<SUBMISSION>
<ACCESSION-NUMBER>0000950133-06-002126
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20060501
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20060501
<DATE-OF-FILING-DATE-CHANGE>20060501
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>COMMERCIAL NET LEASE REALTY INC
<CIK>0000751364
<ASSIGNED-SIC>6798
<IRS-NUMBER>561431377
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-11290
<FILM-NUMBER>06792260
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>4074237348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>455 S ORANGE AVE STE 700
<STREET2>400 E SOUTH ST STE 500
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC /DE/
<DATE-CHANGED>19930429
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC
<DATE-CHANGED>19920831
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GOLDEN CORRAL REALTY CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w20322e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>Date
of Report (Date of earliest event reported) : May&nbsp;1, 2006</b></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 18pt"><B>NATIONAL RETAIL PROPERTIES, INC.</B><BR>
<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B><BR>
<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-11290</B><BR>
<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-1431377</B><BR>
<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>450 South Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>32801</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <B>(407)&nbsp;265-7348</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Commercial Net Lease Realty, Inc.<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;28, 2006, Commercial Net Lease Realty, Inc. (the &#147;Company&#148;) filed an Articles
of Amendment to its First Amended and Restated Articles of Incorporation with the Maryland
State Department of Assessments and Taxation. The Articles of Amendment change the name of the Company
to National Retail Properties, Inc., effective as of May&nbsp;1, 2006. The Board of Directors of the
Company approved the Articles of Amendment on April&nbsp;17, 2006. The First Amended and Restated
Articles of Incorporation of the Company, as amended, is filed with this report as Exhibit&nbsp;3.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;17, 2006, the Board of Directors of the Company approved the First Amendment to the
Third Amended and Restated Bylaws of the Company, which amended Article&nbsp;I, Section&nbsp;I of the
Company&#146;s Third Amended and Restated Bylaws to change the name of the Company to National Retail
Properties, Inc., effective as of May&nbsp;1, 2006. The Third Amended and Restated Bylaws of the
Company, as amended, is filed with this report as Exhibit&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Amended and Restated Articles of Incorporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third Amended and Restated Bylaws of the Company.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>NATIONAL RETAIL PROPERTIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kevin B. Habicht
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Kevin B. Habicht&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2" nowrap>Chief Financial Officer&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: May&nbsp;1, 2006
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Articles of Incorporation.</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">3.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Bylaws of the Company.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>w20322exv3w1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Part I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Articles of Incorporation of Commercial Net Lease Realty, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Part II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to First Amended and Restated Articles of Incorporation of Commercial Net Lease Realty, Inc.</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Merger Merging Commercial Net Lease Realty Services, Inc. Into Commercial Net Lease Realty, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to First Amended and Restated Articles of Incorporation of Commercial Net Lease Realty, Inc.</TD>
</TR>
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART I
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FIRST AMENDED AND RESTATED<BR>
ARTICLES OF INCORPORATION<BR>
OF<BR>
COMMERCIAL NET LEASE REALTY, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Net Lease Realty, Inc., a Maryland corporation (hereinafter the
&#147;Corporation&#148;), hereby certifies to the Department of Assessments and Taxation of the State of
Maryland, that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: The Corporation desires to amend and restate its charter as currently in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: Prior to this amendment and restatement the total number of shares of all classes
of capital stock that the Corporation had authority to issue was one 180,000,000 shares, consisting
of (i)&nbsp;90,000,000 shares of common stock, par value $0.01 per share: and (ii)&nbsp;90,000,000 shares of
excess stock, par value $0.01 per share. The aggregate par value of all of the authorized shares of
all classes of capital stock having a par value was $1,800,000.00. After this amendment and
restatement the total number of shares of all classes of capital stock that the Corporation will
have authority to issue will be 210,000,000 shares consisting of (i)&nbsp;90,000,000 shares of common
stock, par value $0.01; (ii)&nbsp;15,000,000 shares of preferred stock, par value $0.01; and 105,000,000
shares of excess stock, par value $0.01. The aggregate par value of all of the authorized shares of
all classes of capital stock having a par value will be $2,100,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: The provisions of the charter which are now in effect and as amended hereby,
stated in accordance with the Maryland General Corporation Law are as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I<BR>
NAME
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the Corporation is Commercial Net Lease Realty, Inc.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II<BR>
DURATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duration of the Corporation is perpetual.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III<BR>
PURPOSES AND POWERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the Corporation is formed is to engage in any lawful business, act
or activity for which corporations may be organized under the laws of the State of Maryland and, in
general, to possess and exercise all the purposes, powers, rights and privileges granted to, or
conferred upon, corporations by the laws of the State of Maryland now or hereafter in force, and to
exercise any powers suitable, convenient or proper for the accomplishment of the purposes herein
enumerated, implied or incidental to the powers herein enumerated or which at any time may appear
conducive to or expedient for the accomplishment of such purposes. The foregoing shall, except
where otherwise expressed, in no way be limited or restricted by reference to or inference from the
terms of any other clause of this or any other provision of this Charter or of any amendment hereto
or restatement hereof, and shall each be regarded as independent and construed as powers as well as
purposes.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV<BR>
PRINCIPLE OFFICE AND RESIDENT AGENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The post office address of the principal office of the Corporation is c/o The Corporation
Trust Incorporated, 300 East Lombard Street, Baltimore, MD 21202. The resident agent of the
Corporation is The Corporation Trust Incorporated, 300 E. Lombard Street, Baltimore, Maryland
21202. Said resident agent is a Maryland corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V<BR>
BOARD OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors shall be no less than three (3), unless a lesser number is
permitted pursuant to the terms of the Maryland General Corporation Law as in effect from time to
time or any successor statute thereto (the &#147;MGCL&#148;). Subject to the foregoing, the number of
directors of the Corporation shall be fixed by the Bylaws of the Corporation and maybe increased or
deceased from time to time in such a manner as may be prescribed by the Bylaws. The following
persons will serve as directors of the Corporation until the annual meeting and until their
successors are elected and qualify:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert A. Bourne
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ted B. Lanier</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward Clark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James M. Seneff, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Clifford R. Hinkle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI<BR>
AUTHORIZED STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. TOTAL CAPITALIZATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of capital stock that the Corporation has
authority to issue is two hundred ten million (210,000,000) shares consisting of (i)&nbsp;ninety million
(90,000,000) shares of common stock, par value $0.01 (the &#147;Common Stock&#148;); (ii)&nbsp;fifteen million
(15,000,000) shares of preferred stock, par value $0.01 (the &#147;Preferred Stock&#148;); and one hundred
five million (105,000,000) shares of excess stock, par value $0.01 (the &#147;Excess Stock&#148;). The
aggregate par value of all of the authorized shares of all classes of capital stock having a par
value is $2,100,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. CAPITAL STOCK
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;COMMON STOCK
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;COMMON STOCK SUBJECT TO TERMS OF PREFERRED STOCK. The Common Stock shall be subject
to the express terms of the Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;DIVIDEND RIGHTS. The holders of shares of Common Stock shall be entitled to receive
such dividends as may be declared by the Board of Directors of the Corporation out of funds legally
available therefore.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;RIGHTS UPON LIQUIDATION. In the event of any voluntary or involuntary liquidation,
dissolution or winding up, or any distribution of the assets, of the Corporation, the aggregate
amount available for distribution to holders of shares of Common Stock (including, for purposes of
this sentence, holders of shares of Excess Stock) shall be determined by applicable law. Except as
provided below, each holder of shares of the Common Stock shall be entitled to receive that portion
of such aggregate amount, ratably with (i)&nbsp;each other holder of shares of Common Stock and (ii)
each holder of shares of Excess Stock, as the number of shares of the Common Stock held by such
holder bears to the total number of shares of Common Stock and Excess Stock. Anything herein to the
contrary notwithstanding, in no event shall the amount payable to a holder of shares with respect
to Excess Stock hereunder exceed (i)&nbsp;the price per share such holder paid for the Common Stock in
the purported Transfer (as that term is defined in paragraph A of Section&nbsp;3 of this Article&nbsp;VI)
that resulted in the Excess Stock or (ii)&nbsp;if the holder did not give full value for such Excess
Stock (as through a gift, devise or other event or transaction), a price per share equal to the
Market Price (as the term is defined in paragraph A of Section&nbsp;3 of this Article&nbsp;VI) for the shares
of the Common Stock on the date of the purported Transfer that resulted in such Excess Stock. Any
amount available for distribution in excess of the foregoing limitations shall be paid ratably to
holders of Common Stock and other holders of Excess Stock resulting from the exchange of Common
Stock to the extent permitted by the foregoing limitations.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;VOTING RIGHTS. Except as may be provided in this Charter, and subject to the express terms
of any series of Preferred Stock, the holders of shares of the Common Stock shall have the
exclusive right to vote on all matters (as to which a common stockholder shall be entitled to vote)
at all meetings of the stockholders of the Corporation, and shall be entitled to one (1)&nbsp;vote for
each share of the Common Stock entitled to vote at such meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;PREFERRED STOCK
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Stock may be issued from time to time in one or more series as authorized
by the Board of Directors. Prior to the issuance of shares of each such series, the Board of
Directors, by resolution, shall fix the number of shares to be included in each series, and the
terms, rights, restrictions and qualifications of the shares of each series. The authority of the
Board of Directors with respect to each series shall include, but not be limited to, determination
of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The designation of the series, which may be by distinguishing number, letter or title;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The dividend rate on the shares of the series, if any, whether any
dividends shall be cumulative and, if so, from which date or
dates, and the relative rights of priority, if any, of payment of
dividends on shares of the series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The redemption rights, including conditions and the price or prices, if any, for shares of the series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms and amounts of any sinking fund for the purchase or redemption of shares of the series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights of the shares of the series in the event of any
voluntary or involuntary liquidation, dissolution or winding up of
the affairs of the Corporation, and the relative rights of
priority, if any, of payment of shares of the series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether the shares of the series shall be convertible into shares
of any other class or series, or any other security, of the
Corporation or any other corporation or other entity, and, if so,
the specification of such other class or series of such other
security, the conversion price or prices or dates on which such shares shall be convertible and all other terms and conditions
upon which such conversion may be made;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on the issuance of shares of the same series or of any other class or series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The voting rights, if any, of the holders of shares of the series; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other relative rights, preferences and limitations on that series.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the express provisions of any other series of Preferred Stock then
outstanding, notwithstanding any other provision of this Charter, the Board of Directors may
increase or decrease (but not below the number of shares of such series then outstanding) the
number of shares, or alter the designation or classify or reclassify any unissued shares of a
particular series of Preferred Stock, by fixing or altering, in one or more respects, from time to
time before issuing the shares, the terms, rights, restrictions and qualifications of the shares of
any such series of Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. RESTRICTIONS ON TRANSFER; ACQUISITIONS AND REDEMPTION SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;DEFINITIONS. For purposes of Sections&nbsp;3 and 4 of this Article&nbsp;VI, the following terms
shall have the following meanings:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Beneficial Ownership&#148; shall mean ownership of shares of Capital Stock by an individual who
would be treated as an owner of such shares under Section&nbsp;542(a)(2) of the Code, either directly or
constructively through the application of Section&nbsp;544, as modified by Section&nbsp;856(h)(1)(B). For
purposes of this definition, the term &#147;individual&#148; also shall include any organization, trust or
other entity that is treated as an individual for purposes of Section&nbsp;542(a)(2) of the Code. The
terms &#147;Beneficial Owner,&#148; &#147;Beneficially Own,&#148; &#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; shall
have correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Beneficiary&#148; shall mean a beneficiary of the Trust as determined pursuant to paragraph A of
Section&nbsp;4 of this Article&nbsp;VI.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Board of Directors&#148; shall mean the Board of Directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Bylaws&#148; shall mean the Bylaws of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Capital Stock&#148; shall mean collectively the stock of the Corporation that is either Common
Stock and Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Code&#148; shall mean the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute thereto. Reference to any provision of the Code shall mean such provision as in
effect from time to time, as the same may be amended, and any successor thereto, as interpreted by
any applicable regulations thereto and judicial decisions as in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Constructive Ownership&#148; shall mean ownership of shares of Capital Stock by a Person who would
be treated as an owner of such shares, either actually or constructively, through the application
of Section&nbsp;318 of the Code, as modified by Section&nbsp;856(d)(5) thereof. The terms &#147;Constructive
Owner,&#148; &#147;Constructively Own,&#148; &#147;Constructively Owns&#148; and &#147;Constructively Owned&#148; shall have
correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Market Price&#148; on any day shall mean the average of the Closing Prices for the ten (10)
consecutive Trading Days immediately preceding such day (or those days during such 10-day period
for which Closing Prices are available). The &#147;Closing Price&#148; on any day shall mean the last sale
price, regular way, on such day or if no such sale takes place on that day, the average of the closing bid and asked prices,
regular way, in either case as reported on the principal consolidated transaction reporting system
with respect to securities listed or admitted to trading on the New York Stock Exchange or the
American Stock Exchange, or if the Capital Stock is not so listed or admitted to trading, as
reported in the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange (including the National Market System of the
National Association of Securities Dealers, Inc. Automated Quotation System) on which the Capital
Stock is listed or admitted to trading or, if the Capital Stock is not so listed or admitted to
trading, the last quoted price, or if not quoted, the average of the high bid and low asked prices
in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc.
Automated Quotation System or, if such system is no longer in use, the principal automated
quotation system then in use or, if the Capital Stock is not so quoted by any such system, the
average of the closing bid and asked prices as furnished by a professional market maker selected by
the Board of Directors making a market in the Capital Stock or, if there is no such market maker or
such closing prices otherwise are not available, the fair market value of the Capital Stock as of
such day, as determined by the Board of Directors in its discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Ownership Limit&#148; shall mean 9.8&nbsp;percent of the Value of the outstanding Capital Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Person&#148; shall mean an individual, corporation, partnership, estate, trust (including a trust
qualified under Section 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set
aside for or to be used exclusively for the purposes described in Section 642(c) of the Code,
association, private foundation within the meaning of Section 509(a) of the Code, joint stock
company or other entity, or a group as that term is used for purposes of Section&nbsp;13(d)(3) of the
Securities Exchange Act of 1934, as amended; but does not include an underwriter which participated
in a public offering of Capital Stock for a period of sixty (60)&nbsp;days following the purchase by
such underwriter of Capital Stock therein, provided that the foregoing exclusion shall apply in an
underwriting only if the ownership of such Capital Stock by such underwriter would not cause the
Corporation to fail to qualify as a REIT by reason of being &#147;closely held&#148; within the meaning of
Section 856(a) of the Code or otherwise cause the Corporation to fail to qualify as a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Purported Beneficial Transferee&#148; shall mean, with respect to any purported Transfer which
results in Excess Stock, the purported beneficial transferee for whom the Purported Record
Transferee would have acquired shares of Capital Stock if such Transfer had been valid under
paragraph B of this Section&nbsp;3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Purported Record Transferee&#148; shall mean, with respect to any purported Transfer which results
in Excess Stock, the record holder of the Capital Stock if such Transfer had been valid under
paragraph B of this Section&nbsp;3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;REIT&#148; shall mean a real estate investment trust under Sections&nbsp;856 through 860 of the Code.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Restriction Termination Date&#148; shall mean the first day on which the Board of Directors and the
stockholders of the Corporation determine that it is no longer in the best interests of the
Corporation to attempt, or continue, to qualify as a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Trading Day&#148; shall mean a day on which the principal national securities exchange on which
the Capital Stock is listed or admitted to trading is open for the transaction of business or, if
the Capital Stock is not listed or admitted to trading, shall mean any day other than a Saturday,
Sunday or other day on which banking institutions in the State of New York are authorized or
obligated by law or executive order to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Transfer&#148; shall mean any sale, transfer, gift, hypothecation, assignment, devise or other
disposition of Capital Stock (including (i)&nbsp;the granting of any option (including any option to
acquire any option or any series of such options) or entering into any agreement for the sale,
transfer or other disposition of Capital Stock or (ii)&nbsp;the sale, transfer assignment or other
disposition of any securities or rights convertible into or exchangeable for Capital Stock),
whether voluntary or involuntary, of record, constructively or
beneficially, and whether by operation of law or otherwise. The terms &#147;Transfers&#148; and &#147;Transferred&#148;
shall have correlative meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Trust&#148; shall mean the trust created pursuant to paragraph A of Section&nbsp;4 of this Article&nbsp;VI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Trustee&#148; shall mean the Corporation as trustee for the Trust, and any successor trustee appointed by the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Value&#148; shall mean, as of any given date, the Market Price per share of each class of Capital
Stock then outstanding, multiplied by the number of shares of such class then outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;OWNERSHIP AND TRANSFER LIMITATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Notwithstanding any other provision of this Charter, except as provided in paragraph
I of this Section&nbsp;3 and Section&nbsp;5 of this Article&nbsp;VI, prior to the Restriction Termination Date, no
Person shall Beneficially or Constructively Own shares of Capital Stock in excess of the Ownership
Limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Notwithstanding any other provision of this Charter, except as provided in paragraph
I of this Section&nbsp;3 and Section&nbsp;5 of this Article&nbsp;VI, prior to the Restriction Termination Date,
any Transfer, change in the capital structure of the Corporation, or other purported change in
Beneficial or Constructive Ownership of Capital Stock that, if effective, would result in any
Person Beneficially or Constructively Owning Capital Stock in excess of the Ownership Limit shall
be void ab initio as to the Transfer, change in the capital structure of the Corporation, or other
purported change in Beneficial or Constructive Ownership with respect to that number of shares of
Capital Stock which would otherwise be Beneficially or Constructively Owned by Such Person in
excess of the Ownership Limit, and neither the Purported Beneficial Transferee nor the Purported
Record Transferee shall acquire any rights in that number of shares of Capital Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Notwithstanding any other provision of this Charter, except as provided in Section&nbsp;5
of this Article&nbsp;VI, prior to the Restriction Termination Date, any Transfer, change in the capital
structure of the Corporation, or other purported change in ownership of Capital Stock that, if
effective, would result in the Capital Stock being owned by fewer than 100 Persons (determined
without reference to any rules of attribution) shall be void ab initio as to the Transfer, change
in the capital structure of the Corporation, or other purported change in ownership with respect to
that number of shares which otherwise would be owned by the transferee, and the intended transferee
or subsequent owner (including a Beneficial Owner) shall acquire no rights in that number of shares
of Capital Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Notwithstanding any other provisions of this Charter except Section&nbsp;5 of this Article
VI, prior to the Restriction Termination Date, any Transfer, change in the capital structure of the
Corporation, or other purported change in Beneficial Ownership of shares of Capital Stock that, if
effective, would cause the Corporation to fail to qualify as a REIT by reason of being &#147;closely
held&#148; within the meaning of Section 856(h) of the Code or otherwise, directly or indirectly, would
cause the Corporation to fail to qualify as a REIT shall be void ab initio as to the Transfer,
change in the capital structure of the Corporation, or other purported change in Beneficial
Ownership with respect to that number of shares of Capital Stock which would cause the Corporation
to be &#147;closely held&#148; within the meaning of Section 856(h) of the Code or otherwise, directly or
indirectly, would cause the Corporation to fail to qualify as a REIT, and the intended transferee
or subsequent Beneficial Owner shall acquire no rights in that number of shares of Capital Stock.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;EXCHANGE FOR EXCESS STOCK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;If, notwithstanding the other provisions contained in this Article&nbsp;VI, at any time
prior to the Restriction Termination Date, there is a purported Transfer, change in the capital
structure of the Corporation or other purported change in the Beneficial or Constructive Ownership
of Capital Stock such that any person would either Beneficially or Constructively Own Capital Stock in excess
of the Ownership Limit, then, except as otherwise provided in paragraph I of this Section&nbsp;3, such
shares of Capital Stock (rounded up to the next whole number of shares) in excess of the Ownership
Limit automatically shall be exchanged for an equal number of shares of Excess Stock having terms,
rights, restrictions and qualifications identical thereto, except to the extent that this Article
VI requires different terms. Such exchange shall be effective as of the close of business on the
business day next preceding the date of the purported Transfer, change in capital structure or
other change in purported Beneficial or Constructive Ownership of Capital Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;If, notwithstanding the other provisions contained in this Article&nbsp;VI, prior to the
Restriction Termination Date, there is a purported Transfer, change in the capital structure of the
Corporation or other purported change in Beneficial Ownership of Capital Stock which, if effective,
would cause the Corporation to fail to qualify as a REIT by reason of being &#147;closely held&#148; within
the meaning of Section 856(h) of the Code, or otherwise, directly or indirectly would cause the
Corporation to fail to qualify as a REIT, then the shares of Capital Stock (rounded up to the next
whole number of shares), being Transferred or which are otherwise affected by the change in capital
structure or other purported change in Beneficial Ownership and which, in any case, would cause the
Corporation to be &#147;closely held&#148; within the meaning of such Section 856(h) or otherwise would cause
the Corporation to fail to qualify as a REIT automatically shall be exchanged for an equal number
of shares of Excess Stock having terms, rights, restrictions and qualifications identical thereto,
except to the extent that this Article&nbsp;VI requires different terms. Such exchange shall be
effective as of the close of business on the business day next preceding the date of the purported
Transfer, change in capital structure or other purported change in Beneficial Ownership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;REMEDIES FOR BREACH. If the Board of Directors or its designee shall at any time
determine in good faith that a Transfer or change in the capital structure of the Corporation has
taken place in violation of paragraph B of this Section&nbsp;3 or that a Person intends to acquire or
has attempted to acquire Beneficial or Constructive Ownership of any shares of Capital Stock in
violation of paragraph B of this Section&nbsp;3, the Board of Directors or its designee shall take such
actions as it deems advisable to refuse to give effect to or to prevent such Transfer, change in
capital structure of the Corporation or other attempt to acquire Beneficial or Constructive
Ownership of any shares of Capital Stock, including, but not limited to, refusing to give effect
thereto on the books of the Corporation or instituting injunctive proceedings with respect thereto;
provided, however, that any Transfer, change in the capital structure of the Corporation, attempted
Transfer or other attempt to acquire Beneficial or Constructive Ownership of any shares of Capital
Stock in violation of subparagraphs (2), (3)&nbsp;and (4)&nbsp;of paragraph B of this Section&nbsp;3 (as
applicable) shall be void ab initio and where applicable automatically shall result in the exchange
described in paragraph C of this Section&nbsp;3, irrespective of any action (or inaction) by the Board
of Directors or its designee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;NOTICE OF RESTRICTED TRANSFER. Any Person who acquires or attempts to acquire
Beneficial or Constructive Ownership of shares of Capital Stock in violation of paragraph B of this
Section&nbsp;3 and any Person who Beneficially or Constructively owns Excess Stock pursuant to paragraph
C of this Section&nbsp;3 shall immediately give written notice to the Corporation, or, in the event of a
proposed or attempted Transfer or purported change in Beneficial Ownership, shall give at least
fifteen (15)&nbsp;days prior written notice to the Corporation, of such event and shall promptly provide
to the Corporation such other information as the Corporation may request in order to determine the
effect, if any, of such Transfer, attempted Transfer or purported change in Beneficial Ownership on
the Corporation&#146;s status as a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;OWNERS REQUIRED TO PROVIDE INFORMATION. Prior to the Restriction Termination Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Every Beneficial or Constructive Owner of more than 5.0&nbsp;percent, or such lower
percentages as required pursuant to regulations under the Code or as may be requested by the Board
of Directors, of the Value of the outstanding Capital Stock of the Corporation shall annually, no
later than January&nbsp;31 of each calendar year, give written notice to the Corporation stating (i)&nbsp;the
name and address of such Beneficial or Constructive Owner; (ii)&nbsp;the number of shares of Capital Stock Beneficially
or Constructively Owned and (iii)&nbsp;a description of how such shares are held. Each such Beneficial
or Constructive Owner promptly shall provide to the Corporation such additional information as the
Corporation, in its sole discretion, may request in order to determine the effect, if any, of such
Beneficial or Constructive Ownership on the Corporation&#146;s status as a REIT and to ensure compliance
with the Ownership Limit.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Each person who is a Beneficial or Constructive Owner of Capital Stock and each Person
(including the stockholder of record) who is holding Capital Stock for a Beneficial or Constructive
Owner promptly shall provide to the Corporation such information as the Corporation, in its sole
discretion, may request in order to determine the Corporation&#146;s status as a REIT, to comply with
the requirements of any taxing authority or other governmental agency, to determine any such
compliance or to ensure compliance with the Ownership Limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;REMEDIES NOT LIMITED. Noting contained in this Article&nbsp;VI except Section&nbsp;5 hereof
shall limit scope or application of the provisions of this Section&nbsp;3, the ability of the
Corporation to implement or enforce compliance with the terms thereof or the authority of the Board
of Directors to take any such other action or actions as it may deem necessary or advisable to
protect the Corporation and the interests of its stockholders by preservation of the Corporation&#146;s
status as a REIT and to ensure compliance with the Ownership Limit, including, without limitation,
refusal to give effect to a transaction on the books of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;AMBIGUITY. In the case of an ambiguity in the application of any of the provisions of
this Section&nbsp;3, including any definition contained in paragraph A hereof, the Board of Directors
shall have the power and authority, in its sole discretion, to determine the application of the
provisions of this Section&nbsp;3 with respect to any situation based on the facts known to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;EXCEPTION. The Board of Directors, upon receipt of a ruling from the Internal Revenue
Service, an opinion of counsel, or other evidence satisfactory to the Board of Directors, in its
sole discretion, in each case to the effect that the restrictions contained in subparagraph 3 and
subparagraph 4 of paragraph B of this Section&nbsp;3 will not be violated, may waive, in whole or in
part, the application of the Ownership Limit with respect to any Person. In connection with any
exemption, the Board of Directors may require such representations and undertakings from such
Person and may impose such other conditions as the Board deems necessary, in its sole discretion,
to determine the effect, if any, of the proposed Transfer on the Corporation&#146;s status as a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;LIMITATIONS ON MODIFICATIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Ownership Limit may not be increased (nor may any additional ownership
limitations be created) if, after giving effect to such increase or creation, the Corporation would
be &#147;closely held&#148; within the meaning of Section 856(h) of the Code (assuming ownership of shares of
Capital Stock by all Persons equal to the greater of the Beneficial Ownership of Capital Stock by
such Person or the Ownership Limit,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Prior to any modification of the Ownership Limit, the Board of Directors may require
such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary,
advisable or prudent in order to determine or ensure the Corporation&#146;s status a REIT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;LEGEND. Each certificate for shares of Capital Stock shall bear substantially the
following legend:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The securities represented by this certificate are subject to restrictions on transfer for
the purpose of maintenance of the Corporation&#146;s status as a real estate investment trust under the
Internal Revenue Code of 1986, as mended (the &#147;Code&#148;). Except as otherwise provided pursuant to he
Charter of the Corporation, no Person may (i)&nbsp;Beneficially or Constructively Own shares of Capital Stock in excess of 9.8
percent of the Value of the outstanding shares of Capital Stock of the Corporation; or (ii)
Beneficially Own Capital Stock which could result in the Corporation being &#147;closely held&#148; under
Section 856(h) of the Code or otherwise would cause the Corporation to fail to qualify as a REIT.
Any Person who attempts or proposes to Beneficially or Constructively Own shares of Capital Stock
in excess of the above limitations must notify the Corporation in writing at least fifteen (15)
days prior to the proposed or attempted transfer. If the transfer restrictions referred to herein
are violated, the shares of Capital Stock represented hereby automatically will be exchanged for
shares of Excess Stock and will be held in trust by the Corporation, all as provided in the Charter
of the Corporation. All capitalized terms in this legend have the meanings identified in the
Corporation&#146;s Charter, as the same may be amended or restated from time to time, a copy of which,
including the restrictions on transfer, will be sent without charge to each stockholder who so
requests.&#148;
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. EXCESS STOCK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;OWNERSHIP IN TRUST. Upon any purported Transfer, change in the capital structure of
the Corporation or other purported change in Beneficial Ownership that results in Excess Stock
pursuant to paragraph C of Section&nbsp;3 of this Article&nbsp;VI, such Excess Stock shall be deemed to have
been transferred to the Corporation as Trustee of a Trust for the benefit of such Beneficiary or
Beneficiaries to whom an interest in such Excess Stock may later be transferred pursuant to
paragraph E of this Section&nbsp;4. Shares of Excess Stock so held in trust shall be issued and
outstanding stock of the Corporation. The Purported Record Transferee shall have no rights in such
Excess Stock except the right to designate a transferee of such Excess Stock upon the terms
specified in paragraph E of this Section&nbsp;4. The Purported Beneficial Transferee shall have no
rights in such Excess Stock except as provided in paragraph C of this Section&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;DIVIDEND RIGHTS. Excess Stock shall not be entitled to any dividends. Any dividend or
distribution paid prior to the discovery by the Corporation that the shares of Capital Stock have
been exchanged for Excess Stock shall be repaid to the Corporation upon demand, and any dividend or
distribution declared but unpaid at the time of such discovery shall be rescinded as void ab initio
with respect to such shares of Excess Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;RIGHTS UPON LIQUIDATION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Except as provided below, in the event of any voluntary or involuntary liquidation,
dissolution or winding up, or any other distribution of the assets, of the Corporation, each holder
of shares of Excess Stock resulting from the exchange of Preferred Stock of any specified series
shall be entitled to receive, ratably with each other holder of shares of Excess Stock resulting
from the exchange of shares of Preferred Stock of such series and each holder of shares of
Preferred Stock of such series, such accrued and unpaid dividends, liquidation preferences and
other preferential payments, if any, as are due to holders of shares of Preferred Stock of such
series. In the event that holders of shares of any series of Preferred stock are entitled to
participate in the Corporation&#146;s distribution of its residual assets, each holder of shares of
Excess Stock resulting from the exchange of Preferred Stock of any such series shall be entitled to
participate, ratably with (i)&nbsp;each other holder of shares of Excess stock resulting from the
exchange of shares of Preferred Stock of all series entitled to so participate; (ii)&nbsp;each holder of
shares of Preferred Stock of all series entitled to so participate; and (iii)&nbsp;each holder of shares
of Common Stock and Excess Stock resulting from the exchange of shares of Common Stock (to the
extent permitted by paragraph C of Section&nbsp;3 of Article&nbsp;VI hereof), that portion of the aggregate
assets available for distribution (determined in accordance with applicable law) as the number of
shares of such Excess Stock held by such holder bears to the total number of (i)&nbsp;outstanding shares
of Excess Stock resulting from the exchange of Preferred Stock of all series entitled to so
participate; (ii)&nbsp;outstanding shares of Preferred Stock of all series entitled to so participate;
and (iii)&nbsp;outstanding shares of Common Stock and shares of Excess Stock resulting from the exchange
of shares of Common Stock. The Corporation, as holder of the Excess Stock in trust, or, if the
Corporation shall have been dissolved, any trustee appointed by the Corporation prior to its
dissolution, shall distribute ratably to the Beneficiaries of the Trust, when determined, any such
assets received in respect of the Excess Stock in any liquidation, dissolution or winding up, or
any distribution of the assets, of the Corporation. Anything to the contrary herein notwithstanding, in no event shall the
amount payable to a holder with respect to shares of Excess Stock resulting from the exchange of
shares of Preferred Stock exceed (i)&nbsp;the price per share such holder paid for the Preferred Stock
in the purported Transfer that resulted in the Excess Stock or (ii)&nbsp;if the holder did not give full
value for such Excess Stock (as through a gift, devise or other event or transaction), a price per
share equal to the Market Price for the shares of Preferred Stock on the date of the purported
Transfer that resulted in such Excess Stock. Any amount available for distribution in excess of the
foregoing limitations shall be paid ratably to the holders of shares of Preferred Stock and other
holders of Excess Stock resulting from the exchange of Preferred Stock to the extent permitted by
the foregoing limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Except as provided below, in the event of any voluntary of involuntary liquidation,
dissolution or winding up, or any other distribution of the assets, of the Corporation, each holder
of shares of Excess Stock resulting from the exchange of Common Stock shall be entitled to receive,
ratably with (i)&nbsp;each other holder of shares of such Excess Stock and (ii)&nbsp;each holder of Common
Stock, that portion of the aggregate assets available for distribution to holders of shares of
Common Stock (including holders of Excess Stock resulting from the exchange of Common Stock
pursuant to paragraph C of Section&nbsp;3 of Article&nbsp;VI hereof), determined in accordance with
applicable law, as the number of shares of such Excess Stock held by such holder bears to the total
number of shares of outstanding Common Stock and outstanding Excess Stock resulting from the
exchange of Common Stock then outstanding. The Corporation, as holder of the Excess Stock in trust,
or, if the Corporation shall have been dissolved, any trustee appointed by the Corporation prior to
its dissolution, shall distribute ratably to the Beneficiaries of the Trust, when determined, any
such assets received in respect of the Excess Stock in any liquidation, dissolution or winding up,
or any distribution of the assets, of the Corporation. Anything herein to the contrary notwithstanding, in no event shall the amount payable
to a holder with respect to shares of Excess Stock exceed (i)&nbsp;the price per share such holder paid
for the Common Stock in the purported Transfer that resulted in the Excess Stock or (ii)&nbsp;if the
holder did not give full value for such Excess Stock (as through a gift, devise or other event or
transaction), a price per share equal to the Market Price for the shares of Common Stock on the
date of the purported Transfer that resulted in such Excess Stock. Any amount available for
distribution in excess of the foregoing limitations shall be paid ratably to the holders of shares
of Common Stock and other holders of Excess Stock resulting from the exchange of Common Stock to
the extent permitted by the foregoing limitations.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;VOTING RIGHTS. The holders of shares of Excess Stock shall not be entitled to vote on any
matters (except as required by MGCL).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;RESTRICTIONS ON TRANSFER; DESIGNATION OF BENEFICIARY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Excess Stock shall not be transferable. The Purported Record Transferee may freely
designate a Beneficiary of its interest in the Trust (representing the number of shares of Excess
Stock held by the Trust attributable to a purported Transfer that resulted in the Excess Stock, if
(i)&nbsp;the shares of Excess Stock held in the Trust would not be Excess Stock in the hands of such
Beneficiary and (ii)&nbsp;the Purported Beneficial Transferee does not receive a price for designating
such Beneficiary that reflects a price per share for such Excess Stock that exceeds (x)&nbsp;the price
per share such Purported Beneficial Transferee paid for the Capital Stock in the purported Transfer
that resulted in the Excess Stock or (y)&nbsp;if the Purported Beneficial Transferee did not give value
for such shares of Excess Stock (as through a gift, device or other event or transaction), a price
per share equal to the Market Price for the shares of Capital Stock on the date of the purported
Transfer that resulted in the Excess Stock. Upon such transfer of an interest in the Trust, the
corresponding shares of Excess Stock in the Trust automatically shall be exchanged for an equal
number of shares of Capital Stock and such shares of Capital Stock shall be transferred of record
to the Beneficiary of the interest in the Trust designated by the Purported Record Transferee, as
described above, if such Capital Stock would not be Excess Stock in the hands of such Beneficiary.
Prior to any transfer of any interest in the Trust, the Purported Record Transferee must give
advance notice to the Corporation of the intended transfer and the Corporation must have waived in
writing its purchase rights under paragraph F of this Section&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Notwithstanding the foregoing, if a Purported Beneficial Transferee receives a price
for designating a Beneficiary of an interest in the Trust that exceeds the amounts allowable under
subparagraph (1)&nbsp;of this paragraph E, such Purported Beneficial Transferee shall pay, or cause the
Beneficiary of the interest in the Trust to pay, such excess to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;If any of the transfer restrictions set forth in this paragraph E, or any application
thereof, is determined to be void, invalid or unenforceable by any court having jurisdiction over
the issue, the Purported Record Transferee may be deemed, at the option of the Corporation, to have
acted as the agent of the Corporation in acquiring the Excess Stock as to which such restrictions
would, by their terms, apply, and to hold such Excess Stock on behalf of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;PURCHASE RIGHT IN EXCESS STOCK. Shares of Excess Stock shall be deemed to have been
offered for sale to the Corporation, or its designee, at a price per share equal to the lesser of
(i)&nbsp;the price per share in the transaction that created such Excess Stock (or, in the case of
devise or gift, the Market Price at the time of such devise or gift) and (ii)&nbsp;the Market Price of
the Capital Stock exchanged for such Excess Stock on the date the Corporation, or its designee,
accepts such offer. The Corporation shall have the right to accept such offer for a period of
ninety (90)&nbsp;days after the later of (i)&nbsp;the date of the purported Transfer, change in capital
structure of the Corporation or purported change in Beneficial Ownership which resulted in such
Excess Stock and (ii)&nbsp;the date on which the Board of Directors determines in good faith that a
Transfer, change in capital structure of the Corporation or purported change in Beneficial
Ownership resulting in Excess Stock has occurred, if the Corporation does not receive a notice
pursuant to paragraph E of Section&nbsp;3 of this Article&nbsp;VI, but in no event later than a permitted
Transfer pursuant to and in compliance with the terms of paragraph E of this Section&nbsp;4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;REMEDIES NOT LIMITED. Nothing contained in this Article&nbsp;VI except Section&nbsp;5 hereof
shall limit scope or application of the provisions of this Section&nbsp;4, the ability of the
Corporation to implement or enforce compliance with the terms thereof or the authority of the Board
of Directors to take any such other action or actions as it may deem necessary or advisable to
protect the Corporation and the interests of its stockholders by preservation of the Corporation&#146;s
status as a REIT and to ensure compliance with the Ownership Limit, including, without limitation,
refusal to give effect to a transaction on the books of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. SETTLEMENTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in Sections&nbsp;3 and 4 of this Article&nbsp;VI shall preclude the settlement of any
transaction with respect to the Capital Stock entered into through the facilities of the New York
Stock Exchange or other national securities exchange on which the Capital Stock is listed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6. SEVERABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Article&nbsp;VI or any application of any such provision is
determined to be void, invalid or unenforceable by any court having jurisdiction over the issue,
the validity and enforceability of the remainder of this Article&nbsp;VI shall not be affected and other
applications of such provision shall be affected only to the extent necessary to comply with the
determination of such court.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII<BR>
MATTERS RELATING TO THE POWERS OF THE CORPORATION AND ITS<BR>
DIRECTORS AND STOCKHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following provisions are hereby adopted for the purpose of defining, limiting and
regulating the powers of the Corporation and of the directors and stockholders thereof:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. MATTERS RELATING TO THE BOARD OF DIRECTORS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;AUTHORITY AS TO BYLAWS. Except as otherwise provided herein, in furtherance and not in
limitation of the powers conferred by statute, the Board of Directors is expressly authorized to
make, alter, amend or repeal the Bylaws of the Corporation and the Corporation may, in its Bylaws,
confer powers on the Board of Directors in addition to these contained herein or conferred by
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;AUTHORITY AS TO STOCK ISSUANCES. The Board of Directors of the Corporation may
authorize the issuance from time to time of shares of its stock of any class, whether now or
hereafter authorized, or securities convertible into shares now or hereafter authorized, for such
consideration as the Board of Directors may deem advisable, subject to such restrictions or
limitations, if any, as may be set forth in the Charter or the Bylaws of the Corporation or in the
general laws of the State of Maryland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;MANNER OF ELECTION. Unless and except to the extent that the Bylaws of the Corporation
shall so require, the election of directors of the Corporation need not be by written ballot.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;REMOVAL OF DIRECTORS. Any director may be removed from office at any time, with or
without cause, by the affirmative vote of the holders of a majority of the then outstanding Capital
Stock entitled to vote generally in the election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;PERMISSIBLE CRITERIA FOR CONSIDERATION OF BEST INTERESTS. In determining what is in
the best interest of the Corporation, a director of the Corporation shall consider the interests of
the stockholders of the Corporation and, in his or her discretion, may consider the interests of
the Corporation&#146;s employees, suppliers, creditors and tenants and the long-term as well as
short-term interests of the Corporation and its stockholders, including the possibility that these
interests may be best served by the continued independence of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;DETERMINATIONS BY BOARD. The determination as to any of the following matters, made in
good faith by or pursuant to the direction of the Board of Directors consistent with the Charter of
the Corporation and in the absence of actual receipt of an improper benefit in money, property or
services or active and deliberate dishonesty established by a court, shall be final and conclusive
and shall be binding upon the Corporation and every holder of shares of its stock: (i)&nbsp;the amount
of the net income of the Corporation for any period and the amount of assets at any time legally
available for the payment of dividends, redemption of its stock or the payment of other
distributions on its stock; (ii)&nbsp;the amount of paid-in surplus, net assets, other surplus, annual
or other net profit, net assets in excess of capital, undivided profits or excess of profits over
losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration
or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation
or liability for which such reserves shall have been created shall have been paid or discharged);
(iii)&nbsp;the fair value, or any sale, bid or asked priced to be applied in determining the fair value,
of any asset owned or held by the Corporation; and (iv)&nbsp;any matters relating to the acquisition,
holding and disposition of any assets by the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;RESERVED POWERS OF BOARD. The enumeration and definition of particular powers of the
Board of Directors included in this Article&nbsp;VII shall in no way be limited or restricted by
reference to or inference from the terms of any other clause of this or any other provision of the
Charter of the Corporation, or construed or deemed by inference or otherwise in any manner to
exclude or limit the powers conferred upon the Board of Directors under the laws of the State of
Maryland as now or hereafter in force.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;ALTERATION OF AUTHORITY GRANTED TO THE BOARD OF DIRECTORS. The affirmative vote of
that proportion of the then-outstanding Capital Stock necessary to approve an amendment to this
Charter pursuant to the MGCL and Article&nbsp;XI hereof shall be required to amend, repeal
or adopt any provision inconsistent with Section&nbsp;1 of this Article&nbsp;VII or with Section&nbsp;3.12 of
the Bylaws of the Corporation (including defined terms therein).
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;REIT QUALIFICATION. The Board of Directors shall use its best efforts to cause the
Corporation and its stockholders to qualify for U.S. federal income tax treatment in accordance
with the provisions of the Code applicable to REITs. In furtherance of the foregoing, the Board of
Directors shall use its best efforts to take such actions as are necessary, and may take such
actions as it deems desirable (in its sole judgment and discretion) to preserve the status of the
Corporation as a REIT (as that term is defined in paragraph A of Section&nbsp;3 of Article&nbsp;VI hereof);
provided, however, that in the event that the Board of Directors determines, in its sole judgment
and discretion, that it is no longer in the best interests of the Corporation to qualify as a REIT,
the Board of Directors shall take such actions as are required by the Code (as that term is defined
in paragraph A of Section&nbsp;3 of Article&nbsp;VI hereof), the MGCL and other applicable law, to cause the
matter of termination of qualification as a REIT to be submitted to a vote of the stockholders of
the Corporation pursuant to paragraph A of Section&nbsp;2 of this Article&nbsp;VII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. MATTERS RELATING TO THE STOCKHOLDERS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;TERMINATION OF REIT STATUS. Notwithstanding anything contained in this Charter to the
contrary, the affirmative vote of the holders of a majority of the then-outstanding Capital Stock
entitled to vote generally in the election of directors and the approval of the Board of Directors
shall be required to terminate voluntarily the Corporation&#146;s status as a REIT (as that term is
defined in paragraph A of Section&nbsp;3 of Article&nbsp;VI).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;NO CUMULATIVE RIGHTS. Stockholders of the Corporation shall not have cumulative voting
rights in the election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;NO PREEMPTIVE RIGHTS. No holders of stock of the Corporation, of whatever class, shall
have any preferential right of subscription to any shares of stock of any class or to any
securities convertible into shares of stock of any class of the Corporation, nor any right of
subscription to any thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII<BR>
DIRECTORS&#146; LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the maximum extent that Maryland law in effect from time to time permits limitation of
the liability of directors and officers, no director or officer of the Corporation shall be liable
to the Corporation or its stockholders for money damages. Neither the amendment nor repeal of this
Article&nbsp;VIII, nor the adoption or amendment of any provision of the Charter or Bylaws of the
Corporation inconsistent with this Article&nbsp;VIII, shall apply to or affect in any respect the
applicability of the preceding sentence with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX<BR>
INDEMNIFICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person who is or was or who agrees to become a director or officer of the
Corporation, or each person who, while a director of the Corporation, is or was serving or who
agrees to serve, at the request of the Corporation, as a director, officer, partner, joint venture,
employee or trustee of another corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise (including the heirs, executor, administrators or estate of such person),
shall be indemnified by the Corporation, and shall be entitled to have paid on his behalf or be
reimbursed for reasonable expenses in advance of final disposition of a proceeding, in accordance
with the Bylaws of the Corporation, to the full extent permitted from time to time by the Maryland
General Corporation Law as the same exists or may hereafter be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the Corporation to provide broader
indemnification rights than said law permitted the Corporation to provide prior to such amendment)
or any other applicable laws presently or hereafter in effect. The Corporation shall have the
power, with the approval of the Board of Directors, to provide such indemnification and
advancement of expenses to any employee or agent of the Corporation, in accordance with the Bylaws
of the Corporation. Without limiting the generality or the effect of the foregoing, the Corporation
may enter into one or more agreements with any person which provide for indemnification greater or
different than that provided in this Article&nbsp;IX. Any amendment or repeal of this Article&nbsp;IX shall
not adversely affect any right or protection existing hereunder immediately prior to such amendment
or repeal.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X<BR>
APPLICATION OF CERTAIN PROVISIONS OF LAW
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. BUSINESS COMBINATIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Charter or any contrary provision of law,
Title 3, subtitle 6 of the Corporations and Associations Article of the Annotated Code of Maryland, as
amended from time to time, or any successor statute thereto, shall not apply to any &#147;business
combination&#148; (as defined in Section&nbsp;3.601(d) of the Corporations and Associations Article of the
Annotated Code of Maryland, as amended from time to time, or any successor statute thereto)
involving the Corporation.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. CONTROL SHARE TRANSACTIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Charter or any contrary provision of law,
Title 3, subtitle 7 of the Corporations and Associations Article of the Annotated Code of Maryland,
as amended from time to time, or any successor statute thereto shall not apply to any acquisition
of shares of stock of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XI<BR>
AMENDMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation reserves the right at any time and from time to time to amend, alter,
change or repeal any provision contained in its Charter and any other provisions authorized by the
laws of the State of Maryland at the time in force may be added or inserted in the manner now or
hereafter prescribed herein or by applicable law, and all rights, preferences and privileges of
whatsoever nature conferred upon stockholder, directors or any other persons whomsoever by and
pursuant to this Charter in its present form or as hereafter amended are granted subject to the
rights reserved in this Article&nbsp;XI; provided, however, that any amendment or repeal of Articles
VIII, IX or this Article&nbsp;XI of this Charter shall not adversely affect any right or protection
existing hereunder immediately prior to such amendment or repeal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, these First Amended and Restated Articles of Incorporation are hereby
executed by Gary M. Ralston, the President of the Corporation, who hereby acknowledges that the
First Amended and Restated Articles of Incorporation are the act of the Corporation, and who does
hereby state under the penalties of perjury that the matters and facts set forth herein with
respect to authorization and approval of such Articles are true in all material respects to the
best of his knowledge, information and belief.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: August&nbsp;10, 1998
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gary M. Ralston
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary M. Ralston, President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ATTEST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kevin B. Habicht</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin B. Habicht, Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART II<BR>
ARTICLES OF AMENDMENT<BR>
TO<BR>
FIRST AMENDED AND RESTATED ARTICLES OF INCORPORATION<BR>
OF<BR>
COMMERCIAL NET LEASE REALTY, INC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial Net Lease Realty, Inc., a Maryland corporation having its principal office in
Baltimore, Maryland (hereinafter, the &#147;Corporation&#148;), hereby certifies to the State Department of
Assessments and Taxation of Maryland that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FIRST: The First Amended and Restated Articles of Incorporation (the &#147;Articles of
Incorporation&#148;) are hereby amended by renaming Article&nbsp;XI &#147;AMENDMENT AND CERTAIN EXTRAORDINARY
ACTIONS&#148; and deleting Article&nbsp;XI in its entirety and inserting the following new Article&nbsp;XI:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. Amendment
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation reserves the right at any time and from time to time to amend, alter, change
or repeal any provision contained in its Charter and any other provisions authorized by the laws of
the State of Maryland at the time in force may be added or inserted in the manner now or hereafter
prescribed herein or by applicable law, and all rights, preferences and privileges of whatsoever
nature conferred upon stockholders, directors or any other person whomsoever by and pursuant to
this Charter in its present form or as hereafter amended are granted subject to the rights reserved
in this Article&nbsp;XI, provided, however, that any amendment or repeal of Articles VIII, IX or this
Article&nbsp;XI of this Charter shall not adversely affect any right or protection existing hereunder
immediately prior to such amendment or repeal. Subject to the provisions of any class or series of
Preferred Stock at the time outstanding, this Charter may be amended by the affirmative vote of the
holders of not less than a majority of the Common Stock then outstanding and entitled to vote
thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Consolidation, Merger, Share Exchange or Transfer of Assets
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the provisions of any class or series of Preferred Stock at the time outstanding,
the Board of Directors shall have the power to (i)&nbsp;consolidate the Corporation with one or more
other entities into a new entity, (ii)&nbsp;merge the Corporation into another entity, (iii)&nbsp;effect a
share exchange with another domestic or foreign corporation or other entity or (iv)&nbsp;sell or
otherwise dispose of all or substantially all of the Corporation&#146;s assets; provided, however, that
such action shall have been approved by the holders of not less than a majority of the Common Stock
then outstanding and entitled to vote thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECOND: The total number of all classes of capital stock which the Corporation has authority
to issue immediately prior to this amendment is two hundred ten million (210,000,000) shares
consisting of (i)&nbsp;ninety million (90,000,000) shares of common stock, par value $0.01 (the &#147;Common
Stock&#148;); (ii)&nbsp;fifteen million (15,000,000) shares of preferred stock, par value $0.01 (the
&#147;Preferred Stock&#148;); and one hundred five million (105,000,000) shares of excess stock, par value $0.01 (the &#147;Excess Stock&#148;). The
aggregate par value of all of the authorized shares of all classes of capital stock having a par
value is $2,100,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIRD: The Articles of Incorporation are hereby amended by deleting Article&nbsp;VI, Section&nbsp;1 in
its entirety and inserting the following new Article&nbsp;VI, Section&nbsp;1:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total number of shares of all classes of capital stock that the Corporation has authority
to issue is four hundred ten million (410,000,000) shares consisting of (i)&nbsp;one hundred ninety
million (190,000,000) shares of common stock, par value $0.01 (the &#147;Common Stock&#148;); (ii)&nbsp;fifteen
million (15,000,000) shares of preferred stock, par value $0.01 (the &#147;Preferred Stock&#148;); and (iii)
two hundred five million (205,000,000) shares of excess stock, par value $0.01 (the &#147;Excess
Stock&#148;). The aggregate par value of all of the authorized shares of all classes of capital stock
having a par value is $4,100,000.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOURTH: The information required by subsection (b)(2)(i) of Section&nbsp;2-607 of the Maryland General
Corporation Law will not be changed by these Articles of Amendment; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FIFTH: The amendments to the Articles of Incorporation as hereinabove set forth have been duly
advised by the Board of Directors and approved by the stockholders of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, Commercial Net Lease Realty, Inc. has caused these presents to be signed
in its name and on its behalf by its Executive Vice President and Chief Operating Officer and
attested by its Assistant Secretary on September&nbsp;23, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE UNDERSIGNED, Executive Vice President and Chief Operating Officer of Commercial Net Lease
Realty, Inc., who executed on behalf of said corporation, the foregoing Articles of Amendment, of
which this certificate is made a part, hereby acknowledges, in the name and on behalf of said
corporation, the foregoing Articles of Amendment to be the corporate act of said corporation and
further certifies that, to the best of his knowledge, information, and belief, the matters and
facts set forth therein with respect to the approval thereof are true in all material respects,
under the penalties of perjury.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATTEST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commercial Net Lease Realty, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kella W. Schaible
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Julian E. Whitehurst</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kella W. Schaible
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Julian E. Whitehurst</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Assistant Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Operating officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLES OF MERGER </B></U><BR>
<U><B>MERGING </B></U><BR>
<U><B>COMMERCIAL NET LEASE REALTY SERVICES, INC. </B></U><BR>
<B>(a Maryland corporation)<BR>
INTO</B><BR>
<U><B>COMMERCIAL NET LEASE REALTY, INC. </B></U><BR>
<B>(a Maryland corporation)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned corporations, in accordance with the Annotated Code of Maryland,
Corporations and Associations, Section&nbsp;3-101 <U>et seq</U>. (the &#147;Code&#148;) hereby adopt and execute
the following Articles of Merger:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the corporations proposing to merge are: (i)&nbsp;Commercial Net Lease Realty
Services, Inc., a corporation organized and existing under the laws of the State of Maryland
(hereinafter sometimes referred to as the &#147;<U>Merged Corporation</U>&#148;), and (ii)&nbsp;Commercial Net
Lease Realty, Inc., a corporation organized and existing under the laws of the State of Maryland
(hereinafter sometimes referred to as the &#147;<U>Surviving Corporation</U>&#148;), both of which
corporations agree to effect such merger (the &#147;<U>Merger</U>&#148;) upon the terms and subject to the
conditions set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to these Articles of Merger, Commercial Net Lease Realty Services, Inc. will
merge with and into Commercial Net Lease Realty, Inc., its sole stockholder, with Commercial Net
Lease Realty, Inc. being the Surviving Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal office of the Merged Corporation, organized under the laws of the State of
Maryland, is located in Baltimore City, State of Maryland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal office of the Surviving Corporation, organized under the laws of the State
of Maryland, is located in Baltimore City, State of Maryland.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merged Corporation does not own real property or any other interest in land in the
State of Maryland.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of the transaction set forth in these Articles of Merger
(&#147;<U>Articles</U>&#148;) were advised, authorized, and approved by each corporation party to the
Articles in the manner and by the vote required by its charter and the laws of the State of
Maryland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Merger was duly advised, authorized and approved by the Board of Directors of the
Merged Corporation by a Unanimous Written Consent of the Board of Directors of the Merged
Corporation dated October&nbsp;31, 2005, declaring that the Merger herein proposed is advisable and in
the best interests of the Merged Corporation substantially upon the terms and conditions set forth
in these Articles. Pursuant to Section&nbsp;3-106(c)(1) of the Code, a meeting of the sole shareholder
of the Merged Corporation was not necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Merger was duly advised, authorized and approved by the Board of Directors of
the Surviving Corporation by a Unanimous Written Consent of the Board of Directors of the Surviving
Corporation dated October&nbsp;31, 2005, declaring that the Merger herein proposed is advisable and in
the best interests of the Surviving Corporation substantially upon the terms and conditions set
forth in these Articles.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of stock that the Merged Corporation has authority to issue is
40,000 shares consisting of (i)&nbsp;30,000 shares of Common Stock, with a par value $0.01 per share,
29,500 shares of which are designated as Non-Voting Common Stock and 500 shares of which are designated as
Voting Common Stock; and (ii)&nbsp;10,000 shares of Preferred Stock, with a par value of $0.01 per
share. The aggregate par value of all such shares is Four Hundred Dollars ($400.00).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of stock that the Surviving Corporation has authority to issue
is 410,000,000 shares consisting of (i)&nbsp;190,000,000 shares of Common Stock, with a par value of
$0.01 per share; (ii)&nbsp;15,000,000 shares of Preferred Stock, with a par value of $0.01 per share;
and (iii)&nbsp;205,000,000 shares of Excess Stock, with a par value of $0.01 per share. The aggregate
par value of all such shares is Four Million One Hundred Thousand Dollars ($4,100,000.00).
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger shall not effect any amendment changing the foregoing information in this
Article&nbsp;VI with respect to the Surviving Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The manner and basis of converting or exchanging the shares of the Merged Corporation
into shares of the Surviving Corporation shall be as follows: upon the effective time of the
Merger, each share of stock of the Merged Corporation held by Commercial Net Lease Realty, Inc.,
the sole stockholder of the Merged Corporation, shall cease to be outstanding, shall be cancelled
and retired and shall cease to exist.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger shall be effective as of 9:05 a.m. EST on November&nbsp;1, 2005.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, these Articles of Merger are hereby signed for and on behalf of the Merged
Corporation by its Executive Vice President, who does hereby acknowledge that said Articles of
Merger are the corporate act of said corporation, and who does hereby state under the penalties for
perjury that the matters and facts stated therein with respect to the authorization and approval of
said merger are true in all material respects to the best of his knowledge, information, and
belief, and attested to by the Secretary.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">COMMERCIAL NET LEASE REALTY SERVICES, INC., a Maryland corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kevin B. Habicht</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin B. Habicht</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ Julian E. Whitehurst</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Julian E. Whitehurst</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Dated: October&nbsp;31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, these Articles of Merger are hereby signed for and on behalf of the
Surviving Corporation by its Executive Vice President, who does hereby acknowledge that said
Articles of Merger are the corporate act of said corporation, and who does hereby state under the
penalties for perjury that the matters and facts stated therein with respect to the authorization
and approval of said merger are true in all material respects to the best of his knowledge,
information, and belief, and attested to by the Assistant Secretary.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">COMMERCIAL NET LEASE REALTY, INC., a Maryland corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Julian E. Whitehurst</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Julian E. Whitehurst</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ Kevin B. Habicht</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin B. Habicht</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Dated: October&nbsp;31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF AMENDMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TO</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>FIRST AMENDED AND RESTATED ARTICLES OF INCORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>COMMERCIAL NET LEASE REALTY, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Net Lease Realty, Inc., a Maryland corporation having its principal office in
Baltimore, Maryland (hereinafter, the &#147;Corporation&#148;), hereby certifies to the State Department of
Assessments and Taxation of Maryland that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FIRST</B>: The First Amended and Restated Articles of Incorporation (the &#147;Articles of
Incorporation&#148;) are hereby amended by deleting Article&nbsp;I in its entirety and inserting the
following new Article&nbsp;I:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The name of the Corporation is National Retail Properties, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECOND</B>: The information required by subsection (b)(2)(i) of Section&nbsp;2-607 of the Maryland
General Corporation Law will not be changed by these Articles of Amendment; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIRD</B>: The amendment to the Articles of Incorporation as hereinabove set forth have been
approved by the Board of Directors of the Corporation and is limited to the change expressly
authorized by Section&nbsp;2-605 of the Maryland General Corporation Law to be made without action by
the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, Commercial Net Lease Realty, Inc. has caused these presents to be signed
in its name and on its behalf by its Executive Vice President and Chief Operating Officer and
attested by its Assistant Secretary on May&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE UNDERSIGNED</B>, Executive Vice President and Chief Operating Officer of Commercial Net Lease
Realty, Inc., who executed on behalf of said corporation, the foregoing Articles of Amendment, of
which this certificate is made a part, hereby acknowledges, in the name and on behalf of said
corporation and further certifies that, to the best of his knowledge, information, and belief, the
matters and facts set forth therein with respect to the approval thereof are true in all material
respects, under the penalties of perjury.
</DIV>
<P><DIV style="position: relative; float: left; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="38%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
     <TD colspan="2" align="left"><BR>
<B>ATTEST:</B> <BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
     <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kella W. Schaible
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
     <TD colspan="2" align="left">Kella W. Schaible          &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
     <TD colspan="2" align="left">Assistant Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="position: relative; float: right; width: 48%">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="38%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>Commercial Net Lease Realty, Inc.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Julian E. Whitehurst
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
   <TD colspan="2" align="left">Julian E. Whitehurst&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="2" align="left">Executive Vice President and
Chief Operating Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt">
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>w20322exv3w2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THIRD AMENDED AND RESTATED<BR>
BYLAWS<BR>
OF<BR>
COMMERCIAL NET LEASE REALTY, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(adopted on August&nbsp;18, 2005)

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>OFFICES</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Registered Office</U>. The registered Office of Commercial Net Lease
Realty, Inc. (the &#147;Corporation&#148;) shall be 300 East Lombard Street, Baltimore, Maryland 21202. The
registered agent of the Corporation at such address is The Corporation Trust Incorporated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Additional Offices</U>. The Corporation may also have offices at such
other places, both within and without the State of Maryland, as the board of directors of the
Corporation (the &#147;Board of Directors&#148;) may from time to time determine or the business of the
Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>MEETING OF STOCKHOLDERS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Time and Place</U>. Meetings of the stockholders of the Corporation (the
&#147;Stockholders&#148;) shall be held at such places, either within or without the State of Maryland, as
shall be designated from time to time by the Board of Directors and stated in the notice of the
meeting or in a duly executed waiver of notice thereof.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Annual Meeting</U>. The Annual Meeting of Stockholders for the election of
directors and the transaction of other business shall be held, in each year, commencing with the
year 1995, after delivery of the annual report referred to in Section&nbsp;12 of this Article&nbsp;II, on
such date and at such time and location as shall be designated from time to time by the Board of
Directors and stated in the notice of the meeting. Failure to hold the Annual Meeting does not
invalidate the Corporation&#146;s existence or affect any otherwise valid acts of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Special Meetings</U>. The Chairman of the Board, the Chief Executive
Officer or a majority of the members of the Board of Directors may call a Special Meeting of the
Stockholders. A Special Meeting shall also be called by the Secretary of the Corporation upon the
written request of the Stockholders entitled to cast not less than a majority of all the votes
entitled to be cast at such meeting. The Secretary shall inform such Stockholders of the reasonably
estimated cost of preparing and mailing notice of the meeting and, upon payment by such
Stockholders to the Corporation of such costs, the Secretary shall give notice to each Stockholder
entitled to notice of the meeting. Unless requested by Stockholders entitled to cast a majority of
all votes entitled to be cast at such meeting, a Special Meeting need not be called to consider any
matter which is substantially the same as a matter voted on at any meeting of the Stockholders held
during the preceding twelve (12)&nbsp;months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Notice</U>. Written notice of any meeting of Stockholders stating the
place, date and hour of the meeting shall be given to each Stockholder entitled to vote thereat,
either personally or by mail, not less than ten (10)&nbsp;nor more than ninety (90)&nbsp;days before the date
of the meeting, unless a greater period of notice is required by statute in a particular case. In
the case of a Special Meeting, the notice shall also state the purpose or purposes for which the meeting is
</DIV>

<P align="center" style="font-size: 10pt">- 2 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">called. If mailed, such notice shall be deemed to have been given when deposited in the United
States mail, postage prepaid, directed to the Stockholder at the Stockholder&#146;s address as it
appears on the records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Corporate Records and Stockholder Lists</U>. The officer who has charge of
the stock ledger of the Corporation shall prepare and keep, or cause to have prepared and kept, as
part of the books and records of the Corporation, a list of the names and addresses of all
Stockholders of the Corporation. Inspection of all the books and records of the Corporation by
Stockholders shall be permitted to the extent provided by the Maryland General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Quorum; Adjournments</U>. Unless otherwise provided by statute or the
Articles of Incorporation, at a meeting of Stockholders, the presence in person or by proxy of
Stockholders entitled to cast a majority of all the votes entitled to be cast at a meeting of
Stockholders shall constitute a quorum. If, however, such quorum shall not be present or
represented at any meeting of the Stockholders, the Stockholders entitled to vote thereat, present
in person or represented by proxy, shall have the power to adjourn the meeting from time to time,
without further notice to a date not more than one hundred twenty (120)&nbsp;days after the original
record date. At such adjourned meeting at which a quorum shall be present, any business may be
transacted which might have been transacted at the meeting as originally notified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Voting</U>. A plurality of all votes cast at a meeting of Stockholders
duly called and at which a quorum is present shall be sufficient to elect a Director. Each share of
stock may be voted for as many individuals as there are Directors to be elected and for whose
</DIV>

<P align="center" style="font-size: 10pt">- 3 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">election the shares of stock are entitled to be voted. When a quorum is present at any meeting, the
vote of the holders of a majority of the votes cast shall decide any other question brought before
such meeting, unless more than a majority of the votes cast is required herein or by statute or by
the Articles of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Voting Procedure</U>. Unless otherwise provided in the Articles of
Incorporation, each Stockholder shall, at every meeting of the Stockholders, regardless of class,
be entitled to one (1)&nbsp;vote in person or by proxy for each share of stock held by such Stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Proxies</U>. A Stockholder may cast the votes entitled to be cast by the
share of stock owned of record by the Stockholder either in person or by proxy executed by the
Stockholder or by the Stockholder&#146;s duly authorized agent in any manner allowed by law. Such proxy
shall be filed with the Secretary of the Corporation before or at the time of the meeting. No proxy
shall be valid after eleven (11)&nbsp;months from the date of its execution, unless otherwise provided
in the proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Voting of Stock By Certain Holders</U>. Shares of stock of the
Corporation registered in the name of a corporation, partnership, limited liability company, trust
or other entity, if entitled to be voted, may be voted by the president or a vice president, a
general partner, a manager, a managing member or trustee thereof, as the case may be, or a proxy
appointed by any of the foregoing individuals, unless some other person who has been appointed to
vote such stock pursuant to a by-law or a resolution of the governing board of such corporation or
other entity or agreement of the partners of the partnership or agreement of the members of the
limited liability company presents a certified copy of such by-law, resolution or agreement, in
which case such person may vote such stock. Any trustee or other fiduciary may vote stock
registered in such person&#146;s name as such fiduciary, either in person or by proxy.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of stock of the Corporation directly or indirectly owned by it shall not be voted at
any meeting and shall not be counted in determining the total number of outstanding shares of stock
entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in
which case they may be voted and shall be counted in determining the total number of outstanding
shares of stock at any given time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors may adopt by resolution a procedure by which a Stockholder may certify in
writing to the Corporation that any shares of stock registered in the name of the Stockholder are
held for the account of a specified person other than the Stockholder. The resolution shall set
forth the class of Stockholders who may make the certification, the purpose for which the
certification may be made, the form of certification and the information to be contained in it; if
the certification is with respect to a record date or closing of the stock transfer books, the time
after the record date or closing of the stock transfer books within which the certification must be
received by the Corporation; and any other provisions with respect to the procedure which the
Directors consider necessary or desirable. On receipt of such certification, the person specified
in the certification shall be regarded as, for the purposes set forth in the certification, the
Stockholder of record of the specified shares of stock in place of the Stockholder who makes the certification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Inspectors</U>. At any meeting of Stockholders, the Chairman of the
meeting may appoint one or more persons as inspectors for such meeting. Such inspectors shall
ascertain and report the number of shares of stock represented at the meeting based upon their
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">determination of the validity and effect of proxies, count all votes, report the results and
perform such other acts as are proper to conduct the election and voting with impartiality and
fairness to all the Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each report of an inspector shall be in writing and signed by the inspector or by a
majority of them if there is more than one inspector acting at such meeting. If there is more than
one inspector, the report of a majority shall be the report of the inspectors. The report of the
inspector or inspectors on the number of shares of stock represented at the meeting and the results
of the voting shall be prima facie evidence thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Reports to Stockholders</U>. The Directors shall submit to the
Stockholders at or before the Annual Meeting of Stockholders a report of the business and
operations of the Corporation during such fiscal year, containing a balance sheet and a statement
of income and surplus of the Corporation, accompanied by the certification of an independent
certified public accountant, and such further information as the Directors may determine is
required pursuant to any law or regulation to which the Corporation is subject. Within the earlier
of twenty (20)&nbsp;days after the Annual Meeting of Stockholders or one hundred twenty (120)&nbsp;days after
the end of the fiscal year of the Corporation, the Directors shall place the annual report on file
at the principal office of the Corporation and with any governmental agencies as may be required by
law and as the Directors may deem appropriate.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13. <U>Nominations and Proposals by Stockholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Meetings of Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Nominations of persons for election to the Board of Directors and the proposal of
business to be considered by the Stockholders may be made at an Annual Meeting of Stockholders: (A)
pursuant to the Corporation&#146;s notice of meeting; (B)&nbsp;by or at the direction of the Directors; or
(C)&nbsp;by any Stockholder of the Corporation who was a Stockholder of record both at the time of
giving of notice provided for in this Section 13(a) and at the time of the annual meeting, who is entitled to
vote at the meeting and who complied with the notice procedures set forth in this Section&nbsp;13(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;For nominations or other business to be properly brought before an Annual Meeting by
a Stockholder pursuant to clause (C)&nbsp;of paragraph (a) (i)&nbsp;of this Section&nbsp;13, the Stockholder must
have given timely notice thereof in writing to the Secretary of the Corporation and such other
business must otherwise be a proper matter for action by Stockholders. To be timely, a
Stockholder&#146;s notice shall be delivered to the Secretary at the principal executive offices of the
Corporation not later than the close of business on the 120 <SUP style="font-size: 85%; vertical-align: text-top">th </SUP> calendar day
before the first anniversary of the date of the Corporation&#146;s proxy statement released to
Stockholders in connection with the preceding year&#146;s Annual Meeting; provided, however, that in the
event that the date of the current year&#146;s Annual Meeting has been changed by more than thirty (30)
days from the date of the preceding year&#146;s meeting or if the Corporation did not hold an Annual
Meeting the preceding year, notice by the Stockholder to be timely must be so delivered within a
reasonable time before the Annual Meeting begins to print and mail its
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">proxy materials. In no event shall the public announcement of a postponement or adjournment of an
Annual Meeting to a later date or time commence a new time period for the giving of a Stockholder&#146;s
notice as described above. Such Stockholder&#146;s notice shall set forth: (A)&nbsp;as to each person whom
the Stockholder proposes to nominate for election or reelection as a Director all information
relating to such person that is required to be disclosed in solicitations of proxies for election
of Directors in an election contest, or is otherwise required, in each case pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) (including such
person&#146;s written consent to being named in the proxy statement as a nominee and to serving as a
Director if elected); (B)&nbsp;as to any other business that the Stockholder proposes to bring before
the meeting, a brief description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest in such business of
such Stockholder and of the beneficial owner, if any, on whose behalf the proposal is made; and (C)
as to the Stockholder giving the notice and the beneficial owner, if any, on whose behalf the
nomination or proposal is made: (i)&nbsp;the name and address of such Stockholder, as it appears on the
Corporation&#146;s books, and of such beneficial owner; and (ii)&nbsp;the number of each class of shares of
the Corporation which are owned beneficially and of record by such Stockholder and such beneficial owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Notwithstanding anything in the second sentence of paragraph (a) (ii)&nbsp;of this
Section&nbsp;13 to the contrary, in the event that the number of Directors to be elected to the Board of
Directors is increased and there is no public announcement by the Corporation naming all of the
nominees for Director or specifying the size of the increased Board of Directors at least seventy
(70)&nbsp;days prior to the first anniversary of the preceding year&#146;s annual meeting, a Stockholder&#146;s
notice required by this Section 13(a) shall also be considered timely, but only with
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respect to nominees for any new positions created by such increase, if it shall be delivered to the
Secretary at the principal executive offices of the Corporation not later than the close of
business on the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the day on which such public announcement
is first made by the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Special Meetings of Stockholders. Only such business shall be conducted at a Special
Meeting of Stockholders as shall have been brought before the meeting pursuant to the Corporation&#146;s
notice of meeting. Nominations of persons for election to the Board of Directors may be made at a
Special Meeting of Stockholders at which Directors are to be elected: (i)&nbsp;pursuant to the
Corporation&#146;s notice of meeting; (ii)&nbsp;by or at the direction of the Board of Directors; or (iii)
provided that the Board of Directors has determined that Directors shall be elected at such Special
Meeting, by any Stockholder of the Corporation who was a Stockholder of record both at the time of
giving of notice provided for in this Section 13(b) and at the time of the Special Meeting, who is
entitled to vote at the meeting and who complied with the notice procedures set forth in this Section&nbsp;13(b). In the event the
Corporation calls a Special Meeting of Stockholders for the purpose of electing one or more
Directors to the Board of Directors, any such Stockholder may nominate a person or persons (as the
case may be) for election to such position as specified in the Corporation&#146;s notice of meeting, if
the Stockholder&#146;s notice containing the information required by paragraph (a) (ii)&nbsp;of this Section
13 shall be delivered to the Secretary at the principal executive offices of the Corporation not
earlier than the close of business on the 120<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day prior to such Special
Meeting and not later than the close of business on the later of the 90<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day
prior to such Special Meeting or the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the day on which
public announcement is first made of the date of the Special Meeting and of the nominees proposed
by the Directors to be elected at such meeting. In no event shall the public announcement of a
postponement or adjournment of a Special Meeting to a later date or time commence a new time period
for the giving of a Stockholder&#146;s notice as described above.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;General.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Only such persons who are nominated in accordance with the procedures set forth in
this Section&nbsp;13 shall be eligible to be elected as Directors and only such business shall be
conducted at a meeting of Stockholders as shall have been brought before the meeting in accordance
with the procedures set forth in this Section&nbsp;13. The chairman of the meeting shall have the power
and duty to determine whether a nomination or any business proposed to be brought before the
meeting was made or proposed, as the case may be, in accordance with the procedures set forth in
this Section&nbsp;13 and, if any proposed nomination or business is not in compliance with this Section
13, to declare that such nomination or proposal shall be disregarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;For purposes of this Section&nbsp;13, &#147;public announcement&#148; shall mean disclosure in a
press release reported by the Dow Jones News Service, Associated Press or comparable news service
or in a document publicly filed by the Corporation with the Securities and Exchange Commission
pursuant to Section&nbsp;13, 14 or 15(d) of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;13, a Stockholder shall
also comply with all applicable requirements of state law and of the Exchange Act and the rules and
regulations thereunder with respect to the matters set forth in this Section&nbsp;13. Nothing in this
Section&nbsp;13 shall be deemed to affect any rights of Stockholders to request inclusion of proposals
in, nor the right of the Corporation to omit a proposal from, the Corporation&#146;s proxy statement
pursuant to Rule&nbsp;14a-8 under the Exchange Act.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. <U>Informal Action by Stockholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any action by Stockholders may be taken without a meeting, if a majority of shares of
stock entitled to vote on the matter (or such larger proportion of shares of stock as shall be
required to take such action) consent to the action in writing and the written consents are filed
with the records of the meetings of Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In order that the Corporation may determine the Stockholders entitled to consent to
action in writing without a meeting, the Board of Directors may fix a record date, which record
date shall not precede the date upon which the resolution fixing the record date is adopted by the
Board of Directors, and which date shall not be more than ten (10)&nbsp;days after the date upon which
the resolution fixing the record date is adopted by the Board of Directors. Any Stockholder of
record seeking to have the Stockholders authorize or take action by written consent shall, by
written notice to the Secretary of the Corporation, request the Board of Directors to fix a record
date. The Board of Directors shall promptly, but in all events within ten (10)&nbsp;days of the date on
which such a request is received, adopt a resolution fixing the record
date. If no record date has been fixed by the Board of Directors within ten (10)&nbsp;days of the
date on which such a request is received and no prior action by the Board of Directors is required
by applicable law, the record date for determining Stockholders entitled to consent to action in
writing without a meeting shall be the first date on which a signed written consent setting forth
the action taken or proposed to be taken is delivered to the Corporation by delivery to its
registered office in the State of Maryland, its principal place of business, or an officer or agent of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Corporation having custody of the book in which proceedings of Stockholders meetings are
recorded, in each case to the attention of the Secretary of Corporation. Delivery shall be by hand
or by certified or registered mail, return receipt requested. If no record date has been fixed by
the Board of Directors within ten (10)&nbsp;days of the date on which such a request is received and
prior action by the Board of Directors is required by applicable law, the record date for
determining Stockholders entitled to consent to action in writing without a meeting shall be at the
close of business on the date on which the Board of Directors adopts the resolution taking such
prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;15. <U>Voting by Ballot</U>. Voting on any question or in any election may be by
voice unless the presiding officer shall order or any Stockholder shall demand that voting be by
ballot.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>DIRECTORS </U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Number.</U> The number of directors (&#147;Directors&#148;) which shall constitute
the whole Board shall be no fewer than three (3)&nbsp;and no more than twelve (12). Such numbers may be
altered (but not to less than three (3)) by amendment to this By-law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Selection</U>. The Directors shall be elected at the Annual Meeting of the
Stockholders, except as provided in Section&nbsp;5 of this Article, and except that the first Directors
of the Corporation were named in the Articles of Incorporation, each Director elected shall hold
office until the next Annual Meeting of the Stockholders and until the Director&#146;s successor is
elected and qualified, or until the Director&#146;s earlier resignation or removal.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Composition</U>. A majority of the members of the Board of Directors shall,
except during the period of a vacancy or vacancies therein, be &#147;Independent Directors,&#148; as such
term is defined or construed from time to time in the Exchange Act and the rules and regulations of
the Securities and Exchange Commission, the rules and regulations of any stock exchange or
automated interdealer quotation system on which any shares of stock of the Corporation are listed
or quoted, and other laws and regulations applicable to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Resignation; Removal</U>. Any Director may resign at any time upon written
notice to the Corporation. Any Director may be removed, with or without cause, by the vote or
written consent of the holders of a majority of the outstanding shares of Common Stock then
entitled to vote for the election of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vacancies</U>. If for any reason any or all the Directors cease to be
Directors, such event shall not terminate the Corporation or affect these Bylaws or the powers of
the remaining Directors hereunder (even if fewer than three Directors remain). Subject to the
rights of holders of one or more classes or series of preferred shares then outstanding, any
vacancy on the Board of Directors (including a vacancy created by an increase in the number of
Directors) shall be filled by a majority of the remaining Directors or, if the remaining Directors
fail to act or there is no remaining Director, by the votes of holders of at least a
majority of the shares of stock entitled to vote thereon and present in person or by proxy at
any meeting of the Stockholders called for that purpose. Any individual so elected as Director
shall hold office for the unexpired term of the Director he or she is replacing.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Chairman of the Board</U>. The Board of Directors may elect from among the
Directors a Chairman of the Board of Directors by affirmative vote of a majority of the full Board
of Directors taken at any regular or special meeting of Directors. The Chairman of the Board shall
act as chairman at all meetings of the Stockholders at which the Chairman of the Board is present
and shall preside at all meetings of the Board of Directors at which the Chairman of the Board is
present. In the absence of the Chairman of the Board, the duties of the Chairman of the Board shall
be performed and the authority of the Chairman of the Board may be exercised by the Vice Chairman
of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Vice Chairman of the Board</U>. The Board of Directors may elect from
among the Directors a Vice Chairman of the Board of Directors by affirmative vote of a majority of
the full Board of Directors taken at any regular or special meeting of Directors. The Vice Chairman
of the Board shall, in the absence of the Chairman of the Board, act as chairman at all meetings of
the Stockholders at which the Vice Chairman of the Board is present and shall preside at all
meetings of the Board of Directors at which the Vice Chairman of the Board is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>General Powers</U>. The business and affairs of the Corporation shall be
managed by its Board of Directors, which may exercise all such powers of the Corporation and do all
such lawful acts and things as are not by statute or by the Articles of Incorporation or by these
Bylaws directed or required to be exercised or done by the Stockholders. A Director shall be an
individual at least twenty-one (21)&nbsp;years of age who is not under legal disability. In case of
failure to elect Directors at an Annual Meeting of Stockholders, the Directors holding over shall
continue to direct the management of the business and affairs of the Corporation until their
successors are elected and qualify.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Place of Meetings</U>. The Board of Directors of the Corporation may hold
meetings, both regular and special, either within or without the State of Maryland at such place or
places as the Board may from time to time designate (in the case of regular meetings) or as shall
be specified in the notice of such meeting (in the case of special meetings).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Regular Meetings</U>. The Directors may provide, by resolution, the time
and place, either within or without the State of Maryland, for the holding of regular meetings of
the Board of Directors without other notice than such resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Special Meetings</U>. Special meetings of the Board may be called by the
Chairman or the Chief Executive Officer; special meetings shall also be called by the Chairman or
Secretary pursuant to the written request of a majority of the Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Notice</U>. Notice of any special meeting of the Board shall be given by
written notice delivered personally, telegraphed, facsimile-transmitted, mailed electronically or
mailed to each Director at the Director&#146;s business or residence address. Personally delivered or
telegraphed notices shall be given at least two (2)&nbsp;days prior to the meeting. Notice by mail shall
be given at least five (5)&nbsp;days prior to the meeting. Telephone, facsimile-transmitted or
electronically mailed notice shall be given at least twenty-four (24)&nbsp;hours prior to the meeting.
If mailed, such notice shall be deemed to be given when deposited in the United States mail
properly addressed, with postage thereon prepaid. If given by telegram, such notice shall be deemed
to be given when the telegram is delivered to the telegraph company. Telephone notice
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be deemed given when the Director is personally given such notice in a telephone call to
which the Director is a party. Electronic mail notice shall be deemed to be given upon transmission
of the message to the electronic mail address previously given by the Director to, and on file
with, the Corporation. Facsimile-transmission notice shall be deemed given upon completion of the
transmission of the message to the number previously given by the Director to, and on file with,
the Corporation and receipt of a completed transmission report confirming delivery. Neither the
business to be transacted at, nor the purpose of, any annual, regular or special meeting of the
Directors need be stated in the notice, unless specifically required by statute or these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13. <U>Quorum; Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At all meetings of the Board, a majority of the total number of Directors shall
constitute a quorum for the transaction of business and the act of a majority of the Directors
present at any meeting at which a quorum is present shall be the act of the Board of Directors,
unless statute, the Articles of Incorporation or these Bylaws require a greater proportion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If a quorum shall not be present at any meeting of the Board of Directors, the
Directors present thereat may adjourn the meeting from time to time, without notice other than
announcement at the meeting of the time and place of the adjourned meeting, until a quorum shall be
present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Directors present at a meeting which has been duly called and convened may
continue to transact business until adjournment, notwithstanding the withdrawal of enough Directors
to leave less than a quorum.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. <U>Telephone Meetings</U>. Directors may participate in a meeting by means of a
conference telephone or similar communications equipment if all persons participating in the
meeting can hear each other at the same time. Participation in a meeting by these means shall
constitute presence in person at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;15. <U>Action by Written Consent</U>. Unless otherwise restricted by the
Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any
meeting of the Board of Directors may be taken without a meeting, if all members of the Board
consent thereto in writing, and if the writing or writings are filed with the minutes of
proceedings of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16. <U>Compensation; Financial Assistance</U>. Directors shall not receive any
stated salary for their services as Directors but, by resolution of the Directors, may receive
compensation per year and/or per meeting and for any service or activity they performed or engaged
in as Directors. Directors may be reimbursed for expenses of attendance, if any, at each annual,
regular or special meeting of the Directors or of any committee thereof; and for their expenses, if
any, in connection with any other service or activity performed or engaged in as Directors; but
nothing herein contained shall be construed to preclude any Directors from serving the Corporation
in any other capacity and receiving compensation therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17. <U>Loss of Deposits</U>. No Director shall be liable for any loss which may
occur by reason of the failure of the bank, trust company, savings and loan association, or other
institution with whom moneys or shares have been deposited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;18. <U>Surety Bonds</U>. Unless required by law, no Director shall be obligated
to give any bond or surety or other security for the performance of any of the Director&#146;s duties.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>COMMITTEES </U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Committees</U>. The Board of Directors may, by resolution passed by a
majority of the whole Board, designate one or more committees, each committee to consist of two or
more of the Directors of the Corporation and the Board may designate one or more Directors as
alternate members of any committee, who may replace any absent or disqualified member at any
meeting of the committee; provided, however, that the majority of the members of the Corporation&#146;s
audit committee, and at least one (1)&nbsp;member of each and any other committee, except during the
period of a vacancy or vacancies therein, shall be Independent Directors. Any such committee, to
the extent provided in the resolution, and subject to any restrictions imposed by statute, shall
have and may exercise the powers of the Board of Directors in the management of the business and
affairs of the Corporation, except the power to (i)&nbsp;declare dividends or distributions of stock;
(ii)&nbsp;issue stock, except in accordance with resolution of the Board or by adoption of a stock
option or other plan; (iii)&nbsp;recommend to the Stockholders any action which requires Stockholder
approval; (iv)&nbsp;amend these Bylaws; (v)&nbsp;approve any merger or share exchange which does not require
Stockholder approval; or (vi)&nbsp;take such other action which may be from time to time prohibited by
the Maryland General Corporation Law. Such committee or committees may also authorize the seal of
the Corporation to be affixed to all papers which may require it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Meetings</U>. Each committee may designate a chairman of such committee.
Meetings of any committee may be called by or at the request of the chairman of the committee, the
Chief Executive Officer or by a majority of the members of the committee. The person or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">persons authorized to call meetings of any committee may fix any place, either within or without
the State of Maryland, as the place for holding any meetings of the committee called by them. In
the absence or disqualification of any member of such committee or committees, the member or
members thereof present at any meeting and not disqualified from voting, whether or not the member
or members constitute a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Notice of Committee Meetings</U>. Notice of committee meetings shall be
given in the same manner as notice for special meetings of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Quorum for Committee Meetings</U>. The presence of a majority of the total
membership of any committee shall constitute a quorum for the transaction of business at any
meeting of such committee and the act of a majority of those present shall be necessary and
sufficient for the taking of any action at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vacancies, Removal and Dissolution</U>. Subject to the provisions hereof,
the Board of Directors shall have the power at any time to change the membership of any committee,
to fill all vacancies, to designate alternative members to replace any absent or disqualified
member, or to dissolve any such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Telephone Meetings</U>. Members of a committee may participate in a
committee meeting by means of a conference telephone or similar communications equipment if all
persons participating in the committee meeting can hear each other at the same time. Participation
in a committee meeting by these means shall constitute presence in person at the committee meeting.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Informal Action by Committees</U>. Any action required or permitted to be taken
at any committee meeting may be taken without a committee meeting, if a consent in writing to such
action is signed by each member of the committee and such written consent is filed with the minutes
of proceedings of the committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Minutes of Committees</U>. Each committee shall keep regular minutes of
its meetings and report the same to the Board of Directors when required.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>WAIVER OF NOTICE</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Waiver</U>. Whenever any notice is required to be given under the
provisions of any applicable statute or of the Articles of Incorporation or of these Bylaws, a
waiver thereof in writing, signed by the person or persons entitled to said notice, whether before
or after the time stated therein, shall be deemed equivalent thereto. Attendance of a person at a
meeting of Stockholders, Directors, or a committee of Directors, shall constitute a waiver of
notice of such meeting, except where such person attends a meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is not lawfully called
or convened. Neither the business to be transacted at, nor the purpose of, any regular or special
meeting of the Stockholders, Directors, or members of a committee of Directors need to be specified
in any written waiver of notice unless so required by the Articles of Incorporation or these Bylaws.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>OFFICERS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Number; Qualification</U>. The officers of the Corporation shall include a
Chief Executive Officer, a President, a Treasurer, and a Secretary. The officers of the Corporation
may also include the Chairman of the Board, one or more Vice Presidents, including Executive Vice
Presidents and Senior Vice Presidents, one or more Assistant Treasurers or Assistant Secretaries,
and any other officers with such powers and duties as necessary or desirable. Any number of offices
may be held by the same person unless the Articles of Incorporation or these Bylaws provide
otherwise, but the President may not serve concurrently as Vice President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Election</U>. The following officers of the Corporation shall be elected
annually by the Board of Directors: a Chief Executive Officer, a President, any Executive Vice
Presidents, a Treasurer, and a Secretary. The Chief Executive Officer or President may from time to
time appoint one or more Senior Vice Presidents, Vice Presidents (not designated as Executive Vice
President), Assistant Treasurers, Assistant Secretaries, and any other officers. Each officer shall
hold office until the officer&#146;s successor is elected and qualifies or until the officer&#146;s death,
resignation or removal in the manner hereinafter provided. Election of an officer or agent shall
not of itself create contract rights between the Corporation and such officer or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Compensation</U>. The salaries of all officers and agents of the
Corporation shall be fixed by or in the manner prescribed by the Board of Directors.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Removal and Resignation</U>. Any officer elected or appointed by the Board of
Directors may be removed at any time by the affirmative vote of a majority of the whole Board if,
in its judgment, the Board finds that the best interests of the Corporation will be served, but
such removal shall be without prejudice to the contractual rights of any person so removed. Any
officer may resign at any time upon written notice to the Corporation. Any officer appointed by
either the Chief Executive Officer or the President may be removed by either the Chief Executive
Officer or the President if, in such officer&#146;s judgment, the officer finds that the best interests
of the Corporation will be served, but such removal shall be without prejudice to the contractual
rights of any person so removed. Any resignation shall take effect at any time subsequent to the
time specified therein or, if the time when it shall become effective is not specified therein,
immediately upon its receipt. The acceptance of a resignation shall not be necessary to make it
effective unless otherwise stated in resignation. Such resignation shall be without prejudice to
the contract rights, if any, of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vacancy</U>. Any vacancy occurring in any office of the Corporation shall
be filled by or in the manner prescribed by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Chief Executive Officer</U>. The Directors may designate a Chief Executive
Officer from among the elected officers. The Chief Executive Officer shall direct, coordinate and
control the Corporation&#146;s business and activities and its operating expenses and capital
expenditures, and shall have general authority to exercise all the powers necessary for the chief
executive officer of the Corporation, all in accordance with basic policies established by and
subject to the control of the Board of Directors. The Chief Executive Officer may employ and
discharge employees and agents of the Corporation, except such as shall be appointed by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board, and the Chief Executive Officer may delegate these powers. The Chief Executive Officer shall
have general authority to execute bonds, deeds and contracts in the name and on behalf of the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>President</U>. In the absence of a designation of a Chief Executive
Officer by the Directors, the President shall be the chief executive officer. The President shall
have general authority to execute bonds, deeds and contracts in the name and on behalf of the
Corporation, except in cases where the execution thereof shall be expressly delegated by the
Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required
by law to be otherwise executed; and in general shall perform all duties incident to the office of
President and such other duties as may be prescribed by the Directors from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Vice President</U>. In the absence of the President, the Vice President
(or in the event there be more than one Vice President, the Vice Presidents in the order of
seniority designated at the time of their election or, in the absence of any designation, then in
the order of their election) shall perform the duties of the President, and when so acting, shall
have all the powers of and be subject to all the restrictions upon the president. The Vice
President shall generally assist the Chairman of the Board and the President and shall perform such
other duties and have such other powers as the Board of Directors may from time to time prescribe.
The Directors may designate one or more Vice Presidents as Executive Vice President, Senior Vice
President or as Vice President for particular areas of responsibility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Secretary</U>. The Secretary shall attend all meetings of the Board of
Directors and meetings of the Stockholders and shall record all the proceedings of the meetings of
the Stockholders and of the Board of Directors in a book to be kept for that purpose. The
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Secretary shall give, or cause to be given, required notice of all meetings of the Stockholders and
the Board of Directors, and shall perform such other duties as may be prescribed by the Board of
Directors. The Secretary shall have custody of the stock certificate books and Stockholder records and such other
books and records as the Board of Directors may direct. The Secretary shall have custody of the
corporate seal of the Corporation and shall have authority to affix the same to any instrument
requiring it and when so affixed, it may be attested by the Secretary&#146;s signature. The Board of
Directors may give general authority to any other officer to affix the seal of the Corporation and
to attest the affixing thereof by the Secretary&#146;s signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Treasurer</U>. The Treasurer shall have custody of the corporate funds
and securities and shall keep full and accurate accounts of receipts and disbursements in books
belonging to the Corporation and shall deposit all monies and other valuable effects in the name
and to the credit of the Corporation in such depositories as may be designated by the Board of
Directors and shall disburse the funds of the Corporation as may be ordered by the Board of
Directors, taking proper vouchers for such disbursements, and shall render to the Chairman of the
Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account
of all the Treasurer&#146;s transactions as treasurer and of the financial condition of the Corporation.
If required by the Directors, the Treasurer shall give the trust a bond in such sum and with such
surety or sureties as shall be satisfactory to the Directors for the faithful performance of the
duties of the office and for the restoration to the Corporation, in case of the Treasurer&#146;s death,
resignation, retirement or removal from office, of all books, papers, vouchers, moneys and other
property of whatever kind in the Treasurer&#146;s possession or under the Treasurer&#146;s control belonging
to the Corporation. The Treasurer shall perform such other duties and have such other powers as the
Board of Directors or Chairman may from time to time prescribe.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Assistant Secretaries and Assistant Treasurers</U>. The Assistant Secretaries
and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the
Secretary or Treasurer, respectively, or by the Chief Executive Officer or the Directors. The
Assistant Treasurers shall, if required by the Directors, give bonds for the faithful performance
of their duties in such sums and with such surety or sureties as shall be satisfactory to the
Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>CERTIFICATES OF STOCK</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Form and Number</U>. Every holder of stock in the Corporation shall be
entitled to have a certificate signed by, or in the name of the Corporation by the Chairman of the
Board, the President or the Vice President and countersigned by the Treasurer, the Secretary or an
Assistant Treasurer or Assistant Secretary certifying the number of shares owned by the holder in
the Corporation. Any or all of the signatures on the certificate may be facsimile. In case any
officer, transfer agent or registrar who has signed or whose facsimile signature has been placed
upon a certificate shall have ceased to be such officer, transfer agent or registrar before such
certificate is issued, it may be issued by the Corporation as if the officer, transfer agent or
registrar were such officer, transfer agent or registrar at the date of issue. Each certificate
representing shares of stock which are restricted as to their transferability or voting powers,
which are preferred or limited as to their dividends or as to their allocable portion of the assets
upon liquidation or which are redeemable at the option of the Corporation, shall have a statement
of such restriction, limitation, preference or redemption provision, or a summary thereof, plainly
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stated on the certificate. In lieu of such statement or summary, the Corporation may set forth upon
the face or back of the certificate a statement that the Corporation will furnish to any
Stockholder, upon request and without charge, a full statement of such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Lost Certificates</U>. The Board of Directors may direct that a new stock
certificate or certificates be issued in place of any certificate or certificates theretofore
issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an
affidavit of that fact by the owner claiming the certificate of stock to be lost, stolen or
destroyed. When authorizing such issue of a new certificate, the Board of Directors may, in its
discretion and a condition precedent to the issuance thereof, require the owner of such lost,
stolen or destroyed certificate or certificates, or the owner&#146;s legal representative, to give the
Corporation a bond in such sum as it may direct as Indemnity against any claim that may be made
against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Transfer of Shares</U>. Certificates shall be treated as negotiable, and
title thereto and to the shares they represent shall be transferred by delivery thereof to the same
extent as those of a Maryland stock corporation. No transfers of shares of the Company shall be
made if (i)&nbsp;void ab initio pursuant to any provision of the Articles of Incorporation, (ii)&nbsp;the
Board of Directors, pursuant to any provision of the Articles of Incorporation or other written
agreement between or among any Stockholder(s) and the Corporation, shall have refused to permit the
transfer of such shares, or (iii)&nbsp;the shares have not been registered under the Securities Act of
1933, as amended (the &#147;Act&#148;), or under applicable state blue-sky or securities laws, unless
exemptions from the registration requirements of the Act and applicable state blue-sky or
securities laws are, in the opinion of counsel, satisfactory to the Corporation, for the transferor,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">available. Permitted transfers of shares of the Corporation shall be made on the stock records of
the Corporation only upon the instruction of the registered holder thereof, or by the registered
holder&#146;s attorney thereunto authorized by power of attorney duly executed and filed with the
Secretary or with a transfer agent or transfer clerk, and upon surrender of the certificate or
certificates, if issued, for such shares properly endorsed or accompanied by a duly executed stock
transfer power and the payment of all taxes thereon. Upon surrender to the Corporation or the
transfer agent of the Corporation of a certificate for shares accompanied by proper evidence of
authority to transfer, as to any transfers not prohibited by any provision of the Articles of
Incorporation or by action of the Board of Directors thereunder, the Corporation shall issue a new
certificate to the person entitled thereto, cancel the old certificate and record the transaction
upon its books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Fixing Record Date</U>. In order that the Corporation may determine the
Stockholders entitled to notice of or to vote at any meeting of Stockholders or any adjournment
thereof, to receive payment of any dividend or other distribution or allotment of any rights, to
exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of
any other lawful action, the Board of Directors may fix a record date, which shall not be more than
ninety (90)&nbsp;nor less than ten (10)&nbsp;days before the date of a Stockholders&#146; meeting, nor more than
ninety (90)&nbsp;days prior to the payment of such dividends, the distribution or exercise of such
rights or the taking of any other lawful action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of fixing a record date, the Directors may provide that the stock transfer books
shall be closed for a stated period but not longer than twenty (20)&nbsp;days. If the stock transfer
books are closed for the purpose of determining Stockholders entitled to notice of or to vote at a
meeting of Stockholders, such books shall be closed for at least ten (10)&nbsp;days before the date of
such meeting.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If no record date is fixed and the stock transfer books are not closed for the determination
of Stockholders, (a)&nbsp;the record date for the determination of Stockholders entitled to notice of or
to vote at a meeting of Stockholders shall be at the close of business on the day on which the
notice of meeting is mailed or the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day before the meeting, whichever is
the closer date to the meeting; and (b)&nbsp;the record date for the determination of Stockholders
entitled to receive payment of a dividend or an allotment of any other rights shall be the close of
business on the day on which the resolution of the Directors, declaring the
dividend or allotment of rights, is adopted, but the payment or allotment may not be made more
than sixty (60)&nbsp;days after the date on which the resolution is adopted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a determination of Stockholders entitled to vote at any meeting of Stockholders has
been made as provided in this section, such determination shall apply to any adjournment thereof,
except when (i)&nbsp;the determination has been made through the closing of the transfer books and the
stated period of closing has expired or (ii)&nbsp;the meeting is adjourned to a date more than one
hundred twenty (120)&nbsp;days after the record date fixed for the original meeting, in either of which
case a new record date shall be determined set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Registered Stockholders</U>. The Corporation shall be entitled to treat
the record holder of any shares of stock of the Corporation as the owner thereof for all purposes,
including all rights deriving from such shares, and except as required by law shall not be bound to
recognize any equitable or other claim to, or interest in, such shares or rights deriving from such
shares, on the part of any other person, including, but without limiting the generality
</DIV>

<P align="center" style="font-size: 10pt">- 28 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereof, a purchaser, assignee or transferee of such shares or rights deriving from such shares,
unless and until such purchaser, assignee, transferee or other person becomes the record holder of
such shares, whether or not the Corporation shall have either actual or constructive notice of the
interest of such purchaser, assignee, transferee or other person. Except as required by law, no
such purchaser, assignee, transferee or other person shall be entitled to receive notice of the
meetings of Stockholders, to vote at such meetings, to examine a complete list of the Stockholders
entitled to vote at meetings, or to own, enjoy, and exercise any other property or rights deriving
from such shares against the Corporation, until such purchaser, assignee, transferee or other
person has become the record holder of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Fractional Shares; Issuance of Units</U>. The Directors may issue
fractional shares or provide for the issuance of scrip, all on such terms and under such conditions
as they may determine. Notwithstanding any other provision of the Articles of Incorporation or
these Bylaws, the Directors may issue units consisting of different securities of the Corporation.
Any security issued in a unit shall have the same characteristics as any identical securities
issued by the Corporation, except that the Directors may provide that for a specified period
securities of the Corporation issued in such units may be transferred on the books of the
Corporation only in such units.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>INDEMNIFICATION OF OFFICERS AND DIRECTORS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Right to Indemnification</U>. To the maximum extent permitted by Maryland
law in effect from time to time, the Corporation shall indemnify and, without requiring a
preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse
</DIV>

<P align="center" style="font-size: 10pt">- 29 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reasonable expenses in advance of final disposition of a proceeding to (a)&nbsp;any individual who is a
present or former director or officer of the Corporation and who is made a party to the proceeding
by reason of his or her service in that capacity or (b)&nbsp;any individual who, while a director of the
Corporation and at the request of the Corporation, serves or has served as a director, officer,
partner or trustee of such corporation, real estate investment trust, partnership, joint venture,
trust, employee benefit plan or other enterprise and who is made a party to the proceeding by
reason of his or her service in that capacity. To the maximum extent permitted by Maryland law in
effect from time to time, the Corporation shall provide such indemnification and advance for
expenses to a person who served a predecessor of the Corporation in any of the capacities
described in (a)&nbsp;or (b)&nbsp;above and to any employee or agent of the Corporation or a predecessor of
the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the amendment nor repeal of this Article, nor the adoption or amendment of any
other provision of the Bylaws or Articles of Incorporation of the Corporation inconsistent with
this Article, shall apply to or affect in any respect the applicability of the preceding paragraph
with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Indemnification of Employees and Agents of the Corporation</U>. With the
approval of the Board of Directors, the Corporation shall, to the maximum extent permitted by the
Maryland law in effect from time to time, and to such further extent as it shall deem appropriate
under the circumstances, provide such indemnification and advancement of expenses as described in
Section&nbsp;1 above, to any employee or agent of the Corporation or a predecessor of the Corporation.
</DIV>

<P align="center" style="font-size: 10pt">- 30 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Insurance</U>. The Corporation shall have the power to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or agent of the
Corporation, or is or was serving at the request of the Corporation as a director, officer,
partner, manager, member, trustee, employee or agent of another corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise, against any
liability asserted against such person and incurred by such person in any such capacity, or arising
out of such person&#146;s status as such, whether or not the Corporation would have the power to
indemnify such person against such liability under the specified statutory authority, the Articles
of Incorporation or the provisions of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Reliance on Certain Information</U>. In performing a Director&#146;s duties, a
Director shall be entitled to rely on any information, opinion, report or statement, including any
financial statement or other financial data, in each case prepared or presented by any of the
following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;One or more officers or employees of the Corporation whom the Director reasonably
believes to be reliable and competent in the matters presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A lawyer, certified public accountant, or other person as to matters which a Director
reasonably believes to be within the person&#146;s professional or expert competence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A committee of the Board of Directors upon which the Director does not serve, as to
matters within its designated authority, which the Director reasonably believes to merit
confidence; provided however that a Director shall not be considered to be acting in good faith if
the Director has any knowledge concerning the matter in question that would cause the Director&#146;s
reliance to be unwarranted.
</DIV>

<P align="center" style="font-size: 10pt">- 31 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>MISCELLANEOUS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Fiscal Year</U>. The fiscal year of the Corporation shall be from January
1 through December&nbsp;31.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Deposits; Checks</U>. The Corporation shall establish a bank account for
deposit of the funds of the Corporation and the drawing of checks or drafts thereon. All checks or
drafts drawn on such account shall require the signature of such officer or officers, agent or
agents of the Corporation in such manner as shall from time to time be determined by the Directors.
The appointment of additional signatories of the
bank account and the opening of additional bank accounts shall require the approval of the
Board of Directors or such officers of the Corporation as shall from time to time be determined by
the Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Contracts</U>. The Directors may authorize any officer or agent to enter
into any contract or to execute and deliver any instrument in the name of and on behalf of the
Corporation and such authority may be general or confined to specific instances. Any agreement,
deed, mortgage, lease or other document executed by one or more of the Directors or by an
authorized person shall be valid and binding upon the Directors and upon the Corporation when
authorized or ratified by action of the Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Corporate Seal</U>. The corporate seal shall have inscribed thereon the
name of the Corporation, the year of its organization and the words &#147;Corporate Seal, Maryland.&#148; The
seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or
otherwise.
</DIV>

<P align="center" style="font-size: 10pt">- 32 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;Reserved&#093;

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>AMENDMENTS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Articles of Incorporation</U>. Subject to the terms of the Articles of
Incorporation of the Corporation, these Bylaws may be repealed or amended, or new Bylaws adopted,
by the Board of Directors; provided, however that the Board of Directors shall have no power or
authority to modify, alter or repeal Section&nbsp;3 or Section 5(a) of Article&nbsp;III, Section&nbsp;1 of Article
IV or this Article&nbsp;XI, and that the affirmative vote of that portion of the then outstanding Common
Stock entitled to vote generally in the election of directors necessary to approve an amendment to
the Corporation&#146;s Articles of Incorporation pursuant to the Maryland General Corporation Law shall
be required to approve such modification, alteration or repeal.
</DIV>


<P align="center" style="font-size: 10pt">- 33 -
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">FIRST AMENDMENT TO
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">THIRD AMENDED AND RESTATED BYLAWS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">COMMERCIAL NET LEASE REALTY, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Julian E. Whitehurst, certify that I am the Executive Vice President, Chief Operating
Officer and Secretary of Commercial Net Lease Realty, Inc., a Maryland corporation (the
&#147;Corporation&#148;), that I am duly authorized to make and deliver this certification, and that the
attached <U>Exhibit&nbsp;A</U> reflects a true and correct copy of the First Amendment to the Third
Amended and Restated Bylaws of the Corporation adopted by the Corporation&#146;s Board of Directors on
April&nbsp;28, 2006, and effective as of May&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: April&nbsp;28, 2006
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     /s/ Julian E. Whitehurst
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Julian E. Whitehurst&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President,<BR>
Chief Operating Officer and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT A</U>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FIRST AMENDMENT TO THE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">THIRD AMENDED AND RESTATED BYLAWS OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">COMMERCIAL NET LEASE REALTY, INC.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment to the Third Amended and Restated Bylaws of Commercial Net Lease
Realty, Inc. (the &#147;Bylaws&#148;) shall be effective as of May&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;I, Section&nbsp;1. is hereby amended by striking the first sentence and inserting in
lieu thereof the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The registered office of National Retail Properties, Inc. (the &#147;Corporation&#148;) shall be 300
East Lombard Street, Baltimore, Maryland 21202.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All references in the Bylaws to the &#147;Corporation&#148; shall mean National Retail Properties,
Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS"><B>In Witness Whereof</B></FONT><B>, </B>this First Amendment is executed as of the 28th day of April,
2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">COMMERCIAL NET LEASE REALTY, INC.,<BR>
a Maryland corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Julian E. Whitehurst
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Julian E. Whitehurst&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President,<BR>
Chief Operating Officer and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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