<SEC-DOCUMENT>0001140361-21-031582.txt : 20210917
<SEC-HEADER>0001140361-21-031582.hdr.sgml : 20210917
<ACCEPTANCE-DATETIME>20210917095313
ACCESSION NUMBER:		0001140361-21-031582
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20210914
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210917
DATE AS OF CHANGE:		20210917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MODIV INC.
		CENTRAL INDEX KEY:			0001645873
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474156046
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40814
		FILM NUMBER:		211259398

	BUSINESS ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		855-742-4862

	MAIL ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RW HOLDINGS NNN REIT, INC.
		DATE OF NAME CHANGE:	20170814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles NNN REIT, Inc.
		DATE OF NAME CHANGE:	20151209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Rich Uncles REIT, Inc.
		DATE OF NAME CHANGE:	20150623
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">UNITED STATES <br />
      </div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric name="dei:DocumentType" id="Fact_73d11b87d1e14632aa48778f2d71f361" contextRef="c20210914to20210914">8-K</ix:nonNumeric></div>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pursuant to Section&#160; 13 or 15(d) of</div>

      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The Securities Exchange Act of 1934</div>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>

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    <td style="width: 1.79%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

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    <td style="width: 1.79%; vertical-align: top; font-size: 10pt;">&#160;</td>

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    <td style="width: 49%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Address of principal executive offices)</div>
            </td>

    <td style="width: 2%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 49%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">(Zip Code)</div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (<ix:nonNumeric name="dei:CityAreaCode" id="Fact_d07e3bd38506475d84399325c03d655d" contextRef="c20210914to20210914">888</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_e49129f931d6465ca6a2fa90c4fa46d2" contextRef="c20210914to20210914">686-6348</ix:nonNumeric></div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: center; color: rgb(1, 1, 1); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">None</div>

      <div style="text-align: center; color: rgb(14, 14, 14); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Former name or former address, if changed since last report)</div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">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:</div>

      <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br />
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    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>

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    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>

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</table>
      <div style="text-align: left; text-indent: -27pt; margin-left: 27pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br />
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    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>

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      <div style="text-align: left; text-indent: -27pt; margin-left: 27pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br />
        </span></div>

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    <td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_e2d124af9d7f46128b7d944087a7fad4" contextRef="c20210914to20210914" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>

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</table>
      <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br />
        </span></div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

      <div style="font-size: 10pt;"><br />
      </div>

      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">


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    <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Title of each class</div>
            </td>

    <td style="width: 1.68%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Trading Symbol(s)</div>
            </td>

    <td style="width: 1.7%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Name of each exchange on which registered</div>
            </td>

  </tr>

  <tr>

    <td style="width: 32%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
                <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="-sec-ix-hidden:Fact_fb064179e4a744cb8144726881ae9d32">7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share</span><br />
                </div>
              </div>
            </td>

    <td style="width: 1.68%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 32%; vertical-align: bottom; font-size: 10pt;">
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            </td>

    <td style="width: 1.7%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 32%; vertical-align: bottom; font-size: 10pt;">
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      <div style="font-size: 10pt;"><br />
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      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
        chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

      <div style="font-size: 10pt;"><br />
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      <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Emerging growth company&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_8ae8042e55b94bf0a62f81084cb97d18" contextRef="c20210914to20210914" format="ixt-sec:boolballotbox">&#x2612;</ix:nonNumeric></div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; <ix:nonNumeric name="dei:EntityExTransitionPeriod" id="Fact_be9a8210bb7441949c38dca456359bb2" contextRef="c20210914to20210914" format="ixt-sec:boolballotbox">&#x2612;</ix:nonNumeric></div>

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        <div><br />
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          <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" /></div>

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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 1.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Entry into a Material Definitive Agreement.</div>
            </td>

  </tr>


</table>
      <div style="font-size: 10pt;"><br />
      </div>

      <div>
        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Underwriting Agreement</div>

        <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);"> </span><span style="font-size: 10pt;"><br />
          </span></div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">On September 14, 2021, Modiv Inc. (the &#8220;Company&#8221;) and </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Modiv Operating Partnership, LP</span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">, the Company&#8217;s operating partnership
            (the &#8220;Operating Partnership&#8221;), entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with B. Riley Securities, Inc., as representative of the underwriters listed on Schedule I thereto (collectively, the &#8220;Underwriters&#8221;), pursuant
            to which the Company agreed to issue and sell 1,800,000 shares (the &#8220;Shares&#8221;) of the Company&#8217;s new class of 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share, with a liquidation preference of $25.00 per
            share (the &#8220;Series A Preferred Stock&#8221;), in an underwritten public offering (the &#8220;Offering&#8221;) at a price per share of $25.00. </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">In addition, the Company
            granted the Underwriters a 30-day option to purchase up to an additional 200,000 shares of Series A Preferred Stock, which the Underwriters exercised in full on September 16, 2021.</span></div>

        <div style="font-size: 10pt;"><br />
        </div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">In the Underwriting Agreement, the Company and the Operating Partnership made
            certain customary representations, warranties and covenants and agreed to indemnify the Underwriters against certain liabilities. The issuance and sale of the Shares, including </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the issuance and sale of 200,000 shares of Series A Preferred Stock pursuant to the Underwriters&#8217; full exercise of their option to purchase additional shares,</span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);"> closed on September 17, 2021. The Company&#8217;s total net proceeds from the Offering, after deducting the underwriting discount and other estimated offering expenses payable by the Company including the
            structuring fee, are expected to be approximately $47.7 million.</span></div>

        <div style="font-size: 10pt;"><br />
        </div>

      </div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">The Company intends to contribute the net proceeds from the Offering to the
          Operating Partnership in exchange for a new class of 7.375% Series A Cumulative Redeemable Perpetual Preferred Units of the Operating Partnership (the &#8220;Series A Preferred Units&#8221;), which will have economic interests that are substantially similar
          to the designations, preferences and other rights of Series A Preferred Stock. The Company, acting through the Operating Partnership, intends to use the net proceeds from such contribution for general corporate purposes, which may include </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">purchases of additional properties and other real estate and real estate-related assets.</span></div>

      <div>
        <div style="font-size: 10pt;"><br />
        </div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">The Offering was conducted pursuant to the Company&#8217;s prospectus dated
            September 14, 2021, in the form filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on September 15, 2021 (the &#8220;Prospectus&#8221;), pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">which forms part of the </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">Company&#8217;s Registration Statement on Form S-11
            (File No. 333-259066), which was declared effective by the SEC on September 14, 2021, and the Company&#8217;s Registration Statement on Form S-11 (File No. 333-259521), which became effective upon filing with the SEC on September 14, 2021.</span></div>

        <div style="font-size: 10pt;"><br />
        </div>

        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description does not purport to be a complete description of the Underwriting Agreement and is qualified in its entirety by
          reference to the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 1.01.</div>

        <div style="font-size: 10pt;"><br />
        </div>

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      </div>

      <div style="font-size: 10pt;">
        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-style: italic;">Amendment to the Operating Partnership Agreement</div>

      </div>

      <div style="font-size: 10pt;">
        <div><br />
        </div>

      </div>

      <div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">On September 15, 2021, the Company, in its capacity as the general partner of
            the Operating Partnership, entered into the First Amendment to Third Amended and Restated Limited Partnership Agreement of the Operating Partnership (the &#8220;Amendment&#8221;), designating and classifying the Series A Preferred Units. </span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Series A Preferred Units will rank, as to distributions and upon liquidation, senior to the common units of limited partnership interest in the Operating
            Partnership.</span></div>

        <div style="font-size: 10pt;"><br />
        </div>

        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Amendment does not purport to be a complete description and is qualified in its entirety by reference to the
          Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 1.01.</div>

        <div style="font-size: 10pt;"><br />
        </div>

      </div>

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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 3.03.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-weight: bold;">Material Modification to Rights of Security Holders.</div>
            </td>

  </tr>


</table>
      <div>
        <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);"> </span><span style="font-size: 10pt;"><br />
          </span></div>

        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">On September 15, 2021, in connection with the Offering, the Company filed Articles Supplementary (the &#8220;Articles Supplementary&#8221;) with the
          State Department of Assessments and Taxation of the State of Maryland, which became effective upon acceptance for record. The Articles Supplementary classified 2,000,000 shares of the Company&#8217;s authorized but unissued shares of preferred stock as
          Series A Preferred Stock.</div>

      </div>

      <div>
        <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);"> </span><span style="font-size: 10pt;"><br />
          </span></div>

      </div>

      <div>
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);">The Series A Preferred Stock ranks senior to the Company&#8217;s Class C common
            stock, par value $0.001 per share, and Class S common stock, par value $0.001 per share (collectively, the &#8220;Common Stock&#8221;), with respect to dividend rights and rights upon the Company&#8217;s voluntary or involuntary liquidation, dissolution or
            winding up. T</span><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">he ability of the Company to make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment on, the
            Common Stock or any other class or series of the Company&#8217;s equity securities ranking junior to or on parity with the Series A Preferred Stock that may be issued in the future, will be subject to certain restrictions in the event that the
            Company does not declare distributions on the Series A Preferred Stock during any distribution period.</span></div>

      </div>

      <div style="font-size: 10pt;">
        <div><br />
        </div>

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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 5.03.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-weight: bold;">Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</div>
            </td>

  </tr>


</table>
      <div>
        <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(33, 37, 41);"> </span><span style="font-size: 10pt;"><br />
          </span></div>

      </div>

      <div>
        <div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">On September 15, 2021, in connection with the Offering, the Company filed with the State Department of Assessments and Taxation of the State
          of Maryland (&#8220;MSDAT&#8221;) Articles Supplementary (the &#8220;Articles Supplementary&#8221;) to the Company&#8217;s Articles of Amendment and Restatement, which became effective upon filing with MSDAT. The Articles Supplementary classified 2,000,000 shares of the
          Company&#8217;s authorized but unissued shares of preferred stock as Series A Preferred Stock. For a description of the material terms of the Series A Preferred Stock, see the description under the heading &#8220;<a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036121031351/ny20000521x7_424b4.htm#DESCRIPTIONOFCAPITALSTOCK">Description of Capital Stock and Securities Offered&#8212;Preferred Stock&#8212;Series A Preferred Stock</a>&#8221; beginning on page 112
          of the Prospectus, which description is incorporated herein by reference.</div>

        <div style="font-size: 10pt;"><br />
        </div>

        <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The foregoing description of the Series A Preferred Stock and the Articles Supplementary is not complete and is qualified in its entirety by
          reference to the full text of the Articles Supplementary filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.</div>

      </div>

      <div style="font-size: 10pt;"><br />
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Item 9.01.</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>

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      <div style="text-align: left;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> </span><span style="font-size: 10pt;"><br />
        </span></div>

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    <td style="width: 63pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(d)</td>

    <td style="width: auto; vertical-align: top; text-align: left; font-size: 10pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Exhibits</div>
            </td>

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      <div style="font-size: 10pt;"><br />
      </div>

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    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 0.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="brhc10029036_ex1-1.htm">1.1</a></div>
            </td>

    <td style="width: 95%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 0.1pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Underwriting Agreement, dated September 14, 2021, by and among Modiv Inc., Modiv Operating Partnership, LP and B. Riley Securities, Inc.,
                as representative of the underwriters listed on Schedule I thereto</div>
            </td>

  </tr>

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    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 0.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="brhc10029036_ex3-1.htm">3.1</a></div>
            </td>

    <td style="width: 95%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 0.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Articles Supplementary designating 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share</div>
            </td>

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    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; margin-right: 0.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman';"><a href="brhc10029036_ex10-1.htm">10.1</a></div>
            </td>

    <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left; margin-right: 0.2pt; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0);">First Amendment to </span><span style="font-size: 10pt;">Third







                  Amended and Restated Limited Partnership Agreement of Modiv Operating Partnership, LP</span></div>
            </td>

  </tr>

  <tr>

    <td style="width: 5%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">104</div>
            </td>

    <td style="width: 95%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Cover Page Interactive Data File &#8211; the cover page XBRL tags are embedded within the Inline XBRL document</div>
            </td>

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      <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURE</div>

      <div style="font-size: 10pt;"><br />
      </div>

      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
        its behalf by the undersigned hereunto duly authorized.</div>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: middle;" colspan="3">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">MODIV INC.</div>
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">(Registrant)</div>
            </td>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="vertical-align: bottom; font-size: 10pt;" colspan="3">&#160;</td>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">By:</div>
            </td>

    <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); font-size: 10pt;" colspan="2">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">/s/ RAYMOND J. PACINI</div>
            </td>

  </tr>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 4%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Name:</div>
            </td>

    <td style="width: 43%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Raymond J. Pacini</div>
            </td>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 4%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Title:</div>
            </td>

    <td style="width: 43%; vertical-align: middle; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Chief Financial Officer</div>
            </td>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 4%; vertical-align: top; font-size: 10pt;">&#160;</td>

    <td style="width: 43%; vertical-align: middle; font-size: 10pt;">&#160;</td>

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    <td style="width: 49.6%; vertical-align: bottom; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Date: September 17, 2021</div>
            </td>

    <td style="width: 3%; vertical-align: bottom; font-size: 10pt;">&#160;</td>

    <td style="width: 4%; vertical-align: top; font-size: 10pt;">&#160;</td>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>brhc10029036_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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    <title></title>
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  <font style="font-size: 10pt;"> </font>
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    <div>
      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Exhibit 1.1</u></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MODIV INC.</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">UNDERWRITING AGREEMENT</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">1,800,000 Shares of</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">7.375% Series A Cumulative Redeemable Perpetual Preferred Stock</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Liquidation Preference $25.00 Per Share)</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">September 14, 2021</div>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">B. Riley Securities, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">As representative of the several underwriters</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">c/o B. Riley Securities, Inc.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">299 Park Avenue, 21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Floor</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">New York, NY 10171</div>
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      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Ladies and Gentlemen:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Modiv Inc., a Maryland corporation (the &#8220;<font style="font-family: 'Times New Roman';"><u>Company</u></font>&#8221;), and Modiv Operating Partnership, LP,
        a Delaware limited partnership (the &#8220;<font style="font-family: 'Times New Roman';"><u>Operating Partnership</u></font>&#8221;), jointly and severally, confirm their agreement with the underwriters named in Schedule I hereto (collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Underwriters</u></font>&#8221;), for whom B. Riley Securities, Inc. is acting as representative (the &#8220;<font style="font-family: 'Times New Roman';"><u>Representative</u></font>&#8221;), with respect to the issue and
        sale by the Company and the purchase by the Underwriters, acting severally and not jointly, subject to the terms and conditions stated in this agreement (this &#8220;<font style="font-family: 'Times New Roman';"><u>Agreement</u></font>&#8221;), of an aggregate
        of 1,800,000 shares (the &#8220;<font style="font-family: 'Times New Roman';"><u>Firm Shares</u></font>&#8221;) of the Company&#8217;s 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the &#8220;<font style="font-family: 'Times New Roman';"><u>Preferred Stock</u></font>&#8221;).&#160; The Company has also agreed to grant to the Underwriters an option to purchase up to an additional 200,000 shares of Preferred Stock (the &#8220;<font style="font-family: 'Times New Roman';"><u>Option
            Shares</u></font>&#8221;).&#160; The Firm Shares and the Option Shares are hereinafter collectively referred to as the &#8220;<font style="font-family: 'Times New Roman';"><u>Shares</u></font>.&#8221;</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company and the Operating Partnership understand that the Underwriters propose to make a public offering of the Shares as soon as the
        Representative deems advisable.</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company has prepared and filed with the Securities and Exchange Commission (the &#8220;<font style="font-family: 'Times New Roman';"><u>Commission</u></font>&#8221;)
        a registration statement under the Securities Act of 1933, as amended (the &#8220;<font style="font-family: 'Times New Roman';"><u>Securities Act</u></font>&#8221;), on Form S-11 (File No. 333-259066), including the related preliminary prospectus or
        prospectuses, covering the public offer and sale of the Shares, under the Securities Act and the rules and regulations of the Securities Act (the &#8220;<font style="font-family: 'Times New Roman';"><u>Rules and Regulations</u></font>&#8221;) of the Commission
        thereunder.&#160; Such registration statement, as of any time (the &#8220;<font style="font-family: 'Times New Roman';"><u>Registration</u></font>&#160;<font style="font-family: 'Times New Roman';"><u>Statement</u></font>&#8221;), means such registration statement as
        amended by any post-effective amendments thereto to such time, including the exhibits and any schedules thereto at such time, any documents incorporated or deemed to be incorporated by reference therein at such time pursuant to Item 29 of Form S-11
        under the Securities Act and the information otherwise deemed to be a part thereof as of such time pursuant to Rule 430A under the Rules and Regulations; provided, further, that if a Rule 462(b) Registration Statement is filed with the Commission,
        then the term &#8220;Registration Statement&#8221; shall include such Rule 462(b) Registration Statement from and after the time of such filing, <font style="font-family: 'Times New Roman'; font-style: italic;">mutatis mutandis</font>.&#160; Each prospectus used
        prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A information that was used after such effectiveness and prior to the execution and delivery of this Agreement, if any, together with the
        documents incorporated or deemed incorporated by reference therein pursuant to Item 29 of Form S-11 is hereinafter called a &#8220;<font style="font-family: 'Times New Roman';"><u>Preliminary Prospectus</u></font>.&#8221; Promptly after execution and delivery
        of this Agreement, the Company will prepare and file a final prospectus relating to the Shares in accordance with the provisions of Rule 424(b) under the Rules and Regulations.&#160; The final prospectus, in the form first furnished or made available to
        the Underwriters for use in connection with the offering of the Shares, including any amendments or supplements thereto and any documents incorporated or deemed to be incorporated by reference therein pursuant to Item 29 of Form S-11 under the
        Securities Act, are collectively referred to herein as the &#8220;<font style="font-family: 'Times New Roman';"><u>Prospectus</u></font>.&#8221;&#160; For purposes of this Agreement, all references to the Registration Statement, any Preliminary Prospectus, the
        Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (or any successor system) (&#8220;<font style="font-family: 'Times New Roman';"><u>EDGAR</u></font>&#8221;).</div>
      <div style="font-size: 10pt;"><br>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">As used in this Agreement:</div>
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      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">&#8220;<font style="font-family: 'Times New Roman';"><u>Applicable Time</u></font>&#8221; means 5:00 p.m. (New York City time) on September 14, 2021;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">&#8220;<font style="font-family: 'Times New Roman';"><u>Issuer Free Writing Prospectus</u></font>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule 433 of the Rules and Regulations, including as identified on <font style="font-family: 'Times New Roman';"><u>Schedule II</u></font>
            and <font style="font-family: 'Times New Roman';"><u>Schedule III</u></font> hereto and, without limitation, any &#8220;free writing prospectus&#8221; (as defined in Rule 405 of the Rules and Regulations) relating to the Shares that is (i) required to be
            filed with the Commission by the Company; (ii) a &#8220;road show that is a written communication&#8221; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission; or (iii) exempt from filing with the Commission
            pursuant to Rule 433(d)(5)(i) because it contains a description of the Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed,
            in the form retained in the Company&#8217;s records pursuant to Rule 433(g); and</font></font></div>
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      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">&#8220;<font style="font-family: 'Times New Roman';"><u>Disclosure Package</u></font>&#8221; means, as of the Applicable Time, the most recent Preliminary Prospectus (including any documents incorporated or deemed incorporated therein), together with each Issuer Free Writing Prospectus filed
            or used by the Company at or before the Applicable Time, other than a road show that is an Issuer Free Writing Prospectus under Rule 433 of the Rules and Regulations.</font></font></div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">At the Closing Time (as defined below) and on each Option Closing Date (as defined below), if any, the Company will contribute the net proceeds from
        the respective sales of the Shares to the Operating Partnership in exchange for units of limited partnership interest of the Operating Partnership designated as &#8220;7.375% Series A Cumulative Redeemable Perpetual Preferred Units&#8221; (the &#8220;<font style="font-family: 'Times New Roman';"><u>Preferred Units</u></font>&#8221;).</div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 1.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Agreement to Sell and Purchase</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Purchase of Firm Shares</font>.&#160; On the basis of the representations, warranties and agreements of the Company and the Operating Partnership herein contained and subject to all the terms and conditions of this
            Agreement, the Company agrees to sell to the Underwriters and each of the Underwriters, severally and not jointly, agrees to purchase from the Company, at the purchase price per share of $24.2125, the respective number of Firm Shares set forth
            opposite such Underwriter&#8217;s name on <font style="font-family: 'Times New Roman';"><u>Schedule I</u></font> hereto, plus such additional number of Firm Shares which such Underwriter may become obligated to purchase pursuant to the provisions of
            Section 8 hereof, bears to the total number of Firm Shares, subject in each case, to such adjustments among the Underwriters as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional shares.</font></font></div>
      <div style="font-size: 10pt;"><br>
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      <div style="text-indent: 63pt;">
        <div>
          <div style="text-align: justify;"><font style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Purchase of Option Shares</font>.&#160; In addition, on the basis of the representations, warranties and agreements of the Company and the Operating Partnership herein contained and
              subject to all the terms and conditions of this Agreement, the Company grants an option to the Underwriters to purchase, severally and not jointly, up to 200,000 Option Shares from the Company at the purchase price per share of $24.2125;
              provided that the price per share for any Option Shares shall be reduced by an amount per share equal to any dividend or distributions declared and payable by the Company on the Firm Shares but not payable on the Option Shares.&#160; The option
              hereby granted may be exercised only to cover overallotment in the Firm Shares by the Underwriters and may be exercised in whole or in part at any time on or before the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day after the date of this Agreement, upon written notice
              (the &#8220;<font style="font-family: 'Times New Roman';"><u>Option Shares Notice</u></font>&#8221;) by the Representative to the Company no later than 12:00 p.m., New York City time, at least two and no more than five business days before the date
              specified for closing in the Option Shares Notice (an &#8220;<font style="font-family: 'Times New Roman';"><u>Option Closing Date</u></font>&#8221;), setting forth the aggregate number of Option Shares to be purchased and the time and date for such
              purchase.&#160; On the Option Closing Date, the Company shall issue and sell to each Underwriter the number of Option Shares set forth in the Option Shares Notice, and the Underwriters shall purchase from the Company such percentage of the Option
              Shares as is equal to the percentage of Firm Shares that such Underwriter is purchasing, subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.</font></div>
        </div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 2.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Delivery and Payment</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Closing</font>.&#160; Delivery of the Firm Shares shall be made to B. Riley Securities, Inc. through the facilities of the Depository Trust Company (&#8220;<font style="font-family: 'Times New Roman';"><u>DTC</u></font>&#8221;)
            for the respective accounts of the Underwriters against payment of the purchase price by wire transfer of immediately available funds to the order of the Company at the offices of Morrison &amp; Foerster LLP, 2100 L Street NW, Suite 900,
            Washington, D.C. 20037 (or such other place as may be agreed upon by the Representative and the Company).&#160; Such payment shall be made at 10:00 a.m., New York City time, on September 17, 2021, or at such time on such other date as may be agreed
            upon by the Company and the Representative (such time and date is hereinafter referred to as the &#8220;<font style="font-family: 'Times New Roman';"><u>Closing Time</u></font>&#8221;).&#160; The Company shall pay and hold each Underwriter and any subsequent
            holder of the Shares harmless from any and all liabilities with respect to or resulting from any failure or delay in paying Federal and state stamp and other transfer taxes, if any, which may be payable or determined to be payable in connection
            with the original issuance or sale to such Underwriter of the Shares.</font></font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Option Closing</font>.&#160; Delivery of the Option Shares against payment by the Representative (in the manner and at the location specified above) shall take place at the time and date (which may be the Closing Time)
            specified in the Option Shares Notice.</font></font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 3.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Representations and Warranties of the Company and the Operating Partnership</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
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      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; text-indent: 36pt;">The Company and the Operating Partnership, jointly and severally, represent and warrant to, and covenant with, each Underwriter, as of the date
        hereof, as of the Applicable Time, as of the Closing Time, and as of each Option Closing Date (if any) and agree with each Underwriter as follows:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Compliance with Registration Requirements.&#160; </font>The Company meets the requirements to use Form S-11.&#160; The Registration Statement (i) has been prepared by the Company under the provisions of the Securities Act
            and the Rules and Regulations, (ii) has been filed with the Commission under the Securities Act, and (iii) has become effective under the Securities Act.&#160; No stop order suspending the effectiveness of the Registration Statement is in effect,
            and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company or the Operating Partnership, are contemplated or threatened by the Commission.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Accuracy of Registration Statement</font>.&#160; Each of the Registration Statement, and any post-effective amendment thereto, at the time each became effective and as of the applicable filing date as to the Prospectus
            and any amendment or supplement thereto, complied and will comply in all material respects with the Securities Act and the Rules and Regulations, and did not and will not contain any untrue statement of a material fact or omit to state a
            material fact required to be stated therein or necessary to make the statements therein not misleading.&#160; Each Preliminary Prospectus, at the time each was filed with the Commission, complied in all material respects with the Securities Act and
            the Rules and Regulations and did not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
            misleading.&#160; The Disclosure Package did not and will not, as of the Applicable Time, as of the Closing Time, and as of each Option Closing Time, if any, contain an untrue statement of a material fact necessary in order to make the statements
            therein, in the light of the circumstances under which they were made, not misleading.&#160; The Prospectus, as of its date, as of the Closing Time, and as of each Option Closing Time, if any, complied and will comply in all material respects with
            the Securities Act and the Rules and Regulations and did not or will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
            which they were made, not misleading.&#160; Each Preliminary Prospectus and the Prospectus delivered to the Underwriters for use in connection with this offering is identical to the electronically transmitted copies thereof filed with the Commission
            on EDGAR, except to the extent permitted by Regulation S-T.&#160; The foregoing representations and warranties in this Section 3(b) do not apply to any statements or omissions made in reliance on and in conformity with the Underwriter Content (as
            defined in Section 9(g) of this Agreement).</font></font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Documents Incorporated by Reference</font>.&#160; Any documents incorporated by reference in the Registration Statement, the Prospectus and the Disclosure Package, at the time they were or hereinafter filed with the
            Commission, as the case may be, conformed in all material respects to the requirements of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-family: 'Times New Roman';"><u>Exchange</u></font>&#160;<font style="font-family: 'Times New Roman';"><u>Act</u></font>&#8221;), and when taken together with the other information in the Registration Statement, the Prospectus and the Disclosure Package, as the case may be, did not, do not and will not contain an untrue statement
            of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Company Not Ineligible Issuer</font>.&#160; The Company is not an &#8220;ineligible issuer&#8221; (as defined in Rule 405 under the Securities Act) as of the eligibility determination date for purposes of Rules 164 and 433 of the
            Rules and Regulations with respect to the offering of the Shares contemplated by the Registration Statement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Issuer Free Writing Prospectuses</font>.&#160; Each Issuer Free Writing Prospectus (including, without limitation, any road show that is a free writing prospectus under Rule 433 of the Rules and Regulations), when
            considered together with the Disclosure Package as of the Applicable Time, did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
            the circumstances under which they were made, not misleading.&#160; No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration Statement, the Disclosure Package or the Prospectus, including any
            document incorporated by reference therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.&#160; The foregoing representations and warranties in this Section 3(e) do not apply to any
            statements or omissions made in reliance on and in conformity with the Underwriter Content.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Each Issuer Free Writing Prospectus conformed or will conform in all material respects to the requirements of the Securities Act and the Rules and
        Regulations on the date of first use and at all subsequent times through the completion of the public offer and sale of the Shares (which completion shall be promptly communicated by the Representative to the Company) or until any earlier date that
        the Company notified or notifies the Representative as described in Section 4(b), and the Company has complied with any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the Rules and Regulations.&#160; Other than the
        Registration Statement, the Preliminary Prospectus and the Prospectus, the Company and the Operating Partnership have not made any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus without the prior written
        consent of the Representative, except as set forth on <font style="font-family: 'Times New Roman';"><u>Schedule II</u></font> and <font style="font-family: 'Times New Roman';"><u>Schedule III</u></font> hereto.&#160; The Company and the Operating
        Partnership have retained in accordance with the Rules and Regulations all Issuer Free Writing Prospectuses that were not required to be filed pursuant to the Rules and Regulations.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Emerging Growth Company</font>. <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">From the time of initial filing of the Registration Statement with the Commission through the date hereof, the
              Company has been and is an &#8220;emerging growth company&#8221; as defined in Section 2(a)(19) of the Securities Act (an &#8220;</font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"><u>EGC</u></font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">&#8221;).</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Distribution of Offering Material by the Company</font>.&#160; None of the Company nor any of its affiliates has (i) engaged in any Testing the Waters Communication (as defined below) other than through, or as
            disclosed to, the Representative or (ii) authorized anyone other than the Representative to engage in Testing the Waters Communications; the Company reconfirms that the Representative has been authorized to act on its behalf in undertaking
            Testing the Waters Communications. &#8220;<font style="font-family: 'Times New Roman';"><u>Testing the Waters Communication</u></font>&#8221; means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the
            Securities Act. Except through, or as disclosed to, the Representative, none of the Company nor any of its affiliates has distributed any Written Testing the Waters Communications (as defined below). &#8220;<font style="font-family: 'Times New Roman';"><u>Written Testing the Waters Communications</u></font>&#8221; means any Testing the Waters Communication that is a &#8220;written communication&#8221; within the meaning of Rule 405 of the Rules and Regulations; no individual Written Testing the
            Waters Communication, when considered together with the Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Duly Authorized</font>.&#160; All of the issued and outstanding shares of capital stock, including the Company&#8217;s Class C common stock, $0.001 par value per share (the &#8220;<font style="font-family: 'Times New Roman';"><u>Class
                C Common Stock</u></font>&#8221;), and Class S common stock, $0.001 par value per share (the &#8220;<font style="font-family: 'Times New Roman';"><u>Class S Common Stock</u></font>&#8221;, together with the Class C Common Stock, the &#8220;<font style="font-family: 'Times New Roman';"><u>Common Stock</u></font>&#8221;), have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance with all applicable securities laws and were not issued
            in violation of any preemptive right, resale right, right of first refusal or similar right.&#160; The Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly
            issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, resale rights, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">drag-along rights, tag-along rights, co-sale rights, registration
              rights, rights of first refusal or other similar rights of stockholders arising by operation of law, under any of the Company&#8217;s organizational documents or under any agreement to which the Company is a party, or otherwise</font>.&#160; The Shares,
            when issued and delivered against payment therefor as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Company&#8217;s charter or bylaws or any agreement or other instrument to which the Company is
            a party other than the restrictions on ownership and transfer set forth in the Company&#8217;s charter.&#160; The Preferred Units that will be received in exchange for the net proceeds from the sale of the Shares by the Company hereunder have been duly
            authorized for issuance and delivery by the Operating Partnership to the Company and, when issued and delivered by the Operating Partnership to the Company, will be duly and validly issued and unitholders have no obligation to make any further
            payments for the purchase of such units or contributions to the Operating Partnership solely by reason of their ownership of such units, free and clear of any pledge, lien, encumbrance, security interest or other claim; the issuance and
            delivery of such Preferred Units by the Operating Partnership are not subject to any preemptive right, co-sale right, registration right, right of first refusal or other similar right of unitholders arising by operation of law, under the
            Operating Partnership Agreement (as defined below), under any agreement to which the Operating Partnership is a party or otherwise.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Reserved for Future Issuance</font>.&#160; The Company has reserved for future issuance, and will keep available at all times, a sufficient number of shares of Common Stock, to be issued upon conversion of the Shares
            and the shares of Common Stock when issued upon conversion and surrender of such Shares in accordance with the Articles Supplementary (as defined below) will be validly issued, fully paid and non-assessable, will have been issued in compliance
            with all applicable state and federal securities laws and will not have been issued in violation of or subject to any preemptive, first refusal or similar right.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Articles Supplementary</font>.&#160; The Articles Supplementary set forth the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions
            of redemption of the Preferred Stock and reflect the classification of 2,000,000 shares as shares of Preferred Stock (the &#8220;<font style="font-family: 'Times New Roman';"><u>Articles Supplementary</u></font>&#8221;).&#160; The Articles Supplementary will
            have been filed with the State Department of Assessments and Taxation of Maryland (the &#8220;<font style="font-family: 'Times New Roman';"><u>SDAT</u></font>&#8221;), and will have become effective under the Maryland General Corporation Law (the &#8220;<font style="font-family: 'Times New Roman';"><u>MGCL</u></font>&#8221;) and will comply with all applicable requirements under the MGCL on or prior to the Closing Time.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating Partnership Agreement Amendment</font>.&#160; An amendment (the &#8220;<font style="font-family: 'Times New Roman';"><u>Operating Partnership Agreement Amendment</u></font>&#8221;) to the Third Amended and Restated
            Agreement of Limited Partnership of the Operating Partnership, dated as of February 1, 2021 (as amended, the &#8220;<font style="font-family: 'Times New Roman';"><u>Operating Partnership Agreement</u></font>&#8221;), setting forth the designations,
            preferences and other rights and terms of the Preferred Units, will be, prior to the Closing Time, duly authorized, executed and delivered by the Company, as the sole general partner of the Operating Partnership.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Due Incorporation; Subsidiaries</font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">The Company has
            been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland, with full corporate power and authority to own, lease and operate its properties and to conduct its business as described
            in the Registration Statement, the Disclosure Package and the Prospectus and to issue, sell and deliver the Shares as contemplated herein.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or
              leasing of property or the conduct of business, </font>except where the failure to be so qualified and in good standing would not, individually or in the aggregate, (A) have a material adverse effect on the business, properties, financial
            condition, results of operations, stockholders&#8217; equity, management or prospects of the Company and the Subsidiaries (as defined below) taken as a whole, whether or not arising in the ordinary course of business; or (B) prevent or materially
            interfere with the consummation of the transactions contemplated hereby (the occurrence of any such effect or any such prevention or interference or any such result described in the foregoing clauses (A) and (B) being herein referred to as a &#8220;<font style="font-family: 'Times New Roman';"><u>Material Adverse Effect</u></font>&#8221;).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Operating Partnership has been
            duly formed and is validly existing as a limited partnership in good standing under the laws of the State of Delaware and has the requisite limited partnership power and authority to own, lease and operate its properties and to conduct its
            business as described in the Registration Statement, the Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement. The Operating Partnership is duly qualified as a foreign limited partnership for
            the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification in such jurisdiction, except where the failure to
            be so qualified and in good standing would not, individually or in the aggregate, have a Material Adverse Effect. The Operating Partnership Agreement is in full force and effect; the aggregate percentage interests of the Company and the limited
            partners in the Operating Partnership are as set forth in the Registration Statement, the Disclosure Package and the Prospectus.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
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      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">The Company has no subsidiaries other
            than those subsidiaries listed in Exhibit 21.1 to the Registration Statement (each, including the Operating Partnership, a &#8220;<font style="font-family: 'Times New Roman';"><u>Subsidiary</u></font>&#8221; and, collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Subsidiaries</u></font>&#8221;). Except as described in the Registration Statement, the Disclosure Package and the Prospectus, the Company owns all of the issued and outstanding capital stock or other
            equity interests of each of the Subsidiaries, including the Operating Partnership; other than the capital stock or other equity interests of the Subsidiaries, the Company and the Operating Partnership do not own, directly or indirectly, any
            shares of stock or any other equity interests or long-term debt securities of any corporation, firm, partnership, joint venture, association or other entity.&#160; Complete and correct copies of the charters and the bylaws of the Company and all
            amendments thereto have been made available to the Underwriters.&#160; Each Subsidiary has been duly incorporated, formed or organized and is validly existing and in good standing under the laws of the jurisdiction of its incorporation, formation or
            organization, with full corporate, limited liability company or partnership (as applicable) power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure
            Package and the Prospectus.&#160; Each Subsidiary is duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such
            qualification, except where the failure to be so qualified and in good standing would not, individually or in the aggregate, have a Material Adverse Effect.&#160; All of the outstanding shares of capital stock or other equity interests of each of
            the Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable, have been issued in compliance with all applicable securities laws, were not issued in violation of any preemptive right, resale right, right of
            first refusal or similar right and, except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, are owned by the Company or a Subsidiary free and clear of any lien, encumbrance or adverse claim (each, a &#8220;<font style="font-family: 'Times New Roman';"><u>Lien</u></font>&#8221;).&#160; Except as described in the Registration Statement, the Disclosure Package and the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to
            issue or other rights to convert any obligation into shares of capital stock or other equity interests in the Subsidiaries are outstanding.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Capital Stock</font>.&#160; The capital stock of the Company, including the Shares, conforms in all material respects to each description thereof contained in the Registration Statement, the Disclosure Package and the
            Prospectus and the certificates for the Shares, if any, are in due and proper form.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Underwriting Agreement</font>.&#160; The Company and the Operating Partnership have full power and authority to enter into this Agreement.&#160; This Agreement has been duly authorized, executed and delivered by the Company
            and the Operating Partnership.&#160; This Agreement constitutes a valid and binding agreement of the Company and the Operating Partnership and is enforceable against the Company and the Operating Partnership in accordance with its terms, except as
            the enforceability hereof and thereof may be limited by applicable bankruptcy, insolvency, reorganization and similar laws affecting creditors&#8217; rights generally and moratorium laws in effect from time to time and by equitable principles
            restricting the availability of equitable remedies.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Compliance</font>.&#160; Neither the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach
            or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (A) its
            charter or bylaws; or (B) any indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which it is a party or by which it or any of
            its properties may be bound or affected; or (C) any applicable federal, state, local or foreign law, regulation or rule; or (D) any applicable rule or regulation of any self-regulatory organization or other non-governmental regulatory authority
            (including, without limitation, the rules and regulations of the New York Stock Exchange LLC (the &#8220;<font style="font-family: 'Times New Roman';"><u>NYSE</u></font>&#8221;); or (E) any decree, judgment or order applicable to it or any of its
            properties, except for any of the foregoing in (B), (C), (D) or (E) as would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Conflicts</font>.&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The execution, delivery and performance by the Company and the Operating Partnership of this Agreement, the consummation by
              the Company and the Operating Partnership of the transactions contemplated hereby, the compliance by the Company and the Operating Partnership with the terms and provisions hereunder, the sale, issuance and delivery of the Shares by the
              Company and the use of the proceeds from the sale of the Shares as described in the Registration Statement, the Disclosure Package and the Prospectus, </font>will not conflict with, result in any breach or violation of or constitute a
            default under (nor constitute any event that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder&#8217;s behalf) the
            right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or imposition of a Lien, charge or encumbrance on any property or assets of the Company or any Subsidiary pursuant
            to) (A) the charter or bylaws of the Company or the charters, the bylaws, the limited liability company agreements, partnerships agreements or other organizational documents of any of the Subsidiaries; or (B) any indenture, mortgage, deed of
            trust, bank loan or credit agreement or other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of them or any of their
            respective properties may be bound or affected; or (C) any applicable federal, state, local or foreign law, regulation or rule; or (D) any applicable rule or regulation of any self-regulatory organization or other non-governmental regulatory
            authority (including, without limitation, the rules and regulations of the NYSE); or (E) any decree, judgment or order applicable to the Company or any of the Subsidiaries or any of their respective properties, except for any of the foregoing
            in (B), (C), (D) or (E) as would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Consents</font>.&#160; No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any
            self-regulatory organization or other non-governmental regulatory authority, or approval of the stockholders of the Company, is required in connection with the execution, delivery and performance of this Agreement, the issuance and sale of the
            Shares or the consummation by the Company and the Operating Partnership of the transactions contemplated hereby, other than (i) registration of the Shares under the Securities Act, which has been effected, and the filing of the Articles
            Supplementary and (ii) such approvals, authorizations, consents, registrations or qualifications as may be required under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Underwriters, by
            the rules of the NYSE or under the Conduct Rules of the Financial Industry Regulatory Authority, Inc. (&#8220;<font style="font-family: 'Times New Roman';"><u>FINRA</u></font>&#8221;).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(r)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Rights</font>.&#160; Except as described in the Registration Statement (excluding the exhibits thereto), the Disclosure Package and the Prospectus, (i) no person has the right, contractual or otherwise, to cause the
            Company to issue or sell to it any shares of Common Stock or shares of any other capital stock or other equity interests of the Company; (ii) no person has any preemptive rights, resale rights, rights of first refusal or other rights to
            purchase any shares of Common Stock or shares of any other capital stock of or other equity interests in the Company; (iii) no person has the right to act as an underwriter, agent, financial advisor to the Company or in any similar capacity in
            connection with the offer and sale of the Shares; and (iv) no person has the right, contractual or otherwise, to cause the Company to register under the Securities Act any shares of Common Stock or shares of any other capital stock of or other
            equity interests in the Company, or to include any such shares or interests in the Registration Statement or the offering contemplated thereby.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(s)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Licenses</font>.&#160; Each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any applicable law, regulation or
            rule and has obtained all necessary licenses, authorizations, consents and approvals from other persons, in order to conduct their respective businesses, except where failure to obtain or maintain such licenses, authorizations, consents or
            approvals or make such filings would not, individually or in the aggregate, have a Material Adverse Effect.&#160; Neither the Company nor any of the Subsidiaries is in violation of, or in default under, or has received notice of any proceedings
            relating to revocation or modification of, any such license, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the Company or any of the
            Subsidiaries, except where such violation, default, revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(t)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Litigation</font>.&#160; Except as described in the Registration Statement (excluding the exhibits thereto), the Disclosure Package and the Prospectus, there are no actions, suits, claims, investigations or proceedings
            pending or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened to which the Company or any of the Subsidiaries or any of their respective directors or officers is or would be a party or of which any of their respective
            properties is or would be subject at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or before or by any self-regulatory organization or other
            non-governmental regulatory authority (including, without limitation, the NYSE), except any such action, suit, claim, investigation or proceeding that, if resolved adversely to the Company or any Subsidiary, would not, individually or in the
            aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(u)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Auditors</font>.&#160; Baker Tilly US, LP (the &#8220;<font style="font-family: 'Times New Roman';"><u>Accountant</u></font>&#8221;), whose report on the consolidated financial statements of the Company and the Subsidiaries is
            included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus, is an&#160; independent registered public accountant as required by the Securities Act and by the rules of the Public Company Accounting
            Oversight Board.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(v)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Financial Statements</font>.&#160; The financial statements included in the Registration Statement, the Disclosure Package and the Prospectus, together with the related notes and schedules, present fairly the
            consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders&#8217; equity of the Company and the Subsidiaries for the periods
            specified and have been prepared in compliance with the applicable requirements of the Securities Act and Exchange Act and in conformity with U.S. generally accepted accounting principles (&#8220;<font style="font-family: 'Times New Roman';"><u>GAAP</u></font>&#8221;)
            applied on a consistent basis during the periods involved.&#160; The other financial and statistical data contained or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus are accurately and fairly
            presented and prepared on a basis consistent with the financial statements and books and records of the Company and the Subsidiaries; there are no financial statements (historical or pro forma) that are required to be included or incorporated
            by reference in the Registration Statement, the Disclosure Package or the Prospectus that are not included or incorporated by reference as required.&#160; Neither the Company nor any of the Subsidiaries has any material liabilities or obligations,
            direct or contingent (including any off-balance sheet obligations), required to be disclosed in the Registration Statement, not described in the Registration Statement (excluding the exhibits thereto), the Disclosure Package and the Prospectus;
            and all disclosures contained or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus regarding &#8220;non-GAAP financial measures&#8221; (as such term is defined by the rules and regulations of the Commission)
            comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(w)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">XBRL</font>. <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The interactive data in eXtensibile Business Reporting Language included or incorporated by reference in the Registration Statement
              fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(x)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Material Adverse Changes</font>.&#160; Subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Package, and the Prospectus, there has not been (i) any
            material adverse change in the business, properties, management, financial condition or results of operations or prospects of the Company and the Subsidiaries taken as a whole, whether or not arising in the ordinary course of business; (ii) any
            transaction which is material to the Company and the Subsidiaries taken as a whole; (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is
            material to the Company and the Subsidiaries taken as a whole; (iv) any material change in the capital stock or outstanding indebtedness of the Company or any Subsidiaries; or (v) <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">except for regular monthly dividends on the Common Stock in amounts per share that are consistent with past practice, </font>any dividend or other distribution of any kind declared, paid or made on the capital stock of the Company or
            any Subsidiary.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(y)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Investment Company</font>.&#160; Neither the Company nor any Subsidiary is, and at no time during which a prospectus is required by the Securities Act to be delivered (whether physically or through compliance with Rule
            172 under the Securities Act or any similar rule) in connection with any sale of Shares will any of them be, and, after giving effect to the offering and sale of the Shares, neither of them will be, an &#8220;investment company&#8221; or an entity
            &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company Act of 1940, as amended.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(z)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Title to Real and Personal Property</font>.&#160; <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">The Company, directly or indirectly through the Subsidiaries, has good and valid title to all assets
              and properties reflected as owned by it in the Registration Statement, the Disclosure Package and the Prospectus (whether through fee ownership, mineral estates or similar rights of ownership), in each case free and clear of any Liens, except
              such as are disclosed in the Registration Statement, the Disclosure Package and the Prospectus or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and any material real property or
              personal property held under lease by the Company or any Subsidiary is held under a lease that is valid, existing and enforceable by the Company and such Subsidiary, with such exceptions as are disclosed in the Registration Statement, the
              Disclosure Package and the Prospectus, and none of the Company or the Subsidiaries has received any notice of any claim that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any such lease, except for
              any exceptions or claims that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aa)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0);">Compliance with Regulations. </font><font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">Each of the real property interests owned, leased or permitted by the Company and each
              of the Subsidiaries, as applicable, complies with all applicable zoning laws, ordinances, regulations and deed restrictions or other covenants except such failures (if any) as are disclosed in the Registration Statement, the Disclosure
              Package or the Prospectus or as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; and there is no pending or threatened condemnation, zoning change or other similar proceeding or action
              that will affect the size or use of, improvements on, construction on or access to such properties, except such as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bb)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Title to Intellectual Property</font>.&#160; The Company and the Subsidiaries own or possess the right to use sufficient trademarks, trade names, patent rights, copyrights, domain names, licenses, approvals, trade
            secrets and other similar rights (collectively, &#8220;<font style="font-family: 'Times New Roman';"><u>Intellectual</u></font>&#160;<font style="font-family: 'Times New Roman';"><u>Property</u></font>&#8221;) reasonably necessary to conduct their businesses as
            now conducted.&#160; Neither the Company nor any of the Subsidiaries has received any notice of infringement or conflict with asserted Intellectual Property of others.&#160; The Company is not a party to or bound by any options, licenses or agreements
            with respect to the Intellectual Property rights of any other person or entity that are required to be described in the Registration Statement, the Disclosure Package or the Prospectus and are not described therein.&#160; None of the technology
            employed by the Company or any of the Subsidiaries has been obtained or is being used by the Company or any of the Subsidiaries in violation of any contractual obligation binding on the Company or any of the Subsidiaries or any of its or the
            Subsidiaries&#8217; officers, directors or employees or otherwise in violation of the rights of any persons, except for such violations that would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(cc)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Labor Matters</font>.&#160; Neither the Company nor any of the Subsidiaries is engaged in any unfair labor practice.&#160; Except for matters that would not, individually or in the aggregate, have a Material Adverse Effect,
            (i) there is (A) no unfair labor practice complaint pending or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened against the Company or any of the Subsidiaries before the National Labor Relations Board, and no grievance or
            arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened; (B) no strike, labor dispute, slowdown or stoppage pending or, to the
            Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened against the Company or any of the Subsidiaries; and (C) no union representation dispute currently existing concerning the employees of the Company or any of the Subsidiaries; (ii)
            to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, no union organizing activities are currently taking place concerning the employees of the Company or any of the Subsidiaries; and (iii) there has been no violation of any federal,
            state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income Security Act of 1974 (&#8220;<font style="font-family: 'Times New Roman';"><u>ERISA</u></font>&#8221;) or the rules and regulations promulgated thereunder concerning the employees of the Company or any of the Subsidiaries.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(dd)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Environmental Matters</font>.&#160; The Company and the Subsidiaries and their respective properties, assets and operations are in compliance with, and the Company and each of the Subsidiaries hold all permits,
            authorizations and approvals required under, Environmental Laws (as defined below), except to the extent that failure to so comply or to hold such permits, authorizations or approvals would not, individually or in the aggregate, have a Material
            Adverse Effect; except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect, there are no past, present or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, reasonably anticipated future
            events, conditions, circumstances, activities, practices, actions, omissions or plans that could reasonably be expected to give rise to any costs or liabilities to the Company or any Subsidiary under, or to interfere with or prevent compliance
            by the Company or any Subsidiary with, Environmental Laws; except as would not, individually or in the aggregate, have a Material Adverse Effect, neither the Company nor any of the Subsidiaries (i) is, to the Company&#8217;s or the Operating
            Partnership&#8217;s knowledge, the subject of any investigation; (ii) has received any notice or claim; (iii) is a party to or affected by any pending or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened action, suit or
            proceeding; (iv) is bound by any judgment, decree or order; or (v) has entered into any agreement, in each case relating to any alleged violation of any Environmental Law or any actual or alleged release or threatened release or cleanup at any
            location of any Hazardous Materials (as defined below) (as used herein, &#8220;<font style="font-family: 'Times New Roman';"><u>Environmental Law</u></font>&#8221; means any federal, state or local law, statute, ordinance, rule, regulation, order, decree,
            judgment or injunction, or common law, relating to the protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution, processing, generation, treatment, storage, disposal,
            transportation, other handling or release or threatened release of Hazardous Materials, and &#8220;<font style="font-family: 'Times New Roman';"><u>Hazardous Materials</u></font>&#8221; means any material (including, without limitation, pollutants,
            contaminants, hazardous or toxic substances or wastes) that is regulated by or may give rise to liability under any Environmental Law).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ee)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Taxes</font>.&#160; All income and other material foreign, federal, state and local tax returns that are filed or required to be filed by the Company or any of the Subsidiaries have been timely filed (taking into
            account any extension of time within which to file such tax returns), and all such returns are true, complete and accurate in all material respects.&#160; All material foreign, federal, state and local taxes and other assessments of a similar nature
            (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities, have been timely paid, other than those being contested in good faith which
            have not been finally determined and for which adequate reserves have been provided in accordance with GAAP.<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);"> There is no tax Lien, whether imposed by any federal, state, foreign
              or other taxing authority, outstanding against the assets, properties or business of the Company or any Subsidiary, other than Liens for taxes not yet due and payable; and no material deficiency assessment with respect to a proposed material
              adjustment of the Company&#8217;s or any Subsidiary&#8217;s federal, state, local or foreign taxes has been asserted or, to the knowledge of the Company or such Subsidiary, as applicable, threatened.</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ff)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">REIT Status of the Company and Partnership Status of the Operating Partnership</font>.&#160; Commencing with the Company&#8217;s taxable year ended on December 31, 2016, the Company has been organized in conformity with the
            requirements for qualification and taxation as a real estate investment trust (a &#8220;<font style="font-family: 'Times New Roman';"><u>REIT</u></font>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-family: 'Times New Roman';"><u>Code</u></font>&#8221;), and all applicable regulations under the Code (&#8220;<font style="font-family: 'Times New Roman';"><u>Regulations</u></font>&#8221;), and its actual method of operation through the date hereof has enabled it to meet, and
            its proposed method of operation will enable it to continue to meet, the requirements for qualification and taxation as a REIT under the Code and all applicable regulations under the Code and Regulations.&#160; All statements in the Registration
            Statement and the Prospectus under the caption &#8220;U.S.&#160; Federal Income Tax Considerations&#8221; regarding its qualification and taxation as a REIT are correct in all material respects.&#160; The Company intends to continue to qualify as a REIT under the
            Code and Regulations, and the Company, after reasonable inquiry and diligence, does not know of any event that would reasonably be expected to cause the Company to fail to qualify as a REIT at any time.&#160; The Operating Partnership has been and
            will be taxed as a partnership or as a &#8220;disregarded entity&#8221; (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)(i)) and not as an association or publicly traded partnership (within the meaning of Section 7704 of the Code)
            subject to tax as a corporation, for U.S. federal income tax purposes beginning with its first taxable year; the Company does not know of any event that would cause or would reasonably be expected to cause the Operating Partnership to cease
            being taxed as a partnership or as a &#8220;disregarded entity&#8221; (within the meaning of Treasury Regulation Section 301.7701-2(c)(2)(i)) for U.S.&#160; federal income tax purposes, and the Company does not know of any event that would cause or would
            reasonably be expected to cause the Operating Partnership to be treated as an association or publicly traded partnership subject to tax as a corporation for U.S. federal income tax purposes.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(gg)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Insurance</font>.&#160; The Company and each of the Subsidiaries maintain insurance covering their respective properties, operations, personnel and businesses as the Company reasonably deems adequate; such insurance
            insures against such losses and risks to an extent which is adequate in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective businesses. All such insurance is fully in force and effect.
            Neither the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance as and when such insurance expires.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(hh)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Interference with Business</font>.&#160; Neither the Company nor any of the Subsidiaries has sustained since the date of the last audited consolidated financial statements of the Company, included or incorporated by
            reference in the Registration Statement, the Disclosure Package and the Prospectus, any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or
            court or governmental action, order or decree, except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Documents Described in the Registration Statement</font>.&#160; Except as described in the Registration Statement, the Disclosure Package and the Prospectus, neither the Company nor any Subsidiary has sent or received
            any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to or described in the Prospectus or the Disclosure Package, or referred to or described in, or filed as an exhibit to, the
            Registration Statement, and no such termination or non- renewal has been threatened by the Company or any Subsidiary or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, any other party to any such contract or agreement, except, in
            each case, as would not individually or in the aggregate, be expected to have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(jj)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Internal Accounting Controls</font>.&#160; The Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under Rule 13a-15 and 15d-15 under the Exchange Act)
            sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in
            conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; (iv) the recorded accountability for assets is compared with existing
            assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the Disclosure
            Package and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto. Except as disclosed in the Registration Statement, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">since the end of the Company&#8217;s most recent audited fiscal year, there has been (1) no material weakness in the Company&#8217;s internal control over financial reporting (whether or not
              remediated) and (2) no change in the Company&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting</font>. The Company&#8217;s
            independent auditors and the Audit Committee of the Company&#8217;s board of directors have been advised of: (i) all significant deficiencies, if any, in the design or operation of the Company&#8217;s internal control over financial reporting; and (ii) all
            fraud, if any, whether or not material, that involves management or other employees who have a role in the Company&#8217;s internal control over financial reporting; all material weaknesses, if any, in the Company&#8217;s internal control over financial
            reporting have been identified to the Company&#8217;s independent auditors.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(kk)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Disclosure Controls and Procedures</font>.&#160; The Company has established and maintains an effective system of &#8220;disclosure controls and procedures&#8221; (as such term is defined in Rule 13a-15 and 15d-15 under the
            Exchange Act) <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded,
              processed, summarized and reported, within the time periods specified in the Commission&#8217;s rules and forms, and is accumulated and communicated to the Company&#8217;s management, including its principal executive officer or officers and principal
              financial officer or officers, as appropriate, to allow timely decisions regarding disclosure</font>.&#160; The principal executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company have made
            all applicable certifications required by the Sarbanes-Oxley Act of 2002 (the &#8220;<font style="font-family: 'Times New Roman';"><u>Sarbanes-Oxley Act</u></font>&#8221;) and any related rules and regulations promulgated by the Commission, and the
            statements contained in each such certification were complete and correct as of the date then made; the Company, the Subsidiaries and the Company&#8217;s directors and officers are each in compliance in all material respects with all applicable
            effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission promulgated thereunder.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ll)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Forward-Looking Statements</font>.&#160; Each &#8220;forward-looking statement&#8221; (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement, the
            Disclosure Package and the Prospectus has been made with a reasonable basis and in good faith.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(mm)</font><font style="font-size: 10pt;">&#160;&#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Untrue Statement; Statistical and Market Data</font>.&#160; Any statistical or market-related data included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus are
            based on or derived from sources that the Company believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(nn)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Unlawful Contributions or Payments</font>.&#160; Neither the Company, nor any of the Subsidiaries, nor any director or officer of the Company or the Subsidiaries, nor, to the knowledge of the Company, any agent,
            employee or representative of the Company or the Subsidiaries, affiliate or other person associated with or acting on behalf of the Company or the Subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment
            or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment of corporate funds or benefit to any foreign or domestic
            government or regulatory official or employee, including, without limitation, of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the
            foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the U.S.&#160; Foreign Corrupt Practices Act of 1977, as amended, the U.K.&#160; Bribery Act 2010, or any
            applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under any other applicable anti-bribery or anti-corruption laws; or
            (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
            benefit.&#160; The Company has instituted, maintained and enforced, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(oo)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Compliance with Anti-Money Laundering Laws</font>.&#160; The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting
            requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to
            Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act), and the applicable money laundering statutes of all jurisdictions in which the Company and the Subsidiaries conduct business, the rules and regulations thereunder and any related
            or similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Money Laundering Laws</u></font>&#8221;); and no action, suit
            or proceeding by or before any court or governmental agency, authority or body or any arbitrator or non-governmental authority involving the Company or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to the
            knowledge of the Company or any of its Subsidiaries, threatened.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">16</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(pp)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Conflicts with Sanction Laws</font>.&#160; Neither the Company, nor any of the Subsidiaries, nor any director or officer of the Company or the Subsidiaries, nor, to the knowledge of the Company, any agent, employee
            or representative of the Company or the Subsidiaries, affiliate or other person associated with or acting on behalf of the Company, or any of the Subsidiaries is currently the subject or target of any sanctions administered or enforced by the
            U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S.&#160; Treasury Department (&#8220;<font style="font-family: 'Times New Roman';"><u>OFAC</u></font>&#8221;) or the U.S.&#160; Department of State and including, without
            limitation, the designation as a &#8220;specially designated national&#8221; or &#8220;blocked person&#8221;), the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury or other relevant sanctions authority (collectively, &#8220;<font style="font-family: 'Times New Roman';"><u>Sanctions</u></font>&#8221;), nor is the Company or any of the Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without
            limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria (each, a &#8220;<font style="font-family: 'Times New Roman';"><u>Sanctioned Country</u></font>&#8221;); and the Company will not directly or indirectly use the proceeds of the offering of the
            Shares hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such
            funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any
            person participating in the transaction, whether as underwriter, principal, advisor, investor or otherwise) of Sanctions.&#160; For the past five years, the Company and the Subsidiaries have not knowingly engaged in, are not now knowingly engaged
            in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(qq)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Sufficiency of Assets. </font>At the Closing Time, the Company and the Subsidiaries will possess or have the right to use all of the assets, tangible and intangible, that they require, in all material respects,
            to conduct their respective businesses as presently conducted.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(rr)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Prohibition on Subsidiaries from Paying Dividends or Making Other Distributions</font>.&#160; No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any
            other distribution on such Subsidiary&#8217;s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary&#8217;s property or assets to the Company or any other
            Subsidiary of the Company, except as described in the Registration Statement (excluding the exhibits thereto), the Disclosure Package and the Prospectus, and except as such limitations would not, taken as a whole, be material to the Company.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ss)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Restrictions</font>.&#160; The issuance and sale of the Shares as contemplated hereby will not cause any holder of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital
            stock or options, warrants or other rights to purchase capital stock or any other securities of the Company to have any right to acquire any shares of preferred stock of the Company.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">17</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(tt)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Brokers and Finders</font>.&#160; Except pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder&#8217;s or broker&#8217;s fee or agent&#8217;s commission in connection with
            the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or by the Registration Statement, the Disclosure Package and the Prospectus.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(uu)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Stabilization or Manipulation</font>.&#160; Neither the Company nor any of its directors, officers or controlling persons has taken, directly or indirectly, any action intended to cause or result in, or which might
            reasonably be expected to cause or result in, or which has constituted, stabilization or manipulation, under the Securities Act or otherwise, of the price of any security of the Company to facilitate the sale or resale of the Shares.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(vv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Affiliations</font>.&#160; To the Company&#8217;s and the Operating Partnership&#8217;s knowledge, other than in connection with the Company&#8217;s business arrangement with North Capital Private Securities Corporation, there are no
            affiliations or associations between (i) any member of FINRA; and (ii) the Company or any of the Company&#8217;s officers, directors or 5% or greater security holders or any beneficial owner of the Company&#8217;s unregistered equity securities that were
            acquired at any time on or after the 180th day immediately preceding the date the Registration Statement was initially filed with the Commission.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ww)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Indebtedness</font>.&#160; There are no outstanding loans, extensions of credit or advances or guarantees of indebtedness by the Company or any of the Subsidiaries to or for the benefit of any of the officers or
            directors of the Company or any of the Subsidiaries or any of the members of the families of any of them.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(xx)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Related Party Transactions</font>.&#160; There is no relationship, direct or indirect, that exists between or among the Company or any of the Subsidiaries on the one hand, and the directors, officers, stockholders,
            customers or suppliers of the Company or any of the Subsidiaries on the other hand, which is required by the Securities Act to be described in the Registration Statement, the Disclosure Package or the Prospectus, which is not so described.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(yy)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Descriptions of Legal Matters</font>.&#160; The statements set forth in the Registration Statement, the Disclosure Package and Prospectus under the captions &#8220;Description of Capital Stock and Securities Offered&#8221; and
            &#8220;U.S.&#160; Federal Income Tax Considerations,&#8221; insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair in all material respects.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(zz)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Independence of Directors</font>. Each of the directors named in the Registration Statement, the Disclosure Package and the Prospectus and identified as &#8220;independent&#8221; is independent within the meaning of the
            corporate governance rules of the NYSE.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(aaa)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Broker Dealer Status</font>. None of the Company nor any of the Subsidiaries or their respective affiliates (i) is required to register as a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the
            Exchange Act or the rules and regulations thereunder, or (ii) directly, or indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article 1 of the Bylaws of the FINRA) any member firm of
            FINRA, other than in connection with the Company&#8217;s business arrangement with North Capital Private Securities Corporation.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">18</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(bbb)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Lending Relationships</font>.&#160; Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, neither the Company nor any of the Subsidiaries has any lending or similar relationship
            with any Underwriter or any bank of other lending institution affiliated with any Underwriter.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ccc)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">FINRA Matters</font>.&#160; All of the information provided by the Company to the Representative or to counsel for the Underwriters in connection with any letters, filings or other supplemental information provided to
            FINRA pursuant to FINRA Rule 5110 or 5121 is true, complete and correct in all material respects.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ddd)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Changes in Management</font>. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, none of the persons who were executive officers or directors of the Company as of the
            date of the Preliminary Prospectus included as part of the Disclosure Package has given oral or written notice to the Company or any of the Subsidiaries of his or her resignation, nor has any such officer or director been terminated by the
            Company or otherwise removed from his or her office or from the board of directors, as the case may be (including, without limitation, any such termination or removal which is to be effective as of a future date) nor is any such termination or
            removal under consideration by the Company or its board of directors.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(eee)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Transfer Taxes</font>.&#160; There are no stock or other transfer taxes, stamp duties, capital duties or other similar duties, taxes or charges payable in connection with the execution or delivery of this Agreement or
            the issuance or sale by the Company of the Shares to be sold by the Company to the Underwriters hereunder.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(fff)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Cybersecurity</font>.&#160; The Company and the Subsidiaries own or have a valid right to access and use all computer systems, networks, hardware, software, databases, websites and equipment used to process, store,
            maintain and operate data, information and functions used in connection with the business of the Company and the Subsidiaries, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.&#160;
            Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, to the knowledge of the Company, (i) there has been no security breach or other compromise of or relating to any of the Company&#8217;s information
            technology and computer systems, networks, hardware, software, data (including the data of their respective tenants, customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), or equipment
            (collectively, &#8220;<font style="font-family: 'Times New Roman';"><u>IT Systems and Data</u></font>&#8221;) and (ii) the Company has not been notified of, and has no knowledge of, any event or condition that would reasonably be expected to result in, any
            security breach or other compromise to their IT Systems and Data.&#160; The Company is presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or
            regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification,
            except as would not, individually or in the aggregate, have a Material Adverse Effect.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">19</font></div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">In addition, any certificate signed by any officer of the Company or any of the Subsidiaries and delivered to any of the Underwriters or counsel for
        such Underwriters in connection with the offering of the Shares shall be deemed to be a representation and warranty by the Company and the Operating Partnership, as to matters covered thereby, to such Underwriters.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 4.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Agreements of the Company and the Operating Partnership</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company and the Operating Partnership, jointly and severally, agree with each Underwriter as follows:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Amendments and Supplements to Registration Statement</font>.&#160; The Company shall not, either prior to the effective date of the Registration Statement or thereafter during such period as the Prospectus is required
            by law to be delivered (the &#8220;<font style="font-family: 'Times New Roman';"><u>Prospectus Delivery Period</u></font>&#8221;) in connection with sales of the Shares by an Underwriter or dealer, amend or supplement the Registration Statement, the
            Disclosure Package or the Prospectus, unless a copy of such amendment or supplement thereof shall first have been submitted to the Representative within a reasonable period of time prior to the filing or, if no filing is required, the use
            thereof and the Representative shall not have objected thereto in good faith.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Amendments and Supplements to the Registration Statement, the Disclosure Package and the Prospectus and Other Securities Act Matters</font>.&#160; If, during the Prospectus Delivery Period, any event or development
            shall occur or condition exist as a result of which the Disclosure Package (prior to the availability of the Prospectus) or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state
            any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, or
            to file under the Exchange Act any document incorporated by reference in the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if in
            the opinion of the Representative it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file under the Exchange Act any document incorporated by reference in the Prospectus,
            in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) promptly notify the Representative of any such event or condition; and (ii) promptly prepare (subject to Section 4(a) hereof),
            file with the Commission (and use its best efforts to have any amendment to the Registration Statement declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Disclosure Package or
            the Prospectus, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, not misleading or so that the Prospectus will
            comply with law.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">20</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Notifications to the Representative</font>.&#160; The Company shall notify the Representative promptly, and shall confirm such advice in writing, (i) when any post-effective amendment to the Registration Statement has
            become effective; (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the Prospectus, including any document incorporated by reference therein, or for additional information; (iii) of the
            commencement by the Commission or by any state securities commission of any proceedings for the suspension of the qualification of any of the Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of any
            proceeding for that purpose, including, without limitation, the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose or the threat thereof;
            (iv) of the happening of any event during the Prospectus Delivery Period that in the judgment of the Company makes any statement made in the Registration Statement or the Prospectus untrue or that requires the making of any changes in the
            Registration Statement or the Prospectus in order to make the statements therein, in the light of the circumstances under which they are made, not misleading; and (v) of receipt by the Company or any representative of the Company of any other
            communication from the Commission relating to the Company, the Registration Statement, the Preliminary Prospectus or the Prospectus.&#160; If at any time the Commission shall issue any order suspending the effectiveness of the Registration
            Statement, the Company shall use reasonable best efforts to obtain the withdrawal of such order at the earliest possible moment.&#160; The Company shall use its reasonable best efforts to comply with the provisions of and make all requisite filings
            with the Commission pursuant to Rules 430A, 430B, 430C or 462(b) of the Rules and Regulations, as may be applicable, and to notify the Representative promptly of all such filings.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Executed Registration Statements</font>.&#160; The Company shall furnish to the Representative, without charge and upon request, for transmittal to each of the other Underwriters, a signed copy of the Registration
            Statement and of any post-effective amendment thereto, including financial statements and schedules, and all exhibits thereto (including any document filed under the Exchange Act and deemed to be incorporated by reference into the Prospectus),
            and shall furnish to the Representative, without charge and upon request, for transmittal to each of the other Underwriters, a copy of the Registration Statement and any post-effective amendment thereto, including financial statements and
            schedules but without exhibits.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Undertakings</font>.&#160; The Company and the Operating Partnership shall comply with all the provisions of any undertakings contained and required to be contained in the Registration Statement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Prospectus</font>.&#160; No later than 10:00 a.m., New York City time, on September 16, 2021, the second business day following the date of this Agreement, and thereafter from time to time, the Company shall deliver to
            each of the Underwriters, without charge, as many copies of the Prospectus and any amendment or supplement thereto as the Representative may reasonably request.&#160; The Company and the Operating Partnership consent to the use of the Prospectus and
            any amendment or supplement thereto by the Underwriters and by all dealers to whom the Shares may be sold, both in connection with the offering or sale of the Shares and for any period of time thereafter during the Prospectus Delivery Period.&#160;
            If during the Prospectus Delivery Period any event shall occur that in the judgment of the Company or counsel to the Underwriters should be set forth in the Prospectus in order to make any statement therein, in the light of the circumstances
            under which it was made, not misleading, or if it is necessary to supplement or amend the Prospectus to comply with law, the Company shall forthwith prepare and duly file with the Commission an appropriate supplement or amendment thereto and
            shall deliver to each of the Underwriters, without charge, such number of copies thereof as the Representative may reasonably request.&#160; The Company shall not file any document under the Exchange Act before the termination of the offering of the
            Shares by the Underwriters if such document would be deemed to be incorporated by reference into the Prospectus unless a copy thereof shall first have been submitted to the Representative within a reasonable period of time prior to the filing
            thereof and the Representative shall not have objected thereto in good faith.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">21</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Permitted Free Writing Prospectuses</font>.&#160; The Company and the Operating Partnership represent and agree that they have not made and, unless it obtains the prior consent of the Representative, will not make any
            offer relating to the Shares that would constitute a &#8220;free writing prospectus,&#8221; as defined in Rule 405 of the Rules and Regulations, required to be filed with the Commission or retained by the Company under Rule 433 of the Rules and
            Regulations; provided that the prior written consent of the Representative hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectuses included in <font style="font-family: 'Times New Roman';"><u>Schedule II</u></font>
            and <font style="font-family: 'Times New Roman';"><u>Schedule III</u></font> hereto.&#160; Any such free writing prospectus consented to by the Representative is herein referred to as a &#8220;Permitted Free Writing Prospectus.&#8221;&#160; The Company agrees that
            (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 of the
            Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Compliance with Blue Sky Laws</font>.&#160; Prior to any public offering of the Shares by the Underwriters, the Company and the Operating Partnership shall cooperate with the Representative and counsel to the
            Underwriters in connection with the registration or qualification (or the obtaining of exemptions from the application thereof) of the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representative
            may request; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that in no event shall the Company or the Operating Partnership
            be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which would subject it to general service of process or taxation in any jurisdiction where it is not now so subject.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Delivery of Financial Statements</font>.&#160; During the period of five years commencing on the effective date of the Registration Statement applicable to the Underwriters, the Company and the Operating Partnership
            shall furnish to the Representative and each other Underwriter who may so request copies of such financial statements and other periodic and special reports as the Company may from time to time distribute generally to the holders of Common
            Stock or Preferred Stock and will furnish to the Representative and each other Underwriter who may so request a copy of each annual or other report it shall be required to file with the Commission; <font style="font-family: 'Times New Roman'; font-style: italic;">except that </font>the Company will be deemed to have furnished such reports and financial statements to the Representative and any Underwriter to the extent they are filed on EDGAR.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Availability of Earnings Statements</font>.&#160; The Company shall make generally available to holders of its securities as soon as may be practicable but in no event later than the last day of the fifteenth full
            calendar month following the calendar quarter that includes the effective date (as defined in Rule 158(c) of the Rules and Regulations) of the Registration Statement in accordance with Rule 158 of the Rules and Regulations an earnings statement
            (which need not be audited but shall be in reasonable detail) for a period of 12 months commencing after the effective date, and satisfying the provisions of Section 11(a) of the Securities Act (including Rule 158 of the Rules and Regulations).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">22</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Reimbursement of Certain Expenses</font>.&#160; Whether or not any of the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company and the Operating Partnership, jointly
            and severally agree, that they shall pay, or reimburse if paid by the Representative, all costs and expenses incident to the performance of the obligations of the Company and the Operating Partnership under this Agreement, including but not
            limited to costs and expenses of or relating to (i) the preparation, printing and filing of the Registration Statement and exhibits to it, each Preliminary Prospectus, each Permitted Free Writing Prospectus, the Prospectus and any amendment or
            supplement to the Registration Statement, or the Prospectus; (ii) the preparation and delivery of certificates representing the Shares, if any; (iii) the printing of this Agreement, any agreement among Underwriters and any dealer agreements,
            and any Underwriters&#8217; questionnaire; (iv) furnishing (including costs of shipping, mailing and courier) such copies of the Registration Statement, the Prospectus, any Preliminary Prospectus and any Permitted Free Writing Prospectus, and all
            amendments and supplements thereto, as may be requested for use in connection with the offering and sale of the Shares by the Underwriters or by dealers to whom Shares may be sold; (v) the listing or quotation of the Shares on the NYSE; (vi)
            any filings required to be made by the Representative with FINRA; and the fees, disbursements and other charges of counsel for the Underwriters in connection therewith in an amount not to exceed $5,000; (vii) the registration or qualification
            of the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions designated pursuant to Section 4(h) hereof, and, if requested by the Representative, the preparation and printing of preliminary, supplemental and
            final Blue Sky memoranda and the fees, disbursements and other charges of counsel for the Underwriters in connection therewith; (viii) counsel to the Company; (ix) DTC and the transfer agent for the Shares; (x) the Accountant; (xi) the
            marketing of the offering by the Company, including, without limitation, all costs and expenses of commercial airline tickets, hotels, meals and other travel expenses of officers, employees, agents and other representatives of the Company (but
            not officers, employees, agents or other representatives of the Representative); and (xii) all fees, costs and expenses for consultants used by the Company in connection with the offering.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Reimbursement of Expenses upon Termination of Agreement</font>.&#160; If this Agreement shall be terminated by the Company and the Operating Partnership pursuant to any of the provisions hereof or if for any reason the
            Company and the Operating Partnership shall be unable to perform its obligations or to fulfill any conditions hereunder or if the Underwriters shall terminate this Agreement pursuant to Section 7 or if the Agreement is terminated pursuant to
            the second sentence of Section 8, the Company and the Operating Partnership shall reimburse the Underwriters for all out of pocket expenses (including the fees, disbursements and other charges of counsel to the Underwriters) reasonably incurred
            by them in connection herewith; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that the Company and the Operating
            Partnership shall not be obligated to reimburse the expenses of any defaulting Underwriter under Section 8.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Stabilization or Manipulation</font>.&#160; Other than permitted activity pursuant to Regulation M under the Exchange Act, the Company and the Operating Partnership shall not at any time, directly or indirectly,
            take any action intended to cause or result in, or which might reasonably be expected to cause or result in, stabilization or manipulation, under the Securities Act or otherwise, of any security of the Company to facilitate the sale or resale
            of any of the Shares.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Use of Proceeds</font>.&#160; The Company and the Operating Partnership shall apply the net proceeds from the offering and sale of the Shares to be sold by the Company in the manner set forth in the Registration
            Statement and the Prospectus under the caption &#8220;Use of Proceeds.&#8221;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">23</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(o)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Listing</font>.&#160; The Shares shall have been approved for listing on the NYSE prior to the Closing Time and will commence trading on the NYSE within 30 days following the Closing Time, and the Company further
            agrees that for the period of time during which the Shares are outstanding, the Company will use its reasonable best efforts to maintain the listing of the Shares on the NYSE or another national securities exchange.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(p)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Restriction on Sale of Securities</font>.&#160; During the period beginning from the date hereof and continuing to and including the date 60 days after the date of the Prospectus (the &#8220;<font style="font-family: 'Times New Roman';"><u>Lock-Up Period</u></font>&#8221;), the Company and the Operating Partnership will not (A) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose
            of, directly or indirectly, or file with the Commission a registration statement, prospectus or prospectus supplement under the Securities Act relating to the Preferred Stock or any securities of the Company that are substantially similar to
            the Preferred Stock (excluding, for the avoidance of doubt, Common Stock), including but not limited to any options or warrants to purchase the Preferred Stock or any equity securities similar to the Preferred Stock or any securities that are
            convertible into or exchangeable for, or that represent the right to receive, the Preferred Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (B)
            enter into any swap or other agreement or any transaction that transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership of the Preferred Stock or any such other securities, whether any such swap or
            transaction described in clause (A) or (B) above is to be settled by delivery of the Preferred Stock or such other securities, in cash or otherwise without the prior written consent of the Representative.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Notwithstanding the provisions set forth in the immediately preceding paragraph, the Company may, without the prior written consent of the
        Representative, issue the Shares to the Underwriters pursuant to this Agreement.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(q)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">REIT Qualification</font>.&#160; The Company will use its best efforts to continue to meet the requirements for qualification and taxation as a REIT under the Code, <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">and to not take any action to revoke or otherwise terminate the Company&#8217;s REIT election, unless the Company&#8217;s board of directors determines in good faith that it is no longer in the best interests of the Company to be so
              qualified.</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 5.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Conditions of the Obligations of the Underwriters</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The obligations of each Underwriter hereunder are subject to (i) the accuracy of the representations and warranties of the Company and the Operating
        Partnership contained in this Agreement on the date hereof, at the Closing Time and on each Option Closing Date, as applicable, (ii) the accuracy of the statements of the officers of the Company, for itself and as the general partner of the
        Operating Partnership, made in any certificate pursuant to the provisions hereof as of the date of such certificate, (iii) the performance by the Company and the Operating Partnership of all their respective covenants and other obligations
        hereunder and (iv) the satisfaction of the following other conditions at the Closing Time or on each Option Closing Date, as applicable:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Prospectus Filings</font>.&#160; All filings made pursuant to Rule 424 of the Rules and Regulations and Rule 430A shall have been made or will be made prior to the Closing Time in accordance with all such applicable
            rules.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">24</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Stop Orders, Requests for Information and No Amendments</font>.&#160; (i) No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall be
            pending or are, to the knowledge of the Company or the Operating Partnership, threatened by the Commission; (ii) no order suspending the qualification or registration of the Shares under the securities or Blue Sky laws of any jurisdiction shall
            be in effect, and no proceeding for such purpose shall be pending before or threatened or contemplated by the authorities of any such jurisdiction; (iii) any request for additional information on the part of the staff of the Commission or any
            such authorities shall have been complied with to the satisfaction of the staff of the Commission or such authorities; and (iv) after the date hereof no amendment or supplement to the Registration Statement, the Disclosure Package or the
            Prospectus shall have been filed unless a copy thereof was first submitted to the Representative, and the Representative did not object thereto in good faith, and the Representative shall have received certificates, dated the Closing Time and
            the Option Closing Date and signed by the Chief Executive Officer and the Chief Financial Officer of the Company (who may, as to proceedings threatened, rely upon the best of their information and belief), to the effect of clauses (i), (ii) and
            (iii).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Material Adverse Changes</font>.&#160; Since the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus, except as set forth in the Registration
            Statement, the Disclosure Package and the Prospectus (i) there shall not have been <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">any event, circumstance or change in circumstance that, individually or in the aggregate, has
              or would reasonably be expected to have </font>a Material Adverse Effect; (ii) the Company and the Operating Partnership shall not have incurred any material liabilities or obligations, direct or contingent; (iii) the Company and the
            Operating Partnership shall not have entered into any material transactions not in the ordinary course of business other than pursuant to this Agreement and the transactions referred to herein; (iv) the Company and the Operating Partnership
            have not issued any securities (other than the Shares, shares of Common Stock issued pursuant to the Company&#8217;s distribution reinvestment plan and shares of Common Stock issued pursuant to Regulation A under the Securities Act) or declared or
            paid any dividend or made any distribution in respect of its capital stock of any class or debt (long-term or short-term) other than regular monthly distributions on the Common Stock in amounts per share that are consistent with past practice;
            and (v) no material amount of the assets of the Company, or any of the Subsidiaries shall have been pledged, mortgaged or otherwise encumbered.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Opinions of Counsel to the Company</font>.&#160; The Representative shall have received the opinion and negative assurance letter, dated the Closing Time and, with respect to the Option Shares, the Option Closing Date,
            reasonably satisfactory in form and substance to counsel for the Underwriters, from each of Morris, Manning &amp; Martin, LLP, counsel to the Company, and the opinion, dated as of the Closing Time and the Option Closing Date, as applicable, of
            Venable LLP, Maryland counsel to the Company.&#160; In addition, at Closing Time and the Option Closing Date, as applicable, the Representative shall have received the opinion, dated as of the Closing Time and the Option Closing Date, as applicable,
            reasonably satisfactory in form and substance to counsel for the Underwriters, of Morris, Manning &amp; Martin, LLP, tax counsel to the Company.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">25</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">All Representations True and Correct and All Conditions Fulfilled</font>.&#160; (i) To the extent such representations and warranties of the Company and the Operating Partnership contained herein are subject to
            qualifications and exceptions contained therein relating to &#8220;materiality&#8221; or Material Adverse Effect, such representations and warranties will be true and correct (1) at the Closing Time and (2) with respect to any purchase of Option Shares
            only, the Option Closing Date and (ii) to the extent such representations and warranties of the Company and the Operating Partnership contained herein are not subject to any such qualifications or exceptions, such representations and warranties
            will be true and correct in all material respects (1) at the Closing Time and (2) with respect to any purchase of Option Shares only, the Option Closing Date.&#160; All covenants and agreements contained herein to be performed by the Company and all
            conditions contained herein to be fulfilled or complied with by the Company at or prior to the Closing Time and, with respect to any purchase of Option Shares only, the Option Closing Date, shall have been duly performed, fulfilled or complied
            with.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Material Actions, Suits or Proceedings</font>.&#160; Since the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus, there shall have been no
            material actions, suits or proceedings instituted or, to the Company&#8217;s or the Operating Partnership&#8217;s knowledge, threatened against or affecting the Company, the Operating Partnership, or any of its officers in their capacity as such, before or
            by any Federal, state or local court, commission, regulatory body, administrative agency or other governmental body, domestic or foreign.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Opinion of Counsel to the Underwriters</font>.&#160; The Representative shall have received an opinion and negative assurance letter, dated the Closing Time and the Option Closing Date, as applicable, from Morrison
            &amp; Foerster LLP, counsel to the Underwriters, with respect to the Registration Statement, the Disclosure Package, the Prospectus and this Agreement, which opinion and negative assurance letter shall be reasonably satisfactory in all respects
            to the Representative.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Accountant&#8217;s Comfort Letter</font>.&#160; On the date of this Agreement, the Representative shall have received from the Accountant a letter dated the date of its delivery, addressed to the Representative, in form and
            substance reasonably satisfactory to the Representative, containing statements and information of the type ordinarily included in accountant &#8220;comfort letters&#8221; to underwriters, delivered according to Statement of Auditing Standards No.&#160; 72 (or
            any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement, the Disclosure Package and the Prospectus.&#160; At the Closing Time and, as to the
            Option Shares, the Option Closing Date, the Representative shall have received from the Accountant a letter dated such date, in form and substance reasonably satisfactory to the Representative, to the effect that they reaffirm the statements
            made in the letter furnished by the Accountant pursuant to the preceding sentence, except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Time.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Officers&#8217; Certificates</font>.&#160; At the Closing Time and, as to the Option Shares, the Option Closing Date, there shall be furnished to the Representative an accurate certificate, dated the date of its delivery,
            signed by each of the Chief Executive Officer and the Chief Financial Officer of the Company, in form and substance satisfactory to the Representative, to the effect that:</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">26</font></div>
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      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">there has not been <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">any event, circumstance or change in circumstance that, individually or in the aggregate, has or would reasonably be expected to have </font>a Material Adverse Effect since the
            date hereof, since the Applicable Time or since the respective dates as of which information is given in the Registration Statement, the Disclosure Package and the Prospectus;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">each of the representations and
            warranties of the Company and the Operating Partnership contained in this Agreement are, at the time such certificate is delivered, true and correct in all material respects with the same force and effect as though expressly made as of the
            Closing Time or the Option Closing Date, as applicable;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the Company and the Operating
            Partnership have complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Time or the Option Closing Date, as applicable; and</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 99pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">no stop order suspending the
            effectiveness of the Registration statement has been issued and no proceedings for that purpose have been instituted or are pending or, to their knowledge, contemplated by the Commission.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Articles Supplementary</font>.&#160; The Company shall have filed the Articles Supplementary with the SDAT, and the Articles Supplementary shall be effective under the MGCL.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Operating Partnership Agreement Amendment</font>.&#160; The Company shall have delivered to the Underwriters a copy of the duly authorized and executed Operating Partnership Agreement Amendment.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Stock Exchange Listing</font>.&#160; The Shares shall have been approved for listing on NYSE prior to the Applicable Time.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(m)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">FINRA.</font> FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements with respect to the offering of the Shares.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(n)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Company Certificates</font>.&#160; The Company shall have furnished to the Representative such certificates, in addition to those specifically mentioned herein, as the Representative may have reasonably requested as to
            the accuracy and completeness at the Closing Time and the Option Closing Date of any statement in the Registration Statement, the Disclosure Package or the Prospectus, as to the accuracy at the Closing Time and the Option Closing Date of the
            representations and warranties of the Company herein, as to the performance by the Company of its obligations hereunder, or as to the fulfillment of the conditions concurrent and precedent to the obligations hereunder of the Representative.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">27</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 6.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Indemnification</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Indemnification of the Underwriters</font>.&#160; The Company and the Operating Partnership, jointly and severally, shall indemnify and hold harmless each Underwriter, the directors, officers, employees, counsel,
            agents and affiliates of each Underwriter and each person, if any, who controls each Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, liabilities,
            expenses and damages (including any and all out-of-pocket investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding between any of the indemnified
            parties and any indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted) to which they, or any of them, may become subject under the Securities Act, the Exchange Act or other Federal or
            state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based on (i) any untrue statement or alleged untrue statement of a material fact contained in
            the Registration Statement (or any amendment thereto), including any information deemed to be a part thereof pursuant to Rules 430A, 430B or 430C, as applicable, including all documents incorporated therein by reference, or the omission or
            alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Preliminary
            Prospectus, any Issuer Free Writing Prospectus, any Written Testing the Waters Communications, the Disclosure Package or the Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact
            necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iii) any untrue statement or alleged untrue statement of a material fact contained in any materials or
            information provided to investors by, or with the approval of, the Company and the Operating Partnership in connection with the marketing of the offering of the Shares, including any roadshow or investor presentations made to investors by the
            Company and the Operating Partnership (whether in person or electronically) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
            were made, not misleading; <font style="font-family: 'Times New Roman'; font-style: italic;">provided</font>, <font style="font-family: 'Times New Roman'; font-style: italic;">however</font>, that the Company and the Operating Partnership
            shall not be liable to the extent that such loss, claim, liability, expense or damage arises from the sale of the Shares in the public offering to any person by an Underwriter and is based on an untrue statement or omission or alleged untrue
            statements or omissions made in reliance on and in conformity with the Underwriter Content.&#160; This indemnity agreement will be in addition to any liability that the Company and the Operating Partnership might otherwise have.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Indemnification of the Company and the Operating Partnership</font>.&#160; Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company and the Operating Partnership, their respective
            agents, each person, if any, who controls the Company and the Operating Partnership within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, each director of the Company and each officer of the Company who signs
            the Registration Statement to the same extent as the foregoing indemnity from the Company and Operating Partnership to each Underwriter, but only insofar as losses, claims, liabilities, expenses or damages arise out of or are based on any
            untrue statement or omission or alleged untrue statement made in reliance on and in conformity with the Underwriter Content given expressly for use <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">the Preliminary Prospectus,
              any Issuer Free Writing Prospectus, any Written Testing the Waters Communications, the Disclosure Package or the Prospectus (or any amendment or supplement to any of the foregoing),</font>&#160; This indemnity will be in addition to any liability
            that each Underwriter might otherwise have.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">28</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Indemnification Procedures</font>.&#160; Any party that proposes to assert the right to be indemnified under this Section 6 shall, promptly after receipt of notice of commencement of any action against such party in
            respect of which a claim is to be made against an indemnifying party or parties under this Section 6, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify
            such indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party under the foregoing provisions of this Section 6 unless, and only to the extent that, such omission results in the
            forfeiture of substantive rights or defenses by the indemnifying party.&#160; If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to
            participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party
            similarly notified, to assume the defense of the action, with counsel satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party
            will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense.&#160; The
            indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (i) the employment of counsel by the
            indemnified party has been authorized in writing by the indemnifying party, (ii) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are
            different from or in addition to those available to the indemnifying party, (iii) the indemnified party has reasonably concluded (based on advice of counsel) that a conflict or potential conflict exists between the indemnified party and the
            indemnifying party (in which case the indemnifying party shall not have the right to direct the defense of such action on behalf of the indemnified party), or (iv) the indemnifying party has not in fact employed counsel to assume the defense of
            such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel shall be at the expense of the indemnifying party or parties.&#160;
            It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate
            firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties.&#160; All such fees, disbursements and other charges shall be reimbursed by the indemnifying party promptly following receipt of notice of
            their incurrence.&#160; An indemnifying party shall not be liable for any settlement of any action or claim effected without its written consent (which consent will not be unreasonably withheld or delayed).&#160; No indemnifying party shall, without the
            prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 6 (whether or not any
            indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding and does not
            include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.&#160; Notwithstanding the foregoing, if at any time an indemnified party shall have requested an indemnifying party to
            reimburse the indemnified party for out-of-pocket fees and expenses of counsel as contemplated by this Section 6, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if
            (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) the indemnifying party or parties shall have received written notice of the terms of such settlement at least 30 days
            before such settlement is entered into, and (iii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">29</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Contribution</font>.&#160; In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 6 is applicable in accordance
            with its terms but for any reason is held to be unavailable from the Company, the Operating Partnership or the Underwriters, the Company, the Operating Partnership and the Underwriters shall contribute to the total losses, claims, liabilities,
            expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution
            received by the Company and the Operating Partnership from persons other than the Underwriters, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and
            directors of the Company, who also may be liable for contribution) to which the Company and the Underwriters may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company and the Operating
            Partnership on the one hand and the Underwriters on the other.&#160; The relative benefits received by the Company and the Operating Partnership on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the
            total net proceeds from the offering (before deducting expenses) received by the Company and the Operating Partnership bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table
            on the cover page of the Prospectus.&#160; If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only
            the relative benefits referred to in the foregoing sentence but also the relative fault of the Company and the Operating Partnership, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions which
            resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.&#160; Such relative fault shall be determined by reference to whether the
            untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, the Operating Partnership or the Representative on behalf of the Underwriters, the
            intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission.&#160; The Company, the Operating Partnership and the Underwriters agree that it would not be just and
            equitable if contributions pursuant to this Section 6(d) were to be determined by pro rata allocation or by any other method of allocation (even if the Underwriters were treated as one entity for such purpose) that does not take into account
            the equitable considerations referred to herein.&#160; The amount paid or payable by an indemnified party as a result of the loss, claim, liability, reasonable and documented out-of-pocket expense or damage, or action in respect thereof, referred to
            above in this Section 6(d) shall be deemed to include, for purpose of this Section 6(d), any reasonable and documented out-of-pocket legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
            defending any such action or claim.&#160; Notwithstanding the provisions of this Section 6(d), no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions received by it, and no person found
            guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.&#160; The Underwriters&#8217; obligation to
            contribute as provided in this Section 6(d) are several in proportion to their respective underwriting obligations and not joint.&#160; For purposes of this Section 6(d), any person who controls a party to this Agreement within the meaning of the
            Securities Act will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement and each director of the Company will have the same rights to contribution as the Company, subject in
            each case to the provisions hereof.&#160; Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 6(d), will
            notify any such party or parties from whom contribution may be sought, but the omission so to notify will not relieve the party or parties from whom contribution may be sought from any other obligation it or they may have under this Section
            6(d).&#160; No party will be liable for contribution with respect to any action or claim settled without its written consent (which consent will not be unreasonably withheld).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">30</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Survival</font>.&#160; The indemnity and contribution agreements contained in this Section 6 and the representations and warranties of the Company and the Operating Partnership contained in this Agreement shall remain
            operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Underwriters, (ii) acceptance of any of the Shares and payment therefor, or (iii) any termination of this Agreement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 7.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Termination</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The obligations of the Underwriters under this Agreement may be terminated at any time prior to the Closing Time (or, with respect to the Option
        Shares, on or prior to the Option Closing Date) by notice to the Company and the Operating Partnership from the Representative, without liability on the part of any Underwriter to the Company and the Operating Partnership (except as provided in
        Section 4(l)), if, prior to delivery and payment for the Firm Shares (or the Option Shares, as the case may be), in the sole judgment of the Representative, any of the following shall occur:</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">trading or quotation in any of the
            equity securities of the Company shall have been suspended or limited by the Commission or by an exchange or otherwise;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">trading in securities generally on
            the NYSE shall have been suspended or limited or minimum or maximum prices shall have been generally established on such exchange, or additional material governmental restrictions, not in force on the date of this Agreement, shall have been
            imposed upon trading in securities generally by such exchange or by order of the Commission, FINRA or any court or other governmental authority;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';">a general banking moratorium shall
            have been declared by any of Federal or New York State authorities;</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the United States shall have become
            engaged in new hostilities, there shall have been an escalation in hostilities involving the United States or there shall have been a declaration of a national emergency or war by the United States or there shall have occurred such a material
            adverse change in general economic, political, financial or economic conditions, including, without limitation, as a result of terrorist activities after the date hereof (or the effect of international conditions on the financial markets in the
            United States shall be such), or any other calamity or crisis shall have occurred, the effect of any of which is such as to make it, in the judgment of the Representative, impracticable or inadvisable to market the Shares on the terms and in
            the manner contemplated by the Prospectus<font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">;</font></font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">31</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">if the Company shall have sustained a
            loss material or substantial to the Company by reason of flood, fire, accident, hurricane, earthquake, theft, sabotage, or other calamity or malicious act, whether or not such loss shall have been insured, the effect of any of which is such as
            to make it impracticable or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus; or</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">if there shall have been <font style="font-family: 'Times New Roman'; color: rgb(0, 0, 0);">any event, circumstance or change in circumstance that, individually or in the aggregate, has or would reasonably be expected to have </font>a Material Adverse Effect, the effect
            of which is such as to make, in the reasonable judgment of the Representative, it impracticable or inadvisable to market the Shares on the terms and in the manner contemplated by the Prospectus.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 8.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Substitution of Underwriters</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">If any one or more of the Underwriters shall fail or refuse to purchase any of the Firm Shares that it or they have agreed to purchase hereunder,
        and the aggregate number of Firm Shares that such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of Firm Shares, the other Underwriters shall be obligated,
        severally, to purchase the Firm Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase, in the proportions as the number of Firm Shares set forth opposite the name of such Underwriter in <font style="font-family: 'Times New Roman';"><u>Schedule I</u></font> hereto bears to the aggregate number of Firm Shares that all such non-defaulting Underwriters have so agreed to purchase, or in such other proportions as the Representative may
        specify; <font style="font-family: 'Times New Roman'; font-style: italic;">provided </font>that in no event shall the maximum number of Firm Shares which any Underwriter has become obligated to purchase pursuant to Section 1 be increased pursuant
        to this Section 8 by more than one-ninth of the number of Firm Shares agreed to be purchased by such Underwriter without the prior written consent of such Underwriter.&#160; If any Underwriter or Underwriters shall fail or refuse to purchase any Firm
        Shares and the aggregate number of Firm Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase exceeds one-tenth of the aggregate number of the Firm Shares and arrangements satisfactory to the Company and
        the Representative for the purchase of such Firm Shares are not made within 24 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter, the Representative or the Company (except as
        provided in Section 4(l)) for the purchase or sale of any Shares under this Agreement.&#160; In any such case either the Representative or the Company shall have the right to postpone the Closing Time, but in no event for longer than five business days,
        in order that the required changes, if any, in the Registration Statement and in the Prospectus or in any other documents or arrangements may be effected.&#160; Any action taken pursuant to this Section 8 shall not relieve any defaulting Underwriter
        from liability in respect of any default of such Underwriter under this Agreement.&#160; As used in this Agreement, the term &#8220;Underwriter&#8221; includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in <font style="font-family: 'Times New Roman';"><u>Schedule I</u></font> hereto that, pursuant to this Section 8, purchases Shares that a defaulting Underwriter agreed but failed to purchase.</div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">32</font></div>
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      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Section 9.</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';"><u>Miscellaneous</u></font>.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Notices</font>.&#160; Notice given pursuant to any of the provisions of this Agreement shall be in writing and, unless otherwise specified, shall be mailed, hand delivered or telecopied (a) if to the Company, at the
            office of the Company, Modiv Inc., 120 Newport Center Drive, Newport Beach, California 92660, Attention: General Counsel, with a copy to (which shall not constitute notice) Morris, Manning &amp; Martin, LLP, 3343 Peachtree Road NE, Atlanta,
            Georgia 30326, Attention: Lauren B. Prevost and Seth K. Weiner, or (b) if to the Underwriters to, B. Riley Securities, Inc., 299 Park Avenue, 7<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, New York, New York 10171, Attention: Syndicate Department, with a copy to (which
            shall not constitute notice) Morrison &amp; Foerster LLP, 2100 L Street NW, Suite 900, Washington, D.C., Attention: David P. Slotkin and Andrew P. Campbell.&#160; Any such notice shall be effective only upon receipt.&#160; Any notice under Section 6 may
            be made by telecopy or telephone, but if so made shall be subsequently confirmed in writing.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">No Third Party Beneficiaries</font>.&#160; This Agreement has been and is made solely for the benefit of the Underwriters, the Company, the Operating Partnership and of the controlling persons, directors and officers
            referred to in Section 6, and their respective successors, assigns, executors and administrators, and no other person shall acquire or have any right under or by virtue of this Agreement.&#160; No other person, partnership, association or
            corporation (including a purchaser of Shares, as such purchaser, from any of the Underwriters) shall acquire or have any right under or by virtue of this Agreement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Survival of Representations and Warranties</font>.&#160; All representations, warranties and agreements of the Company and the Operating Partnership contained herein or in certificates or other instruments delivered
            pursuant hereto, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Underwriter, any person who controls any Underwriter within the meaning of Section 15 of the Securities Act or
            Section 20 of the Exchange Act or by or on behalf of the Company, its directors and officers, the Operating Partnership or any person who controls the Company or the Operating Partnership within the meaning of Section 15 of the Securities Act
            or Section 20 of the Exchange Act, and shall survive delivery of and payment for the Shares hereunder.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Disclaimer of Fiduciary Relationship</font>.&#160; Nothing in this Agreement shall be deemed to create a partnership, joint venture or agency relationship between the parties. The Underwriters undertake to perform such
            duties and obligations only as expressly set forth herein. Such duties and obligations of the Underwriters with respect to the Shares shall be determined solely by the express provisions of this Agreement, and the Underwriters shall not be
            liable except for the performance of such duties and obligations with respect to the Shares as are specifically set forth in this Agreement. The Company and the Operating Partnership acknowledge and agree that (i) the purchase and sale of the
            Shares pursuant to this Agreement, including the determination of the public offering price of the Shares and any related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company and the Operating Partnership, on
            the one hand, and the Underwriters, on the other hand; (ii) in connection with the offering contemplated by this Agreement and the process leading to such transaction, each of the Underwriters is and has been acting solely as a principal and is
            not the agent or fiduciary of the Company, the Operating Partnership, or their securityholders, creditors, employees or any other party; (iii) none of the Underwriters has assumed nor will it assume any advisory or fiduciary responsibility in
            favor of the Company and the Operating Partnership with respect to the offering of the Shares contemplated by this Agreement or the process leading thereto (irrespective of whether any Underwriter or its affiliates has advised or is currently
            advising the Company on other matters) and the Underwriters have no obligation to the Company and the Operating Partnership with respect to the offering of the Shares contemplated by this Agreement except the obligations expressly set forth in
            this Agreement; (iv) each of the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and the Operating Partnership; (v) the information and
            transactions contemplated in this Agreement do not constitute an offer or a solicitation of an offer to transact in any securities or other financial instrument with any entity or natural person; and (vi) the Underwriters have not provided any
            legal, accounting, regulatory or tax advice with respect to the offering contemplated by this Agreement and the Company and the Operating Partnership have consulted their own legal, accounting, regulatory and tax advisors to the extent they
            deemed appropriate. The Company and the Operating Partnership each acknowledge that the Underwriters disclaim any implied duties (including any fiduciary duty), covenants or obligations arising from the Underwriters&#8217; performance of the duties
            and obligations expressly set forth herein.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">33</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Research Analyst Independence</font>.&#160; The Company and the Operating Partnership acknowledge that the Underwriters&#8217; research analysts and research departments are required to be independent from its investment
            banking division and is subject to certain regulations and internal policies, and that Underwriter&#8217;s research analysts may hold views and make statements or investment recommendations and/or publish research reports with respect to the Company,
            the Operating Partnership and/or the offering that differ from the views of their respective investment banking divisions.&#160; The Company and the Operating Partnership each hereby waives and releases, to the fullest extent permitted by law, any
            claims that the Company and the Operating Partnership may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views expressed by its research analysts and research department may be
            different from or inconsistent with the views or advice communicated to the Company and the Operating Partnership by Underwriters&#8217; investment banking division.&#160; The Company and the Operating Partnership acknowledge that each Underwriter is a
            full-service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the
            Company, the Operating Partnership and any other companies that may be the subject of the transactions contemplated by this Agreement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Governing Law</font>.&#160; THIS AGREEMENT AND ANY CONTROVERSY, CLAIM OR DISPUTE RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
            APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.&#160; Each party hereto hereby irrevocably submits for purposes of any action arising from this Agreement or any of the transactions contemplated hereby brought by the
            other party hereto to the jurisdiction of the courts of New York State located in the Borough of Manhattan and the U.S.&#160; District Court for the Southern District of New York.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">34</font></div>
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      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Underwriter Information</font>.&#160; The parties acknowledge and agree that, for purposes of Section 3(b), Section 3(e), Section 6(a) and Section 6(b) hereof, the information provided by or on behalf of any
            Underwriter to the Company for use in the Registration Statement, any Issuer Free Writing Prospectus, any Written Testing the Waters Communication, any Preliminary Prospectus or the Prospectus (or any amendment or supplement thereto) consists
            solely of the following material included under the caption &#8220;Underwriting&#8221; in such documents: the fifth paragraph covering selling concessions and reallowances, the first sentence of the tenth paragraph regarding purchases of shares on the open
            market, the second sentence of the tenth paragraph regarding stabilization, the third, fifth and sixth sentences of the tenth paragraph regarding covering short positions, the eighth sentence of the tenth paragraph regarding covering naked
            short positions, the first sentence of the eleventh paragraph regarding penalty bids, the fourteenth paragraph regarding electronic prospectuses, the sixteenth paragraph regarding sales to discretionary accounts&#160; (collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Underwriter Content</u></font>&#8221;).</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(h)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Severability</font>.&#160; In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
            impaired thereby.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Waiver of Jury Trial</font>.&#160; The Company (on its own behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Operating Partnership, and the Underwriters each
            hereby irrevocably waive, to the fullest extent permitted by applicable law, any right they may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(j)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Titles and Subtitles</font>.&#160; The titles of the sections and subsections of this Agreement are for convenience and reference only and are not to be considered in construing this Agreement.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(k)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Entire Agreement</font>.&#160; This Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.&#160;
            This Agreement may not be amended or otherwise modified, nor any provision hereof waived, except by an instrument in writing signed by the Representative, the Company and the Operating Partnership.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 63pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(l)</font><font style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman'; font-style: italic;">Counterparts</font>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.&#160; Counterparts
            may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g.,
            www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</font></font></div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-family: 'Times New Roman'; font-style: italic;">Signature page follows</font>.]</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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              <div style="text-align: left; font-family: 'Times New Roman';"><u>/s/ AARON S. HALFACRE</u></div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman';">By:</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman';"><u>/s/ RAYMOND J. PACINI</u></div>
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            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman';">Name:</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
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              <div style="text-align: left; font-family: 'Times New Roman';">Title:</div>
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              <div style="text-align: left; font-family: 'Times New Roman';">CFO</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-family: 'Times New Roman'; font-style: italic;">Signature Page to the Underwriting Agreement</font>]</div>
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      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Confirmed as of the date first above mentioned:</div>
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          <tr>
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              <div style="text-align: justify; font-family: 'Times New Roman'; font-weight: bold;">B. RILEY SECURITIES, INC.</div>
            </td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
            <td colspan="2" style="vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">
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            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: justify; font-family: 'Times New Roman';"><u>/s/ PATRICE McNICOLL</u></div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: justify; font-family: 'Times New Roman';">Name: Patrice McNicoll</div>
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            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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          <tr>
            <td style="width: 3%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: justify; font-family: 'Times New Roman';">Title: SMD &amp; Co-Head of Investment Banking</div>
            </td>
            <td style="width: 50%; vertical-align: top; font-size: 10pt;">&#160;</td>
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      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Acting on behalf of itself and as the Representative of the Underwriters named in <font style="font-family: 'Times New Roman';"><u>Schedule I</u></font> hereof</div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[<font style="font-family: 'Times New Roman'; font-style: italic;">Signature Page to the Underwriting Agreement</font>]</div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE I</div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
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            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: middle; font-size: 10pt; border-bottom: #000000 solid 2px;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">B. Riley Securities, Inc.</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">715,500</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Ladenburg Thalmann &amp; Co. Inc.</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">135,000</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">William Blair &amp; Company, L.L.C.</div>
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            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">157,500</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Colliers Securities LLC</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">247,500</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Aegis Capital Corp.</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">40,500</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Boenning &amp; Scattergood, Inc.</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">54,000</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Huntington Securities, Inc.</div>
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            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">36,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">InspereX LLC</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">360,000</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Maxim Group LLC</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">18,000</div>
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            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; padding-bottom: 2px;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman';">Wedbush Securities Inc.</div>
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            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1" class="cftnumcell">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">36,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold;">Total:</div>
            </td>
            <td valign="bottom" style="font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftcurrcell">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman';">1,800,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
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      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE II</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Issuer Free Writing Prospectuses</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Issuer Free Writing Prospectus, dated September 14, 2021, filed with the Commission pursuant to Rule 433, substantially in the form of <font style="font-family: 'Times New Roman';"><u>Schedule III </u></font>to this Agreement.</div>
      <div style="font-size: 10pt;"><br>
      </div>
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      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE III</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Final Term Sheet</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MODIV INC.</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">7.375% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">($25.00 LIQUIDATION PREFERENCE PER SHARE)</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Final Term Sheet</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">September 14, 2021</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="z2562e1f9315848f5888fb58e5a6e6e35" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Issuer:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Modiv Inc. (the &#8220;Issuer&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Security:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the &#8220;Series A Preferred Stock&#8221;)</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Number of Shares:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">1,800,000 shares (2,000,000 shares if the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is exercised in full)</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Trade Date:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">September 15, 2021</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Settlement Date:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">September 17, 2021 (T+2)</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Public Offering Price:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">$25.00 per share; $45,000,000 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Underwriting Discount:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">$0.7875 per share; $1,417,500 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Net Proceeds (before </div>
              <div style="text-align: left; font-family: 'Times New Roman';">expenses and structuring </div>
              <div style="text-align: left; font-family: 'Times New Roman';">fee):</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">$24.2125 per share; $43,582,500 total (assuming the underwriters&#8217; option to purchase additional shares of Series A Preferred Stock is not exercised).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Dividend Rate:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">7.375% per annum on the $25.00 liquidation preference (equivalent to $1.84375 per annum per share).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Dividend Payment Date:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">On or about the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of January, April, July and October.&#160; The first quarterly dividend for the shares of Series A Preferred Stock sold in this offering will be
                paid on January 15, 2022 and will be for the period from, and including, the original issue date to, and including, December 31, 2021 in the amount of $0.53264 per share.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
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      <table cellspacing="0" cellpadding="0" class="cfttable" id="z7d6fe35b267b4b97879677169fad6d80" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Liquidation Preference:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">$25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the date of payment.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Rating:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">The Series A Preferred Stock has received a &#8220;BBB-&#8221; rating from Egan-Jones Ratings Co., an independent, unaffiliated rating agency. Ratings are not a recommendation to purchase,
                hold or sell securities, inasmuch as the ratings do not comment as to market price or suitability for a particular investor. The ratings are based upon current information furnished to the rating agency by the Issuer and information
                obtained by the rating agency from other sources. The ratings are only accurate as of the date thereof and may be changed, superseded or withdrawn as a result of changes in, or unavailability of, such information, and therefore a
                prospective investor should check the current ratings before purchasing shares of Series A Preferred Stock. Each rating should be evaluated independently of any other rating.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Optional Redemption:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">On and after September 17, 2026, the Series A Preferred Stock will be redeemable at the Issuer&#8217;s option for cash, in whole or in part, at any time or from time to time, at a price
                per share equal to $25.00, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date (unless the redemption date is after a dividend record date and
                prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of Series A Preferred Stock to be redeemed.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 20%;">&#160;</td>
            <td rowspan="1" style="vertical-align: top; font-size: 10pt; width: 80%;">&#160;</td>
          </tr>
          <tr>
            <td style="vertical-align: top; font-size: 10pt; width: 20%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Special Optional </div>
              <div style="text-align: left; font-family: 'Times New Roman';">Redemption:</div>
            </td>
            <td style="vertical-align: top; font-size: 10pt; width: 80%;">
              <div style="text-align: left; font-family: 'Times New Roman';">Upon the occurrence of a Delisting Event (as defined below), the Issuer will have the option, subject to certain conditions, to redeem the outstanding Series A Preferred Stock, in
                whole or in part, after the Delisting Event, for a redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption date
                (unless the redemption date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each
                share of Series A Preferred Stock to be redeemed.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
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          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Upon the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the shares of Series A Preferred Stock, in whole or in part and within 120
                days after the first date on which the Change of Control occurred, by paying $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not authorized or declared), if any, to, but not including, the redemption
                date (unless the redemption date is after a dividend record date for and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend payable on such payment date will be included
                in the redemption price).</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Delisting Event:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Occurs when, after the original issuance of the Series A Preferred Stock (whether before or after September 17, 2026), the Series A Preferred Stock ceases to be listed on the
                Nasdaq Stock Market, the New York Stock Exchange (the &#8220;NYSE&#8221;) or the NYSE American LLC, or listed or quoted on an exchange or quotation system that is a successor to the Nasdaq Stock Market, the NYSE or the NYSE American LLC.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Change of Control:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Occurs when, after the original issuance of the Series A Preferred Stock (whether before or after September 17, 2026), the following have occurred and are continuing:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font><font style="font-size: 10pt;">&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the
                    acquisition by any person, including any syndicate or group deemed to be a &#8220;person&#8221; under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger, conversion or other acquisition
                    transaction or series of purchases, mergers, conversions or other acquisition transactions, of shares of the Issuer&#8217;s stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of the
                    Issuer&#8217;s stock entitled to vote generally in the election of directors (except that the person will be deemed to have beneficial ownership of all securities that the person has the right to acquire, whether the right is currently
                    exercisable or is exercisable only upon the occurrence of a subsequent condition); and</font></font></div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font><font style="font-size: 10pt;">&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">following
                    the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving entity, or a parent of the Issuer or the acquiring or surviving entity, has a class of common equity securities
                    listed on the Nasdaq Stock Market, the NYSE or the NYSE American LLC, or listed or quoted on an exchange or quotation system that is a successor to the Nasdaq Stock Market, the NYSE, or the NYSE American LLC.</font></font></div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Change of Control </div>
              <div style="text-align: left; font-family: 'Times New Roman';">Conversion Right:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Upon the occurrence of a Change of Control during a continuing Delisting Event, unless the Issuer has elected to exercise its redemption right, holders of the Series A Preferred
                Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of shares of the Issuer&#8217;s Class C common stock, par value $0.001 per share, per share of Series A Preferred Stock, which is
                equal to the lesser of:</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font><font style="font-size: 10pt;">&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">the quotient
                    obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series A Preferred Stock to be converted plus an amount equal to all dividends accrued and unpaid (whether or not declared) on the Series A Preferred
                    Stock to, but not including, the Conversion Date (unless the Conversion Date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend
                    will be included in this sum), by (ii) the Common Stock Price; and</font></font></div>
            </td>
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            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: justify; text-indent: -16.7pt; margin-left: 16.7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font><font style="font-size: 10pt;">&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">1.9194, the
                    Share Cap (subject to pro rata adjustments for any stock splits (including those effected pursuant to a common stock dividend), subdivisions or combinations with respect to shares of the Issuer&#8217;s common stock as described in the
                    Issuer&#8217;s preliminary prospectus);</font></font></div>
            </td>
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            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">The &#8220;Common Stock Price&#8221; for any Change of Control will be (i) if the consideration to be received in the Change of Control during a continuing Delisting Event by holders of
                shares of the Issuer&#8217;s common stock is solely cash, the amount of cash consideration per share of common stock, and (ii) if the consideration to be received in the Change of Control during a continuing Delisting Event by holders of shares
                of the Issuer&#8217;s common stock is other than solely cash, (x) the Non-traded Common Stock Price, if the common stock is not listed on a national exchange on the effective date of any Change in Control or (y) the Traded Common Stock Price, if
                the common stock is listed on a national securities exchange on the effective date of any Change in Control.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">The &#8220;Non-Traded Common Stock Price&#8221; shall be the estimated net asset value per share of Common Stock as most recently determined by the Board of Directors prior to the effective
                date of the Change of Control. The &#8220;Traded Common Stock Price&#8221; is the average of the closing price per share of the Issuer&#8217;s common stock on the 10 consecutive trading days immediately preceding, but not including, the effective date of the
                Change of Control.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
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          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">If the Issuer elects, prior to the conversion date, to redeem shares of Series A Preferred Stock that would otherwise be converted on the conversion date, such shares of Series A
                Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption price for such shares.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">NYSE Listing Symbol:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">&#8220;MDVA&#8221;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">CUSIP:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">60784B 200</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">ISIN:</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">US60784B2007</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman';">Book-Running Managers:</div>
            </td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">B. Riley Securities, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Ladenburg Thalmann &amp; Co. Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">William Blair &amp; Company, L.L.C.</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Lead Manager:</div>
            </td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Colliers Securities LLC</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20%; vertical-align: top; font-size: 10pt;">&#160;</td>
            <td rowspan="1" style="width: 80%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Co-Managers:</div>
            </td>
            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Aegis Capital Corp.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Boenning &amp; Scattergood, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Huntington Securities, Inc.</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">InspereX LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Maxim Group LLC</div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
              </div>
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Wedbush Securities Inc.</div>
            </td>
          </tr>

      </table>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The Issuer has filed a registration statement (including a preliminary prospectus) with the SEC for the offering to which this communication relates.&#160;
        Before you invest, you should read the prospectus in that registration statement and the other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.&#160; You may get these documents for free by
        visiting EDGAR on the SEC&#8217;s web site at <font style="font-family: 'Times New Roman';"><u>www.sec.gov.</u></font> Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you
        request it by contacting: B. Riley Securities, Inc. at 703-312-9580 or by emailing prospectuses@brileyfin.com.</div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;"><br>
      </div>
      <div style="font-size: 10pt;">
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>brhc10029036_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-family: 'Times New Roman';"><u>Exhibit 3.1</u></font></div>
      <div style="text-align: center; font-weight: bold;"><u> <br>
        </u></div>
      <div style="text-align: center; font-weight: bold;"><u>MODIV INC.</u></div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">ARTICLES SUPPLEMENTARY</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">7.375% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK</div>
      <div style="text-align: center; font-weight: bold;">(Liquidation Preference $25.00 per Share)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Modiv Inc., a Maryland corporation (the &#8220;Corporation&#8221;), hereby certifies to the State Department of Assessments and Taxation of Maryland that:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">FIRST: Under a power contained in Section 6.1.2 of Article 6 of the charter of the Corporation (the &#8220;Charter&#8221;), the Board of Directors of the Corporation, by resolutions duly adopted, classified
        2,000,000 authorized but unissued shares of preferred stock, par value $0.001 per share, of the Corporation as shares of a series of preferred stock, designated as 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock (the &#8220;Series A
        Preferred Stock&#8221;) with the following preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the Series A Preferred Stock
        which, upon any restatement of the Charter, shall become a part thereof, with any necessary or appropriate renumbering or relettering of the sections or subsections hereof:</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">7.375% Series A Cumulative Redeemable Perpetual Preferred Stock</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 1. <u>Number of Shares and Designation</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A series of preferred stock of the Corporation designated as the &#8220;7.375% Series A Cumulative Redeemable Perpetual Preferred Stock&#8221; is hereby established, and the number of shares constituting such
        series shall be 2,000,000.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 2. <u>Definitions</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Aggregate Share Ownership Limit&#8221; shall have the meaning set forth in Section 3.1 of Article 3 of the Charter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Alternative Conversion Consideration&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Alternative Form Consideration&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Board of Directors&#8221; shall mean the Board of Directors of the Corporation or any committee authorized by such Board of Directors to perform any of its responsibilities with respect to the Series A
        Preferred Stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Business Day&#8221; shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Capital Gains Amount&#8221; shall have the meaning set forth in Section 3(g) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Change of Control&#8221; shall have the meaning set forth in Section 6(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Change of Control Conversion Date&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Change of Control Conversion Right&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Change of Control Redemption Right&#8221; shall have the meaning set forth in Section 6(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Charter&#8221; shall have the meaning ascribed to it in the first paragraph of this Article First of these Articles Supplementary.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended.</div>
      <div><br>
      </div>
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      <div style="text-align: justify; text-indent: 36pt;">&#8220;Commission&#8221; shall have the meaning set forth in Section 10 hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Common Stock&#8221; shall mean the Corporation&#8217;s Class C common stock, par value $0.001 per share.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Common Stock Conversion Consideration&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Common Stock Price&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Conversion Agent&#8221; shall have the meaning set forth in Section 8(d) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Conversion Consideration&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Corporation&#8221; shall have the meaning ascribed to it in the first paragraph of these Articles Supplementary.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Delisting Event&#8221; shall have the meaning set forth in Section 6(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Delisting Event Redemption Right&#8221; shall have the meaning set forth in Section 6(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;DTC&#8221; shall have the meaning set forth in Section 8(f) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Event&#8221; shall have the meaning set forth in Section 9(f)(ii) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Exchange Act&#8221; shall mean the Securities Exchange Act of 1934, as amended.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Nasdaq&#8221; shall mean the Nasdaq Stock Market or any successor that is a national securities exchange registered under Section 6 of the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;NYSE&#8221; shall mean the New York Stock Exchange or any successor that is a national securities exchange registered under Section 6 of the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;NYSE American&#8221; shall mean the NYSE American LLC or any successor that is a national securities exchange registered under Section 6 of the Exchange Act.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Optional Redemption Right&#8221; shall have the meaning set forth in Section 5(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Original Issue Date&#8221; shall mean the first date on which shares of Series A Preferred Stock are issued and sold.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Parity Preferred&#8221; shall have the meaning set forth in Section 9(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Preferred Directors&#8221; shall have the meaning set forth in Section 9(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Preferred Dividend Default&#8221; shall have the meaning set forth in Section 9(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;REIT&#8221; shall have the meaning set forth in Article 2 of the Charter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Series A Dividend Period&#8221; shall mean the respective periods commencing on and including January 1, April 1, July 1 and October 1 of each year and ending on and including the day preceding the
        first day of the next succeeding Series A Dividend Period (other than the initial Series A Dividend Period, which shall commence on the Original Issue Date and end on and include December 31, 2021, and other than the Series A Dividend Period during
        which any shares of Series A Preferred Stock shall be redeemed pursuant to Section 5 or Section 6 (and that is not a Series A Dividend Period of the type contemplated by Section 7(b)), which, solely with respect to the shares of Series A Preferred
        Stock being redeemed, shall end on and include the day immediately preceding the redemption date with respect to such shares of Series A Preferred Stock being redeemed).</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Series A Payment Date&#8221; shall mean, with respect to each Series A Dividend Period, the fifteenth (15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the
        month following the month in which the Series A Dividend Period has ended (January, April, July and October of each year), commencing on January 15, 2022.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Series A Preferred Stock&#8221; shall have the meaning ascribed to it in the first paragraph of this Article First of these Articles Supplementary.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Series A Record Date&#8221; shall mean the close of business on the date set by the Board of Directors as the record date for the payment of dividends that is not more than 35 nor fewer than 10 days
        prior to the applicable Series A Payment Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Shares&#8221; shall have the meaning set forth in Section 3.1 of Article 3 of the Charter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Share Cap&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Special Optional Redemption Rights&#8221; shall have the meaning set forth in Section 6(b) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Stock Split&#8221; shall have the meaning set forth in Section 8(a) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Total Distributions&#8221; shall have the meaning set forth in Section 3(g) hereof.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;">Section 3. <u>Dividends and other Distributions</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) Subject to the preferential rights of the holders of any class or series of equity securities of the Corporation ranking senior to the Series A Preferred Stock with respect to dividend rights,
        and subject to the increased dividend rate provided in Section 6(d) of these Articles Supplementary, the holders of the then outstanding shares of Series A Preferred Stock shall be entitled to receive, when, as and if authorized by the Board of
        Directors and declared by the Corporation, out of funds legally available for the payment of dividends, cumulative cash dividends in the amount of $1.84375 per share each year, which is equivalent to the rate of 7.375% of the $25.00 liquidation
        preference per share per annum. Such dividends shall accrue and be cumulative from and including the Original Issue Date and shall be payable quarterly in arrears on each Series A Payment Date, commencing on January 15, 2022, to all holders of
        record on the applicable Series A Record Date; <u>provided</u>, <u>however</u>, that if any Series A Payment Date is not a Business Day, the dividend which would otherwise have been payable on such Series A Payment Date may be paid or set apart
        for payment on the next succeeding Business Day with the same force and effect as if paid or set apart on such Series A Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from such Series A
        Payment Date to such next succeeding Business Day. Holders of record of all shares of Series A Preferred Stock outstanding on the applicable Series A Record Date will be entitled to receive the full dividend paid on the applicable Series A Payment
        Date even if such shares were not issued and outstanding for the full applicable Series A Dividend Period.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The initial dividend payable on the Series A Preferred Stock will cover the period from and including the Original Issue Date through December 31, 2021, and will be paid on January 15, 2022. The
        amount of any dividend payable on the Series A Preferred Stock for each full Series A Dividend Period shall be computed by dividing&#160; &#160; &#160; $1.84375 by four (4), regardless of the actual number of days in such full Series A Dividend Period. The amount
        of any dividend payable on the Series A Preferred Stock for any partial Series A Dividend Period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as
        they appear in the stockholder records of the Corporation at the close of business on the applicable Series A Record Date. Notwithstanding any provision to the contrary contained herein, the dividend payable on each share of Series A Preferred
        Stock outstanding on a Series A Record Date shall equal the dividend payable on each other share of Series A Preferred Stock that is outstanding on such Series A Record Date, and no holder of any share of Series A Preferred Stock shall be entitled
        to receive any dividends paid or payable on the Series A Preferred Stock with a Series A Record Date before the date such share of Series A Preferred Stock is issued.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) No dividends on the Series A Preferred Stock shall be authorized by the Board of Directors or paid or declared and set apart for payment by the Corporation at such time as the terms and
        conditions of any agreement of the Corporation, including any agreement relating to its indebtedness, prohibit such authorization, payment or setting apart for payment or provide that such authorization, payment or setting apart for payment would
        constitute a breach thereof, or a default thereunder, or if such authorization, payment or setting apart for payment shall be restricted or prohibited by law.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c) Notwithstanding anything contained herein to the contrary, dividends on the Series A Preferred Stock shall accrue with respect to any Series A Dividend Periods whether or not dividends are
        authorized by the Board of Directors and declared by the Corporation, from the later of the first date on which the Series A Preferred Stock is issued and the most recent Series A Payment Date. No interest or additional dividend shall be payable in
        respect of any accrued and unpaid dividend on the Series A Preferred Stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d) Except as provided in Section 3(e) below, no dividends shall be declared and paid or set apart for payment and no other distribution of cash or other property may be declared and made, directly
        or indirectly, on or with respect to shares of Common Stock or shares of any other class or series of equity securities of the Corporation ranking, with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary
        liquidation, dissolution or winding-up, on parity with or junior to the Series A Preferred Stock (other than a dividend paid in shares of Common Stock or in shares of any other class or series of equity securities ranking junior to the Series A
        Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up), nor shall any shares of Common Stock or shares of any other class or series of equity securities of
        the Corporation ranking, with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up, on parity with or junior to the Series A Preferred Stock be redeemed (or any monies be paid
        to or made available for a sinking fund for the redemption of any such shares), purchased or otherwise acquired (except (i) by conversion into or exchange for shares of Common Stock or shares of any other class or series of equity securities of the
        Corporation ranking junior to the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up, (ii) for a redemption, purchase or acquisition of Common
        Stock made for purposes of and in compliance with requirements of any incentive, benefit or stock purchase plan of the Corporation or any subsidiary thereof; (iii) for the acquisition of shares made pursuant to the provisions of Section 6.5 of
        Article 6 of the Charter and (iv) for the purchase or acquisition of equity securities of the Corporation ranking on parity with the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary
        liquidation, dissolution or winding-up, pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series A Preferred Stock and any other shares of any other class or series of equity securities ranking on parity
        with the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up), unless full cumulative dividends on the Series A Preferred Stock for all past
        Series A Dividend Periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e) When dividends are not paid in full (or declared and a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Stock and any other class or series of equity
        securities ranking, with respect to dividend rights, on parity with the Series A Preferred Stock, all dividends (other than any acquisition of shares pursuant to the provisions of Section 6.5 of Article 6 of the Charter or a purchase or exchange
        offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock and any such other class or series of equity securities ranking on parity with the Series A Preferred Stock with respect to dividend rights or rights upon
        the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up) declared upon the Series A Preferred Stock and any other class or series of equity securities ranking, with respect to dividend rights, on parity with the Series A
        Preferred Stock shall be allocated pro rata so that the amount declared per share of Series A Preferred Stock and such other equally ranked classes or series of equity securities shall in all cases bear to each other the same ratio that accrued
        dividends per share on the Series A Preferred Stock and such other equally ranked class or series of equity securities (which shall not include any accrual in respect of unpaid dividends on such other classes or series of equity securities for
        prior Series A Dividend Periods if such other class or series of equity securities does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or
        payments on the Series A Preferred Stock which may be in arrears.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(f) Holders of shares of Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends on the Series A Preferred
        Stock as provided herein. Any dividend payment made on the Series A Preferred Stock shall first be credited against the earliest accrued and unpaid dividend.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(g) If, for any taxable year, the Corporation elects to designate as &#8220;capital gain dividends&#8221; (as defined in Section 857 of the Code or any successor revenue code or section) any portion (the
        &#8220;Capital Gains Amount&#8221;) of the total distributions not in excess of the Corporation&#8217;s earnings and profits (as determined for United States federal income tax purposes) paid or made available for such taxable year to holders of all classes and
        series of Shares (the &#8220;Total Distributions&#8221;), then the portion of the Capital Gains Amount that shall be allocable to holders of Series A Preferred Stock shall be in the same proportion that the Total Distributions paid or made available to the
        holders of Series A Preferred Stock for such taxable year bears to the Total Distributions for such taxable year made with respect to all classes or series of Shares outstanding.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 4. <u>Liquidation Preference</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Corporation, after payment of or provision for the Corporation&#8217;s debts and liabilities and any other
        class or series of equity securities of the Corporation ranking, with respect to rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding up, senior to the Series A Preferred Stock and before any distribution or
        payment shall be made to holders of Common Stock or any other class or series of equity securities of the Corporation ranking, with respect to rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up, junior to
        the Series A Preferred Stock, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation legally available for distribution to its stockholders a liquidation preference of
        $25.00 per share, plus an amount equal to any accrued and unpaid dividends to, but not including, the date of payment (whether or not declared). If, upon any such voluntary or involuntary liquidation, dissolution or winding-up, the available assets
        of the Corporation are insufficient to pay the amount of the distributions payable upon liquidation, dissolution or winding-up of the affairs of the Corporation, on all outstanding shares of Series A Preferred Stock and the corresponding amounts
        payable on all shares of other classes or series of securities of the Corporation ranking, with respect to rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up, on parity with the Series A Preferred Stock,
        the holders of Series A Preferred Stock and each such other class or series of securities ranking, with respect to rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up, on parity with the Series A Preferred
        Stock shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Written notice of any such voluntary or involuntary liquidation, dissolution or
        winding up, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first-class mail, postage pre-paid, at least 20 days prior to the payment date
        stated therein, to each record holder of Series A Preferred Stock at the respective addresses of such holders as the same shall appear on the stock transfer records of the Corporation. After the holders of Series A Preferred Stock have received the
        full amount of the liquidating distributions to which they are entitled, they will have no right or claim to any of the remaining assets of the Corporation. The consolidation, conversion or merger of the Corporation with or into any other person,
        corporation, trust or entity, or the sale, lease, transfer or conveyance of all or substantially all of the property or business of the Corporation (whether in connection with a Change of Control or otherwise), shall not be deemed to constitute a
        liquidation, dissolution or winding-up of the affairs of the Corporation.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In determining whether any distribution (other than upon voluntary or involuntary dissolution) by dividend, redemption or other acquisition of Shares or otherwise is permitted under the Maryland
        General Corporation Law, amounts that would be needed, if the Corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of the holders of Series A Preferred Stock will not be added to the
        Corporation&#8217;s total liabilities.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 5. <u>Optional Redemption</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) The Series A Preferred Stock shall not be redeemable prior to September 17, 2026, except as provided in Section 6.5 of Article 6 of the Charter or Section 5(c) or Section 6 hereof.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) On and after September 17, 2026, the Corporation, at its option, upon not fewer than 30 nor more than 60 days&#8217; written notice as provided in Section 5(e) hereof, may redeem the Series A
        Preferred Stock, in whole or in part, at any time or from time to time, at a redemption price of $25.00 per share, plus (subject to Section 7(b) hereof) an amount equal to all dividends accrued and unpaid (whether or not authorized or declared)
        thereon, to, but not including, the date fixed for redemption, without interest (the &#8220;Optional Redemption Right&#8221;). If less than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred Stock to
        be redeemed shall be redeemed <font style="font-style: italic;">pro rata</font> (as nearly as may be practicable without creating fractional shares) or by lot. If such redemption is to be by lot, and if, as a result of such redemption, any holder
        of Series A Preferred Stock would own shares of Series A Preferred Stock in excess of the Aggregate Share Ownership Limit or in violation of any of the other restrictions on ownership and transfer of Shares set forth in Section 6.5 of Article 6 of
        the Charter, then, except as otherwise provided in the Charter, the Corporation will redeem the requisite number of shares of Series A Preferred Stock of such holder such that no holder will violate the Aggregate Share Ownership Limit or any other
        restrictions on ownership and transfer of Shares set forth in Section 6.5 of Article 6 of the Charter subsequent to such redemption.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(c) The Corporation may redeem all or a part of the Series A Preferred Stock in accordance with the terms and conditions set forth in this Section 5 of these Articles Supplementary at any time and
        from time to time, whether before or after September 17, 2026, if the Board of Directors determines that such redemption is reasonably necessary for the Corporation to preserve the status of the Corporation as a qualified REIT. If the Corporation
        calls for redemption any Series A Preferred Stock pursuant to and in accordance with this Section 5(c), then the redemption price for such shares will be an amount in cash equal to $25.00 per share, plus (subject to Section 7(b) hereof) all
        dividends accrued and unpaid (whether or not authorized or declared) thereon to and including the date fixed for redemption, without interest.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(d) Unless full cumulative dividends on all shares of Series A Preferred Stock shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof in
        cash set apart for payment for all past Series A Dividend Periods, no shares of Series A Preferred Stock shall be redeemed pursuant to this Section 5 unless all outstanding shares of Series A Preferred Stock are simultaneously redeemed and the
        Corporation shall not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred Stock (except by exchange for equity securities of the Corporation ranking junior to the Series A Preferred Stock with respect to dividend
        rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up); <u>provided</u>, <u>however</u>, that the foregoing shall not prevent the purchase of the Series A Preferred Stock or any other class or
        series of equity securities of the Corporation by the Corporation in accordance with the terms of Section 5(c) hereof or Section 6.5 of Article 6 of the Charter or the purchase or acquisition of the Series A Preferred Stock pursuant to a purchase
        or exchange offer made on the same terms to holders of all outstanding Series A Preferred Stock and the holders of all outstanding shares of any other class or series of preferred stock of the Corporation ranking on parity with the Series A
        Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding up.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e) Notice of redemption pursuant to this Section 5 shall be mailed by the Corporation, postage prepaid, as of a date set by the Corporation not fewer than 30 nor more than 60 days prior to such
        redemption date, addressed to the respective holders of record of such shares of Series A Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the Corporation. Failure to give such notice or
        any defect thereto or in the mailing thereof shall not affect the sufficiency of notice or validity of the proceedings for such redemption of any shares of Series A Preferred Stock except as to shares held by a holder to whom notice was defective
        or not given. A redemption notice which has been mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or not such holder received the redemption notice. In addition to any
        information required by law or the applicable rules of any exchange upon which Series A Preferred Stock may be listed or admitted to trading, each notice shall state (i) such redemption date; (ii) the redemption price; (iii) the total number of
        shares of Series A Preferred Stock to be redeemed (and, if less than all the shares held by any holder are to be redeemed, the number of shares to be redeemed from such holder); (iv) the place or places where such shares of Series A Preferred Stock
        are to be surrendered for payment, together with the certificates, if any, representing such shares (duly endorsed for transfer) and any other documents the Corporation requires in connection with such redemption; and (v) that dividends on the
        Series A Preferred Stock to be redeemed shall cease to accrue on such redemption rate.</div>
      <div>&#160;</div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 6. <u>Special Optional Redemption by the Corporation</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) During any period of time (whether before or after September 17, 2026) that the Series A Preferred Stock is not listed on Nasdaq, the NYSE or the NYSE American, but any shares of Series A
        Preferred Stock are outstanding (a &#8220;Delisting Event&#8221;), the Corporation will have the option, upon not fewer than 30 nor more than 60 days&#8217; written notice as provided in Section 6(c) hereof, to redeem the outstanding shares of Series A Preferred
        Stock, in whole or in part, after the occurrence of the Delisting Event, for a redemption price of $25.00 per share, plus (subject to Section 7(b) hereof) an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to,
        but not including, the redemption date (a &#8220;Delisting Event Redemption Right&#8221;).</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) In addition, upon the occurrence of a Change of Control, the Corporation will have the option, upon not fewer than 30 nor more than 60 days&#8217; written notice as provided in Section 6(c) hereof,
        to redeem shares of Series A Preferred Stock, in whole or in part, on, or within 120 days after, the first date on which such Change of Control occurred, for cash at $25.00 per share plus (subject to Section 7(b) hereof) an amount equal to
        dividends accrued and unpaid (whether or not declared), if any, on the Series A Preferred Stock to, but not including, the redemption date (&#8220;Change of Control Redemption Right&#8221; and, together with the Delisting Event Redemption Right, the &#8220;Special
        Optional Redemption Rights&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">A &#8220;Change of Control&#8221; occurs when, after the Original Issue Date, the following have occurred and are continuing:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(i) the acquisition by any person, including any syndicate or group deemed to be a &#8220;person&#8221; under Section 13(d)(3) of the Exchange Act of beneficial ownership, directly or indirectly, through a
        purchase, merger, conversion or other acquisition transaction or series of purchases, mergers, conversions or other acquisition transactions of shares of stock of the Corporation entitling that person to exercise more than 50% of the total voting
        power of all outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire,
        whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii) following the closing of any transaction referred to in (i) above, neither the Corporation nor the acquiring or surviving entity, or a parent of the Corporation or the acquiring or surviving
        entity, has a class of common equity securities listed on Nasdaq, the NYSE or the NYSE American.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c) Notice of redemption pursuant to this Section 6 shall be mailed by the Corporation, postage prepaid, as of a date set by the Corporation not fewer than 30 nor more than 60 days prior to such
        redemption date, addressed to the holders of record of the Series A Preferred Stock at their respective addresses as they appear on the stock transfer records of the Corporation. Failure to give such notice or any defect thereto or in the mailing
        thereof shall not affect the sufficiency of notice or validity of the proceedings for such redemption of any shares of Series A Preferred Stock except as to a holder to whom notice was defective or not given. A redemption notice which has been
        mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or not such holder received such redemption notice. In addition to any information required by law or the applicable rules of any
        exchange upon which Series A Preferred Stock may be listed or admitted to trading, each notice shall state (i) the redemption date; (ii) the redemption price; (iii) the total number of shares of Series A Preferred Stock to be redeemed; (iv) the
        place or places where such shares of Series A Preferred Stock are to be surrendered for payment, together with the certificates, if any, representing such shares (duly endorsed for transfer) and any other documents the Corporation requires in
        connection with such redemption; (v) that the Series A Preferred Stock is being redeemed pursuant to the Delisting Event Redemption Right or the Change of Control Redemption Right, as applicable, in connection with the occurrence of a Delisting
        Event or a Change of Control, as applicable, and a brief description of the transaction or transactions constituting such Delisting Event or Change of Control, as applicable; (vi) that holders of Series A Preferred Stock will not be able to tender
        shares of Series A Preferred Stock for conversion in connection with a Change of Control during a continuing Delisting Event, as contemplated by Section 8 hereto, and each share of Series A Preferred Stock tendered for conversion that is selected,
        prior to the Change of Control Conversion Date for redemption will be redeemed on the related redemption date instead of converted on the Change of Control Conversion Date; and (vii) that dividends on the shares of Series A Preferred Stock to be
        redeemed will cease to accrue on such redemption date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(d) In addition, upon the occurrence of a Delisting Event, the dividend rate specified in Section 3(a) hereof shall be increased on the day after the occurrence of the Delisting Event by 2.00% per
        annum to the rate of 9.375% of the $25.00 liquidation preference per share per annum (equivalent to $2.34375 per annum per share) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the dividend rate shall
        revert to the rate specified in Section 3(a) hereof.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
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      </div>
      <div style="text-align: justify;">Section 7. <u>Additional Provisions Relating to Optional Redemption and Special Optional Redemption by the Corporation</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) If (i) notice of redemption of any shares of Series A Preferred Stock has been given, (ii) the funds necessary for such redemption have been set apart by the Corporation in trust for the
        benefit of the holders of any Series A Preferred Stock so called for redemption and (iii) irrevocable instructions have been given to pay the redemption price of $25.00 per share, plus (subject to Section 7(b) hereof) an amount equal to all
        dividends accrued and unpaid (whether or not declared) to, but not including, the applicable redemption date, then from and after such redemption date, dividends shall cease to accrue on such shares of Series A Preferred Stock, such shares of
        Series A Preferred Stock shall no longer be outstanding, such shares of Series A Preferred Stock shall not be transferred except with the consent of the Corporation and all other rights of the holders of such shares will terminate, except the right
        to receive the redemption price of $25.00 per share, plus (subject to Section 7(b) hereof) an amount equal to any dividends accrued and unpaid (whether or not declared) payable upon such redemption, without interest.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) If a redemption date falls after a Series A Record Date and on or prior to the corresponding Series A Payment Date, each holder of shares of Series A Preferred Stock on the Series A Record Date
        shall be entitled to the dividend payable on such shares on the corresponding Series A Payment Date, notwithstanding such redemption of such shares on or prior to the Series A Payment Date, but no additional amount for accrued and unpaid dividends,
        if any, to, but not including the redemption date, will be included in the redemption price for each share of Series A Preferred Stock to be redeemed.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c) For purposes of clause (a)(ii) above, funds shall be deposited in trust with a bank or trust corporation and such deposit shall be irrevocable except that any balance of monies so deposited by
        the Corporation and unclaimed by the holders of Series A Preferred Stock entitled thereto at the expiration of two years from the applicable redemption dates shall be repaid, together with any interest or other earnings thereon, to the Corporation,
        and after any such repayment, the holders of the shares entitled to the funds so repaid to the Corporation shall look only to the Corporation for payment without interest or other earnings.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 8. <u>Conversion Right</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) Subject to Section 8(j), upon the occurrence of a Change of Control during a continuing Delisting Event, each holder of shares of Series A Preferred Stock shall have the right, unless, prior to
        the Change of Control Conversion Date the Corporation has provided or provides notice of its election to redeem such shares of Series A Preferred Stock pursuant to the Optional Redemption Right or Special Optional Redemption Rights, to convert some
        or all of such shares of Series A Preferred Stock held by such holder (the &#8220;Change of Control Conversion Right&#8221;) on the Change of Control Conversion Date into a number of shares of Common Stock per share of Series A Preferred Stock to be converted
        (the &#8220;Common Stock Conversion Consideration&#8221;), which is equal to the lesser of (A) the quotient obtained by dividing (i) the sum of $25.00 plus an amount equal to all dividends accrued and unpaid (whether or not declared) on the Series A Preferred
        Stock to, but not including, the Change of Control Conversion Date (unless such Change of Control Conversion Date is after a Series A Record Date and prior to the corresponding Series A Payment Date, in which case no additional amount for accrued
        and unpaid dividends that have been declared and are to be paid on the Series A Payment Date will be included in such sum), by (ii) the Common Stock Price and (B) 1.9194 (as adjusted pursuant to the immediately succeeding paragraph, the &#8220;Share
        Cap&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Share Cap is subject to <font style="font-style: italic;">pro rata</font> adjustments for any stock splits (including those effected pursuant to a Common Stock dividend), subdivisions or
        combinations (in each case, a &#8220;Stock Split&#8221;) with respect to the Common Stock as follows: the adjusted Share Cap as the result of a Stock Split shall be the number of shares of Common Stock that is equivalent to the product of (i) the Share Cap in
        effect immediately prior to the Stock Split, multiplied by (ii) a fraction, the numerator of which is the number of shares of Common Stock outstanding after giving effect to the Stock Split and the denominator of which is the number of shares of
        Common Stock outstanding immediately prior to such Stock Split.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">In the case of a Change of Control during a continuing Delisting Event, pursuant to or in connection with which shares of Common Stock shall be converted into cash, securities or other property or
        assets (including any combination thereof) (the &#8220;Alternative Form Consideration&#8221;), a holder of shares of Series A Preferred Stock shall receive upon conversion of such shares of Series A Preferred Stock (subject to the next-following paragraph) the
        kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of Common Stock equal to the Common Stock Conversion Consideration immediately prior to the
        effective time of the Change of Control (the &#8220;Alternative Conversion Consideration&#8221; and, together with the Common Stock Conversion Consideration, the &#8220;Conversion Consideration&#8221;).</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">In the event that holders of Common Stock have the opportunity to elect the form of consideration to be received in connection with the Change of Control during a continuing Delisting Event, the
        Conversion Consideration that holders of Series A Preferred Stock shall receive shall be the form of consideration elected by the holders of a plurality of the shares of Common Stock held by stockholders who participate in the election and shall be
        subject to any limitations to which all holders of shares of Common Stock are subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in connection with the Change of Control during a
        continuing Delisting Event.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The &#8220;Change of Control Conversion Date&#8221; with respect to any Change of Control shall be a Business Day fixed by the Board of Directors that is not fewer than 20 days and not more than 35 days after
        the date on which the Corporation provides notice of the Change of Control pursuant to Section 8(d).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The &#8220;Common Stock Price&#8221; for any Change of Control shall be (i) if the consideration to be received in such Change of Control during a continuing Delisting Event by holders of Common Stock is
        solely cash, the amount of cash consideration per share of Common Stock, or (ii) if the consideration to be received in such Change of Control during a continuing Delisting Event by holders of Common Stock is other than solely cash, the Non-Traded
        Common Stock Price, if the Common Stock is not listed on a national securities exchange on the Change of Control Conversion Date or the Traded Common Stock Price, if the Common Stock is listed on a national securities exchange on the Change of
        Control Conversion Date. The &#8220;Non-Traded Common Stock Price&#8221; shall be the estimated net asset value per share of Common Stock as most recently determined by the Board of Directors prior to the effective date of the Change of Control. The &#8220;Traded
        Common Stock Price&#8221; shall be the average of the closing prices per share of Common Stock on Nasdaq, the NYSE or the NYSE American (or any other national securities exchange on which Common Stock is then listed) for the ten consecutive trading days
        immediately preceding, but not including, the effective date of the Change of Control, or, if the Common Stock has been listed for less than ten trading days immediately preceding the effective date of the Change of Control during a continuing
        Delisting Event, the number of consecutive trading days immediately preceding such effective date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) No fractional shares of Common Stock shall be issued upon the conversion of the Series A Preferred Stock. In lieu of fractional shares, holders shall be entitled to receive the cash value of
        the fractional shares based on the Common Stock Price.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c) If a Change of Control Conversion Date falls after a Series A Record Date and on or prior to the corresponding Series A Payment Date, each holder of shares of Series A Preferred Stock at the
        close of business on the Series A Record Date shall be entitled to the dividend payable on such shares on the corresponding Series A Payment Date, notwithstanding the conversion of such shares on or prior to the Series A Payment Date, but no
        additional amount for accrued and unpaid dividends, if any, to, but not including the Change of Control Conversion Date, will be included in the determination of the Common Stock Conversion Consideration for the shares of Series A Preferred Stock
        to be converted.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d) Within 15 days following the occurrence of a Change of Control during a continuing Delisting Event, unless the Corporation has provided notice of its election to redeem the Series A Preferred
        Stock pursuant to the Optional Redemption Right or Special Optional Redemption Rights, a notice of occurrence of the Delisting Event and the Change of Control describing the resulting Change of Control Conversion Right shall be delivered to the
        holders of record of the outstanding shares of Series A Preferred Stock at their addresses as they appear on the Corporation&#8217;s stock transfer records. No failure to give the notice or any defect thereto or in the mailing thereof shall affect the
        validity of the proceedings for the conversion of any share of Series A Preferred Stock except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the events constituting the Change of Control during a
        continuing Delisting Event; (ii) the date of the Change of Control during a continuing Delisting Event; (iii) the last date on which the holders of Series A Preferred Stock may exercise their Change of Control Conversion Right; (iv) the method and
        period for calculating the Common Stock Price; (v) the Change of Control Conversion Date; (vi) that if, prior to the applicable Change of Control Conversion Date, the Corporation provides notice of its election to redeem all or any portion of the
        Series A Preferred Stock, the holders of Series A Preferred Stock will not be able to convert such shares of Series A Preferred Stock called for redemption and such shares of Series A Preferred Stock shall be redeemed on the related redemption
        date, even if they have already been tendered for conversion pursuant to the Change of Control Conversion Right; (vii) if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series A
        Preferred Stock; (viii) the name and address of the paying agent and the conversion agent (the &#8220;Conversion Agent&#8221;); and (ix) the procedures that holders of Series A Preferred Stock must follow to exercise the Change of Control Conversion Right.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e) The Corporation shall issue a press release for publication on the Dow Jones &amp; Company, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if such organizations are not in
        existence at the time of issuance of such press release, another news or press organization as is reasonably calculated to broadly disseminate the relevant information to the public) containing the information stated in the notice, and post the
        notice on the Corporation&#8217;s website, in any event prior to the opening of business on the first Business Day following any date on which the Corporation provides notice pursuant to Section 8(d) above to the holders of record of the Series A
        Preferred Stock.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(f) In order to exercise the Change of Control Conversion Right, a holder of record of shares of Series A Preferred Stock shall be required to deliver, on or before the close of business on the
        Change of Control Conversion Date, the certificates, if any, representing any certificated shares of Series A Preferred Stock to be converted, duly endorsed for transfer, together with a completed written conversion notice and any other documents
        the Corporation reasonably requires in connection with the conversion, to the Conversion Agent. Such notice shall state: (i) the relevant Change of Control Conversion Date; and (ii) the number of shares of Series A Preferred Stock to be converted.
        Notwithstanding the foregoing, if such shares of Series A Preferred Stock are held in global form, such notice shall instead comply with applicable procedures of The Depository Trust Company (&#8220;DTC&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(g) Holders of the Series A Preferred Stock may withdraw any notice of exercise of a Change of Control Conversion Right (in whole or in part) by a written notice of withdrawal delivered to the
        Conversion Agent prior to the close of business on the Business Day prior to the Change of Control Conversion Date. The notice of withdrawal must state: (i) the number of withdrawn shares of Series A Preferred Stock; (ii) if certificated shares of
        Series A Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of the withdrawn certificated shares of Series A Preferred Stock; and (iii) the number of shares of Series A Preferred Stock, if any, which remain
        subject to the conversion notice. Notwithstanding the foregoing, if such shares of Series A Preferred Stock are held in global form, the notice of withdrawal shall instead comply with applicable procedures of DTC.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(h) Shares of Series A Preferred Stock as to which the Change of Control Conversion Right has been properly exercised and for which the conversion notice has not been properly withdrawn shall be
        converted into the applicable Conversion Consideration on the applicable Change of Control Conversion Date unless, prior thereto, the Corporation provides notice of its election to redeem such shares of Series A Preferred Stock, whether pursuant to
        its Optional Redemption Right or Special Optional Redemption Rights.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(i) The Corporation shall deliver the applicable Conversion Consideration no later than the fifth Business Day following the Change of Control Conversion Date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(j) Notwithstanding anything to the contrary in this Section 8, no holder of Series A Preferred Stock will be entitled to exercise a Change of Control Conversion Right or convert any shares of
        Series A Preferred Stock into shares of Common Stock to the extent that receipt of shares of Common Stock upon the conversion of such shares of Series A Preferred Stock in accordance with this Section 8 would cause such person or any other person
        to violate Section 6.5 of Article 6 of the Charter.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(k) In connection with the exercise of any Change of Control Conversion Right, the Corporation shall comply with all U.S. federal and state securities laws and stock exchange rules in connection
        with any conversion of shares of Series A Preferred Stock into Conversion Consideration.</div>
      <div><br>
      </div>
      <div>Section 9. <u>Voting Rights</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(a) Holders of the Series A Preferred Stock shall not have any voting rights except as set forth in this Section 9.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(b) Whenever dividends on any outstanding shares of Series A Preferred Stock shall have not been paid for six or more Series A Dividend Periods (whether or not such dividends have been authorized
        or declared or the Series A Dividend Periods are consecutive) (a &#8220;Preferred Dividend Default&#8221;), the holders of Series A Preferred Stock (and all other classes and series of preferred stock of the Corporation ranking on parity with the Series A
        Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding up and upon which like voting rights have been conferred and are exercisable and with which such holders
        of Series A Preferred Stock are entitled to vote together as a single class (the &#8220;Parity Preferred&#8221;)) will have the exclusive power, voting together as a single class, to elect two additional directors (the &#8220;Preferred Directors&#8221;), at each annual
        meeting of the Corporation&#8217;s stockholders and at any special meeting of the Corporation&#8217;s stockholders called for the purpose of electing Preferred Directors (pursuant to Section 9(d) hereof or otherwise), until all dividends accrued and unpaid on
        outstanding shares of Series A Preferred Stock for all past Series A Dividend Periods and the then-current Series A Dividend Period have been fully paid. Unless the number of the Corporation&#8217;s directors has previously been increased pursuant to the
        terms of any other class or series of Parity Preferred with which such holders of Series A Preferred Stock are entitled to vote together as a single class in the election of Preferred Directors, the number of the Corporation&#8217;s directors shall
        automatically increase by two at such time as holders of Series A Preferred Stock become entitled to vote in the election of the Preferred Directors. Unless shares of Parity Preferred remain outstanding and entitled to vote in the election of
        Preferred Directors, the term of office of each Preferred Director will terminate, and the number of the Corporation&#8217;s directors shall automatically decrease by two, when all accrued and unpaid dividends for all past Series A Dividend Periods and
        the then-current Series A Dividend Period have been fully paid. If the right of holders of Series A Preferred Stock to elect the Preferred Directors terminates after the record date for determining holders of shares of Series A Preferred Stock
        entitled to vote in any election of Preferred Directors but before the closing of the polls in such election, holders of shares of Series A Preferred Stock outstanding as of the applicable record date shall not be entitled to vote in the election
        of any Preferred Directors. The right of holders of Series A Preferred Stock to elect the Preferred Directors shall again vest if and whenever dividends are in arrears for six Series A Dividend Periods, as described above. In no event shall holders
        of Series A Preferred Stock be entitled to nominate or elect an individual as a Preferred Director, and no individual shall be qualified to be nominated for election or to serve as a Preferred Director, if the individual&#8217;s service as a Preferred
        Director would cause the Corporation to fail to satisfy a requirement relating to director independence or diversity of any national securities exchange on which any class or series of Shares is listed or state law, or otherwise conflict with the
        Charter or the Corporation&#8217;s bylaws.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(c) The Preferred Directors shall be elected by a plurality of the votes cast in the election of such directors, and each Preferred Director will serve until the next annual meeting of the
        Corporation&#8217;s stockholders and until his or her successor is duly elected and qualifies, or until such director&#8217;s term of office terminates as set forth in Section 9(b). Any director elected by holders of Series A Preferred Stock and any Parity
        Preferred, voting together as a single class, may be removed, with or without cause, only by a vote of holders of a majority of the outstanding shares of Series A Preferred Stock and Parity Preferred with which holders of Series A Preferred Stock
        are entitled to vote together as a single class in the election of Preferred Directors. At any time that holders of Series A Preferred Stock are entitled to vote in the election of the Preferred Directors, such holders shall be entitled to vote in
        the election of a successor to fill any vacancy on the Board of Directors that results from the removal of a Preferred Director.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(d) At any time that holders of the Series A Preferred Stock have the right to elect Preferred Directors as described in Section 9(b) hereof but these directors have not been elected, the
        Corporation&#8217;s secretary must call a special meeting of stockholders for the purpose of electing the Preferred Directors upon the written request of the holders of record of 10% of the outstanding shares of Series A Preferred Stock and any class or
        series of Parity Preferred with which holders of Series A Preferred Stock are entitled to vote together as a single class with respect to the election of Preferred Directors, unless the request is received more than 45 days and less than 90 days
        before the date fixed for the next annual meeting of the Corporation&#8217;s stockholders at which such vote would otherwise occur, in which case, the Preferred Directors may be elected at either such annual meeting or at a separate special meeting of
        the Corporation&#8217;s stockholders at the Corporation&#8217;s discretion.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">(e) So long as any shares of Series A Preferred Stock are outstanding, the approval of holders of at least two-thirds of the outstanding shares of Series A Preferred Stock and any equally-affected
        class or series of Parity Preferred with which holders of Series A Preferred Stock are entitled to vote together as a single class, voting together as a single class, shall be required to authorize (i) any amendment, alteration, repeal or other
        change to any provision of the Charter, including the terms of the Series A Preferred Stock (whether by merger, conversion, consolidation, transfer or conveyance of all or substantially all of the Corporation&#8217;s assets or otherwise), that would
        materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock or (ii) the creation, issuance or increase in the authorized number of shares of any class or series of stock ranking senior to the
        Series A Preferred Stock (or any equity securities convertible into or exchangeable for any such shares, but not including debt securities convertible into or exchangeable for any such shares prior to the time of conversion) with respect to
        dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding up.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(f) The following actions shall not be deemed to materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(i) any increase or decrease in the number of authorized Shares of any class or series, any increase in the number of authorized shares of Series A Preferred Stock or the classification or
        reclassification of any unissued Shares, or the creation or issuance of equity securities, of any class or series ranking, junior or on parity with the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s
        voluntary or involuntary liquidation, dissolution or winding up, <u>provided</u> that such action does not decrease the number of authorized shares of Common Stock below the number (after giving effect to all other outstanding shares capital
        stock) necessary to permit the Series A Preferred Stock to be converted in full in accordance with the terms hereof; or</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(ii) any amendment, alteration, or repeal or other change to any provisions of the Charter, including the terms of the Series A Preferred Stock, as a result of a merger, conversion, consolidation,
        transfer or conveyance of all or substantially all of the Corporation&#8217;s assets or other business combination (an &#8220;Event&#8221;), (x) if the Series A Preferred Stock (or securities of any successor person or entity to the Corporation into which the Series
        A Preferred Stock has been converted) remains outstanding with the terms thereof unchanged in all material respects or the holders of shares of Series A Preferred Stock receive securities of a successor person or entity with substantially identical
        rights as those of Series A Preferred Stock, taking into account that, upon the occurrence of an Event, the Corporation may not be the surviving entity, or (y) if holders of Series A Preferred Stock shall receive the $25.00 liquidation preference
        per share of Series A Preferred Stock, plus an amount equal to all accrued and unpaid dividends to, but not including, the date of such Event (other than any declared dividends having a Series A Record Date before the date of such Event and a
        Series A Payment Date after the date of such Event, which shall be paid as provided in Section 3 above), pursuant to the occurrence of any Event.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(g) Notwithstanding the foregoing, holders of any Parity Preferred shall not be entitled to vote together as a single class with holders of Series A Preferred Stock on any amendment, alteration,
        repeal or other change to any provision of the Charter, including the terms of the Series A Preferred Stock, unless such action affects holders of Series A Preferred Stock and such Parity Preferred equally. On any matter in which the Series A
        Preferred Stock may vote, each share of Series A Preferred Stock shall entitle the holder thereof to cast one vote, except that, in class votes, or in determining the percentage of outstanding shares, when voting together as a single class, with
        shares of one or more class or series of Parity Preferred, shares of different classes and series shall vote, or such determination shall be made, in proportion to the liquidation preference of such shares. The holders of Series A Preferred Stock
        shall have the exclusive voting rights on any Charter amendment that would alter the contract rights, as expressly set forth in the Charter, of only the Series A Preferred Stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">(h) The foregoing voting provisions of this Section 9 shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all
        outstanding shares of Series A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds, in cash, shall have been deposited in trust to effect such redemption, in each case, in accordance with the
        provisions hereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">(i) Except as expressly stated herein, the Series A Preferred Stock shall not have any relative, participating, optional or other special voting rights and powers and the consent of the holders
        thereof shall not be required for the taking of any corporate action, including, without limitation, any merger, conversion or consolidation of the Corporation or a sale of all or substantially all of the assets of the Corporation, irrespective of
        the effect that such merger, conversion or consolidation or sale may have upon the rights, preferences, privileges or voting power of holders of Series A Preferred Stock.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div>Section 10. <u>Information Rights</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">During any period in which the Corporation is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act and any shares of Series A Preferred Stock are outstanding, the
        Corporation will (i) transmit by mail or other permissible means under the Exchange Act to all holders of Series A Preferred Stock, as their names and addresses appear in the Corporation&#8217;s record books and without cost to such holders, copies of
        the annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K that the Corporation would have been required to file with the Securities and Exchange Commission (the &#8220;Commission&#8221;), pursuant to Section 13 or Section
        15(d) of the Exchange Act if the Corporation were subject thereto (other than any exhibits that would have been required) within 15 days after the respective dates by which the Corporation would have been required to file these reports with the
        Commission if it were subject to Section 13 or 15(d) of the Exchange Act and (ii) within 15 days following written request, supply copies of these reports to any prospective holder of Series A Preferred Stock.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;">Section 11. <u>Conversion</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Series A Preferred Stock shall not be convertible into any other property or securities of the Corporation or any other entity, except in accordance with Section 8 hereof and Article 6 of the
        Charter.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;">Section 12. <u>Ranking</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">In respect of rights to the payment of dividends and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
        Corporation, the Series A Preferred Stock shall rank (i) senior to the Common Stock, the Corporation&#8217;s Class S common stock, par value $0.001 per share, and to all other equity securities issued by the Corporation, the terms of which expressly
        provide that such securities rank junior to the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up; (ii) on parity with all equity securities
        issued by the Corporation, the terms of which expressly provide that such securities rank on parity with the Series A Preferred Stock with respect to dividend rights and rights upon the Corporation&#8217;s voluntary or involuntary liquidation,
        dissolution or winding-up; and (iii) junior to all equity securities issued by the Corporation, the terms of which expressly provide that such securities rank senior to the Series A Preferred Stock with respect to dividend rights and rights upon
        the Corporation&#8217;s voluntary or involuntary liquidation, dissolution or winding-up. All the Series A Preferred Stock shall rank equally with one another and shall be identical in all respects.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 13. <u>Restrictions on Transfer and Ownership of Stock of the Series A Preferred Stock</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Series A Preferred Stock is subject to the terms and conditions (including any applicable exceptions and exemptions) of Article 6 of the Charter.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 14. <u>Status of Acquired Shares of Series A Preferred Stock</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">All shares of Series A Preferred Stock which shall have been issued and reacquired in any manner by the Corporation shall be returned to the status of authorized but unissued preferred stock, and
        may thereafter be classified, reclassified or issued as any series or class of preferred stock.</div>
      <div>&#160;</div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 15. <u>Record Holders</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Corporation may deem and treat the record holder of any share of Series A Preferred Stock as the true and lawful owner thereof for all purposes, and the Corporation shall not be affected by any
        notice to the contrary. Except as may be otherwise provided by the Board of Directors (and except in connection with a global certificate held by a securities depositary), holders of Series A Preferred Stock are not entitled to certificates
        representing the Series A Preferred Stock held by them.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 16. <u>Sinking Fund</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Series A Preferred Stock shall not be entitled to the benefits of any retirement or sinking fund.</div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 17. <u>Physical Certificate Request</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Shares of Series A Preferred Stock shall be eligible for the Direct Registration System service offered by DTC and may be represented in the form of uncertificated or certificated shares, provided,
        however, that any holder of certificated shares of Series A Preferred Stock and, upon request, every holder of uncertificated shares of Series A Preferred Stock, shall be entitled to have a certificate for shares of Series A Preferred Stock signed
        by, or in the name of, the Corporation certifying the number of shares owned by such holder.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 18. <u>Exclusion of Other Rights</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Series A Preferred Stock shall not have any preferences or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions
        of redemption other than expressly set forth in the Charter, including the terms of the Series A Preferred Stock.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 19. <u>Headings of Subdivisions</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the interpretation of any of the provisions hereof.</div>
      <div><br>
      </div>
      <div style="text-indent: -72pt; margin-left: 72pt;">Section 20. <u>Severability of Provisions</u>.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">If any preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the Series A
        Preferred Stock set forth in the Charter, including the terms of the Series A Preferred Stock, are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences, conversion or other rights,
        voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the Series A Preferred Stock set forth in the Charter (including the terms of the Series A Preferred Stock) which can be given
        effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect and no preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other
        distributions, qualifications or terms or conditions of redemption of the Series A Preferred Stock herein set forth shall be deemed dependent upon any other provision thereof unless so expressed therein.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">SECOND: The Series A Preferred Stock has been classified and designated by the Board of Directors under the authority contained in the Charter. These Articles Supplementary have been approved by
        the Board of Directors in the manner and by the vote required by law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">THIRD: The undersigned acknowledges the foregoing Articles Supplementary to be the duly authorized corporate act of the Corporation and, as to all matters or facts required to be verified under
        oath, hereby acknowledges to the best of his knowledge, information and belief that these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.</div>
      <div><br>
      </div>
      <div style="text-align: center;">[Remainder of page intentionally left blank. Signature page follows.]</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its President and attested to by its Secretary on this 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of September, 2021.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="zbed579e8099648e7932d70dac6685eb5" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">ATTEST:</div>
            </td>
            <td style="width: 7%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div style="color: rgb(0, 0, 0);">MODIV&#160; INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ RAYMOND J. PACINI</div>
            </td>
            <td style="width: 7%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ AARON S. HALFACRE</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 38%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Raymond J. Pacini</div>
            </td>
            <td style="width: 7%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Aaron S. Halfacre</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 38%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Executive Vice President, Chief Financial Officer, Secretary and Treasurer</div>
            </td>
            <td style="width: 7%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 45%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Chief Executive Officer and President</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>brhc10029036_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <div style="text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><u><font style="font-weight: bold;">Exhibit 10.1</font></u></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font>
    <div style="text-align: right;">
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">FIRST AMENDMENT</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TO</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">THIRD AMENDED AND RESTATED</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">LIMITED PARTNERSHIP AGREEMENT</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OF</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MODIV OPERATING PARTNERSHIP, LP</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">Dated as of September 15, 2021</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF MODIV OPERATING PARTNERSHIP, LP (this &#8220;<font style="font-weight: bold;">Amendment</font>&#8221;), dated as of September 15, 2021, is entered into by MODIV INC., a Maryland corporation, as general partner (the &#8220;<font style="font-weight: bold;">General Partner</font>&#8221;) of MODIV OPERATING PARTNERSHIP, LP, a Delaware
        limited partnership (the &#8220;<font style="font-weight: bold;">Partnership</font>&#8221;), for itself and on behalf of the Limited Partners of the Partnership.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the Third Amended and Restated Limited Partnership Agreement of the Partnership was entered into effective as of February 1, 2021 (as now or hereafter amended, restated, modified, supplemented or replaced, the &#8220;<font style="font-weight: bold;">Partnership Agreement</font>&#8221;);</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, Section 4.2 of the Partnership Agreement authorizes the General Partner to cause the Partnership to authorize, create, designate and issue additional Partnership Interests in the form of Partnership Units for any
          Partnership purpose at any time or from time to time 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,
          including rights, powers and duties senior to any Common Units, all as shall be determined by the General Partner in its sole and absolute discretion and without notification to or the approval of any Limited Partner, subject to Delaware law;</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the General Partner has authorized the issuance and sale of up to 2,000,000 shares of its 7.375% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the &#8220;<font style="font-weight: bold;">Series
            A Preferred Stock</font>&#8221;), at a gross offering price of $25.00 per share of Series A Preferred Stock and, in connection therewith, the General Partner, pursuant to Section 4.2 of the Partnership Agreement, is contributing the net proceeds of
          such issuance and sale to the Partnership in exchange for, and is causing the Partnership to issue to the General Partner, the Series A Preferred Units (as hereinafter defined); and</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, pursuant to the authority granted to the General Partner pursuant to Section 4.2 and Article 11 of the Partnership Agreement, and as authorized by the unanimous written consent, dated as of August 23, 2021, of the
          Board of Directors of the General Partner, the General Partner desires to amend the Partnership Agreement (i) to set forth the designations, rights, powers, preferences and duties and other terms of the Series A Preferred Units and (ii) to issue
          the Series A Preferred Units to the General Partner.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOW, THEREFORE</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, in consideration of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows:</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; The Partnership Agreement is hereby amended by the
          addition of a new annex thereto, entitled &#8220;Annex A,&#8221; in the form attached hereto as <font style="font-size: 10pt; font-weight: bold;"><u>Annex A</u></font>, which sets forth the designations, allocations, preferences, conversion or other special
          rights, powers and duties of the Series A Preferred Units, which annex shall be attached to and made a part of, and shall be an annex to, the Partnership Agreement.</font></div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; Pursuant to Section 4.2 of the Partnership Agreement,
          effective as of the applicable issuance date of any issuance of shares of Series A Preferred Stock by the General Partner, the Partnership will issue Series A Preferred Units to the General Partner in an amount that will be reflected on Exhibit A
          to the Partnership Agreement, as such Exhibit A may be amended or restated by the General Partner in its sole discretion from time to time to the extent necessary to reflect such issuances, but in no event shall the number of Series A Preferred
          Units issued pursuant to this Amendment exceed 2,000,000 or such greater number of shares of Series A Preferred Stock as may be hereafter authorized for issuance by the General Partner. The Series A Preferred Units have been created and are being
          issued in conjunction with the General Partner&#8217;s issuance and sale of the Series A Preferred Stock, and as such, the Series A Preferred Units are intended to have designations, preferences and other rights and terms that are substantially the
          same as those of the Series A Preferred Stock, all such that the economic interests of the Series A Preferred Units and the Series A Preferred Stock are substantially similar, and the provisions, terms and conditions of this Amendment, including
          without limitation the attached Annex A, shall be interpreted in a fashion consistent with this intent. In return for the issuance to the General Partner of the Series A Preferred Units, the General Partner has contributed to the Partnership the
          net proceeds from its issuance and sale of the Series A Preferred Stock (provided that the General Partner&#8217;s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance (i.e., the net proceeds actually
          contributed, plus any underwriter&#8217;s discount or other expenses incurred, with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership in connection with the issuance and sale of the Series A
          Preferred Stock)).</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; &#160; Article 5, Section 5.1(d) of the Partnership Agreement is
          hereby deleted in its entirety and the following new Section 5.1(d) is inserted in its place:</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;(d) <u>Priority Allocations With Respect to Series A Preferred Units</u>. After giving effect to the allocations set forth in <u>Section 5.1(b)</u>
        and <u>(c)</u> hereof, but before giving effect to the allocations set forth in <u>Section 5.1(a)</u> hereof, Net Operating Income shall be allocated to the General Partner until the aggregate amount of Net Operating Income allocated to the
        General Partner under this <u>Section 5.1(d)</u> for the current and all prior years equals the aggregate amount of the Series A Preferred Return; <font style="font-style: italic;">provided, however</font>, that the General Partner may, in its
        discretion, allocate Net Operating Income based on accrued Series A Preferred Return with respect to the January Series A Preferred Unit Distribution Payment Date if the General Partner sets the Distribution Record Date for such Series A Preferred
        Unit Distribution Payment Date, on or prior to December 31 of the previous year. For purposes of this <u>Section 5.1(d)</u>, &#8220;Net Operating Income&#8221; means the excess, if any, of the Partnership&#8217;s gross income over its expenses (but not taking into
        account depreciation, amortization, or any other noncash expenses of the Partnership), calculated in accordance with the principles of <u>Section 5.1(f)</u> hereof.&#8221;</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; The foregoing recitals are incorporated in and are made a
          part of this Amendment.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; Except as specifically defined herein, all capitalized
          terms shall have the definitions provided in the Partnership Agreement. This Amendment has been authorized by the General Partner pursuant to Article 11 of the Partnership Agreement and does not require execution by any Limited Partner or any
          other Person.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; Except as modified herein, all terms and conditions of the
          Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms.</font></div>
      <div style="text-align: justify; text-indent: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: center;">[SIGNATURE PAGE FOLLOWS]</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: center;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">IN WITNESS WHEREOF</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the undersigned has executed this Amendment as of the date first set forth above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </font></div>
      <table cellspacing="0" cellpadding="0" border="0" id="zbbef8d5905e441788d7c5a39833e2185" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">
              <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">GENERAL PARTNER:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">
              <div style="text-align: left; color: rgb(0, 0, 0);">MODIV INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">/s/ RAYMOND J. PACINI</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Name: Raymond J. Pacini</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</td>
            <td style="width: 47%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Title: Executive Vice President, Chief Financial Officer, Secretary and Treasurer</div>
            </td>
          </tr>

      </table>
      <div><br>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">[Signature Page to First Amendment to Third Amended and Restated Limited Partnership Agreement]</div>
        <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </div>
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>ANNEX A</u></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">DESIGNATION OF THE SERIES A PREFERRED UNITS</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OF</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">MODIV OPERATING PARTNERSHIP, LP</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-size: 10pt;"><u>Designation and
              Number</u></font>. A series of Preferred Units (as defined below) of Modiv Operating Partnership, LP, a Delaware limited partnership (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Partnership</font>&#8221;), designated the &#8220;7.375% Series A
          Cumulative Redeemable Perpetual Preferred Units&#8221; (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Series A Preferred Units</font>&#8221;), is hereby established. The number of authorized Series A Preferred Units shall be 2,000,000.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-size: 10pt;"><u>Defined Terms</u></font>.
          Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Third Amended and Restated Limited Partnership Agreement of Modiv Operating Partnership, LP (as now or hereafter amended, restated,
          modified, supplemented or replaced, the &#8220;<font style="font-size: 10pt; font-weight: bold;">Partnership Agreement</font>&#8221;). The following defined terms used herein shall have the meanings specified below:</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Articles Supplementary</font>&#8221; means the Articles Supplementary of the General Partner filed with the State
        Department of Assessments and Taxation of the State of Maryland on September 15, 2021, designating the terms, rights and preferences of the Series A Preferred Stock.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Base Liquidation Preference</font>&#8221; shall have the meaning provided in Section 6(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8220;Business Day&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shall mean any day other than a Saturday, Sunday or a day on which state or federally chartered banking institutions in New York, New York are not required to be open.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Capital Gains Amount</font>&#8221; shall have the meaning provided in Section 5(g).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Change of Control</font>&#8221; shall have the meaning provided in the Articles Supplementary.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#8220;<font style="font-weight: bold;">Delisting Event</font>&#8221; shall have the meaning provided in the Articles Supplementary.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Distribution Record Date</font>&#8221; shall have the meaning provided in Section 5(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Junior Preferred Units</font>&#8221; shall have the meaning provided in Section 4.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Liquidating Distribution</font>&#8221; shall have the meaning provided in Section 6(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Parity Preferred Units</font>&#8221; shall have the meaning provided in Section 4.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8220;Partnership&#8221;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> shall have the meaning provided in Section 1.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Partnership Agreement</font>&#8221; shall have the meaning provided in Section 2.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Preferred Units</font>&#8221; means all Partnership Units designated as preferred units by the General Partner from time
        to time in accordance with Section 4.2 of the Partnership Agreement.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Redemption Date</font>&#8221; shall have the meaning provided in Section 7(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Senior Preferred Units</font>&#8221; shall have the meaning provided in Section 4.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Series A Preferred Return</font>&#8221; shall have the meaning provided in Section 5(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Series A Preferred Stock</font>&#8221; shall have the meaning provided in the Articles Supplementary.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Series A Preferred Unit Distribution Payment Date</font>&#8221; shall have the meaning provided in Section 5(a).</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">1</font></div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Series A Preferred Units</font>&#8221; shall have the meaning provided in Section 1.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;<font style="font-weight: bold;">Total Distributions</font>&#8221; shall have the meaning provided in Section 5(g).</div>
      <br>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-size: 10pt;"><u>Maturity</u></font>.
          The Series A Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt;"><u>Rank</u></font>.
          In respect of rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the Series A Preferred Units shall rank (a)
          senior to all classes or series of Common Units, the Class P Units, the Class R Units and any class or series of Preferred Units issued by the Partnership, the terms of which expressly provide that such units rank junior to the Series A Preferred
          Units with respect to distribution rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Partnership (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Junior Preferred Units</font>&#8221;); (b) on
          parity with any class or series of Preferred Units issued by the Partnership, the terms of which expressly provide that such units rank on parity with the Series A Preferred Units with respect to distribution rights and rights upon the voluntary
          or involuntary liquidation, dissolution or winding up of the Partnership (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Parity Preferred Units</font>&#8221;); and (c) junior to any class or series of Preferred Units issued by the Partnership,
          the terms of which expressly provide that such units rank senior to the Series A Preferred Units with respect to distribution rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Partnership (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Senior Preferred Units</font>&#8221;). The term &#8220;Preferred Units&#8221; does not include convertible or exchangeable debt securities of the Partnership, including convertible or exchangeable debt securities which
          will rank senior to the Series A Preferred Units prior to the conversion or exchange. The Series A Preferred Units will also rank junior in right or payment to the Partnership&#8217;s existing and future indebtedness. All of the Series A Preferred
          Units shall rank equally with one another and shall be identical in all respects.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt;"><u>Distributions</u></font>.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the preferential rights of holders of
          any class or series of Senior Preferred Units of the Partnership, the holders of Series A Preferred Units shall be entitled to receive, when, as and if authorized by the General Partner and declared by the Partnership, out of assets of the
          Partnership legally available for payment of distributions, cumulative cash distributions in the amount of $1.84375 per unit per year, which is equivalent to the rate of 7.375% of the Base Liquidation Preference (as defined below) per unit per
          year (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Series A Preferred Return</font>&#8221;). The Series A Preferred Return shall accrue and be cumulative from and including the date of original issue of any Series A Preferred Units and shall
          be payable quarterly in arrears, on or about the 15th day of each January, April, July and October of each year (or, if not a Business Day, the next succeeding business day, each a &#8220;<font style="font-size: 10pt; font-weight: bold;">Series A
            Preferred Unit Distribution Payment Date</font>&#8221;) for the period ending on such Series A Preferred Unit Distribution Payment Date, commencing on January 15, 2022. The amount of any distribution payable on the Series A Preferred Units for any
          partial distribution period will be prorated and computed, and for any full distribution period will be computed, on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of the Series
          A Preferred Units as they appear on the records of the Partnership at the close of business on the applicable record date, which shall be the Series A Record Date (as defined in the Articles Supplementary), which is the close of business on the
          date set by the Board of Directors of the General Partner as the record date for the payment of dividends on Series A Preferred Stock (each, a &#8220;<font style="font-size: 10pt; font-weight: bold;">Distribution Record Date</font>&#8221;).</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No distributions on the Series A Preferred Units
          shall be authorized by the General Partner or paid or declared and set apart for payment by the Partnership at such time as the terms and conditions of any agreement of the General Partner or the Partnership, including any agreement relating to
          the indebtedness of any of them, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such
          authorization, payment or setting apart for payment shall be restricted or prohibited by law.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything to the contrary contained
          herein, the Series A Preferred Return will accrue whether or not distributions are authorized by the General Partner or declared by the Partnership. No interest or additional distributions shall be payable in respect of any accrued and unpaid
          Series A Preferred Return.</font></div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">2</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as provided in Section 5(e) below, no
          distributions shall be declared and paid or set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to any Common Units, Class P Units, Class R Units, Parity
          Preferred Units or Junior Preferred Units of the Partnership (other than a distribution paid in units of, or options, warrants or rights to subscribe for or purchase units of, Common Units, Class P Units, Class R Units or Junior Preferred Units)
          for any period, nor shall units of any class or series of Common Units, Class P Units, Class R Units, Parity Preferred Units or Junior Preferred Units be redeemed (or any monies be paid to or made available for a sinking fund for the redemption
          of any such units of the Partnership), purchased or otherwise acquired (except (i) by conversion into or exchange for Common Units, Class P Units, Class R Units or Junior Preferred Units, (ii) for a redemption, purchase or acquisition of Common
          Units made for purposes of and in compliance with requirements of any incentive, benefit or stock purchase plan of the Partnership or any subsidiary thereto, (iii) for the acquisition of units corresponding with the acquisition of shares pursuant
          to the provisions of Section 6.5 of Article 6 of the Articles of Incorporation, and (iv) for purchases or acquisitions pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Units and all holders of
          Parity Preferred Units), unless full cumulative distributions on the Series A Preferred Units for all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is
          set apart for such payment.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(e)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; When cumulative distributions are not paid in full
          (or declared and a sum sufficient for such full payment is not set apart) on the Series A Preferred Units and any Parity Preferred Units, all distributions (other than (i) any acquisition of units corresponding with the acquisition of shares
          pursuant to the provisions of Section 6.5 of Article 6 of the Articles of Incorporation or (ii) a purchase or exchange pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Units and all holders of
          Parity Preferred Units) declared on the Series A Preferred Units and any Parity Preferred Units shall be declared <font style="font-size: 10pt; font-style: italic;">pro rata</font> so that the amount of distributions declared per Series A
          Preferred Unit and such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and such Parity Preferred Units (which shall not include any accrual in respect of unpaid
          distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of
          any distribution payment or payments on Series A Preferred Units which may be in arrears.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(f)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; Holders of Series A Preferred Units shall not be
          entitled to any distribution, whether payable in cash, property or units of the Partnership, in excess of the Series A Preferred Return on the Series A Preferred Units as provided above. Any distribution made on the Series A Preferred Units shall
          first be credited against the earliest accrued but unpaid Series A Preferred Return which remains payable.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(g)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If, for any taxable year, the General Partner
          elects to designate as &#8220;capital gain dividends&#8221; (as defined in Section 857 of the Code) any portion (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Capital Gains Amount</font>&#8221;) of the total distributions not in excess of the General
          Partner&#8217;s earnings and profits (as determined for U.S. federal income tax purposes) paid or made available for such taxable year to holders of all classes and series of the General Partner&#8217;s stock (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Total Distributions</font>&#8221;), then the portion of the Capital Gains Amount that shall be allocable to holders of Series A Preferred Units shall be in the same proportion that the Total Distributions paid or made available to the holders
          of Series A Preferred Units for such taxable year bears to the Total Distributions for such taxable year made with respect to all classes or series of Partnership Units outstanding.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 10pt;"><u>Liquidation
              Preference</u></font>.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon any voluntary or involuntary liquidation,
          dissolution or winding up of the affairs of the Partnership, after payment of or provision for the Partnership&#8217;s debts and liabilities and any other class or series of equity securities of the Partnership ranking, with respect to rights upon the
          Partnership&#8217;s voluntary or involuntary liquidation, dissolution or winding up, senior to the Series A Preferred Units and before any distribution or payment shall be made to the holders of any Common Units, Class P Units, Class R Units or Junior
          Preferred Units, the holders of the Series A Preferred Units then outstanding shall be entitled to be paid out of the assets of the Partnership legally available for distribution to its Partners a liquidation preference in cash of $25.00 per
          Series A Preferred Unit (the &#8220;<font style="font-size: 10pt; font-weight: bold;">Base Liquidation Preference</font>&#8221;), plus an amount equal to any accrued and unpaid Series A Preferred Return to, but not including, the date of payment (together
          with the Base Liquidation Preference, the &#8220;<font style="font-size: 10pt; font-weight: bold;">Liquidating Distribution</font>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0, 0, 0);" id="DSPFPageNumber">3</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; &#160; &#160; If upon any such voluntary or involuntary
          liquidation, dissolution or winding up of the Partnership, the available assets of the Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series A Preferred Units and the corresponding amounts
          payable on all outstanding Parity Preferred Units, then the holders of Series A Preferred Units and Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full Liquidating Distributions to which they
          would otherwise be respectively entitled.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; After payment of the full amount of the Liquidating
          Distributions to which they are entitled, holders of Series A Preferred Units will have no right or claim to any of the remaining assets of the Partnership.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; For the avoidance of doubt, the consolidation,
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      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Notwithstanding anything to the contrary contained
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      <div style="text-align: justify; text-indent: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything to the contrary contained
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:title="label: EntityFileNumber to dei_EntityFileNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="dei_CurrentFiscalYearEndDate_lbl">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:title="label: CurrentFiscalYearEndDate to dei_CurrentFiscalYearEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityExTransitionPeriod" xlink:label="EntityExTransitionPeriod" xlink:title="EntityExTransitionPeriod" />
    <link:label xlink:type="resource" xlink:label="dei_EntityExTransitionPeriod_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US" id="dei_EntityExTransitionPeriod_lbl">Entity Ex Transition Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:title="label: EntityExTransitionPeriod to dei_EntityExTransitionPeriod_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" id="dei_EntityAddressStateOrProvince_lbl">Entity Address, State or Province</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" id="dei_EntityAddressPostalZipCode_lbl">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber_lbl" xml:lang="en-US" id="dei_LocalPhoneNumber_lbl">Local Phone Number</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US" id="dei_NoTradingSymbolFlag_lbl">No Trading Symbol Flag</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>cik0001645873-20210914_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
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<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm139967863824776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 14, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 14,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Modiv Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-55776<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-4156046<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">120 Newport Center Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Newport Beach<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">92660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">888<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">686-6348<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001645873<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.375% Series A CumulativeRedeemable Perpetual Preferred Stock, $0.001 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MDVA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
