allocation relates, including the year of liquidation of the Partnership in
      accordance with Article X, the sum of all priority allocations pursuant to
      this
      Section 5.2(L) equals (or approaches as nearly as possible) the sum of all
      Class
      I Priority Return Amounts accrued through the end of the fiscal year to which
      the allocation relates.

     

    (M)  Class
      J Priority Allocation.
      The
      holders of Class J Units shall be allocated gross income such that, from the
      inception of the partnership through the end of the fiscal year to which the
      allocation relates, including the year of liquidation of the Partnership in
      accordance with Article X, the sum of all priority allocations pursuant to
      this
      Section 5.2(M) equals (or approaches as nearly as possible) the sum of all
      Class
      J Priority Return Amounts accrued through the end of the fiscal year to which
      the allocation relates.

     

    Section
      5.3  Distributions.

     

    (A)  The
      General Partner shall cause the Partnership to distribute to the holder of
      each
      Class C Unit an amount in cash equal to the cumulative undistributed Class
      C
      Priority Return Amount with respect to each such unit (provided that the amount
      distributable pursuant to this Section 5.3(A) shall not be in excess of the
      Distributable Cash) on March 31, June 30, September 30 and December 31 of each
      year, commencing on September 30, 1997 (or in the case of a Class C Unit with
      a
      Class C Deemed Original Issue Date after September 30, 1997, on the first such
      distribution date following the applicable Class C Deemed Original Issue Date);
      provided that, if any such distribution date shall be a Saturday, Sunday or
      day
      on which banking institutions in the State of New York are authorized or
      obligated by law to close, or a day which is declared a national or New York
      State holiday (any of the foregoing, a “Non-business Day”), then such
      distribution shall be made on the next succeeding day which is not a
      Non-business Day. Class C Priority Return Amounts that are distributable with
      respect to a period greater or less than a full Class C Distribution Period
      shall be computed on the basis of a 360-day year consisting of 12 30-day
      months.

     

    (B)  The
      General Partner shall cause the Partnership to distribute to the holder of
      each
      Class F Unit an amount in cash equal to the cumulative undistributed Class
      F
      Priority Return Amount with respect to each such unit (provided that the amount
      distributable pursuant to this section 5.3(B) shall not be in excess of the
      Distributable Cash) on each Class F Distribution Date. 

     

    (C)  The
      General Partner shall cause the Partnership to distribute to the holder of
      each
      Class G Unit an amount in cash equal to the cumulative undistributed Class
      G
      Priority Return Amount with respect to each such unit (provided that the amount
      distributable pursuant to this section 5.3(C) shall not be in excess of the
      Distributable Cash) on each Class G Distribution Date. 

     

    (D)  The
      General Partner shall cause the Partnership to distribute to the holder of
      each
      Class I Unit an amount in cash equal to the cumulative undistributed Class
      I
      Priority Return Amount with 

     

    
      
        
        

      

      
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    respect
      to each such unit (provided that the amount distributable pursuant to this
      section 5.3(D) shall not be in excess of the Distributable Cash) on each Class
      I
      Distribution Date. 

     

    (E)  The
      General Partner shall cause the Partnership to distribute to the holder of
      each
      Class J Unit an amount in cash equal to the cumulative undistributed Class
      J
      Priority Return Amount with respect to each such unit (provided that the amount
      distributable pursuant to this section 5.3(E) shall not be in excess of the
      Distributable Cash) on each Class J Distribution Date. 

     

    (F)  After
      giving effect to Sections 5.3(A), (B), (C), (D) and (E), if applicable, the
      General Partner shall have the authority to cause the Partnership to make
      distributions from time to time as it determines, including without limitation,
      distributions which are sufficient to enable the General Partner to (i) maintain
      its status as a REIT, (ii) avoid the imposition of any tax under Code Section
      857 and (iii) avoid the imposition of any excise tax under Code Section 4981.
      Except as otherwise expressly set forth in this Section 5.3(F), all
      Distributions pursuant to this Section 5.3 shall be made on a pari
      passu
      basis.

     

    (G)  Distributions
      pursuant to Section 5.3(F) shall be made pro
      rata
      among
      the Partners of record on the Record Date established by the General Partner
      for
      the distribution, in accordance with their respective Percentage Interests,
      without regard to the length of time the record holder has been such except
      that
      the first distribution paid on Units issued after June 1, 1996 shall be pro
      rated to reflect the actual portion of the period for which the distribution
      is
      being paid during which such Units were outstanding, or shall be in such other
      amount or computed on such other basis as may be agreed by the General Partner
      and the holders of such Units, provided that such other amount or the amount
      so
      computed, as applicable, may not exceed the aforementioned pro rated
      amount.

     

    (H)  The
      General Partner shall use its reasonable efforts to make distributions to the
      Partners so as to preclude any distribution or portion thereof from being
      treated as part of a sale of property to the Partnership by a Partner under
      Section 707 of the Code or the Treasury Regulations thereunder; provided that
      the General Partner and the Partnership shall not have liability to a Limited
      Partner under any circumstances as a result of any distribution to a Partner
      being so treated.

     

    Section
      5.4  Distribution
      upon Redemption.
      Notwithstanding any other provision hereof, proceeds of (i) a Class C
      Redemption shall be distributed to the Class C Limited Partner in accordance
      with Section 9.1(C), (ii)  a Class F Redemption shall be distributed
      to the Class F Limited Partner in accordance with Section 9.1(D), (iii) a Class
      G Redemption shall be distributed to the Class G Limited Partner in accordance
      with Section 9.1(E), (iv) a Class I Redemption shall be distributed to the
      Class
      I Limited Partner in accordance with Section 9.1(F) and (v) a Class J Redemption
      shall be distributed to the Class J Limited Partner in accordance with Section
      9.1(G).

     

    Section
      5.5  Distributions
      upon Liquidation.
      Notwithstanding any other provision hereof, proceeds of a Terminating Capital
      Transaction shall be distributed to the Partners in accordance with Section
      10.2.

     

    Section
      5.6  Amounts
      Withheld.
      All
      amounts withheld pursuant to the Code or any provision of state or local tax
      law
      and Section 7.6 of this Agreement with respect to any allocation, payment or
      distribution to the General Partner, the Class C Limited Partner, the Class
      F
      Limited Partner, the Class G Limited Partner, the Class I Limited Partner,
      the
      Class J Limited Partner, the Limited Partners or Assignees shall be treated
      as
      amounts distributed to such General Partner, the Class C Limited Partner, the
      Class F Limited Partner, the Class G Limited Partner, the Class I Limited
      Partner, the Class J Limited Partner, the Limited Partners or Assignees, as
      applicable, pursuant to Section 5.3 of this Agreement.

     

    
      
        
        

      

      
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    ARTICLE
      VI   -
      PARTNERSHIP MANAGEMENT

     

    Section
      6.1  Management
      and Control of Partnership Business.

     

    (A)  Except
      as
      otherwise expressly provided or limited by the provisions of this Agreement,
      the
      General Partner shall have full, exclusive and complete discretion to manage
      the
      business and affairs of the Partnership, to make all decisions affecting the
      business and affairs of the Partnership and to take all such action as it deems
      necessary or appropriate to accomplish the purposes of the Partnership as set
      forth herein. Except as set forth in this Agreement, the Limited Partners shall
      not have any authority, right, or power to bind the Partnership, or to manage,
      or to participate in the management of the business and affairs of the
      Partnership in any manner whatsoever. Such management shall in every respect
      be
      the full and complete responsibility of the General Partner alone as herein
      provided.

     

    (B)  In
      carrying out the purposes of the Partnership, the General Partner shall be
      authorized to take all actions it deems necessary and appropriate to carry
      on
      the business of the Partnership. The Limited Partners, the Class C Limited
      Partner, the Class F Limited Partner, the Class G Limited Partner, the Class
      I
      Limited Partner and the Class J Limited Partner, by execution hereof, agree
      that
      the General Partner is authorized to execute, deliver and perform any agreement
      and/or transaction on behalf of the Partnership.

     

    (C)  The
      General Partner and its Affiliates may acquire Limited Partner Interests from
      Limited Partners who agree so to transfer Limited Partner Interests or from
      the
      Partnership in accordance with Section 4.2(A). Any Limited Partner Interest
      acquired by the General Partner shall be converted into a General Partner
      Interest. Upon acquisition of any Limited Partner Interest, any Affiliate of
      the
      General Partner shall have all the rights of a Limited Partner.

     

    Section
      6.2  No
      Management by Limited Partners; Limitation of Liability.

     

    (A)  Neither
      the Limited Partners, in their capacity as Limited Partners, the Class C Limited
      Partner, in its capacity as Class C Limited Partner, the Class F Limited
      Partner, in its capacity as Class F Limited Partner, the Class G Limited
      Partner, in its capacity as Class G Limited Partner, the Class I Limited
      Partner, in its capacity as Class I Limited Partner, nor the Class J Limited
      Partner, in its capacity as Class J Limited Partner shall take part in the
      day-to-day management, operation or control of the business and affairs of
      the
      Partnership or have any right, power, or authority to act for or on behalf
      of or
      to bind the Partnership or transact any business in the name of the Partnership.
      Neither the Limited Partners, the Class C Limited Partner, in its capacity
      as
      Class C Limited Partner, the Class F Limited Partner, in its capacity as Class
      F
      Limited Partner, the Class G Limited Partner, in its capacity as Class G Limited
      Partner, the Class I Limited Partner, in its capacity as Class I Limited
      Partner, nor the Class J Limited Partner, in its capacity as Class J Limited
      Partner, shall have any rights other than those specifically provided herein
      or
      granted by law where consistent with a valid provision hereof. Any approvals
      rendered or withheld by the Limited Partners, the Class C Limited Partner,
      the
      Class F Limited Partner, the Class G Limited Partner, the Class I Limited
      Partner or the Class J Limited Partner pursuant to this Agreement shall be
      deemed as consultation with or advice to the General Partner in connection
      with
      the business of the Partnership and, in accordance with the Act, shall not
      be
      deemed as participation by the Limited Partners, the Class C Limited Partner,
      the Class F Limited Partner, the Class G Limited Partner, the Class I Limited
      Partner or the Class J Limited Partner in the business of the Partnership and
      are not intended to create any inference that the Limited Partners, the Class
      C
      Limited Partner, the Class F Limited Partner, the Class G Limited Partner,
      the
      Class I Limited Partner or the Class J Limited Partner should be classified
      as
      general partners under the Act.

     

    (B)  Neither
      the Limited Partner, the Class C Limited Partner, the Class F Limited Partner,
      the Class G Limited Partner, the Class I Limited Partner nor the Class J Limited
      Partner, shall have any liability under this Agreement except with respect
      to
      withholding under Section 7.6, in connection with a violation of any provision
      of this Agreement by such Limited Partner, the Class C Limited Partner, the
      Class F Limited Partner, the Class G Limited Partner, the Class I Limited
      Partner or the Class J Limited Partner or as provided in the Act.

     

    (C)  The
      General Partner shall not take any action which would subject a Limited Partner
      (in its capacity as Limited Partner), the Class C Limited Partner (in its
      capacity as Class C Limited Partner), the Class F Limited Partner (in its
      capacity as Class F Limited Partner), the Class G Limited Partner (in its
      capacity as Class G Limited Partner), the Class I Limited Partner (in its
      capacity as Class I Limited Partner) or the Class J Limited Partner (in its
      capacity as Class J Limited Partner) to liability as a general
      partner.

     

    Section
      6.3  Limitations
      on Partners.

     

    (A)  No
      Partner or Affiliate of a Partner shall have any authority to perform (i) any
      act in violation of any applicable law or regulation thereunder, (ii) any act
      prohibited by Section 6.2(C), or (iii) any act which is required to be Consented
      to or ratified pursuant to this Agreement without such Consent or
      ratification.

     

    (B)  No
      action
      shall be taken by a Partner if it would cause the Partnership to be treated
      as
      an association taxable as a corporation for federal income tax purposes or,
      without the consent of the General Partner, as a publicly-traded partnership
      within the meaning of Section 7704 of the Code. A determination of whether
      such
      action will have the above described effect shall be based upon a declaratory
      judgment or similar relief obtained from a court of competent jurisdiction,
      a
      favorable ruling from the IRS or the receipt of an opinion of
      counsel.

     

    Section
      6.4  Business
      with Affiliates.

     

    (A)  The
      General Partner, in its discretion, may cause the Partnership to transact
      business with any Partner or its Affiliates for goods or services reasonably
      required in the conduct of the Partnership’s business; provided that any such
      transaction shall be effected only on terms competitive with those that may
      be
      obtained in the marketplace from unaffiliated Persons. The foregoing proviso
      shall not apply to transactions between the Partnership and its Subsidiaries.
      In
      addition, neither the General Partner nor any Affiliate of the General Partner
      may sell, transfer or otherwise convey any property to, or purchase any property
      from, the Partnership, except (i) on terms competitive with those that may
      be
      obtained in the marketplace from unaffiliated Persons or (ii) where the General
      Partner determines, in its sole judgment, that such sale, transfer or conveyance
      confers benefits on the General Partner or the Partnership in respect of matters
      of tax or corporate or financial structure; provided,
      in the
      case of this clause (ii), such sale, transfer, or conveyance is not being
      effected for the purpose of materially disadvantaging the Limited
      Partners.

     

    (B)  In
      furtherance of Section 6.4(A), the Partnership may lend or contribute to its
      Subsidiaries on terms and conditions established by the General
      Partner.

     

    Section
      6.5  Compensation;
      Reimbursement of Expenses.
      In
      consideration for the General Partner’s services to the Partnership in its
      capacity as General Partner, the Partnership shall pay on behalf of or reimburse
      to the General Partner (i) all expenses of the General Partner incurred in
      connection with the management of the business and affairs of the Partnership,
      including all employee compensation of employees of the General Partner and
      indemnity or other payments made pursuant to agreements entered into in
      furtherance of the Partnership’s business, (ii) all amounts payable by the
      General Partner under the Registration Rights Agreement and (iii) all general
      and administrative expenses incurred by the General Partner. Except as otherwise
      set forth in this 

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    Agreement,
      the General Partner shall be fully and entirely reimbursed by the Partnership
      for any and all direct and indirect costs and expenses incurred in connection
      with the organization and continuation of the Partnership pursuant to this
      Agreement. In addition, the General Partner shall be reimbursed for all expenses
      incurred by the General Partner in connection with (i) the initial public
      offering of REIT Shares by the General Partner and (ii) any other issuance
      of
      additional Partnership Interests or REIT Shares.

     

    Section
      6.6  Liability
      for Acts and Omissions.

     

    (A)  The
      General Partner shall not be liable, responsible or accountable in damages
      or
      otherwise to the Partnership or any of the other Partners for any act or
      omission performed or omitted in good faith on behalf of the Partnership and
      in
      a manner reasonably believed to be (i) within the scope of the authority granted
      by this Agreement and (ii) in the best interests of the Partnership or the
      stockholders of the General Partner. In exercising its authority hereunder,
      the
      General Partner may, but shall not be under any obligation to, take into account
      the tax consequences to any Partner of any action it undertakes on behalf of
      the
      Partnership. Neither the General Partner nor the Partnership shall have any
      liability as a result of any income tax liability incurred by a Partner as
      a
      result of any action or inaction of the General Partner hereunder and, by their
      execution of this Agreement, the Limited Partners acknowledge the
      foregoing.

     

    (B)  Unless
      otherwise prohibited hereunder, the General Partner shall be entitled to
      exercise any of the powers granted to it and perform any of the duties required
      of it under this Agreement directly or through any agent. The General Partner
      shall not be responsible for any misconduct or negligence on the part of any
      agent; provided that the General Partner selected or appointed such agent in
      good faith.

     

    The
      General Partner acknowledges that it owes fiduciary duties both to its
      stockholders and to the Limited Partners and it shall use its reasonable efforts
      to discharge such duties to each; provided,
      however,
      that in
      the event of a conflict between the interests of the stockholders of the General
      Partner and the interests of the Limited Partners, the Limited Partners agree
      that the General Partner shall discharge its fiduciary duties to the Limited
      Partners by acting in the best interests of the General Partner’s stockholders.
      Nothing contained in the preceding sentence shall be construed as entitling
      the
      General Partner to realize any profit or gain from any transaction between
      the
      General Partner and the Partnership (except in connection with a distribution
      in
      accordance with this Agreement), including from the lending of money by the
      General Partner to the Partnership or the contribution of property by the
      General Partner to the Partnership, it being understood that in any such
      transaction the General Partner shall be entitled to cost recovery
      only.

     

    Section
      6.7  Indemnification.

     

    (A)  The
      Partnership shall indemnify the General Partner and each director, officer
      and
      stockholder of the General Partner and each Person (including any Affiliate)
      designated as an agent by the General Partner in its reasonable discretion
      (each, an “Indemnified Party”) to the fullest extent permitted under the Act
      (including any procedures set forth therein regarding advancement of expenses
      to
      such Indemnified Party) from and against any and all losses, claims, damages,
      liabilities, expenses (including reasonable attorneys’ fees), judgments, fines,
      settlements and any other amounts arising out of or in connection with any
      claims, demands, actions, suits or proceedings (civil, criminal or
      administrative) relating to or resulting (directly or indirectly) from the
      operations of the Partnership, in which such Indemnified Party becomes involved,
      or reasonably believes it may become involved, as a result of the capacity
      referred to above.

     

    (B)  The
      Partnership shall have the authority to purchase and maintain such insurance
      policies on behalf of the Indemnified Parties as the General Partner shall
      determine, which policies may cover those liabilities the General Partner
      reasonably believes may be incurred by an Indemnified Party in connection with
      the operation of the business of the Partnership. The right to procure such
      insurance on behalf of the 

     

    
      
        
        

      

      
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    Indemnified
      Parties shall in no way mitigate or otherwise affect the right of any such
      Indemnified Party to indemnification pursuant to Section 6.7(A)
      hereof.

     

    (C)  The
      provisions of this Section 6.7 are for the benefit of the Indemnified Parties,
      their heirs, successors, assigns and administrators and shall not be deemed
      to
      create any rights in or benefit to any other Person.

     

    ARTICLE
      VII   -
      ADMINISTRATIVE, FINANCIAL AND TAX MATTERS

     

    Section
      7.1  Books
      and Records.
      The
      General Partner shall maintain at the office of the Partnership full and
      accurate books of the Partnership showing all receipts and expenditures, assets
      and liabilities, profits and losses, names and current addresses of Partners,
      and all other records necessary for recording the Partnership’s business and
      affairs. Each Limited Partner shall have, upon written demand and at such
      Limited Partner’s expense, the right to receive true and complete information
      regarding Partnership matters to the extent required (and subject to the
      limitations) under Delaware law.

     

    Section
      7.2  Annual
      Audit and Accounting.
      The
      books and records of the Partnership shall be kept for financial and tax
      reporting purposes on the accrual basis of accounting in accordance with
      generally accepted accounting principles (“GAAP”). The accounts of the
      Partnership shall be audited annually by a nationally recognized accounting
      firm
      of independent public accountants selected by the General Partner (the
“Independent Accountants”).

     

    Section
      7.3  Partnership
      Funds.
      The
      General Partner shall have responsibility for the safekeeping and use of all
      funds and assets of the Partnership, whether or not in its direct or indirect
      possession or control. All funds of the Partnership not otherwise invested
      shall
      be deposited in one or more accounts maintained in such banking institutions
      as
      the General Partner shall determine, and withdrawals shall be made only in
      the
      regular course of Partnership business on such signatures as the General Partner
      may from time to time determine.

     

    Section
      7.4  Reports
      and Notices.
      The
      General Partner shall provide all Partners with the following reports no later
      than the dates indicated or as soon thereafter as circumstances
      permit:

     

    (A)  By
      March
      31 of each year, IRS Form 1065 and Schedule K-1, or similar forms as may be
      required by the IRS, stating each Partner’s allocable share of income, gain,
      loss, deduction or credit for the prior Fiscal Year;

     

    (B)  Within
      ninety (90) days after the end of each of the first three (3) fiscal quarters,
      as of the last day of the fiscal quarter, a report containing unaudited
      financial statements of the Partnership, or of the General Partner if such
      statements are prepared on a consolidated basis with the General Partner, and
      such other information as may be legally required or determined to be
      appropriate by the General Partner; and

     

    (C)  Within
      one hundred twenty (120) days after the end of each Fiscal Year, as of the
      close
      of the Fiscal Year, an annual report containing audited financial statements
      of
      the Partnership, or of the General Partner if such statements are prepared
      on a
      consolidated basis with the General Partner, presented in accordance with GAAP
      and certified by the Independent Accountants.

     

    Section
      7.5  Tax
      Matters.

     

    (A)  The
      General Partner shall be the Tax Matters Partner of the Partnership for federal
      income tax matters pursuant to Code Section 6231(a)(7)(A). The Tax Matters
      Partner is authorized and required 

     

    
      
        
        

      

      
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    to
      represent the Partnership (at the expense of the Partnership) in connection
      with
      all examinations of the affairs of the Partnership by any federal, state, or
      local tax authorities, including any resulting administrative and judicial
      proceedings, and to expend funds of the Partnership for professional services
      and costs associated therewith. The Tax Matters Partner shall deliver to the
      Limited Partners within ten (10) business days of the receipt thereof a copy
      of
      any notice or other communication with respect to the Partnership received
      from
      the IRS (or other governmental tax authority), or any court, in each case with
      respect to any administrative or judicial proceeding involving the Partnership.
      The Partners agree to cooperate with each other in connection with the conduct
      of all proceedings pursuant to this Section 7.5(A).

     

    (B)  The
      Tax
      Matters Partner shall receive no compensation for its services in such capacity.
      If the Tax Matters Partner incurs any costs related to any tax audit,
      declaration of any tax deficiency or any administrative proceeding or litigation
      involving any Partnership tax matter, such amount shall be an expense of the
      Partnership and the Tax Matters Partner shall be entitled to full reimbursement
      therefor.

     

    (C)  The
      General Partner shall cause to be prepared all federal, state and local income
      tax returns required of the Partnership at the Partnership’s
      expense.

     

    (D)  Except
      as
      set forth herein, the General Partner shall determine whether to make (and,
      if
      necessary, revoke) any tax election available to the Partnership under the
      Code
      or any state tax law; provided,
      however,
      upon
      the request of any Partner, the General Partner shall make the election under
      Code Section 754 and the Treasury Regulations promulgated thereunder. The
      Partnership shall elect to deduct expenses, if any, incurred by it in organizing
      the Partnership in accordance with the provisions of Code Section
      709.

     

    Section
      7.6  Withholding.
      Each
      Partner hereby authorizes the Partnership to withhold from or pay to any taxing
      authority on behalf of such Partner any tax that the General Partner determines
      the Partnership is required to withhold or pay with respect to any amount
      distributable or allocable to such Partner. Any amount paid to any taxing
      authority which does not constitute a reduction in the amount otherwise
      distributable to such Partner shall be treated as a loan from the Partnership
      to
      such Partner, which loan shall bear interest at the “prime rate” as published
      from time to time in The
      Wall Street Journal
      plus two
      (2) percentage points, and shall be repaid within ten (10) business days after
      request for repayment from the General Partner. The obligation to repay any
      such
      loan shall be secured by such Partner’s Partnership Interest and each Partner
      hereby grants the Partnership a security interest in his Partnership Interest
      for the purposes set forth in this Section 7.6, this Section 7.6 being intended
      to serve as a security agreement for purposes of the Uniform Commercial Code
      with the General Partner having in respect hereof all of the remedies of a
      secured party under the Uniform Commercial Code. Each Partner agrees to take
      such reasonable actions as the General Partner may request to perfect and
      continue the perfection of the security interest granted hereby. In the event
      any Partner fails to repay any deemed loan pursuant to this Section 7.6 the
      Partnership shall be entitled to avail itself of any rights and remedies it
      may
      have. Furthermore, upon the expiration of ten (10) business days after demand
      for payment, the General Partner shall have the right, but not the obligation,
      to make the payment to the Partnership on behalf of the defaulting Partner
      and
      thereupon be subrogated to the rights of the Partnership with respect to such
      defaulting Partner. 

     

    ARTICLE
      VIII   -
      TRANSFER OF PARTNERSHIP INTERESTS; ADMISSIONS OF PARTNERS

     

    Section
      8.1  Transfer
      by General Partner.
      The
      General Partner may not voluntarily withdraw or Transfer all or any portion
      of
      its General Partner Interest. Notwithstanding the foregoing, the General Partner
      may pledge its General Partner Interest in furtherance of the Partnership’s
      business (including without limitation, in connection with a loan agreement
      under which the Partnership is a borrower) without the consent of any
      Partner.

     

    Section
      8.2  Obligations
      of a Prior General Partner.
      Upon an
      Involuntary Withdrawal of the General Partner and the subsequent Transfer of
      the
      General Partner’s Interest, such General Partner shall (i) remain liable for all
      obligations and liabilities (other than Partnership liabilities payable solely
      from Partnership Assets) incurred by it as General Partner before the effective
      date of such event and (ii) pay all costs associated with the admission of
      its
      Successor General Partner. However, such General Partner shall be free of and
      held harmless by the Partnership against any obligation or liability incurred
      on
      account of the activities of the Partnership from and after the effective date
      of such event, except as provided in this Agreement.

     

    Section
      8.3  Successor
      General Partner.
      A
      successor to all of a General Partner’s General Partner Interest who is proposed
      to be admitted to the Partnership as a Successor General Partner shall be
      admitted as the General Partner, effective upon the Transfer. Any such
      transferee shall carry on the business of the Partnership without dissolution.
      In addition, the following conditions must be satisfied:

     

    (A)  The
      Person shall have accepted and agreed to be bound by all the terms and
      provisions of this Agreement by executing a counterpart thereof and such other
      documents or instruments as may be required or appropriate in order to effect
      the admission of such Person as a General Partner; and

     

    (B)  An
      amendment to this Agreement evidencing the admission of such Person as a General
      Partner shall have been executed by all General Partners and an amendment to
      the
      Certificate shall have been filed for recordation as required by the
      Act.

     

    (C)  Any
      consent required under Section 10.1(A) hereof shall have been
      obtained.

     

    Section
      8.4  Restrictions
      on Transfer and Withdrawal by Limited Partner.

     

    (A)  Subject
      to the provisions of Section 8.4(D), no Limited Partner may Transfer all or
      any
      portion of his Partnership Interest without first obtaining the Consent of
      the
      General Partner, which Consent may be granted or withheld in the sole and
      absolute discretion of the General Partner. Any such purported transfer
      undertaken without such Consent shall be considered to be null and void
ab
      initio
      and
      shall not be given effect. Each Limited Partner acknowledges that the General
      Partner has agreed not to grant any such consent prior to the Transfer
      Restriction Date.

     

    (B)  No
      Limited Partner may withdraw from the Partnership other than as a result of
      a
      permitted Transfer (i.e.,
      a
      Transfer consented to as contemplated by clause (A) above or clause (D) below
      or
      a Transfer pursuant to clause (C) below) of all of his Partnership Units
      pursuant to this Article VIII or pursuant to a redemption or exchange of all
      of
      his Partnership Units pursuant to Article IX. Upon the permitted Transfer or
      redemption of all of a Limited Partner’s Partnership Units, such Limited Partner
      shall cease to be a Limited Partner.

     

    (C)  Upon
      the
      Involuntary Withdrawal of any Limited Partner (which shall under no circumstance
      cause the dissolution of the Partnership), the executor, administrator, trustee,
      guardian, receiver or conservator of such Limited Partner’s estate shall become
      a Substituted Limited Partner upon compliance with the provisions of Section
      8.5(A)(1)-(3).

     

    (D)  Subject
      to Section 8.4(E), a Limited Partner may Transfer, with the Consent of the
      General Partner, all or a portion of his Partnership Units to (a) a parent
      or
      parents, spouse, natural or adopted descendant or descendants, spouse of such
      a
      descendant, or brother or sister, or a trust created by such Limited Partner
      for
      the benefit of such Limited Partner and/or any such person(s), of which trust
      such Limited Partner or any such person(s) is a trustee, (b) a corporation
      controlled by a Person or Persons named in (a) above, or (c) if the Limited
      Partner is an entity, its beneficial owners, and the General Partner shall
      grant
      its Consent to any Transfer pursuant to this Section 8.4(D) unless such
      Transfer, in the reasonable judgment of the General 

     

    
      
        
        

      

      
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    Partner,
      would cause (or have the potential to cause) the General Partner to fail to
      qualify for taxation as a REIT, in which case the General Partner shall have
      the
      absolute right to refuse to permit such Transfer, and any purported Transfer
      in
      violation of this Section 8.4(D) shall be null and void ab
      initio.

     

    (E)  No
      Transfer of Limited Partnership Units shall be made if such Transfer would
      (i) in the opinion of Partnership counsel, cause the Partnership to be
      terminated for federal income tax purposes or to be treated as an association
      taxable as a corporation (rather than a partnership) for federal income tax
      purposes; (ii) be effected through an “established securities market” or a
“secondary market (or the substantial equivalent thereof)” within the meaning of
      Code Section 7704 and the Treasury Regulations thereunder, (iii) in the opinion
      of Partnership counsel, violate the provisions of applicable securities laws;
      (iv) violate the terms of (or result in a default or acceleration under) any
      law, rule, regulation, agreement or commitment binding on the Partnership;
      (v)
      cause the Partnership to become, with respect to any employee benefit plan
      subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14)
      of ERISA) or a “disqualified person” (as defined in Section 4975(e) of the
      Code); (vi) in the opinion of counsel to the Partnership, cause any portion
      of
      the underlying assets of the Partnership to constitute assets of any employee
      benefit plan pursuant to Department of Labor Regulations Section 2510.3-101;
      or
      (vii) result in a deemed distribution to any Partner attributable to a failure
      to meet the requirements of Treasury Regulations Section 1.752-2(d)(1), unless
      such Partner consents thereto.

     

    (F)  Prior
      to
      the consummation of any Transfer under this Section 8.4, the transferor and/or
      the transferee shall deliver to the General Partner such opinions, certificates
      and other documents as the General Partner shall request in connection with
      such
      Transfer.

     

    Section
      8.5  Substituted
      Limited Partner.

     

    (A)  No
      transferee shall become a Substituted Limited Partner in place of his assignor
      unless and until the following conditions have been satisfied:

     

    (1)  The
      assignor and transferee file a Notice or other evidence of Transfer and such
      other information reasonably required by the General Partner, including, without
      limitation, names, addresses and telephone numbers of the assignor and
      transferee;

     

    (2)  The
      transferee executes, adopts and acknowledges this Agreement, or a counterpart
      hereto, and such other documents as may be reasonably requested by the General
      Partner, including without limitation, all documents necessary to comply with
      applicable tax and/or securities rules and regulations;

     

    (3)  The
      assignor or transferee pays all costs and fees incurred or charged by the
      Partnership to effect the Transfer and substitution; and

     

    (4)  The
      assignor or transferee obtains the written Consent of the General Partner,
      which
      may be given or withheld in its sole and absolute discretion.

     

    (B)  If
      a
      transferee of a Limited Partner does not become a Substituted Limited Partner
      pursuant to Section 8.5(A), such transferee shall be an Assignee and shall
      not
      have any rights to require any information on account of the Partnership’s
      business, to inspect the Partnership’s books or to vote or otherwise take part
      in the affairs of the Partnership (such Partnership Units being deemed to have
      been voted in the same proportion as all other Partnership Units held by Limited
      Partners have been voted). Such Assignee shall be entitled, however, to all
      the
      rights of an assignee of a limited partnership interest under the Act. Any
      Assignee wishing to Transfer the Partnership Units acquired shall be subject
      to
      the restrictions set forth in this Article VIII.

     

    Section
      8.6  Timing
      and Effect of Transfers.
      Unless
      the General Partner agrees otherwise, Transfers under this Article VIII may
      only
      be made as of the first day of a fiscal quarter of the Partnership. Upon any
      Transfer of a Partnership Interest in accordance with this Article VIII or
      redemption of a Partnership Interest in accordance with Article IX, the
      Partnership shall allocate all items of Profit and Loss between the assignor
      Partner and the transferee Partner in accordance with Section 5.2(F)(2) hereof.
      The assignor Partner shall have the right to receive all distributions as to
      which the Record Date precedes the date of Transfer and the transferee Partner
      shall have the right to receive all distributions thereafter.

     

    Section
      8.7  Additional
      Limited Partners.
      Other
      than in accordance with the transactions specified in the Contribution
      Agreements, after the initial execution of this Agreement and the admission
      to
      the Partnership of the Initial Limited Partners, any Person making a Capital
      Contribution to the Partnership in accordance herewith shall be admitted as
      an
      Additional Limited Partner of the Partnership only (i) with the Consent of
      the
      General Partner and (ii) upon execution, adoption and acknowledgment of this
      Agreement, or a counterpart hereto, and such other documents as may be
      reasonably requested by the General Partner, including without limitation,
      the
      power of attorney required under Section 12.3. Upon satisfaction of the
      foregoing requirements, such Person shall be admitted as an Additional Limited
      Partner effective on the date upon which the name of such Person is recorded
      on
      the books of the Partnership.

     

    Section
      8.8  Amendment
      of Agreement and Certificate.
      Upon
      any admission of a Person as a Partner to the Partnership, the General Partner
      shall make any necessary amendment to this Agreement to reflect such admission
      and, if required by the Act, to cause to be filed an amendment to the
      Certificate.

     

    ARTICLE
      IX   -
      REDEMPTION

     

    Section
      9.1  Right
      of Redemption.

     

    (A)  Subject
      to any restriction on the General Partner, which restriction may arise as a
      result of the REIT Charter, the laws governing the General Partner or otherwise
      (a “Redemption Restriction”), beginning on the Redemption Effective Date, during
      each Redemption Period each Redeeming Party shall have the right to require
      the
      Partnership to redeem all or a portion of the Partnership Units held by such
      Redeeming Party by providing the General Partner with a Redemption Notice.
      A
      Limited Partner may invoke its rights under this Article IX with respect to
      100
      Partnership Units or an integral multiple thereof or all of the Partnership
      Units held by such Limited Partner. Upon the General Partner’s receipt of a
      Redemption Notice from a Redeeming Party, the Partnership shall be obligated
      (subject to the existence of any Redemption Restriction) to redeem the
      Partnership Units from such Redeeming Party (the “Redemption
      Obligation”).

     

    (B)  Upon
      receipt of a Redemption Notice from a Redeeming Party, the General Partner
      shall
      either (i) cause the Partnership to redeem the Partnership Units tendered in
      the
      Redemption Notice, (ii) assume the Redemption Obligation, as set forth in
      Section 9.4 hereof, or (iii) provide written Notice to the Redeeming Party
      of
      each applicable Redemption Restriction.

     

    (C)  On
      and
      after June 6, 2007 at any time or from time to time, the Partnership may redeem
      all or such other number of Class C Units (any such redemption, a “Class C
      Redemption”) at a cash redemption price per Class C Unit equal to that portion
      of the Capital Contribution of the Class C Limited Partner allocable to each
      such unit, plus all accumulated and unpaid Class C Priority Return Amounts
      to
      the date of Class C Redemption (such price, the “Class C Redemption Price”).
      Upon any Class C Redemption, an amount equal to the product of the Class C
      Redemption Price and the number of Class C Units redeemed by the Partnership
      shall be distributed by the Partnership to the Class C Limited
      Partner.

     

    (D)  The
      Partnership may redeem all or such other number of Class F Units (any such
      redemption, a “Class F Redemption”) on any applicable date of redemption of any
      Class F Preferred Shares, at a cash redemption price per Class F Unit equal
      to
      that portion of the Capital Contribution of the Class F Limited Partner
      allocable to each such unit, plus all accumulated and unpaid Class F Priority
      Return Amounts to the date of Class F Redemption (such price, the “Class F
      Redemption Price”). Upon any Class F Redemption, an amount equal to the product
      of the Class F Redemption Price and the number of Class F Units redeemed by
      the
      Partnership shall be distributed by the Partnership to the Class F Limited
      Partner.

     

    (E)  The
      Partnership may redeem all or such other number of Class G Units (any such
      redemption, a “Class G Redemption”) on any applicable date of redemption of any
      Class G Preferred Shares, at a cash redemption price per Class G Unit equal
      to
      that portion of the Capital Contribution of the Class G Limited Partner
      allocable to each such unit, plus all accumulated and unpaid Class G Priority
      Return Amounts to the date of Class G Redemption (such price, the “Class G
      Redemption Price”). Upon any Class G Redemption, an amount equal to the product
      of the Class G Redemption Price and the number of Class G Units redeemed by
      the
      Partnership shall be distributed by the Partnership to the Class G Limited
      Partner.

     

    (F)  The
      Partnership may redeem all or such other number of Class I Units (any such
      redemption, a “Class I Redemption”) on any applicable date of redemption of any
      Class I Preferred Shares, at a cash redemption price per Class I Unit equal
      to
      that portion of the Capital Contribution of the Class I Limited Partner
      allocable to each such unit multiplied by the redemption premium then applicable
      to the Class I Preferred Shares, plus all accumulated and unpaid Class I
      Priority Return Amounts to the date of Class I Redemption (such price, the
      “Class I Redemption Price”). Upon any Class I Redemption, an amount equal to the
      product of the Class I Redemption Price and the number of Class I Units redeemed
      by the Partnership shall be distributed by the Partnership to the Class I
      Limited Partner.

     

    (G)  The
      Partnership may redeem all or such other number of Class J Units (any such
      redemption, a “Class J Redemption”) on any applicable date of redemption of any
      Class J Preferred Shares, at a cash redemption price per Class J Unit equal
      to
      that portion of the Capital Contribution of the Class J Limited Partner
      allocable to each such unit multiplied by the redemption premium then applicable
      to the Class J Preferred Shares, plus all accumulated and unpaid Class J
      Priority Return Amounts to the date of Class J Redemption (such price, the
      “Class J Redemption Price”). Upon any Class J Redemption, an amount equal to the
      product of the Class J Redemption Price and the number of Class J Units redeemed
      by the Partnership shall be distributed by the Partnership to the Class J
      Limited Partner.

     

    Section
      9.2  Timing
      of Redemption.
      The
      Redemption Obligation (or the obligation to provide Notice of an applicable
      Redemption Restriction, if one exists) shall mature on the date which is seven
      (7) business days after the receipt by the General Partner of a Redemption
      Notice from the Redeeming Party (the “Redemption Date”).

     

    Section
      9.3  Redemption
      Price.
      On or
      before the Redemption Date, the Partnership (or the General Partner if it elects
      pursuant to Section 9.4 hereof) shall deliver to the Redeeming Party, in the
      sole and absolute discretion of the General Partner either (i) a Share Payment
      or (ii) a Cash Payment. In order to enable the Partnership to effect a
      redemption by making a Share Payment pursuant to this Section 9.3, the General
      Partner in its sole and absolute discretion may issue to the Partnership the
      number of REIT Shares required to make such Share Payment in exchange for the
      issuance to the General Partner of Partnership Units equal in number to the
      quotient of the number of REIT Shares issued and Conversion Factor.

     

    Section
      9.4  Assumption
      of Redemption Obligation.
      Upon
      receipt of a Redemption Notice, the General Partner, in its sole and absolute
      discretion, shall have the right to assume the Redemption Obligation of the
      Partnership. In such case, the General Partner shall be substituted for the
      Partnership for all purposes of this Article IX and, upon acquisition of the
      Partnership Units tendered by the Redeeming Party pursuant to the Redemption
      

     

    
      
        
        

      

      
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    Notice
      shall be treated for all purposes of this Agreement as the owner of such
      Partnership Units. Such exchange transaction shall be treated for federal income
      tax purposes by the Partnership, the General Partner and the Redeeming Party
      as
      a sale by the Redeeming Party as seller to the General Partner as
      purchaser.

     

    Section
      9.5  Further
      Assurances; Certain Representations.
      Each
      party to this Agreement agrees to execute any documents deemed reasonably
      necessary by the General Partner to evidence the issuance of any Share Payment
      to a Redeeming Party. Notwithstanding anything herein to the contrary, each
      holder of First Highland Units agrees that, if the General Partner shall elect
      to satisfy a Redemption Obligation with respect to First Highland Units by
      making a Share Payment, such Redemption Obligation shall mature on the date
      which is seven (7) business days after receipt by the Partnership and the
      General Partner of documents similar to the “Investor Materials” submitted in
      connection with the sale of the First Highland Properties to the Partnership
      and
      any other similar documents reasonably required by, and in form reasonably
      satisfactory to, the Partnership. Each Limited Partner, by executing this
      Agreement, shall be deemed to have represented to the General Partner and the
      Partnership that (i) its acquisition of its Partnership Interest on the date
      hereof is made as a principal for its own account, for investment purposes
      only
      and not with a view to the resale or distribution of such Partnership Interest
      and (ii) if it shall receive REIT Shares pursuant to this Article IX other
      than
      pursuant to an effective registration statement under the Securities Act of
      1933, as amended, that its acquisition of such REIT Shares is made as a
      principal for its own account, for investment purposes only and not with a
      view
      to the resale or distribution of such REIT Shares and agrees that such REIT
      Shares may bear a legend to the effect that such REIT Shares have not been
      so
      registered and may not be sold other than pursuant to such a registration
      statement or an exemption from the registration requirements of such
      Act.

     

    Section
      9.6  Effect
      of Redemption.
      Upon
      the satisfaction of the Redemption Obligation by the Partnership or the General
      Partner, as the case may be, the Redeeming Party shall have no further right
      to
      receive any Partnership distributions in respect of the Partnership Units so
      redeemed and shall be deemed to have represented to the Partnership and the
      General Partner that the Partnership Units tendered for redemption are not
      subject to any liens, claims or encumbrances. Upon a Class C Redemption by
      the
      Partnership, the Class C Limited Partner shall have no further right to receive
      any Partnership distributions or allocations in respect of the Class C Units
      so
      redeemed. Upon a Class F Redemption by the Partnership, the Class F Limited
      Partner shall have no further right to receive any Partnership distributions
      in
      respect of the Class F Units so redeemed. Upon a Class G Redemption by the
      Partnership, the Class G Limited Partner shall have no further right to receive
      any Partnership distributions in respect of the Class G Units so redeemed.
      Upon
      a Class I Redemption by the Partnership, the Class I Limited Partner shall
      have
      no further right to receive any Partnership distributions in respect of the
      Class I Units so redeemed. Upon a Class J Redemption by the Partnership, the
      Class J Limited Partner shall have no further right to receive any Partnership
      distributions in respect of the Class J Units so redeemed.

     

    Section
      9.7  Registration
      Rights.
      In the
      event a Limited Partner receives REIT Shares in connection with a redemption
      of
      Partnership Units originally issued to Initial Limited Partners on June 30,
      1994
      pursuant to this Article IX, such Limited Partner shall be entitled to have
      such
      REIT Shares registered under the Securities Act of 1933, as amended, as provided
      in the Registration Rights Agreement.

     

    Section
      9.8  Redemption
      upon REIT Share Repurchases by the General Partner.  If
      the
      General Partner acquires outstanding REIT Shares then the Partnership shall
      redeem from the General Partner the General Partner’s interest in the
      Partnership representing such acquired REIT Shares and pay to the General
      Partner, in cash, an amount equal to the consideration, if any, paid by or
      for
      the account of the General Partner for the acquired REIT Shares. The Partnership
      shall make such cash payment, if any, to the General Partner within three (3)
      business days after the General Partner notifies the Partnership that the
      General Partner is committed to acquiring REIT Shares and requests payment
      under
      this Section 9.8. Any REIT Shares acquired by the General Partner that are
      thereafter disposed of by the General Partner (which term shall not include
      cancellation) shall for the purposes of Sections 4.2(B) and (C), be deemed
      issued at the time of such disposition.

     

    
      
        
        

      

      
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    ARTICLE
      X   -
      DISSOLUTION AND LIQUIDATION

     

    Section
      10.1  Term
      and Dissolution.
      The
      Partnership commenced as of November 23, 1993, and shall continue until December
      31, 2092, at which time the Partnership shall dissolve or until dissolution
      occurs prior to that date for any one of the following reasons:

     

    (A)  An
      Involuntary Withdrawal or a voluntary withdrawal, even though in violation
      of
      this Agreement, of the General Partner unless, within ninety (90) days after
      such event of withdrawal all the remaining Partners agree in writing to the
      continuation of the Partnership and to the appointment of a Successor General
      Partner;

     

    (B)  Entry
      of
      a decree of judicial dissolution of the Partnership under the Act;
      or

     

    (C)  The
      sale,
      exchange or other disposition of all or substantially all of the Partnership
      Assets.

     

    Section
      10.2  Liquidation
      of Partnership Assets.

     

    (A)  Subject
      to Section 10.2(E), in the event of dissolution pursuant to Section 10.1, the
      Partnership shall continue solely for purposes of winding up the affairs of,
      achieving a final termination of, and satisfaction of the creditors of, the
      Partnership. The General Partner (or, if there is no General Partner remaining,
      any Person elected by a majority in interest of the Limited Partners (the
“Liquidator”)) shall be responsible for oversight of the winding up and
      dissolution of the Partnership. The Liquidator shall obtain a full accounting
      of
      the assets and liabilities of the Partnership and such Partnership Assets shall
      be liquidated (including, at the discretion of the Liquidator, in exchange,
      in
      whole or in part, for REIT Shares) as promptly as the Liquidator is able to
      do
      so without any undue loss in value, with the proceeds therefrom applied and
      distributed in the following order:

     

    (1)  First,
      to
      the discharge of Partnership debts and liabilities to creditors other than
      Partners;

     

    (2)  Second,
      to the discharge of Partnership debts and liabilities to the
      Partners;

     

    (3)  Third,
      after giving effect to all contributions, distributions, and allocations for
      all
      periods, to (i) the Class C Limited Partner in an amount equal to any unpaid
      Class C Priority Return Amounts, (ii) the Class F Limited Partner in an amount
      equal to any unpaid Class F Priority Return Amounts, (iii) the Class G
      Limited Partner in an amount equal to any unpaid Class G Priority Return
      Amounts, (iv) the Class I Limited Partner in an amount equal to any unpaid
      Class
      I Return Amounts and (v) the Class J Limited Partner in an amount equal to
      any
      unpaid Class J Return Amounts ; provided,
      that if
      the proceeds are inadequate to pay all of the unpaid Class C Priority Return
      Amounts, the unpaid Class F Priority Return Amounts, the unpaid Class G Priority
      Return Amounts, the unpaid Class I Priority Return Amounts and the unpaid Class
      J Priority Return Amounts, such proceeds shall be distributed to the Class
      C
      Limited Partner, the Class F Limited Partner, the Class G Limited Partner,
      the
      Class I Limited Partner and the Class J Limited Partner pro
      rata
      based on
      the unpaid Class C Priority Return Amounts, the unpaid Class F Priority Return
      Amounts, the unpaid Class G Priority Return Amounts, the unpaid Class I Priority
      Return Amounts and the unpaid Class J Priority Return Amounts;

     

    (4)  The
      balance, if any, to the Partners in accordance with their positive Capital
      Accounts after giving effect to all contributions, distributions and allocations
      for all periods.

     

    (B)  In
      accordance with Section 10.2(A), the Liquidator shall proceed without any
      unnecessary delay to sell and otherwise liquidate the Partnership Assets;
provided,
      however,
      that if
      the Liquidator shall determine that an immediate sale of part or all of the
      Partnership Assets would cause undue loss to the Partners, the Liquidator may
      defer the liquidation except (i) to the extent provided by the Act or (ii)
      as
      may be necessary to satisfy the debts and liabilities of the Partnership to
      Persons other than the Partners.

     

    (C)  If,
      in
      the sole and absolute discretion of the Liquidator, there are Partnership Assets
      that the Liquidator will not be able to liquidate, or if the liquidation of
      such
      assets would result in undue loss to the Partners, the Liquidator may distribute
      such Partnership Assets to the Partners in-kind, in lieu of cash, as
      tenants-in-common in accordance with the provisions of Section 10.2(A). The
      foregoing notwithstanding, such in-kind distributions shall only be made if
      in
      the Liquidator’s good faith judgment that is in the best interest of the
      Partners.

     

    (D)  Upon
      the
      complete liquidation and distribution of the Partnership Assets, the Partners
      shall cease to be Partners of the Partnership, and the Liquidator shall execute,
      acknowledge and cause to be filed all certificates and notices required by
      law
      to terminate the Partnership. Upon the dissolution of the Partnership pursuant
      to Section 10.1, the Liquidator shall cause to be prepared, and shall furnish
      to
      each Partner, a statement setting forth the assets and liabilities of the
      Partnership. Promptly following the complete liquidation and distribution of
      the
      Partnership Assets, the Liquidator shall furnish to each Partner a statement
      showing the manner in which the Partnership Assets were liquidated and
      distributed.

     

    (E)  Notwithstanding
      the foregoing provisions of this Section 10.2, in the event that the Partnership
      shall dissolve as a result of the expiration of the term provided for herein
      or
      as a result of the occurrence of an event of the type described in Section
      10.1(B) or (C), then each Limited Partner shall be deemed to have delivered
      a
      Redemption Notice on the date of such dissolution. In connection with each
      such
      Redemption Notice, the General Partner shall have the option of either (i)
      complying with the redemption procedures contained in Article IX or (ii) at
      the
      request of any Limited Partner, delivering to such Limited Partner, Partnership
      property approximately equal in value to the value of such Limited Partner’s
      Partnership Units upon the assumption by such Limited Partner of such Limited
      Partner’s proportionate share of the Partnership’s liabilities and payment by
      such Limited Partner (or the Partnership) of any excess (or deficiency) of
      the
      value of the property so delivered over the value of such Limited Partner’s
      Partnership Units. In lieu of requiring such Limited Partner to assume its
      proportionate share of Partnership liabilities, the General Partner may deliver
      to such Limited Partner unencumbered Partnership property approximately equal
      in
      value to the net value of such Limited Partner’s Partnership Units.

     

    Section
      10.3  Effect
      of Treasury Regulations.

     

    (A)  In
      the
      event the Partnership is “liquidated” within the meaning of Treasury Regulations
      Section 1.704-1(b)(2)(ii)(g), distributions made to Partners pursuant to Section
      10.2 shall be made within the time period provided in Treasury Regulations
      Section 1.704-1(b)(2)(ii)(b)(2). If any Contributor Partner has a deficit
      balance in its Capital Account (after giving effect to all contributions
      (without regard to this Section 10.3(A)), distributions and allocations), each
      such Contributor Partner shall contribute to the capital of the Partnership
      an
      amount equal to its respective deficit balance, such obligation to be satisfied
      within ninety (90) days following the liquidation and dissolution of the
      Partnership in accordance with the provisions of this Article X hereof.
      Conversely, if any Partner other than a Contributor Partner has a deficit
      balance in its Capital Account (after giving effect to all contributions
      (without regard to this Section 10.3(A)), distributions and allocations), such
      Partner shall have no obligation to make any contribution to the capital of
      the
      Partnership. Any deficit restoration obligation pursuant to the provisions
      hereof shall be for the benefit of creditors of the Partnership or any other
      Person to whom any debts, liabilities, or obligations are owed by (or who
      otherwise has any claim against) the Partnership or the general partner, in
      its
      capacity as General Partner of the Partnership. For purposes of computing each
      Contributor Partner’s deficit balance in its Capital Account and its

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    corresponding
      obligations to contribute additional capital to the Partnership, only items
      of
      income, gain and loss actually recognized shall be reflected.

     

    (B)  In
      the
      event the Partnership is “liquidated” within the meaning of Treasury Regulations
      Section 1.704-1(b)(2)(ii)(g) but there has been no dissolution of the
      Partnership under Section 10.1 hereof, then the Partnership Assets shall not
      be
      liquidated, the Partnership’s liabilities shall not be paid or discharged and
      the Partnership’s affairs shall not be wound up. In the event of such a
      liquidation there shall be deemed to have been a distribution of Partnership
      Assets in kind to the Partners in accordance with Section 10.2 followed by
      a
      recontribution of such Partnership Assets by the Partners in the same
      proportions.

     

    Section
      10.4  Time
      for Winding-Up.
      Anything in this Article X notwithstanding, a reasonable time shall be allowed
      for the orderly winding-up of the business and affairs of the Partnership and
      the liquidation of the Partnership Assets in order to minimize any potential
      for
      losses as a result of such process. During the period of winding-up, this
      Agreement shall remain in full force and effect and shall govern the rights
      and
      relationships of the Partners inter
      se.

     

    ARTICLE
      XI   -
      AMENDMENTS AND MEETINGS

     

    Section
      11.1  Amendment
      Procedure.

     

    (A)  Amendments
      to this Agreement may be proposed by the General Partner. An amendment proposed
      at any time when the General Partner holds less than 90% of all Partnership
      Units will be adopted and effective only if it receives the Consent of the
      holders of a majority of the Partnership Units not then held by the General
      Partner and an amendment proposed at any time when the General Partner holds
      90%
      or more of all Partnership Units may be made by the General Partner without
      the
      Consent of any Limited Partner; provided,
      however,
      no
      amendment shall be adopted if it would (i) convert a Limited Partner’s Interest
      in the Partnership into a general partner interest, (ii) increase the liability
      of a Limited Partner under this Agreement, (iii) except as otherwise permitted
      in this Agreement, alter the Partner’s rights to distributions set forth in
      Article V, or the allocations set forth in Article V, (iv) alter or modify
      any
      aspect of the Partners’ rights with respect to redemption of Partnership Units,
      (v) cause the early termination of the Partnership (other than pursuant to
      the
      terms hereof) or (vi) amend this Section 11.1(A), in each case without the
      Consent of each Partner adversely affected thereby. In connection with any
      proposed amendment of this Agreement requiring Consent, the General Partner
      shall either call a meeting to solicit the vote of the Partners or seek the
      written vote of the Partners to such amendment. In the case of a request for
      a
      written vote, the General Partner shall be authorized to impose such reasonable
      time limitations for response, but in no event less than ten (10) days, with
      the
      failure to respond being deemed a vote consistent with the vote of the General
      Partner.

     

    (B)  Notwithstanding
      the foregoing, amendments may be made to this Agreement by the General Partner,
      without the Consent of any Limited Partner, to (i) add to the representations,
      duties or obligations of the General Partner or surrender any right or power
      granted to the General Partner herein; (ii) cure any ambiguity, correct or
      supplement any provision herein which may be inconsistent with any other
      provision herein or make any other provisions with respect to matters or
      questions arising hereunder which will not be inconsistent with any other
      provision hereof; (iii) reflect the admission, substitution, termination or
      withdrawal of Partners in accordance with this Agreement; or (iv) satisfy any
      requirements, conditions or guidelines contained in any order, directive,
      opinion, ruling or regulation of a federal or state agency or contained in
      federal or state law. The General Partner shall reasonably promptly notify
      the
      Limited Partners whenever it exercises its authority pursuant to this Section
      11.1(B).

     

    (C)  Within
      ten (10) days of the making of any proposal to amend this Agreement, the General
      Partner shall give all Partners Notice of such proposal (along with the text
      of
      the proposed amendment and a statement of its purposes).

     

    Section
      11.2  Meetings
      and Voting.

     

    (A)  Meetings
      of Partners may be called by the General Partner. The General Partner shall
      give
      all Partners Notice of the purpose of such proposed meeting not less than seven
      (7) days nor more than thirty (30) days prior to the date of the meeting.
      Meetings shall be held at a reasonable time and place selected by the General
      Partner. Whenever the vote or Consent of Partners is permitted or required
      hereunder, such vote or Consent shall be requested by the General Partner and
      may be given by the Partners in the same manner as set forth for a vote with
      respect to an amendment to this Agreement in Section 11.1(A).

     

    (B)  Any
      action required or permitted to be taken at a meeting of the Partners may be
      taken without a meeting if a written consent setting forth the action to be
      taken is signed by the Partners owning Percentage Interests required to vote
      in
      favor of such action, which consent may be evidenced in one or more instruments.
      Consents need not be solicited from any other Partner if the written consent
      of
      a sufficient number of Partners has been obtained to take the action for which
      such solicitation was required.

     

    (C)  Each
      Limited Partner may authorize any Person or Persons, including without
      limitation the General Partner, to act for him by proxy on all matters on which
      a Limited Partner may participate. Every proxy (i) must be signed by the Limited
      Partner or his attorney-in-fact, (ii) shall expire eleven (11) months from
      the
      date thereof unless the proxy provides otherwise and (iii) shall be revocable
      at
      the discretion of the Limited Partner granting such proxy.

     

    Section
      11.3  Voting
      of LB Units.
      On any
      matter on which the Limited Partners shall be entitled to vote, consent or
      grant
      an approval or waiver, following the admissions of the LB Partners to the
      Partnership as Additional Limited Partners and through the Voting Termination
      Date, each holder of the LB Units shall be deemed (i) in connection with any
      matter submitted to a vote, to have cast all votes attributable to such holder’s
      LB Units in the same manner as the votes attributable to the Units held by
      the
      General Partner are cast on such matter, and (ii) in connection with any
      consent, approval or waiver, to have taken the same action as the General
      Partner shall have taken with respect to its Units in connection therewith.
      If
      the General Partner shall not have the right to vote, consent or grant an
      approval or waiver on a matter, each holder of LB Units shall vote or act as
      directed by the General Partner.

     

    ARTICLE
      XII   -
      MISCELLANEOUS PROVISIONS

     

    Section
      12.1  Title
      to Property.
      All
      property owned by the Partnership, whether real or personal, tangible or
      intangible, shall be deemed to be owned by the Partnership as an entity, and
      no
      Partner, individually, shall have any ownership of such property. The
      Partnership may hold any of its assets in its own name or, in the name of its
      nominee, which nominee may be one or more individuals, corporations,
      partnerships, trusts or other entities.

     

    Section
      12.2  Other
      Activities of Limited Partners.
      Except
      as expressly provided otherwise in this Agreement or in any other agreement
      entered into by a Limited Partner or any Affiliate of a Limited Partner and
      the
      Partnership, the General Partner or any Subsidiary of the Partnership or the
      General Partner, any Limited Partner or any Affiliate of any Limited Partner
      may
      engage in, or possess an interest in, other business ventures of every nature
      and description, independently or with others, including, without limitation,
      real estate business ventures, whether or not such other enterprises shall
      be in
      competition with any activities of the Partnership, the General Partner or
      any

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    Subsidiary
      of the Partnership or the General Partner; and neither the Partnership, the
      General Partner, any such Subsidiary nor the other Partners shall have any
      right
      by virtue of this Agreement in and to such independent ventures or to the income
      or profits derived therefrom.

     

    Section
      12.3  Power
      of Attorney.

     

    (A)  Each
      Partner hereby irrevocably appoints and empowers the General Partner (which
      term
      shall include the Liquidator, in the event of a liquidation, for purposes of
      this Section 12.3) and each of their authorized officers and attorneys-in-fact
      with full power of substitution as his true and lawful agent and
      attorney-in-fact, with full power and authority in his name, place and stead
      to:

     

    (1)  make,
      execute, acknowledge, publish and file in the appropriate public offices (a)
      any
      duly approved amendments to the Certificate pursuant to the Act and to the
      laws
      of any state in which such documents are required to be filed; (b) any
      certificates, instruments or documents as may be required by, or may be
      appropriate under, the laws of any state or other jurisdiction in which the
      Partnership is doing or intends to do business; (c) any other instrument which
      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 deems advisable to file;
      (d) any documents which may be required to effect the continuation of the
      Partnership, the admission, withdrawal or substitution of any Partner pursuant
      to Article VIII, dissolution and termination of the Partnership pursuant to
      Article X, or the surrender of any rights or the assumption of any additional
      responsibilities by the General Partner; (e) any document which may be required
      to effect an amendment to this Agreement to correct any mistake, omission or
      inconsistency, or to cure any ambiguity herein, to the extent such amendment
      is
      permitted by Section 11.1(B); and (f) all instruments (including this Agreement
      and amendments and restatements hereof) relating to the determination of the
      rights, preferences and privileges of any class or series of Partnership Units
      issued pursuant to Section 4.2(B) of this Agreement; and

     

    (2)  sign,
      execute, swear to and acknowledge all voting ballots, consents, approvals,
      waivers, certificates and other instruments appropriate or necessary, in the
      sole discretion of the General Partner, to make, evidence, give, confirm or
      ratify any vote, consent, approval, agreement or other action which is made
      or
      given by the Partners hereunder or is consistent with the terms of this
      Agreement and appropriate or necessary, in the sole discretion of the General
      Partner, to effectuate the terms or intent of this Agreement.

     

    (B)  Nothing
      herein contained shall be construed as authorizing the General Partner to amend
      this Agreement except in accordance with Article XI or as may be otherwise
      expressly provided for in this Agreement.

     

    (C)  The
      foregoing grant of authority (i) is a special power of attorney, coupled with
      an
      interest, and it shall survive the Involuntary Withdrawal of any Partner and
      shall extend to such Partner’s heirs, successors, assigns and personal
      representatives; (ii) may be exercised by the General Partner for each and
      every
      Partner acting as attorney-in-fact for each and every Partner; and (iii) shall
      survive the Transfer by a Limited Partner of all or any portion of its Interest
      and shall be fully binding upon such transferee; except that the power of
      attorney shall survive such assignment with respect to the assignor Limited
      Partner for the sole purpose of enabling the General Partner to execute,
      acknowledge and file any instrument necessary to effect the admission of the
      transferee as a Substitute Limited Partner. Each Partner hereby agrees to be
      bound by any representations made by the General Partner, acting in good faith
      pursuant to such power of attorney. Each Partner shall execute and deliver
      to
      the General Partner, within fifteen (15) days after receipt of the General
      Partner’s request therefor, such further designations, powers of attorney and
      other instruments as the General Partner deems necessary to effectuate this
      Agreement and the purposes of the Partnership.

     

    (D)  Each
      LB
      Partner hereby irrevocably appoints and empowers the General Partner and the
      Liquidator, in the event of a liquidation, and each of their authorized officers
      and attorneys-in-fact with full power of substitution, as the true and lawful
      agent and attorney-in-fact of such LB Partner with full power and 

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

    authority
      in the name, place and stead of such LB Partner to take such actions (including
      waivers under the Partnership Agreement) or refrain from taking such action
      as
      the General Partner reasonably believes are necessary or desirable to achieve
      the purposes of Section 11.3 of the Partnership Agreement.

     

    Section
      12.4  Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made in writing by hand delivery, registered first-class mail, telex,
      telecopier, or any courier guaranteeing overnight delivery, (i) if to a Limited
      Partner, at the most current address given by such Limited Partner to the
      General Partner by means of a notice given in accordance with the provisions
      of
      this Section 12.4, which address initially is the address contained in the
      records of the General Partner, or (ii) if to the General Partner, 311 S. Wacker
      Drive, Suite 4000, Chicago, Illinois 60606, Attn: President.

     

    All
      such
      notices and communications shall be deemed to have been duly given: at the
      time
      delivered by hand, if hand delivered; five (5) business days after being
      deposited in the mail, postage prepaid, if mailed; when answered back, if
      telexed; or when receipt is acknowledged, if telecopied.

     

    Section
      12.5  Further
      Assurances.
      The
      parties agree to execute and deliver all such documents, provide all such
      information and take or refrain from taking any action as may be necessary
      or
      desirable to achieve the purposes of this Agreement and the
      Partnership.

     

    Section
      12.6  Titles
      and Captions.
      All
      article or section titles or captions in this Agreement are solely for
      convenience and shall not be deemed to be part of this Agreement or otherwise
      define, limit or extend the scope or intent of any provision
      hereof.

     

    Section
      12.7  Applicable
      Law.
      This
      Agreement, and the application or interpretation thereof, shall be governed
      exclusively by its terms and by the law of the State of Delaware, without regard
      to its principles of conflicts of laws.

     

    Section
      12.8  Binding
      Agreement.
      This
      Agreement shall be binding upon the parties hereto, their heirs, executors,
      personal representatives, successors and assigns.

     

    Section
      12.9  Waiver
      of Partition.
      Each of
      the parties hereto irrevocably waives during the term of the Partnership any
      right that it may have to maintain any action for partition with respect to
      any
      property of the Partnership.

     

    Section
      12.10  Counterparts
      and Effectiveness.
      This
      Agreement may be executed in several counterparts, which shall be treated as
      originals for all purposes, and all so executed shall constitute one agreement,
      binding on all of the parties hereto, notwithstanding that all the parties
      are
      not signatory to the original or the same counterpart. Any such counterpart
      shall be admissible into evidence as an original hereof against each Person
      who
      executed it. The execution of this Agreement and delivery thereof by facsimile
      shall be sufficient for all purposes, and shall be binding upon any party who
      so
      executes.

     

    Section
      12.11  Survival
      of Representations.
      All
      representations and warranties herein shall survive the dissolution and final
      liquidation of the Partnership.

     

    Section
      12.12  Entire
      Agreement.
      This
      Agreement (and all Exhibits hereto) contains the entire understanding among
      the
      parties hereto and supersedes all prior written or oral agreements among them
      respecting the within subject matter, unless otherwise provided herein. There
      are no representations, agreements, arrangements or understandings, oral or
      written, among the Partners hereto relating to the subject matter of this
      Agreement which are not fully expressed herein and in said
      Exhibits.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      this
      Agreement has been duly executed and delivered by the parties hereto as of
      the
      day and year first above written.

     

    
      	
              General
                Partner:

            	
              FIRST
                INDUSTRIAL REALTY TRUST INC.,

              as
                sole General Partner of the Partnership

               

            
	 	
              By: /s/
                John H. Clayton 

               

            
	
              Class
                J Limited Partner

            	
              FIRST
                INDUSTRIAL REALTY TRUST, INC.,

                  as
                Class J Limited Partner

               

            
	 	
              By: /s/
                John H. Clayton 

               

            

    

    

    

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    Exhibit
      1A

     

    
      	
              First
                Highland Partners

               

            	 	
              Number
                of Units

               

            	 
	
              Highland
                Associates Limited Partnership

               

            	 	 	
              69,039

              
              

            	 
	
              Peter
                Murphy

               

            	 	 	
              56,184

              
              

            	 
	
              North
                Star Associates Limited Partnership

               

            	 	 	
              19,333

              
              

            	 
	
              Peter
                O’Connor

               

            	 	 	
              56,844

              
              

            	 
	
              Partridge
                Road Associates Limited Partnership

               

            	 	 	
              2,751

              
              

            	 
	
              Shadeland
                Associates Limited Partnership

               

            	 	 	
              42,976

              
              

            	 
	
              Ellen
                Margaret Smith

               

            	 	 	
              1,000

              
              

            	 
	
              Joseph
                Edward Smith

               

            	 	 	
              1,000

              
              

            	 
	
              Kevin
                Smith

               

            	 	 	
              10,571

              
              

            	 
	
              Olivia
                Jane Smith

               

            	 	 	
              1,000

              
              

            	 
	
              Jonathan
                Stott

               

            	 	 	
              80,026

              
              

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      1B

     

    Schedule
      of Partners

     

    
      	
              General
                Partner

               

            	 	
              Number
                of Units

               

            	 
	
              First
                Industrial Realty Trust, Inc.

               

            	 	 	
              30,892,739

              
              

            	 

    

     

    
      
        	
                Limited
                  Partners

                 

              	 	
                Number
                  of Units

                 

              	 
	
                Kerry
                  Acker

                 

              	 	 	
                154

                
                

              	 
	
                Sanders
                  H. Acker

                 

              	 	 	
                307

                
                

              	 
	
                Sterling
                  Alsip Trust DTD 8-1-89 Donald W. Schaumberger Trustee

                 

              	 	 	
                794

                
                

              	 
	
                Charles
                  T. Andrews

                 

              	 	 	
                754

                
                

              	 
	
                Daniel
                  R. Andrew TR of the Daniel R.

                Andrew
                  Trust UA 12-29-92

                 

              	 	 	
                
                

                137,489

                
                

              	 
	
                The
                  Arel Company

                 

              	 	 	
                307

                
                

              	 
	
                William
                  J. Atkins

                 

              	 	 	
                5,691

                
                

              	 
	
                E.
                  Donald Bafford

                 

              	 	 	
                3,374

                
                

              	 
	
                William
                  Baloh

                 

              	 	 	
                8,731

                
                

              	 
	
                Thomas
                  K. Barad & Jill E. Barad CO-TTEES of the

                Thomas
                  K. Barad & Jill E. Barad Trust DTD 10-18-89

                 

              	 	 	
                
                

                2,283

                
                

              	 
	
                Enid
                  Barden TTEE of the Enid Barden

                Trust
                  DTD 6-28-95

                 

              	 	 	
                
                

                56,082

                
                

              	 
	
                Enid
                  Barden TTEE of the Enid Barden

                Trust
                  of 6-28-96

                 

              	 	 	
                
                

                23,088

                
                

              	 
	
                Barbara
                  Bell

                 

              	 	 	
                58,019

                
                

              	 
	
                Stephen
                  McNair Bell

                 

              	 	 	
                58,020

                
                

              	 
	
                Emil
                  Billich

                 

              	 	 	
                77

                
                

              	 
	
                Don
                  N. Blurton & Patricia H. Blurton Trustees UA DTD 4-11-96 Blurton 1996
                  Revocable Family Trust

                 

              	 	 	
                
                

                598

                
                

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Harriett
                  Bonn TTEE UA DTD 3-5-97 FBO The Harriett Bonn

                Revocable
                  Living Trust

                 

              	 	 	
                
                

                24,804

                
                

              	 
	
                Michael
                  W. Brennan

                 

              	 	 	
                3,806

                
                

              	 
	
                Helen
                  Brown

                 

              	 	 	
                80,000

                
                

              	 
	
                Henry
                  D. Bullock & Terri D. Bullock &

                Shawn
                  Stevenson TR of the Bullock

                Childrens
                  Education Trust UA 12-20-94,

                FBO
                  Benjamin Dure Bullock

              	 	 	
                
                

                
                

                
                

                4,620

                
                

              	 
	
                Henry
                  D. Bullock & Terri D. Bullock &

                Shawn
                  Stevenson TR of the Bullock

                Childrens
                  Education Trust UA 12-20-94,

                FBO
                  Christine Laurel Bullock

              	 	 	
                
                

                
                

                
                

                4,620

                
                

              	 
	
                Edward
                  Burger

                 

              	 	 	
                9,261

                
                

              	 
	
                Barbara
                  Lee O’Brien Burke

                 

              	 	 	
                666

                
                

              	 
	
                Ernestine
                  Burstyn

                 

              	 	 	
                5,007

                
                

              	 
	
                Calamer,
                  Inc.

                 

              	 	 	
                1,233

                
                

              	 
	
                Perry
                  C. Caplan

                 

              	 	 	
                1,388

                
                

              	 
	
                Carew
                  Corporation

                 

              	 	 	
                13,650

                
                

              	 
	
                Magdalena
                  G. Castleman

                 

              	 	 	
                307

                
                

              	 
	
                Charles
                  F. Downs & Mary Jane Downs TTEE

                Charles
                  F. Downs Living Trust UA

                DTD
                  12-06-04

                 

              	 	 	
                
                

                
                

                754

              	 
	
                Cliffwood
                  Development Company

                 

              	 	 	
                64,823

                
                

              	 
	
                Collins
                  Family Trust DTD 5-6-69 James Collins Trustee

                 

              	 	 	
                100,000

                
                

              	 
	
                Kelly
                  Collins

                 

              	 	 	
                11,116

                
                

              	 
	
                Michael
                  Collins

                 

              	 	 	
                17,369

                
                

              	 
	
                Charles
                  S. Cook and Shelby H. Cook TEN ENT

                 

              	 	 	
                634

                
                

              	 
	
                Cotswold
                  Properties

                 

              	 	 	
                34,939

                
                

              	 
	
                Caroline
                  Atkins Coutret

                 

              	 	 	
                5,845

                
                

              	 

      

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      

      
        	
                David
                  Cleborn Crow

                 

              	 	 	
                5,159

                
                

              	 
	
                Gretchen
                  Smith Crow

                 

              	 	 	
                2,602

                
                

              	 
	
                Michael
                  G. Damone TR of the Michael G.

                Damone
                  Trust UA 11-4-69

                 

              	 	 	
                
                

                144,296

                
                

              	 
	
                Robert
                  L. Denton

                 

              	 	 	
                6,286

                
                

              	 
	
                John
                  E. De B Blockey TR of the John E. De B Blockey Trust

                 

              	 	 	
                8,653

                
                

              	 
	
                Henry
                  E. Dietz Trust UA 1-16-81

                 

              	 	 	
                36,476

                
                

              	 
	
                Mark
                  X. DiSanto

                 

              	 	 	
                14,844

                
                

              	 
	
                John
                  M. DiSanto

                 

              	 	 	
                14,844

                
                

              	 
	
                Steven
                  Dizio & Helen Dizio JT TEN

                 

              	 	 	
                12,358

                
                

              	 
	
                Nancy
                  L. Doane

                 

              	 	 	
                2,429

                
                

              	 
	
                W.
                  Allen Doane 

                 

              	 	 	
                1,987

                
                

              	 
	
                Timothy
                  Donohue

                 

              	 	 	
                100

                
                

              	 
	
                Darwin
                  B. Dosch

                 

              	 	 	
                1,388

                
                

              	 
	
                Draizin
                  Family Partnership, L.P.

                 

              	 	 	
                357,896

                
                

              	 
	
                Joseph
                  S. Dresner

                 

              	 	 	
                149,531

                
                

              	 
	
                Milton
                  H. Dresner TR of the Milton H. Dresner Revocable Trust UA
                  10-22-76

                 

              	 	 	
                
                

                149,531

                
                

              	 
	
                James
                  O’Neil Duffy, Jr.

                 

              	 	 	
                513

                
                

              	 
	
                Martin
                  Eglow

                 

              	 	 	
                330

                
                

              	 
	
                Rand
                  H. Falbaum

                 

              	 	 	
                17,022

                
                

              	 
	
                Patricia
                  O’Brien Ferrell

                 

              	 	 	
                666

                
                

              	 
	
                Rowena
                  Finke

                 

              	 	 	
                154

                
                

              	 
	
                First
                  & Broadway Limited Partnership

                 

              	 	 	
                18,203

                
                

              	 
	
                Fourbur
                  Family Co., L.P.

                 

              	 	 	
                588,273

                
                

              	 

      

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      

      
        	
                Ester
                  Fried

                 

              	 	 	
                3,177

                
                

              	 
	
                Jack
                  Friedman TR of the Jack Friedman Revocable

                Living
                  Trust UA 3-23-78

                 

              	 	 	
                
                

                26,005

              	 
	
                Nancy
                  Gabel

                 

              	 	 	
                14

                
                

              	 
	
                J.
                  Peter Gaffney

                 

              	 	 	
                727

                
                

              	 
	
                Gerlach
                  Family Trust DTD 6-28-85 Stanley & Linda Gerlach

                Trustees

                 

              	 	 	
                
                

                874

                
                

              	 
	
                Martin
                  Goodstein

                 

              	 	 	
                922

                
                

              	 
	
                Dennis
                  G. Goodwin and Jeannie L. Goodwin TEN ENT

                 

              	 	 	
                6,166

                
                

              	 
	
                Jeffrey
                  L. Greenberg

                 

              	 	 	
                330

                
                

              	 
	
                Stanley
                  Greenberg & Florence Greenberg JT TEN

                 

              	 	 	
                307

                
                

              	 
	
                Thelma
                  C. Gretzinger Trust

                 

              	 	 	
                450

                
                

              	 
	
                Stanley
                  Gruber

                 

              	 	 	
                30,032

                
                

              	 
	
                Melissa
                  C. Gudim

                 

              	 	 	
                24,028

                
                

              	 
	
                H.L.
                  Investors LLC

                 

              	 	 	
                4,000

                
                

              	 
	
                H.P.
                  Family Group LLC

                 

              	 	 	
                103,734

                
                

              	 
	
                H/Airport
                  Gp Inc.

                 

              	 	 	
                1,433

                
                

              	 
	
                Clay
                  Hamlin & Lynn Hamlin JT TEN

                 

              	 	 	
                15,159

                
                

              	 
	
                Turner
                  Harshaw

                 

              	 	 	
                1,132

                
                

              	 
	
                Edwin
                  Hession & Cathleen Hession JT TEN

                 

              	 	 	
                11,116

                
                

              	 
	
                Highland
                  Associates Limited Partnership

                 

              	 	 	
                69,039

                
                

              	 
	
                Andrew
                  Holder

                 

              	 	 	
                97

                
                

              	 
	
                Ruth
                  Holder

                 

              	 	 	
                2,612

                
                

              	 
	
                Robert
                  W. Holman, Jr.

                 

              	 	 	
                150,213

                
                

              	 
	
                Holman/Shidler
                  Investment Corporation

                 

              	 	 	
                22,079

                
                

              	 

      

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      

      
        	
                Robert
                  S. Hood Living Trust DTD 1-9-90 & amended 12-16-96 Robert S. Hood
                  Trustee

                 

              	 	 	
                
                

                3,591

                
                

              	 
	
                Howard
                  Trust DTD 4-30-79 Howard F. Sklar Trustee

                 

              	 	 	
                653

                
                

              	 
	
                Steven
                  B. Hoyt

                 

              	 	 	
                150,000

                
                

              	 
	
                Jerry
                  Hymowitz

                 

              	 	 	
                307

                
                

              	 
	
                Karen
                  L. Hymowitz

                 

              	 	 	
                154

                
                

              	 
	
                IBS
                  Delaware Partners LP

                 

              	 	 	
                2,708

                
                

              	 
	
                Seymour
                  Israel

                 

              	 	 	
                15,016

                
                

              	 
	
                Frederick
                  K. Ito Trustee UA DTD 9-9-98 FBO The Frederick K. Ito Trust

                 

              	 	 	
                1,940

                
                

              	 
	
                Frederick
                  K. Ito and June Y. Ito Trustees UA DTD 9-9-98 FBO The June Y. Ito
                  Trust

                 

              	 	 	
                
                

                1,940

                
                

              	 
	
                JP
                  Trusts LLC

                 

              	 	 	
                35,957

                
                

              	 
	
                Michael
                  W. Jenkins

                 

              	 	 	
                460

                
                

              	 
	
                Jernie
                  Holdings Corp.

                 

              	 	 	
                180,499

                
                

              	 
	
                Joan
                  R. Krieger TTEE of the Joan R. Krieger Revocable Trust

                DTD
                  10-21-97

                 

              	 	 	
                
                

                15,184

                
                

              	 
	
                John
                  E. DE B. Blockey TR of the

                John
                  E. DE B. Blockey Trust

                 

              	 	 	
                
                

                8,653

                
                

              	 
	
                Jane
                  Terrell Johnson

                 

              	 	 	
                3,538

                
                

              	 
	
                Jeffrey
                  E. Johnson

                 

              	 	 	
                809

                
                

              	 
	
                Johnson
                  Living Trust DTD 2-18-83 H. Stanton & Carol A. Johnson
                  Trustees

                 

              	 	 	
                
                

                1,078

                
                

              	 
	
                Thomas
                  Johnson, Jr. and Sandra L. Johnson TEN ENT

                 

              	 	 	
                2,142

                
                

              	 
	
                Martha
                  O’Brien Jones

                 

              	 	 	
                665

                
                

              	 
	
                Charles
                  Mark Jordan

                 

              	 	 	
                57

                
                

              	 
	
                Mary
                  Terrell Joseph

                 

              	 	 	
                837

                
                

              	 
	
                Nourhan
                  Kailian

                 

              	 	 	
                2,183

                
                

              	 

      

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      

      
        	
                H.L.
                  Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES

                of
                  the Joseph C. Kaltenbacher Credit Shelter TR

                 

              	 	 	
                
                

                1,440

                
                

              	 
	
                Sarah
                  Katz

                 

              	 	 	
                307

                
                

              	 
	
                Carol
                  F. Kaufman

                 

              	 	 	
                166

                
                

              	 
	
                KEP
                  LLC

                 

              	 	 	
                98,626

                
                

              	 
	
                Peter
                  Kepic

                 

              	 	 	
                9,261

                
                

              	 
	
                Jack
                  Kindler

                 

              	 	 	
                1,440

                
                

              	 
	
                Kirshner
                  Family Trust #1 DTD 4-8-76 Berton & Barbara Kirshner
                  Trustees

                 

              	 	 	
                29,558

                
                

              	 
	
                Kirshner
                  Trust #4 FBO Todd Kirshner DTD 12-30-76 Berton Kirshner
                  Trustee

                 

              	 	 	
                
                

                20,258

                
                

              	 
	
                Arthur
                  Kligman

                 

              	 	 	
                307

                
                

              	 
	
                William
                  L. Kreiger, Jr.

                 

              	 	 	
                3,374

                
                

              	 
	
                Babette
                  Kulka

                 

              	 	 	
                330

                
                

              	 
	
                Jack
                  H. Kulka

                 

              	 	 	
                330

                
                

              	 
	
                LP
                  Family Group LLC

                 

              	 	 	
                102,249

                
                

              	 
	
                Paul
                  T. Lambert

                 

              	 	 	
                39,816

                
                

              	 
	
                Chester
                  A. Latcham & Co.

                 

              	 	 	
                1,793

                
                

              	 
	
                Constance
                  Lazarus

                 

              	 	 	
                417,961

                
                

              	 
	
                Jerome
                  Lazarus

                 

              	 	 	
                18,653

                
                

              	 
	
                Susan
                  Lebow

                 

              	 	 	
                740

                
                

              	 
	
                Arron
                  Leifer

                 

              	 	 	
                4,801

                
                

              	 
	
                Duane
                  Lund

                 

              	 	 	
                617

                
                

              	 
	
                Barbara
                  Lusen

                 

              	 	 	
                307

                
                

              	 
	
                William
                  J. Mallen Trust DTD 4-29-94 William J. Mallen Trustee

                 

              	 	 	
                8,016

                
                

              	 
	
                Stephen
                  Mann

                 

              	 	 	
                17

                
                

              	 

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      

      
        	
                Manor
                  LLC

                 

              	 	 	
                80,556

                
                

              	 
	
                R.
                  Craig Martin

                 

              	 	 	
                754

                
                

              	 
	
                Mary
                  Jane Downs & Charles F. Downs TTEES

                Mary
                  Jane Downs Living Trust UA DTD 12-06-04

                 

              	 	 	
                
                

                754

                
                

              	 
	
                J.
                  Stanley Mattison

                 

              	 	 	
                79

                
                

              	 
	
                Henry
                  E. Mawicke

                 

              	 	 	
                636

                
                

              	 
	
                Richard
                  McClintock

                 

              	 	 	
                623

                
                

              	 
	
                McElroy
                  Management Inc.

                 

              	 	 	
                5,478

                
                

              	 
	
                Eileen
                  Millar

                 

              	 	 	
                3,072

                
                

              	 
	
                Linda
                  Miller

                 

              	 	 	
                2,000

                
                

              	 
	
                Lila
                  Atkins Mulkey

                 

              	 	 	
                7,327

                
                

              	 
	
                Peter
                  Murphy

                 

              	 	 	
                56,184

                
                

              	 
	
                Anthony
                  Muscatello

                 

              	 	 	
                81,654

                
                

              	 
	
                Ignatius
                  Musti

                 

              	 	 	
                1,508

                
                

              	 
	
                New
                  Land Associates Limited Partnership

                 

              	 	 	
                1,664

                
                

              	 
	
                Kris
                  Nielsen

                 

              	 	 	
                178

                
                

              	 
	
                North
                  Star Associates Limited Partnership

                 

              	 	 	
                19,333

                
                

              	 
	
                George
                  F. Obrecht

                 

              	 	 	
                5,289

                
                

              	 
	
                Paul
                  F. Obrecht

                 

              	 	 	
                4,455

                
                

              	 
	
                Richard
                  F. Obrecht

                 

              	 	 	
                5,289

                
                

              	 
	
                Thomas
                  F. Obrecht

                 

              	 	 	
                5,289

                
                

              	 
	
                Catherine
                  A. O’Brien

                 

              	 	 	
                832

                
                

              	 
	
                Lee
                  O’Brien TTEE of the Martha J. Harbison

                Testamentary
                  Trust FBO Christopher C. O’Brien

                 

              	 	 	
                
                

                666

                
                

              	 
	
                Martha
                  E. O’Brien

                 

              	 	 	
                832

                
                

              	 

      

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      

      
        	
                Patricia
                  A. O’Brien

                 

              	 	 	
                6,387

                
                

              	 
	
                Peter
                  O’Connor

                 

              	 	 	
                56,844

                
                

              	 
	
                Steve
                  Ohren

                 

              	 	 	
                33,366

                
                

              	 
	
                P&D
                  Partners LP

                 

              	 	 	
                1,440

                
                

              	 
	
                Partridge
                  Road Associates

                 

              	 	 	
                2,751

                
                

              	 
	
                Sybil
                  T. Patten

                 

              	 	 	
                1,816

                
                

              	 
	
                PeeGee
                  L.P.

                 

              	 	 	
                4,817

                
                

              	 
	
                Lawrence
                  Peters

                 

              	 	 	
                960

                
                

              	 
	
                Jeffrey
                  Pion

                 

              	 	 	
                2,879

                
                

              	 
	
                Pipkin
                  Family Trust DTD 10-6-89 Chester & Janice Pipkin Trustees

                 

              	 	 	
                3,140

                
                

              	 
	
                Peter
                  M. Polow

                 

              	 	 	
                557

                
                

              	 
	
                Keith
                  J. Pomeroy TTEE of Keith J. Pomeroy

                Revocable
                  TR Agreement DTD 12-13-76 as

                Amended
                  & Restated 6-28-95

                 

              	 	 	
                
                

                
                

                104,954

              	 
	
                Princeton
                  South at Lawrenceville LLC

                 

              	 	 	
                4,692

                
                

              	 
	
                Princeton
                  South at Lawrenceville One

                 

              	 	 	
                4,265

                
                

              	 
	
                Swift
                  Terminal Properties

                 

              	 	 	
                183,158

                
                

              	 
	
                Abraham
                  Punia

                 

              	 	 	
                307

                
                

              	 
	
                RBZ
                  LLC

                 

              	 	 	
                155

                
                

              	 
	
                R.E.A.
                  Associates

                 

              	 	 	
                8,908

                
                

              	 
	
                RJB
                  Ford City Limited Partnership

                 

              	 	 	
                158,438

                
                

              	 
	
                RJB
                  II Limited Partnership

                 

              	 	 	
                40,788

                
                

              	 
	
                Marilyn
                  Rangel IRA DTD 2-5-86 Custodian Smith Barney Shearson

                 

              	 	 	
                969

                
                

              	 
	
                Richard
                  Rapp

                 

              	 	 	
                23

                
                

              	 
	
                Jack
                  F. Ream

                 

              	 	 	
                1,071

                
                

              	 

      

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      

      
        	
                Seymour
                  D. Reich

                 

              	 	 	
                154

                
                

              	 
	
                James
                  C. Reynolds

                 

              	 	 	
                40,284

                
                

              	 
	
                Andre
                  G. Richard

                 

              	 	 	
                1,508

                
                

              	 
	
                Rebecca
                  S. Roberts

                 

              	 	 	
                8,308

                
                

              	 
	
                Leslie
                  A. Rubin Ltd.

                 

              	 	 	
                4,048

                
                

              	 
	
                James
                  Sage

                 

              	 	 	
                2,156

                
                

              	 
	
                James
                  R. Sage

                 

              	 	 	
                3,364

                
                

              	 
	
                Kathleen
                  Sage

                 

              	 	 	
                50

                
                

              	 
	
                Wilton
                  Wade Sample

                 

              	 	 	
                5,449

                
                

              	 
	
                Debbie
                  B. Schneeman

                 

              	 	 	
                740

                
                

              	 
	
                Norma
                  A. Schulze

                 

              	 	 	
                307

                
                

              	 
	
                Sciport
                  Discovery Center

                 

              	 	 	
                30

                
                

              	 
	
                Sealy
                  & Company, Inc.

                 

              	 	 	
                37,119

                
                

              	 
	
                Sealy
                  Florida, Inc.

                 

              	 	 	
                675

                
                

              	 
	
                Sealy
                  Professional Drive, L.L.C.

                 

              	 	 	
                2,906

                
                

              	 
	
                Sealy
                  Real Estate Services, Inc.

                 

              	 	 	
                148,478

                
                

              	 
	
                Sealy
                  Unitholder, L.L.C.

                 

              	 	 	
                31,552

                
                

              	 
	
                Mark
                  P. Sealy

                 

              	 	 	
                8,451

                
                

              	 
	
                Scott
                  P. Sealy

                 

              	 	 	
                40,902

                
                

              	 
	
                Shadeland
                  Associates Limited Partnership

                 

              	 	 	
                42,976

                
                

              	 
	
                Frances
                  Shankman Insurance Trust,

                Frances
                  Shankman Trustee

                 

              	 	 	
                
                

                16,540

                
                

              	 
	
                Sam
                  Shamie, Trustee of the Sam Shamie

                Trust
                  Agreement DTD 3-16-78, as Restated 11-16-93

                 

              	 	 	
                
                

                375,000

                
                

              	 
	
                Garrett
                  E. Sheehan

                 

              	 	 	
                513

                
                

              	 

      

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

      

      
        	
                Jay
                  H. Shidler

                 

              	 	 	
                68,020

                
                

              	 
	
                Jay
                  H. Shidler and Wallette A. Shidler TEN ENT

                 

              	 	 	
                1,223

                
                

              	 
	
                Shidler
                  Equities LP

                 

              	 	 	
                254,541

                
                

              	 
	
                D.W.
                  Sivers Co.

                 

              	 	 	
                12,265

                
                

              	 
	
                Dennis
                  W. Sivers

                 

              	 	 	
                27,636

                
                

              	 
	
                Sivers
                  Family Real Property, Limited Liability Company

                 

              	 	 	
                12,062

                
                

              	 
	
                Sivers
                  Investment Partnership

                 

              	 	 	
                283,500

                
                

              	 
	
                Wendel
                  C. Sivers Marital Trust UW DTD 2-20-81 Dennis W. Sivers & G. Burke
                  Mims CO-TTEES

                 

              	 	 	
                
                

                14,020

                
                

              	 
	
                Estate
                  of Albert Sklar, Miriam M. Sklar Executrix

                 

              	 	 	
                3,912

                
                

              	 
	
                Michael
                  B. Slade

                 

              	 	 	
                2,829

                
                

              	 
	
                Ellen
                  Margaret Smith

                 

              	 	 	
                1,000

                
                

              	 
	
                Joseph
                  Edward Smith

                 

              	 	 	
                1,000

                
                

              	 
	
                Kevin
                  Smith

                 

              	 	 	
                10,571

                
                

              	 
	
                Olivia
                  Jane Smith

                 

              	 	 	
                1,000

                
                

              	 
	
                Arnold
                  R. Sollar TTEE for the Dorothy Sollar Residuary TR

                 

              	 	 	
                307

                
                

              	 
	
                Spencer
                  and Company

                 

              	 	 	
                154

                
                

              	 
	
                SPM
                  Industrial LLC

                 

              	 	 	
                5,262

                
                

              	 
	
                SRS
                  Partnership

                 

              	 	 	
                2,142

                
                

              	 
	
                Robert
                  Stein TTEE UA DTD 5-21-96 FBO Robert Stein

                 

              	 	 	
                63,630

                
                

              	 
	
                S.
                  Larry Stein TTEE under Revocable Trust Agreement DTD

                9-22-99
                  S. Larry Stein Grantor

                 

              	 	 	
                
                

                63,630

                
                

              	 
	
                Sterling
                  Family Trust DTD 3-27-80 Donald & Valerie A. Sterling
                  Trustees

                 

              	 	 	
                3,559

                
                

              	 
	
                Jonathan
                  Stott

                 

              	 	 	
                80,026

                
                

              	 
	
                Victor
                  Strauss

                 

              	 	 	
                77

                
                

              	 

      

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

      

      
        	
                Catherine
                  O’Brien Sturgis

                 

              	 	 	
                666

                
                

              	 
	
                Mitchell
                  Sussman

                 

              	 	 	
                410

                
                

              	 
	
                Donald
                  C. Thompson TTEE UA DTD 12-31-98 FBO Donald C. Thompson Revocable
                  Family
                  Trust

                 

              	 	 	
                
                

                39,243

                
                

              	 
	
                Michael
                  T. Tomasz UA DTD 2-5-90 Trustee of the Michael T. Tomasz
                  Trust

                 

              	 	 	
                
                

                36,033

                
                

              	 
	
                Barry
                  L. Tracey

                 

              	 	 	
                2,142

                
                

              	 
	
                William
                  S. Tyrrell

                 

              	 	 	
                2,906

                
                

              	 
	
                Burton
                  S. Ury

                 

              	 	 	
                9,072

                
                

              	 
	
                L.
                  Gary Waller & Nancy R. Waller JT TEN

                 

              	 	 	
                37,587

                
                

              	 
	
                James
                  J. Warfield

                 

              	 	 	
                330

                
                

              	 
	
                Phyllis
                  M. Warsaw Living Trust

                 

              	 	 	
                16,540

                
                

              	 
	
                Wilson
                  Management Company LLC

                 

              	 	 	
                35,787

                
                

              	 
	
                Elmer
                  H. Wingate, Jr.

                 

              	 	 	
                1,688

                
                

              	 
	
                Ralph
                  G. Woodley TTEE under Revocable Trust Agreement

                 

              	 	 	
                16,319

                
                

              	 
	
                World’s
                  Fair Limited Partnership

                 

              	 	 	
                1,664

                
                

              	 
	
                WSW
                  1988 Exchange Fund LP c/o WSW Capital Inc. Credit Suisse Asset
                  Mgt.
                  LLC

                 

              	 	 	
                
                

                32,000

                
                

              	 
	
                Sam
                  L. Yaker TTEE of the Sam L. Yaker Revocable Trust Agreement DTD
                  2-14-84

                 

              	 	 	
                
                

                37,870

                
                

              	 
	
                Johannson
                  Yap

                 

              	 	 	
                1,680

                
                

              	 
	
                Richard
                  H. Zimmerman Trustee of the Richard H. Zimmerman

                Living
                  Trust DTD 10-15-90 as amended

                 

              	 	 	
                
                

                28,988

                
                

              	 
	
                Gerald
                  & Sharon Zuckerman JT TEN

                 

              	 	 	
                615

                
                

              	 

      

    

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    Exhibit
      1C

     

    LB
      Partners

     

    Jernie
      Holdings Corp., a New York corporation

     

    Fourbur
      Co., L.L.C., a New York limited liability company

     

    Fourbur
      Family Co., L.P., a New York limited partnership

     

    Jerome
      Lazarus

     

    Constance
      Lazarus

     

    Susan
      Burman

     

    Judith
      Draizin

     

    Jan
      Burman

     

    Judith
      Draizin as custodian

    under
      the
      NYUGMA until 

    age
      21
      for Danielle Draizin

     

    Judith
      Draizin as custodian

    under
      the
      NYUGMA until 

    age
      21
      for Heather Draizin

     

    Judith
      Draizin as custodian

    under
      the
      NYUGMA until 

    age
      21
      for Jason Draizin

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      1D

     

    

      
        	
                Contributor
                  Partner

                 

              	 	
                Protected
                  Amount

                 

              	 
	
                Kerry
                  Acker

                 

              	 	 	
                *See
                  Below

              	 
	
                Sanders
                  H. Acker

                 

              	 	 	
                *See
                  Below

              	 
	
                Charles
                  T. Andrews

                 

              	 	 	
                *See
                  Below

              	 
	
                Daniel
                  R. Andrew, TR of the Daniel R.

                Andrew
                  Trust UA 12-29-92

                 

              	 	 	
                *See
                  Below

              	 
	
                The
                  Arel Company

                 

              	 	 	
                *See
                  Below

              	 
	
                E.
                  Donald Bafford

                 

              	 	 	
                *See
                  Below

              	 
	
                William
                  Baloh

                 

              	 	 	
                *See
                  Below

              	 
	
                Enid
                  Barden TTEE of the Enid Barden

                Trust
                  DTD 6-28-95

                 

              	 	 	
                *See
                  Below

              	 
	
                Enid
                  Barden TTE of the Enid Barden

                Trust
                  of 6-28-96

                 

              	 	 	
                *See
                  Below

              	 
	
                Barbara
                  Bell

                 

              	 	 	
                *See
                  Below

              	 
	
                Stephen
                  McNair Bell

                 

              	 	 	
                *See
                  Below

              	 
	
                Emil
                  Billich

                 

              	 	 	
                *See
                  Below

              	 
	
                Don
                  N. Blurton & Patricia H. Blurton Trustees UA DTD 4-11-96 Blurton
                  Revocable Family Trust

                 

              	 	 	
                *See
                  Below

              	 
	
                Michael
                  W. Brennan

                 

              	 	 	
                *See
                  Below

              	 
	
                Helen
                  Brown

                 

              	 	 	
                *See
                  Below

              	 
	
                Henry
                  D. Bullock & Terri D. Bullock &

                Shawn
                  Stevenson TR of the Bullock

                Childrens
                  Education Trust UA 12-20-94,

                FBO
                  Benjamin Dure Bullock

                 

              	 	 	
                *See
                  Below

              	 
	
                Henry
                  D. Bullock & Terri D. Bullock &

                Shawn
                  Stevenson TR of the Bullock

                Childrens
                  Education Trust UA 12-20-94,

                FBO
                  Christine Laurel Bullock

                 

              	 	 	
                *See
                  Below

              	 
	
                Ernestine
                  Burstyn

                 

              	 	 	
                *See
                  Below

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Calamer,
                  Inc.

                 

              	 	 	
                *See
                  Below

              	 
	
                Perry
                  C. Caplan

                 

              	 	 	
                *See
                  Below

              	 
	
                Carew
                  Corporation

                 

              	 	 	
                *See
                  Below

              	 
	
                Magdalena
                  G. Castleman

                 

              	 	 	
                *See
                  Below 

              	 
	
                Cliffwood
                  Development Company

                 

              	 	 	
                *See
                  Below 

              	 
	
                Michael
                  G. Damone TR of the Michael G.

                Damone
                  Trust UA 11-4-69

                 

              	 	 	
                *See
                  Below 

              	 
	
                Robert
                  L. Denton

                 

              	 	 	
                *See
                  Below 

              	 
	
                John
                  E. De B Blockey TR of the John E. De B Blockey Trust

                 

              	 	 	
                *See
                  Below

              	 
	
                Henry
                  E. Dietz Trust UA 1-16-81

                 

              	 	 	
                *See
                  Below 

              	 
	
                John
                  M. DiSanto

                 

              	 	 	
                *See
                  Below

              	 
	
                Mark
                  X. DiSanto

                 

              	 	 	
                *See
                  Below

              	 
	
                Darwin
                  B. Dosch

                 

              	 	 	
                *See
                  Below 

              	 
	
                Draizin
                  Family Partnership, L.P.

                 

              	 	 	
                *See
                  Below 

              	 
	
                Joseph
                  S. Dresner

                 

              	 	 	
                *See
                  Below 

              	 
	
                Milton
                  H. Dresner TR of the Milton H. Dresner Revocable Trust UA 10-22-76
                  

                 

              	 	 	
                *See
                  Below 

              	 
	
                Martin
                  Eglow

                 

              	 	 	
                *See
                  Below 

              	 
	
                Rand
                  H. Falbaum

                 

              	 	 	
                *See
                  Below 

              	 
	
                Rowena
                  Finke

                 

              	 	 	
                *See
                  Below 

              	 
	
                First
                  & Broadway Limited Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Fourbur
                  Family Co., L.P.

                 

              	 	 	
                *See
                  Below 

                
                

              	 
	
                Ester
                  Fried

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jack
                  Friedman TR of the Jack Friedman Revocable Living Trust UA
                  3-23-78

                 

              	 	 	
                *See
                  Below 

              	 
	
                Nancy
                  Gabel

                 

              	 	 	
                *See
                  Below 

              	 

      

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      

      
        	
                Gerlach
                  Family Trust DTD 6-28-85 Stanley & Linda Gerlach Trustees

                 

              	 	 	
                *See
                  Below 

              	 
	
                Martin
                  Goodstein

                 

              	 	 	
                *See
                  Below 

              	 
	
                Dennis
                  G. Goodwin and Jeannie L. Goodwin TEN ENT

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jeffrey
                  L. Greenberg

                 

              	 	 	
                *See
                  Below 

              	 
	
                Stanley
                  Greenberg & Florence Greenberg JT TEN

                 

              	 	 	
                *See
                  Below 

              	 
	
                Thelma
                  C. Gretzinger Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                Stanley
                  Gruber

                 

              	 	 	
                *See
                  Below 

              	 
	
                H.P.
                  Family Group LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                Clay
                  Hamlin & Lynn Hamlin JT TEN

                 

              	 	 	
                *See
                  Below 

              	 
	
                Andrew
                  Holder

                 

              	 	 	
                *See
                  Below 

              	 
	
                Ruth
                  Holder

                 

              	 	 	
                *See
                  Below 

              	 
	
                Robert
                  W. Holman, Jr.

                 

              	 	 	
                *See
                  Below 

              	 
	
                Holman/Shidler
                  Investment Corporation

                 

              	 	 	
                *See
                  Below 

              	 
	
                Robert
                  S. Hood Living Trust DTD 1-9-90 & amended 12-16-96 Robert S. Hood
                  Trustee

                 

              	 	 	
                *See
                  Below 

              	 
	
                Steven
                  B. Hoyt

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jerry
                  Hymowitz

                 

              	 	 	
                *See
                  Below 

              	 
	
                Karen
                  L. Hymowitz

                 

              	 	 	
                *See
                  Below 

              	 
	
                Seymour
                  Israel

                 

              	 	 	
                *See
                  Below 

              	 
	
                Frederick
                  K. Ito Trustee UA DTD 9-9-98 FBO The Frederick K. Ito Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                Frederick
                  K. Ito and June Y. Ito Trustees UA DTD 9-9-98 FBO The June Y. Ito
                  Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                JP
                  Trusts LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                Michael
                  W. Jenkins

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jernie
                  Holdings Corp.

                 

              	 	 	
                *See
                  Below

              	 

      

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      

      
        	
                Charles
                  Mark Jordan

                 

              	 	 	
                *See
                  Below 

              	 
	
                Nourhan
                  Kailian

                 

              	 	 	
                *See
                  Below 

              	 
	
                H.L.
                  Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES

                of
                  the Joseph C. Kaltenbacher Credit Shelter TR

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sarah
                  Katz

                 

              	 	 	
                *See
                  Below 

              	 
	
                Carol
                  F. Kaufman

                 

              	 	 	
                *See
                  Below 

              	 
	
                KEP
                  LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jack
                  Kindler

                 

              	 	 	
                *See
                  Below 

              	 
	
                Kirshner
                  Family Trust #1 DTD 4-8-76 Berton & Barbara Kirshner
                  Trustees

                 

              	 	 	
                *See
                  Below 

              	 
	
                Kirshner
                  Trust #4 FBO Todd Kirshner DTD 12-30-76 Berton Kirshner
                  Trustee

                 

              	 	 	
                *See
                  Below 

              	 
	
                Arthur
                  Kligman

                 

              	 	 	
                *See
                  Below 

              	 
	
                Joan
                  R. Krieger TTEE of the Joan R. Krieger Revocable Trust DTD
                  1021-97

                 

              	 	 	
                *See
                  Below 

              	 
	
                William
                  L. Kreiger, Jr.

                 

              	 	 	
                *See
                  Below 

              	 
	
                LP
                  Family Group LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                Paul
                  T. Lambert

                 

              	 	 	
                *See
                  Below 

              	 
	
                Constance
                  Lazarus

                 

              	 	 	
                *See
                  Below

              	 
	
                Jerome
                  Lazarus

                 

              	 	 	
                *See
                  Below

              	 
	
                Susan
                  Lebow

                 

              	 	 	
                *See
                  Below 

              	 
	
                Arron
                  Leifer

                 

              	 	 	
                *See
                  Below 

              	 
	
                Barbara
                  Lusen

                 

              	 	 	
                *See
                  Below 

              	 
	
                William
                  J. Mallen Trust DTD 4-29-94,

                William
                  J. Mallen Trustee

                 

              	 	 	
                *See
                  Below 

              	 
	
                Stephen
                  Mann

                 

              	 	 	
                *See
                  Below 

              	 
	
                R.
                  Craig Martin

                 

              	 	 	
                *See
                  Below 

              	 

      

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      

      
        	
                J.
                  Stanley Mattison

                 

              	 	 	
                *See
                  Below 

              	 
	
                Henry
                  E. Mawicke

                 

              	 	 	
                *See
                  Below 

              	 
	
                Eileen
                  Millar

                 

              	 	 	
                *See
                  Below 

              	 
	
                Linda
                  Miller

                 

              	 	 	
                *See
                  Below 

              	 
	
                Peter
                  Murphy

                 

              	 	 	
                *See
                  Below 

              	 
	
                Anthony
                  Muscatello

                 

              	 	 	
                *See
                  Below 

              	 
	
                New
                  Land Associates Limited Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Kris
                  Nielsen

                 

              	 	 	
                *See
                  Below 

              	 
	
                North
                  Star Associates Limited Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                George
                  F. Obrecht

                 

              	 	 	
                *See
                  Below 

              	 
	
                Paul
                  F. Obrecht

                 

              	 	 	
                *See
                  Below 

              	 
	
                Richard
                  F. Obrecht

                 

              	 	 	
                *See
                  Below 

              	 
	
                Thomas
                  F. Obrecht

                 

              	 	 	
                *See
                  Below 

              	 
	
                Peter
                  O’Connor

                 

              	 	 	
                *See
                  Below 

              	 
	
                P&D
                  Partners LP

                 

              	 	 	
                *See
                  Below 

              	 
	
                Partridge
                  Road Associates

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sybil
                  T. Patten

                 

              	 	 	
                *See
                  Below 

              	 
	
                PeeGee
                  L.P.

                 

              	 	 	
                *See
                  Below 

              	 
	
                Lawrence
                  Peters

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jeffrey
                  Pion

                 

              	 	 	
                *See
                  Below 

              	 
	
                Peter
                  M. Polow

                 

              	 	 	
                *See
                  Below 

              	 
	
                Keith
                  J. Pomeroy TTEE of Keith J. Pomeroy

                Revocable
                  TR Agreement DTD 12-13-76 as

                Amended
                  & Restated 6-28-95

                 

              	 	 	
                *See
                  Below 

              	 
	
                Princeton
                  South at Lawrenceville LLC

                 

              	 	 	
                *See
                  Below 

              	 

      

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      

      
        	
                Princeton
                  South at Lawrenceville One

                 

              	 	 	
                *See
                  Below 

              	 
	
                Abraham
                  Punia

                 

              	 	 	
                *See
                  Below 

              	 
	
                RBZ
                  LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                R.E.A.
                  Associates

                 

              	 	 	
                *See
                  Below 

              	 
	
                Richard
                  Rapp

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jack
                  F. Ream

                 

              	 	 	
                *See
                  Below 

              	 
	
                Seymour
                  D. Reich

                 

              	 	 	
                *See
                  Below 

              	 
	
                James
                  C. Reynolds

                 

              	 	 	
                *See
                  Below 

              	 
	
                Rebecca
                  S. Roberts

                 

              	 	 	
                *See
                  Below 

              	 
	
                Leslie
                  A. Rubin Ltd.

                 

              	 	 	
                *See
                  Below 

              	 
	
                SRS
                  Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Kathleen
                  Sage

                 

              	 	 	
                *See
                  Below 

              	 
	
                Debbie
                  B. Schneeman

                 

              	 	 	
                *See
                  Below 

              	 
	
                Norma
                  A. Schulze

                 

              	 	 	
                *See
                  Below 

              	 
	
                Shadeland
                  Associates Limited Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Frances
                  Shankman Insurance Trust,

                Frances
                  Shankman Trustee

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sam
                  Shamie, Trustee of the Sam Shamie

                Trust
                  Agreement DTD 3-16-78, as

                Restated
                  11-16-93

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jay
                  H. Shidler

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jay
                  H. Shidler and Wallette A. Shidler TEN ENT

                 

              	 	 	
                *See
                  Below 

              	 
	
                Shidler
                  Equities LP

                 

              	 	 	
                *See
                  Below 

              	 
	
                D.W.
                  Sivers Co.

                 

              	 	 	
                *See
                  Below 

              	 
	
                Dennis
                  W. Sivers

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sivers
                  Family Real Property, Limited Liability Company

                 

              	 	 	
                *See
                  Below 

              	 

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      

      
        	
                Sivers
                  Investment Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Wendel
                  C. Sivers Marital Trust UW DTD 2-20-81 Dennis W. Sivers & G. Burke
                  Mims CO-TTEES

                 

              	 	 	
                *See
                  Below 

              	 
	
                Kevin
                  Smith

                 

              	 	 	
                *See
                  Below 

              	 
	
                Spencer
                  and Company

                 

              	 	 	
                *See
                  Below 

              	 
	
                Robert
                  Stein TTEE UA DTD 5-21-96 FBO Robert Stein

                 

              	 	 	
                *See
                  Below 

              	 
	
                S.
                  Larry Stein TTEE under Revocable Trust Agreement DTD 9-22-99 S.
                  Larry
                  Stein Grantor

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sterling
                  Family Trust DTD 3-27-80 Donald & Valerie A. Sterling
                  Trustees

                 

              	 	 	
                *See
                  Below 

              	 
	
                Jonathan
                  Stott

                 

              	 	 	
                *See
                  Below 

              	 
	
                Victor
                  Strauss

                 

              	 	 	
                *See
                  Below 

              	 
	
                Mitchell
                  Sussman

                 

              	 	 	
                *See
                  Below 

              	 
	
                Donald
                  C. Thompson TTEE UA DTD 12-31-98 FBO Donald C. Thompson Revocable
                  Family
                  Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                Michael
                  T. Tomasz UA DTD 2-5-90 Trustee of the Michael T. Tomasz
                  Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                Barry
                  L. Tracey

                 

              	 	 	
                *See
                  Below 

              	 
	
                William
                  S. Tyrrell

                 

              	 	 	
                *See
                  Below 

              	 
	
                Burton
                  S. Ury

                 

              	 	 	
                *See
                  Below 

              	 
	
                James
                  J. Warfield

                 

              	 	 	
                *See
                  Below 

              	 
	
                Phyllis
                  M. Warsaw Living Trust

                 

              	 	 	
                *See
                  Below 

              	 
	
                Wilson
                  Management Co. LLC

                 

              	 	 	
                *See
                  Below 

              	 
	
                Elmer
                  H. Wingate, Jr.

                 

              	 	 	
                *See
                  Below 

              	 
	
                Ralph
                  G. Woodley TTEE under Revocable Trust Agreement

                 

              	 	 	
                *See
                  Below 

              	 
	
                World’s
                  Fair Limited Partnership

                 

              	 	 	
                *See
                  Below 

              	 
	
                Sam
                  L. Yaker TTEE of the Sam L. Yaker Revocable Trust Agreement DTD
                  2-14-84

                 

              	 	 	
                *See
                  Below 

              	 

      

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      

      
        	
                Richard
                  H. Zimmerman Trustee of the Richard H. Zimmerman Living Trust DTD
                  10-15-90
                  as amended

                 

              	 	 	
                *See
                  Below 

              	 
	
                Gerald
                  & Sharon Zuckerman JT TEN

                 

              	 	 	
                *See
                  Below 

              	 
	
                New
                  Land Associates LP

                 

              	 	 	
                2,195,750

              	 
	
                World’s
                  Fair Partners, LP

                 

              	 	 	
                211,208

              	 
	
                Princeton
                  South at Lawrenceville

                 

              	 	 	
                5,267,344

              	 
	
                Stanley
                  Gruber

                 

              	 	 	
                1,388,338

              	 
	
                Stephen
                  Mann

                 

              	 	 	
                120,174

              	 
	
                Seymour
                  Israel

                 

              	 	 	
                120,169

              	 
	
                James
                  O’Neil Duffy, Jr.

                 

              	 	 	
                4,107

              	 
	
                Garrett
                  E. Sheehan

                 

              	 	 	
                4,107

              	 
	
                Andrew
                  Holder

                 

              	 	 	
                10,000

              	 
	
                Arron
                  Leifer

                 

              	 	 	
                300,000

              	 
	
                Arthur
                  Kligman

                 

              	 	 	
                80,000

              	 
	
                Barbara
                  Lusen

                 

              	 	 	
                80,000

              	 
	
                Carol
                  F. Kaufman

                 

              	 	 	
                50,000

              	 
	
                Debbie
                  B. Schneeman

                 

              	 	 	
                30,000

              	 
	
                Emil
                  Billich

                 

              	 	 	
                25,000

              	 
	
                Ernestine
                  Burstyn

                 

              	 	 	
                160,000

              	 
	
                H.L.
                  Kaltenbacher, P.P. Kaltenbacher & J.K. Carr TTEES of the Joseph C.
                  Kaltenbacher Credit Shelter TR

                 

              	 	 	
                100,000

              	 
	
                HP
                  Family Group, LLC

                 

              	 	 	
                16,110,000

              	 
	
                Jack
                  Kindler

                 

              	 	 	
                100,000

              	 
	
                Jerry
                  Hymowitz

                 

              	 	 	
                80,000

              	 
	
                JP
                  Trusts LLC

                 

              	 	 	
                4,729,000

              	 

      

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      

      
        	
                Karen
                  L. Hymowitz

                 

              	 	 	
                45,000

              	 
	
                Kerry
                  Acker

                 

              	 	 	
                45,000

              	 
	
                Lawrence
                  Peters

                 

              	 	 	
                75,000

              	 
	
                LP
                  Family Group LLC

                 

              	 	 	
                16,015,000

              	 
	
                Magdalena
                  G. Castleman

                 

              	 	 	
                80,000

              	 
	
                Martin
                  Goodstein

                 

              	 	 	
                250,000

              	 
	
                Mitchell
                  Sussman

                 

              	 	 	
                110,000

              	 
	
                Nancy
                  Gabel

                 

              	 	 	
                5,000

              	 
	
                Norma
                  A. Schulze

                 

              	 	 	
                80,000

              	 
	
                P&D
                  Partners LP

                 

              	 	 	
                100,000

              	 
	
                PeeGee
                  L.P.

                 

              	 	 	
                25,000

              	 
	
                Peter
                  M. Polow

                 

              	 	 	
                75,000

              	 
	
                R.E.A.
                  Associates

                 

              	 	 	
                4,192,000

              	 
	
                Richard
                  Rapp

                 

              	 	 	
                10,000

              	 
	
                Sanders
                  H. Acker

                 

              	 	 	
                80,000

              	 
	
                Sarah
                  Katz

                 

              	 	 	
                80,000

              	 
	
                Seymour
                  D. Reich

                 

              	 	 	
                45,000

              	 
	
                Spencer
                  and Company

                 

              	 	 	
                45,000

              	 
	
                Susan
                  Lebow

                 

              	 	 	
                30,000

              	 
	
                The
                  Arel Company

                 

              	 	 	
                80,000

              	 
	
                Victor
                  Strauss

                 

              	 	 	
                25,000

              	 
	
                WSW
                  1998 Exchange Fund L.P.

                 

              	 	 	
                315,000

              	 
	
                Rowena
                  Finke

                 

              	 	 	
                45,000

              	 
	
                Ruth
                  Holder

                 

              	 	 	
                230,000

              	 

      

      
        
          
          

        

        
          -9-

          
            

          

        

        
          
          

        

      

      

      
        	
                Stanley
                  Greenberg & Florence Greenberg JT TEN

                 

              	 	 	
                80,000

              	 
	
                Abraham
                  Punia

                 

              	 	 	
                80,000

              	 
	
                Francis
                  Shankman Insurance Trust, Francis Shankman Trustee

                 

              	 	 	
                200,000

              	 
	
                Jerome
                  Lazarus

                 

              	 	 	
                17,000,000

              	 
	
                Constance
                  Lazarus

                 

              	 	 	
                3,600,000

              	 
	
                Jernie
                  Holdings Corp.

                 

              	 	 	
                100,000

              	 
	
                Fourbur
                  Family Co., L.P.

                 

              	 	 	
                5,985,000

              	 
	
                Robert
                  L. Friedman

                 

              	 	 	
                249,000

              	 
	
                Phyllis
                  M. Warsaw Living Trust

                 

              	 	 	
                212,000

              	 

      

      

    

    

    

    * An
      amount
      equal to (a) the taxable gain, if any, that would be realized by such Additional
      Limited Partner if such Additional Limited Partner were to dispose of its
      Interest for no consideration other than the release or deemed release of
      liabilities of the partnership assumed by or otherwise allocable to such
      Additional Limited Partner under Code Section 752, as such hypothetical gain
      is
      determined from time to time, less (b) such Additional Limited Partner’s
      share of “qualified nonrecourse financing” as defined in Code Section 465(b)(6)
      and the Treasury Regulations thereunder, as such share is determined in
      accordance with Treasury Regulations Section 1.752-3(a).

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    FIRST
      INDUSTRIAL, L.P.

    

    EXHIBIT
      2

    

    TO

    

    TENTH
      AMENDED AND RESTATED

    

    LIMITED
      PARTNERSHIP AGREEMENT

    

    Form
      of Redemption Notice

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      2

     

    Redemption
      Notice

     

    The
      undersigned hereby irrevocably (i) elects to exercise its redemption rights
      contained in Section 9.1(A) of the Tenth Amended and Restated Limited
      Partnership Agreement of First Industrial, L.P. (the “Partnership Agreement”)
      with respect to an aggregate of _____ Partnership Units (as defined in the
      Partnership Agreement), (ii) surrenders such Partnership Units and all
      right, title and interest therein and (iii) directs that the REIT shares
      (as defined in the Partnership Agreement), or applicable cash amount if so
      determined by the General Partner (as defined in the Partnership Agreement)
      in
      accordance with the Partnership Agreement, deliverable upon redemption of such
      Partnership Units be delivered to the address specified below.

     

    Dated:
      ______________________

     

    Name
      of
      Limited Partner: ______________________

     

    Social
      Security or

    Federal
      Employer ID Number: ______________________

     

    
      	                                                                                     
              
	
              (Signature
                of Limited Partner)

               

            
	                                                                                      
              
	
              (Street
                Address)

               

            
	                                                                                       
              
	
              (City)                 (State)(Zip
                Code)

               

            
	
              Signature
                Guaranteed by:

               

            
	                                                                                     
              

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FIRST
      INDUSTRIAL, L.P.

    

    EXHIBIT
      3

    

    TO

    

    TENTH
      AMENDED AND RESTATED

    

    LIMITED
      PARTNERSHIP AGREEMENT

    

    Form
      of Registration Rights Agreement

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      3

     

    

     

      
        

      

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    Dated
      as of June __, 1994

    

    of

    

    First
      Industrial Realty Trust, Inc.

    

    for
      the benefit of

    

    HOLDERS
      OF LIMITED PARTNERSHIP UNITS

    

    of

    

    First
      Industrial, L.P.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Registration
      Rights Agreement

     

    THIS
      REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
      June   , 1994, by First Industrial Realty Trust, Inc. (the
“Company”) for the benefit of the persons who own limited partnership units
      (“Units”) of First Industrial, L.P. (the “Partnership”) on the date hereof and
      their successors, assigns and transferees (herein referred to collectively
      as
      the “Holders” and individually as a “Holder”).

     

    WHEREAS,
      on the date hereof each Holder is or will become the owner of Units in the
      Partnership in connection with the contribution (the “Contributions”) of certain
      real properties and other assets to the Partnership;

     

    WHEREAS,
      on the date hereof the company is consummating an initial public offering of
      its
      common stock and is becoming the sole general partner of the
      Partnership;

     

    WHEREAS,
      in connection with the foregoing, the Company has agreed, subject to the terms,
      conditions and limitations set forth in the limited partnership agreement of
      the
      Partnership (the “Partnership Agreement”), to provide the Holders with certain
      registration rights.

     

    NOW,
      THEREFORE, the Company for the benefit of the Holders agrees as
      follows:

     

    Section
      1. Definitions.

     

    As
      used
      in this Agreement, the following capitalized defined terms shall have the
      following meanings:

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended form time to time.

     

    Holders
      or Holders:
      As set
      forth in the preamble.

     

    Majority
      Holders:
      At any
      time, Holders of Registrable Securities and Units then redeemable for
      Registrable Securities, who if all Units were so redeemed, would then hold
      a
      majority of the Registrable Securities.

     

    NASD:
      The
      National Association of Securities Dealers, Inc.

     

    Person:
      Any
      individual, partnership, corporation, trust or other entity.

     

    Prospectus:
      A
      prospectus included in the Shelf Registration statement, including any
      preliminary prospectus, and any such prospectus as amended or supplemented
      by
      any prospectus supplement with respect to the terms of the offering of any
      portion of the Registrable Securities covered by the Shelf Registration
      Statement, and by all other amendments and supplements to such prospectus,
      including post-effective amendments, and in each case including all material
      incorporated by reference therein.

     

    Registrable
      Securities:
      The
      Shares, excluding (i) Shares for which the Shelf Registration Statement
      shall have become effective under the Securities Act and which have been
      disposed of under the Shelf Registration Statement (ii) Shares sold or
      otherwise distributed pursuant to Rule 144 under the Securities Act and
      (iii) Shares as to which registration under the Securities Act is not
      required to permit the sale thereof to the public.

     

    Registration
      Expenses:
      Any and
      all expenses incident to performance of or compliance with this Agreement,
      including, without limitation: (i) all SEC, stock exchange or NASD
      registration and filing fees, (ii) all fees and expenses incurred in
      connection with compliance with state securities or blue sky laws (including
      reasonable fees and disbursements of counsel in connection with blue sky
      qualification of any of the Registrable Securities and the preparation of a
      Blue
      Sky Memorandum) and compliance with the rules of the NASD, (iii) all

     

    
      
        
        

      

      
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    expenses
      of any Persons in preparing or assisting in preparing, word processing, printing
      and distributing the Shelf Registration Statement, any Prospectus, certificates
      and other documents relating to the performance of and compliance with this
      Agreement, (iv) all fees and expenses incurred in connection with the
      listing, if any, of any of the Registrable Securities on any securities exchange
      or exchanges pursuant to Section 3(1) hereof, and (v) the fees and
      disbursements of counsel for the Company and of the independent public
      accountants of the Company, including the expenses of any special audits or
      “cold comfort” letters, if any, required by or incident to such performance and
      compliance. Registration Expenses shall specifically exclude underwriting
      discounts and commissions, brokerage or dealer fees, the fees and disbursements
      of counsel, accountants or other representatives of a selling Holder, and
      transfer taxes, if any, relating to the sale or disposition of Registrable
      Securities by a selling Holder, all of which shall be borne by such Holder
      in
      all cases.

     

    Registration
      Notice:
      As set
      forth in Section 3(b) hereof.

     

    Sale
      Period:
      The
      45-day period immediately following the filing with the SEC by the Company
      of an
      annual report of the Company on Form 1-K or a quarterly report of the
      Company on Form 10-Q or such other period as the Company may
      determine.

     

    SEC:
      The
      Securities and Exchange Commission.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended from time to time.

     

    Shares:
      The
      shares of common stock, $.01 par value, of the Company issued to Holders of
      Unites upon redemption or exchange of their Units.

     

    Shelf
      Registration:
      A
      registration required to be effected pursuant to Section 2
      hereof.

     

    Shelf
      Registration Statement:
      A
“shelf” registration statement of the Company and any other entity required to
      be a registrant with respect to such shelf registration statement pursuant
      to
      the requirements of the Securities Act which covers all of the Registrable
      Securities on an appropriate form under Rule 415 under the Securities Act,
      or any similar rule that may be adopted by the SEC, and all amendments and
      supplements to such registration statement, including post-effective amendments,
      in each case including the Prospectus contained therein, all exhibits thereto
      and all materials incorporated by reference therein.

     

    Units:
      Limited
      partnership interests in the Partnership issued to the holders in connection
      with the Contributions.

     

    Section
      2. Shelf Registration Under the Securities Act.

     

    (a) Filing
      of Shelf Registration Statement.
      Within
      13 months following the date hereof, the Company shall cause to be filed a
      Shelf
      Registration Statement providing for the sale by the Holders of all of the
      Registrable Securities ion accordance with the terms hereof and will use its
      reasonable best efforts to cause such Shelf Registration Statement to be
      declared effective by the SEC as soon as reasonably practicable. The Company
      agrees to use it reasonable best efforts to keep the Shelf Registration
      Statement continuously effective under the Securities Act until such time as
      the
      aggregate number of Units and Registrable Securities outstanding is less than
      5%
      of the aggregate number of Units outstanding on the date hereof (after giving
      effect to the Contributions) and, subject to Section 3(b) and
      Section 3(i), further agrees to supplement or amend the Shelf Registration
      Statement, if and as required by the rules, regulations or instructions
      applicable to the registration form used by the Company for such Shelf
      Registration Statement or by the Securities Act or by any other rules and
      regulations thereunder for Shelf Registration. Each Holder who sells Shares
      as
      part of the Shelf Registration shall be deemed to have agreed to all of the
      terms and conditions of this Agreement and to have agreed to perform any and
      all
      obligations of a Holder hereunder.

     

    
      
        
        

      

      
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    (b) Expenses.
      The
      Company shall pay all Registration Expenses in connection with the registration
      pursuant to Section 2(a). Each Holder shall pay all underwriting discounts
      and
      commissions, brokerage or dealer fees, the fees and disbursements of counsel,
      accountants or other representatives of such Holder and transfer taxes, if
      any,
      relating to the sale or disposition of such Holder’s Registrable Securities
      pursuant to the Shelf Registration Statement or Rule 144 under the Securities
      Act.

     

    (c) Inclusion
      in Shelf Registration Statement.
      Not
      later than 30 days prior to filing the Shelf Registration Statement with the
      SEC, the Company shall notify each Holder of its intention to make such filing
      and request advice from each Holder as to whether such Holder desires to have
      Registrable Securities held by it or which it is entitled to receive not later
      than the last day of the first Sale Period occurring in whole or in part after
      the date of such notice included in the Shelf Registration Statement at such
      time. Any Holder who does not provide the information reasonably requested
      by
      the Company in connection with the Shelf Registration Statement as promptly
      as
      practicable after receipt of such notice, but in no event later than 20 days
      thereafter, shall not be entitled to have its Registrable Securities included
      in
      the Shelf Registration Statement at the time it becomes effective, but shall
      have the right thereafter to deliver to the Company a Sale Notice as
      contemplated by Section 3(b).

     

    Section
      3. Registration Procedures.

     

    In
      connection with the obligations of the Company with respect to the Shelf
      Registration Statement pursuant to Section 2 hereof, the Company
      shall:

     

    (a) prepare
      and file with the SEC, within the time period set forth in Section 2(a) hereof,
      a Shelf Registration Statement, which Shelf Registration Statement
      (i) shall be available for the sale of the Registrable Securities in
      accordance with the intended method or methods of distribution by the selling
      Holders thereof and (ii) shall comply as to form in all material respects
      with the requirements of the applicable form and include all financial
      statements required by the SEC to be filed therewith.

     

    (b) subject
      to the last three sentences of this Section 3(b) and to Section 3(i) hereof,
      (i) prepare and file with the SEC such amendments and post-effective
      amendments to the Shelf Registration Statement as may be necessary to keep
      the
      Shelf Registration Statement effective for the applicable period;
      (ii) cause each Prospectus to be supplemented by any required prospectus
      supplement, and as so supplemented to be filed pursuant to Rule 424 or any
      similar rule that may be adopted under the Securities Act; (iii) respond
      promptly to any comments received from the SEC with respect to the Shelf
      Registration Statement, or any amendment, post-effective amendment or supplement
      relating thereto; and (iv) comply with the provisions of the Securities Act
      with respect to the disposition of all securities covered by the Shelf
      Registration Statement during the applicable period in accordance with the
      intended method or methods of distribution by the selling Holders thereof.
      Notwithstanding anything to the contrary contained herein, the Company shall
      not
      be required to take any of the actions described in clauses (i), (ii) or (iii)
      above with respect to each particular Holder of Registrable Securities unless
      and until the Company has received either a written notice (a “Registration
      Notice”) from a Holder that such Holder intends to make offers or sales under
      the Shelf Registration Statement as specified in such Registration Notice or
      a
      written response from such Holder of the type contemplated by Section 2(c);
      provided,
      however,
      that
      the Company shall have 7 business days to prepare and file any such amendment
      or
      supplement after receipt of a Registration Notice. Once a Holder has delivered
      such a written response or a Registration Notice to the Company, such Holder
      shall promptly provide to the Company such information as the Company reasonably
      requests in order to identify such Holder and the method of distribution in
      a
      post-effective amendment to the Shelf Registration Statement or a supplement
      to
      a Prospectus. Offers or sales under the Shelf Registration Statement may be
      made
      only during a Sale Period. Such Holder also shall notify the Company in writing
      upon completion of such offer or sale or at such time as such Holder no longer
      intends to make offers or sales under the Shelf Registration
      Statement.

     

    (c) furnish
      to each Holder of Registrable Securities that has delivered a Registration
      Notice to the Company, without charge, as many copies of each applicable
      Prospectus, including each preliminary Prospectus, 

     

    
      
        
        

      

      
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    and
      any
      amendment or supplement thereto and such other documents as such Holder may
      reasonably request, in order to facilitate the public sale or other disposition
      of the Registrable Securities; the Company consents to the use of such
      Prospectus, including each preliminary Prospectus, by each such Holder of
      Registrable Securities in connection with the offering and sale of the
      Registrable Securities covered by such Prospectus or the preliminary
      Prospectus.

     

    (d) use
      its
      reasonable best efforts to register or qualify the Registrable Securities by
      the
      time the Shelf Registration Statement is declared effective by the SEC under
      all
      applicable state securities or “blue sky” laws of such jurisdictions as any
      Holder of Registrable Securities covered by the Shelf Registration Statement
      shall reasonably request in writing, keep each such registration or
      qualification effective during the period the Shelf Registration Statement
      is
      required to be kept effective or during the period offers or sales are being
      made by a Holder that has delivered a Registration Notice to the Company,
      whichever is shorter, and do any and all other acts and things which may be
      reasonably necessary or advisable to enable such Holder to consummate the
      disposition in each such jurisdiction of such Registrable Securities owned
      by
      such Holder; provided,
      however,
      that
      the Company shall not be required (i) to qualify generally to do business
      in any jurisdiction or to register as a broker or dealer in such jurisdiction
      where it would not be required so to qualify or register but for this Section
      3(d), (ii) to subject itself to taxation in any such jurisdiction or
      (iii) to submit to the general service of process in any such
      jurisdiction.

     

    (e) notify
      each Holder when the Shelf Registration Statement has become effective and
      notify each Holder of Registrable Securities that has delivered a Registration
      Notice to the Company promptly and, if requested by such Holder, confirm such
      advice in writing (i) 3hen any post-effective amendments and supplements to
      the Shelf Registration Statement become effective, (ii) of the issuance by
      the SEC or any state securities authority of any stop order suspending the
      effectiveness of the Shelf Registration Statement or the initiation of any
      proceedings for that purpose, (iii) if the Company receives any
      notification with respect to the suspension of the qualification of the
      Registrable Securities for sale in any jurisdiction or the initiation of any
      proceeding for such purpose and (iv) of the happening of any event during
      the period the Shelf Registration Statement is effective as a result of which
      the Shelf Registration Statement or a related Prospectus contains any untrue
      statement of a material fact or omits to state any material fact required to
      be
      stated therein or necessary to make the statements therein (in the case of
      the
      Prospectus, in light of the circumstances under which they were made) not
      misleading.

     

    (f) make
      every reasonable effort to obtain the withdrawal of any order suspending the
      effectiveness of the Shelf Registration Statement at the earliest possible
      moment.

     

    (g) furnish
      to each Holder of Registrable Securities that has delivered a Registration
      Notice to the Company, without charge, at least one conformed copy of the Shelf
      Registration Statement and any post-effective amendment thereto (without
      documents incorporated therein by reference or exhibits thereto, unless
      requested).

     

    (h) cooperate
      with the selling Holders of Registrable Securities to facilitate the timely
      preparation and delivery of certificates representing Registrable Securities
      to
      be sold and not bearing any Securities Act legend; and enable certificates
      for
      such Registrable Securities to be issued for such numbers of shares and
      registered in such names as the selling Holders may reasonably request at least
      two (2) business days prior to any sale of Registrable Securities.

     

    (i) subject
      to the last three sentences of Section 3(b) hereof, upon the occurrence of
      any
      event contemplated by Section 3(e)(iv) hereof, use its reasonable best efforts
      promptly to prepare and file a supplement or prepare, file and obtain
      effectiveness of a post-effective amendment to the Shelf Registration Statement
      or a related Prospectus or any document incorporated therein by reference or
      file any other required document so that, as thereafter delivered to the
      purchasers of the Registrable Securities, such Prospectus will not contain
      any
      untrue statement of a material fact or omit to state a material fact required
      to
      be stated therein or necessary to make the statements therein, in the light
      of
      the circumstances under which they were made, not misleading.

     

    
      
        
        

      

      
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    (j) make
      available for inspection by representatives of the Holders of the Registrable
      Securities and any counsel or accountant retained by such Holders, all financial
      and other records, pertinent corporate documents and properties of the Company,
      and cause the respective officers, directors and employees of the Company to
      supply all information reasonably requested by any such representative, counsel
      or accountant in connection with the Shelf Registration Statement; provided,
      however,
      that
      such records, documents or information which the Company determines in good
      faith to be confidential, and notifies such representatives, counsel or
      accountants in writing that such records, documents or information are
      confidential, shall not be disclosed by the representatives, counsel or
      accountants unless (i) the disclosure of such records, documents or
      information is necessary to avoid or correct a material misstatement or omission
      in the Shelf Registration Statement, (ii) the release of such records,
      documents or information is ordered pursuant to a subpoena or other order from
      a
      court of competent jurisdiction or (iii) such records, documents or
      information have been generally made available to the public otherwise than
      in
      violation of this Agreement.

     

    (k) a
      reasonable time prior to the filing of any Prospectus, any amendment to the
      Shelf Registration Statement or amendment or supplement to a Prospectus, provide
      copies of such document (not including any documents incorporated by reference
      therein unless requested) to the Holders of Registrable Securities that have
      provided a Registration Notice to the Company.

     

    (l) use
      its
      reasonable best efforts to cause all Registrable Securities to be listed on
      any
      securities exchange on which similar securities issued by the Company are then
      listed.

     

    (m) obtain
      a
      CUSIP number for all Registrable Securities, not later than the effective date
      of the Shelf Registration Statement.

     

    (n) otherwise
      use its reasonable efforts to comply with all applicable rules and regulations
      of the SEC and make available to its security holders, as soon as reasonably
      practicable, an earnings statement covering at least 12 months which shall
      satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
      thereunder.

     

    (o) use
      its
      reasonable best efforts to cause the Registrable Securities covered by the
      Shelf
      Registration Statement to be registered with or approved by such other
      governmental agencies or authorities as may be necessary by virtue of the
      business and operations of the Company to enable Holders that have delivered
      Registration Notices to the Company to consummate the disposition of such
      Registrable Securities.

     

    The
      Company may require each Holder of Registrable Securities to furnish to the
      Company in writing such information regarding the proposed distribution by
      such
      Holder of such Registrable Securities as the Company may from time to time
      reasonably request in writing.

     

    In
      connection with and as a condition to the Company’s obligations with respect to
      the Shelf Registration Statement pursuant to Section 2 hereof and this Section
      3, each Holder agrees that (i) it will not offer or sell its Registrable
      Securities under the Shelf Registration Statement until (A) it has either
      (1) provided a Registration Notice pursuant to Section 3(b) hereof or (2)
      had Registrable Securities included in the Shelf Registration Statement at
      the
      time it became effective pursuant to Section 2(c) hereof and (B) it has received
      copies of the supplemented or amended Prospectus contemplated by Section 3(b)
      hereof and receives notice that any post-effective amendment has become
      effective; (ii) upon receipt of nay notice from the Company of the
      happening of any event of the kind described in Section 3(b)(iv) hereof, such
      Holder will forthwith discontinue disposition of Registrable Securities pursuant
      to the Shelf Registration Statement until such Holder receives copies of the
      supplemented or amended Prospectus contemplated by Section 3(i) hereof and
      receives notice that any post-effective amendment has become effective, and,
      if
      so directed by the Company, such Holder will deliver to the Company (at the
      expense of the Company) all copies in its possession, other than permanent
      file
      copies then in such Holder’s possession, of the Prospectus covering such
      registrable Securities current at the time of receipt of such notice; and (iii)
      all offers and sales under the Shelf Registration Statement shall be completed
      within forty-five (45) days after the first date on 

     

    
      
        
        

      

      
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    which
      offers or sales can be made pursuant to clause (i) above, and upon expiration
      of
      such forty-five (45) day period the Holder will not offer or sell its
      Registrable Securities under the Shelf Registration Statement until it has
      again
      complied with the provisions of clauses (i)(A)(1) and (B) above, except that
      if
      the applicable Registration Notice was delivered to the Company at a time which
      was not part of a Sale Period, such forty-five (45) day period shall be the
      next
      succeeding Sale Period.

     

    Section
      4. Restrictions on Public Sale by Holders of Registrable
      Securities.

     

    Each
      Holder agrees with the Company that:

     

    (a) If
      the
      Company determines in its good faith judgment, after consultation with counsel,
      that the filing of the Shelf Registration Statement under Section 2 hereof
      or
      the use of any Prospectus would require the disclosure of important information
      which the Company has a bona fide business purpose for preserving as
      confidential or the disclosure of which would impede the Company’s ability to
      consummate a significant transaction, upon written notice of such determination
      by the Company, the rights of the Holders to offer, sell or distribute any
      Registrable Securities pursuant to the Shelf Registration Statement or to
      require the Company to take action with respect to the registration or sale
      of
      any Registrable Securities pursuant to the Shelf Registration Statement
      (including any action contemplated by Section 3 hereof) will be suspended until
      the date upon which the Company notifies the Holders in writing that suspension
      of such rights for the grounds set forth in this Section 4(a) is no longer
      necessary.

     

    (b) In
      the
      case of the registration of any underwritten equity offering proposed by the
      Company (other than any registration by the Company on Form S-8, or a successor
      or substantially similar form, of (i) an employee stock option, stock
      purchase or compensation plan or of securities issued or issuable pursuant
      to
      any such plan or (ii) a dividend reinvestment plan), each Holder agrees, if
      requested in writing by the managing underwriter or underwriters administering
      such offering, not to effect any offer, sale or distribution of Registrable
      Securities ) or any option or right to acquire Registrable Securities) during
      the period commencing on the 10th day prior to the expected effective date
      (which date shall be stated in such notice) of the registration statement
      covering such underwritten primary equity offering and ending on the date
      specified by such managing underwriter in such written request to such Holder,
      which date shall not be later than six months after such expected date of
      effectiveness;

     

    (c) In
      the
      event that any Holder uses a Prospectus in connection with the offering and
      sale
      of Registrable Securities covered by such Prospectus, such Holder will use
      only
      the latest version of such Prospectus provided to it by the
      Company.

     

    Section
      5. Indemnification Contribution.

     

    (a) Indemnification
      by the Company.
      The
      Company agrees to indemnify and hold harmless each Holder and its officers
      and
      directors and each person, if any, who controls any Holder within the meaning
      of
      Section 15 of the Securities Act as follows:

     

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

     

    (ii) against
      any and all loss, liability, claim, damage and expense whatsoever, as incurred,
      to the extent of the aggregate amount paid in settlement of any litigation,
      or
      investigation or proceeding by any governmental agency or body, commenced or
      threatened, or of any claim whatsoever based upon any such 

     

    
      
        
        

      

      
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    untrue
      statement or omission, or any such alleged untrue statement or omission, if
      such
      settlement is effected with the written consent of the Company; and

     

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

     

    provided,
      however,
      that
      the indemnity provided pursuant to this Section 5(a) does not apply to any
      Holder with respect to any loss, liability, claim, damage or expense to the
      extent arising out of any untrue statement or omission or alleged untrue
      statement or omission made in reliance upon and in conformity with written
      information furnished to the Company by such Holder expressly for use in the
      Shelf Registration Statement (or any amendment thereto) or any
      Prospectus.

     

    (b) Indemnification
      by Holders.
      Each
      Holder severally agrees to indemnify and hold harmless the Company and the
      other
      selling Holders, and each of their respective directors and officers (including
      each director and officer of the Company who signed the Shelf Registration
      Statement), and each person, if any, who controls the Company or any other
      selling Holder within the meaning of Section 15 of the Securities Act, to the
      same extent as the indemnity contained in Section 5(a) hereof (except that
      any
      settlement described in Section 5(a)(2) shall be effected with the written
      consent of such Holder), but only insofar as such loss, liability, claim, damage
      or expense arises out of or is based upon any untrue statement or omission,
      or
      alleged untrue statement or omission, made in the Shelf Registration Statement
      (or any amendment thereto) or any Prospectus in reliance upon and in conformity
      with written information furnished to the Company by such selling Holder
      expressly for use in the Shelf Registration Statement (or any amendment thereto)
      or such Prospectus. In no event shall the liability of any Holder under this
      Section 5(b) be greater in amount than the dollar amount of the proceeds
      received by such Holder upon the sale of the Registrable Securities giving
      rise
      to such indemnification obligation.

     

    (c) Each
      indemnified party shall give reasonably prompt notice to each indemnifying
      party
      of any action or proceeding commenced against it in respect of which indemnity
      may be sought hereunder, but failure so to notify an indemnifying party
      (i) shall not relieve it from any liability which it may have under the
      indemnity agreement provided in Section 5(a) or (b) unless and to the extent
      it
      did not otherwise learn of such action and the lack of notice by the indemnified
      party results in the forfeiture by the indemnifying party of substantial rights
      and defenses and (ii) shall not, in any event, relieve the indemnifying
      party from any obligations to any indemnified party other than the
      indemnification obligation provided under Section 5(a) or (b). If the
      indemnifying party so elects within a reasonable time after receipt of such
      notice, the indemnifying party may assume the defense of such action or
      proceeding at such indemnifying party’s own expense with counsel chosen by the
      indemnifying party; provided,
      however,
      that,
      if such indemnified party or parties reasonably determine that a conflict of
      interest exists where it is advisable for such indemnified part or parties
      to be
      represented by separate counsel or that, upon advice of counsel, there may
      be
      legal defenses available to them which are different from or in addition to
      those available to the indemnifying party, then the indemnifying party shall
      not
      be entitled to assume such defense and the indemnified party or parties in
      the
      aggregate shall be entitled to one separate counsel at the indemnifying party’s
      expense. If an indemnifying party is not so entitled to assume the defense
      of
      such action or does not assume such defense, after having received the notice
      referred to in the first sentence of this Section 5(c), the indemnifying party
      or parties will pay the reasonable fees and expenses of counsel for the
      indemnified party or parties. In such event however, no indemnifying party
      will
      be liable for any settlement effected without the written consent of such
      indemnifying party. If an indemnifying party is entitled to assume, and assumes,
      the defense of such action or proceeding in accordance with this paragraph,
      such
      indemnifying party shall not be liable for any fees and expenses of counsel
      for
      the indemnified parties incurred thereafter in connection with such action
      or
      proceeding.

     

    
      
        
        

      

      
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    (d) In
      order
      to provide for just and equitable contribution in circumstances in which the
      indemnity agreement provided for in this Section 5 is for any reason held to
      be
      unenforceable although applicable in accordance with its terms, the Company
      and
      the selling Holders shall contribute to the aggregate losses, liabilities,
      claims, damages and expenses of the nature contemplated by such indemnity
      agreement incurred by the Company and the selling Holders, in such proportion
      as
      is appropriate to reflect the relative fault of and benefits to the Company
      on
      the one hand the selling Holders on the other (in such proportions that the
      selling Holders are severally, not jointly, reasonable for the balance), in
      connection with the statements or omissions which resulted in such losses,
      liabilities, claims, damages or expenses, as well as any other relevant
      equitable considerations. The relative benefits to the indemnifying party and
      indemnified parties shall be determined by reference to, among other things,
      the
      total proceeds received by the indemnifying party and indemnified parties in
      connection with the offering to which such losses, liabilities, claims, damages,
      or expenses relate. The relative fault of the indemnifying party and indemnified
      parties shall be determined by reference to, among other things, whether the
      action in question, including any untrue or alleged untrue statement of a
      material fact or omission or alleged omission to state a material fact, has
      been
      made by, or relates to information supplied by, such indemnifying party or
      the
      indemnified parties, and the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such action.

     

    The
      Company and the Holders agree that it would not be just or equitable if
      contribution pursuant to this Section 5(d) were determined by pro rata
      allocation or by any other method of allocation which does not take account
      of
      the equitable considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no selling Holder shall
      be
      required to contribute any amount in excess of the amount by which the total
      price at which the Registrable Securities of such selling Holder were offered
      to
      the public exceeds the amount of any damages which such selling Holder is
      otherwise required to pay by reason of such untrue statement or
      omission.

     

    Notwithstanding
      the foregoing, no Person guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any Person w ho was not guilty of such fraudulent
      misrepresentation. For purposes of this Section 5(d), each Person, if any,
      who
      controls a Holder within the meaning of Section 15 of the Securities Act and
      directors and officers of a Holder shall have the same rights to contribution
      as
      such Holder, and each director of the Company, each officer of the Company
      w ho
      signed the Shelf Registration Statement and each Person, if any, who controls
      the Company within the meaning of Section 15 of the Securities Act shall have
      the same rights to contribution as the Company.

     

    Section
      6. Rule 144 Sales.

     

    (a) The
      Company covenants that it will file the reports requires to be filed by the
      Company under the Securities Act and the Exchange Act, so as to enable any
      H
      older to sell Registrable Securities pursuant to Rule 144 under the Securities
      Act.

     

    (b) In
      connection with any sale, transfer or other disposition by any Holder of any
      Registrable Securities pursuant to Rule 144 under the Securities Act, the
      Company shall cooperate with such Holder to facilitate the timely preparation
      and delivery of certificates representing Registrable Securities to be sold
      and
      not bearing any Securities Act legend, and enable certificates for such
      Registrable Securities to be for such number of shares and registered in such
      names as the selling Holders may reasonably request at least two business days
      prior to any sale of Registrable Securities.

     

    Section
      7. Miscellaneous.

     

    (a) Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given without consent of the Company and
      Holders constituting Majority Holders; provided,
      however,
      that no
      amendment, modification or supplement or waiver or consent to the departure
      with

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    respect
      to the provisions of Sections 2, 3, 4, 5, 6 or 7(a) hereof or the definition
      of
      Registrable Securities or which would impair the rights of any Holder under
      such
      provisions, shall be effective as against any Holder of Registrable Securities
      or Units redeemable for Registrable Securities unless consented to in writing
      by
      such Holder of Registrable Securities or Units. Notice of any amendment,
      modification or supplement to this Agreement adopted in accordance with this
      Section 7(a) shall be provided by Company to each Holder of Registrable
      Securities or Units redeemable for Registrable Securities at least thirty (30)
      days prior to the effective date of such amendment, modification or
      supplement.

     

    (b) Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made in writing by hand delivery, registered first-class mail, telex, telecopier
      or any courier guaranteeing overnight delivery, (i) if to a Holder, at the
      most current address given by such Holder to the Company by means of a notice
      given in accordance with the provisions of this Section 7(b), which address
      initially is, with respect to each H older, the address set forth in the
      Partnership Agreement, or (ii) to the Company, at 150 N. Wacker Drive,
      Suite 150, Chicago, Illinois 60606, Attention: President.

     

    All
      such
      notices and communications shall be deemed to have been duly given: at the
      time
      delivered by hand, if personally delivered; five (5) business days after being
      deposited in the mail, postage prepaid, if mailed; when answered back, if
      telexed; when receipt is acknowledged, if telecopied; or at the time delivered
      if delivered by an air courier guaranteeing overnight delivery.

     

    (c) Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors,
      assigns and transferees of each of the Company and the Holders, including
      without limitation and without the need for an express assignment, subsequent
      Holders. If any successor, assignee or transferee of any Holder shall acquire
      Registrable Securities, in any manner, whether by operation of law or otherwise,
      such Registrable Securities shall be held subject to all of the terms of this
      Agreement, and by taking and holding such Registrable Securities such Person
      shall be entitled to receive the benefits hereof and shall be conclusively
      deemed to have agreed to be bound by all of the terms and provisions
      hereof.

     

    (d) Headings.
      The
      headings in this Agreement are for the convenience of reference only and shall
      not limited or otherwise affect the meaning hereof.

     

    (e) GOVERNING
      LAW.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF MARYLAND WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS
      THEREOF.

     

    (f) Specific
      Performance.
      The
      Company and the Holders acknowledge that there would be no adequate remedy
      at
      law if any party fails to perform any of its obligations hereunder, and
      accordingly agree that the Company and each Holder, in addition to any other
      remedy to which it may be entitled at law or in equity, shall be entitled to
      compel specific performance of the obligations of another under this Agreement
      in accordance with the terms and conditions of this Agreement in any court
      of
      the United States or any State thereof having jurisdictions.

     

    (g) Entire
      Agreement.
      This
      Agreement is intended by the Company as a final expression of its agreement
      and
      is intended to be a complete and exclusive statement of the agreement and
      understanding of the Company in respect of the subject matter contained herein.
      This Agreement supersedes all prior agreements and understandings of the Company
      with respect to such subject matter.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has executed this Agreement as of the date first
      written above.

     

    
      	
              FIRST
                INDUSTRIAL REALTY TRUST, INC.

               

            
	
              By:   

            
	
              Name:  

            
	
              Title  

            

    

    

    
      
        
        

      

      
        -11-

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