<SEC-DOCUMENT>0001193125-13-393089.txt : 20131007
<SEC-HEADER>0001193125-13-393089.hdr.sgml : 20131007
<ACCEPTANCE-DATETIME>20131007165500
ACCESSION NUMBER:		0001193125-13-393089
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131001
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131007
DATE AS OF CHANGE:		20131007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Empire State Realty OP, L.P.
		CENTRAL INDEX KEY:			0001553079
		IRS NUMBER:				371645259
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36106
		FILM NUMBER:		131139629

	BUSINESS ADDRESS:	
		STREET 1:		ONE GRAND CENTRAL PLACE
		STREET 2:		60 EAST 42ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10165
		BUSINESS PHONE:		212-953-0888

	MAIL ADDRESS:	
		STREET 1:		ONE GRAND CENTRAL PLACE
		STREET 2:		60 EAST 42ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10165
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d609388d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): October&nbsp;1, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>EMPIRE STATE REALTY OP, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its governing instruments) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-36106</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>45-4685158</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification&nbsp;No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Grand Central Place</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>60 East 42<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>10165</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (212)&nbsp;953-0888 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>n/a </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 (<U>see</U> General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written&nbsp;communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting&nbsp;material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement&nbsp;communications pursuant to Rule 14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement&nbsp;communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;7, 2013, Empire State Realty Trust, Inc. (the &#147;Company&#148;), the general partner in Empire State Realty OP, L.P. (the
&#147;Operating Partnership&#148;), completed its initial public offering of 82,225,000 shares of its Class&nbsp;A common stock, par value $0.01 per share (the &#147;Class A Common Stock&#148;) at a public offering price of $13.00 per share, which
includes the exercise in full of the underwriters&#146; option to purchase up to 10,725,000 shares of Class&nbsp;A Common Stock (the &#147;Initial Public Offering&#148;). In connection with the Initial Public Offering and certain formation
transactions, the Company and the Operating Partnership entered into a Tax Protection Agreement among Empire State Realty Trust, Inc., Empire State Realty OP, L.P., and the parties named therein dated as of October&nbsp;7, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of this agreement, see the Company&#146;s and the Operating Partnership&#146;s registration statement on Form S-4 originally
filed by the Operating Partnership with the Securities and Exchange Commission on February&nbsp;13, 2012 (Registration No.&nbsp;333-179486), as amended (&#147;S-4 Registration Statement&#148;), including any form of prospectus contained therein
filed by the Company pursuant to Rule 424 under the Securities Act of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in Item 2.03 is
incorporated herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;2.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the closing of the Initial Public Offering, on October 7, 2013, the Company and the Operating Partnership entered into a
Secured Revolving and Term Credit Facility among the Company, the Operating Partnership, ESRT Empire State Building, L.L.C., the subsidiaries of the Operating Partnership from time to time party thereto, Bank of America, N.A., Merrill Lynch, Pierce,
Fenner &amp; Smith Incorporated, Goldman Sachs Bank USA and the other lenders party thereto. Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated acted as joint lead arranger; Bank of America, N.A., an affiliate of Merrill Lynch, Pierce, Fenner
&amp; Smith Incorporated, acted as administrative agent; and Goldman Sachs Bank USA, an affiliate of Goldman Sachs &amp; Co., acted as syndication agent and joint lead arranger, with respect to the revolving credit and term loan facilities, which
are collectively referred to herein as the &#147;secured revolving and term credit facility&#148;. The secured revolving and term credit facility is comprised of a term loan A and a term loan B, which are referred to herein as the &#147;term
loan&#148;, with an aggregate original principal balance of $300.0 million, and a revolving credit facility, which is referred to herein as the &#147;revolving credit facility&#148;, in the maximum original principal amount of the difference between
$800.0 million and the original balance under the term loan. The secured revolving and term credit facility contains an accordion feature that would allow the Operating Partnership to increase the maximum aggregate principal amount to $1.25 billion
under specified circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and certain of the Operating Partnership&#146;s subsidiaries are guarantors of the secured
revolving and term credit facility and have pledged specified equity interests in the Operating Partnership&#146;s subsidiaries as collateral for the Operating Partnership&#146;s obligations under the secured revolving and term credit facility
(collectively, the guarantors are referred to herein as the &#147;loan parties&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Availability.</I></B> The amount available
to the Operating Partnership under the secured revolving and term credit facility is based on adjusted net operating income from all of the borrowing base properties and subject to parameters that reference a minimum debt service coverage ratio and
an assumed amortization term and interest rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interest.</I></B> Amounts outstanding under the term loan bear interest at a
floating rate equal to, at the Operating Partnership&#146;s election, (x) a Eurodollar rate, plus a spread that the Operating Partnership expects will range from 1.00% to 2.00% depending upon its leverage ratio and credit rating; or (y) a base rate,
plus a spread that the Operating Partnership expects will range from 0.00% to 1.00% depending upon its leverage ratio and credit rating. Amounts outstanding under the revolving credit facility will bear interest at a floating rate equal to, at the
Operating Partnership&#146;s election, (x) a Eurodollar rate, plus a spread that the Operating Partnership expects will range from 0.925% to 1.70% depending upon its leverage ratio and credit rating; or (y) a base rate, plus a spread that the
Operating Partnership expects will range from 0.00% to 0.70% depending upon its leverage ratio and credit rating. In addition, the revolving credit facility permits the Operating Partnership to borrow at competitive bid rates determined in
accordance with the procedures described in the revolving credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Fees.</I></B> The Operating Partnership will also pay
certain customary fees and expense reimbursements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Maturity.</I></B> The term loan has a term of five years and the revolving
credit facility will have an initial term of four years. The Operating Partnership has the option to extend the initial term of the revolving credit facility for an additional one-year period, subject to certain conditions, including the payment of
an extension fee equal to 0.20% of the then-outstanding commitments under the revolving credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financial
Covenants.</I></B> The secured revolving and term credit facility includes the following financial covenants: (i) maximum leverage ratio of total indebtedness to total asset value of the loan parties and their consolidated subsidiaries will not
exceed 60%, (ii) consolidated secured indebtedness (excluding the secured revolving and term credit facility) will not exceed 40% of total asset value, (iii) tangible net worth will not be less than the sum of 80% of tangible net worth at the
closing of the secured revolving and term credit facility plus 75% of net equity proceeds received by the Operating Partnership after the closing date (other than proceeds received by us in connection with any dividend reinvestment program), (iv)
adjusted EBITDA (as defined in the secured revolving and term credit facility ) to consolidated fixed charges will not be less than 1.50x, (v) consolidated variable rate debt will not exceed 25% of total asset value and (vi) consolidated secured
recourse indebtedness (excluding the secured revolving and term credit facility) will not exceed 10% of total asset value. Subject to certain customary exceptions and excluding dividends and distributions payable solely in the Company&#146;s common
stock, we will be restricted from paying dividends or other distributions in excess of the greater of (x) 95% of funds from operations (as defined in the commitment letter) and (y) the amount of dividends and other distributions the Company is
required to pay in order to maintain its qualification as a real estate investment trust and (other than during an event of default) to avoid the payment of federal or state income or excise tax; provided, that if certain events of default exist,
the Company may be precluded from paying any dividends or other distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Covenants.</I></B> In addition, the secured
revolving and term credit facility contains customary covenants, including limitations on liens, investment, debt, fundamental changes, and transactions with affiliates, and will require certain customary financial reports. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Events of Default</I></B>. The secured revolving and term credit facility contains customary events of default (subject in certain cases
to specified cure periods), including but not limited to non-payment, breach of covenants, representations or warranties, cross defaults, bankruptcy or other insolvency events, judgments, ERISA events, invalidity of loan documents, loss of real
estate investment trust qualification, and occurrence of a change of control (defined in the definitive documentation for the secured revolving and term credit facility). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;1, 2013, the Company and the limited partners referred to therein entered into the First Amended and Restated Agreement of
Limited Partnership of the Operating Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a description of this agreement, see the S-4 Registration Statement, including any
form of prospectus contained therein filed by the Operating Partnership pursuant to Rule 424 under the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;9.01 Financial Statements and Exhibits. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)
Exhibits. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top">Amended and Restated Agreement of Limited Partnership of Empire State Realty OP, L.P., dated October&nbsp;1, 2013 </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3">EMPIRE STATE REALTY OP, L.P.</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">By: Empire State Realty Trust, Inc., as general partner</TD></TR>
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<TD VALIGN="top">October&nbsp;7, 2013</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David A. Karp</TD></TR>
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<TD VALIGN="bottom">Name: David A. Karp</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: Executive Vice President, Chief Financial</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer and Treasurer</P></TD></TR>
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<TYPE>EX-3.1
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<DESCRIPTION>EX-3.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FIRST AMENDED AND RESTATED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AGREEMENT OF LIMITED PARTNERSHIP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OF </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EMPIRE STATE REALTY OP, L.P.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">a Delaware limited partnership </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN OF THE SECURITIES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;<B>SECURITIES ACT</B>&#148;), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION,
UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR &#147;BLUE SKY&#148; LAWS. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of October&nbsp;1, 2013 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Clause</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article I DEFINED TERMS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article II ORGANIZATIONAL MATTERS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01. Organization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02. Name</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03. Registered Office and Agent; Principal Office</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04. Power of Attorney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05. Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06. Partnership Interests as Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article III PURPOSE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01. Purpose and Business</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02. Powers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03. Partnership Only for Partnership Purposes Specified</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04. Representations and Warranties by the Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article IV CAPITAL CONTRIBUTIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01. Capital Contributions of the Partners</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02. Classes and Series of Partnership Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03. Issuances of Additional Partnership Interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04. Additional Funds and Capital Contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05. Equity Incentive Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06. LTIP Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07. Conversion of LTIP Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.08. No Interest; No Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09. Other Contribution Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.10. Not Taxable as a Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.11. No Third Party Beneficiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article V DISTRIBUTIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01. Requirement and Characterization of Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02. Interests in Property not Held Through the Partnership</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03. Distributions <FONT STYLE="white-space:nowrap">In-Kind</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04. Amounts Withheld</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05. Distributions Upon Liquidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5.06. Distributions to Reflect Issuance of Additional Partnership Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07. Restricted Distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article VI ALLOCATIONS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01. Timing and Amount of Allocations of Net Income and Net Loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02. General Allocations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03. Additional Allocation Provisions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04. Tax Allocations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article VII MANAGEMENT AND OPERATIONS OF BUSINESS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01. Management</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02. Certificate of Limited Partnership</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03. Restrictions on General Partner&#146;s Authority</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04. Reimbursement of the General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
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<TD HEIGHT="8"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05. Outside Activities of the General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06. Contracts with Affiliates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07. Indemnification</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.08. Liability of the General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.09. Other Matters Concerning the General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.10. Title to Partnership Assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.11. Reliance by Third Parties</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01. Limitation of Liability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02. Management of Business</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03. Outside Activities of Limited Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04. Return of Capital</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05. Adjustment Factor</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06. Redemption Rights</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article IX BOOKS, RECORDS, ACCOUNTING AND REPORTS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01. Records and Accounting</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02. Partnership Year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03. Reports</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article X TAX MATTERS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01. Preparation of Tax Returns</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02. Tax Elections</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03. Tax Matters Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 10.04. Withholding</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05. Organizational Expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article XI TRANSFERS AND WITHDRAWALS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01. Transfer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02. Transfer of General Partner&#146;s Partnership Interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03. Transfer of Limited Partners&#146; Partnership Interests</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04. Substituted Limited Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05. Assignees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06. General Provisions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article XII ADMISSION OF PARTNERS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01. Admission of Successor General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02. Admission of Additional Limited Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.03. Amendment of Agreement and Certificate of Limited Partnership</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.04. Limit on Number of Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.05. Admission</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.06. Certificates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.07. Mutilated, Destroyed, Lost or Stolen Certificates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08. Record Holders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article XIII DISSOLUTION, LIQUIDATION AND TERMINATION</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01. Dissolution</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02. Winding Up</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03. Deemed Distribution and Recontribution</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04. Rights of Limited Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05. Notice of Dissolution</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.06. Cancellation of Certificate of Limited Partnership</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.07. Reasonable Time for <FONT STYLE="white-space:nowrap">Winding-Up</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article XIV PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.01. Procedures for Actions and Consents of Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.02. Amendments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.03. Meetings of the Partners</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article XV GENERAL PROVISIONS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.01. Addresses and Notice</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.02. Titles and Captions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.03. Pronouns and Plurals</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 15.04. Further Action</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.05. Binding Effect</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.06. Waiver</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.07. Counterparts</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.08. Applicable Law</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.09. Entire Agreement</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.10. Invalidity of Provisions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.11. Limitation to Preserve REIT Qualification</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.12. No Partition</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
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<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.13. No Third-Party Rights Created Hereby</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
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<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.14. No Rights as Stockholders of General Partner</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
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<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.15. Creditors</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
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</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>THIS FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF EMPIRE STATE REALTY
OP, L.P., dated as of October&nbsp;1, 2013 is entered into by and among Empire State Realty Trust, Inc., a Maryland corporation (the &#147;<B>General Partner</B>&#148;), and the Limited Partners (defined below).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, a Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State of the State of Delaware on
November&nbsp;28, 2011; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>WHEREAS, the General Partner and the Initial Limited Partner entered into an Agreement of Limited
Partnership of Empire State Realty OP, L.P., dated as of November&nbsp;28, 2011, pursuant to which the Partnership was formed (the &#147;<B>Original Agreement</B>&#148;); and<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the General Partner and the Initial Limited Partner desire to amend and restate the Original Agreement in its entirety by entering
into this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Original Agreement in its entirety and agree to continue the Partnership as a limited partnership under the Delaware
Revised Uniform Limited Partnership Act, as amended from time to time, as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFINED TERMS</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Act</B>&#148; means the Delaware Revised Uniform Limited Partnership Act (6 Del. C.
<FONT STYLE="white-space:nowrap">&#167;&nbsp;17-101</FONT> et seq.), as it may be amended from time to time, and any successor to such statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Additional Funds</B>&#148; has the meaning set forth in <B>Section 4.04(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Additional Limited Partner</B>&#148; means a Person who is admitted to the Partnership as a Limited Partner pursuant to
<B>Section 4.03</B> and <B>Section 12.02</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Adjusted Capital Account</B>&#148; means the Capital Account
maintained for each Partner as of the end of each Fiscal Year (i)&nbsp;increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the
penultimate sentences of Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-2(g)(1)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(i)(5)</FONT> and (ii)&nbsp;decreased by the items described in Regulations <FONT
STYLE="white-space:nowrap">Sections&nbsp;1.704-1(b)(2)(ii)(d)(4),</FONT> <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(ii)(d)(5)</FONT> and <FONT STYLE="white-space:nowrap">1.704-1(b)(2)(ii)(d)(6).</FONT> The foregoing definition of Adjusted
Capital Account is intended to comply with the provisions of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d)</FONT> and shall be interpreted consistently therewith.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Adjusted Capital Account Deficit</B>&#148; means, with respect to any Partner, the deficit balance, if any, in such
Partner&#146;s Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Adjustment Event</B>&#148; shall have the meaning set forth in <B>Section 4.06(a)</B>
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Adjustment Factor</B>&#148; means 1.0; <B>provided</B>, <B>however</B>, <B>that</B> in the event that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the General Partner (a)&nbsp;declares or pays a dividend on its outstanding REIT Shares wholly or partly in REIT Shares or makes a
distribution to all holders of its outstanding REIT Shares wholly or partly in REIT Shares, (b)&nbsp;splits or subdivides its outstanding REIT Shares or (c)&nbsp;effects a reverse stock split or otherwise combines its outstanding REIT Shares into a
smaller number of REIT Shares, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (i)&nbsp;the numerator of which shall be the number of REIT Shares issued and outstanding on the record
date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (ii)&nbsp;the
denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(ii) the General Partner distributes any rights, options or warrants to all holders of its REIT Shares to subscribe for or to purchase
or to otherwise acquire REIT Shares (or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares) at a price per share less than the Value of a REIT Share on the record date for such distribution (each a
&#147;<B>Distributed Right</B>&#148;), then, as of the distribution date of such Distributed Rights, or, if later, the time such Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor
previously in effect by a fraction (a)&nbsp;the numerator of which shall be the number of REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT
Shares purchasable under such Distributed Rights and (b)&nbsp;the denominator of which shall be the number of REIT Shares issued and outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction
(1)&nbsp;the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum purchase price per REIT Share under such Distributed Rights and (2)&nbsp;the denominator of which is the Value of a REIT
Share as of the record date (or, if later, the date such Distributed Rights become exercisable); <B>provided</B>,<B> however</B>,<B> that</B> if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be
adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced maximum number of REIT Shares or any change in the minimum purchase price for the purposes of the above fraction;<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the General Partner shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets
(including securities, but excluding any dividend or distribution referred to in subsection&nbsp;(i) or (ii)&nbsp;above), which evidences of indebtedness or assets relate to assets not received by the General Partner or its Subsidiaries pursuant to
a <I>pro rata</I> distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by multiplying the Adjustment Factor in effect immediately prior to the close of business on the date fixed for
determination of stockholders of the General Partner entitled to receive such distribution by a fraction (i)&nbsp;the numerator of which shall be such Value of a REIT Share on the date fixed for such determination and (ii)&nbsp;the denominator of
which shall be the Value of a REIT Share on the dates fixed for such determination less the then fair market value (as determined by the REIT, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so
distributed applicable to one REIT Share; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(iv) an entity other than an Affiliate of the General Partner shall become General Partner
pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the &#147;<B>Successor Entity</B>&#148;), the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor by the number of shares
of the Successor Entity into which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Any adjustments to the Adjustment Factor shall become effective immediately after the effective date of such event, retroactive to the
record date, if any, for such event. Notwithstanding the foregoing, the Adjustment Factor shall not be adjusted in connection with an event described in clauses (i)&nbsp;or (ii)&nbsp;above if, in connection with such event, the Partnership makes a
distribution of cash, Partnership Units, REIT Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Shares with respect to all applicable OP Units (including LTIP Units) or effects a reverse split of, or otherwise
combines, the OP Units (including LTIP Units), as applicable, that is comparable as a whole in all material respects with such an event, or if in connection with an event described in clause (iv)&nbsp;above, the consideration in <B>Section 11.02</B>
hereof is paid.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Affiliate</B>&#148; means, with respect to any Person, (i)&nbsp;any Person directly or indirectly
controlling or controlled by or under common control with such Person, (ii)&nbsp;any Person owning or controlling ten percent (10%)&nbsp;or more of the outstanding voting interests of such Person, (iii)&nbsp;any Person of which such Person owns or
controls ten percent (10%)&nbsp;or more of the voting interests or (iv)&nbsp;any officer, director, general partner or trustee of such Person or any Person referred to in clauses&nbsp;(i), (ii), and (iii)&nbsp;above. For the purposes of this
definition, &#147;control&#148; when used with respect to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise, and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Agreement</B>&#148; means this First Amendment and Restated Agreement of Limited Partnership of Empire State Realty OP, L.P.,
as it may be amended, supplemented or restated from time to time.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Assignee</B>&#148; means a Person to whom one or
more Partnership Units have been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in <B>Section 11.05</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Available Cash</B>&#148; means, with respect to any period for which such calculation is being made, the amount of cash
available for distribution by the Partnership as determined by the General Partner in its sole and absolute discretion.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Board of Directors</B>&#148; means the board of directors of the General Partner.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Business Day</B>&#148; means any day except a Saturday, Sunday or other day on
which commercial banks in New York, New York are authorized or required by law to close.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Bylaws</B>&#148; means
the Bylaws of the General Partner, as amended, supplemented or restated from time to time.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Capital
Account</B>&#148; means, with respect to any Partner, the Capital Account maintained by the General Partner for such Partner on the Partnership&#146;s books and records in accordance with the following provisions:<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>A. To each Partner&#146;s Capital Account, there shall be added such Partner&#146;s Capital Contributions, such Partner&#146;s
distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to <B>Section 6.03</B> hereof, and the principal amount of any Partnership liabilities assumed by such Partner or that are secured
by any property distributed to such Partner.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>B. From each Partner&#146;s Capital Account, there shall be subtracted the
amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement, such Partner&#146;s distributive share of Net Losses and any items in the nature of expenses or losses that are
specially allocated pursuant to <B>Section 6.03</B> hereof, and the principal amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. In the event any interest in the Partnership is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to
the Capital Account of the transferor to the extent that it relates to the Transferred interest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. In determining the principal amount of
any liability for purposes of subsections&nbsp;(a) and (b)&nbsp;hereof, there shall be taken into account Code Section&nbsp;752(c) and any other applicable provisions of the Code and Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>E. The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations <FONT
STYLE="white-space:nowrap">Sections&nbsp;1.704-1(b)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2,</FONT> and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall determine that it is
prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification <B>provided</B>,<B> that</B> such modification will not have a material effect on the
amounts distributable to any Partner without such Partner&#146;s Consent. The General Partner may, in its sole discretion, (i)&nbsp;make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the
Partners and the amount of Partnership capital reflected on the Partnership&#146;s balance sheet, as computed for book purposes, in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(q)</FONT> and
(ii)&nbsp;make any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)</FONT> or
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2.</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Capital Account Deficit</B>&#148; has the meaning
set forth in <B>Section 13.02(c)</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Capital Account Limitation</B>&#148; has the meaning set forth in
<B>Section 4.07(b)</B> hereof.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Capital Contribution</B>&#148; means, with respect to any Partner, the amount of
money and the initial Gross Asset Value of any Contributed Property that such Partner contributes to the Partnership or is deemed to contribute to the Partnership pursuant to <B>Section 4.04</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Cash Amount</B>&#148; means, with respect to a Tendering Party, an amount of cash equal to the product of (A)&nbsp;the Value
of a REIT Share and (B)&nbsp;such Tendering Party&#146;s REIT Shares Amount determined as of the date of receipt by the General Partner of such Tendering Party&#146;s Notice of Redemption or, if such date is not a Business Day, the immediately
preceding Business Day.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Certificate</B>&#148; means a certificate issued in global form in accordance with the
rules and regulations of the Depositary or in such other form as may be adopted by the General Partner, issued by the Partnership evidencing ownership of one or more Partnership Units or a certificate, in such form as may be adopted by the General
Partner, issued by the Partnership evidencing ownership of one or more other Partnership Interests.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Certificate of
Limited Partnership</B>&#148; means the Certificate of Limited Partnership of the Partnership filed in the office of the Secretary of State of the State of Delaware on November&nbsp;28, 2011, as amended from time to time in accordance with the terms
hereof and the Act.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Charity</B>&#148; means an entity described in Section&nbsp;501(c)(3) of the Code or any trust
all the beneficiaries of which are such entities. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Charter</B>&#148; means the Articles of Incorporation of the
General Partner as filed with the State Department of Assessments and Taxation of Maryland, as amended, supplemented or restated from time to time.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Class A REIT Share</B>&#148; means a share of the General Partner&#146;s class A common stock, par value $0.01 per share.
Where relevant in this Agreement, &#147;Class A REIT Share&#148; includes shares of the General Partner&#146;s class A common stock, par value $0.01 per share, issued upon conversion of Preferred Shares, Junior Shares or Class B REIT Shares.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Class B REIT Share</B>&#148; means a share of the General Partner&#146;s class B common stock, par value $0.01 per
share.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Closing Price</B>&#148; has the meaning set forth in the definition of &#147;Value.&#148;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as amended and in effect from time to time or any successor statute
thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Consent</B>&#148; means the consent to, approval of, or vote in favor of a proposed action by a Partner given in accordance
with <B>Article XIV</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Constituent Person</B>&#148; shall have the meaning set forth in <B>Section
4.07(f)</B>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Contributed Entity</B>&#148; has the meaning set forth in the definition of
&#147;Indemnitee.&#148;<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Contributed Property</B>&#148; means each item of Property or other asset, in
such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a &#147;new&#148; partnership pursuant to Code Section&nbsp;708) net of any liabilities
assumed by the Partnership relating to such Contributed Property and any liability to which such Contributed Property is subject.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Controlled Entity</B>&#148; means, as to any Partner, (a)&nbsp;any corporation more than twenty five percent (25%)&nbsp;of the
outstanding voting stock of which is owned by such Partner and such Partner&#146;s Family Members and Affiliates, (b)&nbsp;any trust, whether or not revocable, of which such Partner and such Partner&#146;s Family Members and Affiliates are the sole
initial income beneficiaries, (c)&nbsp;any partnership of which such Partner or such Partner&#146;s Family Members and Affiliates are the managing partners and in which such Partner, such Partner&#146;s Family Members and Affiliates hold partnership
interests representing at least twenty-five percent (25%)&nbsp;of such partnership&#146;s capital and profits and (d)&nbsp;any limited liability company of which such Partner or such Partner&#146;s Family Members and Affiliates are the managers and
in which such Partner, such Partner&#146;s Family Members and Affiliates hold membership interests representing at least twenty-five percent (25%)&nbsp;of such limited liability company&#146;s capital and profits.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Conversion Date</B>&#148; shall have the meaning set forth in <B>Section 4.07(b)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Conversion Notice</B>&#148; shall have the meaning set forth in <B>Section 4.07(b)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Conversion Right</B>&#148; shall have the meaning set forth in <B>Section 4.07(a)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Debt</B>&#148; means, as to any Person, as of any date of determination, (i)&nbsp;all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services; (ii)&nbsp;all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments
guaranteeing payment or other performance of obligations by such Person; (iii)&nbsp;all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the
extent attributable to such Person&#146;s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv)&nbsp;lease obligations of such Person that, in accordance with generally accepted
accounting principles, should be capitalized.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Depositary</B>&#148; means, with respect to any Partnership units
issued in global form, The Depository Trust Company and its successors and permitted assigns.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Depreciation</B>&#148; means, for each Partnership Year or other applicable period, an amount equal to the federal income tax
depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; <B>provided</B>,<B> however</B>,<B> that</B> if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with
<B></B>reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Distributed Right</B>&#148; has the meaning set forth in the definition of
&#147;Adjustment Factor.&#148;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>DRO Amount</B>&#148; means the amount specified on <B>Exhibit&nbsp;C</B> with
respect to any DRO Partner, as such Exhibit may be amended from time to time.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>DRO Partner</B>&#148; means a
Partner who has agreed in writing to be a DRO Partner and has agreed and is obligated to make certain contributions, not in excess of such DRO Partner&#146;s DRO Amount, to the Partnership with respect to such Partner&#146;s Capital Account Deficit
upon the occurrence of certain events.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Economic Capital Account Balances</B>&#148; has the meaning set forth in
<B>Section 6.03(c)</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Effective Date</B>&#148; means the date of closing of the initial public offering
of Class&nbsp;A REIT Shares.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Equity Incentive Plan</B>&#148; means any equity incentive plan hereafter adopted by
the Partnership or the General Partner, including the General Partner&#146;s 2011 equity incentive plan.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>ERISA</B>&#148; means the Employee Retirement Income Security Act of 1974, as amended.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Family Member</B>&#148; means, as to a Person that is an individual, such Person&#146;s spouse,
ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any limited liability company or inter vivos or testamentary trusts (whether revocable or irrevocable) of
which only such Person, his or her spouse, ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Forced Redemption</B>&#148; shall have the meaning set forth in <B>Section 4.07(c)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Forced Redemption Notice</B>&#148; shall have the meaning set forth in <B>Section 4.07(c)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Funding Debt</B>&#148; means the incurrence of any Debt for the purpose of providing funds to the Partnership by or on behalf
of the General Partner or any wholly owned subsidiary of the General Partner.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>General Partner</B>&#148; means Empire State Realty Trust, Inc., and its
successors and assigns, as the general partner of the Partnership.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>General Partner Employee</B>&#148; means any
employee of the Partnership, the General Partner and any of their subsidiaries.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>General Partner Interest</B>&#148;
means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a general partner under the Act. A General Partner Interest may be expressed as a number of Partnership Units.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>General Partner Loan</B>&#148; has the meaning set forth in <B>Section 4.04(d) </B>hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Governmental Entity</B>&#148; means any federal, state, county, city, local or foreign governmental, administrative or
regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Gross Asset Value</B>&#148; means, with respect to any asset, the asset&#146;s adjusted basis for federal income tax purposes,
except as follows:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross
fair market value of such asset as determined by the General Partner in its sole discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Gross Asset Values of all Partnership
assets immediately prior to the occurrence of any event described in clause&nbsp;(i), clause&nbsp;(ii), clause&nbsp;(iii) or clause&nbsp;(iv) hereof shall be adjusted to equal their respective gross fair market values, as determined by the General
Partner in its sole discretion using such reasonable method of valuation as it may adopt, as of the following times: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(i) the acquisition of an additional interest in the Partnership (other than in connection with the execution of this
Agreement but including, without limitation, acquisitions pursuant to <B>Section 4.02</B> hereof or contributions or deemed contributions by the General Partner pursuant to <B>Section 4.02</B> hereof) by a new or existing Partner in exchange for
more than a <B></B><I>de minimis</I><B></B> Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership;
<B>provided</B>,<B> that</B> the issuance of any LTIP Unit shall be deemed to require a recalculation pursuant to this subsection;<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(ii) the distribution by the Partnership to a Partner of more than a <B></B><I>de minimis</I><B></B> amount of Property
as consideration for an interest in the Partnership, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership;<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the liquidation of the Partnership within the meaning of Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(g);</FONT> and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) at such other times as the General
Partner shall reasonably determine necessary or advisable in order to comply with Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-1(b)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the
gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner <B>provided</B>,<B> that</B>, if the distributee is the General Partner or if the distributee and the General Partner cannot
agree on such a determination, such gross fair market value shall be determined by an independent third party experienced in the valuation of similar assets, selected by the General Partner in good faith.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section&nbsp;734(b) or Code Section&nbsp;743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m);</FONT> <B>provided</B>,<B> however</B>,<B> that</B> Gross Asset Values shall not be adjusted pursuant to this subsection&nbsp;(d) to the extent that the General Partner reasonably
determines that an adjustment pursuant to subsection&nbsp;(b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection&nbsp;(d).<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subsection&nbsp;(a), subsection&nbsp;(b) or
subsection&nbsp;(d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Holder</B>&#148; means either (a)&nbsp;a Partner or (b)&nbsp;an Assignee, owning a Partnership Unit, that is treated as a
partner of the Partnership for federal income tax purposes.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Incapacity</B>&#148; or
&#147;<B>Incapacitated</B>&#148; means, (i)&nbsp;as to any Partner who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her
estate; (ii)&nbsp;as to any Partner that is a corporation or limited liability company, the filing of a certificate of dissolution, or its equivalent, or the revocation of the corporation&#146;s charter; (iii)&nbsp;as to any Partner that is a
partnership, the dissolution and commencement of winding up of the partnership; (iv)&nbsp;as to any Partner that is an estate, the distribution by the fiduciary of the estate&#146;s entire interest in the Partnership; (v)&nbsp;as to any trustee of a
trust that is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi)&nbsp;as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have
occurred when (a)&nbsp;the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b)&nbsp;the Partner
is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c)&nbsp;the Partner executes and delivers a general
assignment for the benefit of the Partner&#146;s creditors, (d)&nbsp;the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature
described in clause&nbsp;(b) above, (e)&nbsp;the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>for all or any substantial part of the Partner&#146;s properties, (f)&nbsp;any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar
law now or hereafter in effect has not been dismissed within 120&nbsp;days after the commencement thereof, (g)&nbsp;the appointment without the Partner&#146;s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or
stayed within 90&nbsp;days of such appointment, or (h)&nbsp;an appointment referred to in clause&nbsp;(g) above is not vacated within 90&nbsp;days after the expiration of any such stay.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Indemnitee</B>&#148; means (i)&nbsp;any Person made a party to a proceeding by reason of its status as (A)&nbsp;the General
Partner or any successor thereto or (B)&nbsp;an officer or director, as applicable, of the Partnership, the General Partner or a Subsidiary thereof (including by reason of being named a Person who is about to become a director) and (ii)&nbsp;such
other Persons (including (A)&nbsp;Affiliates of the General Partner or the Partnership, (B)&nbsp;a present or former member, manager, shareholder, director, limited partner, general partner, officer or controlling person of (1)&nbsp;Malkin Holdings
LLC, (2)&nbsp;an entity that owned an interest in one of the 18 real properties or two acres of land that are going to be or were contributed to the General Partner, the Partnership or their subsidiaries (each such entity, a &#147;<B>Contributing
Entity</B>&#148;) in the General Partner&#146;s initial public offering or (3)&nbsp;any direct or indirect partner or member, or any employee benefit plan or other enterprise thereof (<B>provided, that</B>, in the case such direct or indirect
partner or member owns direct or indirect interests in any properties not being contributed to the General Partner, the Partnership or their subsidiaries in the General Partners&#146; initial public offering, only to the extent such service relates
to the business of Malkin Holdings LLC or any Contributing Entity) or (C)&nbsp;any agent for participants in any Contributing Entity or any direct or indirect partner or member thereof (<B>provided</B>, <B>that</B>, in the case such direct or
indirect partner or member owns direct or indirect interests in any properties not being contributed to the General Partner or the Partnership, only to the extent such service relates to the business of Malkin Holdings LLC or any Contributing
Entity)) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Independent Directors</B>&#148; means the independent directors of the Board of Directors of General Partner as determined by
the rules and regulations of the New York Stock Exchange then in effect.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Initial Limited Partner</B>&#148; means
Anthony E. Malkin.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>IPO</B>&#148; means a public offering of the common stock of the General Partner.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>IRS</B>&#148; means the Internal Revenue Service, which administers the internal revenue laws of the United States.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Junior Share</B>&#148; means a share of capital stock of the General Partner now or hereafter authorized or
reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Junior Unit</B>&#148; means a fractional share of the Partnership Interests that the General Partner has authorized pursuant
to <B>Section 4.01</B>,<B> </B><B>4.03</B> or<B> </B><B>4.04</B> hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Limited Partner</B>&#148; means any Person named as a Limited Partner in the
books and records of the Partnership or the Transfer Agent, or any Substituted Limited Partner or Additional Limited Partner, in such Person&#146;s capacity as a Limited Partner in the Partnership.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Limited Partner Interest</B>&#148; means a Partnership Interest of a Limited Partner in the Partnership representing a
fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or other Partnership Units.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Liquidating Event</B>&#148; has the meaning set forth in <B>Section 13.01</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Liquidating Gains</B>&#148; has the meaning set forth in <B>Section 6.03(c)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Liquidator</B>&#148; has the meaning set forth in <B>Section 13.02(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LTIP Award</B>&#148; means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LTIP Unit</B>&#148; means a Partnership Unit which is designated as an LTIP Unit and which has the rights,
preferences and other privileges and restrictions, qualifications, and limitations set forth in <B>Section 4.06</B> hereof (except as may be varied by the designations applicable to any particular class or series of LTIP Units) and elsewhere in this
Agreement (including any exhibit hereto creating any new class or series of LTIP Units) or in the Equity Incentive Plan or the award, vesting, or other agreement pursuant to which an LTIP Unit is granted to the holder thereof. The allocation of LTIP
Units among the Partners shall be set forth in the books and records of the Partnership or the Transfer Agent, as may be amended from time to time.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LTIP Unitholder</B>&#148; means a Partner that holds LTIP Units.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LV Safe Harbor</B>&#148; has the meaning set forth in <B>Section 10.02(b) </B>hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LV Safe Harbor Election</B>&#148; has the meaning set forth in <B>Section 10.02(b)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>LV Safe Harbor Interests</B>&#148; has the meaning set forth in <B>Section 10.02(b)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Majority in Interest of the Outside Limited Partners</B>&#148; means Limited Partners (excluding for this purpose (i)&nbsp;any
Limited Partnership Interests held by the General Partner or its Subsidiaries, (ii)&nbsp;any Person of which the General Partner or its Subsidiaries directly or indirectly owns or controls more than 50% of the voting interests and (iii)&nbsp;any
Person directly or indirectly owning or controlling more than 50% of the outstanding interests of the General Partner) holding in the aggregate Percentage Interests that are greater than 50% of the aggregate Percentage Interests of all such Limited
Partners of all classes who are not excluded for the purpose of granting Consent to the applicable action.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Market
Price</B>&#148; has the meaning set forth in the definition of &#147;Value.&#148;<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>National Securities Exchange</B>&#148; means an exchange registered with the SEC
under Section&nbsp;6(a) of the Exchange Act or any other exchange (domestic or foreign, and whether or not so registered) designated by the General Partner as a National Securities Exchange. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Net Income</B>&#148; or &#147;<B>Net Loss</B>&#148; means, for each Partnership Year of the Partnership, an amount equal to
the Partnership&#146;s taxable income or loss for such year, determined in accordance with Code Section&nbsp;703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section&nbsp;703(a)(1) shall be included in taxable income or loss), with the following adjustments:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any income of the
Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of &#147;Net Income&#148; or &#147;Net Loss&#148; shall be added to (or subtracted from, as the
case may be) such taxable income (or loss); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any expenditure of the Partnership described in Code Section&nbsp;705(a)(2)(B) or treated
as a Code Section&nbsp;705(a)(2)(B) expenditure pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(i),</FONT> and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition
of &#147;Net Income&#148; or &#147;Net Loss,&#148; shall be subtracted from (or added to, as the case may be) such taxable income (or loss); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection&nbsp;(b) or subsection&nbsp;(c) of the
definition of &#147;Gross Asset Value,&#148; the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) In lieu of the depreciation, amortization and other cost recovery deductions that would otherwise be taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) To the extent that an adjustment to
the adjusted tax basis of any Partnership asset pursuant to Code Section&nbsp;734(b) or Code Section&nbsp;743(b) is required pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m)(4)</FONT> to be taken into
account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner&#146;s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis
of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Notwithstanding any other provision of this definition of &#147;Net Income&#148; or &#147;Net Loss,&#148; any item that is specially
allocated pursuant to <B>Section 6.03</B> hereof shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to <B>Section
6.03</B> hereof shall be determined by applying rules analogous to those set forth in this definition of &#147;Net Income&#148; or &#147;Net Loss.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 12 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>New Securities</B>&#148; means (i)&nbsp;any rights, options, warrants or
convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares, Preferred Shares or Junior Shares, except that &#147;New Securities&#148; shall not mean any Preferred Shares, Junior Shares or grants under the Equity
Incentive Plans or (ii)&nbsp;any Debt issued by the REIT that provides any of the rights described in clause&nbsp;(i).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Nonrecourse Deductions</B>&#148; has the meaning set forth in Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(b)(1),</FONT> and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(c).</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Nonrecourse Liability</B>&#148; has the meaning
set forth in Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.752-1(a)(2).</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Notice of
Redemption</B>&#148; means the Notice of Redemption substantially in the form of <B>Exhibit&nbsp;B</B> attached to this Agreement.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>OP Unit</B>&#148; means a Series 60 OP Unit, a Series 250 OP Unit, a Series ES OP Unit or a Series PR OP Unit, but does not
include any LTIP Unit, Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit; <B>provided</B>,<B> however</B>,<B> that</B> the General Partner Interest and the Limited
Partner Interests shall have the differences in rights and privileges as specified in this Agreement. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>OP Unit
Economic Balance</B>&#148; has the meaning set forth in <B>Section 6.03(c)</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Original
Agreement</B>&#148; means the original Agreement of Limited Partnership, dated as of November&nbsp;28, 2011.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Outside Interest</B>&#148; has the meaning set forth in <B>Section 5.02</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Ownership Limit</B>&#148; means the applicable restriction or restrictions on ownership of shares of the General Partner
imposed under the Charter.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partner</B>&#148; means the General Partner or a Limited Partner, and
&#147;<B>Partners</B>&#148; means the General Partner and the Limited Partners.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partner Minimum Gain</B>&#148;
means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(3).</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partner Nonrecourse Debt</B>&#148; has the meaning
set forth in Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(b)(4).</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partner Nonrecourse
Deductions</B>&#148; has the meaning set forth in Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(2),</FONT> and the amount of Partner Nonrecourse Deductions with respect to a <B></B>Partner Nonrecourse Debt for a Partnership
Year shall be determined in accordance with the rules of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(2).</FONT><B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 13 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership</B>&#148; means the limited partnership formed under the Act and
pursuant to this Agreement, and any successor thereto.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Interest</B>&#148; means an ownership interest
in the Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such
Person to comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of OP Units, LTIP Units, Preferred Units, Junior Units or
other Partnership Units.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Minimum Gain</B>&#148; has the meaning set forth in Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-2(b)(2),</FONT> and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(d).</FONT><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Record Date</B>&#148;
means the record date established by the General Partner in its sole discretion (a)&nbsp;for determining the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Partners or entitled to vote by ballot or give approval
of Partnership action in writing without a meeting or entitled to exercise rights in respect of any lawful action of Partners or (b)&nbsp;for the distribution of Available Cash pursuant to <B>Section 5.01</B> hereof, which record date shall
generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Unit</B>&#148; shall mean an OP Unit, an LTIP Unit, a Preferred Unit, a Junior Unit or any other fractional share
of the Partnership Interests that the General Partner has authorized pursuant to <B>Section 4.01</B>,<B> 4.02,</B> <B></B>4.03<B></B> or<B> 4.04</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Unit Designation</B>&#148; has the meaning set forth in <B>Section 4.03</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Unit Distribution</B>&#148; shall have the meaning set forth in <B>Section 4.06(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Partnership Year</B>&#148; means the fiscal year of the Partnership and the Partnership&#146;s taxable year for federal income
tax purposes, each of which shall be the calendar year unless otherwise required under the Code.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Percentage
Interest</B>&#148; means, (i)&nbsp;as to any holder of OP Units (subject to Section&nbsp;4.06(a)), the quotient obtained by dividing the number of OP Units owned by such Partner as shown in the books and records of the Partnership or the Transfer
Agent by the total number of OP Units then outstanding as specified in the books and records of the Partnership or the Transfer Agent, as such the books and records may be amended from time to time and (ii)&nbsp;as to a Partner holding any class
(other than OP Units) or series of Partnership Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner as shown in the books and records of the Partnership or the
Transfer Agent by <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>the total number of Partnership Units of such class then outstanding as specified in the books and records of the Partnership or the Transfer Agent, as such the books and records may be
amended from time to time. If the Partnership issues additional classes or series of Partnership Interests other than as contemplated herein, the interest in the Partnership among the classes or series of Partnership Interests shall be determined as
set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated by <B>Section 4.03(a)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Person</B>&#148; means an individual or a corporation, partnership (general or limited), trust, estate, custodian, nominee,
unincorporated organization, association, limited liability company or any other individual or entity in its own or any representative capacity.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Preferred Share</B>&#148; means a share of capital stock of the General Partner now or hereafter authorized or reclassified
that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Preferred Unit</B>&#148; means a fractional share of the Partnership Interests that the General Partner has authorized
pursuant to <B>Sections 4.01</B>,<B> </B><B>4.03</B> or<B> </B><B>4.04</B> hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the OP Units.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Properties</B>&#148; means any assets and property of the Partnership such as, but not limited to, interests in real property
and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt instruments as
the Partnership may hold from time to time and &#147;<B>Property</B>&#148; shall mean any one such asset or property.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Publicly Traded</B>&#148; means listed or admitted to trading on the New York Stock Exchange, the American Stock Exchange, the
NASDAQ Stock Market or another National Securities Exchange or any successor to the foregoing.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Qualified
Assets</B>&#148; means any of the following assets: (i)&nbsp;interests, rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii)&nbsp;Debt issued by the Partnership or any Subsidiary thereof in connection with the
incurrence of Funding Debt; (iii)&nbsp;equity interests in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income tax purposes, including wholly owned grantor trusts)
whose assets consist solely of Qualified Assets; (iv)&nbsp;up to a one percent (1%)&nbsp;equity interest in any partnership or limited liability company at least ninety-nine percent (99%)&nbsp;of the equity of which is owned, directly or indirectly,
by the Partnership; (v)&nbsp;cash held for payment of administrative expenses or pending distribution to security holders of the General Partner or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi)&nbsp;other
tangible and intangible assets that, taken as a whole, are <B></B><I>de minimis</I><B></B> in relation to the net assets of the Partnership and its Subsidiaries.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Qualified REIT Subsidiary</B>&#148; means any Subsidiary of the General Partner that is a &#147;qualified REIT
subsidiary&#148; within the meaning of Code Section&nbsp;856(i).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Qualified Transferee</B>&#148; means an
&#147;Accredited Investor&#148; as defined in Rule&nbsp;501 promulgated under the Securities Act.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Record Holder</B>&#148; means the Person in whose name a Partnership Unit is
registered on the books and records of the Transfer Agent as of the opening of business on a particular Business Day, or with respect to other Partnership Interests, the Person in whose name any such other Partnership Interest is registered on the
books and records of the Partnership which the General Partner has caused to be kept as of the opening of business on such Business Day. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Recourse Liabilities</B>&#148; means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and
liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Section&nbsp;1.704-(2)(i)&nbsp;of the Regulations).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Redemption</B>&#148; has the meaning set forth in <B>Section 8.06(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Regulations</B>&#148; means the applicable income tax regulations under the Code, whether such regulations are in proposed,
temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Regulatory Allocations</B>&#148; has the meaning set forth in <B>Section 6.03(a)(vii) </B>hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>REIT</B>&#148; means a real estate investment trust qualifying under Code Section&nbsp;856.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>REIT Payment</B>&#148; has the meaning set forth in <B>Section 15.11</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>REIT Requirements</B>&#148; has the meaning set forth in <B>Section 5.01</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>REIT Share</B>&#148; means Class&nbsp;A REIT Shares and Class B REIT Shares.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>REIT Shares Amount</B>&#148; means a number of Class&nbsp;A REIT Shares equal to the product of (a)&nbsp;the number of
Tendered Units and (b)&nbsp;the Adjustment Factor in effect on the Specified Redemption Date with respect to such Tendered Units; <B>provided</B>,<B> however</B>,<B> that</B> in the event that the General Partner issues to all holders of REIT Shares
as of a certain record date rights, options, warrants or convertible or exchangeable securities entitling the General Partner&#146;s stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
&#147;<B>Rights</B>&#148;), with the record date for such Rights issuance falling within the period starting on the date of the Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be
distributed before the relevant Specified Redemption Date, then the REIT Shares Amount shall also include such Rights that a holder of that number of Class&nbsp;A REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a
number of Class&nbsp;A REIT Shares determined by the General Partner in good faith.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Rights</B>&#148; has the meaning set
forth in the definition of &#147;REIT Shares Amount.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>SEC</B>&#148; means the United States Securities and Exchange
Commission or any similar agency then having jurisdiction to enforce the Securities Act. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Securities Act</B>&#148;
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Series 60 OP Unit</B>&#148; means a fractional share of the Partnership Interests
that is designated as a Series 60 Operating Partnership Unit and issued pursuant to <B>Sections 4.01</B> and<B> </B><B>4.02</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Series 250 OP Unit</B>&#148; means a fractional share of the Partnership Interests that is designated as a Series 250
Operating Partnership Unit and issued pursuant to <B>Sections 4.01</B> and<B> </B><B>4.02</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Series ES OP
Unit</B>&#148; means a fractional share of the Partnership Interests that is designated as a Series ES Operating Partnership Unit and issued pursuant to <B>Sections 4.01</B> and<B> </B><B>4.02</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Series PR OP Unit</B>&#148; means a fractional share of the Partnership Interests that is designated as a Series PR Operating
Partnership Unit and issued pursuant to <B>Sections 4.01</B> and<B> </B><B>4.02</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Services
Agreement</B>&#148; means any management, development or advisory agreement with a property and/or asset manager for the provision of property management, asset management, leasing, development and/or similar services with respect to the Properties
and any agreement for the provision of services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, financial advisors and other professional services.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Specified Redemption Date</B>&#148; means the 10th Business Day following receipt by the General Partner of a Notice of
Redemption; <B>provided</B>,<B> that</B>, if the Class&nbsp;A REIT Shares are not Publicly Traded, the Specified Redemption Date means the 30th Business Day following receipt by the General Partner of a Notice of Redemption.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Subsidiary</B>&#148; means, with respect to any Person, any other Person (which is not an individual) of which a majority of
(i)&nbsp;the voting power of the voting equity securities or (ii)&nbsp;the outstanding equity interests is owned, directly or indirectly, by such Person.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Substituted Limited Partner</B>&#148; means a Person who is admitted as a Limited Partner to the Partnership pursuant to
<B>Section 11.04</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Successor Entity</B>&#148; has the meaning set forth in the definition of
&#147;Adjustment Factor.&#148;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Tax Items</B>&#148; has the meaning set forth in <B>Section 6.04(a)</B> hereof.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Tendered Units</B>&#148; has the meaning set forth in <B>Section 8.06(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Tendering Partner</B>&#148; has the meaning set forth in <B>Section 8.06(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Tendering Party</B>&#148; has the meaning set forth in <B>Section 8.06(a)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Terminating Capital Transaction</B>&#148; means any sale or other disposition of all or substantially all of the assets of the
Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Termination Transaction</B>&#148; has the meaning set forth in <B>Section
11.02(b) </B>hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Transaction</B>&#148; shall have the meaning set forth in <B>Section 4.07(f)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Transfer</B>,&#148; when used with respect to a Partnership Unit, or all or any portion of a Partnership Interest, means any
sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of law;
<B>provided</B>,<B> however</B>,<B> that</B> when the term is used in <B>Article XI</B> hereof, &#147;Transfer&#148; does not include (a)&nbsp;any Redemption of Partnership Units by the Partnership or the General Partner, or acquisition of Tendered
Units by the General Partner, pursuant to <B>Section 8.06</B> hereof or (b)&nbsp;any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms &#147;<B>Transferred</B>&#148; and &#147;<B>Transferring</B>&#148; have
correlative meanings.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Transfer Agent</B>&#148; means, with respect to any Partnership Units, such bank, trust
company or other Person (including the Partnership or one of its Affiliates) as shall be appointed from time to time by the General Partner to act as registrar and transfer agent for such Partnership Units; provided that if no Transfer Agent is
specifically designated for such Partnership Units, the General Partner shall act in such capacity. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Unvested LTIP
Units</B>&#148; has the meaning set forth in <B>Section 4.06(c)(i)</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>U.S. GAAP</B>&#148; means U.S.
generally accepted accounting principles consistently applied.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Value</B>&#148; means, on any date of determination
with respect to a REIT Share, the average of the daily Market Prices for ten consecutive trading days immediately preceding the date of determination except that, as provided in <B>Section 4.05(b)</B> hereof, the Market Price for the trading day
immediately preceding the date of exercise of a stock option under any Equity Incentive Plan shall be substituted for such average of daily market prices for purposes of <B>Section 4.05</B> hereof; <B>provided</B>,<B> however</B>,<B> that</B> for
purposes of <B>Section 8.06</B>, the &#147;date of determination&#148; shall be the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the immediately preceding Business Day. The term
&#147;<B>Market Price</B>&#148; on any date shall mean, with respect to any class or series of outstanding REIT Shares, the Closing Price for such REIT Shares on such date. The &#147;<B>Closing Price</B>&#148; on any date shall mean the last sale
price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated
transaction reporting system with respect to securities listed on the principal National Securities Exchange on which such REIT Shares are listed or admitted to trading or, if such REIT Shares are not listed or admitted to trading on any National
Securities Exchange, the last quoted price, or, if not so quoted, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any such organization, the average of the closing bid and asked prices
as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors of the General Partner or, in the event that no trading price is available for such REIT Shares, the fair market value of the REIT
Shares, as determined in good faith by the Board of Directors of the General Partner.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that the REIT Shares Amount includes Rights that a holder of REIT Shares would be
entitled to receive, then the Value of such Rights shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Vested LTIP Units</B>&#148; has the meaning set forth in <B>Section 4.06(c)(i)</B> hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Vesting Agreement</B>&#148; means each or any, as the context implies, Equity Incentive Plan entered into by an LTIP
Unitholder upon acceptance of an award of LTIP Units under an Equity Incentive Plan.<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ORGANIZATIONAL MATTERS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;2.01. <B>Organization</B>. The Partnership is a limited partnership organized pursuant to the provisions of the Act and
upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by
the Act. The Partnership Interest of each Partner shall be personal property for all purposes.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02. <B>Name</B>. The
name of the Partnership is &#147;Empire State Realty OP, L.P.&#148; The Partnership&#146;s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate
thereof. The words &#147;Limited Partnership,&#148; &#147;LP,&#148; &#147;L.P.,&#148; &#147;Ltd.&#148; or similar words or letters shall be included in the Partnership&#146;s name where necessary for the purposes of complying with the laws of any
jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the
Partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;2.03. <B>Registered Office and Agent; Principal Office</B>. The address of the registered office of the
Partnership in the State of Delaware is located at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office is Corporation
Service Company. The principal office of the Partnership is located at One Grand Central Place, 60 E. 42<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Street, New York, New York 10165 or such other place as the General Partner may from time
to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;2.04. <B>Power of Attorney</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) By executing this Agreement, each Limited Partner and each Assignee irrevocably constitutes and appoints the General Partner, any
Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and
stead to: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(i) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate
public offices (a)&nbsp;all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate of Limited Partnership and all amendments, supplements or restatements thereof) that the General Partner or
the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by
applicable law) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (b)&nbsp;all instruments that the General Partner or the Liquidator deems appropriate or necessary to reflect any
amendment, change, modification or restatement of this Agreement in accordance with its terms; (c)&nbsp;all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the
dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d)&nbsp;all conveyances and other instruments or documents that the General Partner or the
Liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e)&nbsp;all instruments relating to the admission, withdrawal, removal or substitution of any
Partner pursuant to, or other events described in, <B>Article XI</B>, <B>Article XII</B> or <B>Article XIII</B> hereof or the Capital Contribution of any Partner; and (f)&nbsp;all certificates, documents and other instruments relating to the
determination of the rights, preferences and privileges relating to Partnership Interests; and<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) execute, swear to, acknowledge
and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote,
consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole and absolute discretion of the General Partner or the Liquidator,
to effectuate the terms or intent of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Nothing contained herein shall be construed as authorizing the General
Partner or the Liquidator to amend this Agreement except in accordance with <B>Article XIV</B> hereof or as may be otherwise expressly provided for in this Agreement.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of the
fact that each of the Limited Partners and Assignees will be relying upon the power of the General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall
survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Limited Partner&#146;s or Assignee&#146;s Partnership Units or Partnership Interest and shall extend to such
Limited Partner&#146;s or Assignee&#146;s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or the Liquidator, acting in good
faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm </P>
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the action of the General Partner or the Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the
Liquidator, within 15&nbsp;days after receipt of the General Partner&#146;s or the Liquidator&#146;s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be,
deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this <B>Section 2.04(b)</B>, no Limited Partner shall incur any personal liability for any action of the General Partner or
the Liquidator taken under such power of attorney. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;2.05. <B>Term</B>. Pursuant to
<FONT STYLE="white-space:nowrap">Sections&nbsp;17-201(b)</FONT> and <FONT STYLE="white-space:nowrap">17-801</FONT> of the Act, the term of the Partnership commenced on November&nbsp;28, 2011 and shall continue perpetually, unless it is dissolved
pursuant to the provisions of <B>Article XIII</B> hereof or as otherwise provided by law.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;2.06. <B>Partnership
Interests as Securities</B>. All Partnership Interests shall be securities within the meaning of, and governed by, (i)&nbsp;Article 8 of the Delaware Uniform Commercial Code and (ii)&nbsp;Article 8 of the Uniform Commercial Code of any other
applicable jurisdiction.<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PURPOSE </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;3.01. <B>Purpose and Business</B>. The purpose and nature of the Partnership is to conduct any business, enterprise or
activity permitted by or under the Act; <B>provided</B>,<B> however</B>, such business and arrangements and interests may be limited to and conducted in such a manner as to permit the General Partner, in its sole and absolute discretion, at all
times to be classified as a REIT unless the General Partner, in accordance with its Charter and Bylaws, in its sole discretion has chosen to cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT for any reason or for reasons
whether or not related to the business conducted by the Partnership. Without limiting the General Partner&#146;s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that the qualification of the General Partner as a
REIT inures to the benefit of all Partners and not solely to the General Partner or its Affiliates. In connection with the foregoing, the Partnership shall have full power and authority to enter into, perform and carry out contracts of any kind, to
borrow and lend money and to issue and guarantee evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien and, directly or indirectly, to acquire and construct additional Properties necessary, useful or
desirable in connection with its business.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;3.02. <B>Powers</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient
for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership may contribute from time to time Partnership capital to one or more newly
formed entities solely in exchange for equity interests therein (or in a wholly owned subsidiary entity thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding any
other provision in this Agreement, the General Partner may cause the Partnership not to take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute discretion, (i)&nbsp;could adversely affect
the ability of the General Partner to continue to qualify as a REIT, (ii)&nbsp;could subject the General Partner to any additional taxes under Code Section&nbsp;857 or Code Section&nbsp;4981 or any other related or successor provision of the Code or
(iii)&nbsp;could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner, its securities or the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;3.03. <B>Partnership Only for Partnership Purposes Specified</B>. This Agreement shall not be deemed to create a company,
venture or partnership between or among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in <B>Section 3.01</B> hereof. Except as otherwise provided in this
Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement,
shall be responsible or liable for any indebtedness or obligation of another Partner, and the Partnership shall not be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and
delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;3.04. <B>Representations and Warranties by the Parties</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to
becoming an Additional Limited Partner or a Substituted Limited Partner, respectively) represents and warrants to, and covenants with, each other Partner that (i)&nbsp;the consummation of the transactions contemplated by this Agreement to be
performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of such Partner&#146;s property is bound, or any statute, regulation, order or other law to which such
Partner is subject, (ii)&nbsp;subject to the last sentence of this <B>Section 3.04(a)</B>, such Partner is neither a &#147;foreign person&#148; within the meaning of Code Section&nbsp;1445(f) nor a &#147;foreign partner&#148; within the meaning of
Code Section&nbsp;1446(e), (iii)&nbsp;such Partner does not own, directly or indirectly, (a)&nbsp;9.8% or more of the total combined voting power of all classes of stock entitled to vote, or 9.8% or more of the total number of shares of all classes
of stock, of any corporation that is a tenant of either (I)&nbsp;the General Partner or any Qualified REIT Subsidiary, (II)&nbsp;the Partnership or (III)&nbsp;any partnership, venture or limited liability company of which the General Partner, any
Qualified REIT Subsidiary or the Partnership is a direct or indirect member or (b)&nbsp;an interest of 9.8% or more in the assets or net profits of any tenant of either (I)&nbsp;the General Partner or any Qualified REIT Subsidiary, (II)&nbsp;the
Partnership or (III)&nbsp;any partnership, venture, or limited liability company of which the General Partner, any Qualified REIT Subsidiary or the Partnership is a direct or indirect member, (iv)&nbsp;such Partner has the legal capacity to enter
into this Agreement and perform such Partner&#146;s <B> </B></P>
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</B>obligations hereunder and (v)&nbsp;this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. Notwithstanding anything contained herein to the
contrary, in the event that the representation contained in the foregoing clause&nbsp;(ii) would be inaccurate if given by a Partner, such Partner (w)&nbsp;shall not be required to make and shall not be deemed to have made such representation, if it
delivers to the General Partner in connection with or prior to its execution of this Agreement written notice that it may not truthfully make such representation, (x)&nbsp;hereby agrees that it is subject to, and hereby authorizes the General
Partner to withhold, all withholdings to which such a &#147;foreign person&#148; or &#147;foreign partner,&#148; as applicable, is subject under the Code and (y)&nbsp;hereby agrees to cooperate fully with the General Partner with respect to such
withholdings, including by effecting the timely completion and delivery to the General Partner of all governmental forms required in connection therewith.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Partner acquiring Series PR OP Units (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as
a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents, warrants and agrees that it has acquired and continues to hold its interest in the Partnership for its own account for investment purposes only and
not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular
time or under any predetermined circumstances in violation of applicable laws. Each Partner acquiring Series PR OP Units further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial and
tax matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative
and illiquid investment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) The representations and warranties contained in <B>Sections 3.04(a)</B> and <B>3.04(b) </B>hereof
shall survive the execution and delivery of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a
Limited Partner in the Partnership) and the dissolution, liquidation and termination of the Partnership.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Partner
(including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) hereby acknowledges that no representations as to potential
profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by the General Partner, any Partner or any employee or representative or Affiliate of the General Partner or any Partner,
and that projections and any other information, including, without limitation, financial and descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of
any kind or nature, express or implied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(e) Notwithstanding the foregoing, the General Partner may, in its sole and absolute
discretion, permit the modification of any of the representations and warranties contained in <B>Sections 3.04(a)</B> and <B>3.04(b)</B> above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted
Limited Partner or any transferee of either), <B>provided, that</B> such representations and warranties, as modified, shall be set forth in <B></B>either (i)&nbsp;a Partnership Unit Designation applicable to the Partnership Units held by such
Partner or (ii)&nbsp;a separate writing addressed to the Partnership and the General Partner<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(f) When a Person (such as a broker, dealer, bank, trust company or clearing corporation
or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding OP Units, the representations made in this <B>Section&nbsp;3.04</B> shall be made by the
beneficial owner of OP Units held by the nominee.<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CAPITAL CONTRIBUTIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.01. <B>Capital Contributions of the Partners</B>. <B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>Capital Contributions</B>. Each Partner has made a Capital Contribution to the Partnership and owns Partnership Units in the
amount and designation set forth for such Partner on the books and records of the Partnership or the Transfer Agent, as the same may be amended, or caused to be amended, from time to time by the General Partner to the extent necessary to reflect
accurately sales, exchanges, conversions or other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a Partner&#146;s ownership of Partnership Units. Except as provided
by law or in <B>Section 4.04</B>,<B> </B><B>10.04</B> or<B> 13.02(d</B>) hereof, the Partners shall have no obligation or right to make any additional Capital Contributions or loans to the Partnership.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>General Partnership Interest</B>. A number of Series PR OP Units held by the General Partner equal to one percent (1%)&nbsp;of
all outstanding OP Units shall be deemed to be the General Partner Interest of the General Partner. All other Partnership Units held by the General Partner shall be deemed to be Limited Partner Interests and shall be held by the General Partner in
its capacity as a Limited Partner in the Partnership. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.02. <B>Classes and Series of Partnership Units</B>.
From and after the Effective Date, until such time as additional classes or series of Partnership Units are created pursuant to <B>Section 4.03(a</B>) below, the Partnership shall have two classes of Partnership Units, entitled &#147;OP Units&#148;
and &#147;LTIP Units.&#148; From and after the Effective Date, until such time as additional series of OP Units are created pursuant to <B>Section 4.03(a</B>) below, the OP Units shall consist of four series of Partnership Units, entitled
&#147;Series 60 Operating Partnership Units,&#148; &#147;Series 250 Operating Partnership Units,&#148; &#147;Series ES Operating Partnership Units and &#147;Series PR Operating Partnership Units.&#148; Subject to <B>Section 4.06,</B> OP Units, LTIP
Units, or Partnership Units of any additional class or series, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for any Capital Contributions by such Partners and/or
the provision of services by such Partners. Any Partnership Unit that is not specifically designated by the General Partner as being of a particular class or series shall be deemed to be a Series PR OP Unit. Each of the Series PR OP Units, Series 60
OP Units, Series 250 OP Units and Series ES OP Units shall have the same rights as to distributions and liquidations and shall vote together as a single class of OP Units on all matters which the holders of OP Units have the right to approve, as set
forth herein.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.03. <B>Issuances of Additional Partnership Interests</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>General</B>. Notwithstanding <B>Section 7.03(b)</B> hereof, the General Partner is hereby authorized to cause the Partnership to
issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons, and to admit such Persons as Additional
Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Without limiting the foregoing, the
General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i)&nbsp;upon the conversion, redemption or exchange of any Debt, Partnership Units or other securities issued by the Partnership, (ii)&nbsp;for less than
fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership and (iii)&nbsp;in connection with any merger of any other Person into the Partnership or
any Subsidiary of the Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Any
Partnership Unit that is not specifically designated by the General Partner as being of a particular class or series shall be deemed to be a Series PR OP Unit. Subject to Delaware law, any additional Partnership Interests may be issued in one or
more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties as shall be determined by the General Partner, in its sole and absolute
discretion without the approval of any Limited Partner, and set forth in a written document thereafter attached to and made an exhibit to this Agreement which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this
reference (each, a &#147;<B>Partnership Unit Designation</B>&#148;). Without limiting the generality of the foregoing, the General Partner shall have authority to specify (a)&nbsp;the allocations of items of Partnership income, gain, loss, deduction
and credit to each such class or series of Partnership Interests; (b)&nbsp;the right of each such class or series of Partnership Interests to share (on a <B></B><I>pari passu</I><B></B>, junior or preferred basis) in Partnership distributions;
(c)&nbsp;the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; (d)&nbsp;the voting rights, if any, of each such class or series of Partnership Interests; and (e)&nbsp;the conversion,
redemption or exchange rights applicable to each such class or series of Partnership Interests. Nothing in this Agreement shall prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner
concludes in good faith that such issuance is in the best interest of the Partnership. Upon the issuance of any additional Partnership Interest, the General Partner shall cause such issuance to be reflected in the books and records of the
Partnership or the Transfer Agent, as appropriate.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Issuances to the General Partner</B>. No additional Partnership
Units shall be issued to the General Partner unless (i)&nbsp;the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii)&nbsp;(a)
the additional Partnership Units are (x)&nbsp;OP Units issued in connection with an issuance of REIT Shares or (y)&nbsp;Partnership Units (other than OP Units) issued in connection with an issuance of Preferred Shares, Junior Shares, New Securities
or other interests in the General Partner (other than REIT Shares), which Preferred Shares, Junior Shares, New Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the
designations, preferences and other rights, terms <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>and provisions of the additional Partnership Units issued to the General Partner and (b)&nbsp;the General Partner directly or indirectly contributes or otherwise causes to be transferred to
the Partnership the cash proceeds or other consideration, if any, received in connection with the issuance of such REIT Shares, Preferred Shares, Junior Shares, New Securities or other interests in the General Partner or (iii)&nbsp;the additional
Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this <B>Section
4.03(b)</B>, the General Partner shall make such revisions to this Agreement (including but not limited to the revisions described in <B>Sections 6.02(b)</B> and<B> </B><B>8.06)</B> as it determines are necessary to reflect the issuance of such
additional Partnership Interests, without the approval of any Limited Partner.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) <B>No Preemptive Rights</B>. No Person,
including, without limitation, any Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04. <B>Additional Funds and Capital Contributions</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>General</B>. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds
(&#147;<B>Additional Funds</B>&#148;) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine in its sole and absolute discretion.
Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this <B>Section 4.04</B> without the approval of any Limited Partners.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Additional Capital Contributions</B>. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by
accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue additional
Partnership Units (as set forth in <B>Section 4.03</B> above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership Units.<B>
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) <B>Loans by Third Parties</B>. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by
causing the Partnership to incur Debt to any Person upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units or REIT Shares; <B>provided</B>,<B>
however</B>,<B> that</B> the Partnership shall not incur any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees).<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>General Partner Loans</B>. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to the General Partner (a &#147;<B>General Partner Loan</B>&#148;), if (i)&nbsp;such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and
conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>Additional Funds or (ii)&nbsp;such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; <B>provided</B>,<B>
however</B>,<B> that</B> the Partnership shall not incur any such Debt if (a)&nbsp;a breach, violation or default of such Debt would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest or (b)&nbsp;such
Debt is recourse to any Partner (unless the Partner otherwise agrees).<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(e) <B>Issuance of Securities by the General
Partner</B>. The General Partner shall not issue any additional REIT Shares, Preferred Shares, Junior Shares or New Securities unless the General Partner contributes directly or indirectly the cash proceeds or other consideration, if any, received
from the issuance of such additional REIT Shares, Preferred Shares, Junior Shares or New Securities, as the case may be, and from the exercise of the rights contained in any such additional New Securities, to the Partnership in exchange for
(x)&nbsp;in the case of an issuance of REIT Shares, Partnership Units or (y)&nbsp;in the case of an issuance of Preferred Shares, Junior Shares or New Securities, Partnership Units with designations, preferences and other rights, terms and
provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred Shares, Junior Shares or New Securities; <B>provided</B>,<B> however</B>,<B> that</B> notwithstanding the foregoing,
the General Partner may issue REIT Shares, Preferred Shares, Junior Shares or New Securities (a)&nbsp;pursuant to <B>Section 4.05</B> or<B> 8.06(b</B>) hereof, (b)&nbsp;pursuant to a dividend or distribution (including any stock split) wholly or
partly of REIT Shares, Preferred Shares, Junior Shares or New Securities to all of the holders of REIT Shares, Preferred Shares, Junior Shares or New Securities, as the case may be, (c)&nbsp;upon a conversion, redemption or exchange of Preferred
Shares, (d)&nbsp;upon a conversion of Junior Shares into REIT Shares, (e)&nbsp;upon a conversion, redemption, exchange or exercise of New Securities or, (f)&nbsp;pursuant to share grants or awards made pursuant to any equity incentive plan of the
General Partner. In the event of any issuance of additional REIT Shares, Preferred Shares, Junior Shares or New Securities by the General Partner, and the direct or indirect contribution to the Partnership, by the General Partner, of the cash
proceeds or other consideration received from such issuance, if any, the Partnership shall pay the General Partner&#146;s expenses associated with such issuance, including any underwriting discounts or commissions (it being understood that if the
proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter&#146;s discount or other expenses paid or incurred by the General Partner in connection with such issuance, then the
General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to
<B>Section 7.04(b)</B> for the amount of such underwriter&#146;s discount or other expenses). Nothing in this Agreement shall prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner
concludes in good faith that such issuance is in the best interest of the Partnership.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <B>Redemption of Securities of the
General Partner</B>. Except as otherwise provided in <B>Section 8.06(b)</B>, if, at any time, any REIT Shares, Preferred Shares, Junior Shares or New Securities are redeemed or otherwise repurchased (whether by exercise of a put or call,
automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall, immediately prior to such redemption or repurchase, redeem or repurchase an equal number of Partnership Units held by the General Partner, in
the case of REIT Shares, or, in the case of Preferred Shares, Junior Shares or New Securities, an equal number of Partnership Units held by the General Partner with designations, preferences and other rights, terms and
</P>
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provisions that are substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred Shares, Junior Shares or New Securities upon the same terms
and for the same price per Partnership Unit as such REIT Shares, Preferred Shares, Junior Shares or New Securities are redeemed. If, at any time, any REIT Shares are redeemed or otherwise repurchased by the General Partner, the Partnership shall,
immediately prior to such redemption or repurchase, redeem or repurchase a number of Partnership Units held by the General Partner equal to the quotient of (i)&nbsp;the REIT Shares so redeemed or repurchased, divided by (ii)&nbsp;the Adjustment
Factor then in effect, such redemption or repurchase to be upon the same terms and for the same price per Partnership Unit (after giving effect to application of the Adjustment Factor) as such REIT Shares are redeemed or repurchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05. <B>Equity Incentive Plan</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>Options Granted to General Partner Employees and Independent Directors</B>. If at any time or from time to time, in connection
with an Equity Incentive Plan, a stock option granted for REIT Shares to a General Partner Employee or Independent Director is duly exercised:<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the General Partner shall, as soon as practicable after such exercise, make or cause to be made directly or indirectly a Capital
Contribution to the Partnership in an amount equal to the exercise price paid to the General Partner by such exercising party in connection with the exercise of such stock option. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to <B>Section 4.05(a)(i)</B> hereof, the General Partner
shall be deemed to have contributed directly or indirectly to the Partnership, as a Capital Contribution, in consideration of an additional Limited Partner Interest (expressed in and as additional Partnership Units), an amount equal to the Value of
a Class&nbsp;A REIT Share as of the date of exercise multiplied by the number of Class&nbsp;A REIT Shares then being issued in connection with the exercise of such stock option. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) An equitable Percentage Interest adjustment shall be made in which the General Partner shall be treated as having made a cash
contribution equal to the amount described in <B>Section 4.05(a)(ii)</B> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Special Valuation Rule</B>. For purposes of
this <B>Section 4.05</B>, in determining the Value of a Class&nbsp;A REIT Share, only the trading date immediately preceding the exercise of the relevant stock option under the Equity Incentive Plan shall be considered.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Future Equity Incentive Plans</B>. Nothing in this Agreement shall be construed or applied to preclude or restrain the General Partner
from adopting, modifying or terminating any Equity Incentive Plan, for the benefit of employees, directors or other business associates of the General Partner, the Partnership or any of their Affiliates. The Limited Partners acknowledge and agree
that, in the event that any such plan is adopted, modified or terminated by the General Partner, amendments to this <B>Section 4.05</B> may become necessary or advisable and that any approval or consent of the Limited Partners required pursuant to
the terms of this Agreement in order to effect any such amendments requested by the General Partner shall not be unreasonably withheld or delayed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06. <B>LTIP Units</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>Issuance of LTIP Units</B>. The General Partner may from time to time issue LTIP Units, in one or more classes or series
established in accordance with <B>Section 4.03</B>, to Persons who provide services to the Partnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. Any provision herein
relating to LTIP Units or LTIP Unitholders may be varied by the provisions applicable to an individual class or series of LTIP Units. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, each LTIP Unit is intended to
qualify as a profits interest in the Partnership within the meaning of the Code, the Regulations, and any published guidance by the IRS with respect thereto. Subject to the following provisions of this <B>Section 4.06</B> and the special provisions
of <B>Sections </B><B>4.07</B> and<B> 6.03(c)</B>, LTIP Units shall be treated as OP Units, with all of the rights, privileges and obligations attendant thereto. For purposes of computing the Partners&#146; Percentage Interests, holders of LTIP
Units shall be treated as holders of OP Units and LTIP Units shall be treated as OP Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and OP Units for conversion, distribution and other
purposes, including without limitation complying with the following procedures:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If an Adjustment Event (as defined below)
occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain the same correspondence between OP Units and LTIP Units as existed prior to such Adjustment Event. The following shall be Adjustment Events:
(A)&nbsp;the Partnership makes a distribution on all outstanding OP Units in Partnership Units, (B)&nbsp;the Partnership subdivides the outstanding OP Units into a greater number of units or combines the outstanding OP Units into a smaller number of
units, or (C)&nbsp;the Partnership issues any Partnership Units in exchange for its outstanding OP Units by way of a reclassification or recapitalization of its OP Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units
need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x)&nbsp;the
issuance of Partnership Units in a financing, reorganization, acquisition or other similar business transaction, (y)&nbsp;the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or
(z)&nbsp;the issuance of any Partnership Units to the General Partner in respect of a capital contribution to the Partnership of proceeds from the sale of securities by the General Partner. If the Partnership takes an action affecting the OP Units
other than actions specifically described above as &#147;<B>Adjustment Events</B>&#148; and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above,
the General Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be
appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Partnership shall promptly file in the books and records of the Partnership an officer&#146;s certificate setting forth such adjustment and a
brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to
each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(ii) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General
Partner with respect to any particular class or series of LTIP Units, the LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions
in an amount per LTIP Unit equal to the distributions per OP Unit (the &#147;<B>Partnership Unit Distribution</B>&#148;), paid to holders of OP Units on such Partnership Record Date established by the General Partner with respect to such
distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall be authorized, declared or paid on OP Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on
the LTIP Units. Subject to the terms of any LTIP Award or Vesting Agreement, an LTIP Unitholder shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Series PR OP Units are
entitled to transfer their Series PR OP Units pursuant to <B>Article XI</B> of this Agreement.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Priority</B>. Subject
to the provisions of this <B>Section </B><B>4.06</B> and the special provisions of <B>Section 6.03(c</B>), the LTIP Units shall rank <B></B><I>pari passu</I><B></B> with the OP Units as to the payment of regular and special periodic or other
distributions and, subject to <B>Sections</B> <B></B>13.02<B>(a)(iv</B>) and <B></B>13.02<B>(c</B>) distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of assets upon
liquidation, dissolution or winding up, any class or series of Partnership Units or Partnership Interests which by its terms specifies that it shall rank junior to, on a parity with, or senior to the OP Units shall also rank junior to, or
<B></B><I>pari passu</I><B></B> with, or senior to, as the case may be, the LTIP Units. <B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) <B>Special Provisions</B>. LTIP
Units shall be subject to the following special provisions:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(i) <B>Vesting Agreements</B>. LTIP Units may, in the sole
discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to
time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as
&#147;<B>Vested LTIP Units</B>;&#148; all other LTIP Units shall be treated as &#147;<B>Unvested LTIP Units</B>.&#148;<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(ii)
<B>Forfeiture</B>. Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a
specified purchase price or some other forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall
immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that
have been forfeited, other than any distributions declared with respect to a Partnership <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP
Unitholder that is attributable to all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by <B>Section 6.03(c)</B>, calculated with respect to the LTIP Unitholder&#146;s remaining
LTIP Units, if any.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(iii) <B>Allocations</B>. LTIP Unitholders shall be entitled to certain special allocations of gain
under <B>Section 6.03(c)</B>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(iv) <B>Redemption</B>. The Redemption right provided to Limited Partners under <B>Section
8.06</B> shall not apply with respect to LTIP Units unless and until they are converted to Series PR OP Units as provided in clause (v) below and <B>Section 4.07</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(v) <B>Conversion to OP Units</B>. Vested LTIP Units are eligible to be converted into Series PR OP Units under <B>Section 4.07</B>.<B>
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>Voting</B>. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to
any particular class or series of LTIP Units, LTIP Unitholders shall (a)&nbsp;have the same voting rights as a holder of OP Units, with the LTIP Units voting as a single class with the OP Units and having one vote per LTIP Unit; and (b)&nbsp;have
the additional voting rights that are expressly set forth below. Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of LTIP Units, so long as any LTIP Units remain
outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the LTIP Units outstanding at the time that would be adversely affected by the proposed action, given in person or by proxy, either in
writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units as such so as to materially and adversely affect any right,
privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately in all material respects the rights, privileges and voting powers of the holders
of OP Units; but subject, in any event, to the following provisions:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(i) With respect to any Transaction, so long as the
LTIP Units are treated in accordance with <B>Section 4.07(f)</B> hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP
Unitholders as such; and<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Any creation or issuance of any Partnership Units or of any class or series of Partnership Interest
including without limitation additional OP Units, LTIP Units or Preferred Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and the distribution of assets upon liquidation, dissolution or
winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be
required will be effected, all outstanding LTIP Units shall have been converted into OP Units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07. <B>Conversion of LTIP Units</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) Unless otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or
series of LTIP Units, an LTIP Unitholder shall have the right (the &#147;<B>Conversion Right</B>&#148;), at his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Series PR OP Units; <B>provided</B>,<B>
however</B>,<B> that</B> a holder may not exercise the Conversion Right for less than 1,000 Vested LTIP Units or, if such holder holds less than 1,000 Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not
have the right to convert Unvested LTIP Units into Series PR OP Units until they become Vested LTIP Units; <B>provided</B>,<B> however</B>,<B> that</B> when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or
her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP
Unitholder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Series PR OP Units. In all cases, the conversion of any LTIP Units into
Series PR OP Units shall be subject to the conditions and procedures set forth in this <B>Section 4.07</B>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) Unless
otherwise provided in an LTIP Award or Vesting Agreement or by the General Partner with respect to any particular class or series of LTIP Units, a holder of Vested LTIP Units may convert such Units into an equal number of fully paid and
nonassessable Series PR OP Units, giving effect to all adjustments (if any) made pursuant to <B>Section 4.06</B>. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds
(x)&nbsp;the Economic Capital Account Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y)&nbsp;the OP Unit Economic Balance, in each case as determined as of the effective date of conversion
(the &#147;<B>Capital Account Limitation</B>&#148;). In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a &#147;<B>Conversion Notice</B>&#148;) in the form attached as <B>Exhibit&nbsp;D</B> to the
Partnership (with a copy to the General Partner) not less than 10 nor more than 60&nbsp;days prior to a date (the &#147;<B>Conversion Date</B>&#148;) specified in such Conversion Notice; <B>provided</B>,<B> however</B>,<B> that</B> if the General
Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Transaction (as defined below in <B>Section 4.07(f)</B>) at least 30&nbsp;days prior to the effective date of such Transaction, then LTIP Unitholders shall have the right
to deliver a Conversion Notice until the earlier of (x)&nbsp;the 10th day after such notice from the General Partner of a Transaction or (y)&nbsp;the third business day immediately preceding the effective date of such Transaction. A Conversion
Notice shall be provided in the manner provided in <B>Section 15.01</B>. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this <B>Section 4.07(b)</B> shall be free and clear of all
liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to <B>Section 8.06(a)</B> of this Agreement relating to those Series PR OP Units that will be issued to such holder upon
conversion of such LTIP Units into Series PR OP Units in advance of the Conversion Date; <B>provided</B>,<B> however</B>,<B> that</B> the redemption of such Series PR OP Units by the Partnership shall in no event take place until after the
Conversion Date. For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes, the Series PR OP Units into which his or her Vested LTIP Units will be converted can be redeemed
by the Partnership simultaneously with such conversion, with the <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>further consequence that, if the General Partner elects to assume the Partnership&#146;s redemption obligation with respect to such Series PR OP Units under <B>Section 8.06(b)</B> of this
Agreement by delivering to such holder Class&nbsp;A REIT Shares rather than cash, then such holder can have such Class&nbsp;A REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Series PR OP
Units. The General Partner shall reasonably cooperate with an LTIP Unitholder to coordinate the timing of the different events described in the foregoing sentence.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by an LTIP
Unitholder to be converted (a &#147;<B>Forced Redemption</B>&#148;) into an equal number of Series PR OP Units, giving effect to all adjustments (if any) made pursuant to <B>Section </B><B>4.06</B>; <B>provided</B>,<B> however</B>,<B> that</B> the
Partnership may not cause Forced Redemption of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to <B>Section 4.07(b)</B>. In order to exercise its right of Forced Redemption, the
Partnership shall deliver a notice (a &#147;<B>Forced Redemption Notice</B>&#148;) in the form attached as <B>Exhibit&nbsp;E</B> to the applicable LTIP Unitholder not less than 10 nor more than 60&nbsp;days prior to the Conversion Date specified in
such Forced Redemption Notice. A Forced Redemption Notice shall be provided in the manner provided in <B>Section 15.01</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced
Redemption Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the
Partnership or the Transfer Agent with the issuance as of the opening of business on the next day of the number of Series PR OP Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to
such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of Series PR OP Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee of any
Limited Partner pursuant to <B>Article XI </B>hereof may exercise the rights of such Limited Partner pursuant to this <B>Section 4.07</B> and such Limited Partner shall be bound by the exercise of such rights by the Assignee.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(e) For purposes of making future allocations under <B>Section 6.03(c)</B> and applying the Capital Account Limitation, the portion of
the Economic Capital Account balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the OP Unit
Economic Balance.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(f) If the Partnership or the General Partner shall be a party to any transaction (including without
limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all OP Units or other business combination or reorganization, or sale of all or substantially all of the Partnership&#146;s assets, but excluding any
transaction which constitutes an Adjustment Event) in each case as a result of which OP Units shall be exchanged for or converted into the right, or the holders of such Units shall otherwise be entitled, to receive cash, securities or other property
or any combination thereof (any of the foregoing being referred to herein as a &#147;<B>Transaction</B>&#148;), then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced Redemption with respect to the
maximum number of LTIP <B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Units then eligible for conversion, taking into account any allocations that occur in connection with the
Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the
Partnership Units in the context of the Transaction (in which case the Conversion Date shall be the effective date of the Transaction). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>In anticipation of such Forced Redemption and the consummation of the Transaction, the Partnership shall use commercially reasonable
efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the Series PR OP Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities
and other property (or any combination thereof) receivable upon the consummation of such Transaction by a holder of the same number of Series PR OP Units, assuming such holder of Series PR OP Units is not a Person with which the Partnership
consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a &#147;<B>Constituent Person</B>&#148;), or an affiliate of a Constituent Person. In the event
that holders of OP Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of
such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such
holder into Series PR OP Units in connection with such Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held by him or her (or by any of his
or her transferees) the same kind and amount of consideration that a holder of a Series PR OP Unit would receive if such Series PR OP Unit holder failed to make such an election.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the
Partnership shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this <B>Section 4.07(f)</B> and to enter into an agreement with the successor or purchasing entity, as the case may
be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into Series PR OP Units in connection with the Transaction that will (i)&nbsp;contain provisions enabling the holders of LTIP Units that remain outstanding after such
Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Series PR OP Units and (ii)&nbsp;preserve as far as reasonably possible under the circumstances the distribution, special
allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.08. <B>No Interest; No Return</B>. No Partner shall be entitled to interest on its Capital Contribution or on such
Partner&#146;s Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.09. <B>Other Contribution Provisions</B>. In the event that any Partner is
admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, unless otherwise determined by the General Partner in its sole and absolute discretion, such transaction shall be treated by the
Partnership and the affected Partner as if the Partnership had compensated such partner in cash and such Partner had contributed the cash to the capital of the Partnership. In addition, with the consent of the General Partner, one or more Limited
Partners may enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.10. <B>Not Taxable as a Corporation</B>. The General Partner, on behalf of the Partnership, shall use its best efforts
not to take any action which would result in the Partnership being a publicly traded partnership taxable as a corporation under Code Section&nbsp;7704.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;4.11. <B>No Third Party Beneficiary</B>. No creditor or other third party having dealings with the Partnership shall have
the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be
solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership
shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt
or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However,
if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the
General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.<B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DISTRIBUTIONS
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.01. <B>Requirement and Characterization of Distributions</B>. Subject to the terms of any Partnership Unit
Designation, the General Partner may cause the Partnership to distribute at least quarterly all, or such portion as the General Partner may in its sole and absolute discretion determine, of Available Cash generated by the Partnership during such
quarter to the Holders of Partnership Units on such Partnership Record Date with respect to such quarter: (1)&nbsp;first, with respect to any Partnership Interests that are entitled to any preference in distribution, in accordance with the rights of
such class(es) of Partnership Interests (and, within such class(es), <B></B><I>pro rata</I><B></B> in proportion to the respective Percentage Interests on such Partnership Record Date) and (2)&nbsp;second, with respect to any Partnership Interests
that are not entitled to any preference in distribution, in accordance with the rights of such class of Partnership Interests (and, within such class, <B></B><I>pro rata</I><B></B> in proportion to the respective Percentage Interests on such
Partnership Record Date). At the election of the General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire quarterly period in <B></B>respect of which any distribution is made may be
prorated based on the portion of the period that such Partnership Units were outstanding.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>The General Partner in its sole and absolute discretion may distribute to the Holders Available Cash on a
more frequent basis and provide for an appropriate Partnership Record Date. Notwithstanding anything herein to the contrary, the General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and
consistent with its qualification as a REIT, to cause the Partnership to distribute sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will
(a)&nbsp;satisfy the requirements for its qualification as a REIT under the Code and Regulations (the &#147;<B>REIT Requirements</B>&#148;) and (b)&nbsp;except to the extent otherwise determined by the General Partner, in its sole and absolute
discretion, avoid any federal income or excise tax liability of the General Partner.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each distribution in respect of a Partnership Unit shall be
paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of such Partnership Unit as of the Partnership Record Date set for such distribution. Such payment shall constitute full
payment and satisfaction of the Partnership&#146;s liability in respect of such payment, regardless of any claim of a Person who may have an interest in such payment by reason of an assignment or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.02. <B>Interests in Property not Held Through the Partnership</B>. To the extent amounts distributed by the Partnership
are attributable to amounts received from a property in which the General Partner or any Affiliate of the General Partner holds a direct or indirect interest (other than through the Partnership) (an &#147;<B>Outside Interest</B>&#148;),
(i)&nbsp;such amounts distributed to the General Partner will be reduced so as to take into account amounts received pursuant to the Outside Interest and (ii)&nbsp;the amounts distributed to the Limited Partners will be increased to the extent
necessary so that the overall effect of the distribution is to distribute what would have been distributed had such Outside Interest been held through the Partnership (treating any distribution made in respect of the Outside Interest as if such
distribution had been received by the General Partner).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.03. <B>Distributions
<FONT STYLE="white-space:nowrap">In-Kind</FONT></B>. No right is given to any Partner to demand and receive property other than cash as provided in this Agreement. The General Partner may determine, in its sole and absolute discretion, to make a
distribution <FONT STYLE="white-space:nowrap">in-kind</FONT> of Partnership assets to the Holders, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with
<B>Articles V</B>, VI and<B> </B><B>X</B> hereof.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.04. <B>Amounts Withheld</B>. All amounts withheld pursuant
to the Code or any provisions of any state or local tax law and <B>Section </B><B>10.04</B> hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or distributed to such Holder pursuant to
<B>Section </B><B>5.01</B> hereof for all purposes under this Agreement.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.05. <B>Distributions Upon
Liquidation</B>. Notwithstanding the other provisions of this <B>Article V</B>, net proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership,
shall be distributed to the Holders in accordance with <B>Section </B><B>13.02</B> hereof.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.06. <B>Distributions to Reflect Issuance of Additional Partnership
Units</B>. Notwithstanding Section 7.03(b) hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of Article IV hereof, subject to Section 7.03(d), the General Partner is hereby authorized to make
such revisions to this Article V as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes of Partnership Units.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;5.07. <B>Restricted Distributions</B>. Notwithstanding any provision to the contrary contained in this Agreement,
neither the Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder on account of its Partnership Interest or interest in Partnership Units if such distribution would violate <FONT
STYLE="white-space:nowrap">Section&nbsp;17-607</FONT> of the Act or other applicable law.<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ALLOCATIONS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;6.01. <B>Timing and Amount of Allocations of Net Income and Net Loss</B>. Net Income and Net Loss of the Partnership shall
be determined and allocated with respect to each Partnership Year of the Partnership as of the end of each such year. Except as otherwise provided in this <B>Article VI</B>, and subject to <B>Section 11.06(c</B>) hereof, an allocation to a Holder of
a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02. <B>General Allocations</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>Allocations of Net Income and Net Loss</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <B>Net Income</B>. Except as otherwise provided herein, Net Income for any Partnership Year or other applicable period shall be allocated
in the following order and priority: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) First, to the General Partner to the extent the cumulative Net Loss allocated to the General
Partner pursuant to subparagraph (ii)(F) below exceeds the cumulative Net Income allocated to the General Partner pursuant to this subparagraph (i)(A); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) Second, to each DRO Partner until the cumulative Net Income allocated to such DRO Partner pursuant to this subparagraph (i)(B) equals the
cumulative Net Loss allocated to such DRO Partner under subparagraph (ii)(E) below (and, among the DRO Partners, <I>pro rata</I> in proportion to their respective percentages of the cumulative Net Loss allocated to all DRO Partners pursuant to
subparagraph (ii)(E) below); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(C) Third, to the General Partner until the cumulative Net Income allocated to the General Partner pursuant
to this subparagraph (i)(C) equals the cumulative Net Loss allocated to the General Partner pursuant to subparagraph (ii)(D) below; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(D) Fourth, to the holders of any Partnership Interests that are entitled to any preference in
distribution upon liquidation until the cumulative Net Income allocated under this subparagraph (i)(D) equals the cumulative Net Loss allocated to such Partners under subparagraph (ii)(C); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(E) Fifth, to the holders of any Partnership Units that are entitled to any preference in distribution in accordance with the rights of any
other class of Partnership Units until each such Partnership Unit has been allocated, on a cumulative basis pursuant to this subparagraph (i)(E), Net Income equal to the amount of distributions received which are attributable to the preference of
such class of Partnership Unit (and, within such class, <I>pro rata</I> in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is made); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(F) Thereafter, with respect to Partnership Units that are not entitled to any preference in distribution or with respect to which
distributions are not limited to any preference in distribution, <I>pro rata</I> to each such class in accordance with the terms of such class (and, within such class, <I>pro rata</I> in proportion to the respective Percentage Interests as of the
last day of the period for which such allocation is being made). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <B>Net Loss</B>. Except as otherwise provided herein, Net Loss for
any Partnership Year or other applicable period shall be allocated in the following order and priority: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(A) First, to each holder of
Partnership Units in proportion to and to the extent of the amount by which the cumulative Net Income allocated to such Partner pursuant to subparagraph (i)(F) above exceeds, on a cumulative basis, the sum of (a)&nbsp;distributions with respect to
such Partnership Units pursuant to clause&nbsp;(2) of <B>Section 5.01</B> and (b)&nbsp;Net Loss allocated to such Partner pursuant to this subparagraph (ii)(A); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(B) Second, with respect to classes of Partnership Units that are not entitled to any preference in distribution or with respect to which
distributions are not limited to any preference in distribution, <I>pro rata</I> to each such class in accordance with the terms of such class (and within such class, <I>pro rata</I> in proportion to the respective Percentage Interests as of the
last day of the period for which such allocation is being made); <B>provided</B>,<B> that</B> Net Loss shall not be allocated to any Partner pursuant to this subparagraph (ii)(B) to the extent that such allocation would cause such Partner to have an
Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case (1)&nbsp;with respect to a Partner who also holds classes of Partnership Units that are entitled to any preferences in distribution
upon liquidation, by subtracting from such Partners&#146; Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation and (2)&nbsp;by not including in the Partners&#146; Adjusted Capital Accounts any amount that a
Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital Account pursuant to <B>Section 13.02(d)</B>) at the end of such Partnership Year or other applicable period; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(C) Third, with respect to classes of Partnership Units that are entitled to any preference in distribution upon liquidation, in reverse order
of the priorities of each such class (and within each such class, <I>pro rata</I> in proportion to their respective Percentage Interests as of the last day of the period for which such allocation is being made); <B>provided</B>,<B> that </B>
</P>
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Net Loss shall not be allocated to any Partner pursuant to this subparagraph (ii)(C) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit (or
increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the Partners&#146; Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in
its Capital Account pursuant to <B>Section 13.02(d)</B>) at the end of such Partnership Year or other applicable period; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(D) Fourth, to
the General Partner in an amount equal to the excess of (a)&nbsp;the amount of the Partnership&#146;s Recourse Liabilities over (b)&nbsp;the aggregate DRO Amounts of all DRO Partners; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(E) Fifth, to and among the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as a group have
been allocated cumulative Net Loss pursuant to this subparagraph (ii)(E) equal to the aggregate DRO Amounts of all DRO Partners; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(F)
Thereafter, to the General Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Allocations to Reflect Issuance of Additional Partnership Units</B>. Notwithstanding
<B>Section 7.03(b)</B> hereof, in the event that the Partnership issues additional Partnership Units pursuant to the provisions of <B>Article IV</B> hereof, the General Partner is hereby authorized to make such revisions to this <B>Section 6.02</B>
as it determines are necessary or desirable to reflect the terms of the issuance of such additional Partnership Units.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03. <B>Additional Allocation Provisions</B>. Notwithstanding the foregoing provisions of this <B>Article VI</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Regulatory Allocations</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(i) <B>Minimum Gain Chargeback</B>. Except as otherwise provided in Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(f),</FONT> notwithstanding the provisions of <B>Section 6.02</B> hereof, or any other provision of this <B>Article VI</B>, if there is a net decrease in Partnership Minimum Gain during any
Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder&#146;s share of the net decrease in Partnership Minimum Gain, as
determined under Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(g).</FONT> Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant
thereto. The items to be allocated shall be determined in accordance with Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-2(f)(6)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(j)(2).</FONT> This <B>Section 6.03(a)(i)</B> is
intended to qualify as a &#147;minimum gain chargeback&#148; within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(f)</FONT> and shall be interpreted consistently therewith.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <B>Partner Minimum Gain Chargeback</B>. Except as otherwise provided in Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(4)</FONT> or in <B>Section 6.03(a)(i)</B> hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has
a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(5),</FONT> shall be specially allocated items of Partnership income
and gain for such year (and, if necessary, </P>
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subsequent years) in an amount equal to such Holder&#146;s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)(4).</FONT> Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each General Partner, Limited Partner and
other Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-2(i)(4)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2(j)(2).</FONT> This
Section 6.03(a)(ii) is intended to qualify as a &#147;chargeback of partner nonrecourse debt minimum gain&#148; within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i)</FONT> and shall be interpreted consistently
therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(iii) <B>Nonrecourse Deductions and Partner Nonrecourse Deductions</B>. Any Nonrecourse Deductions for any Partnership
Year shall be specially allocated to the Holders of OP&nbsp;Units in accordance with their OP&nbsp;Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the economic risk of loss
with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-2(i).</FONT><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(iv) <B>Qualified Income Offset</B>. If any Holder unexpectedly receives an adjustment, allocation or distribution described in
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d)(4),</FONT> (5), or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d),</FONT> to such Holder in an amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as
possible. It is intended that this <B>Section 6.03(a)(iv)</B> qualify and be construed as a &#147;qualified income offset&#148; within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(d)</FONT> and shall be
interpreted consistently therewith.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(v) <B>Gross Income Allocation</B>. In the event that any Holder has an Adjusted
Capital Account Deficit at the end of any Partnership Year, each such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(vi) <B>Section&nbsp;754 Adjustment</B>. To the extent that an adjustment to the adjusted tax basis of any Partnership asset pursuant
to Code Section&nbsp;734(b) or Code Section&nbsp;743(b) is required, pursuant to Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m)(2)</FONT> or Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m)(4),</FONT> to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the Partnership, the amount
of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders
in accordance with their Partnership Units in the event that Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m)(2)</FONT> applies, or to the Holders to whom such distribution was made in the event that Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(iv)(m)(4)</FONT> applies.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) <B>Curative Allocations</B>. The allocations
set forth in <B>Sections 6.03(a)(i)</B>,<B> (ii</B>),<B> (iii</B>),<B> (iv</B>),<B> (v)</B>, and <B>(vi</B>)<B></B> hereof (the &#147;<B>Regulatory Allocations</B>&#148;) are intended to comply with certain regulatory requirements, including the
requirements of Regulations <FONT STYLE="white-space:nowrap">Sections&nbsp;1.704-1(b)</FONT> and <FONT STYLE="white-space:nowrap">1.704-2.</FONT> Notwithstanding the provisions of <B>Section&nbsp;6.01</B> hereof, the Regulatory Allocations shall be
taken into account in allocating other items of income, </P>
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gain, loss and deduction among the Holders of Partnership Units so that to the extent possible without violating the requirements giving rise to the Regulatory Allocations, the net amount of such
allocations of other items and the Regulatory Allocations to each Holder of a Partnership Unit shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Allocation of Excess Nonrecourse Liabilities</B>. The Partnership shall allocate &#147;nonrecourse liabilities&#148; (within the
meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.752-1(a)(2))</FONT> of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations <FONT
STYLE="white-space:nowrap">Section&nbsp;1.752-3(a)(3)</FONT> and (b). The Partnership shall allocate &#147;excess nonrecourse liabilities&#148; of the Partnership under any method approved under Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.752-3(a)(3)</FONT> as chosen by the General Partner.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) <B>Special
Allocations Regarding LTIP Units</B>. Notwithstanding the provisions of <B>Section&nbsp;6.02</B> above, Liquidating Gains shall first be allocated to the LTIP Unitholders until the Economic Capital Account Balances of such Holders, to the extent
attributable to their ownership of LTIP Units, are equal to (i)&nbsp;the OP Unit Economic Balance, multiplied by (ii)&nbsp;the number of their LTIP Units. For this purpose, &#147;<B>Liquidating Gains</B>&#148; means net capital gains realized in
connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the Gross Asset Value of Partnership assets
under Code Section&nbsp;704(b). The &#147;<B>Economic Capital Account Balances</B>&#148; of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their ownership of LTIP Units, plus the amount of their
allocable share of any Partner Minimum Gain or Partnership Minimum Gain attributable to such LTIP Units. Similarly, the &#147;<B>OP Unit Economic Balance</B>&#148; shall mean (i)&nbsp;the Capital Account balance of the General Partner, plus the
amount of the General Partner&#146;s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner&#146;s ownership of OP Units and computed on a hypothetical basis after taking into
account all allocations through the date on which any allocation is made under this <B>Section&nbsp;6.03(c)</B> (including, without limitation, any expenses of the Partnership reimbursed to the General Partner pursuant to
<B>Section&nbsp;7.04(b)</B>), divided by (ii)&nbsp;the number of the General Partner&#146;s OP Units. Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this
<B>Section&nbsp;6.03(c)</B>. The parties agree that the intent of this <B>Section&nbsp;6.03(c)</B> is to make the Capital Account balance associated with each LTIP Unit to be economically equivalent to the Capital Account balance associated with the
General Partner&#146;s OP Units (on a <FONT STYLE="white-space:nowrap">per-OP</FONT> Unit/LTIP Unit basis). The General Partner shall be permitted to interpret this <B>Section&nbsp;6.03(c)</B> or to amend this Agreement to the extent necessary and
consistent with this intention.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>Allocations to Reflect Outside Interests</B>. Any income or loss to the Partnership
associated with an Outside Interest shall be specially allocated so as to take into account amounts received by, and income or loss allocated to, the General Partner or any Affiliate of the General Partner with respect to such Outside Interest so
that the overall effect is to allocate income or loss in the same manner as would have occurred had such Outside Interest been held through the Partnership (treating any allocation in respect of the Outside Interest as if such allocation had been
made to the General Partner).<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04. <B>Tax</B> <B>Allocations</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) <B>In General</B>. Except as otherwise provided in this <B>Section 6.04</B>, for income tax purposes under the Code and the
Regulations each Partnership item of income, gain, loss and deduction (collectively, &#147;<B>Tax Items</B>&#148;) shall be allocated among the Holders of Partnership Units in the same manner as its correlative item of &#147;book&#148; income, gain,
loss or deduction is allocated pursuant to <B>Sections 6.02</B> and<B> </B><B>6.03</B> hereof.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) <B>Allocations Respecting
Section&nbsp;704(c) Revaluations</B>. Notwithstanding <B>Section 6.04(a)</B> hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing
Partner immediately preceding the date of contribution shall be allocated among the Holders of Partnership Units for income tax purposes pursuant to Regulations promulgated under Code Section&nbsp;704(c) so as to take into account such variation.
The Partnership shall account for such variation under any method approved under Code Section&nbsp;704(c) and the applicable Regulations as chosen by the General Partner, including, without limitation, the &#147;remedial allocation method&#148; as
described in Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-3(d);</FONT> <B>provided</B>,<B> however</B>,<B> that</B> the &#147;traditional method&#148; shall be used for any assets acquired by the Partnership pursuant to the
contribution, merger and other contracts and agreements entered into by the Partnership or the General Partner in connection with the IPO. In the event that the Gross Asset Value of any partnership asset is adjusted pursuant to subsection&nbsp;(b)
of the definition of &#147;<B>Gross Asset Value</B>&#148; (provided in <B>Article I</B> hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and
its Gross Asset Value in the same manner as under Code Section&nbsp;704(c) and the applicable Regulations or under any method approved under Code Section&nbsp;7.04(c) and the applicable Regulations as chosen by the General Partner.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing provisions of this Agreement, the General Partner in its sole discretion shall make such allocations as may
be needed to ensure that allocations are in accordance with the interests of the Partners of the Partnership, within the meaning of the Code and Regulations. The General Partner shall determine all matters concerning allocations for tax purposes not
expressly provided for herein in its sole discretion. Notwithstanding anything to the contrary contained in this Agreement, the proper administration of the Partnership and for preservation of uniformity of OP Units within a particular series (i.e.,
Series 60 OP Units, Series 250 OP Units, and Series ES OP Units), the General Partner may (A)&nbsp;amend the provisions of this Agreement as appropriate (i)&nbsp;to reflect the proposal or promulgation of Regulations under Section&nbsp;704(b) or
Section&nbsp;704(c) of the Code or (ii)&nbsp;otherwise to preserve or achieve uniformity of OP Units within Series 60 OP Units, Series 250 OP Units, and Series ES OP Units, and (B)&nbsp;adopt and employ or modify such conventions and methods of the
General Partner determines in his sole discretion to be appropriate for (i)&nbsp;the determination of Tax Items and the allocation of such Tax Items among Partners and between transferors and transferees under this Agreement pursuant to the Code and
Regulations promulgated thereunder, (ii)&nbsp;the determination of the identities and tax classifications of Partners, (iii)&nbsp;the valuation of the Partnership&#146;s assets and the determination of tax basis, (iv)&nbsp;the allocation of asset
values and tax basis, (v)&nbsp;the adoption and maintenance of accounting methods, and (vi)&nbsp;taking into account differences between the Gross Asset Values of the assets of the Partnership and adjusted tax basis pursuant to Section&nbsp;704(c)
of the Code and the Regulations promulgated thereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 42 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Allocations that would otherwise be made to a Partner under the provisions of this Article VI
shall instead be made to the beneficial owner of OP Units held by a nominee in any case in which the nominee has furnished the identity of such owner to the Partnership in accordance with Section&nbsp;6031(c) of the Code, or pursuant to any other
method determined by the General Partner in its sole discretion. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>MANAGEMENT AND OPERATIONS OF BUSINESS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01. <B>Management</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by
the Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted to a general partner of a limited partnership under applicable law or that are granted to the General Partner
under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, without limitation, <B>Section 7.03</B>, shall have full power and authority to do all things deemed necessary or desirable by it to
conduct the business of the Partnership, to exercise all powers set forth in <B>Section 3.02</B> hereof and to effectuate the purposes set forth in <B>Section 3.01</B> hereof, including, without limitation:<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and
borrowing money or selling assets to permit the Partnership to make distributions in such amounts as will permit the General Partner (so long as the General Partner desires to maintain or restore its qualification as a REIT) to avoid the payment of
any income or excise tax under the Code and to make distributions to its stockholders sufficient to permit the General Partner to maintain or restore REIT qualification or otherwise to satisfy the REIT Requirements), the assumption or guarantee of,
or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same by deed to secure debt, mortgage, deed of trust or other lien or encumbrance on the Partnership&#146;s assets)
and the incurring of any obligations that it deems necessary for the conduct of the activities of the Partnership; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the making of
tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership, the registration of any class of securities of the Partnership under
the Exchange Act and the listing of any debt securities of the Partnership on any exchange; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) subject to <B>Section 11.02</B> hereof,
the acquisition, sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right
or any other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 43 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the
assignment of any assets of the Partnership in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose
consistent with the terms of this Agreement and on any terms that it sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the Partnership&#146;s Subsidiaries, the
lending of funds to other Persons (including, without limitation, the Partnership&#146;s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and
the making of capital contributions to and equity investments in the Partnership&#146;s Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) the use of the assets of the
Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the General Partner,
the Partnership or any of the Partnership&#146;s Subsidiaries, the lending of funds to other Persons (including, without limitation, the General Partner and its Subsidiaries and the Partnership&#146;s Subsidiaries) and the repayment of obligations
of the Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) the management, operation, leasing, landscaping, repair, alteration, demolition, replacement or improvement of any Property, including,
without limitation, any Contributed Property, or other asset of the Partnership or any Subsidiary, whether pursuant to a Services Agreement or otherwise; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) the negotiation, execution and performance of any contracts, leases, conveyances or other instruments that the General Partner considers
useful or necessary to the conduct of the Partnership&#146;s operations or the implementation of the General Partner&#146;s powers under this Agreement, including contracting with contractors, developers, consultants, government authorities,
accountants, legal counsel, other professional advisors and other agents (including the Transfer Agent) and the payment of their expenses and compensation out of the Partnership&#146;s assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding, management, investment
and reinvestment of cash and other assets of the Partnership and the collection and receipt of revenues, rents and income of the Partnership; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) the maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the Partnership
and the Partners (including, without limitation, the General Partner) as the General Partner deems necessary or appropriate, including, without limitation, (i)&nbsp;casualty, liability and other insurance on the Properties and (ii)&nbsp;liability
insurance for the Indemnitees hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 44 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) the formation of, or acquisition of an interest in, and the contribution of property to, any
further limited or general partnerships, limited liability companies, joint ventures or other relationships that the General Partner deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property
to, any Subsidiary and any other Person in which it has an equity investment from time to time); <B>provided</B>,<B> however</B>,<B> that</B> as long as the General Partner desires to maintain or restore its qualification as a REIT, the General
Partner may not engage in any such formation, acquisition or contribution that would cause it to fail to qualify as a REIT; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xi) the
filing of applications, communicating and otherwise dealing with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership&#146;s assets or any other aspect of the Partnership business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xii) the taking of any action necessary or appropriate to comply with all regulatory requirements applicable to the Partnership in respect of
its business, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports, filings and documents, if any, required under the Exchange Act, the Securities
Act, or by National Securities Exchange requirements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiii) the control of any matters affecting the rights and obligations of the
Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the
commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations
or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiv) the undertaking of any action in connection with the Partnership&#146;s direct or indirect investment in any Subsidiary or any other
Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xv) except as otherwise
specifically set forth in this Agreement, the determination of the fair market value of any Partnership property distributed <FONT STYLE="white-space:nowrap">in-kind</FONT> using such reasonable method of valuation as it may adopt;
<B>provided</B>,<B> that</B> such methods are otherwise consistent with the requirements of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xvi) the enforcement of any
rights against any Partner pursuant to representations, warranties, covenants and indemnities relating to such Partner&#146;s contribution of property or assets to the Partnership; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xvii) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power-of-attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 45 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xviii) the exercise of any of the powers of the General Partner enumerated in this Agreement on
behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xix) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership
does not have an interest, pursuant to contractual or other arrangements with such Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xx) the making, execution and delivery of any
and all deeds, leases, notes, deeds to secure Debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate
in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxi) the issuance of additional Partnership Units, as appropriate and in the General Partner&#146;s sole and absolute discretion, in
connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to <B>Article&nbsp;IV</B> hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxii) the selection and dismissal of General Partner Employees (including, without limitation, employees having titles or offices such as
president, vice president, secretary and treasurer), and agents, outside attorneys, accountants, consultants and contractors of the Partnership or the General Partner, the determination of their compensation and other terms of employment or hiring
and the delegation to any such General Partner Employee the authority to conduct the business of the Partnership in accordance with the terms of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxiii) the distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner&#146;s exercise
of its Redemption right under <B>Section&nbsp;8.06</B> hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxiv) maintaining, or causing to be maintained, the books and records of
the Partnership or the Transfer Agent to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital
Contributions, the number of Partnership Units (including any issuance thereof), the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxv) the determination regarding whether a payment to a Partner who exercises its Redemption Right under <B>Section&nbsp;8.06</B> that is
assumed by the General Partner will be paid in the form of the Cash Amount or the REIT Shares Amount, except as such determination may be limited by <B>Section&nbsp;8.06</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxvi) the collection and receipt of revenues and income of the Partnership; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxvii) the registration of any class of securities of the Partnership under the Securities Act or the Exchange Act; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 46 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxviii) the entering into of listing agreements with any National Securities Exchange and the
listing of any securities of the Partnership on any such exchange; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxix) the delisting of some or all of the Partnership Units from, or
requesting that trading be suspended on, any National Securities Exchange; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxx) an election to dissolve the Partnership pursuant to
<B>Section&nbsp;13.01</B><B>(d)</B> hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xxxi) the taking of any action necessary or appropriate to enable the General Partner to
qualify as a REIT (so long as the General Partner desires to maintain or restore its qualification as a REIT). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the Limited
Partners agrees that, except as provided in <B>Section&nbsp;7.03</B> hereof, the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act,
approval or vote of the Partners, notwithstanding any other provision of this Agreement, the Act or any applicable law, rule or regulation and, in the absence of any specific corporate action on the part of the General Partner to the contrary, the
taking of any action or the execution of any such document or writing by an officer of the General Partner, in the name and on behalf of the General Partner, in its capacity as the general partner of the Partnership, shall conclusively evidence
(1)&nbsp;the approval thereof by the General Partner, in its capacity as the general partner of the Partnership, (2)&nbsp;the General Partner&#146;s determination that such action, document or writing is necessary or desirable to conduct the
business and affairs of the Partnership, exercise the powers of the Partnership under this Agreement and the Act or effectuate the purposes of the Partnership, or any other determination by the General Partner required by this Agreement in
connection with the taking of such action or execution of such document or writing, and (3)&nbsp;the authority of such officer with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i)&nbsp;casualty,
liability and other insurance on the Properties and (ii)&nbsp;liability insurance for the Indemnitees hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) At all times from and
after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time
to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into
account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. Except as may be provided in a separate written agreement between the Partnership and the Limited Partners, the General Partner and
the Partnership shall not have liability to a Limited Partner under any circumstances as a result of a tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this
Agreement <B>provided</B>,<B> that</B> the General Partner has acted in good faith and pursuant to its authority under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 47 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02.<B> Certificate of Limited Partnership.</B> To the extent that such action is
determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate of Limited Partnership and do all the things to maintain the Partnership as a limited
partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business
or own property. Except as otherwise required under the Act, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership or any amendment thereto to any Limited Partner. The
General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a
partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Delaware and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do
business or own property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03. <B>Restrictions on General Partner&#146;s Authority</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written
consent of a Majority in Interest of the Outside Limited Partners and may not (1)&nbsp;perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or
under the Act; or (2)&nbsp;enter into any contract, mortgage, loan or other agreement that expressly prohibits or restricts (a)&nbsp;the General Partner or the Partnership from performing its specific obligations under <B>Section 8.06</B> hereof in
full or (b)&nbsp;a Limited Partner from exercising its rights under <B>Section 8.06</B> hereof to effect a Redemption in full, except, in either case, with the written consent of such Limited Partner affected by the prohibition or restriction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner shall not, without the written consent of a Majority in Interest of the Outside Limited Partners, except as provided in
<B>Sections&nbsp;4.03(a)</B>, <B>5.06</B>, <B>6.02(b</B>), <B>6.03(c)</B>, <B>6.04(c)</B> and<B> 7.03(c</B>)<B></B> hereof, amend, modify or terminate this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding <B>Sections&nbsp;7.03(b)</B> and <B>14.02,</B> the General Partner shall have the exclusive power, without the prior
consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)
to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) to reflect the admission, substitution or withdrawal of Partners or the termination of the Partnership in accordance with this Agreement,
and to cause the Partnership or the Transfer Agent to amend its books and records in connection with such admission, substitution or withdrawal; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 48 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) to reflect a change that is of an inconsequential nature or does not adversely affect the
Limited Partners as such in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this
Agreement that will not be inconsistent with law or with the provisions of this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) to satisfy any requirements, conditions
or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) to set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units or Partnership Interests issued or established pursuant to this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) (a) to reflect such changes as are reasonably necessary for the General Partner to maintain or restore its qualification as a REIT or to
satisfy the REIT Requirements; or (b)&nbsp;to reflect the Transfer of all or any part of a Partnership Interest among the General Partner, and any Qualified REIT Subsidiary or entity that is disregarded as an entity separate from the General Partner
for U.S. federal income tax purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) to modify either or both the manner in which items of Net Income or Net Loss are allocated
pursuant to <B>Article&nbsp;VI</B> or the manner in which Capital Accounts are adjusted, computed or maintained (but only to the extent set forth in the definition of &#147;Capital Account&#148; or contemplated by the Code or the Regulations); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) to issue additional Partnership Interests in accordance with <B>Section&nbsp;4.03</B>; <B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) to reflect any other modification to this Agreement as is reasonably necessary for the business or operations of the Partnership or the
General Partner and which does not violate <B>Section&nbsp;7.03(d)</B>;<B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) as may be required to reflect the admission,
substitution, termination or withdrawal of Partners or an increase or decrease in a Partner&#146;s DRO Amount in accordance with this Agreement (which may be affected through the replacement of Exhibit C with an amended Exhibit C); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xi) as may be required to facilitate the trading of Series 60 OP Units, Series 250 OP Units or Series ES OP Units (including any division of
such series or other actions to facilitate the uniformity of tax items and attributes within each such series of OP Units listed on a National Securities Exchange); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xii) as may be required to comply with any rules, regulation, guideline or requirement of any National Securities Exchange on which the
Series 60 OP Units, Series 250 OP Units or Series ES OP Units are or will be listed; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiii) for the purposes contemplated by
<B>Section 11.03(e)</B>.<B></B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner will provide notice to the Limited Partners whenever any action under this
<B>Section&nbsp;7.03(c)</B> is taken. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding <B>Sections&nbsp;7.03(b)</B> and <B>7.03(c)</B> hereof, this Agreement shall not
be amended, and no action may be taken by the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would (i)&nbsp;convert a Limited Partner Interest in the Partnership into a General Partner
Interest (except as a result of the General Partner acquiring such Partnership Interest), (ii)&nbsp;modify the limited liability of a Limited Partner (iii)&nbsp;alter the rights of any Partner to receive the distributions to which such Partner is
entitled, pursuant to <B>Article&nbsp;V</B> or <B>Section&nbsp;13.02(a)(iv)</B> hereof, or alter the allocations specified in <B>Article&nbsp;VI</B> hereof (except, in any case, as permitted pursuant to <B>Sections 4.03</B>,<B> 7.03(c)</B> and
<B>Article&nbsp;VI</B> hereof), (iv)&nbsp;alter or modify the Redemption rights, Cash Amount or REIT Shares Amount as set forth in <B>Section 8.06</B> hereof, or amend or modify any related definitions, (v)&nbsp;alter or modify <B>Section 11.02</B>
hereof or (vi)&nbsp;amend this <B>Section 7.03(d).</B> Further, no amendment may alter the restrictions on the General Partner&#146;s authority set forth elsewhere in this <B>Section 7.03</B> without the consent specified therein. Any such amendment
or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04. <B>Reimbursement of the General Partner</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as provided in this <B>Section 7.04</B> and elsewhere in this Agreement (including the provisions of <B>Articles </B><B>V</B><B>
</B>and VI regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership shall be responsible for and shall pay all expenses relating to the Partnership&#146;s and the General Partner&#146;s
organization, the ownership of their assets and their operations. The General Partner is hereby authorized to pay compensation for accounting, administrative, legal, technical, management and other services rendered to the Partnership. Except to the
extent provided in this Agreement, the General Partner and its Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all expenses that the General Partner
and its Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses); <B>provided</B>,<B> that</B> the amount of any such reimbursement shall be reduced
by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such expenses of the General Partner are deemed to be for the
benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to <B>Section 7.07</B> hereof. In the event that certain expenses are incurred for the benefit of the Partnership
and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. All payments and
reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the General Partner shall elect to purchase from its stockholders REIT Shares for the
purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner or any similar obligation or arrangement
undertaken by the General Partner in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the General Partner for such REIT Shares and any other expenses incurred by the General Partner in connection with such
purchase shall be considered expenses of the Partnership and shall be advanced to the General Partner or reimbursed to the General Partner, subject to the condition that: (1)&nbsp;if such REIT Shares subsequently are sold by the General Partner, the
General Partner shall pay or cause to be paid to the Partnership any proceeds received by the General Partner for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any dividend reinvestment or similar
program; <B>provided</B>,<B> that</B> a transfer of REIT Shares for Partnership Units pursuant to <B>Section 8.06</B> would not be considered a sale for such purposes); and (2)&nbsp;if such REIT Shares are not retransferred by the General Partner
within 30&nbsp;days after the purchase thereof, or the General Partner otherwise determines not to retransfer such REIT Shares, the General Partner shall cause the Partnership to redeem a number of Partnership Units held by the General Partner equal
to the number of such REIT Shares, as adjusted for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness
or assets relating to assets not received by the General Partner pursuant to a <I>pro rata</I> distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in
redemption of such number of Partnership Units held by the General Partner). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) As set forth in <B>Section 4.03</B>, the General Partner
shall be treated as having made a Capital Contribution in the amount of all expenses that it incurs relating to the its offering of REIT Shares, Preferred Shares, Junior Shares or New Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If and to the extent any reimbursements to the General Partner pursuant to this <B>Section 7.04</B> constitute gross income of the General
Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments with respect to capital within the meaning of Code Section&nbsp;707(c), shall be treated
consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners&#146; Capital Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05. <B>Outside Activities of the General Partner</B>.<B></B> Without the consent of a Majority in Interest of the Outside
Limited Partners, the General Partner shall not directly or indirectly enter into or conduct any business, other than in connection with (a)&nbsp;the ownership, acquisition and disposition of Partnership Interests, (b)&nbsp;the management of the
business of the Partnership, (c)&nbsp;the operation of the General Partner as a reporting company with a class of securities registered under the Exchange Act, (d)&nbsp;the offering, sale, syndication, private placement or public offering of stock,
bonds, securities or other interests, (e)&nbsp;financing or refinancing of any type related to the Partnership or its assets or activities, (f)&nbsp;any of the foregoing activities as they relate to a Subsidiary of the Partnership, and (g)&nbsp;such
activities as are incidental thereto. Nothing contained herein shall be deemed to prohibit the General Partner from (i)&nbsp;executing guarantees of Partnership Debt for which it would otherwise be liable in its capacity as General Partner,
(ii)&nbsp;holding such bank accounts or similar instruments or accounts in </P>
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its name as it deems necessary to carry out its responsibilities and purposes as contemplated under this Agreement and its organizational documents (<B>provided, that</B> accounts held on behalf
of the Partnership to permit the General Partner to carry out its responsibilities under this Agreement shall be considered to belong to the Partnership and the interest earned thereon shall, subject to <B>Section 7.04(b</B>)<B></B>, be applied for
the benefit of the Partnership) or (iii)&nbsp;acquiring Qualified Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06. <B>Contracts with Affiliates</B>.<B></B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity
investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any
Subsidiary or any other Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Partnership may transfer assets to joint ventures, limited liability companies, partnerships,
corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole and
absolute discretion, believes to be advisable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as expressly permitted by this Agreement, neither the General Partner nor any of
its Affiliates shall sell, transfer or convey any property to the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf
of the Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or
indirectly, for the benefit of the Partnership or any of the Partnership&#146;s Subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The General Partner is expressly
authorized to enter into, in the name and on behalf of the Partnership, any Services Agreement with Affiliates of any of the Partnership or the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are
advisable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07.<B> Indemnification</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Partnership shall, to the maximum extent permitted by applicable law in effect from time to time, indemnify, and, without requiring a
preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to each Indemnitee; <B>provided</B>,<B> however</B>,<B> that</B> the Partnership shall not
indemnify an Indemnitee (1)&nbsp;for material acts or omissions that were committed in bad faith or were the result of active and deliberate dishonesty, (2)&nbsp;for any transaction for which such Indemnitee received an improper personal benefit in
money, property or services in violation or breach of any provision of this Agreement, or (3)&nbsp;in the case of any criminal proceeding, the </P>
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Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan
guaranty or otherwise (unless otherwise provided by the terms of any such guaranty or other instrument), for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the
Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the
provisions of this <B>Section 7.07</B> in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee
did not meet the requisite standard of conduct set forth in this <B>Section 7.07(a)</B>. The termination of any proceeding by conviction of an Indemnitee or upon a plea of <I>nolo contendere</I> or its equivalent by an Indemnitee, or an entry of an
order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this <B>Section 7.07(a)</B> with respect to the subject matter of such proceeding. Any
indemnification pursuant to this <B>Section 7.07</B> shall be made only out of the assets of the Partnership and any insurance proceeds from the liability policy covering the General Partner and any Indemnitees, and neither the General Partner nor
any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this <B>Section 7.07</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To the fullest extent permitted by law, and without requiring a preliminary determination of the Indemnitee&#146;s ultimate entitlement to
indemnification under <B>Section 7.07(a)</B> above, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any proceeding shall be paid or reimbursed by the Partnership as incurred
by the Indemnitee in advance of the final disposition of the proceeding upon receipt by the Partnership of (1)&nbsp;a written affirmation by the Indemnitee of the Indemnitee&#146;s good faith belief that the standard of conduct necessary for
indemnification by the Partnership as authorized in this <B>Section 7.07(b)</B> has been met and (2)&nbsp;a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct
has not been met. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The indemnification provided by this <B>Section 7.07</B> shall be in addition to any other rights to which an
Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit
of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership&#146;s activities, regardless of whether the Partnership would have
the power to indemnify such Person against such liability under the provisions of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership
or the General Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise
taxes assessed by the IRS, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be
treated as liabilities or judgments or fines under this <B>Section 7.07</B>,<B> </B>unless such liabilities arise as a result of (1)&nbsp;material acts or omissions that were committed in bad faith or were the result of active and deliberate
dishonesty, (2)&nbsp;any transaction in which such Indemnitee received an improper personal benefit in money, property or services in violation or breach of any provision of this Agreement or applicable law, or (3)&nbsp;in the case of any criminal
proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In no event may an Indemnitee
subject any of the Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) An
Indemnitee shall not be denied indemnification in whole or in part under this <B>Section 7.07</B> because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted
by the terms of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The provisions of this <B>Section 7.07</B> are for the benefit of the Indemnitees, their heirs,
successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this <B>Section 7.07</B> or any provision hereof shall be prospective only and shall
not in any way affect the obligations of the Partnership or the limitations on the Partnership&#146;s liability to any Indemnitee under this <B>Section 7.07</B> as in effect immediately prior to such amendment, modification or repeal with respect to
claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If and to the extent any payments to the General Partner pursuant to this <B>Section 7.07</B> constitute gross income to the General
Partner (as opposed to the repayment of advances made on behalf of the Partnership) such amounts shall be treated as &#147;guaranteed payments&#148; for the use of capital within the meaning of Code Section&nbsp;707(c), shall be treated consistently
therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners&#146; Capital Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.08. <B>Liability of the General Partner.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary set forth in this Agreement, to the maximum extent that Delaware law in effect from time to time
permits, neither the General Partner or any of its directors or officers shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not derived as a
result of errors in judgment or mistakes of fact or law or of any act or omission if the General Partner or such director or officer acted in good faith. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Limited Partners expressly acknowledge that the General Partner is acting for the benefit
of the Partnership, the Limited Partners and its own stockholders collectively and that the General Partner is under no obligation to give priority to the separate interests of the Limited Partners or its own stockholders (including, without
limitation, the tax consequences to Limited Partners, Assignees or its own stockholders) in deciding whether to cause the Partnership to take (or decline to take) any actions. If there is a conflict between the interests of the stockholders of the
General Partner on one hand and the Limited Partners on the other, the Limited Partners expressly acknowledge that the General Partner will fulfill its fiduciary duties to such Limited Partners by acting in the best interests of the stockholders of
the General Partner. The General Partner shall not be liable under this Agreement to the Partnership or to any Partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with
such decisions; <B>provided</B>,<B> that</B> the General Partner has acted in good faith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to its obligations and duties as
General Partner set forth in <B>Section 7.01</B> hereof, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or
agents (subject to the supervision and control of the General Partner). The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) To the extent that, at law or in equity, the General Partner has duties (including fiduciary duties) and liabilities relating thereto to
the Partnership or the Limited Partners, the General Partner shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything herein to the contrary, except for fraud, willful misconduct or gross negligence, or pursuant to any express
indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability whatsoever, to the Partnership or to the other Partner(s), for the debts or liabilities of the Partnership or
the Partnership&#146;s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that Partner in the Partnership. To the fullest extent permitted by law, no officer, director or stockholder of the
General Partner shall be liable to the Partnership for money damages except for (1)&nbsp;active and deliberate dishonesty established by a nonappealable final judgment or (2)&nbsp;actual receipt of an improper benefit or profit in money, property or
services. Without limitation of the foregoing, and except for fraud, willful misconduct or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its interest in the Partnership, shall be
subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this Agreement. This Agreement is executed by the
directors of the General Partner solely as directors of the same and not in their own individual capacities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Any amendment,
modification or repeal of this <B>Section 7.08</B> or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner&#146;s, and its officers&#146; and directors&#146;, liability to the
Partnership and the Limited Partners under this <B>Section 7.08</B> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claims may arise or be asserted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.09. <B>Other Matters Concerning the General Partner</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects,
engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within
such Person&#146;s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty that
is permitted or required to be done by the General Partner hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding any other provision of this Agreement or the
Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or
advisable in order (1)&nbsp;to protect the ability of the General Partner to continue to qualify as a REIT or the Partnership to be taxed as a partnership, (2)&nbsp;without limitation of the foregoing clause (1)&nbsp;or clause (3), for the General
Partner otherwise to satisfy the REIT Requirements, or the Partnership to satisfy the &#147;qualifying income&#148; requirement of Code Section&nbsp;7704(c), or (3)&nbsp;without limitation of the foregoing clauses (1)&nbsp;or (2), to avoid the
General Partner or the Partnership incurring any income or excise taxes under the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.10. <B>Title to Partnership Assets.</B> Title to Partnership assets, whether real, personal or mixed and whether tangible or
intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any
or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and
warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance
with the provisions of this Agreement. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.11. <B>Reliance by Third Parties.</B> Notwithstanding anything to the contrary in
this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any
manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were
the Partnership&#146;s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the
General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the
necessity or expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be
conclusive evidence in favor of any and every Person relying in good faith thereon or claiming thereunder that (1)&nbsp;at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and
effect, (2)&nbsp;the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (3)&nbsp;such certificate, document or instrument was duly executed
and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01. <B>Limitation of Liability</B>.<B></B> The Limited Partners shall have no liability under this Agreement (other than for
breach thereof) except as expressly provided in <B>Sections 10.04</B>, 13.02<B>(d</B>)<B></B> or under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02.
<B>Management of Business</B>.<B></B> No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent or director of the General Partner, the Partnership or any of
their Affiliates, in their capacity as such) shall take part in the operations, management or control (within the meaning of the Act) of the Partnership&#146;s business, transact any business in the Partnership&#146;s name or have the power to sign
documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent, representative, stockholder or trustee of the General
Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03. <B>Outside Activities of Limited Partners</B>.<B></B> Subject to any agreements entered into pursuant to <B>Section
7.06(e)</B> hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or any Affiliate thereof (including, without limitation, any employment agreement), any Limited Partner and any
</P>
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Assignee, officer, director, employee, agent, trustee, Affiliate, member or shareholder of any Limited Partner shall be entitled to and may have business interests and engage in business
activities in addition to those relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the
Partnership nor any Partner shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue
of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner, to the extent expressly provided herein), and such Person shall have no obligation pursuant to this
Agreement, subject to <B>Section 7.06(e</B>)<B> </B>hereof and any other agreements entered into by a Limited Partner or its Affiliates with the General Partner, the Partnership or any Affiliate thereof, to offer any interest in any such business
ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person.<B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04. <B>Return of Capital.</B> Except pursuant to the rights of Redemption set forth in <B>Section 8.06</B> hereof, no Limited
Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement, upon termination of the Partnership as provided herein. Except to the extent provided in
<B>Article </B><B>VI</B><B> </B>hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to
profits, losses or distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05. <B>Adjustment Factor.</B> The Partnership shall notify any Limited Partner, on
request, of the then current Adjustment Factor or any change made to the Adjustment Factor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06. <B>Redemption
Rights</B>.<B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) On or after the date 12&nbsp;months after the date of the initial issuance of the OP Units, each Limited Partner
shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of the OP Units held by such Limited Partner (such OP Units being
hereafter referred to as &#147;<B>Tendered Units</B>&#148;) in exchange for the Cash Amount (a &#147;<B>Redemption</B>&#148;) unless the terms of such OP Units or a separate agreement entered into between the Partnership and the holder of such OP
Units provide that such OP Units are not entitled to a right of Redemption or provide for a shorter or longer period before such Holder may exercise such right of Redemption or impose conditions on the exercise of such right of Redemption. The
Tendering Partner shall have no right, with respect to any OP Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the
General Partner by the Limited Partner who is exercising the right (the &#147;<B>Tendering Partner</B>&#148;). The Cash Amount shall be payable to the Tendering Partner on the Specified Redemption Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding <B>Section 8.06(a)</B> above, if a Limited Partner has delivered to the General Partner a Notice of Redemption then the
General Partner may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth </P>
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in the Charter) elect to assume and satisfy the Partnership&#146;s Redemption obligation and acquire some or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares
Amount (as of the Specified Redemption Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General Partner in exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no
right to cause the Partnership to redeem such Tendered Units. The General Partner shall give such Tendering Partner written notice of its election on or before the close of business on the fifth Business Day after the its receipt of the Notice of
Redemption. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable
Class&nbsp;A REIT Shares and, if applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter or the Bylaws of the General Partner, the Securities Act, relevant state securities or blue sky laws and any
applicable registration rights agreement with respect to such Class&nbsp;A REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to <B>Section 8.06(e))</B>, the Tendering Partner shall be deemed
the owner of such Class&nbsp;A REIT Shares for all purposes, including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the Class&nbsp;A REIT Shares for which the Partnership
Units might be exchanged shall also bear the legend set forth in the Charter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Limited Partner covenants and agrees with the
General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered
Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General
Partner (or its designee), such Limited Partner shall assume and pay such transfer tax. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding the provisions of <B>Sections
8.06(a</B>),<B> 8.06(b), 8.06(c</B>)<B> </B>or any other provision of this Agreement, a Limited Partner (i)&nbsp;shall not be entitled to effect a Redemption for cash or an exchange for Class&nbsp;A REIT Shares to the extent the ownership or right
to acquire Class&nbsp;A REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer of Class&nbsp;A REIT Shares set forth
in the Charter of the General Partner and (ii)&nbsp;shall have no rights under this Agreement to acquire Class&nbsp;A REIT Shares which would otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for
Class&nbsp;A REIT Shares would be in violation of this <B>Section 8.06(e</B>)<B></B>, it shall be null and void <I>ab initio</I> and such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such
Redemption or the Class&nbsp;A REIT Shares otherwise issuable upon such exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything herein to the contrary (but
subject to <B>Section 8.06(e)</B>)<B></B>, with respect to any Redemption or exchange for Class&nbsp;A REIT Shares pursuant to this <B>Section 8.06</B>:<B></B> (i)&nbsp;each Series 60 OP Unit, Series 250 OP Unit, or Series ES OP Unit acquired by the
General Partner pursuant thereto shall automatically and without further action required, be converted into a Series PR OP Units, on a one-to-one basis; (ii)&nbsp;a portion of the OP Units acquired by the General Partner pursuant thereto shall
automatically, and without further </P>
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action required, be converted into and deemed to be General Partner Interests and all other OP&nbsp;Units shall be deemed to be Limited Partner Interests and held by the General Partner in its
capacity as a Limited Partner in the Partnership such that, immediately after such Redemption, the requirements of <B>Section 4.01(b)</B> continue to be met; (iii)&nbsp;without the consent of the General Partner, each Limited Partner may effect a
Redemption only one time in each fiscal quarter; (iv)&nbsp;without the consent of the General Partner, each Limited Partner may not effect a Redemption for less than 1,000 OP Units or, if the Limited Partner holds less than 1,000 OP Units, all of
the OP Units held by such Limited Partner; (v)&nbsp;without the consent of the General Partner, each Limited Partner may not effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record
date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution; (vi)&nbsp;the consummation of any Redemption or exchange for Class&nbsp;A REIT Shares shall be subject to the
expiration or termination of the applicable waiting period, if any, under the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Hart-Scott-Rodino</FONT></FONT> Antitrust Improvements Act of 1976, as amended; and (vii)&nbsp;each
Tendering Partner shall continue to own all OP Units subject to any Redemption or exchange for Class&nbsp;A REIT Shares, and be treated as a Limited Partner with respect to such OP Units for all purposes of this Agreement, until such OP Units are
transferred to the General Partner and paid for or exchanged on the Specified Redemption Date. Until a Specified Redemption Date, the Tendering Partner shall have no rights as a stockholder of the General Partner with respect to such Tendering
Partner&#146;s OP Units. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(g) In the event that the Partnership issues additional Partnership Interests to any Additional Limited
Partner pursuant to <B>Section 4.04</B>, the General Partner shall make such revisions to this <B>Section 8.06</B> as it determines are necessary to reflect the issuance of such additional Partnership Interests.<B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IX </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>BOOKS, RECORDS,
ACCOUNTING AND REPORTS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01.<B> Records and Accounting.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner shall keep or cause to be kept at the principal office of the Partnership or the Transfer Agent, as applicable, those
records and documents required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership&#146;s business, including, without limitation, all books and records necessary to
provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to <B>Section 8.05</B> or <B>9.03</B> hereof. Any records maintained by or on behalf of the Partnership or the Transfer Agent in the
regular course of its business may be kept on, or be in the form for, magnetic tape, photographs, micrographics or any other information storage device, <B>provided, that </B>the records so maintained are convertible into clearly legible written
form within a reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with generally U.S. GAAP. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The books of the Partnership shall be maintained, for financial reporting purposes, on an
accrual basis in accordance with U.S. GAAP, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the General Partner may
operate with integrated or consolidated accounting records, operations and principles. The Partnership also shall maintain its tax books on the accrual basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02. <B>Partnership Year.</B> The Partnership Year of the Partnership shall be the calendar year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03. <B>Reports</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) As soon as practicable, but in no event later than the date on which the General Partner mails its annual report to its stockholders, the
General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended Partnership Year, containing financial statements of the Partnership, or of the General Partner if such statements are
prepared solely on a consolidated basis with the Partnership, for such Partnership Year, presented in accordance with U.S. GAAP, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General
Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If and to the extent that the General Partner mails quarterly reports to its stockholders, as soon as practicable, but in no
event later than the date on such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of such fiscal quarter, of the Partnership, or of the
General Partner if such statements are prepared solely on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulations, or as the General Partner determines to be appropriate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner shall have satisfied its obligations under <B>Sections 9.03(a)</B> and <B></B>9.03<B>(b</B>)<B></B> by posting or
making available the reports required by this <B>Section 9.03</B> on the website maintained from time to time by the Partnership <B>provided, that</B> such reports are able to be printed or downloaded from such website. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) At the request of any Limited Partner, the General Partner shall provide access to the books, records and work paper upon which the reports
required by this <B>Section 9.03</B> are based, to the extent required by the Act. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE X </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TAX MATTERS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01. <B>Preparation of Tax Returns</B>.<B></B> The General Partner shall arrange for the preparation and timely filing of all
returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all reasonable effort to furnish, within 90&nbsp;days of the close of each
taxable year, the tax information reasonably required by Limited Partners for federal and state income tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to the Contributed
Properties, including tax basis and other relevant information, as may be reasonably requested by the General Partner from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02. <B>Tax Elections</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any
available election pursuant to the Code, including, but not limited to, the election under Code Section&nbsp;754 and the election to use the &#147;recurring item&#148; method of accounting provided under Code Section&nbsp;461(h) with respect to
property taxes imposed on the Partnership&#146;s Properties. The General Partner shall have the right to seek to revoke any such election (including, without limitation, any election under Code Sections&nbsp;461(h) and 754) upon the General
Partner&#146;s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
Without limiting the foregoing, the Partners, intending to be legally bound, hereby authorize the General Partner, on behalf of the Partnership, to make an election (the &#147;<B>LV Safe Harbor Election</B>&#148;) to have the &#147;liquidation
value&#148; safe harbor provided in Proposed Treasury Regulation &#167; 1.83-3(1) and the Proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in
final form or as amended by subsequently issued guidance (the &#147;<B>LV Safe Harbor</B>&#148;), apply to any interest in the Partnership transferred to a service provider while the LV Safe Harbor Election remains effective, to the extent such
interest meets the LV Safe Harbor requirements (collectively, such interests are referred to as <B>&#147;LV Safe Harbor Interests</B>&#148;<B></B>). The Tax Matters Partner is authorized and directed to execute and file the LV Safe Harbor Election
on behalf of the Partnership and the Partners. The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred in connection with the performance of services) hereby agree to comply with all requirements
of the LV Safe Harbor (including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests
consistent with such final LV Safe Harbor guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe
Harbor referred to above would be intended to achieve under Proposed Treasury Regulation &#167; 1.83-3, including amending this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03. <B>Tax Matters Partner</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner shall be the &#147;tax matters partner&#148; of the Partnership for federal income tax purposes. The tax matters
partner shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in
addition to any reimbursement pursuant to <B>Section&nbsp;7.04</B> hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder, so long
as the compensation paid by the Partnership for such services is reasonable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The tax matters partner is authorized, but not required: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership
items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a &#147;tax audit&#148; and such judicial proceedings being referred to as &#147;judicial review&#148;), and in the
settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i)&nbsp;who (within the time prescribed pursuant to the Code and
Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii)&nbsp;who is a &#147;notice partner&#148; (as defined in Code
Section&nbsp;6231) or a member of a &#147;notice group&#148; (as defined in Code Section&nbsp;6223(b)(2)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) in the event that a
notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner for tax purposes (a &#147;<B>final adjustment</B>&#148;) is mailed to the tax matters partner, to seek judicial review of
such final adjustment, including the filing of a petition for readjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in
which the Partnership&#146;s principal place of business is located; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) to intervene in any action brought by any other Partner for
judicial review of a final adjustment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) to file a request for an administrative adjustment with the IRS at any time and, if any part
of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) to enter into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken
into account by a Partner for tax purposes, or an item affected by such item; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) to take any other action on behalf of the Partners
in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The taking of any action and the
incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to
indemnification of the General Partner set forth in <B>Section&nbsp;7.07</B> hereof shall be fully applicable to the tax matters partner in its capacity as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.04. <B>Withholding</B>.<B> </B>Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or
with respect to such Limited Partner any amount of federal, state, local or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited
Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Sections&nbsp;1441, 1442, 1445, 1446, or 1471-1474 and the Treasury Regulations thereunder. Any amount
paid on behalf of or with respect to a Limited Partner, in excess of any withheld amounts shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited Partner within 15&nbsp;days after notice from
the General Partner that such payment must be made unless (i)&nbsp;the Partnership withholds </P>
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such payment from a distribution that would otherwise be made to the Limited Partner or (ii)&nbsp;the General Partner determines, in its sole and absolute discretion, that such payment may be
satisfied out of the Available Cash of the Partnership that would, but for such payment, be distributed to the Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited
Partner&#146;s Partnership Interest to secure such Limited Partner&#146;s obligation to pay to the Partnership any amounts required to be paid pursuant to this <B>Section&nbsp;10.04</B>. In the event that a Limited Partner fails to pay any amounts
owed to the Partnership pursuant to this <B>Section&nbsp;10.04</B> when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event
shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive
distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, plus four
percentage points (but not higher than the maximum lawful rate) from the date such amount is due (<I>i.e</I>., 15&nbsp;days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the
General Partner shall request in order to perfect or enforce the security interest created hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.05.
<B>Organizational Expenses.</B> The Partnership shall elect to amortize expenses, if any, incurred by it in organizing the Partnership ratably over a <FONT STYLE="white-space:nowrap">180-month</FONT> period as provided in Code Section&nbsp;709. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XI </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TRANSFERS AND
WITHDRAWALS </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01. <B>Transfer</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
<B>Article&nbsp;XI</B>. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this <B>Article&nbsp;XI</B> <B></B>shall be null and void <I>ab initio</I> unless consented to by the General Partner in its sole and
absolute discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except in accordance with the terms and conditions set forth in this <B>Article&nbsp;XI</B>, no Transfer of any
Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;1.752-4(b)</FONT> of the Regulations) to any lender to the Partnership whose loan
constitutes a Nonrecourse Liability, without the consent of the General Partner in its sole and absolute discretion; <B>provided</B>,<B> that</B> as a condition to such consent, the lender will be required to enter into an arrangement with the
Partnership and the General Partner to redeem or exchange for Class&nbsp;A REIT Shares any Partnership Units in which a security interest is held by such lender concurrently with such time as such lender would be deemed to be a partner in the
Partnership for purposes of allocating liabilities to such lender under Code Section&nbsp;752. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02.<B> Transfer of General Partner&#146;s Partnership Interest.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The General Partner may not transfer any of its Partnership Interests except in connection with (i)&nbsp;a transaction permitted under
<B>Section&nbsp;11.02(b)</B>, (ii)&nbsp;any merger (including a triangular merger), consolidation or other combination with or into another Person following the consummation of which the equity holders of the surviving entity are substantially
identical to the stockholders of the General Partner, (iii)&nbsp;a transfer to any Subsidiary of the General Partner or (iv)&nbsp;as otherwise expressly permitted under this Agreement, nor shall the General Partner withdraw as General Partner except
in connection with a transaction permitted under <B>Section&nbsp;11.02(b)</B> or any merger, consolidation, or other combination permitted under clause&nbsp;(ii) of this <B>Section&nbsp;11.02(a</B>).<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The General Partner shall not engage in any merger (including, without limitation, a triangular merger), consolidation or other combination
with or into another Person (other than any transaction permitted by <B>Section&nbsp;11.02(a</B>))<B></B>, any sale of all or substantially all of its assets or any reclassification, recapitalization or change of outstanding REIT Shares (other than
a change in par value, or from par value to no par value, or as a result of a subdivision or combination as described in the definition of &#147;Adjustment Factor&#148;) (&#147;<B>Termination Transaction</B>&#148;), unless (i)&nbsp;it receives the
consent of a Majority in Interest of the Outside Limited Partners, (ii)&nbsp;following such merger or other consolidation, substantially all of the assets of the surviving entity consist of OP Units or (iii)&nbsp;in connection with which all
Partners (other than the General Partner) who hold OP Units either will receive, or will have the right to receive, for each OP Unit an amount of cash, securities, or other property equal to the product of the Adjustment Factor and the greatest
amount of cash, securities or other property paid to a holder of REIT Shares in consideration of one such REIT Share at any time during the period from and after the date on which the Termination Transaction is consummated; <B>provided, however,
that</B>, if in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the percentage required for the approval of mergers under the organizational documents of the
General Partner, each holder of OP Units shall receive, or shall have the right to receive without any right of Consent set forth above in this <B>Section&nbsp;11.02(b</B>)<B>,</B> the greatest amount of cash, securities, or other property which
such holder would have received had it exercised the Redemption Right and received Class&nbsp;A REIT Shares in exchange for its OP Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such
purchase, tender or exchange offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The General Partner shall not enter into an agreement or other arrangement providing for or
facilitating the creation of a General Partner other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which such General Partner agrees to be fully bound by all of the terms and
conditions contained herein that are applicable to a General Partner. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03. <B>Transfer of Limited Partners&#146; Partnership Interests</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Limited Partner shall Transfer all or any portion of its Partnership Interest to any transferee without the written consent of the
General Partner, which consent may be withheld in its sole and absolute discretion; <B>provided, however, that</B> any Limited Partner may, at any time, without the consent or approval of the General Partner, (i)&nbsp;Transfer all or part of its
Partnership Interest to any Family Member (including a Transfer by a Family Member that is an <I>inter vivos</I> or testamentary trust (whether revocable or irrevocable) to a Family Member that is a beneficiary of such trust), any Charity, any
Controlled Entity or any Affiliate or (ii)&nbsp;pledge all or any portion of its Partnership Interest to a lending institution as collateral or security for a bona fide loan or other extension of credit, and Transfer such pledged Partnership
Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit. To the extent such a Transfer is made to a Controlled Entity or any Affiliate and such Transferee thereafter ceases to be a
Controlled Entity or Affiliate of the Transferor, then a Transfer shall be deemed to occur at such time as such Transferee ceases to be a Controlled Entity or any Affiliate of the Transferor. Notwithstanding the foregoing provisions of this
Section&nbsp;11.03, for so long as a series of OP Units is listed on a National Securities Exchange, OP Units of such series shall be freely transferable, without the consent of the General Partner, pursuant to sales of such OP Units on a National
Securities Exchange subject to the following: (i)&nbsp;this Section&nbsp;11.03; (ii)&nbsp;Section&nbsp;11.04; (iii)&nbsp;Section&nbsp;11.06; (iv)&nbsp;any contractual provisions that are binding on such Partner; and (v)&nbsp;any provisions of
applicable law, including U.S. federal or state securities laws or rules and regulations of the SEC, any state securities commission or any other applicable securities laws of a Governmental Entity (including those outside the jurisdiction of the
United States of America) with jurisdiction over such Transfer or that have the effect of rendering unavailable any exemption under applicable law relied upon for a prior transfer of such. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) Without limiting the generality of <B>Section&nbsp;11.03(a)</B> hereof, it is expressly understood and agreed that, to the extent
the General Partner has the right to consent to any Transfer pursuant to <B>Section&nbsp;11.03(a)</B> above, the General Partner will not consent to any Transfer of all or any portion of any Partnership Interest pursuant to
<B>Section&nbsp;11.03(a)</B> above unless such Transfer meets each of the following conditions:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Such Transfer is made only to
a single Qualified Transferee; <B>provided</B>,<B> however</B>,<B> that</B> for such purposes, all Qualified Transferees that are Affiliates, or that comprise investment accounts or funds managed by a single Qualified Transferee and its Affiliates,
shall be considered together to be a single Qualified Transferee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) The transferee in such Transfer assumes by operation of law or
express agreement all of the obligations of the transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest; <B>provided</B>,<B> that</B> no such Transfer (unless made pursuant to a statutory merger or
consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the
General Partner, in its sole and absolute discretion. Notwithstanding the foregoing, any transferee of any Transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict
such transferee&#146;s ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a </P>
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Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner, no transferee, whether by a voluntary Transfer,
by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in <B>Section&nbsp;11.05</B> hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Such Transfer is effective as of the first day of a fiscal quarter of the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator or receiver of such
Limited Partner&#146;s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as the Incapacitated Limited Partner
possessed to Transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Subject to the last sentence of this Section&nbsp;11.03(d), in connection with any proposed Transfer of a Limited Partner Interest, the
General Partner shall have the right to receive an opinion of counsel reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate any federal or
state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred. The foregoing provisions of this Section&nbsp;11.03(d) shall not apply to a series of OP Units that is listed on a National Securities
Exchange, for so long as such a series of OP Units is listed on a National Securities Exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The General Partner may impose
restrictions on the Transfer of a Limited Partner Interest if it receives an opinion of counsel reasonably to the effect that such restrictions are necessary in order to comply with any federal or state securities laws or regulations applicable to
the Partnership or the Partnership Interests. The General Partner may impose such restrictions by amending this Agreement without the approval of the Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04. <B>Substituted Limited Partners</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) Except as set forth in <B>Section&nbsp;11.04(b)</B> below, a transferee of the interest of a Limited Partner in accordance with
<B>Section&nbsp;11.03(a)</B> may be admitted as a Substituted Limited Partner only with the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by
the General Partner to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or the General Partner. Except as set forth in Section&nbsp;11.04(b) and
subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited Partner until and unless it furnishes to the General Partner (i)&nbsp;evidence of acceptance, in form and substance satisfactory to the General Partner, of all the
terms, conditions and applicable obligations of this Agreement, including, without limitation, the power of attorney granted in<B> </B><B>Section&nbsp;2.04</B> hereof, (ii)&nbsp;a counterpart signature page to this Agreement executed by such
Assignee, and (iii)&nbsp;such other documents and instruments as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect such Assignee&#146;s admission as a Substituted Limited Partner. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding <B>Section&nbsp;11.04(a)</B> above, for so long as the Series 250 OP Units,
Series 60 OP Units or Series ES OP Units are listed on a National Securities Exchange, upon the acceptance by each transferee of the Transfer of OP Units of any such series (including any nominee holder or agent or representative acquiring such OP
Units for the account of another Person), subject to compliance with <B>Section&nbsp;11.06</B> with respect to such Transfer, (i)&nbsp;each transferee of such OP Units (including any nominee holder or an agent or representative acquiring such OP
Units for the account of another Person) shall be admitted to the Partnership as a Substituted Limited Partner with respect to the OP Units so Transferred to such transferee when any such Transfer or admission is reflected in the books and records
of the Partnership or the Transfer Agent, and such transferee shall become the record holder of the OP Units so Transferred, and (ii)&nbsp;each such acceptance shall constitute (w)&nbsp;the agreement by each such transferee to be bound by the terms
of this Agreement, (x)&nbsp;a grant by each such transferee of the power of attorney in <B>Section&nbsp;2.04</B> hereof, (y)&nbsp;the making by each such transferee of the representations and warranties contained in this Agreement, including without
limitation, the representations and warranties contained in <B>Sections 3.04(a) and 3.04(b)</B> hereof, if applicable, and (z)&nbsp;the making by each such transferee of the consents and waivers contained in this Agreement. Each transferee of OP
Units shall be subject to any and all ownership limitations contained in the Charter that may limit or restrict such transferee&#146;s ability to exercise its Redemption rights, including, without limitation, the Ownership Limit. A transferee who
has been admitted as a Substituted Limited Partner in accordance with this <B>Article&nbsp;XI</B> shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon the admission of a Substituted Limited Partner, the General Partner shall cause the Substitute Limited Partner to be registered on the
books and records of the Transfer Agent or otherwise cause the Partnership to amend its books and records to reflect the name, address and number of Partnership Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the
name, address and number of Partnership Units of the predecessor of such Substituted Limited Partner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05.
<B>Assignees</B>. If the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee of any Partnership Interest as a Substituted Limited Partner in connection with a transfer required to be consented to
by the General Partner pursuant to <B>Section&nbsp;11.03(a)</B>, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under
the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership attributable to the Partnership Units assigned to such
transferee and the rights to Transfer the Partnership Units only in accordance with the provisions of this <B>Article&nbsp;XI</B>,<B></B> but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement, and
shall not be entitled to effect a Consent or vote or effect a Redemption with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or vote or effect a Redemption, to the extent
provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In the event that any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the
provisions of this <B>Article&nbsp;XI</B> to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06. <B>General Provisions</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited Partner&#146;s
Partnership Units in accordance with this <B>Article&nbsp;XI</B>, with respect to which the transferee becomes a Substituted Limited Partner, or pursuant to a redemption (or acquisition by the General Partner) of all of its Partnership Units
pursuant to a Redemption under <B>Section&nbsp;8.06</B> hereof and/or pursuant to any Partnership Unit Designation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any Limited
Partner who shall Transfer all of its Partnership Units in a Transfer (i)&nbsp;consented to by the General Partner or otherwise permitted pursuant to this <B>Article&nbsp;XI</B> where such transferee was admitted as a Substituted Limited Partner,
(ii)&nbsp;pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to a Redemption under <B>Section&nbsp;8.06</B> hereof and/or pursuant to any Partnership Unit Designation, or (iii)&nbsp;to the General
Partner, whether or not pursuant to <B>Section&nbsp;8.06(b)</B> hereof, shall cease to be a Limited Partner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to
<B>Section&nbsp;6.04</B>, if any Partnership Unit is Transferred in compliance with the provisions of this <B>Article&nbsp;XI</B>, or is redeemed by the Partnership, or acquired by the General Partner pursuant to <B>Section&nbsp;8.06</B> hereof, on
any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit attributable to such Partnership Unit for such Partnership Year shall be allocated
to the transferor Partner or the Tendering Party, as the case may be, and, in the case of a Transfer or assignment other than a Redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in
accordance with Code Section&nbsp;706(d) and the corresponding Regulations, using the &#147;interim closing of the books&#148; method or another permissible method selected by the General Partner (unless the General Partner in its sole and absolute
discretion elects to adopt a daily, weekly or monthly proration period, in which case Net Income or Net Loss shall be allocated based upon the applicable method selected by the General Partner). All distributions of Available Cash attributable to
such Partnership Unit with respect to which the Partnership Record Date is before the date of such Transfer, assignment or Redemption shall be made to the transferor Partner or the Tendering Party, as the case may be, and, in the case of a Transfer
other than a Redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In no event may any Transfer or assignment of a Partnership Interest by any Partner (including any Redemption, any acquisition of
Partnership Units by the General Partner or any other acquisition of Partnership Units by the Partnership) be made (i)&nbsp;to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii)&nbsp;in violation of
applicable law; (iii)&nbsp;of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv)&nbsp;in the event that such Transfer
would cause the General Partner to cease to comply with the REIT Requirements; (v)&nbsp;except with the consent of the General Partner, if </P>
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such Transfer, in the opinion of counsel to the Partnership or the General Partner, would create a significant risk that the Partnership would terminate for federal or state income tax purposes;
(vi)&nbsp;if such Transfer would, in the opinion of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the Redemption (or acquisition by the
General Partner) of all Partnership Units held by all Limited Partners; (vii)&nbsp;if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title&nbsp;I of ERISA, a &#147;party-in-interest&#148;
(as defined in ERISA Section&nbsp;3(14)) or a &#147;disqualified person&#148; (as defined in Code Section&nbsp;4975(c)); (viii)&nbsp;without the consent of the General Partner, to any benefit plan investor within the meaning of Department of Labor
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;2510.3-101(f),</FONT> as modified by Section&nbsp;3(42) of ERISA, or as would otherwise cause participation by benefit plan investors to be &#147;significant&#148; for the purposes of ERISA;
(ix)&nbsp;except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, cause any portion of the assets of the Partnership to constitute assets of any employee
benefit plan pursuant to Department of Labor Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;2510.3-101;</FONT> (x)&nbsp;if such Transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state
securities laws to the extent such Partnership Interest is not then so registered; (xi)&nbsp;except with the consent of the General Partner, if such Transfer would, in the opinion of legal counsel to the Partnership or the General Partner, adversely
affect the ability of the General Partner to continue to qualify as a REIT or would subject the General Partner to any income or excise taxes under the Code; (xii)&nbsp;except with the consent of the General Partner, if such transfer would be
effectuated through an &#147;established securities market&#148; or a &#147;secondary market (or the substantial equivalent thereof)&#148; within the meaning of Code Section&nbsp;7704 (<B>provided</B>,<B> that</B> this clause&nbsp;(xii) shall not be
the basis for limiting or restricting in any manner the exercise of a Redemption right unless, and only to the extent that, in the absence of such limitation or restriction, in the opinion of legal counsel to the Partnership, there is a significant
risk that the Partnership will be treated as a &#147;publicly traded partnership&#148; and, by reason thereof, taxable as a corporation); (xiii)&nbsp;if such Transfer subjects the Partnership to regulation under the Investment Company Act of 1940,
the Investment Advisors Act of 1940 or ERISA, each as amended; <B>provided, however, that</B> <B></B>(1)&nbsp;clause (viii)&nbsp;shall not apply to a series of OP Units that is listed on a National Securities Exchange, so long as such series of OP
units is listed on a National Securities Exchange and (2)&nbsp;clause (xii)&nbsp;shall not apply to a series of OP Units that is listed on a National Securities Exchange, so long as such series of OP units is listed on a National Securities Exchange
and the Partnership is not treated as a &#147;publicly traded partnership.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Nothing contained in this Article XI, or elsewhere in
this Agreement, shall preclude the settlement of any transactions involving Partnership Units entered into through the facilities of any National Securities Exchange on which such Partnership Units are listed for trading. The fact that the
settlement of any transaction occurs shall not negate the effect of any other provision of this Article XI, or elsewhere in this Agreement, and any transferee in such a transaction shall be subject to all of the provisions and limitations set forth
in this Article XI or elsewhere in this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ADMISSION OF PARTNERS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.01. <B>Admission of Successor General Partner</B>. A successor to all of the General Partner&#146;s General Partner
Interest pursuant to <B>Section 11.02</B> hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately prior to such Transfer. Any such successor shall carry
on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and
such other documents or instruments as may be required to effect the admission. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.02. <B>Admission of
Additional Limited Partners</B>.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) After the date hereof, a Person (other than an existing Partner) who makes a Capital
Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i)&nbsp;evidence of acceptance, in form and substance satisfactory
to the General Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in <B>Section 2.04</B> hereof, (ii)&nbsp;a counterpart signature page to this Agreement executed by such
Person, and (iii)&nbsp;such other documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person&#146;s admission as an Additional Limited Partner and the satisfaction of all the
conditions set forth in this <B>Section</B> 12.02.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) Notwithstanding anything to the contrary in this <B>Section
12.02</B>, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner&#146;s sole and absolute discretion. The admission of any Person as an
Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(c) Subject to <B>Section 6.04</B>, if any Additional Limited Partner is admitted to the Partnership on any day other than the first day
of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Partners and Assignees for such Partnership Year shall be allocated <B></B><I>pro rata</I><B></B>
among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Code Section&nbsp;706(d), using the &#147;interim closing of the books&#148;
method or another permissible method selected by the General Partner. Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among
all the Partners and Assignees including such Additional Limited Partner, in accordance with the principles described in <B>Section 11.06(c)</B> hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before
the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner, and all distributions of <B></B>Available Cash thereafter shall be made to all the Partners and Assignees including such Additional
Limited Partner.<B> </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.03. <B>Amendment of Agreement and Certificate of Limited Partnership</B>.
For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the books and records of the Partnership and, if necessary, to prepare as soon as practical an amendment
of this Agreement and, if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to <B>Section 2.04</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.04. <B>Limit on Number of Partners</B>. Except if Partnership Units are listed on a National Securities Exchange or
unless otherwise permitted by the General Partner, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the
Partnership to become a reporting company under the Exchange Act. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.05. <B>Admission</B>. A Person shall be
admitted to the Partnership as a Limited Partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as an Additional Limited
Partner. Concurrently with, and as evidence of, the admission of an Additional Limited Partner, the General Partner shall cause the Partnership or the Transfer Agent to amend its books and records to reflect the name, address and number of
Partnership Units of such Additional Limited Partner.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.06. <B>Certificates. </B>Notwithstanding anything
otherwise to the contrary herein, unless the General Partner shall determine otherwise in respect of some or all of any or all classes of Partnership Interests, Partnership Interests shall not be evidenced by Certificates. To the extent Certificates
are issued, such Certificates shall be executed on behalf of the Partnership by the General Partner (and by any appropriate officer of the General Partner on behalf of the General Partner). No Certificate evidencing Partnership Units which are
registered on the book and records of the Transfer Agent shall be valid for any purpose until it has been countersigned by the Transfer Agent; provided however that if the General Partner elects to issue Certificates evidencing such Partnership
Units in global form, the Certificates evidencing Partnership Units shall be valid upon receipt of a certificate from the Transfer Agent certifying that the Certificates evidencing Partnership Units have been duly registered in accordance with the
directions of the Partnership. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;12.07. <B>Mutilated, Destroyed, Lost or Stolen Certificates</B>. <B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If any mutilated Certificate evidencing Partnership Units is surrendered to the Transfer Agent or any mutilated Certificate evidencing
other Partnership Interests is surrendered to the General Partner, the appropriate officers of the General Partner on behalf of the General Partner on behalf of the Partnership shall execute, and, if applicable, the Transfer Agent shall countersign
and deliver in exchange therefor, a new Certificate evidencing the same number and type of Partnership Interests as the Certificate so surrendered. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The appropriate officers of the General Partner on behalf of the General Partner on behalf of
the Partnership shall execute and deliver, and, if applicable, the Transfer Agent shall countersign a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) makes proof by affidavit, in form and substance satisfactory to the General Partner, that a previously issued Certificate has been lost,
destroyed or stolen; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii) requests the issuance of a new Certificate before the General Partner has notice that the Certificate has been
acquired by a purchaser for value in good faith and without notice of an adverse claim; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) if requested by the General Partner,
delivers to the General Partner a bond, in form and substance satisfactory to the General Partner, with surety or sureties and with fixed or open penalty as the General Partner, in its sole discretion, may direct to indemnify the Partnership, the
Partners, the General Partner and, if applicable, the Transfer Agent against any claim that may be made on account of the alleged loss, destruction or theft of the Certificate; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iv) satisfies any other reasonable requirements imposed by the General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a Record Holder fails to notify the General Partner within a reasonable period of time after he has notice of the loss, destruction or theft of a
Certificate, and a transfer of the Limited Partner Interests represented by the Certificate is registered before the Partnership, the General Partner or the Transfer Agent receives such notification, the Record Holder shall be precluded from making
any claim against the Partnership, the General Partner or the Transfer Agent for such transfer or for a new Certificate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) As a
condition to the issuance of any new Certificate under this Section&nbsp;12.07, the General Partner may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Transfer Agent, if applicable) reasonably connected therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08.
<B>Record Holders</B>.The Partnership shall be entitled to recognize the Record Holder as the owner with respect to any Partnership Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such
Partnership Interest on the part of any other Person, regardless of whether the Partnership shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National
Securities Exchange on which such Partnership Interests are listed for trading. Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as
nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Partnership Interests, as between the Partnership on the one hand, and such other Persons on the other, such representative Person shall be the
Record Holder of such Partnership Interest. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIII </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DISSOLUTION, LIQUIDATION AND TERMINATION</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.01. <B>Dissolution</B>. The Partnership shall not be dissolved by the admission of Additional Limited Partners or
Substituted Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership
without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a &#147;<B>Liquidating Event</B>&#148;):<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) a final and nonappealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and nonappealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless,
prior to the entry of such order or judgment, a Majority in Interest of the remaining Outside Limited Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as
of a date prior to the date of such order or judgment, of a successor General Partner; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) an election to dissolve the Partnership made by
the General Partner in its sole and absolute discretion, with or without the Consent of a Majority in Interest of the Outside Limited Partners; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the occurrence of a Terminating Capital Transaction; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the Redemption (or acquisition by the General Partner) of all Partnership Units other than Partnership Units held by the General Partner;
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) the Incapacity or withdrawal of the General Partner, unless all of the remaining Partners in their sole and absolute discretion
agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.02. <B>Winding Up</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets and satisfying the claims of its creditors and Partners. After the occurrence of a Liquidating Event, no Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up
of the Partnership&#146;s business and affairs. The General Partner or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the Act or ceased to operate, any Person
elected by a Majority in Interest of the Outside Limited Partners (the General Partner or such other Person being referred to herein as the &#147;<B>Liquidator</B>&#148;) shall be responsible for overseeing the winding up and dissolution of
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B><B></B>the Partnership and shall take full account of the Partnership&#146;s liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with
obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order:<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) First, to the satisfaction of all of the Partnership&#146;s Debts and liabilities to creditors other than the Partners and their Assignees
(whether by payment or the making of reasonable provision for payment thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Second, to the satisfaction of all of the
Partnership&#146;s Debts and liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under <B>Section 7.04</B> hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) Third, to the satisfaction of all of the Partnership&#146;s Debts and liabilities to the other Partners and any Assignees (whether by
payment or the making of reasonable provision for payment thereof); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) The balance, if any, to the General Partner, the Limited
Partners and any Assignees in accordance with their Capital Account balances, after giving effect to all contributions, distributions and allocations for all periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The General Partner shall not receive any additional compensation for any services performed pursuant to this <B>Article XIII</B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) Notwithstanding the provisions of <B>Section 13.02(a)</B> hereof that require liquidation of the assets of the Partnership, but
subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership&#146;s assets would be impractical or would cause undue loss
to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) and/or
distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of <B>Section 13.02(a)</B> hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such
distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating to the disposition and management of
such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such
reasonable method of valuation as it may adopt.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) In the event that the Partnership is &#147;liquidated&#148; within the meaning
of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(g),</FONT> distributions shall be made pursuant to this <B>Article XIII</B> to the Partners and Assignees that have positive Capital Accounts in compliance with
Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(b)(2)</FONT> to the extent of, and in proportion to, positive Capital Account balances. If any Partner has a deficit balance in its Capital Account (after
</P>
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giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs) (a <B>&#147;</B><B>Capital Account
Deficit</B>&#148;), such Partner shall not be required to make any contribution to the capital of the Partnership with respect to such Capital Account Deficit and such Capital Account Deficit shall not be considered a debt owed to the Partnership or
any other person for any purpose whatsoever. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) Notwithstanding the provisions of <B>Section 13.02(c)</B>, (i)&nbsp;if the
General Partner has a Capital Account Deficit, the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such Capital Account Deficit balance to zero; (ii)&nbsp;if a DRO Partner has a Capital Account
Deficit, such DRO Partner shall be obligated to make a contribution to the Partnership with respect to such DRO Partner&#146;s Capital Account Deficit balance upon a liquidation of the Partnership or a &#147;liquidation&#148; of such Partner&#146;s
Partnership Interest within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(g)</FONT> (which term shall include a redemption by the Partnership of such DRO Partner&#146;s Partnership Interest upon exercise
of the Redemption right) in an amount equal to the lesser of (x)&nbsp;such DRO Partner&#146;s Capital Account Deficit balance or (y)&nbsp;such DRO Partner&#146;s DRO Amount; and (iii)&nbsp;the second sentence of <B>Section 13.02(c)</B> shall not
apply with respect to any other Partner to the extent, but only to the extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit
that may exist in its Capital Account upon a liquidation of the Partnership. Solely for purposes of determining a DRO Partner&#146;s Capital Account balance upon a liquidation of such Partner&#146;s Partnership Interest, the General Partner shall
redetermine the Gross Asset Value of the Partnership&#146;s assets on such date based upon the principles set forth in the definition of &#147;<B>Gross Asset Value</B>,&#148; and shall take into account the DRO Partner&#146;s allocable share of any
unrealized gain or unrealized loss resulting from such adjustment in determining the DRO Partner&#146;s Capital Account balance. No Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or otherwise agree to restore any
portion of any Capital Account Deficit without the express written consent of the General Partner, in its sole and absolute discretion. The General Partner shall not have the right to eliminate or decrease any Partner&#146;s DRO Amount without the
written consent of such Partner unless otherwise agreed to by the parties. Any contribution required of a Partner under this <B>Section 13.02(d)</B> shall be made on or before the later of (i)&nbsp;the end of the Partnership Year in which the
interest is liquidated or (ii)&nbsp;the ninetieth (90th)&nbsp;day following the date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to such DRO Partner&#146;s Capital Account Deficit
balance shall be treated as a Capital Contribution by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in <B>Section 13.02(a)</B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(e) In furtherance of <B>Section 13.02(d)(ii)</B>, a DRO Partner shall cease to be a DRO Partner upon a disposition of all of such DRO
Partner&#146;s remaining OP Units (including upon an exercise of a Redemption right) six months after the date of such disposition unless at the time of, or during the six-month period following, such disposition, there has been any of the
following:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) an entry of a decree or order for relief in respect of the Partnership by a court having jurisdiction over a
substantial part of the Partnership&#146;s assets, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part of its property, or ordering the
winding up or liquidation of the Partnership&#146;s affairs, in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 76 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) the commencement against the Partnership of an involuntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the commencement by the Partnership of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry of an order for relief in an involuntary case under any such law or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Partnership or of any substantial part of its property, or the making by it of a general assignment for the benefit of creditors, or the failure of
the Partnership generally to pay its debts as such debts become due or the taking of any action in furtherance of any of the foregoing; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the Partnership becoming insolvent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Following the passage of the six-month period described in this <B>Section 13.02(e)</B>, a DRO Partner shall cease to be a DRO Partner
at the first time, if any, that all of the conditions set forth in (i)&nbsp;through (iv)&nbsp;above are not in existence.<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) In
the sole and absolute discretion of the General Partner or the Liquidator, a <I>pro rata</I> portion of the distributions that would otherwise be made to the Partners pursuant to this <B>Article XIII</B> may be: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) distributed to a trust established for the benefit of the General Partner and the Limited Partners for the purpose of liquidating
Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership and/or Partnership
activities. The assets of any such trust shall be distributed to the General Partner and the Limited Partners, from time to time, in the reasonable discretion of the General Partner or the Liquidator, in the same proportions and amounts as would
otherwise have been distributed to the General Partner and the Limited Partners pursuant to this Agreement; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) withheld or escrowed
to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, <B>provided</B>,<B> that</B> such withheld or escrowed amounts shall
be distributed to the General Partner and Limited Partners in the manner and order of priority set forth in <B>Section 13.02(a)</B> hereof as soon as practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03. <B>Deemed Distribution and Recontribution.</B> Notwithstanding any other provision of this <B>Article XIII</B>, in the
event that the Partnership is liquidated within the meaning of Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.704-1(b)(2)(ii)(g),</FONT> but no Liquidating Event has occurred, the Partnership&#146;s Property shall not be liquidated, the
Partnership&#146;s liabilities shall not be paid or discharged and the Partnership&#146;s affairs shall not be wound up. Instead, for federal income tax </P>
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purposes the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership; and, immediately
thereafter, distributed interests in the new partnership to the Partners in accordance with their respective Capital Accounts in liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing
in this <B>Section 13.03</B> shall be deemed to have constituted any Assignee as a Substituted Limited Partner without compliance with the provisions of <B>Section 11.04</B> hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.04. <B>Rights of Limited Partners</B>. Except as otherwise provided in this Agreement, (a)&nbsp;each Limited Partner
shall look solely to the assets of the Partnership for the return of its Capital Contribution, (b)&nbsp;no Limited Partner shall have the right or power to demand or receive property other than cash from the Partnership, and (c)&nbsp;no Limited
Partner (other than any Limited Partner who holds Preferred Units, to the extent specifically set forth herein and in the applicable Partnership Unit Designation) shall have priority over any other Limited Partner as to the return of its Capital
Contributions, distributions or allocations.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.05. <B>Notice of Dissolution</B>. In the event that a
Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to <B>Section 13.01</B> hereof, result in a dissolution of the Partnership, the General Partner shall, within 30&nbsp;days
thereafter, provide written notice thereof to each of the Partners and, in the General Partner&#146;s sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business (as determined
in the sole and absolute discretion of the General Partner), and the General Partner may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts
business (as determined in the sole and absolute discretion of the General Partner).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.06. <B>Cancellation of
Certificate of Limited Partnership</B>. Upon the completion of the liquidation of the Partnership cash and property as provided in <B>Section 13.02</B> hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed with
the State of Delaware, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Delaware shall be cancelled, and such other actions as may be necessary to terminate the
Partnership shall be taken.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;13.07. <B>Reasonable Time for
<FONT STYLE="white-space:nowrap">Winding-Up</FONT></B>. A reasonable time shall be allowed for the orderly <FONT STYLE="white-space:nowrap">winding-up</FONT> of the business and affairs of the Partnership and the liquidation of its assets pursuant
to <B>Section 13.02</B> hereof, in order to minimize any losses otherwise attendant upon such <FONT STYLE="white-space:nowrap">winding-up,</FONT> and the provisions of this Agreement shall remain in effect between the Partners during the period of
liquidation.<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XIV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>PROCEDURES FOR ACTIONS AND CONSENTS </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>OF PARTNERS; AMENDMENTS; MEETINGS </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;14.01. <B>Procedures for Actions and Consents of Partners</B>. The actions requiring consent or approval of Limited
Partners pursuant to this Agreement, including <B>Section 7.03</B> hereof, or otherwise pursuant to applicable law, rule or regulation, are subject to the procedures set forth in this <B>Article XIV. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;14.02. <B>Amendments</B>. Amendments to this Agreement requiring Consent of
the Limited Partners may be proposed only by the General Partner. Following such proposal, the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written consent of the Limited Partners on
the proposed amendment or shall call a meeting to vote thereon and to transact any other business that the General Partner may deem appropriate. For purposes of obtaining a written consent, the General Partner may require a response within a
reasonable specified time, but not less than 10 days, and failure to respond in such time period shall constitute a consent that is consistent with the General Partner&#146;s recommendation with respect to the proposal; <B>provided, however,
that</B> an action shall become effective at such time as requisite consents are received even if prior to such specified time. Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the power, without the consent
of the Limited Partners, to amend this Agreement as contemplated by <B>Section 7.03(c) </B>or as is otherwise contemplated by this Agreement.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;14.03. <B>Meetings of the Partners</B>.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(a) Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a
written request by a Majority in Interest of the Outside Limited Partners (unless such requirement conflicts with any rule, regulation, guideline or requirement of any National Securities Exchange on which the OP Units are listed for trading, in
which case the rule, regulation, guideline or requirement of such National Securities Exchange shall govern). The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Record Holders not less
than seven days nor more than 90&nbsp;days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may
be given at a meeting of Partners or may be given in accordance with the procedure prescribed in <B>Section&nbsp;14.03(e)</B> hereof.<B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) For purposes of determining the Partners entitled to notice of or to vote at a meeting of the Partners or to give approvals without
a meeting as provided in <B>Section&nbsp;14.03(e)</B>, the General Partner may set a Partnership Record Date, which shall not be less than 10 nor more than 90 days before (i)&nbsp;the date of the meeting (unless such requirement conflicts with any
rule, regulation, guideline or requirement of any National Securities Exchange on which the OP Units are listed for trading, in which case the rule, regulation, guideline or requirement of such National Securities Exchange shall govern) or
(ii)&nbsp;in the event that approvals are sought without a meeting, the date by which Partners are requested in writing by the General Partner to give such approvals. If the General Partner does not set a Partnership Record Date, then (x)&nbsp;the
Partnership Record Date for determining the Partners entitled to notice of or to vote at a meeting of the Partners shall be the close of business on the day immediately preceding the day on which notice of the meeting is given, and (y)&nbsp;the
Partnership Record Date for determining the Partners entitled to give approvals without a meeting shall be the date the first written approval is filed with the General Partner in accordance with <B>Section&nbsp;14.03(e)</B> hereof. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 79 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) At any meeting of Partners, the presence in person or by proxy of Partners entitled to cast a
majority of all the votes entitled to be cast at such meeting on any matter shall constitute a quorum; but this section shall not affect any requirement under any applicable law or this Agreement for the vote necessary for the approval of any
matter. The Partners present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of
enough Partners to leave fewer than would be required to establish a quorum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) When a meeting is adjourned to another time or place,
notice need not be given of the adjourned meeting and a new Partnership Record Date need not be fixed, if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such adjournment shall be for more than 120
days. At the adjourned meeting, the Partnership may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 120 days or if a new Partnership Record Date is fixed for the adjourned meeting,
a notice of the adjourned meeting shall be given in accordance with this <B>Section&nbsp;14.03</B>. <B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If authorized by the
General Partner, any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or
such other percentage as is expressly required by this Agreement for the action in question) (unless such requirement conflicts with any rule, regulation, guideline or requirement of any National Securities Exchange on which the OP Units are listed
for trading, in which case the rule, regulation, guideline or requirement of such National Securities Exchange shall govern). The General Partner may specify that any written consent, if any, for the purpose of taking any action without a meeting
shall be returned to the Partnership within the time period, which shall be not less than 20&nbsp;days, specified by the General Partner in its sole discretion. Such consent may be in one instrument or in several instruments, and shall have the same
force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to
have been taken at a meeting held on the effective date so certified. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Each Limited Partner may authorize any Person or Persons to act
for it by proxy on all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No
proxy shall be valid after the expiration of 11&nbsp;months from the date thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Limited Partner
executing it, such revocation to be effective upon the Partnership&#146;s receipt of written notice of such revocation from the Limited Partner executing such proxy. The use of proxies will be governed in the same manner as in the case of
corporations organized under the Delaware General Corporation Law (including Section&nbsp;212 thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each meeting of Partners shall
be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion.
Without limitation, meetings of Partners may be conducted in the same manner as meetings of the General Partner&#146;s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner&#146;s stockholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 80 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) On matters on which Limited Partners are entitled to vote, each Limited Partner holding OP
Units shall have a vote equal to the number of OP Units held. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Except as otherwise expressly provided in this Agreement, the Consent of
Holders of Partnership Interests representing a majority of the Partnership Interests of the Limited Partners shall control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) All
references in this Agreement to votes of, or other acts that may be taken by, the Holders of Partnership Interests shall be deemed to be references to the votes or acts of the Record Holders of such Partnership Interests. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE XV </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>GENERAL PROVISIONS
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.01. <B>Addresses and Notice</B>. Any notice, demand, request or report required or permitted to be given or
made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by
telecopy, facsimile, electronic mail or commercial courier service) to the Partner or Assignee at the address set forth in the books and records of the Partnership or the Transfer Agent or such other address of which the Partner shall notify the
General Partner in accordance with this <B>Section 15.01</B>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.02. <B>Titles and Captions</B>. All article
or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided
otherwise, references to &#147;Articles&#148; or &#147;Sections&#148; are to Articles and Sections of this Agreement.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.03. <B>Pronouns and Plurals</B>. Whenever the context may require, any pronouns used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and <B></B><I>vice versa</I><B></B>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.04. <B>Further Action</B>. The parties shall execute and deliver all documents, provide all information and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.05. <B>Binding Effect</B>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their heirs, executors, administrators, successors, legal representatives and permitted assigns.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.06.
<B>Waiver</B>.<B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 81 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The restrictions, conditions and other limitations on the rights and benefits of the Limited
Partners contained in this Agreement, and the duties, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be
waived or relinquished by the General Partner, in its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.07. <B>Counterparts.</B> This Agreement may be executed in counterparts, all of which together shall constitute one agreement
binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.08. <B>Applicable Law</B>. <B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the
principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any <FONT STYLE="white-space:nowrap">non-mandatory</FONT> provision of the Act, the provisions of this Agreement shall control and take
precedence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(b) Each Partner hereby (i)&nbsp;submits to the non-exclusive jurisdiction of any state or federal court sitting in the
State of New York (collectively, the &#147;<B>New York Courts</B>&#148;), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have subject matter jurisdiction with respect
to such dispute, (ii)&nbsp;irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of the New York Courts, that its property is
exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii)&nbsp;agrees that notice or the service of process in any action, suit or proceeding arising out of
or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner&#146;s last known address as set forth in the Partnership&#146;s books and records, and
(iv)&nbsp;irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.09. <B>Entire Agreement</B>. This Agreement contains all of the understandings and agreements between and among the Partners
with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners hereby acknowledge and agree that the
General Partner, without the approval of any Limited Partner, may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of such
Limited Partner to the Partnership, affecting the terms hereof, as negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms,
conditions or provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 82 - </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.10. <B>Invalidity of Provisions</B>. If any provision of this Agreement is
or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.11. <B>Limitation to Preserve REIT Qualification</B>. Notwithstanding anything else in this Agreement, to the extent
that the amount paid, credited, distributed or reimbursed by the Partnership to the General Partner or its officers, directors, employees or agents, whether as a reimbursement, fee, expense or indemnity (a &#147;<B>REIT Payment</B>&#148;), would
constitute gross income to the General Partner for purposes of Code Section&nbsp;856(c)(2) or Code Section&nbsp;856(c)(3), then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments, as selected by the General
Partner in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so reduced, for or with respect to the General Partner,
shall not exceed the lesser of:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) an amount equal to the excess, if any, of (a)&nbsp;4.9% of the General Partner&#146;s total
gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A)&nbsp;through (H)&nbsp;of Code Section&nbsp;856(c)(2) over (b)&nbsp;the amount of gross income (within the meaning of Code
Section&nbsp;856(c)(2)) derived by the General Partner from sources other than those described in subsections&nbsp;(A) through (H)&nbsp;of Code Section&nbsp;856(c)(2) (but not including the amount of any REIT Payments); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B></B>(ii) an amount equal to the excess, if any, of (a)&nbsp;24% of the General Partner&#146;s total gross income (but excluding the amount
of any REIT Payments) for the Partnership Year that is described in subsections (A)&nbsp;through (I)&nbsp;of Code Section&nbsp;856(c)(3) over (b)&nbsp;the amount of gross income (within the meaning of Code Section&nbsp;856(c)(3)) derived by the
General Partner from sources other than those described in subsections&nbsp;(A) through (I)&nbsp;of Code Section&nbsp;856(c)(3) (but not including the amount of any REIT Payments); <B>provided</B>,<B> however</B>,<B> that</B> REIT Payments in excess
of the amounts set forth in clauses&nbsp;(i) and (ii)&nbsp;above may be made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts shall not adversely affect the General
Partner&#146;s ability to qualify as a REIT. To the extent that REIT Payments may not be made in a Partnership Year as a consequence of the limitations set forth in this <B>Section 15.11</B>, such REIT Payments shall carry over and shall be treated
as arising in the following Partnership Year. The purpose of the limitations contained in this <B>Section 15.11</B> is to prevent the General Partner from failing to qualify as a REIT by reason of the General Partner&#146;s share of items, including
distributions, payments, reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this <B>Section 15.11</B> shall be interpreted and applied to effectuate such purpose.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.12. <B>No Partition</B>. No Partner nor any successor-in-interest to a Partner shall have the right while this Agreement
remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and its
successors </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 83 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves,
shall be governed by the terms of this Agreement, and that the rights of the Partners and their successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.13. <B>No Third-Party Rights Created Hereby</B>. The provisions of this Agreement are solely for the purpose of
defining the interests of the Partners, <B></B><I>inter se</I><B></B>; and no other person, firm or entity (<B></B><I>i.e.</I><B></B>, a party who is not a signatory hereto or a permitted successor to such signatory hereto) shall have any right,
power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third party having dealings with the Partnership (other than as expressly set forth herein with
respect to Indemnitees) shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None of the rights or
obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or obligations be sold,
transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.14. <B>No Rights as Stockholders of General Partner</B>. Nothing contained in this Agreement shall be construed as
conferring upon the Holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the General Partner or to vote
or to consent or receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or any other matter.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>Section&nbsp;15.15. <B>Creditors</B>. Other than as expressly set forth herein with respect to Indemnitees, none of the provisions of
this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>signature page
follows</I>]<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 84 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, this First Amended and Restated Agreement of Limited Partnership has been
executed as of the date first written above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GENERAL PARTNER: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EMPIRE STATE REALTY TRUST, INC. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP>By:&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Anthony E. Malkin</P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name: Anthony E. Malkin</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title: Chief Executive Officer and President</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 85 - </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ALL LIMITED PARTNERS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* * * * * * * * * ** * * * ** * * * ** * * * ** * * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Each Limited Partner named on the applicable Consent Form and/or named as a Limited Partner in the books and records of the Partnership or the Transfer
Agent. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* * * * * * * * * ** * * * ** * * * ** * * * ** * * * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[OMITTED] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- A-1 - </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE OF REDEMPTION </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">Empire State Realty Trust, Inc. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>[Address]</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned Limited Partner or Assignee hereby irrevocably tenders for
Redemption &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SERIES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OP Units] (the &#147;<U>OP Units</U>&#148;) in Empire State Realty OP, L.P. in
accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of Empire State Realty OP, L.P., dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012 (the
&#147;<U>Agreement</U>&#148;), and the Redemption rights referred to therein. The undersigned Limited Partner or Assignee: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) undertakes
(i)&nbsp;to surrender such OP Units and any certificate therefor at the closing of the Redemption and (ii)&nbsp;to furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under
<U>Section&nbsp;8.06(g)</U> of the Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) directs that the certified check representing the Cash Amount, or the REIT Shares
Amount, as applicable, deliverable upon the closing of such Redemption be delivered to the address specified below; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) represents,
warrants, certifies and agrees that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the undersigned Limited Partner or Assignee is a Qualifying Party, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, good, marketable and
unencumbered title to such OP Units, free and clear of the rights or interests of any other person or entity, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the
undersigned Limited Partner or Assignee has, and at the closing of the Redemption will have, the full right, power and authority to tender and surrender such Partnership Units as provided herein, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the undersigned Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any,
having the right to consent to or approve such tender and surrender; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) acknowledges that he will continue to own such OP Units until
and unless either (1)&nbsp;such OP Units are acquired by the General Partner pursuant to <U>Section&nbsp;8.06(b)</U> of the Agreement or (2)&nbsp;such redemption transaction closes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- B-1 - </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All capitalized terms used herein and not otherwise defined shall have the same meaning ascribed
to them respectively in the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dated:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name of Limited Partner or Assignee:</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">(Signature of Limited Partner or Assignee)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">(Street Address)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">(City)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(State)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Signature Medallion Guaranteed by:</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issue Check Payable/Class A REIT Shares to:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Please insert social security or identifying number:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- B-2 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DRO PARTNERS AND DRO AMOUNTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:55.50pt; font-size:8pt; font-family:Times New Roman">DRO PARTNER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:54.15pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">DRO AMOUNT</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- C-1 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit D </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE OF ELECTION BY PARTNER TO CONVERT LTIP UNITS INTO OP UNITS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned Holder of LTIP Units hereby irrevocably (i)&nbsp;elects to convert the number of LTIP Units in Empire State Realty OP, L.P.
(the &#147;<U>Partnership</U>&#148;) set forth below into Series PR OP Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii)&nbsp;directs that any cash in lieu of
Series PR OP Units that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a)&nbsp;has title to such LTIP Units, free and clear of the
rights of interests of any other person or entity other than the Partnership; (b)&nbsp;has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c)&nbsp;has obtained the consent or approval of all
persons or entitles, if any, having the right to consent or approve such conversion. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name&nbsp;of&nbsp;Holder:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Please Print: Exact Name as Registered with Partnership)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Number&nbsp;of&nbsp;LTIP&nbsp;Units&nbsp;to&nbsp;be&nbsp;Converted:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date&nbsp;of&nbsp;this&nbsp;Notice:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7">(Signature of Holder: Sign Exact Name as Registered with Partnership)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">(Street Address)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">(City)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(State)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(Zip Code)</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Signature&nbsp;Medallion&nbsp;Guaranteed&nbsp;by:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-D-1 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit E </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION OF LTIP UNITS INTO OP UNITS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Empire State Realty OP, L.P. (the &#147;<U>Partnership</U>&#148;) hereby irrevocably elects to cause the number of LTIP Units held by the
Holder of LTIP Units set forth below to be converted into Series PR OP Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name&nbsp;of&nbsp;Holder:&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Please Print: Exact Name as Registered with Partnership)</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Number&nbsp;of&nbsp;LTIP&nbsp;Units&nbsp;to&nbsp;be&nbsp;Converted:&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date&nbsp;of&nbsp;this&nbsp;Notice:&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- E-1 - </P>

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</SEC-DOCUMENT>
