<SEC-DOCUMENT>0001571049-16-018610.txt : 20161003
<SEC-HEADER>0001571049-16-018610.hdr.sgml : 20161003
<ACCEPTANCE-DATETIME>20161003165301
ACCESSION NUMBER:		0001571049-16-018610
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20161003
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161003
DATE AS OF CHANGE:		20161003

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Ajax Corp.
		CENTRAL INDEX KEY:			0001614806
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				465211780
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36844
		FILM NUMBER:		161916266

	BUSINESS ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
		BUSINESS PHONE:		503-295-5800

	MAIL ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>t1602338_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT PURSUANT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="width: 34%; text-align: center"><B>001 36844</B></TD>
    <TD STYLE="width: 33%; text-align: center"><B>47 1271842</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of<BR>
 incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9400 SW Beaverton&mdash;Hillsdale Hwy</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 131</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beaverton, OR 97005</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(503) 505 5670</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01. Entry into a Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">On October 3, 2016, Great Ajax Corp., a Maryland corporation
(the &ldquo;Company&rdquo;), entered into separate At-the-Market Issuance Sales Agreements (collectively, the &ldquo;Agreements&rdquo;)
with each of FBR Capital Markets &amp; Co., JMP Securities LLC and Raymond James &amp; Associates, Inc., as the Company&rsquo;s
sales agents (the &ldquo;Agents&rdquo;). Pursuant to the terms of the Agreements, the Company may sell from time to time through
the Agents shares of the Company&rsquo;s common stock having an aggregate offering price of up to $50 million (the &ldquo;Shares&rdquo;).
Any Shares will be issued pursuant to the Company&rsquo;s shelf registration statement on Form S-3 (Registration No. 333-209513).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Sales of the Shares, if any, will be made by means of ordinary
brokers&rsquo; transactions on the New York Stock Exchange at market prices or as otherwise agreed by the Company and the Agents.
Under the terms of the Agreements, the Company may also sell the Shares from time to time to an Agent as principal for its own
account at a price to be agreed upon at the time of sale. Any sale of the Shares to an Agent as principal would be pursuant to
the terms of a separate terms agreement between the Company and the applicable Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Agreements in this report does
not purport to be complete and is qualified by reference to the full text of the Agreements, which are filed as Exhibit 1.1 and
Exhibit 1.2 hereto. The legal opinion and consent relating to the Shares are included as Exhibits 5.1 and 23.1, respectively, hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Exhibits.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><B>Exhibit</B></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 84%; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and FBR Capital Markets &amp; Co. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and JMP Securities LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and Raymond James &amp; Associates, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Opinion of Morrison &amp; Foerster LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Tax Opinion of Morrison &amp; Foerster LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Consent of Morrison &amp; Foerster LLP (Included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Consent of Morrison &amp; Foerster LLP (Included in Exhibit 8.1)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-indent: 0in; font-size: 12pt">GREAT AJAX CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 7%; font-weight: bold; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 43%; font-weight: bold; text-indent: 0in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt">/s/ Mary Doyle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">Name:</TD>
    <TD STYLE="font-size: 12pt">Mary Doyle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">Title:</TD>
    <TD STYLE="font-size: 12pt">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-size: 12pt"><B>Exhibit</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 84%; font-size: 12pt"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and FBR Capital Markets &amp; Co. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and JMP Securities LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">1.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">At-the-Market Issuance Sales Agreement, dated October 3, 2016, by and between the Company and Raymond James &amp; Associates, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Opinion of Morrison &amp; Foerster LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Tax Opinion of Morrison &amp; Foerster LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Consent of Morrison &amp; Foerster LLP (Included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 12pt">Consent of Morrison &amp; Foerster LLP (Included in Exhibit 8.1)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<FILENAME>t1602338_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Great
Ajax Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock<BR>
(par value $0.01 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>At-the-Market Issuance Sales Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">FBR Capital Markets &amp; Co.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">1300 17<SUP>th</SUP> Street North</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">14<SUP>th</SUP> Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Arlington, VA 22207</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Great Ajax
Corp., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), Great Ajax Operating Partnership LP, a Delaware limited partnership
(the &ldquo;<U>Operating Partnership&rdquo;</U><FONT STYLE="font-size: 11pt">)</FONT>, and Thetis Asset Management LLC, a Delaware
limited liability company (the &ldquo;<U>Manager</U>&rdquo;), each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;),
with FBR Capital Markets &amp; Co. (the &ldquo;<U>Agent</U>&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
and Sale of Shares</U>.&nbsp;&nbsp;The Company agrees that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares (the
&ldquo;<U>Placement Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;),<I>
provided however, </I>that in no event shall the Company issue or sell through the Agent such number or dollar amount of Placement
Shares that (a) exceeds the number or dollar amount of shares of Common Stock registered on the effective Registration Statement
(as defined below) pursuant to which the offering is being made, or (b) exceeds the number of authorized but unissued shares of
Common Stock (the lesser of (a) and (b), the &ldquo;<U>Maximum Amount</U>&rdquo;).&nbsp;&nbsp;Notwithstanding anything to the contrary
contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section 1</U> on the number
of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall
have no obligation in connection with such compliance.&nbsp;&nbsp;The issuance and sale of Placement Shares through the Agent will
be effected pursuant to the Registration Statement, although nothing in this Agreement shall be construed as requiring the Company
to use the Registration Statement to issue any Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Operating
Partnership and the Manager have also entered into separate at-the-market issuance sales agreements, of even date herewith (each,
an &ldquo;<U>Alternative Sales Agreement</U>&rdquo;), pursuant to which the Company may, from time to time during the term of such
Alternative Sales Agreements, issue and sell through or to JMP Securities LLC and Raymond James &amp; Associates, Inc. (each, an
&ldquo;<U>Alternative Agent</U>&rdquo;), as sales agent and/or principal, shares of Common Stock.&nbsp;&nbsp;The aggregate number
or dollar amount of the Placement Shares that may be sold pursuant to this Agreement and the Alternative Sales Agreements shall
not exceed the Maximum Amount.&nbsp;&nbsp;The Agent acknowledges that the Company may enter into Alternative Sales Agreements with
additional Alternative Agents from time to time following the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
that whenever it determines to sell Placement Shares directly to the Agent as principal it will enter into a separate written Terms
Agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo;), in substantially the form of <U>Exhibit 1</U> hereto, relating to such
sale in accordance with <U>Section 5(a)</U> hereof.&nbsp;&nbsp;References herein to &ldquo;this Agreement&rdquo; or to matters
contained &ldquo;herein&rdquo; or &ldquo;hereunder,&rdquo; or words of similar import, mean this Agreement and any applicable Terms
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &ldquo;<U>Securities
Act</U>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), a registration statement on
Form S-3 (File No. 333-209513), including a base prospectus, relating to certain securities, including the Placement Shares to
be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file
in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder
(the &ldquo;<U>Exchange Act</U>&rdquo;).&nbsp;&nbsp;The Company has prepared a prospectus supplement to the base prospectus included
as part of such registration statement specifically relating to the Placement Shares (the &ldquo;<U>Prospectus Supplement</U>&rdquo;).&nbsp;&nbsp;The
Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Placement Shares.&nbsp;&nbsp;Except where the context otherwise requires,
such registration statement, including all documents filed as part thereof or incorporated by reference therein, and including
any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under
the Securities Act (&ldquo;<U>Rule 424(b)</U>&rdquo;) or deemed to be a part of such registration statement pursuant to Rule 430B
under the Securities Act (&ldquo;<U>Rule 430B</U>&rdquo;), is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; Any
registration statement filed pursuant to Rule 462(b) under the Securities Act is hereinafter called the &ldquo;<U>Rule&nbsp;462(b)
Registration Statement</U>,&rdquo; and after such filing the term &ldquo;Registration Statement&rdquo; shall include the 462(b)
Registration Statement.&nbsp;&nbsp;The base prospectus, including all documents incorporated or deemed incorporated therein by
reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act,
as qualified by Rule 430B(g), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in
the form in which such base prospectus and Prospectus Supplement have most recently been filed by the Company with the Commission
pursuant to Rule 424(b) is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration Statement,
the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated or deemed
incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo;
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein (the &ldquo;<U>Incorporated Documents</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this agreement,
the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Free Writing
Prospectus</U>&rdquo; means any free writing prospectus as defined in Rule 405 under the Securities Act (&ldquo;<U>Rule 405</U>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act (&ldquo;<U>Rule 433</U>&rdquo;), relating to the Placement Shares that (1) is required to be filed with the Commission by the
Company, (2) is a &ldquo;road show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i)
whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it
contains a description of the Placement 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&rsquo;s
records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed
to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System,
or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>.&nbsp;&nbsp;Each
time that the Company wishes to issue and sell Placement Shares hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the Agent) of the number of Placement Shares, the time
period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one
day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), the form of which is attached
hereto as <U>Schedule 1</U>.&nbsp;&nbsp;The Placement Notice shall originate from any of the individuals from the Company set forth
on <U>Schedule 2</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed
to each of the individuals from the Agent set forth on <U>Schedule 2,</U> as such <U>Schedule 2</U> may be amended from time to
time.&nbsp;&nbsp;Provided that the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall
be effective immediately upon receipt by the Agent unless and until (i) the Agent declines to accept the terms contained therein
for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder has been sold, (iii) the Company
suspends or terminates the Placement Notice or (iv) this Agreement has been terminated under the provisions of <U>Section 14</U>.&nbsp;&nbsp;The
amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule 3</U>.&nbsp;&nbsp;It is expressly
acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement
or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such
Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.&nbsp;&nbsp;In
the event of a conflict between the terms of <U>Sections 2</U> or <U>3</U> of this Agreement and the terms of a Placement Notice,
the terms of the Placement Notice will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares by the Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Agreement, for the period specified in a Placement Notice, the Agent will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations
and the rules of the New York Stock Exchange (the &ldquo;<U>Exchange</U>&rdquo;), to sell the Placement Shares up to the amount
specified in, and otherwise in accordance with the terms of,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such Placement Notice.&nbsp;&nbsp;The Agent
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such
day, the compensation payable by the Company to the Agent pursuant to <U>Section&nbsp;2</U> with respect to such sales, and the
Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in
<U>Section 5(b)</U>) from the gross proceeds that it receives from such sales.&nbsp;&nbsp;Subject to the terms of a Placement Notice,
the Agent may sell Placement Shares by any method permitted by law deemed to be an &ldquo;at-the-market&rdquo; offering as defined
in Rule 415 under the Securities Act (&ldquo;<U>Rule 415</U>&rdquo;), including without limitation sales made directly on the Exchange,
on any other existing trading market for the Common Stock or to or through a market maker.&nbsp;&nbsp;Subject to the terms of a
Placement Notice, the Agent may also sell Placement Shares by any other method permitted by law, including but not limited to negotiated
transactions. &ldquo;<U>Trading Day</U>&rdquo; means any day on which Common Stock is purchased and sold on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Common Stock shall only be effected
by or through only the Agent or an Alternative Agent on any single given day, but in no event by more than one of them, and the
Company shall in no event request that the Agent and an Alternative Agent sell Common Stock on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Sales</U>.&nbsp;&nbsp;The Company or the Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Schedule 2</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule 2</U>), suspend
any sale of Placement Shares; <I>provided, however</I>, that such suspension shall not affect or impair any party&rsquo;s obligations
with respect to any Placement Shares sold hereunder prior to the receipt of such notice.&nbsp;&nbsp;Each of the parties agrees
that no such notice under this <U>Section 4</U> shall be effective against any other party unless it is made to one of the individuals
named on <U>Schedule 2</U> hereto, as such Schedule may be amended from time to time.&nbsp;&nbsp;Each of the parties acknowledges
and agrees that any sale of Placement Shares shall be suspended beginning with two weeks after each quarterly and annual period
and ending the Business Day following the announcement of the Company's earnings for such quarterly and annual period on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
and Delivery to the Agent; Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares</U>.&nbsp;&nbsp;On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Agent&rsquo;s acceptance of the terms of a Placement Notice, and unless the sale of the
Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms
of, such Placement Notice.&nbsp;&nbsp;The Company acknowledges and agrees that (i) there can be no assurance that the Agent will
be successful in selling Placement Shares,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) the Agent will incur no liability
or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure
by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law
and regulations to sell such Placement Shares as required under this Agreement, (iii) the Agent shall be under no obligation to
purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company
and (iv) Placement Shares purchased from the Company by the Agent, individually or in a syndicate, as principal shall be made in
accordance with the terms agreed upon between the Agent and the Company as evidenced by a Terms Agreement; the Agent's commitment
to purchase Placement Shares from the Company as principal shall be deemed to be made on the basis of the accuracy of the representation
and warranties of the Company, the Operating Partnership and the Manager, and performance by the Company, the Operating Parntership
and the Manager of their covenants and other obligations, herein contained and shall be subject to the terms and conditions herein
set forth; at the time of each Terms Agreement, the Agent shall specify the requirements, if any, for the officer's certificate,
opinions and letters of accountants and counsel pursuant to <U>Section 8(l)</U>, <U>(m)</U> and <U>(n)</U> and <U>Section 11(g)</U>
hereof.&nbsp;&nbsp;In the event of a conflict between the terms of this Agreement and a Terms Agreement, the terms of such Terms
Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement
of Placement Shares</U>.&nbsp;&nbsp;Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following
the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;).&nbsp;&nbsp;The amount of proceeds to be delivered
to the Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be
equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&rsquo;s commission, discount or other
compensation for such sales payable by the Company pursuant to <U>Section 2</U> hereof, and (ii) any transaction fees imposed by
any governmental or self-regulatory organization in respect of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Placement Shares</U>.&nbsp;&nbsp;On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting the Agent&rsquo;s or its designee&rsquo;s account, as applicable, (provided
the Agent shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at
The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be
mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good
deliverable form.&nbsp;&nbsp;On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date.&nbsp;&nbsp;The Company and the Operating Partnership agree that
if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date,
then in addition to and in no way limiting the rights and obligations set forth in <U>Section 12(a)</U> hereto, they will (i) hold
the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have
been entitled absent such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Offering Size</U>.&nbsp;&nbsp;Under no circumstances shall the Company cause, permit or request the offer or sale of any Placement
Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or dollar amount of Placement Shares
sold pursuant to this Agreement, the Alternative Sales Agreements or any Terms Agreement would exceed the lesser of (A) together
with all sales of Placement Shares under this Agreement, the Alternative Sales Agreements or any Terms Agreement, the Maximum Amount
and (B) the amount authorized from time to time to be issued and sold under this Agreement and any Terms Agreement by the Company&rsquo;s
board of directors, a duly authorized committee thereof or a duly authorized executive committee.&nbsp;&nbsp;Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares at a price lower than the minimum price authorized
from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive
committee.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly
and severally, represent and warrant to, and agree with the Agent as of the date of this Agreement, as of each Representation Date
(as defined below), as of the time of each sale of Placement Shares pursuant to this Agreement and as of each Settlement Date,
unless such representation, warranty or agreement specifies a different date or time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has the authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus; the outstanding
shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.&nbsp;&nbsp;All
of the outstanding shares of capital stock, partnership interests and membership interests, as the case may be, of the subsidiaries
of the Company identified on <U>Schedule 4</U> hereto (each, a &ldquo;<U>Subsidiary</U>&rdquo;) have been duly authorized and are
validly issued, fully paid and non-assessable securities thereof and, except as disclosed in the Prospectus, all of the outstanding
shares of capital stock, partnership interest or membership interests, as the case may be, of the Subsidiaries are directly or
indirectly owned of record and beneficially by the Company; except as disclosed in the Prospectus, there are no outstanding (i)&nbsp;securities
or obligations of the Company or any of the Subsidiaries convertible into or exchangeable for any capital stock of the Company
or any such Subsidiary, (ii)&nbsp;warrants, rights or options to subscribe for or purchase from the Company or any such Subsidiary
any such capital stock or any such convertible or exchangeable securities or obligations, or (iii)&nbsp;obligations of the Company
or any such Subsidiary to issue any shares of capital stock, any such convertible or exchangeable securities or obligation, or
any such warrants, rights or options; all issued and outstanding units of partnership interest in the Operating Partnership (&ldquo;<U>Units</U>&rdquo;)
owned by the Company are owned free and clear of any perfected security interest or any other security interests, claims, liens
or encumbrances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and each of the Subsidiaries has been duly incorporated, formed or organized and is validly existing as a corporation,
general or limited partnership or limited liability company in good standing under the laws of its respective jurisdiction of incorporation,
formation or organization with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and, in the case of the Company and the Operating Partnership,
to execute and deliver this Agreement and to consummate the transactions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">contemplated herein<FONT STYLE="font-size: 10pt">
</FONT>and to perform its obligations under the Amended and Restated Management Agreement, dated October 27, 2015, by and among
the Company, the Operating Partnership and the Manager (the &ldquo;<U>Management Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries is duly qualified or licensed and in good standing in each jurisdiction in which it conducts
its businesses or in which it owns or leases real property or otherwise maintains an office and in which the failure, individually
or in the aggregate, to be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings,
prospects, properties or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, (any such effect
or change, where the context so requires, is hereinafter called a &ldquo;<U>Material Adverse Effect</U>&rdquo; or &ldquo;<U>Material
Adverse Change</U>&rdquo;); except as disclosed in the Prospectus, no Subsidiary is prohibited or restricted, directly or indirectly,
from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary&rsquo;s capital stock
or from repaying to the Company or any other Subsidiary any amounts which may from time to time become due under any loans or advances
to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary&rsquo;s property or assets
to the Company or to any other Subsidiary; other than as disclosed in the Prospectus, the Company and the Operating Partnership
do not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership interest
in any partnership, joint venture or other association;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and the Subsidiaries are in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees
and judgments, including those relating to transactions with affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice, lapse of time,
or both would constitute a breach of, or default under), (i)&nbsp;its respective charter, bylaws, agreement of limited partnership,
operating agreement or other similar organizational documents (the &ldquo;<U>Organizational Documents</U>&rdquo;), (ii)&nbsp;the
performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which
any of them or their respective properties is bound, or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule
or any decree, judgment, permit or order (each, a &ldquo;<U>Law</U>&rdquo;) applicable to the Company or any Subsidiary, except,
in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, have
a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein will not (A)&nbsp;conflict
with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or
both would constitute a breach of, or default under), (i)&nbsp;any provision of the Organizational Documents of the Company or
any Subsidiary, or (ii)&nbsp;any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other
agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties
may be bound or affected, or under any Law applicable to the Company or any Subsidiary, except in the case of this clause&nbsp;(ii)
for such breaches or defaults which would</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">not, individually or in the aggregate,
have a Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim or encumbrance upon
any property or asset of the Company or any Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Company and the Operating Partnership
and each is a legal, valid and binding agreement of the Company and the Operating Partnership enforceable in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions
of <U>Section 12</U> hereof may be limited by federal or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 is required in connection with the execution, delivery and performance of this Agreement by the
Company or the Operating Partnership, their consummation of the transactions contemplated herein, and the Company&rsquo;s sale
and delivery of the Placement Shares, other than (A)&nbsp;such as have been obtained, or will have been obtained at the relevant
Settlement Date, under the Securities Act and the Exchange Act, (B)&nbsp;such approvals as have been obtained in connection with
the approval of the listing of the Placement Shares on the Exchange, (C)&nbsp;such as have been obtained or made under the rules
and regulations of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) and (D)&nbsp;any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the Placement Shares are being offered by the Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary
filings required under any Law, and has obtained all necessary authorizations, consents and approvals from other persons, required
in order to conduct their respective businesses as described in the Registration Statement and the Prospectus, except to the extent
that any failure to have any such licenses, authorizations, consents or approvals, to make any such filings or to obtain any such
authorizations, consents or approvals would not, individually or in the aggregate, have a Material Adverse Effect; neither the
Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental
agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as
set forth in the Registration Statement and the Prospectus; neither the Company, nor any of the Subsidiaries is in violation of,
in default under, or has received any notice regarding a possible violation, default or revocation 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 the effect of which could result in a Material Adverse Change; and no such license, authorization,
consent or approval contains a materially burdensome restriction that is not adequately disclosed in each of the Registration Statement
and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company meets the requirements for use of Form S-3 under the Securities Act; the Registration Statement has become effective under
the Securities Act and no stop order suspending the effectiveness of the Registration Statement has been issued under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities Act and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission;
and the Company has complied to the Commission&rsquo;s satisfaction with any request on the part of the Commission for additional
information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act) and as of the date hereof, complied or will comply, and the Prospectus and any further
amendments or supplements to the Registration Statement or the Prospectus at the time they were filed with the Commission, were,
or will, when they become effective or are filed with the Commission, as the case may be, comply, in all material respects with
the requirements of the Securities Act, including Rule 415; the documents incorporated by reference in the Registration Statement
and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act), and as of the date hereof, and at each Settlement Date, did not, and does not or will
not contain an 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; and the Prospectus or any amendment or supplement thereto will not, as of its issue
date, as of the applicable filing date, as of the date hereof and at each Settlement Date, contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; <I>provided, however</I>, that the Company makes no warranty or representation with respect to any statement
contained in or omitted from the Registration Statement or the Prospectus in reliance upon and in conformity with the information
concerning the Agent and furnished in writing by or on behalf of the Agent to the Company expressly for use therein; the documents
incorporated by reference in the Registration Statement and the Prospectus, at the time the Registration Statement became effective
or when such documents incorporated by reference were filed with the Commission, as the case may be, when read together with the
other information in the Registration Statement or the Prospectus, as the case may be, did not and will not include an 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the issue date or date of first use and at all subsequent times through each Settlement Date, each Issuer Free Writing Prospectus
did not, and at the time of each sale of Placement Shares and at the Settlement date, each such Issuer Free Writing Prospectus
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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the completion of the public offer
and sale of the Placement Shares did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Prospectus, including any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">document incorporated by reference therein,
and any other prospectus deemed to be a part thereof that has not been superseded or modified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company is eligible to use Free Writing Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities
Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule&nbsp;433(d) has been, or will be, filed
with the Commission in accordance with the requirements of the Securities Act; and each Free Writing Prospectus that the Company
has filed, or is required to file, pursuant to Rule&nbsp;433(d) or that was prepared by or on behalf of or used by the Company
complies or will comply in all material respects with the requirements of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for any Issuer Free Writing Prospectuses, the Company has not prepared, used or referred to, and will not, without the prior consent
of the Agent, prepare, use or refer to, any Free Writing Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Prospectus and any Issuer Free Writing Prospectuses (to the extent any such Issuer Free Writing Prospectus was required to be filed
with the Commission) delivered to the Agent for use in connection with the public offering of the Placement Shares contemplated
herein have been and will be identical to the versions of such documents transmitted to the Commission for filing via EDGAR, except
to the extent permitted by Regulation S-T;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or the Operating Partnership,
threatened against the Company or any Subsidiary or any of their respective officers and directors or to which the properties,
assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental
or regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment, decree, award or order
having a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">t.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consolidated financial statements, including the notes thereto, included in each of the Registration Statement and the Prospectus
present fairly the consolidated financial position of the Company and its subsidiaries as of the dates indicated and their consolidated
results of operations and changes in financial position and cash flows for the periods specified; such financial statements have
been prepared in conformity with generally accepted accounting principles as applied in the United States (&ldquo;<U>GAAP</U>&rdquo;)
and on a consistent basis during the periods involved and in accordance with Regulation S-X promulgated by the Commission; the
financial statement schedules, if any, included in the Registration Statement fairly present the information shown therein and
have been compiled on a basis consistent with the financial statements included in each of the Registration Statement and the Prospectus;
no other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus;
the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement and the
Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commission&rsquo;s rules and guidelines
applicable thereto; all disclosures contained in the Registration Statement or the Prospectus, or incorporated by reference therein,
regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission) comply
with Regulation G under the Exchange Act and Item&nbsp;10 of Regulation S-K under the Securities Act, to the extent applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">u.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss
Adams LLP, whose reports on the consolidated financial statements of the Company and its subsidiaries are filed with the Commission
as part of each of the Registration Statement and the Prospectus is, and was during the periods covered by its reports, independent
public accountants as required by the Securities Act, and the Exchange Act and is registered with the Public Company Accounting
Oversight Board (the &ldquo;<U>PCAOB</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">v.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsequent
to the respective dates as of which information is given in each of the Registration Statement and the Prospectus, and except as
may be otherwise stated in such documents, there has not been (A)&nbsp;any Material Adverse Change or any development that could
reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course of business, (B)&nbsp;any
transaction that is material to the Company and the Subsidiaries taken as a whole, contemplated or entered into by the Company
or any of the Subsidiaries, (C)&nbsp;any obligation, contingent or otherwise, directly or indirectly incurred by the Company or
any Subsidiary that is material to the Company and the Subsidiaries taken as a whole or (D)&nbsp;any dividend or distribution of
any kind declared, paid or made by the Company on any class of its capital stock or by the Operating Partnership on its Units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">w.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus;
and this Agreement conforms in all material respects to the description thereof contained in the Registration Statement and the
Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">x.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as disclosed in the Registration Statement and the Prospectus, there are no persons with registration or other similar rights to
have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered
pursuant to the Registration Statement or otherwise registered by the Company or the Operating Partnership under the Securities
Act, all of which registration or similar rights are fairly summarized in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">y.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been duly authorized and, when issued and duly delivered against payment therefor as contemplated by this
Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest
or other claim, and the issuance and delivery of the Placement Shares by the Company is not subject to preemptive or other similar
rights arising by operation of law, under the Organizational Documents of the Company or the Operating Partnership or under any
agreement to which the Company or any Subsidiary is a party or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">z.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been approved for listing on the Exchange, subject to official notice of issuance; the Company has taken
all necessary actions to ensure that, upon and at all times since the Exchange shall have approved the Placement Shares for listing,
it</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">is and will be in compliance with all applicable
corporate governance requirements set forth in the Exchange&rsquo;s listing standards that are then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, or any of their respective directors, officers, representatives or affiliates has taken, nor
will take, directly or indirectly, any action which is designed to or which has constituted or which might reasonably be expected
to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Placement Shares or to result in a violation of Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any of their respective affiliates (i)&nbsp;is required to register as a &ldquo;broker&rdquo;
or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act, or (ii)&nbsp;directly, or indirectly through one
or more intermediaries, controls or has any other association with any member firm of FINRA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">cc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
certificate signed by any officer of the Company or any Subsidiary delivered to the Agent or to counsel for the Agent pursuant
to or in connection with this Agreement shall be deemed a representation and warranty by the Company or the Operating Partnership
to the Agent as to the matters covered thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">dd.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory requirements,
with any applicable requirements of the Organizational Documents of the Company and the requirements of the Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and good title to
all personal property owned by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances,
mortgages and defects, except such as are disclosed in the Registration Statement and the Prospectus or such as do not materially
and adversely affect the value of such property and do not interfere with the use made or proposed to be made of such property
by the Company and the Subsidiaries; and any real property and buildings held under lease by the Company or any Subsidiary are
held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Registration Statement and the
Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by
the Company or such Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ff.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
descriptions in each of the Registration Statement and the Prospectus of the legal or governmental proceedings, contracts, leases
and other legal documents therein described present fairly the information required to be shown, and there are no legal or governmental
proceedings, contracts, leases, or other documents of a character required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement which are not described or filed as required; all agreements
between the Company or any of the Subsidiaries and third parties expressly referenced in the Registration Statement and the Prospectus
are legal, valid and binding obligations of the Company or one or more of the Subsidiaries, enforceable in accordance with their
respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors&rsquo; rights generally and by general equitable principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">gg.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service marks,
trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights
and know-how (collectively &ldquo;<U>Intangibles</U>&rdquo;) necessary to entitle the Company and each Subsidiary to conduct its
business as described in the Registration Statement and the Prospectus, and neither the Company nor any Subsidiary has received
notice of infringement of or conflict with (and neither the Company nor any Subsidiary knows of any such infringement of or conflict
with) asserted rights of others with respect to any Intangibles which would have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">hh.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries have established and maintains disclosure controls and procedures (as such term is defined
in Rule&nbsp;13a-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company&rsquo;s principal executive officer and its principal
financial officer by others within those entities, particularly during the periods in which the periodic reports required under
the Exchange Act are being prepared, and (ii)&nbsp;are effective in all material respects to perform the functions for which they
were established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under Rules 13a-15
and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurance that
(i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
as applied in the United States and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance
with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with the
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 and the Prospectus fairly
presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s rules and
guidelines applicable thereto; and since the date of the last audited financial statements of the Company included in the Registration
Statement and the Prospectus, the Company is not aware of (a)&nbsp;any significant deficiency or material weakness in the design
or operation of its internal controls over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s
ability to record, process, summarize and report financial information to management and the Board of Directors, or (b)&nbsp;any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">jj.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility) of the types
and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained
by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property owned
or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily
insured against, all of which insurance is in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">kk.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;neither the
Company nor the Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and
regulations relating to the release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<U>Environmental Laws</U>&rdquo;), (ii)&nbsp;each of the Company and the Subsidiaries has all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there
are no pending or, to the knowledge of the Company or the Operating Partnership, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating
to any Environmental Law against the Company or the Subsidiaries, and (iv)&nbsp;to the knowledge of the Company or the Operating
Partnership, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up
or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or the Subsidiaries relating to Hazardous Materials or any Environmental Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ll.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in violation of or has received notice of any violation with respect to any federal or state
law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages and hours
law, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of
any of which would have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">mm.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(&ldquo;<U>ERISA</U>&rdquo;); no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension
plan&rdquo; (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each
of the Subsidiaries have not incurred and do not expect to incur liability under (i)&nbsp;Title IV of ERISA with respect to termination
of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Section&nbsp;412 or 4971 of the Internal Revenue Code of 1986,
as amended, including the regulations and published interpretations thereunder (&ldquo;<U>Code</U>&rdquo;); and each &ldquo;pension
plan&rdquo; for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure
to act, which would cause the loss of such qualification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">nn.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise disclosed in the Registration Statement and the Prospectus, 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">officers or directors of the Company or
any of the Subsidiaries or any of the members of the families of any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">oo.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any Subsidiary, have been
or will be issued and sold in compliance with (i)&nbsp;all applicable federal and state securities laws, (ii)&nbsp;the laws of
the applicable jurisdiction of incorporation of the issuing entity and, (iii)&nbsp;to the extent applicable to the issuing entity,
the requirements of the Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">pp.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with this offering, the Company has not offered and will not offer its Common Stock or any other securities convertible
into or exchangeable or exercisable for Common Stock in a manner in violation of the Securities Act; and the Company has not distributed
and will not distribute any offering material in connection with the offer and sale of the Placement Shares except for the Prospectus,
any Issuer Free Writing Prospectus or the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">qq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for the payments to the Agent provided for hereunder or payments to an Alternative Agent under the Alternative Sales Agreement,
the Company has not incurred any liability for any finder&rsquo;s fees or similar payments in connection with the transactions
herein contemplated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">rr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
relationship, direct or indirect, 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 or the Prospectus, which is not so described;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ss.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is and, after giving effect to any offering and sale of the Placement Shares, will be an
&ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, as such terms are
defined in the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">tt.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no existing or, to the knowledge of the Company or the Operating Partnership, threatened labor disputes with the employees
of the Company or any of the Subsidiaries which would have, individually or in the aggregate, a Material Adverse Effect; no labor
dispute exists between any officers of the Company or the Operating Partnership (each, a &ldquo;<U>Company-Focused Professional</U>&rdquo;),
on the one hand, and the employer of each such individual on the other hand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">uu.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Operating Partnership nor, to the best of the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge,
any employer of any Company-Focused Professional has been notified that any such Company-Focused Professional plans to terminate
his or her employment with his or her employer;&nbsp;neither the Company nor the Operating Partnership nor, to the best of the
Company&rsquo;s knowledge, any Company-Focused Professional is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreement that would be violated by the present or proposed business activities of the Company,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Operating Partnership or the Manager
as described in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">vv.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is and has been no failure on the part of the Company and the Subsidiaries and any of the officers and directors of the Company
and the Subsidiaries, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder<FONT STYLE="font-size: 10pt"> </FONT>and with which the Company
is required to comply, including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ww.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commencing
with its taxable year ended December 31, 2014, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) under the Code; the present and
contemplated method of operation of the Company and the Subsidiaries does and will enable the Company to continue to meet the requirements
for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2016 and thereafter and all statements
regarding the Company&rsquo;s qualification and taxation as a REIT and descriptions of the Company&rsquo;s organization and method
of operation (inasmuch as they relate to the Company&rsquo;s qualification and taxation as a REIT) set forth in the Registration
Statement and the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all material respects.&nbsp;&nbsp;The
Operating Partnership is treated as a partnership and not as an association taxable as a corporation for U.S. federal income tax
purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">xx.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has timely filed all tax returns required to be filed (except in any case in which the failure
to so file would not result in a Material Adverse Effect)&nbsp;and has paid all taxes required to be paid and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except, in all cases,
for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the failure
to so pay would not result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">yy.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any officer or director purporting to act on behalf of the Company or any of the Subsidiaries,
nor the Manager or its affiliates acting on behalf of the Company or any of the Subsidiaries, has at any time (i)&nbsp;made any
unlawful contributions to any candidate for political office, or failed to disclose fully any such contributions, in violation
of law, (ii)&nbsp;made any payment to any state, federal or foreign governmental officer or official, or other person charged with
similar public or quasi-public duties, other than payments required or allowed by applicable law, (iii)&nbsp;made any payment outside
the ordinary course of business to any investment officer or loan broker or person charged with similar duties of any entity to
which the Company or any of the Subsidiaries sells or from which the Company or any of the Subsidiaries buys loans or servicing
arrangements for the purpose of influencing such agent, officer, broker or person to buy loans or servicing arrangements from or
sell loans to the Company or any of the Subsidiaries, or (iv)&nbsp;engaged in any transactions, maintained any bank account or
used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained
books and records of the Company and the Subsidiaries; neither the Company nor any of the Subsidiaries or, to the knowledge of
the Company or the Operating Partnership, any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">director, officer, agent, employee or affiliate
of such entities is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and
the Company and the Subsidiaries and, to the knowledge of the Company and the Operating Partnership, their affiliates have conducted
their businesses in compliance with the FCPA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">zz.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of its subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any of their
affiliates or any director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company
or any of its subsidiaries, has violated the Bank Secrecy Act, as amended, the Uniting and Strengthening of America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 or the rules and regulations promulgated
under any such law or any successor law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aaa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any employee or agent
of the Company or the Subsidiaries, has made any payment of funds of the Company or the Subsidiaries or received or retained any
funds in violation of any law, rule or regulation, including without limitation the &ldquo;know your customer&rdquo; and anti-money
laundering laws of any jurisdiction (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership, threatened;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bbb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the knowledge of the Company or the Operating Partnership, any director, officer, agent,
employee or affiliate of the Company or the Subsidiaries, nor the Manager or its affiliates acting on behalf of the Company or
the Operating Partnership, is currently subject to any U.S. sanctions administered by the United States Government, including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council,
the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;);
and the Company will not directly or indirectly use any proceeds of any offering of the Placement Shares hereunder, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject of Sanctions or in any other manner that will result in a violation by
any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.&nbsp;&nbsp;For
the past five years, the Company and its Subsidiaries have not knowingly engaged in and are not now knowingly engaged 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 country subject to Sanctions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ccc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not a party to any agreement with an agent or underwriter for any other &ldquo;at-the-market&rdquo; or continuous equity
transaction, other than the Alternative Sales Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Manager</U>.&nbsp;&nbsp;The Manager represents and warrants to, and agrees with the Agent as of the date
of this Agreement and as of the date of this Agreement, as of each Representation Date, as of the time of each sale of Placement
Shares pursuant to this Agreement and as of each Settlement Date, unless such representation, warranty or agreement specifies a
different date or time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the date of this Agreement, the Manager has no plan or intention to materially alter its investment policy, investment allocation
policy or exclusivity policy with respect to the Company as described in the Registration Statement or the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has been duly formed and is validly existing as a limited liability company in good standing under the laws of its respective
jurisdiction of formation with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and to execute and deliver this Agreement and to consummate
the transactions contemplated herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is duly qualified or licensed and in good standing in each jurisdiction in which it conducts its businesses or in which
it owns or leases real property or otherwise maintains an office and in which the failure, individually or in the aggregate, to
be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings, prospects, properties
or condition (financial or otherwise) of the Manager (any such effect or change, where the context so requires, is hereinafter
called a &ldquo;<U>Manager Material Adverse Effect</U>&rdquo; or &ldquo;<U>Manager Material Adverse Change</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees and judgments,
including those relating to transactions with affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute
a breach of, or default under), (i)&nbsp;its operating agreement, bylaws or other similar Organizational Documents (the &ldquo;<U>Manager
Organizational Documents</U>&rdquo;), (ii)&nbsp;the performance or observance of any obligation, agreement, covenant or condition
contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties is bound, or (iii)&nbsp;any Law applicable to the Manager,
except, in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate,
have a Manager Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein, and compliance
by the Manager with its obligations hereunder and the Management Agreement will not (A)&nbsp;conflict with, or result in any breach
of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach
of, or default under), (i)&nbsp;any provision of the Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Organizational Documents, or (ii)&nbsp;any
provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties may be bound or affected, or under any Law applicable
to the Manager, except in the case of this clause&nbsp;(ii) for such breaches or defaults which would not, individually or in the
aggregate, have a Manager Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim
or encumbrance upon any property or asset of the Manager;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Manager and each is a legal, valid
and binding agreement of the Manager enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and by general equitable principles, and
except to the extent that the indemnification and contribution provisions of <U>Section&nbsp;12</U> hereof may be limited by federal
or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
Law, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct its
business as described in the Registration Statement and Prospectus, except to the extent that any failure to have any such licenses,
authorizations, consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals would
not, individually or in the aggregate, have a Manager Material Adverse Effect; the Manager is not required by any applicable law
to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services
which it currently provides or which it proposes to provide as set forth in the Registration Statement and the Prospectus; the
Manager is not in violation of, in default under, or has received any notice regarding a possible violation, default or revocation
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 Manager the effect of which could result in a Manager Material Adverse Change; and
no such license, authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed
in each of the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager does not have any employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
of the Manager or any of its respective directors, officers, representatives or affiliates has taken, nor will take, directly or
indirectly, any action which is designed to or which has constituted or which might reasonably be expected to cause or result in
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares
or to result in a violation at Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;the transactions
that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will be executed
in accordance with management&rsquo;s general or specific authorization and (B)&nbsp;access to the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company&rsquo;s assets is permitted only
in accordance with its management&rsquo;s general or specific authorization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Manager, threatened against
the Manager or any of its respective officers and directors or to which the properties, assets or rights of any such entity are
subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body,
authority, arbitral panel or agency which could result in a judgment, decree, award or order having a Manager Material Adverse
Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not required to register as an investment adviser with the Commission under the Investment Advisers Act of 1940, as
amended (the &ldquo;<U>Advisers Act</U>&rdquo;), and is not prohibited by the Advisers Act, or the rules&nbsp;and regulations thereunder,
from performing its obligations under the Management Agreement as described in the Management Agreement, the Registration Statement
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally,
agree with the Agent that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement Amendments</U>.&nbsp;&nbsp;After the date of this Agreement and during any period in which a prospectus relating to any
Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act) (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;) (i) the Company
will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated
by reference or amendments not related to any Placement, has been filed with the Commission and/or has become effective or any
subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to
the Registration Statement or Prospectus related to the Placement or for additional information related to the Placement, (ii)
the Company will prepare and file with the Commission, promptly upon the Agent&rsquo;s request, any amendments or supplements to
the Registration Statement or Prospectus relating to the Placement Shares that, in the Agent&rsquo;s reasonable opinion, may be
necessary or advisable in connection with the distribution of the Placement Shares by the Agent (<I>provided, however, </I>that
the failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect
the Agent's right to rely on representations and warranties made by the Company in this Agreement and provided, further, that the
only remedy the Agent shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement
until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement
or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been
submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected thereto (<I>provided,
however</I>, that (A) the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made by the Company, the Operating Partnership
or the Manager in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such filing or
to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not related to the transaction</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">herein provided; and provided, further,
that the only remedy the Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease making
sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that
upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus relating to the Placement Shares,
except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) or, in the case of any document
to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time
period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <U>Section
8(a)</U>, based on the Company&rsquo;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Commission Stop Orders</U>.&nbsp;&nbsp;The Company will advise the Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.&nbsp;&nbsp;The Company will advise
the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment
or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of
the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Prospectus; Subsequent Changes</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports
and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections&nbsp;13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act.&nbsp;&nbsp;If during the Prospectus Delivery Period any event
occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
misleading, or if during such Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus
to comply with the Securities Act, the Company will promptly notify the Agent to suspend any offering of Placement Shares during
such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance; <I>provided, however</I>, that the Company may delay the
filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing
of Placement Shares</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will use its commercially reasonable efforts
to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws
of such jurisdictions in the United States as the Agent reasonably designates and to continue such</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">qualifications in effect so long as required
for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith
to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Registration Statement and Prospectus</U>.&nbsp;&nbsp;The Company will furnish to the Agent and its counsel (at the reasonable
expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference
therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated
by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time
reasonably request and, at the Agent&rsquo;s request, will also furnish copies of the Prospectus to each exchange or market on
which sales of the Placement Shares may be made; <I>provided, however</I>, that the Company shall not be required to furnish any
document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
Statement</U>.&nbsp;&nbsp;The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.&nbsp;&nbsp;The Agent and the Company
acknowledge and agree that the Company&rsquo;s ordinary, timely-filed periodic filings with the Commission pursuant to the Exchange
Act may be used to satisfy this obligation to the extent consistent with the requirements set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>.&nbsp;&nbsp;The Company will use the Net Proceeds as described in the Registration Statement and the Prospectus
under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Other Sales</U>.&nbsp;&nbsp;Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer
to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares
offered pursuant to this Agreement or the Alternative Sales Agreements) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement
Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or
suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination);
and will not directly or indirectly in any other &ldquo;at-the-market&rdquo; or continuous equity transaction offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant
to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire,
Common Stock prior to the termination of this Agreement; <I>provided, however</I>, that such restrictions will not be required
in connection with the Company&rsquo;s issuance or sale of (i) Common Stock, options to purchase Common Stock or Common Stock issuable
upon the exercise of options, pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend
reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dividend reinvestment plan) of the Company
whether now in effect or hereafter implemented; (ii) Common Stock issuable upon conversion of securities or the exercise of warrants,
options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing
to the Agent, and (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a privately
negotiated transaction to vendors, customers, strategic partners or potential strategic partners or other investors conducted in
a manner so as not to be integrated with the offering of Common Stock hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Circumstances</U>.&nbsp;&nbsp;The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any
material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due
Diligence Cooperation</U>.&nbsp;&nbsp;During the term of this Agreement, the Company, the Operating Partnership and the Manager
will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions
contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers,
during regular business hours and at the Company&rsquo;s principal offices, as the Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required
Filings Relating to Placement of Placement Shares</U>.&nbsp;&nbsp;The Company agrees that on such dates as the Securities Act shall
require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) or
other applicable form with the Commission, which will set forth, within the relevant period, the amount of Placement Shares sold
through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement or other document to each exchange
or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation
Dates; Company and Operating Partnership Certificate</U>.&nbsp;&nbsp;Each time during the term of this Agreement that the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(i)&nbsp;&nbsp;&nbsp;amends
or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares)
the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker,
or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating
to the Placement Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(ii)&nbsp;&nbsp;&nbsp;files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material
amendment to the previously filed Form 10-K);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iii)&nbsp;&nbsp;files
its quarterly reports on Form 10-Q under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iv)&nbsp;&nbsp;files
a current report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">disclosure pursuant to Item
8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement
of Financial Accounting Standards No. 144) under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(Each date of filing of one or
more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<U>Representation Date</U>.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company and the Operating Partnership
shall furnish the Agent (but in the case of clause (iv) above only if the Agent determines that the information contained in such
Form 8-K is material) with a certificate of their Chief Executive Officer and Chief Financial Officer, in the form attached hereto
as <U>Exhibit 8(1)</U>.&nbsp;&nbsp;The requirement to provide a certificate under this <U>Section 8(1)</U> shall be waived for
any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date on which the Company files its annual report on Form 10-K.&nbsp;&nbsp;Notwithstanding
the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell
Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate
under this <U>Section 8(1)</U>, then before the Agent sells any Placement Shares, the Company shall provide the Agent with a certificate,
in the form attached hereto as <U>Exhibit&nbsp;8(1)</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished
to the Agent written opinions and a negative assurance letter of Morrison &amp; Foerster LLP (&ldquo;<U>Company Counsel</U>&rdquo;),
or other counsel reasonably satisfactory to the Agent, in the form attached hereto as <U>Exhibit 8(m)(1)</U> and <U>8(m)(2)</U>,
respectively.&nbsp;&nbsp;Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company
is obligated to deliver a certificate in the form attached hereto as <U>Exhibit 8(l)</U>, for which no waiver is applicable, and
not more than once per calendar quarter, the Company shall cause to be furnished to the Agent a written letter of Company Counsel
in the form attached hereto as <U>Exhibit 8(m)(2)</U>, modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented; <I>provided that</I>, in lieu of such negative assurance for subsequent periodic filings
under the Exchange Act, counsel may furnish the Agent with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that
the Agent may rely on the negative assurance letter previously delivered under this <U>Section 8(m)</U> to the same extent as if
it were dated the date of such letter (except that statements in such prior letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after
each subsequent Representation Date, other than pursuant to <U>Section 8(l)(iii)</U>, the Company shall cause Moss Adams LLP to
furnish the Agent letters (the &ldquo;<U>Comfort Letters</U>&rdquo;), dated the date the Comfort Letter is delivered, which shall
meet the requirements set forth in this <U>Section 8(n)</U>; <I>provided</I>, that if requested by the Agent, the Company shall
cause a Comfort Letter to be furnished to the Agent within ten (10) Trading Days of such request following the date of occurrence
of any restatement of the Company&rsquo;s financial statements.&nbsp;&nbsp;The Comfort Letter from the Company&rsquo;s independent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">accountants shall be in a form and substance
reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the meaning of
the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the
financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
in connection with registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii)
updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Market
Activities</U>.&nbsp;&nbsp;The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of
Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent or an Alternative
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>.&nbsp;&nbsp;The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor
the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo;
as such term is defined in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Offer to Sell</U>.&nbsp;&nbsp;Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in
its capacity as agent hereunder pursuant to <U>Section 24</U>, neither the Agent nor the Company (including its agents and representatives,
other than the Agent in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication
(as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer
to buy Placement Shares hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Act</U>.&nbsp;&nbsp;The Company will maintain and keep accurate books and records reflecting its assets and maintain internal accounting
controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the
assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation
of the Company&rsquo;s consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company
are being made only in accordance with management&rsquo;s and the Company&rsquo;s directors&rsquo; authorization, and (iv) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&rsquo;s
assets that could have a material effect on its financial statements.&nbsp;&nbsp;The Company will maintain such controls and other
procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable
regulations thereunder 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&rsquo;s rules and forms, including, without limitation, controls and procedures designed to ensure that</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">information required to be disclosed by
the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s
management, including its principal executive officer and principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure and to ensure that material information relating to the
Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which such
periodic reports are being prepared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Qualification</U>.&nbsp;&nbsp;The Company will continue to use its best efforts to meet the requirements to qualify as a REIT under
the Code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Covenants of the Agent</U>.&nbsp;&nbsp;The Agent represents and warrants that it is duly registered as a broker-dealer under
FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required.&nbsp;&nbsp;The
Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and
the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states
in which the Agent is exempt from registration or such registration is not otherwise required, during the term of this Agreement.&nbsp;&nbsp;The
Agent shall comply with all applicable law and regulations, including but not limited to Regulation M, in connection with the transactions
contemplated by this Agreement, including the issuance and sale through the Agent of the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to pay all expenses incident
to the performance of their obligations under this Agreement, including (i) the preparation, filing, including any fees required
by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed
and of each amendment and supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably
necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of
the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the
fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the fees and disbursements of counsel
to the Agent up to $75,000; (vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing
fees incident to any review by FINRA of the terms of the sale of the Placement Shares, if any, and (viii) the fees and expenses
incurred in connection with the listing of the Placement Shares on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to the Agent&rsquo;s Obligations</U>.&nbsp;&nbsp;The obligations of the Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company, the Operating Partnership
and the Manager herein, to the due performance by the Company, the Operating Partnership and the Manager of their obligations hereunder,
to the completion by the Agent of a due diligence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify">review satisfactory to it in
its reasonable judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Notices</U>.&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i) receipt by the Company
of any request for additional information from the Commission or any other federal or state governmental authority during the period
of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for
that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus,
it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Misstatement or Material Omission</U>.&nbsp;&nbsp;The Agent shall not have advised the Company that the Registration Statement
or the Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s reasonable
opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Changes</U>.&nbsp;&nbsp;Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission,
there shall not have been any Material Adverse Effect or Manager Material Adverse Effect, or any development that could reasonably
be expected to cause a Material Adverse Effect or Manager Material Adverse Effect, or a downgrading in or withdrawal of any rating
assigned to any of the Company&rsquo;s securities (other than asset backed securities) by any rating organization or a public announcement
by any rating organization that it has under surveillance or review its rating of any of the Company&rsquo;s securities (other
than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in
the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so
material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;The Agent shall have received the opinions and negative assurances of Company Counsel required to be delivered
pursuant <U>Section 8(m)</U> on or before the date on which such delivery of such opinions are required pursuant to <U>Section
8(m)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;The Agent shall have received the Comfort Letter required to be delivered pursuant <U>Section 8(n)</U> on
or before the date on which such delivery of such letter is required pursuant to <U>Section 8(n)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
and Operating Partnership Representation Certificate</U>.&nbsp;&nbsp;The Agent shall have received the certificate required to
be delivered pursuant to <U>Section 8(1)</U> on or before the date on which delivery of such certificate is required pursuant to
<U>Section 8(1)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manager
Representation Certificate</U>.&nbsp;&nbsp;On each date on which the Company and the Operating Partnership are required to furnish
or cause to be furnished a certificate pursuant to <U>Section 8(l)</U>, the Manager shall furnish or cause to be furnished to the
Agent a certificate of the Chief Executive Officer of the Manager and Chief Financial Officer of the Manager, in the form attached
hereto as <U>Exhibit 11(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Suspension</U>.&nbsp;&nbsp;Trading in the Common Stock shall not have been suspended on the Exchange and the Common Stock shall
not have been delisted from the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Materials</U>.&nbsp;&nbsp;On each date on which the Company, the Operating Partnership and the Manager, as the case may be, are
required to deliver certificates pursuant to <U>Sections 8(1)</U> and <U>11(g)</U>, the Company shall have furnished to the Agent
such appropriate further information, certificates and documents as the Agent may reasonably request.&nbsp;&nbsp;All such opinions,
certificates, letters and other documents will be in compliance with the provisions hereof.&nbsp;&nbsp;The Company will furnish
the Agent with such conformed copies of such opinions, certificates, letters and other documents as the Agent shall reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Act Filings Made</U>.&nbsp;&nbsp;All filings with the Commission required by Rule 424 to have been filed prior to the issuance
of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval
for Listing</U>.&nbsp;&nbsp;The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice
of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to,
the issuance of any Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Termination Event</U>.&nbsp;&nbsp;There shall not have occurred any event that would permit the Agent to terminate this Agreement
pursuant to <U>Section 14(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Indemnification</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless
the Agent, their partners, members, directors, officers, employees and agents and each person, if any, who controls the Agent within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospectus (or any amendment or supplement
thereto), 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 arising out of any untrue statement or alleged untrue statement of a material fact included
in any related Issuer Free Writing Prospectus 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided that (subject to <U>Section&nbsp;12(d)</U> below) any such settlement is effected with the written consent of
the Company, which consent shall not unreasonably be delayed or withheld; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under (i) or (ii) above, <I>provided, however</I>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished
to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Indemnification</U>.&nbsp;&nbsp;The Agent agrees to indemnify and hold harmless the Company and its directors and each officer
of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with
the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section 12(a)</U>,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the
Agent expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure</U>.&nbsp;&nbsp;Any
party that proposes to assert the right to be indemnified under this <U>Section 12</U> will, 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 <U>Section 12</U>, 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 will not relieve the indemnifying party from (i) any liability that
it might have to any indemnified party otherwise than under this <U>Section 12</U> and (ii) any liability that it may have to</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">any indemnified party under the foregoing
provision of this <U>Section 12</U> unless, and only to the extent that, such omission results in the forfeiture of substantive
rights or defenses by the indemnifying party.&nbsp;&nbsp;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 reasonably 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.&nbsp;&nbsp;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 (1) the
employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) 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, (3) a conflict or potential conflict exists
(based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the
indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) 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
will be at the expense of the indemnifying party or parties.&nbsp;&nbsp;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.&nbsp;&nbsp;All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable
detail.&nbsp;&nbsp;An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without
its written consent.&nbsp;&nbsp;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 <U>Section 12</U> (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (2) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.&nbsp;&nbsp;In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 12</U> are applicable in accordance with their terms but for any reason is held to be unavailable
from indemnifying parties under the foregoing paragraphs, then each applicable indemnifying party will 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">after deducting any contribution received
by the Company and the Operating Partnership from persons other than the Agent, such as persons who control the Company within
the meaning of the Securities Act or the Exchange Act, officers of the Company who signed the Registration Statement and directors
of the Company and Operating Partnership, who also may be liable for contribution) to which the indemnifying parties may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by each indemnifying party.&nbsp;&nbsp;The
relative benefits received by the Company and the Operating Partnership on the one hand and the Agent on the other hand shall be
deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses)
received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement
Shares on behalf of the Company.&nbsp;&nbsp;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 Agent, on the other hand, with respect to the statements or omission that 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.&nbsp;&nbsp;Such
relative fault shall be determined by reference to, among other things, 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 or the Agent, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission.&nbsp;&nbsp;The Company, the Operating Partnership and the Agent agree that it would not be just and equitable if contributions
pursuant to this <U>Section 12(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein.&nbsp;&nbsp;The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section
12(d) </U>shall be deemed to include, for the purpose of this <U>Section 12(d)</U>, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with
<U>Section 12(c)</U> hereof.&nbsp;&nbsp;Notwithstanding the foregoing provisions of this <U>Section 12(d)</U>, the Agent shall
not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.&nbsp;&nbsp;For purposes of this <U>Section 12(d)</U>, any person
who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers, directors,
partners, employees or agents of the Agent, will have the same rights to contribution as that party, and each officer and director
of the Company who signed the Registration Statement will have the same rights to contribution as the Company and the Operating
Partnership, subject in each case to the provisions hereof.&nbsp;&nbsp;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
<U>Section 12(d)</U>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify
will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under
this <U>Section 12(d)</U> except to the extent that the failure to so notify such other party materially prejudiced the substantive
rights or defenses of the party from whom contribution is sought.&nbsp;&nbsp;Except for a settlement entered into pursuant to the
last sentence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of <U>Section 12(c)</U> hereof, no party
will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to <U>Section 12(c)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Agreements to Survive Delivery</U>.&nbsp;&nbsp;The indemnity and contribution agreements contained in <U>Section 12</U> of
this Agreement and all representations and warranties of the Company, the Operating Partnership, the Manager and the Agent herein
or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made
by or on behalf of the Agent, any controlling persons, or the Company and the Operating Partnership (or any of their respective
officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)
any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since
the time of execution of this Agreement or since the date as of which information is given in the Registration Statement and the
Prospectus, any Material Adverse Effect or Manager Material Adverse Effect, or any development that is reasonably likely to have
a Material Adverse Effect or Manager Material Adverse Effect or, in the sole judgment of the Agent, is material and adverse and
makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares,
(2) if there has occurred any material adverse change in the financial markets in the United States or the international financial
markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the reasonable judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to
enforce contracts for the sale of the Placement Shares, (3) if trading in any securities of the Company on any exchange, or in
the over-the-counter market has been suspended or limited by the Commission or any exchange, or minimum prices for trading have
been fixed on any exchange, (4) if a major disruption of securities settlements or clearance services in the United States shall
have occurred and be continuing or (5) if a banking moratorium has been declared by either U.S. Federal or New York authorities.&nbsp;&nbsp;Any
such termination shall be without liability of any party to any other party except that the provisions of <U>Section 10</U> (Payment
of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive
Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination.&nbsp;&nbsp;If the Agent elects to terminate this Agreement
as provided in this <U>Section 14(a)</U>, the Agent shall provide the required written notice as specified in <U>Section 15</U>
(Notices).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery), <U>Section 19</U> (Governing
Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive Delivery), <U>Section&nbsp;19</U> (Governing Law and Time; Waiver
of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such
termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
earlier terminated pursuant to this <U>Section 14</U>, this Agreement shall automatically terminate upon the issuance and sale
of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions
of <U>Section 9</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 13</U> (Representations
and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent
to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 14(a)</U>, <U>(b</U>), <U>(c</U>), or
<U>(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however</I>, that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification
and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and
Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) shall remain in full force and effect.&nbsp;&nbsp;Upon
termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation
with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however</I>,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or
the Company, as the case may be.&nbsp;&nbsp;If such termination shall occur prior to the Settlement Date for any sale of Placement
Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;All
notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this
Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">FBR Capital Markets &amp; Co.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1300 17<SUP>th</SUP> Street North</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">14<SUP>th</SUP> Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Arlington, VA 22207</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">Attention:</td>
    <TD STYLE="width: 80%">General Counsel</td></tr>
<tr style="vertical-align: top">
    <TD>Telephone:</td>
    <TD>(701) 312-9500</td></tr>
<tr style="vertical-align: top">
    <TD>Email:</td>
    <TD><U>FBRlegal@FBRco.com</U></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Clifford Chance US LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">31 W 52<SUP>nd</SUP> Street<BR>
New York, NY 10019</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">Attention:</td>
    <TD STYLE="width: 80%">Andrew Epstein</td></tr>
<tr style="vertical-align: top">
    <TD>Telephone:</td>
    <TD>212-878-8332</td></tr>
<tr style="vertical-align: top">
    <TD>Email:</td>
    <TD>andrew.epstein@cliffordchance.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and if to the Company, the Operating Partnership or the Manager,
shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Great Ajax Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">9400 SW Beaverton-Hillsdale Highway<BR>
Suite 131<BR>
Beaverton, OR 97005</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">Attention:</td>
    <TD STYLE="width: 80%">Irving Potter</td></tr>
<tr style="vertical-align: top">
    <TD>Telephone:</td>
    <TD>503-228-1455</td></tr>
<tr style="vertical-align: top">
    <TD>Email:</td>
    <TD>irving@jprlaw.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Morrison &amp; Foerster LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">250 W 55th Street<BR>
New York, NY 10019</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 1in">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">Attention:</td>
    <TD STYLE="width: 80%">Anna T. Pinedo</td></tr>
<tr style="vertical-align: top">
    <TD>Telephone:</td>
    <TD>212-468-8179</td></tr>
<tr style="vertical-align: top">
    <TD>Email:</td>
    <TD>apinedo@mofo.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose.&nbsp;&nbsp;Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or,
if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to
a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid).&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Business Day</U>&rdquo;
shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<U>Electronic Notice</U>&rdquo;) shall be deemed written notice for purposes of this <U>Section 15</U> if sent to the electronic
mail address specified by the receiving party under separate cover.&nbsp;&nbsp;Electronic Notice shall be deemed received at the
time the party sending Electronic Notice receives confirmation of receipt by the receiving party.&nbsp;&nbsp;Any party receiving
Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<U>Nonelectronic
Notice</U>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic
Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company, the Operating Partnership,
the Manager and the Agent and their respective successors and the affiliates, controlling persons, officers and directors referred
to in <U>Section 12</U> hereof.&nbsp;&nbsp;References to any of the parties contained in this Agreement shall be deemed to include
the successors and permitted assigns of such party.&nbsp;&nbsp;Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.&nbsp;&nbsp;Neither party may
assign its rights or obligations under this Agreement without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
for Stock Splits</U>.&nbsp;&nbsp;The parties acknowledge and agree that all share-related numbers contained in this Agreement shall
be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event
effected with respect to the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment; Severability</U>.&nbsp;&nbsp;This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.&nbsp;&nbsp;Neither
this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company, the Operating
Partnership, the Manager and the Agent.&nbsp;&nbsp;In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction,
then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.&nbsp;&nbsp;SPECIFIED TIMES OF DAY REFER TO NEW
YORK CITY TIME.&nbsp;&nbsp;THE COMPANY, THE OPERATING PARTNERSHIP AND THE MANAGER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONSENT
TO JURISDICTION</U>.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify">ANY CLAIM THAT IT IS NOT PERSONALLY
SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT
THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS
AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH
SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.&nbsp;&nbsp;NOTHING CONTAINED HEREIN SHALL BE
DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Information</U>.&nbsp;&nbsp;The Agent may not use any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;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.&nbsp;&nbsp;Delivery of an executed Agreement by one party to the other may be made by facsimile
transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>.&nbsp;&nbsp;The section and Exhibit headings herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Free Writing Prospectuses</U>.&nbsp;&nbsp;The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not
made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or a
Free Writing Prospectus required to be filed with the Commission.&nbsp;&nbsp;Any such Free Writing Prospectus consented to by the
Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as
an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.&nbsp;&nbsp;For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any,
listed in <U>Exhibit 24</U> hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Fiduciary Relationship</U>.&nbsp;&nbsp;The Company, the Operating Partnership and the Manager each acknowledge and agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company, the Operating Partnership and the Manager or any of their</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">respective affiliates, stockholders (or
other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or
will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent
has advised or is advising the Company, the Operating Partnership or the Manager on other matters, and the Agent has no obligation
to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company, the Operating Partnership and the Manager and the Agent has no obligation to disclose such interests
and transactions to the Company, the Operating Partnership and the Manager by virtue of any fiduciary, advisory or agency relationship
or otherwise; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not
have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim
or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, the Operating Partnership or
the Manager, or employees or creditors of Company, the Operating Partnership or the Manager, other than in respect of the Agent&rsquo;s
obligations under this Agreement and to keep information provided by the Company, the Operating Partnership or the Manager to the
Agent and the Agent&rsquo;s counsel confidential to the extent not otherwise publicly available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
&ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to the Registration Statement, 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 EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
&ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or similar materials prepared in connection
with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing correctly sets forth the understanding between
the Company, the Operating Partnership, the Manager and the Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement by and among the Company, the Operating Partnership, the Manager and
the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>GREAT AJAX CORP.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 7%">By:</td>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Chief Executive Officer</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>GREAT AJAX OPERATING PARTNERSHIP LP.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>Great Ajax Operating LLC, its general partner</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD>Great Ajax Corp, its sole member</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Chief Executive Officer</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>THETIS ASSET MANAGEMENT LLC.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Manager</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page to At-the-Market Issuance
Sales Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-indent: 0.25in"><b>ACCEPTED as of the date first-above written:</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>FBR CAPITAL MARKETS &amp; CO.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 7%">By:</td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%">/s/ Kenneth P. Slosser</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Kenneth P. Slosser</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Executive Vice President</td></tr>
</table>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature page to At-the-Market Issuance
Sales Agreement]</P>

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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>t1602338_ex1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit<FONT STYLE="text-transform: uppercase">
1.2</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Great
Ajax Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(par value $0.01 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>At-the-Market Issuance Sales Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">JMP Securities LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">600 Montgomery Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">San Francisco, CA 94111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Great Ajax
Corp., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), Great Ajax Operating Partnership LP, a Delaware limited partnership
(the &ldquo;<U>Operating Partnership&rdquo;</U><FONT STYLE="font-size: 11pt">)</FONT>, and Thetis Asset Management LLC, a Delaware
limited liability company (the &ldquo;<U>Manager</U>&rdquo;), each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;),
with JMP Securities LLC (the &ldquo;<U>Agent</U>&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
and Sale of Shares</U>.&nbsp;&nbsp;The Company agrees that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares (the
&ldquo;<U>Placement Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;),<I>
provided however, </I>that in no event shall the Company issue or sell through the Agent such number or dollar amount of Placement
Shares that (a) exceeds the number or dollar amount of shares of Common Stock registered on the effective Registration Statement
(as defined below) pursuant to which the offering is being made, or (b) exceeds the number of authorized but unissued shares of
Common Stock (the lesser of (a) and (b), the &ldquo;<U>Maximum Amount</U>&rdquo;).&nbsp;&nbsp;Notwithstanding anything to the contrary
contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section 1</U> on the number
of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall
have no obligation in connection with such compliance.&nbsp;&nbsp;The issuance and sale of Placement Shares through the Agent will
be effected pursuant to the Registration Statement, although nothing in this Agreement shall be construed as requiring the Company
to use the Registration Statement to issue any Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Operating
Partnership and the Manager have also entered into separate at-the-market issuance sales agreements, of even date herewith (each,
an &ldquo;<U>Alternative Sales Agreement</U>&rdquo;), pursuant to which the Company may, from time to time during the term of such
Alternative Sales Agreements, issue and sell through or to FBR Capital Markets &amp; Co. and Raymond James &amp; Associates, Inc.
(each, an &ldquo;<U>Alternative Agent</U>&rdquo;), as sales agent and/or principal, shares of Common Stock.&nbsp;&nbsp;The aggregate
number or dollar amount of the Placement Shares that may be sold pursuant to this Agreement and the Alternative Sales Agreements
shall not exceed the Maximum Amount.&nbsp;&nbsp;The Agent acknowledges that the Company may enter into Alternative Sales Agreements
with additional Alternative Agents from time to time following the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
that whenever it determines to sell Placement Shares directly to the Agent as principal it will enter into a separate written Terms
Agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo;), in substantially the form of <U>Exhibit 1</U> hereto, relating to such
sale in accordance with <U>Section 5(a)</U> hereof.&nbsp;&nbsp;References herein to &ldquo;this Agreement&rdquo; or to matters
contained &ldquo;herein&rdquo; or &ldquo;hereunder,&rdquo; or words of similar import, mean this Agreement and any applicable Terms
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &ldquo;<U>Securities
Act</U>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), a registration statement on
Form S-3 (File No. 333-209513), including a base prospectus, relating to certain securities, including the Placement Shares to
be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file
in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder
(the &ldquo;<U>Exchange Act</U>&rdquo;).&nbsp;&nbsp;The Company has prepared a prospectus supplement to the base prospectus included
as part of such registration statement specifically relating to the Placement Shares (the &ldquo;<U>Prospectus Supplement</U>&rdquo;).&nbsp;&nbsp;The
Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Placement Shares.&nbsp;&nbsp;Except where the context otherwise requires,
such registration statement, including all documents filed as part thereof or incorporated by reference therein, and including
any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under
the Securities Act (&ldquo;<U>Rule 424(b)</U>&rdquo;) or deemed to be a part of such registration statement pursuant to Rule 430B
under the Securities Act (&ldquo;<U>Rule 430B</U>&rdquo;), is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; Any
registration statement filed pursuant to Rule 462(b) under the Securities Act is hereinafter called the &ldquo;<U>Rule&nbsp;462(b)
Registration Statement</U>,&rdquo; and after such filing the term &ldquo;Registration Statement&rdquo; shall include the 462(b)
Registration Statement.&nbsp;&nbsp;The base prospectus, including all documents incorporated or deemed incorporated therein by
reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act,
as qualified by Rule 430B(g), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in
the form in which such base prospectus and Prospectus Supplement have most recently been filed by the Company with the Commission
pursuant to Rule 424(b) is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration Statement,
the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated or deemed
incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo;
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein (the &ldquo;<U>Incorporated Documents</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this agreement,
the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Free Writing
Prospectus</U>&rdquo; means any free writing prospectus as defined in Rule 405 under the Securities Act (&ldquo;<U>Rule 405</U>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act (&ldquo;<U>Rule 433</U>&rdquo;), relating to the Placement Shares that (1) is required to be filed with the Commission by the
Company, (2) is a &ldquo;road show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i)
whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it
contains a description of the Placement 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&rsquo;s
records pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed
to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System,
or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>.&nbsp;&nbsp;Each
time that the Company wishes to issue and sell Placement Shares hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the Agent) of the number of Placement Shares, the time
period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one
day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), the form of which is attached
hereto as <U>Schedule 1</U>.&nbsp;&nbsp;The Placement Notice shall originate from any of the individuals from the Company set forth
on <U>Schedule 2</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed
to each of the individuals from the Agent set forth on <U>Schedule 2,</U> as such <U>Schedule 2</U> may be amended from time to
time.&nbsp;&nbsp;Provided that the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall
be effective immediately upon receipt by the Agent unless and until (i) the Agent declines to accept the terms contained therein
for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder has been sold, (iii) the Company
suspends or terminates the Placement Notice or (iv) this Agreement has been terminated under the provisions of <U>Section 14</U>.&nbsp;&nbsp;The
amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule 3</U>.&nbsp;&nbsp;It is expressly
acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement
or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such
Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.&nbsp;&nbsp;In
the event of a conflict between the terms of <U>Sections 2</U> or <U>3</U> of this Agreement and the terms of a Placement Notice,
the terms of the Placement Notice will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares by the Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Agreement, for the period specified in a Placement Notice, the Agent will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations
and the rules of the New York Stock Exchange (the &ldquo;<U>Exchange</U>&rdquo;), to sell the Placement Shares up to the amount
specified in, and otherwise in accordance with the terms of,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such Placement Notice.&nbsp;&nbsp;The Agent
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such
day, the compensation payable by the Company to the Agent pursuant to <U>Section&nbsp;2</U> with respect to such sales, and the
Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in
<U>Section 5(b)</U>) from the gross proceeds that it receives from such sales.&nbsp;&nbsp;Subject to the terms of a Placement Notice,
the Agent may sell Placement Shares by any method permitted by law deemed to be an &ldquo;at-the-market&rdquo; offering as defined
in Rule 415 under the Securities Act (&ldquo;<U>Rule 415</U>&rdquo;), including without limitation sales made directly on the Exchange,
on any other existing trading market for the Common Stock or to or through a market maker.&nbsp;&nbsp;Subject to the terms of a
Placement Notice, the Agent may also sell Placement Shares by any other method permitted by law, including but not limited to negotiated
transactions. &ldquo;<U>Trading Day</U>&rdquo; means any day on which Common Stock is purchased and sold on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Common Stock shall only be effected
by or through only the Agent or an Alternative Agent on any single given day, but in no event by more than one of them, and the
Company shall in no event request that the Agent and an Alternative Agent sell Common Stock on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Sales</U>.&nbsp;&nbsp;The Company or the Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Schedule 2</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule 2</U>), suspend
any sale of Placement Shares; <I>provided, however</I>, that such suspension shall not affect or impair any party&rsquo;s obligations
with respect to any Placement Shares sold hereunder prior to the receipt of such notice.&nbsp;&nbsp;Each of the parties agrees
that no such notice under this <U>Section 4</U> shall be effective against any other party unless it is made to one of the individuals
named on <U>Schedule 2</U> hereto, as such Schedule may be amended from time to time.&nbsp;&nbsp;Each of the parties acknowledges
and agrees that any sale of Placement Shares shall be suspended beginning with two weeks after each quarterly and annual period
and ending the Business Day following the announcement of the Company's earnings for such quarterly and annual period on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
and Delivery to the Agent; Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares</U>.&nbsp;&nbsp;On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Agent&rsquo;s acceptance of the terms of a Placement Notice, and unless the sale of the
Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms
of, such Placement Notice.&nbsp;&nbsp;The Company acknowledges and agrees that (i) there can be no assurance that the Agent will
be successful in selling Placement Shares,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) the Agent will incur no liability
or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure
by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law
and regulations to sell such Placement Shares as required under this Agreement, (iii) the Agent shall be under no obligation to
purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company
and (iv) Placement Shares purchased from the Company by the Agent, individually or in a syndicate, as principal shall be made in
accordance with the terms agreed upon between the Agent and the Company as evidenced by a Terms Agreement; the Agent's commitment
to purchase Placement Shares from the Company as principal shall be deemed to be made on the basis of the accuracy of the representation
and warranties of the Company, the Operating Partnership and the Manager, and performance by the Company, the Operating Parntership
and the Manager of their covenants and other obligations, herein contained and shall be subject to the terms and conditions herein
set forth; at the time of each Terms Agreement, the Agent shall specify the requirements, if any, for the officer's certificate,
opinions and letters of accountants and counsel pursuant to <U>Section 8(l)</U>, <U>(m)</U> and <U>(n)</U> and <U>Section 11(g)</U>
hereof.&nbsp;&nbsp;In the event of a conflict between the terms of this Agreement and a Terms Agreement, the terms of such Terms
Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement
of Placement Shares</U>.&nbsp;&nbsp;Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following
the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;).&nbsp;&nbsp;The amount of proceeds to be delivered
to the Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be
equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&rsquo;s commission, discount or other
compensation for such sales payable by the Company pursuant to <U>Section 2</U> hereof, and (ii) any transaction fees imposed by
any governmental or self-regulatory organization in respect of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Placement Shares</U>.&nbsp;&nbsp;On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting the Agent&rsquo;s or its designee&rsquo;s account, as applicable, (provided
the Agent shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at
The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be
mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good
deliverable form.&nbsp;&nbsp;On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date.&nbsp;&nbsp;The Company and the Operating Partnership agree that
if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date,
then in addition to and in no way limiting the rights and obligations set forth in <U>Section 12(a)</U> hereto, they will (i) hold
the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have
been entitled absent such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Offering Size</U>.&nbsp;&nbsp;Under no circumstances shall the Company cause, permit or request the offer or sale of any Placement
Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or dollar amount of Placement Shares
sold pursuant to this Agreement, the Alternative Sales Agreements or any Terms Agreement would exceed the lesser of (A) together
with all sales of Placement Shares under this Agreement, the Alternative Sales Agreements or any Terms Agreement, the Maximum Amount
and (B) the amount authorized from time to time to be issued and sold under this Agreement and any Terms Agreement by the Company&rsquo;s
board of directors, a duly authorized committee thereof or a duly authorized executive committee.&nbsp;&nbsp;Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares at a price lower than the minimum price authorized
from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive
committee.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly
and severally, represent and warrant to, and agree with the Agent as of the date of this Agreement, as of each Representation Date
(as defined below), as of the time of each sale of Placement Shares pursuant to this Agreement and as of each Settlement Date,
unless such representation, warranty or agreement specifies a different date or time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has the authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus; the outstanding
shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.&nbsp;&nbsp;All
of the outstanding shares of capital stock, partnership interests and membership interests, as the case may be, of the subsidiaries
of the Company identified on <U>Schedule 4</U> hereto (each, a &ldquo;<U>Subsidiary</U>&rdquo;) have been duly authorized and are
validly issued, fully paid and non-assessable securities thereof and, except as disclosed in the Prospectus, all of the outstanding
shares of capital stock, partnership interest or membership interests, as the case may be, of the Subsidiaries are directly or
indirectly owned of record and beneficially by the Company; except as disclosed in the Prospectus, there are no outstanding (i)&nbsp;securities
or obligations of the Company or any of the Subsidiaries convertible into or exchangeable for any capital stock of the Company
or any such Subsidiary, (ii)&nbsp;warrants, rights or options to subscribe for or purchase from the Company or any such Subsidiary
any such capital stock or any such convertible or exchangeable securities or obligations, or (iii)&nbsp;obligations of the Company
or any such Subsidiary to issue any shares of capital stock, any such convertible or exchangeable securities or obligation, or
any such warrants, rights or options; all issued and outstanding units of partnership interest in the Operating Partnership (&ldquo;<U>Units</U>&rdquo;)
owned by the Company are owned free and clear of any perfected security interest or any other security interests, claims, liens
or encumbrances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and each of the Subsidiaries has been duly incorporated, formed or organized and is validly existing as a corporation,
general or limited partnership or limited liability company in good standing under the laws of its respective jurisdiction of incorporation,
formation or organization with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and, in the case of the Company and the Operating Partnership,
to execute and deliver this Agreement and to consummate the transactions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">contemplated herein<FONT STYLE="font-size: 10pt">
</FONT>and to perform its obligations under the Amended and Restated Management Agreement, dated October 27, 2015, by and among
the Company, the Operating Partnership and the Manager (the &ldquo;<U>Management Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries is duly qualified or licensed and in good standing in each jurisdiction in which it conducts
its businesses or in which it owns or leases real property or otherwise maintains an office and in which the failure, individually
or in the aggregate, to be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings,
prospects, properties or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, (any such effect
or change, where the context so requires, is hereinafter called a &ldquo;<U>Material Adverse Effect</U>&rdquo; or &ldquo;<U>Material
Adverse Change</U>&rdquo;); except as disclosed in the Prospectus, no Subsidiary is prohibited or restricted, directly or indirectly,
from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary&rsquo;s capital stock
or from repaying to the Company or any other Subsidiary any amounts which may from time to time become due under any loans or advances
to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary&rsquo;s property or assets
to the Company or to any other Subsidiary; other than as disclosed in the Prospectus, the Company and the Operating Partnership
do not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership interest
in any partnership, joint venture or other association;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and the Subsidiaries are in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees
and judgments, including those relating to transactions with affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice, lapse of time,
or both would constitute a breach of, or default under), (i)&nbsp;its respective charter, bylaws, agreement of limited partnership,
operating agreement or other similar organizational documents (the &ldquo;<U>Organizational Documents</U>&rdquo;), (ii)&nbsp;the
performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which
any of them or their respective properties is bound, or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule
or any decree, judgment, permit or order (each, a &ldquo;<U>Law</U>&rdquo;) applicable to the Company or any Subsidiary, except,
in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, have
a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein will not (A)&nbsp;conflict
with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or
both would constitute a breach of, or default under), (i)&nbsp;any provision of the Organizational Documents of the Company or
any Subsidiary, or (ii)&nbsp;any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other
agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties
may be bound or affected, or under any Law applicable to the Company or any Subsidiary, except in the case of this clause&nbsp;(ii)
for such breaches or defaults which would</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">not, individually or in the aggregate,
have a Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim or encumbrance upon
any property or asset of the Company or any Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Company and the Operating Partnership
and each is a legal, valid and binding agreement of the Company and the Operating Partnership enforceable in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions
of <U>Section 12</U> hereof may be limited by federal or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 is required in connection with the execution, delivery and performance of this Agreement by the
Company or the Operating Partnership, their consummation of the transactions contemplated herein, and the Company&rsquo;s sale
and delivery of the Placement Shares, other than (A)&nbsp;such as have been obtained, or will have been obtained at the relevant
Settlement Date, under the Securities Act and the Exchange Act, (B)&nbsp;such approvals as have been obtained in connection with
the approval of the listing of the Placement Shares on the Exchange, (C)&nbsp;such as have been obtained or made under the rules
and regulations of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) and (D)&nbsp;any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the Placement Shares are being offered by the Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary
filings required under any Law, and has obtained all necessary authorizations, consents and approvals from other persons, required
in order to conduct their respective businesses as described in the Registration Statement and the Prospectus, except to the extent
that any failure to have any such licenses, authorizations, consents or approvals, to make any such filings or to obtain any such
authorizations, consents or approvals would not, individually or in the aggregate, have a Material Adverse Effect; neither the
Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental
agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as
set forth in the Registration Statement and the Prospectus; neither the Company, nor any of the Subsidiaries is in violation of,
in default under, or has received any notice regarding a possible violation, default or revocation 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 the effect of which could result in a Material Adverse Change; and no such license, authorization,
consent or approval contains a materially burdensome restriction that is not adequately disclosed in each of the Registration Statement
and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company meets the requirements for use of Form S-3 under the Securities Act; the Registration Statement has become effective under
the Securities Act and no stop order suspending the effectiveness of the Registration Statement has been issued under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities Act and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission;
and the Company has complied to the Commission&rsquo;s satisfaction with any request on the part of the Commission for additional
information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act) and as of the date hereof, complied or will comply, and the Prospectus and any further
amendments or supplements to the Registration Statement or the Prospectus at the time they were filed with the Commission, were,
or will, when they become effective or are filed with the Commission, as the case may be, comply, in all material respects with
the requirements of the Securities Act, including Rule 415; the documents incorporated by reference in the Registration Statement
and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act), and as of the date hereof, and at each Settlement Date, did not, and does not or will
not contain an 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; and the Prospectus or any amendment or supplement thereto will not, as of its issue
date, as of the applicable filing date, as of the date hereof and at each Settlement Date, contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; <I>provided, however</I>, that the Company makes no warranty or representation with respect to any statement
contained in or omitted from the Registration Statement or the Prospectus in reliance upon and in conformity with the information
concerning the Agent and furnished in writing by or on behalf of the Agent to the Company expressly for use therein; the documents
incorporated by reference in the Registration Statement and the Prospectus, at the time the Registration Statement became effective
or when such documents incorporated by reference were filed with the Commission, as the case may be, when read together with the
other information in the Registration Statement or the Prospectus, as the case may be, did not and will not include an 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the issue date or date of first use and at all subsequent times through each Settlement Date, each Issuer Free Writing Prospectus
did not, and at the time of each sale of Placement Shares and at the Settlement date, each such Issuer Free Writing Prospectus
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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the completion of the public offer
and sale of the Placement Shares did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Prospectus, including any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">document incorporated by reference therein,
and any other prospectus deemed to be a part thereof that has not been superseded or modified;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company is eligible to use Free Writing Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities
Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule&nbsp;433(d) has been, or will be, filed
with the Commission in accordance with the requirements of the Securities Act; and each Free Writing Prospectus that the Company
has filed, or is required to file, pursuant to Rule&nbsp;433(d) or that was prepared by or on behalf of or used by the Company
complies or will comply in all material respects with the requirements of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for any Issuer Free Writing Prospectuses, the Company has not prepared, used or referred to, and will not, without the prior consent
of the Agent, prepare, use or refer to, any Free Writing Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Prospectus and any Issuer Free Writing Prospectuses (to the extent any such Issuer Free Writing Prospectus was required to be filed
with the Commission) delivered to the Agent for use in connection with the public offering of the Placement Shares contemplated
herein have been and will be identical to the versions of such documents transmitted to the Commission for filing via EDGAR, except
to the extent permitted by Regulation S-T;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or the Operating Partnership,
threatened against the Company or any Subsidiary or any of their respective officers and directors or to which the properties,
assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental
or regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment, decree, award or order
having a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">t.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consolidated financial statements, including the notes thereto, included in each of the Registration Statement and the Prospectus
present fairly the consolidated financial position of the Company and its subsidiaries as of the dates indicated and their consolidated
results of operations and changes in financial position and cash flows for the periods specified; such financial statements have
been prepared in conformity with generally accepted accounting principles as applied in the United States (&ldquo;<U>GAAP</U>&rdquo;)
and on a consistent basis during the periods involved and in accordance with Regulation S-X promulgated by the Commission; the
financial statement schedules, if any, included in the Registration Statement fairly present the information shown therein and
have been compiled on a basis consistent with the financial statements included in each of the Registration Statement and the Prospectus;
no other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus;
the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement and the
Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commission&rsquo;s rules and guidelines
applicable thereto; all disclosures contained in the Registration Statement or the Prospectus, or incorporated by reference therein,
regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission) comply
with Regulation G under the Exchange Act and Item&nbsp;10 of Regulation S-K under the Securities Act, to the extent applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">u.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss
Adams LLP, whose reports on the consolidated financial statements of the Company and its subsidiaries are filed with the Commission
as part of each of the Registration Statement and the Prospectus is, and was during the periods covered by its reports, independent
public accountants as required by the Securities Act, and the Exchange Act and is registered with the Public Company Accounting
Oversight Board (the &ldquo;<U>PCAOB</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">v.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsequent
to the respective dates as of which information is given in each of the Registration Statement and the Prospectus, and except as
may be otherwise stated in such documents, there has not been (A)&nbsp;any Material Adverse Change or any development that could
reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course of business, (B)&nbsp;any
transaction that is material to the Company and the Subsidiaries taken as a whole, contemplated or entered into by the Company
or any of the Subsidiaries, (C)&nbsp;any obligation, contingent or otherwise, directly or indirectly incurred by the Company or
any Subsidiary that is material to the Company and the Subsidiaries taken as a whole or (D)&nbsp;any dividend or distribution of
any kind declared, paid or made by the Company on any class of its capital stock or by the Operating Partnership on its Units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">w.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus;
and this Agreement conforms in all material respects to the description thereof contained in the Registration Statement and the
Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">x.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as disclosed in the Registration Statement and the Prospectus, there are no persons with registration or other similar rights to
have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered
pursuant to the Registration Statement or otherwise registered by the Company or the Operating Partnership under the Securities
Act, all of which registration or similar rights are fairly summarized in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">y.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been duly authorized and, when issued and duly delivered against payment therefor as contemplated by this
Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest
or other claim, and the issuance and delivery of the Placement Shares by the Company is not subject to preemptive or other similar
rights arising by operation of law, under the Organizational Documents of the Company or the Operating Partnership or under any
agreement to which the Company or any Subsidiary is a party or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">z.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been approved for listing on the Exchange, subject to official notice of issuance; the Company has taken
all necessary actions to ensure that, upon and at all times since the Exchange shall have approved the Placement Shares for listing,
it</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">is and will be in compliance with all applicable
corporate governance requirements set forth in the Exchange&rsquo;s listing standards that are then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, or any of their respective directors, officers, representatives or affiliates has taken, nor
will take, directly or indirectly, any action which is designed to or which has constituted or which might reasonably be expected
to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Placement Shares or to result in a violation of Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any of their respective affiliates (i)&nbsp;is required to register as a &ldquo;broker&rdquo;
or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act, or (ii)&nbsp;directly, or indirectly through one
or more intermediaries, controls or has any other association with any member firm of FINRA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">cc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
certificate signed by any officer of the Company or any Subsidiary delivered to the Agent or to counsel for the Agent pursuant
to or in connection with this Agreement shall be deemed a representation and warranty by the Company or the Operating Partnership
to the Agent as to the matters covered thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">dd.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory requirements,
with any applicable requirements of the Organizational Documents of the Company and the requirements of the Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and good title to
all personal property owned by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances,
mortgages and defects, except such as are disclosed in the Registration Statement and the Prospectus or such as do not materially
and adversely affect the value of such property and do not interfere with the use made or proposed to be made of such property
by the Company and the Subsidiaries; and any real property and buildings held under lease by the Company or any Subsidiary are
held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Registration Statement and the
Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by
the Company or such Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ff.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
descriptions in each of the Registration Statement and the Prospectus of the legal or governmental proceedings, contracts, leases
and other legal documents therein described present fairly the information required to be shown, and there are no legal or governmental
proceedings, contracts, leases, or other documents of a character required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement which are not described or filed as required; all agreements
between the Company or any of the Subsidiaries and third parties expressly referenced in the Registration Statement and the Prospectus
are legal, valid and binding obligations of the Company or one or more of the Subsidiaries, enforceable in accordance with their
respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors&rsquo; rights generally and by general equitable principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">gg.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service marks,
trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights
and know-how (collectively &ldquo;<U>Intangibles</U>&rdquo;) necessary to entitle the Company and each Subsidiary to conduct its
business as described in the Registration Statement and the Prospectus, and neither the Company nor any Subsidiary has received
notice of infringement of or conflict with (and neither the Company nor any Subsidiary knows of any such infringement of or conflict
with) asserted rights of others with respect to any Intangibles which would have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">hh.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries have established and maintains disclosure controls and procedures (as such term is defined
in Rule&nbsp;13a-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company&rsquo;s principal executive officer and its principal
financial officer by others within those entities, particularly during the periods in which the periodic reports required under
the Exchange Act are being prepared, and (ii)&nbsp;are effective in all material respects to perform the functions for which they
were established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under Rules 13a-15
and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurance that
(i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
as applied in the United States and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance
with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with the
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 and the Prospectus fairly
presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s rules and
guidelines applicable thereto; and since the date of the last audited financial statements of the Company included in the Registration
Statement and the Prospectus, the Company is not aware of (a)&nbsp;any significant deficiency or material weakness in the design
or operation of its internal controls over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s
ability to record, process, summarize and report financial information to management and the Board of Directors, or (b)&nbsp;any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">jj.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility) of the types
and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained
by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property owned
or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily
insured against, all of which insurance is in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">kk.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;neither the
Company nor the Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and
regulations relating to the release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<U>Environmental Laws</U>&rdquo;), (ii)&nbsp;each of the Company and the Subsidiaries has all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there
are no pending or, to the knowledge of the Company or the Operating Partnership, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating
to any Environmental Law against the Company or the Subsidiaries, and (iv)&nbsp;to the knowledge of the Company or the Operating
Partnership, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up
or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or the Subsidiaries relating to Hazardous Materials or any Environmental Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ll.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in violation of or has received notice of any violation with respect to any federal or state
law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages and hours
law, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of
any of which would have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">mm.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(&ldquo;<U>ERISA</U>&rdquo;); no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension
plan&rdquo; (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each
of the Subsidiaries have not incurred and do not expect to incur liability under (i)&nbsp;Title IV of ERISA with respect to termination
of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Section&nbsp;412 or 4971 of the Internal Revenue Code of 1986,
as amended, including the regulations and published interpretations thereunder (&ldquo;<U>Code</U>&rdquo;); and each &ldquo;pension
plan&rdquo; for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure
to act, which would cause the loss of such qualification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">nn.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise disclosed in the Registration Statement and the Prospectus, 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">officers or directors of the Company or
any of the Subsidiaries or any of the members of the families of any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">oo.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any Subsidiary, have been
or will be issued and sold in compliance with (i)&nbsp;all applicable federal and state securities laws, (ii)&nbsp;the laws of
the applicable jurisdiction of incorporation of the issuing entity and, (iii)&nbsp;to the extent applicable to the issuing entity,
the requirements of the Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">pp.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with this offering, the Company has not offered and will not offer its Common Stock or any other securities convertible
into or exchangeable or exercisable for Common Stock in a manner in violation of the Securities Act; and the Company has not distributed
and will not distribute any offering material in connection with the offer and sale of the Placement Shares except for the Prospectus,
any Issuer Free Writing Prospectus or the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">qq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for the payments to the Agent provided for hereunder or payments to an Alternative Agent under the Alternative Sales Agreement,
the Company has not incurred any liability for any finder&rsquo;s fees or similar payments in connection with the transactions
herein contemplated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">rr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
relationship, direct or indirect, 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 or the Prospectus, which is not so described;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ss.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is and, after giving effect to any offering and sale of the Placement Shares, will be an
&ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, as such terms are
defined in the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">tt.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no existing or, to the knowledge of the Company or the Operating Partnership, threatened labor disputes with the employees
of the Company or any of the Subsidiaries which would have, individually or in the aggregate, a Material Adverse Effect; no labor
dispute exists between any officers of the Company or the Operating Partnership (each, a &ldquo;<U>Company-Focused Professional</U>&rdquo;),
on the one hand, and the employer of each such individual on the other hand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">uu.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Operating Partnership nor, to the best of the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge,
any employer of any Company-Focused Professional has been notified that any such Company-Focused Professional plans to terminate
his or her employment with his or her employer;&nbsp;neither the Company nor the Operating Partnership nor, to the best of the
Company&rsquo;s knowledge, any Company-Focused Professional is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreement that would be violated by the present or proposed business activities of the Company,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Operating Partnership or the Manager
as described in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">vv.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is and has been no failure on the part of the Company and the Subsidiaries and any of the officers and directors of the Company
and the Subsidiaries, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder<FONT STYLE="font-size: 10pt"> </FONT>and with which the Company
is required to comply, including Section&nbsp;402 related to loans and Sections 302 and 906 related to certifications;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ww.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commencing
with its taxable year ended December 31, 2014, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) under the Code; the present and
contemplated method of operation of the Company and the Subsidiaries does and will enable the Company to continue to meet the requirements
for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2016 and thereafter and all statements
regarding the Company&rsquo;s qualification and taxation as a REIT and descriptions of the Company&rsquo;s organization and method
of operation (inasmuch as they relate to the Company&rsquo;s qualification and taxation as a REIT) set forth in the Registration
Statement and the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all material respects.&nbsp;&nbsp;The
Operating Partnership is treated as a partnership and not as an association taxable as a corporation for U.S. federal income tax
purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">xx.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has timely filed all tax returns required to be filed (except in any case in which the failure
to so file would not result in a Material Adverse Effect)&nbsp;and has paid all taxes required to be paid and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except, in all cases,
for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the failure
to so pay would not result in a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">yy.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any officer or director purporting to act on behalf of the Company or any of the Subsidiaries,
nor the Manager or its affiliates acting on behalf of the Company or any of the Subsidiaries, has at any time (i)&nbsp;made any
unlawful contributions to any candidate for political office, or failed to disclose fully any such contributions, in violation
of law, (ii)&nbsp;made any payment to any state, federal or foreign governmental officer or official, or other person charged with
similar public or quasi-public duties, other than payments required or allowed by applicable law, (iii)&nbsp;made any payment outside
the ordinary course of business to any investment officer or loan broker or person charged with similar duties of any entity to
which the Company or any of the Subsidiaries sells or from which the Company or any of the Subsidiaries buys loans or servicing
arrangements for the purpose of influencing such agent, officer, broker or person to buy loans or servicing arrangements from or
sell loans to the Company or any of the Subsidiaries, or (iv)&nbsp;engaged in any transactions, maintained any bank account or
used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained
books and records of the Company and the Subsidiaries; neither the Company nor any of the Subsidiaries or, to the knowledge of
the Company or the Operating Partnership, any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">director, officer, agent, employee or affiliate
of such entities is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and
the Company and the Subsidiaries and, to the knowledge of the Company and the Operating Partnership, their affiliates have conducted
their businesses in compliance with the FCPA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">zz.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of its subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any of their
affiliates or any director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company
or any of its subsidiaries, has violated the Bank Secrecy Act, as amended, the Uniting and Strengthening of America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 or the rules and regulations promulgated
under any such law or any successor law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aaa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any employee or agent
of the Company or the Subsidiaries, has made any payment of funds of the Company or the Subsidiaries or received or retained any
funds in violation of any law, rule or regulation, including without limitation the &ldquo;know your customer&rdquo; and anti-money
laundering laws of any jurisdiction (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership, threatened;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bbb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the knowledge of the Company or the Operating Partnership, any director, officer, agent,
employee or affiliate of the Company or the Subsidiaries, nor the Manager or its affiliates acting on behalf of the Company or
the Operating Partnership, is currently subject to any U.S. sanctions administered by the United States Government, including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council,
the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;);
and the Company will not directly or indirectly use any proceeds of any offering of the Placement Shares hereunder, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject of Sanctions or in any other manner that will result in a violation by
any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.&nbsp;&nbsp;For
the past five years, the Company and its Subsidiaries have not knowingly engaged in and are not now knowingly engaged 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 country subject to Sanctions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ccc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not a party to any agreement with an agent or underwriter for any other &ldquo;at-the-market&rdquo; or continuous equity
transaction, other than the Alternative Sales Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Manager</U>.&nbsp;&nbsp;The Manager represents and warrants to, and agrees with the Agent as of the date
of this Agreement and as of the date of this Agreement, as of each Representation Date, as of the time of each sale of Placement
Shares pursuant to this Agreement and as of each Settlement Date, unless such representation, warranty or agreement specifies a
different date or time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the date of this Agreement, the Manager has no plan or intention to materially alter its investment policy, investment allocation
policy or exclusivity policy with respect to the Company as described in the Registration Statement or the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has been duly formed and is validly existing as a limited liability company in good standing under the laws of its respective
jurisdiction of formation with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and to execute and deliver this Agreement and to consummate
the transactions contemplated herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is duly qualified or licensed and in good standing in each jurisdiction in which it conducts its businesses or in which
it owns or leases real property or otherwise maintains an office and in which the failure, individually or in the aggregate, to
be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings, prospects, properties
or condition (financial or otherwise) of the Manager (any such effect or change, where the context so requires, is hereinafter
called a &ldquo;<U>Manager Material Adverse Effect</U>&rdquo; or &ldquo;<U>Manager Material Adverse Change</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees and judgments,
including those relating to transactions with affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute
a breach of, or default under), (i)&nbsp;its operating agreement, bylaws or other similar Organizational Documents (the &ldquo;<U>Manager
Organizational Documents</U>&rdquo;), (ii)&nbsp;the performance or observance of any obligation, agreement, covenant or condition
contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties is bound, or (iii)&nbsp;any Law applicable to the Manager,
except, in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate,
have a Manager Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein, and compliance
by the Manager with its obligations hereunder and the Management Agreement will not (A)&nbsp;conflict with, or result in any breach
of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach
of, or default under), (i)&nbsp;any provision of the Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Organizational Documents, or (ii)&nbsp;any
provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties may be bound or affected, or under any Law applicable
to the Manager, except in the case of this clause&nbsp;(ii) for such breaches or defaults which would not, individually or in the
aggregate, have a Manager Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim
or encumbrance upon any property or asset of the Manager;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Manager and each is a legal, valid
and binding agreement of the Manager enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and by general equitable principles, and
except to the extent that the indemnification and contribution provisions of <U>Section&nbsp;12</U> hereof may be limited by federal
or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
Law, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct its
business as described in the Registration Statement and Prospectus, except to the extent that any failure to have any such licenses,
authorizations, consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals would
not, individually or in the aggregate, have a Manager Material Adverse Effect; the Manager is not required by any applicable law
to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services
which it currently provides or which it proposes to provide as set forth in the Registration Statement and the Prospectus; the
Manager is not in violation of, in default under, or has received any notice regarding a possible violation, default or revocation
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 Manager the effect of which could result in a Manager Material Adverse Change; and
no such license, authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed
in each of the Registration Statement and the Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager does not have any employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
of the Manager or any of its respective directors, officers, representatives or affiliates has taken, nor will take, directly or
indirectly, any action which is designed to or which has constituted or which might reasonably be expected to cause or result in
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares
or to result in a violation at Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;the transactions
that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will be executed
in accordance with management&rsquo;s general or specific authorization and (B)&nbsp;access to the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company&rsquo;s assets is permitted only
in accordance with its management&rsquo;s general or specific authorization;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Manager, threatened against
the Manager or any of its respective officers and directors or to which the properties, assets or rights of any such entity are
subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body,
authority, arbitral panel or agency which could result in a judgment, decree, award or order having a Manager Material Adverse
Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not required to register as an investment adviser with the Commission under the Investment Advisers Act of 1940, as
amended (the &ldquo;<U>Advisers Act</U>&rdquo;), and is not prohibited by the Advisers Act, or the rules&nbsp;and regulations thereunder,
from performing its obligations under the Management Agreement as described in the Management Agreement, the Registration Statement
and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally,
agree with the Agent that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement Amendments</U>.&nbsp;&nbsp;After the date of this Agreement and during any period in which a prospectus relating to any
Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act) (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;) (i) the Company
will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated
by reference or amendments not related to any Placement, has been filed with the Commission and/or has become effective or any
subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to
the Registration Statement or Prospectus related to the Placement or for additional information related to the Placement, (ii)
the Company will prepare and file with the Commission, promptly upon the Agent&rsquo;s request, any amendments or supplements to
the Registration Statement or Prospectus relating to the Placement Shares that, in the Agent&rsquo;s reasonable opinion, may be
necessary or advisable in connection with the distribution of the Placement Shares by the Agent (<I>provided, however, </I>that
the failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect
the Agent's right to rely on representations and warranties made by the Company in this Agreement and provided, further, that the
only remedy the Agent shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement
until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement
or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been
submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected thereto (<I>provided,
however</I>, that (A) the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made by the Company, the Operating Partnership
or the Manager in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such filing or
to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not related to the transaction</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">herein provided; and provided, further,
that the only remedy the Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease making
sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that
upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus relating to the Placement Shares,
except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) or, in the case of any document
to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time
period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <U>Section
8(a)</U>, based on the Company&rsquo;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Commission Stop Orders</U>.&nbsp;&nbsp;The Company will advise the Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.&nbsp;&nbsp;The Company will advise
the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment
or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of
the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Prospectus; Subsequent Changes</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports
and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections&nbsp;13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act.&nbsp;&nbsp;If during the Prospectus Delivery Period any event
occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
misleading, or if during such Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus
to comply with the Securities Act, the Company will promptly notify the Agent to suspend any offering of Placement Shares during
such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance; <I>provided, however</I>, that the Company may delay the
filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing
of Placement Shares</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will use its commercially reasonable efforts
to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws
of such jurisdictions in the United States as the Agent reasonably designates and to continue such</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">qualifications in effect so long as required
for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith
to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Registration Statement and Prospectus</U>.&nbsp;&nbsp;The Company will furnish to the Agent and its counsel (at the reasonable
expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference
therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated
by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time
reasonably request and, at the Agent&rsquo;s request, will also furnish copies of the Prospectus to each exchange or market on
which sales of the Placement Shares may be made; <I>provided, however</I>, that the Company shall not be required to furnish any
document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
Statement</U>.&nbsp;&nbsp;The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.&nbsp;&nbsp;The Agent and the Company
acknowledge and agree that the Company&rsquo;s ordinary, timely-filed periodic filings with the Commission pursuant to the Exchange
Act may be used to satisfy this obligation to the extent consistent with the requirements set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>.&nbsp;&nbsp;The Company will use the Net Proceeds as described in the Registration Statement and the Prospectus
under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Other Sales</U>.&nbsp;&nbsp;Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer
to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares
offered pursuant to this Agreement or the Alternative Sales Agreements) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement
Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or
suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination);
and will not directly or indirectly in any other &ldquo;at-the-market&rdquo; or continuous equity transaction offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant
to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire,
Common Stock prior to the termination of this Agreement; <I>provided, however</I>, that such restrictions will not be required
in connection with the Company&rsquo;s issuance or sale of (i) Common Stock, options to purchase Common Stock or Common Stock issuable
upon the exercise of options, pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend
reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dividend reinvestment plan) of the Company
whether now in effect or hereafter implemented; (ii) Common Stock issuable upon conversion of securities or the exercise of warrants,
options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing
to the Agent, and (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a privately
negotiated transaction to vendors, customers, strategic partners or potential strategic partners or other investors conducted in
a manner so as not to be integrated with the offering of Common Stock hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Circumstances</U>.&nbsp;&nbsp;The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any
material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due
Diligence Cooperation</U>.&nbsp;&nbsp;During the term of this Agreement, the Company, the Operating Partnership and the Manager
will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions
contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers,
during regular business hours and at the Company&rsquo;s principal offices, as the Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required
Filings Relating to Placement of Placement Shares</U>.&nbsp;&nbsp;The Company agrees that on such dates as the Securities Act shall
require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) or
other applicable form with the Commission, which will set forth, within the relevant period, the amount of Placement Shares sold
through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement or other document to each exchange
or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation
Dates; Company and Operating Partnership Certificate</U>.&nbsp;&nbsp;Each time during the term of this Agreement that the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(i)&nbsp;&nbsp;amends
or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares)
the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker,
or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating
to the Placement Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(ii)&nbsp;&nbsp;files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material
amendment to the previously filed Form 10-K);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iii)&nbsp;&nbsp;files
its quarterly reports on Form 10-Q under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iv)&nbsp;&nbsp;files
a current report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">disclosure pursuant to Item 8.01 of Form
8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial
Accounting Standards No. 144) under the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(Each date of filing of one or
more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<U>Representation Date</U>.&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company and the Operating Partnership
shall furnish the Agent (but in the case of clause (iv) above only if the Agent determines that the information contained in such
Form 8-K is material) with a certificate of their Chief Executive Officer and Chief Financial Officer, in the form attached hereto
as <U>Exhibit 8(1)</U>.&nbsp;&nbsp;The requirement to provide a certificate under this <U>Section 8(1)</U> shall be waived for
any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date on which the Company files its annual report on Form 10-K.&nbsp;&nbsp;Notwithstanding
the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell
Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate
under this <U>Section 8(1)</U>, then before the Agent sells any Placement Shares, the Company shall provide the Agent with a certificate,
in the form attached hereto as <U>Exhibit&nbsp;8(1)</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished
to the Agent written opinions and a negative assurance letter of Morrison &amp; Foerster LLP (&ldquo;<U>Company Counsel</U>&rdquo;),
or other counsel reasonably satisfactory to the Agent, in the form attached hereto as <U>Exhibit 8(m)(1)</U> and <U>8(m)(2)</U>,
respectively.&nbsp;&nbsp;Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company
is obligated to deliver a certificate in the form attached hereto as <U>Exhibit 8(l)</U>, for which no waiver is applicable, and
not more than once per calendar quarter, the Company shall cause to be furnished to the Agent a written letter of Company Counsel
in the form attached hereto as <U>Exhibit 8(m)(2)</U>, modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented; <I>provided that</I>, in lieu of such negative assurance for subsequent periodic filings
under the Exchange Act, counsel may furnish the Agent with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that
the Agent may rely on the negative assurance letter previously delivered under this <U>Section 8(m)</U> to the same extent as if
it were dated the date of such letter (except that statements in such prior letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after
each subsequent Representation Date, other than pursuant to <U>Section 8(l)(iii)</U>, the Company shall cause Moss Adams LLP to
furnish the Agent letters (the &ldquo;<U>Comfort Letters</U>&rdquo;), dated the date the Comfort Letter is delivered, which shall
meet the requirements set forth in this <U>Section 8(n)</U>; <I>provided</I>, that if requested by the Agent, the Company shall
cause a Comfort Letter to be furnished to the Agent within ten (10) Trading Days of such request following the date of occurrence
of any restatement of the Company&rsquo;s financial statements.&nbsp;&nbsp;The Comfort Letter from the Company&rsquo;s independent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">accountants shall be in a form and substance
reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the meaning of
the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the
financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
in connection with registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii)
updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Market
Activities</U>.&nbsp;&nbsp;The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of
Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent or an Alternative
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>.&nbsp;&nbsp;The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor
the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo;
as such term is defined in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Offer to Sell</U>.&nbsp;&nbsp;Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in
its capacity as agent hereunder pursuant to <U>Section 24</U>, neither the Agent nor the Company (including its agents and representatives,
other than the Agent in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication
(as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer
to buy Placement Shares hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Act</U>.&nbsp;&nbsp;The Company will maintain and keep accurate books and records reflecting its assets and maintain internal accounting
controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the
assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation
of the Company&rsquo;s consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company
are being made only in accordance with management&rsquo;s and the Company&rsquo;s directors&rsquo; authorization, and (iv) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&rsquo;s
assets that could have a material effect on its financial statements.&nbsp;&nbsp;The Company will maintain such controls and other
procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable
regulations thereunder 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&rsquo;s rules and forms, including, without limitation, controls and procedures designed to ensure that</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">information required to be disclosed by
the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company&rsquo;s
management, including its principal executive officer and principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure and to ensure that material information relating to the
Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which such
periodic reports are being prepared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Qualification</U>.&nbsp;&nbsp;The Company will continue to use its best efforts to meet the requirements to qualify as a REIT under
the Code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Covenants of the Agent</U>.&nbsp;&nbsp;The Agent represents and warrants that it is duly registered as a broker-dealer under
FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required.&nbsp;&nbsp;The
Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and
the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states
in which the Agent is exempt from registration or such registration is not otherwise required, during the term of this Agreement.&nbsp;&nbsp;The
Agent shall comply with all applicable law and regulations, including but not limited to Regulation M, in connection with the transactions
contemplated by this Agreement, including the issuance and sale through the Agent of the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to pay all expenses incident
to the performance of their obligations under this Agreement, including (i) the preparation, filing, including any fees required
by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed
and of each amendment and supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably
necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of
the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the
fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the fees and disbursements of counsel
to the Agent up to $75,000; (vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing
fees incident to any review by FINRA of the terms of the sale of the Placement Shares, if any, and (viii) the fees and expenses
incurred in connection with the listing of the Placement Shares on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to the Agent&rsquo;s Obligations</U>.&nbsp;&nbsp;The obligations of the Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company, the Operating Partnership
and the Manager herein, to the due performance by the Company, the Operating Partnership and the Manager of their obligations hereunder,
to the completion by the Agent of a due diligence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">review satisfactory to it in its reasonable
judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Notices</U>.&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i) receipt by the Company
of any request for additional information from the Commission or any other federal or state governmental authority during the period
of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for
that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus,
it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Misstatement or Material Omission</U>.&nbsp;&nbsp;The Agent shall not have advised the Company that the Registration Statement
or the Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s reasonable
opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Changes</U>.&nbsp;&nbsp;Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission,
there shall not have been any Material Adverse Effect or Manager Material Adverse Effect, or any development that could reasonably
be expected to cause a Material Adverse Effect or Manager Material Adverse Effect, or a downgrading in or withdrawal of any rating
assigned to any of the Company&rsquo;s securities (other than asset backed securities) by any rating organization or a public announcement
by any rating organization that it has under surveillance or review its rating of any of the Company&rsquo;s securities (other
than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in
the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so
material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;The Agent shall have received the opinions and negative assurances of Company Counsel required to be delivered
pursuant <U>Section 8(m)</U> on or before the date on which such delivery of such opinions are required pursuant to <U>Section
8(m)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;The Agent shall have received the Comfort Letter required to be delivered pursuant <U>Section 8(n)</U> on
or before the date on which such delivery of such letter is required pursuant to <U>Section 8(n)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
and Operating Partnership Representation Certificate</U>.&nbsp;&nbsp;The Agent shall have received the certificate required to
be delivered pursuant to <U>Section 8(1)</U> on or before the date on which delivery of such certificate is required pursuant to
<U>Section 8(1)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manager
Representation Certificate</U>.&nbsp;&nbsp;On each date on which the Company and the Operating Partnership are required to furnish
or cause to be furnished a certificate pursuant to <U>Section 8(l)</U>, the Manager shall furnish or cause to be furnished to the
Agent a certificate of the Chief Executive Officer of the Manager and Chief Financial Officer of the Manager, in the form attached
hereto as <U>Exhibit 11(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Suspension</U>.&nbsp;&nbsp;Trading in the Common Stock shall not have been suspended on the Exchange and the Common Stock shall
not have been delisted from the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Materials</U>.&nbsp;&nbsp;On each date on which the Company, the Operating Partnership and the Manager, as the case may be, are
required to deliver certificates pursuant to <U>Sections 8(1)</U> and <U>11(g)</U>, the Company shall have furnished to the Agent
such appropriate further information, certificates and documents as the Agent may reasonably request.&nbsp;&nbsp;All such opinions,
certificates, letters and other documents will be in compliance with the provisions hereof.&nbsp;&nbsp;The Company will furnish
the Agent with such conformed copies of such opinions, certificates, letters and other documents as the Agent shall reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Act Filings Made</U>.&nbsp;&nbsp;All filings with the Commission required by Rule 424 to have been filed prior to the issuance
of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval
for Listing</U>.&nbsp;&nbsp;The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice
of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to,
the issuance of any Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Termination Event</U>.&nbsp;&nbsp;There shall not have occurred any event that would permit the Agent to terminate this Agreement
pursuant to <U>Section 14(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Indemnification</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless
the Agent, their partners, members, directors, officers, employees and agents and each person, if any, who controls the Agent within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospectus (or any amendment or supplement
thereto), 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 arising out of any untrue statement or alleged untrue statement of a material fact included
in any related Issuer Free Writing Prospectus 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided that (subject to <U>Section&nbsp;12(d)</U> below) any such settlement is effected with the written consent of
the Company, which consent shall not unreasonably be delayed or withheld; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under (i) or (ii) above, <I>provided, however</I>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished
to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Indemnification</U>.&nbsp;&nbsp;The Agent agrees to indemnify and hold harmless the Company and its directors and each officer
of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with
the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section 12(a)</U>,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the
Agent expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure</U>.&nbsp;&nbsp;Any
party that proposes to assert the right to be indemnified under this <U>Section 12</U> will, 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 <U>Section 12</U>, 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 will not relieve the indemnifying party from (i) any liability that
it might have to any indemnified party otherwise than under this <U>Section 12</U> and (ii) any liability that it may have to</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">any indemnified party under the foregoing
provision of this <U>Section 12</U> unless, and only to the extent that, such omission results in the forfeiture of substantive
rights or defenses by the indemnifying party.&nbsp;&nbsp;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 reasonably 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.&nbsp;&nbsp;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 (1) the
employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) 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, (3) a conflict or potential conflict exists
(based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the
indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) 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
will be at the expense of the indemnifying party or parties.&nbsp;&nbsp;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.&nbsp;&nbsp;All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable
detail.&nbsp;&nbsp;An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without
its written consent.&nbsp;&nbsp;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 <U>Section 12</U> (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (2) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.&nbsp;&nbsp;In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 12</U> are applicable in accordance with their terms but for any reason is held to be unavailable
from indemnifying parties under the foregoing paragraphs, then each applicable indemnifying party will 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">after deducting any contribution received
by the Company and the Operating Partnership from persons other than the Agent, such as persons who control the Company within
the meaning of the Securities Act or the Exchange Act, officers of the Company who signed the Registration Statement and directors
of the Company and Operating Partnership, who also may be liable for contribution) to which the indemnifying parties may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by each indemnifying party.&nbsp;&nbsp;The
relative benefits received by the Company and the Operating Partnership on the one hand and the Agent on the other hand shall be
deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses)
received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement
Shares on behalf of the Company.&nbsp;&nbsp;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 Agent, on the other hand, with respect to the statements or omission that 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.&nbsp;&nbsp;Such
relative fault shall be determined by reference to, among other things, 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 or the Agent, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission.&nbsp;&nbsp;The Company, the Operating Partnership and the Agent agree that it would not be just and equitable if contributions
pursuant to this <U>Section 12(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein.&nbsp;&nbsp;The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section
12(d) </U>shall be deemed to include, for the purpose of this <U>Section 12(d)</U>, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with
<U>Section 12(c)</U> hereof.&nbsp;&nbsp;Notwithstanding the foregoing provisions of this <U>Section 12(d)</U>, the Agent shall
not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.&nbsp;&nbsp;For purposes of this <U>Section 12(d)</U>, any person
who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers, directors,
partners, employees or agents of the Agent, will have the same rights to contribution as that party, and each officer and director
of the Company who signed the Registration Statement will have the same rights to contribution as the Company and the Operating
Partnership, subject in each case to the provisions hereof.&nbsp;&nbsp;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
<U>Section 12(d)</U>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify
will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under
this <U>Section 12(d)</U> except to the extent that the failure to so notify such other party materially prejudiced the substantive
rights or defenses of the party from whom contribution is sought.&nbsp;&nbsp;Except for a settlement entered into pursuant to the
last sentence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of <U>Section 12(c)</U> hereof, no party
will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to <U>Section 12(c)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Agreements to Survive Delivery</U>.&nbsp;&nbsp;The indemnity and contribution agreements contained in <U>Section 12</U> of
this Agreement and all representations and warranties of the Company, the Operating Partnership, the Manager and the Agent herein
or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made
by or on behalf of the Agent, any controlling persons, or the Company and the Operating Partnership (or any of their respective
officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)
any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since
the time of execution of this Agreement or since the date as of which information is given in the Registration Statement and the
Prospectus, any Material Adverse Effect or Manager Material Adverse Effect, or any development that is reasonably likely to have
a Material Adverse Effect or Manager Material Adverse Effect or, in the sole judgment of the Agent, is material and adverse and
makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares,
(2) if there has occurred any material adverse change in the financial markets in the United States or the international financial
markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the reasonable judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to
enforce contracts for the sale of the Placement Shares, (3) if trading in any securities of the Company on any exchange, or in
the over-the-counter market has been suspended or limited by the Commission or any exchange, or minimum prices for trading have
been fixed on any exchange, (4) if a major disruption of securities settlements or clearance services in the United States shall
have occurred and be continuing or (5) if a banking moratorium has been declared by either U.S. Federal or New York authorities.&nbsp;&nbsp;Any
such termination shall be without liability of any party to any other party except that the provisions of <U>Section 10</U> (Payment
of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive
Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination.&nbsp;&nbsp;If the Agent elects to terminate this Agreement
as provided in this <U>Section 14(a)</U>, the Agent shall provide the required written notice as specified in <U>Section 15</U>
(Notices).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery), <U>Section 19</U> (Governing
Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive Delivery), <U>Section&nbsp;19</U> (Governing Law and Time; Waiver
of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such
termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
earlier terminated pursuant to this <U>Section 14</U>, this Agreement shall automatically terminate upon the issuance and sale
of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions
of <U>Section 9</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 13</U> (Representations
and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent
to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 14(a)</U>, <U>(b</U>), <U>(c</U>), or
<U>(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however</I>, that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification
and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and
Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) shall remain in full force and effect.&nbsp;&nbsp;Upon
termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation
with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however</I>,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or
the Company, as the case may be.&nbsp;&nbsp;If such termination shall occur prior to the Settlement Date for any sale of Placement
Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;All
notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this
Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">JMP Securities LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">600 Montgomery Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Suite 1100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">San Francisco, CA 94111</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in; text-align: justify">Attention:</td>
    <TD STYLE="width: 72%; text-align: justify">Equity Securities</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify">Facsimile:</td>
    <TD STYLE="text-align: justify">415-835-8920</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</td>
    <TD>wconroy@jmpsecurities.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Clifford Chance US LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">31 W 52<SUP>nd</SUP> Street<BR>
New York, NY 10019</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</td>
    <TD STYLE="width: 72%">Andrew Epstein</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</td>
    <TD>212-878-8332</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</td>
    <TD>andrew.epstein@cliffordchance.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and if to the Company, the Operating Partnership or the Manager,
shall be delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Great Ajax Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">9400 SW Beaverton-Hillsdale Highway<BR>
Suite 131<BR>
Beaverton, OR 97005</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</td>
    <TD STYLE="width: 72%">Irving Potter</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</td>
    <TD>503-228-1455</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</td>
    <TD>irving@jprlaw.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Morrison &amp; Foerster LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">250 W 55th Street<BR>
New York, NY 10019</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</td>
    <TD STYLE="width: 72%">Anna T. Pinedo</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</td>
    <TD>212-468-8179</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</td>
    <TD>apinedo@mofo.com</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose.&nbsp;&nbsp;Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or,
if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to
a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid).&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Business Day</U>&rdquo;
shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<U>Electronic Notice</U>&rdquo;) shall be deemed written notice for purposes of this <U>Section 15</U> if sent to the electronic
mail address specified by the receiving party under separate cover.&nbsp;&nbsp;Electronic Notice shall be deemed received at the
time the party sending Electronic Notice receives confirmation of receipt by the receiving party.&nbsp;&nbsp;Any party receiving
Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<U>Nonelectronic
Notice</U>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic
Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company, the Operating Partnership,
the Manager and the Agent and their respective successors and the affiliates, controlling persons, officers and directors referred
to in <U>Section 12</U> hereof.&nbsp;&nbsp;References to any of the parties contained in this Agreement shall be deemed to include
the successors and permitted assigns of such party.&nbsp;&nbsp;Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.&nbsp;&nbsp;Neither party may
assign its rights or obligations under this Agreement without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
for Stock Splits</U>.&nbsp;&nbsp;The parties acknowledge and agree that all share-related numbers contained in this Agreement shall
be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event
effected with respect to the Placement Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment; Severability</U>.&nbsp;&nbsp;This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.&nbsp;&nbsp;Neither
this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company, the Operating
Partnership, the Manager and the Agent.&nbsp;&nbsp;In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction,
then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.&nbsp;&nbsp;SPECIFIED TIMES OF DAY REFER TO NEW
YORK CITY TIME.&nbsp;&nbsp;THE COMPANY, THE OPERATING PARTNERSHIP AND THE MANAGER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONSENT
TO JURISDICTION</U>.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT
TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE
OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND
CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL,
RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE
SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.&nbsp;&nbsp;NOTHING CONTAINED HEREIN SHALL BE DEEMED
TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Information</U>.&nbsp;&nbsp;The Agent may not use any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;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.&nbsp;&nbsp;Delivery of an executed Agreement by one party to the other may be made by facsimile
transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>.&nbsp;&nbsp;The section and Exhibit headings herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Free Writing Prospectuses</U>.&nbsp;&nbsp;The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not
made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or a
Free Writing Prospectus required to be filed with the Commission.&nbsp;&nbsp;Any such Free Writing Prospectus consented to by the
Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as
an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.&nbsp;&nbsp;For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any,
listed in <U>Exhibit 24</U> hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Fiduciary Relationship</U>.&nbsp;&nbsp;The Company, the Operating Partnership and the Manager each acknowledge and agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company, the Operating Partnership and the Manager or any of their</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">respective affiliates, stockholders (or
other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or
will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent
has advised or is advising the Company, the Operating Partnership or the Manager on other matters, and the Agent has no obligation
to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this
Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company, the Operating Partnership and the Manager and the Agent has no obligation to disclose such interests
and transactions to the Company, the Operating Partnership and the Manager by virtue of any fiduciary, advisory or agency relationship
or otherwise; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not
have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim
or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, the Operating Partnership or
the Manager, or employees or creditors of Company, the Operating Partnership or the Manager, other than in respect of the Agent&rsquo;s
obligations under this Agreement and to keep information provided by the Company, the Operating Partnership or the Manager to the
Agent and the Agent&rsquo;s counsel confidential to the extent not otherwise publicly available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
&ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to the Registration Statement, 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 EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
&ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or similar materials prepared in connection
with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing correctly sets forth the understanding between
the Company, the Operating Partnership, the Manager and the Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement by and among the Company, the Operating Partnership, the Manager and
the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2" style="padding-left: 27pt">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>GREAT AJAX CORP.</b></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 6%">&nbsp;</td>
    <TD STYLE="width: 44%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Chief Executive Officer</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>GREAT AJAX OPERATING PARTNERSHIP LP.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>Great Ajax Operating LLC, its general partner</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD>Great Ajax Corp, its sole member</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Chief Executive Officer</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2"><b>THETIS ASSET MANAGEMENT LLC.</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Lawrence Mendelsohn</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Manager</td></tr>
</table>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page to At-the-Market Issuance
Sales Agreement]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2" style="text-indent: 0.5in"><b>ACCEPTED as of the date first-above written:</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-left: 0.125in"><b>JMP SECURITIES LLC</b></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 8%">&nbsp;</td>
    <TD STYLE="width: 42%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD STYLE="padding-left: 0.125in">By:</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Carter Mack</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name: Carter Mack</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title: Banking Management Committee</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page to At-the-Market Issuance
Sales Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-1.3
<SEQUENCE>4
<FILENAME>t1602338_ex1-3.htm
<DESCRIPTION>EXHIBIT 1.3
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Great
Ajax Corp.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock<BR>
(par value $0.01 per share)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>At-the-Market Issuance Sales Agreement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.95in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James &amp; Associates, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">50 N Front St.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">17th Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Memphis, TN 38103</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Great Ajax
Corp., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), Great Ajax Operating Partnership LP, a Delaware limited partnership
(the &ldquo;<U>Operating Partnership&rdquo;</U><FONT STYLE="font-size: 11pt">)</FONT>, and Thetis Asset Management LLC, a Delaware
limited liability company (the &ldquo;<U>Manager</U>&rdquo;), each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;),
with Raymond James &amp; Associates, Inc. (the &ldquo;<U>Agent</U>&rdquo;), as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
and Sale of Shares</U>.&nbsp;&nbsp;The Company agrees that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares (the
&ldquo;<U>Placement Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;),
<I>provided however, </I>that in no event shall the Company issue or sell through the Agent such number or dollar amount of Placement
Shares that (a) exceeds the number or dollar amount of shares of Common Stock registered on the effective Registration Statement
(as defined below) pursuant to which the offering is being made, or (b) exceeds the number of authorized but unissued shares of
Common Stock (the lesser of (a) and (b), the &ldquo;<U>Maximum Amount</U>&rdquo;).&nbsp;&nbsp;Notwithstanding anything to the contrary
contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section 1</U> on the number
of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that the Agent shall
have no obligation in connection with such compliance.&nbsp;&nbsp;The issuance and sale of Placement Shares through the Agent will
be effected pursuant to the Registration Statement, although nothing in this Agreement shall be construed as requiring the Company
to use the Registration Statement to issue any Placement Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Operating
Partnership and the Manager have also entered into separate at-the-market issuance sales agreements, of even date herewith (each,
an &ldquo;<U>Alternative Sales Agreement</U>&rdquo;), pursuant to which the Company may, from time to time during the term of such
Alternative Sales Agreements, issue and sell through or to FBR Capital Markets &amp; Co. and JMP Securities LLC (each, an &ldquo;<U>Alternative
Agent</U>&rdquo;), as sales agent and/or principal, shares of Common Stock.&nbsp;&nbsp;The aggregate number or dollar amount of
the Placement Shares that may be sold pursuant to this Agreement and the Alternative Sales Agreements shall not exceed the Maximum
Amount.&nbsp;&nbsp;The Agent acknowledges that the Company may enter into Alternative Sales Agreements with additional Alternative
Agents from time to time following the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
that whenever it determines to sell Placement Shares directly to the Agent as principal it will enter into a separate written Terms
Agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo;), in substantially the form of <U>Exhibit 1</U> hereto, relating to such
sale in accordance with <U>Section 5(a)</U> hereof.&nbsp;&nbsp;References herein to &ldquo;this Agreement&rdquo; or to matters
contained &ldquo;herein&rdquo; or &ldquo;hereunder,&rdquo; or words of similar import, mean this Agreement and any applicable Terms
Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed,
in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the &ldquo;<U>Securities
Act</U>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), a registration statement on
Form S-3 (File No. 333-209513), including a base prospectus, relating to certain securities, including the Placement Shares to
be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file
in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder
(the &ldquo;<U>Exchange Act</U>&rdquo;).&nbsp;&nbsp;The Company has prepared a prospectus supplement to the base prospectus included
as part of such registration statement specifically relating to the Placement Shares (the &ldquo;<U>Prospectus Supplement</U>&rdquo;).&nbsp;&nbsp;The
Company will furnish to the Agent, for use by the Agent, copies of the base prospectus included as part of such registration statement,
as supplemented by the Prospectus Supplement, relating to the Placement Shares.&nbsp;&nbsp;Except where the context otherwise requires,
such registration statement, including all documents filed as part thereof or incorporated by reference therein, and including
any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under
the Securities Act (&ldquo;<U>Rule 424(b)</U>&rdquo;) or deemed to be a part of such registration statement pursuant to Rule 430B
under the Securities Act (&ldquo;<U>Rule 430B</U>&rdquo;), is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; Any
registration statement filed pursuant to Rule 462(b) under the Securities Act is hereinafter called the &ldquo;<U>Rule&nbsp;462(b)
Registration Statement</U>,&rdquo; and after such filing the term &ldquo;Registration Statement&rdquo; shall include the 462(b)
Registration Statement.&nbsp;&nbsp;The base prospectus, including all documents incorporated or deemed incorporated therein by
reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act,
as qualified by Rule 430B(g), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in
the form in which such base prospectus and Prospectus Supplement have most recently been filed by the Company with the Commission
pursuant to Rule 424(b) is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration Statement,
the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated or deemed
incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo;
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein (the &ldquo;<U>Incorporated Documents</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this agreement,
the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Free Writing
Prospectus</U>&rdquo; means any free writing prospectus as defined in Rule 405 under the Securities Act (&ldquo;<U>Rule 405</U>&rdquo;);
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Securities
Act (&ldquo;<U>Rule 433</U>&rdquo;), relating to the Placement Shares that (1) is required to be filed with the Commission by the
Company, (2) is a &ldquo;road show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i)
whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it
contains a description of the Placement 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&rsquo;s
records pursuant to Rule 433(g).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed
to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System,
or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, &ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>.&nbsp;&nbsp;Each
time that the Company wishes to issue and sell Placement Shares hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the Agent) of the number of Placement Shares, the time
period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one
day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), the form of which is attached
hereto as <U>Schedule 1</U>.&nbsp;&nbsp;The Placement Notice shall originate from any of the individuals from the Company set forth
on <U>Schedule 2</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed
to each of the individuals from the Agent set forth on <U>Schedule 2,</U> as such <U>Schedule 2</U> may be amended from time to
time.&nbsp;&nbsp;Provided that the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall
be effective immediately upon receipt by the Agent unless and until (i) the Agent declines to accept the terms contained therein
for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares thereunder has been sold, (iii) the Company
suspends or terminates the Placement Notice or (iv) this Agreement has been terminated under the provisions of <U>Section 14</U>.&nbsp;&nbsp;The
amount of any discount, commission or other compensation to be paid by the Company to the Agent in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule 3</U>.&nbsp;&nbsp;It is expressly
acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect to a Placement
or any Placement Shares unless and until the Company delivers a Placement Notice to the Agent and the Agent does not decline such
Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein.&nbsp;&nbsp;In
the event of a conflict between the terms of <U>Sections 2</U> or <U>3</U> of this Agreement and the terms of a Placement Notice,
the terms of the Placement Notice will control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares by the Agent</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Agreement, for the period specified in a Placement Notice, the Agent will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations
and the rules of the New York Stock Exchange (the &ldquo;<U>Exchange</U>&rdquo;), to sell the Placement Shares up to the amount
specified in, and otherwise in accordance with the terms of,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such Placement Notice.&nbsp;&nbsp;The Agent
will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such
day, the compensation payable by the Company to the Agent pursuant to <U>Section&nbsp;2</U> with respect to such sales, and the
Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in
<U>Section 5(b)</U>) from the gross proceeds that it receives from such sales.&nbsp;&nbsp;Subject to the terms of a Placement Notice,
the Agent may sell Placement Shares by any method permitted by law deemed to be an &ldquo;at-the-market&rdquo; offering as defined
in Rule 415 under the Securities Act (&ldquo;<U>Rule 415</U>&rdquo;), including without limitation sales made directly on the Exchange,
on any other existing trading market for the Common Stock or to or through a market maker.&nbsp;&nbsp;Subject to the terms of a
Placement Notice, the Agent may also sell Placement Shares by any other method permitted by law, including but not limited to negotiated
transactions. &ldquo;<U>Trading Day</U>&rdquo; means any day on which Common Stock is purchased and sold on the Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Common Stock shall only be effected
by or through only the Agent or an Alternative Agent on any single given day, but in no event by more than one of them, and the
Company shall in no event request that the Agent and an Alternative Agent sell Common Stock on the same day.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension
of Sales</U>.&nbsp;&nbsp;The Company or the Agent may, upon notice to the other party in writing (including by email correspondence
to each of the individuals of the other party set forth on <U>Schedule 2</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule 2</U>), suspend
any sale of Placement Shares; <I>provided, however</I>, that such suspension shall not affect or impair any party&rsquo;s obligations
with respect to any Placement Shares sold hereunder prior to the receipt of such notice.&nbsp;&nbsp;Each of the parties agrees
that no such notice under this <U>Section 4</U> shall be effective against any other party unless it is made to one of the individuals
named on <U>Schedule 2</U> hereto, as such Schedule may be amended from time to time.&nbsp;&nbsp;Each of the parties acknowledges
and agrees that any sale of Placement Shares shall be suspended beginning with two weeks after each quarterly and annual period
and ending the Business Day following the announcement of the Company's earnings for such quarterly and annual period on Form 8-K.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
and Delivery to the Agent; Settlement</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Placement Shares</U>.&nbsp;&nbsp;On the basis of the representations and warranties herein contained and subject to the terms
and conditions herein set forth, upon the Agent&rsquo;s acceptance of the terms of a Placement Notice, and unless the sale of the
Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement,
the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms
of, such Placement Notice.&nbsp;&nbsp;The Company acknowledges and agrees that (i) there can be no assurance that the Agent will
be successful in selling Placement Shares,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) the Agent will incur no liability
or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure
by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law
and regulations to sell such Placement Shares as required under this Agreement, (iii) the Agent shall be under no obligation to
purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company
and (iv) Placement Shares purchased from the Company by the Agent, individually or in a syndicate, as principal shall be made in
accordance with the terms agreed upon between the Agent and the Company as evidenced by a Terms Agreement; the Agent's commitment
to purchase Placement Shares from the Company as principal shall be deemed to be made on the basis of the accuracy of the representation
and warranties of the Company, the Operating Partnership and the Manager, and performance by the Company, the Operating Parntership
and the Manager of their covenants and other obligations, herein contained and shall be subject to the terms and conditions herein
set forth; at the time of each Terms Agreement, the Agent shall specify the requirements, if any, for the officer's certificate,
opinions and letters of accountants and counsel pursuant to <U>Section 8(l)</U>, <U>(m)</U> and <U>(n)</U> and <U>Section 11(g)</U>
hereof.&nbsp;&nbsp;In the event of a conflict between the terms of this Agreement and a Terms Agreement, the terms of such Terms
Agreement shall control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement
of Placement Shares</U>.&nbsp;&nbsp;Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following
the date on which such sales are made (each, a &ldquo;<U>Settlement Date</U>&rdquo;).&nbsp;&nbsp;The amount of proceeds to be delivered
to the Company on a Settlement Date against receipt of the Placement Shares sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be
equal to the aggregate sales price received by the Agent, after deduction for (i) the Agent&rsquo;s commission, discount or other
compensation for such sales payable by the Company pursuant to <U>Section 2</U> hereof, and (ii) any transaction fees imposed by
any governmental or self-regulatory organization in respect of such sales.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Placement Shares</U>.&nbsp;&nbsp;On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting the Agent&rsquo;s or its designee&rsquo;s account, as applicable, (provided
the Agent shall have given the Company written notice of such designee at least one Trading Day prior to the Settlement Date) at
The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be
mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered shares in good
deliverable form.&nbsp;&nbsp;On each Settlement Date, the Agent will deliver the related Net Proceeds in same day funds to an account
designated by the Company on, or prior to, the Settlement Date.&nbsp;&nbsp;The Company and the Operating Partnership agree that
if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date,
then in addition to and in no way limiting the rights and obligations set forth in <U>Section 12(a)</U> hereto, they will (i) hold
the Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal
fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable)
and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have
been entitled absent such default.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations
on Offering Size</U>.&nbsp;&nbsp;Under no circumstances shall the Company cause, permit or request the offer or sale of any Placement
Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or dollar amount of Placement Shares
sold pursuant to this Agreement, the Alternative Sales Agreements or any Terms Agreement would exceed the lesser of (A) together
with all sales of Placement Shares under this Agreement, the Alternative Sales Agreements or any Terms Agreement, the Maximum Amount
and (B) the amount authorized from time to time to be issued and sold under this Agreement and any Terms Agreement by the Company&rsquo;s
board of directors, a duly authorized committee thereof or a duly authorized executive committee.&nbsp;&nbsp;Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares at a price lower than the minimum price authorized
from time to time by the Company&rsquo;s board of directors, a duly authorized committee thereof or a duly authorized executive
committee.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly
and severally, represent and warrant to, and agree with the Agent as of the date of this Agreement, as of each Representation Date
(as defined below), as of the time of each sale of Placement Shares pursuant to this Agreement and as of each Settlement Date,
unless such representation, warranty or agreement specifies a different date or time:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company has the authorized and outstanding capitalization as set forth in the Registration Statement and the Prospectus; the outstanding
shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable.&nbsp;&nbsp;All
of the outstanding shares of capital stock, partnership interests and membership interests, as the case may be, of the subsidiaries
of the Company identified on <U>Schedule 4</U> hereto (each, a &ldquo;<U>Subsidiary</U>&rdquo;) have been duly authorized and are
validly issued, fully paid and non-assessable securities thereof and, except as disclosed in the Prospectus, all of the outstanding
shares of capital stock, partnership interest or membership interests, as the case may be, of the Subsidiaries are directly or
indirectly owned of record and beneficially by the Company; except as disclosed in the Prospectus, there are no outstanding (i)&nbsp;securities
or obligations of the Company or any of the Subsidiaries convertible into or exchangeable for any capital stock of the Company
or any such Subsidiary, (ii)&nbsp;warrants, rights or options to subscribe for or purchase from the Company or any such Subsidiary
any such capital stock or any such convertible or exchangeable securities or obligations, or (iii)&nbsp;obligations of the Company
or any such Subsidiary to issue any shares of capital stock, any such convertible or exchangeable securities or obligation, or
any such warrants, rights or options; all issued and outstanding units of partnership interest in the Operating Partnership (&ldquo;<U>Units</U>&rdquo;)
owned by the Company are owned free and clear of any perfected security interest or any other security interests, claims, liens
or encumbrances;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and each of the Subsidiaries has been duly incorporated, formed or organized and is validly existing as a corporation,
general or limited partnership or limited liability company in good standing under the laws of its respective jurisdiction of incorporation,
formation or organization with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and, in the case of the Company and the Operating Partnership,
to execute and deliver this Agreement and to consummate the transactions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">contemplated herein and to perform its
obligations under the Amended and Restated Management Agreement, dated October 27, 2015, by and among the Company, the Operating
Partnership and the Manager (the &ldquo;<U>Management Agreement</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries is duly qualified or licensed and in good standing in each jurisdiction in which it conducts
its businesses or in which it owns or leases real property or otherwise maintains an office and in which the failure, individually
or in the aggregate, to be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings,
prospects, properties or condition (financial or otherwise) of the Company and the Subsidiaries taken as a whole, (any such effect
or change, where the context so requires, is hereinafter called a &ldquo;<U>Material Adverse Effect</U>&rdquo; or &ldquo;<U>Material
Adverse Change</U>&rdquo;); except as disclosed in the Prospectus, no Subsidiary is prohibited or restricted, directly or indirectly,
from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary&rsquo;s capital stock
or from repaying to the Company or any other Subsidiary any amounts which may from time to time become due under any loans or advances
to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary&rsquo;s property or assets
to the Company or to any other Subsidiary; other than as disclosed in the Prospectus, the Company and the Operating Partnership
do not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership interest
in any partnership, joint venture or other association;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and the Subsidiaries are in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees
and judgments, including those relating to transactions with affiliates;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice, lapse of time,
or both would constitute a breach of, or default under), (i)&nbsp;its respective charter, bylaws, agreement of limited partnership,
operating agreement or other similar organizational documents (the &ldquo;<U>Organizational Documents</U>&rdquo;), (ii)&nbsp;the
performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which
any of them or their respective properties is bound, or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule
or any decree, judgment, permit or order (each, a &ldquo;<U>Law</U>&rdquo;) applicable to the Company or any Subsidiary, except,
in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate, have
a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein will not (A)&nbsp;conflict
with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or
both would constitute a breach of, or default under), (i)&nbsp;any provision of the Organizational Documents of the Company or
any Subsidiary, or (ii)&nbsp;any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other
agreement or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective properties
may be bound or affected, or under any Law applicable to the Company or any Subsidiary, except in the case of this clause&nbsp;(ii)
for such breaches or defaults which would</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">not, individually or in the aggregate,
have a Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim or encumbrance upon
any property or asset of the Company or any Subsidiary;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Company and the Operating Partnership
and each is a legal, valid and binding agreement of the Company and the Operating Partnership enforceable in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors&rsquo;
rights generally, and by general equitable principles, and except to the extent that the indemnification and contribution provisions
of <U>Section 12</U> hereof may be limited by federal or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 is required in connection with the execution, delivery and performance of this Agreement by the
Company or the Operating Partnership, their consummation of the transactions contemplated herein, and the Company&rsquo;s sale
and delivery of the Placement Shares, other than (A)&nbsp;such as have been obtained, or will have been obtained at the relevant
Settlement Date, under the Securities Act and the Exchange Act, (B)&nbsp;such approvals as have been obtained in connection with
the approval of the listing of the Placement Shares on the Exchange, (C)&nbsp;such as have been obtained or made under the rules
and regulations of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;) and (D)&nbsp;any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the Placement Shares are being offered by the Agent;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has all necessary licenses, authorizations, consents and approvals and has made all necessary
filings required under any Law, and has obtained all necessary authorizations, consents and approvals from other persons, required
in order to conduct their respective businesses as described in the Registration Statement and the Prospectus, except to the extent
that any failure to have any such licenses, authorizations, consents or approvals, to make any such filings or to obtain any such
authorizations, consents or approvals would not, individually or in the aggregate, have a Material Adverse Effect; neither the
Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental
agency or authority in order to provide the products and services which it currently provides or which it proposes to provide as
set forth in the Registration Statement and the Prospectus; neither the Company, nor any of the Subsidiaries is in violation of,
in default under, or has received any notice regarding a possible violation, default or revocation 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 the effect of which could result in a Material Adverse Change; and no such license, authorization,
consent or approval contains a materially burdensome restriction that is not adequately disclosed in each of the Registration Statement
and the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company meets the requirements for use of Form S-3 under the Securities Act; the Registration Statement has become effective under
the Securities Act and no stop order suspending the effectiveness of the Registration Statement has been issued under the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities Act and no proceedings for that
purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission;
and the Company has complied to the Commission&rsquo;s satisfaction with any request on the part of the Commission for additional
information;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act) and as of the date hereof, complied or will comply, and the Prospectus and any further
amendments or supplements to the Registration Statement or the Prospectus at the time they were filed with the Commission, were,
or will, when they become effective or are filed with the Commission, as the case may be, comply, in all material respects with
the requirements of the Securities Act, including Rule 415; the documents incorporated by reference in the Registration Statement
and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and
will comply in all material respects with the requirements of the Exchange Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Registration Statement, as of each effective date (including each deemed effective date with respect to the Agent pursuant to Rule
430B or otherwise under the Securities Act), and as of the date hereof, and at each Settlement Date, did not, and does not or will
not contain an 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; and the Prospectus or any amendment or supplement thereto will not, as of its issue
date, as of the applicable filing date, as of the date hereof and at each Settlement Date, contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; <I>provided, however</I>, that the Company makes no warranty or representation with respect to any statement
contained in or omitted from the Registration Statement or the Prospectus in reliance upon and in conformity with the information
concerning the Agent and furnished in writing by or on behalf of the Agent to the Company expressly for use therein; the documents
incorporated by reference in the Registration Statement and the Prospectus, at the time the Registration Statement became effective
or when such documents incorporated by reference were filed with the Commission, as the case may be, when read together with the
other information in the Registration Statement or the Prospectus, as the case may be, did not and will not include an 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the issue date or date of first use and at all subsequent times through each Settlement Date, each Issuer Free Writing Prospectus
did not, and at the time of each sale of Placement Shares and at the Settlement date, each such Issuer Free Writing Prospectus
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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Issuer Free Writing Prospectus, if any, as of its issue date and at all subsequent times through the completion of the public offer
and sale of the Placement Shares did not, does not and will not include any information that conflicted, conflicts or will conflict
with the information contained in the Registration Statement or the Prospectus, including any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">document incorporated by reference therein,
and any other prospectus deemed to be a part thereof that has not been superseded or modified;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company is eligible to use Free Writing Prospectuses in connection with this offering pursuant to Rules 164 and 433 under the Securities
Act; any Free Writing Prospectus that the Company is required to file pursuant to Rule&nbsp;433(d) has been, or will be, filed
with the Commission in accordance with the requirements of the Securities Act; and each Free Writing Prospectus that the Company
has filed, or is required to file, pursuant to Rule&nbsp;433(d) or that was prepared by or on behalf of or used by the Company
complies or will comply in all material respects with the requirements of the Securities Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for any Issuer Free Writing Prospectuses, the Company has not prepared, used or referred to, and will not, without the prior consent
of the Agent, prepare, use or refer to, any Free Writing Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Prospectus and any Issuer Free Writing Prospectuses (to the extent any such Issuer Free Writing Prospectus was required to be filed
with the Commission) delivered to the Agent for use in connection with the public offering of the Placement Shares contemplated
herein have been and will be identical to the versions of such documents transmitted to the Commission for filing via EDGAR, except
to the extent permitted by Regulation S-T;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company filed the Registration Statement with the Commission before using any Issuer Free Writing Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or the Operating Partnership,
threatened against the Company or any Subsidiary or any of their respective officers and directors or to which the properties,
assets or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental
or regulatory commission, board, body, authority, arbitral panel or agency which could result in a judgment, decree, award or order
having a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">t.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consolidated financial statements, including the notes thereto, included in each of the Registration Statement and the Prospectus
present fairly the consolidated financial position of the Company and its subsidiaries as of the dates indicated and their consolidated
results of operations and changes in financial position and cash flows for the periods specified; such financial statements have
been prepared in conformity with generally accepted accounting principles as applied in the United States (&ldquo;<U>GAAP</U>&rdquo;)
and on a consistent basis during the periods involved and in accordance with Regulation S-X promulgated by the Commission; the
financial statement schedules, if any, included in the Registration Statement fairly present the information shown therein and
have been compiled on a basis consistent with the financial statements included in each of the Registration Statement and the Prospectus;
no other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus;
the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement and the
Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commission&rsquo;s rules and guidelines
applicable thereto; all disclosures contained in the Registration Statement or the Prospectus, or incorporated by reference therein,
regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules and regulations of the Commission) comply
with Regulation G under the Exchange Act and Item&nbsp;10 of Regulation S-K under the Securities Act, to the extent applicable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">u.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss
Adams LLP, whose reports on the consolidated financial statements of the Company and its subsidiaries are filed with the Commission
as part of each of the Registration Statement and the Prospectus is, and was during the periods covered by its reports, independent
public accountants as required by the Securities Act, and the Exchange Act and is registered with the Public Company Accounting
Oversight Board (the &ldquo;<U>PCAOB</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">v.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsequent
to the respective dates as of which information is given in each of the Registration Statement and the Prospectus, and except as
may be otherwise stated in such documents, there has not been (A)&nbsp;any Material Adverse Change or any development that could
reasonably be expected to result in a Material Adverse Change, whether or not arising in the ordinary course of business, (B)&nbsp;any
transaction that is material to the Company and the Subsidiaries taken as a whole, contemplated or entered into by the Company
or any of the Subsidiaries, (C)&nbsp;any obligation, contingent or otherwise, directly or indirectly incurred by the Company or
any Subsidiary that is material to the Company and the Subsidiaries taken as a whole or (D)&nbsp;any dividend or distribution of
any kind declared, paid or made by the Company on any class of its capital stock or by the Operating Partnership on its Units;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">w.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus;
and this Agreement conforms in all material respects to the description thereof contained in the Registration Statement and the
Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">x.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as disclosed in the Registration Statement and the Prospectus, there are no persons with registration or other similar rights to
have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered
pursuant to the Registration Statement or otherwise registered by the Company or the Operating Partnership under the Securities
Act, all of which registration or similar rights are fairly summarized in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">y.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been duly authorized and, when issued and duly delivered against payment therefor as contemplated by this
Agreement, will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest
or other claim, and the issuance and delivery of the Placement Shares by the Company is not subject to preemptive or other similar
rights arising by operation of law, under the Organizational Documents of the Company or the Operating Partnership or under any
agreement to which the Company or any Subsidiary is a party or otherwise;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">z.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Placement Shares have been approved for listing on the Exchange, subject to official notice of issuance; the Company has taken
all necessary actions to ensure that, upon and at all times since the Exchange shall have approved the Placement Shares for listing,
it</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">is and will be in compliance with all applicable
corporate governance requirements set forth in the Exchange&rsquo;s listing standards that are then in effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, or any of their respective directors, officers, representatives or affiliates has taken, nor
will take, directly or indirectly, any action which is designed to or which has constituted or which might reasonably be expected
to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Placement Shares or to result in a violation of Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any of their respective affiliates (i)&nbsp;is required to register as a &ldquo;broker&rdquo;
or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act, or (ii)&nbsp;directly, or indirectly through one
or more intermediaries, controls or has any other association with any member firm of FINRA;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">cc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
certificate signed by any officer of the Company or any Subsidiary delivered to the Agent or to counsel for the Agent pursuant
to or in connection with this Agreement shall be deemed a representation and warranty by the Company or the Operating Partnership
to the Agent as to the matters covered thereby;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">dd.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory requirements,
with any applicable requirements of the Organizational Documents of the Company and the requirements of the Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ee.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries have good and marketable title in fee simple to all real property, if any, and good title to
all personal property owned by them, in each case free and clear of all liens, security interests, pledges, charges, encumbrances,
mortgages and defects, except such as are disclosed in the Registration Statement and the Prospectus or such as do not materially
and adversely affect the value of such property and do not interfere with the use made or proposed to be made of such property
by the Company and the Subsidiaries; and any real property and buildings held under lease by the Company or any Subsidiary are
held under valid, existing and enforceable leases, with such exceptions as are disclosed in the Registration Statement and the
Prospectus or are not material and do not interfere with the use made or proposed to be made of such property and buildings by
the Company or such Subsidiary;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ff.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
descriptions in each of the Registration Statement and the Prospectus of the legal or governmental proceedings, contracts, leases
and other legal documents therein described present fairly the information required to be shown, and there are no legal or governmental
proceedings, contracts, leases, or other documents of a character required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement which are not described or filed as required; all agreements
between the Company or any of the Subsidiaries and third parties expressly referenced in the Registration Statement and the Prospectus
are legal, valid and binding obligations of the Company or one or more of the Subsidiaries, enforceable in accordance with their
respective terms, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors&rsquo; rights generally and by general equitable principles;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">gg.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service marks,
trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights
and know-how (collectively &ldquo;<U>Intangibles</U>&rdquo;) necessary to entitle the Company and each Subsidiary to conduct its
business as described in the Registration Statement and the Prospectus, and neither the Company nor any Subsidiary has received
notice of infringement of or conflict with (and neither the Company nor any Subsidiary knows of any such infringement of or conflict
with) asserted rights of others with respect to any Intangibles which would have a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">hh.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries have established and maintains disclosure controls and procedures (as such term is defined
in Rule&nbsp;13a-15(e) under the Exchange Act), which (i)&nbsp;are designed to ensure that material information relating to the
Company, including its consolidated subsidiaries, is made known to the Company&rsquo;s principal executive officer and its principal
financial officer by others within those entities, particularly during the periods in which the periodic reports required under
the Exchange Act are being prepared, and (ii)&nbsp;are effective in all material respects to perform the functions for which they
were established;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined under Rules 13a-15
and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable assurance that
(i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations; (ii)&nbsp;transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
as applied in the United States and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance
with management&rsquo;s general or specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with the
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 and the Prospectus fairly
presents the information called for in all material respects and is prepared in accordance with the Commission&rsquo;s rules and
guidelines applicable thereto; and since the date of the last audited financial statements of the Company included in the Registration
Statement and the Prospectus, the Company is not aware of (a)&nbsp;any significant deficiency or material weakness in the design
or operation of its internal controls over financial reporting which are reasonably likely to adversely affect the Company&rsquo;s
ability to record, process, summarize and report financial information to management and the Board of Directors, or (b)&nbsp;any
fraud, whether or not material, that involves management or other employees who have a significant role in the Company&rsquo;s
internal control over financial reporting;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">jj.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility) of the types
and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained
by similar companies in similar businesses, including, but not limited to, insurance covering real and personal property owned
or leased by the Company and the Subsidiaries against theft, damage, destruction, acts of vandalism and all other risks customarily
insured against, all of which insurance is in full force and effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">kk.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;neither the
Company nor the Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and
regulations relating to the release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<U>Environmental Laws</U>&rdquo;), (ii)&nbsp;each of the Company and the Subsidiaries has all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there
are no pending or, to the knowledge of the Company or the Operating Partnership, threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating
to any Environmental Law against the Company or the Subsidiaries, and (iv)&nbsp;to the knowledge of the Company or the Operating
Partnership, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up
or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or the Subsidiaries relating to Hazardous Materials or any Environmental Laws;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ll.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any Subsidiary is in violation of or has received notice of any violation with respect to any federal or state
law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wages and hours
law, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of
any of which would have a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">mm.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the
Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder
(&ldquo;<U>ERISA</U>&rdquo;); no &ldquo;reportable event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension
plan&rdquo; (as defined in ERISA) for which the Company or any of the Subsidiaries would have any liability; the Company and each
of the Subsidiaries have not incurred and do not expect to incur liability under (i)&nbsp;Title IV of ERISA with respect to termination
of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Section&nbsp;412 or 4971 of the Internal Revenue Code of 1986,
as amended, including the regulations and published interpretations thereunder (&ldquo;<U>Code</U>&rdquo;); and each &ldquo;pension
plan&rdquo; for which the Company and each of its Subsidiaries would have any liability that is intended to be qualified under
Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure
to act, which would cause the loss of such qualification;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">nn.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise disclosed in the Registration Statement and the Prospectus, 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">officers or directors of the Company or
any of the Subsidiaries or any of the members of the families of any of them;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">oo.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or any Subsidiary, have been
or will be issued and sold in compliance with (i)&nbsp;all applicable federal and state securities laws, (ii)&nbsp;the laws of
the applicable jurisdiction of incorporation of the issuing entity and, (iii)&nbsp;to the extent applicable to the issuing entity,
the requirements of the Exchange;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">pp.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with this offering, the Company has not offered and will not offer its Common Stock or any other securities convertible
into or exchangeable or exercisable for Common Stock in a manner in violation of the Securities Act; and the Company has not distributed
and will not distribute any offering material in connection with the offer and sale of the Placement Shares except for the Prospectus,
any Issuer Free Writing Prospectus or the Registration Statement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">qq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
for the payments to the Agent provided for hereunder or payments to an Alternative Agent under the Alternative Sales Agreement,
the Company has not incurred any liability for any finder&rsquo;s fees or similar payments in connection with the transactions
herein contemplated;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">rr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
relationship, direct or indirect, 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 or the Prospectus, which is not so described;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ss.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries is and, after giving effect to any offering and sale of the Placement Shares, will be an
&ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, as such terms are
defined in the Investment Company Act of 1940, as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">tt.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no existing or, to the knowledge of the Company or the Operating Partnership, threatened labor disputes with the employees
of the Company or any of the Subsidiaries which would have, individually or in the aggregate, a Material Adverse Effect; no labor
dispute exists between any officers of the Company or the Operating Partnership (each, a &ldquo;<U>Company-Focused Professional</U>&rdquo;),
on the one hand, and the employer of each such individual on the other hand;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">uu.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Operating Partnership nor, to the best of the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge,
any employer of any Company-Focused Professional has been notified that any such Company-Focused Professional plans to terminate
his or her employment with his or her employer;&nbsp;neither the Company nor the Operating Partnership nor, to the best of the
Company&rsquo;s knowledge, any Company-Focused Professional is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreement that would be violated by the present or proposed business activities of the Company,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Operating Partnership or the Manager
as described in the Registration Statement and the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">vv.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
is and has been no failure on the part of the Company and the Subsidiaries and any of the officers and directors of the Company
and the Subsidiaries, in their capacities as such, to comply in all material respects with the provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated thereunder and with which the Company is required to comply, including Section&nbsp;402
related to loans and Sections 302 and 906 related to certifications;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ww.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commencing
with its taxable year ended December 31, 2014, the Company has been organized and operated in conformity with the requirements
for qualification and taxation as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) under the Code; the present and
contemplated method of operation of the Company and the Subsidiaries does and will enable the Company to continue to meet the requirements
for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2016 and thereafter and all statements
regarding the Company&rsquo;s qualification and taxation as a REIT and descriptions of the Company&rsquo;s organization and method
of operation (inasmuch as they relate to the Company&rsquo;s qualification and taxation as a REIT) set forth in the Registration
Statement and the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all material respects.&nbsp;&nbsp;The
Operating Partnership is treated as a partnership and not as an association taxable as a corporation for U.S. federal income tax
purposes;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">xx.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the Company and the Subsidiaries has timely filed all tax returns required to be filed (except in any case in which the failure
to so file would not result in a Material Adverse Effect)&nbsp;and has paid all taxes required to be paid and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing would otherwise be delinquent, except, in all cases,
for any such tax, assessment, fine or penalty that is being contested in good faith and except in any case in which the failure
to so pay would not result in a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">yy.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of the Subsidiaries or any officer or director purporting to act on behalf of the Company or any of the Subsidiaries,
nor the Manager or its affiliates acting on behalf of the Company or any of the Subsidiaries, has at any time (i)&nbsp;made any
unlawful contributions to any candidate for political office, or failed to disclose fully any such contributions, in violation
of law, (ii)&nbsp;made any payment to any state, federal or foreign governmental officer or official, or other person charged with
similar public or quasi-public duties, other than payments required or allowed by applicable law, (iii)&nbsp;made any payment outside
the ordinary course of business to any investment officer or loan broker or person charged with similar duties of any entity to
which the Company or any of the Subsidiaries sells or from which the Company or any of the Subsidiaries buys loans or servicing
arrangements for the purpose of influencing such agent, officer, broker or person to buy loans or servicing arrangements from or
sell loans to the Company or any of the Subsidiaries, or (iv)&nbsp;engaged in any transactions, maintained any bank account or
used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained
books and records of the Company and the Subsidiaries; neither the Company nor any of the Subsidiaries or, to the knowledge of
the Company or the Operating Partnership, any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">director, officer, agent, employee or affiliate
of such entities is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons
of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and
the Company and the Subsidiaries and, to the knowledge of the Company and the Operating Partnership, their affiliates have conducted
their businesses in compliance with the FCPA;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">zz.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor any of its subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any of their
affiliates or any director, officer, agent or employee of, or other person associated with or acting on behalf of, the Company
or any of its subsidiaries, has violated the Bank Secrecy Act, as amended, the Uniting and Strengthening of America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 or the rules and regulations promulgated
under any such law or any successor law;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">aaa.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, any employee or agent
of the Company or the Subsidiaries, has made any payment of funds of the Company or the Subsidiaries or received or retained any
funds in violation of any law, rule or regulation, including without limitation the &ldquo;know your customer&rdquo; and anti-money
laundering laws of any jurisdiction (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership, threatened;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">bbb.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;neither
the Company nor the Subsidiaries, nor, to the knowledge of the Company or the Operating Partnership, any director, officer, agent,
employee or affiliate of the Company or the Subsidiaries, nor the Manager or its affiliates acting on behalf of the Company or
the Operating Partnership, is currently subject to any U.S. sanctions administered by the United States Government, including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the United Nations Security Council,
the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;);
and the Company will not directly or indirectly use any proceeds of any offering of the Placement Shares hereunder, or lend, contribute
or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject of Sanctions or in any other manner that will result in a violation by
any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.&nbsp;&nbsp;For
the past five years, the Company and its Subsidiaries have not knowingly engaged in and are not now knowingly engaged 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 country subject to Sanctions; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">ccc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not a party to any agreement with an agent or underwriter for any other &ldquo;at-the-market&rdquo; or continuous equity
transaction, other than the Alternative Sales Agreements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Manager</U>.&nbsp;&nbsp;The Manager represents and warrants to, and agrees with the Agent as of the date
of this Agreement and as of the date of this Agreement, as of each Representation Date, as of the time of each sale of Placement
Shares pursuant to this Agreement and as of each Settlement Date, unless such representation, warranty or agreement specifies a
different date or time:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
of the date of this Agreement, the Manager has no plan or intention to materially alter its investment policy, investment allocation
policy or exclusivity policy with respect to the Company as described in the Registration Statement or the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has been duly formed and is validly existing as a limited liability company in good standing under the laws of its respective
jurisdiction of formation with full power and authority to own its respective properties and to conduct its respective businesses
as described in each of the Registration Statement and the Prospectus, and to execute and deliver this Agreement and to consummate
the transactions contemplated herein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is duly qualified or licensed and in good standing in each jurisdiction in which it conducts its businesses or in which
it owns or leases real property or otherwise maintains an office and in which the failure, individually or in the aggregate, to
be so qualified or licensed would have a material adverse effect on the assets, business, operations, earnings, prospects, properties
or condition (financial or otherwise) of the Manager (any such effect or change, where the context so requires, is hereinafter
called a &ldquo;<U>Manager Material Adverse Effect</U>&rdquo; or &ldquo;<U>Manager Material Adverse Change</U>&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is in compliance in all material respects with all applicable laws, rules, regulations, orders, decrees and judgments,
including those relating to transactions with affiliates;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute
a breach of, or default under), (i)&nbsp;its operating agreement, bylaws or other similar Organizational Documents (the &ldquo;<U>Manager
Organizational Documents</U>&rdquo;), (ii)&nbsp;the performance or observance of any obligation, agreement, covenant or condition
contained in any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties is bound, or (iii)&nbsp;any Law applicable to the Manager,
except, in the case of clauses (ii) and (iii) above, for such breaches or defaults which would not, individually or in the aggregate,
have a Manager Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution, delivery and performance of this Agreement, and consummation of the transactions contemplated herein, and compliance
by the Manager with its obligations hereunder and the Management Agreement will not (A)&nbsp;conflict with, or result in any breach
of, or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach
of, or default under), (i)&nbsp;any provision of the Manager</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Organizational Documents, or (ii)&nbsp;any
provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which
the Manager is a party or by which any of it or its respective properties may be bound or affected, or under any Law applicable
to the Manager, except in the case of this clause&nbsp;(ii) for such breaches or defaults which would not, individually or in the
aggregate, have a Manager Material Adverse Effect; or (B)&nbsp;result in the creation or imposition of any lien, charge, claim
or encumbrance upon any property or asset of the Manager;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement and the Management Agreement have been duly authorized, executed and delivered by the Manager and each is a legal, valid
and binding agreement of the Manager enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors&rsquo; rights generally, and by general equitable principles, and
except to the extent that the indemnification and contribution provisions of <U>Section&nbsp;12</U> hereof may be limited by federal
or state securities laws and public policy considerations in respect thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required under any
Law, and has obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct its
business as described in the Registration Statement and Prospectus, except to the extent that any failure to have any such licenses,
authorizations, consents or approvals, to make any such filings or to obtain any such authorizations, consents or approvals would
not, individually or in the aggregate, have a Manager Material Adverse Effect; the Manager is not required by any applicable law
to obtain accreditation or certification from any governmental agency or authority in order to provide the products and services
which it currently provides or which it proposes to provide as set forth in the Registration Statement and the Prospectus; the
Manager is not in violation of, in default under, or has received any notice regarding a possible violation, default or revocation
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 Manager the effect of which could result in a Manager Material Adverse Change; and
no such license, authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed
in each of the Registration Statement and the Prospectus;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager does not have any employees;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;none
of the Manager or any of its respective directors, officers, representatives or affiliates has taken, nor will take, directly or
indirectly, any action which is designed to or which has constituted or which might reasonably be expected to cause or result in
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares
or to result in a violation at Regulation&nbsp;M under the Exchange Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager maintains a system of internal accounting controls sufficient to provide reasonable assurance that (A)&nbsp;the transactions
that may be effectuated by it on behalf of the Company pursuant to its duties set forth in the Management Agreement will be executed
in accordance with management&rsquo;s general or specific authorization and (B)&nbsp;access to the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company&rsquo;s assets is permitted only
in accordance with its management&rsquo;s general or specific authorization;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Manager, threatened against
the Manager or any of its respective officers and directors or to which the properties, assets or rights of any such entity are
subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body,
authority, arbitral panel or agency which could result in a judgment, decree, award or order having a Manager Material Adverse
Effect; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager is not required to register as an investment adviser with the Commission under the Investment Advisers Act of 1940, as
amended (the &ldquo;<U>Advisers Act</U>&rdquo;), and is not prohibited by the Advisers Act, or the rules&nbsp;and regulations thereunder,
from performing its obligations under the Management Agreement as described in the Management Agreement, the Registration Statement
and the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Company and the Operating Partnership</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally,
agree with the Agent that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement Amendments</U>.&nbsp;&nbsp;After the date of this Agreement and during any period in which a prospectus relating to any
Placement Shares is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act) (the &ldquo;<U>Prospectus Delivery Period</U>&rdquo;) (i) the Company
will notify the Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated
by reference or amendments not related to any Placement, has been filed with the Commission and/or has become effective or any
subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to
the Registration Statement or Prospectus related to the Placement or for additional information related to the Placement, (ii)
the Company will prepare and file with the Commission, promptly upon the Agent&rsquo;s request, any amendments or supplements to
the Registration Statement or Prospectus relating to the Placement Shares that, in the Agent&rsquo;s reasonable opinion, may be
necessary or advisable in connection with the distribution of the Placement Shares by the Agent (<I>provided, however, </I>that
the failure of the Agent to make such request shall not relieve the Company of any obligation or liability hereunder, or affect
the Agent's right to rely on representations and warranties made by the Company in this Agreement and provided, further, that the
only remedy the Agent shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement
until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement
or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been
submitted to the Agent within a reasonable period of time before the filing and the Agent has not reasonably objected thereto (<I>provided,
however</I>, that (A) the failure of the Agent to make such objection shall not relieve the Company of any obligation or liability
hereunder, or affect the Agent&rsquo;s right to rely on the representations and warranties made by the Company, the Operating Partnership
or the Manager in this Agreement and (B) the Company has no obligation to provide the Agent any advance copy of such filing or
to provide the Agent an opportunity to object to such filing if the filing does not name the Agent or does not related to the transaction</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">herein provided; and provided, further,
that the only remedy the Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease making
sales under this Agreement) and the Company will furnish to the Agent at the time of filing thereof a copy of any document that
upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus relating to the Placement Shares,
except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus
to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) or, in the case of any document
to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time
period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <U>Section
8(a)</U>, based on the Company&rsquo;s reasonable opinion or reasonable objections, shall be made exclusively by the Company).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Commission Stop Orders</U>.&nbsp;&nbsp;The Company will advise the Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent
the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.&nbsp;&nbsp;The Company will advise
the Agent promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment
or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of
the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Prospectus; Subsequent Changes</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will comply with all requirements
imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports
and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections&nbsp;13(a),
13(c), 14, 15(d) or any other provision of or under the Exchange Act.&nbsp;&nbsp;If during the Prospectus Delivery Period any event
occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
misleading, or if during such Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus
to comply with the Securities Act, the Company will promptly notify the Agent to suspend any offering of Placement Shares during
such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance; <I>provided, however</I>, that the Company may delay the
filing of any amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing
of Placement Shares</U>.&nbsp;&nbsp;During the term of this Agreement, the Company will use its commercially reasonable efforts
to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws
of such jurisdictions in the United States as the Agent reasonably designates and to continue such</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">qualifications in effect so long as required
for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith
to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery
of Registration Statement and Prospectus</U>.&nbsp;&nbsp;The Company will furnish to the Agent and its counsel (at the reasonable
expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference
therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated
by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agent may from time to time
reasonably request and, at the Agent&rsquo;s request, will also furnish copies of the Prospectus to each exchange or market on
which sales of the Placement Shares may be made; <I>provided, however</I>, that the Company shall not be required to furnish any
document (other than the Prospectus) to the Agent to the extent such document is available on EDGAR.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings
Statement</U>.&nbsp;&nbsp;The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement covering a 12-month
period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.&nbsp;&nbsp;The Agent and the Company
acknowledge and agree that the Company&rsquo;s ordinary, timely-filed periodic filings with the Commission pursuant to the Exchange
Act may be used to satisfy this obligation to the extent consistent with the requirements set forth herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Proceeds</U>.&nbsp;&nbsp;The Company will use the Net Proceeds as described in the Registration Statement and the Prospectus
under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Other Sales</U>.&nbsp;&nbsp;Without the prior written consent of the Agent, the Company will not, directly or indirectly, offer
to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares
offered pursuant to this Agreement or the Alternative Sales Agreements) or securities convertible into or exchangeable for Common
Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement
Notice is delivered to the Agent hereunder and ending on the third (3rd) Trading Day immediately following the final Settlement
Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or
suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination);
and will not directly or indirectly in any other &ldquo;at-the-market&rdquo; or continuous equity transaction offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant
to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire,
Common Stock prior to the termination of this Agreement; <I>provided, however</I>, that such restrictions will not be required
in connection with the Company&rsquo;s issuance or sale of (i) Common Stock, options to purchase Common Stock or Common Stock issuable
upon the exercise of options, pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend
reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">dividend reinvestment plan) of the Company
whether now in effect or hereafter implemented; (ii) Common Stock issuable upon conversion of securities or the exercise of warrants,
options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing
to the Agent, and (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a privately
negotiated transaction to vendors, customers, strategic partners or potential strategic partners or other investors conducted in
a manner so as not to be integrated with the offering of Common Stock hereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Circumstances</U>.&nbsp;&nbsp;The Company will, at any time during the pendency of a Placement Notice advise the Agent promptly
after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any
material respect any opinion, certificate, letter or other document required to be provided to the Agent pursuant to this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due
Diligence Cooperation</U>.&nbsp;&nbsp;During the term of this Agreement, the Company, the Operating Partnership and the Manager
will cooperate with any reasonable due diligence review conducted by the Agent or its representatives in connection with the transactions
contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers,
during regular business hours and at the Company&rsquo;s principal offices, as the Agent may reasonably request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Required
Filings Relating to Placement of Placement Shares</U>.&nbsp;&nbsp;The Company agrees that on such dates as the Securities Act shall
require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) or
other applicable form with the Commission, which will set forth, within the relevant period, the amount of Placement Shares sold
through the Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Agent with respect to such
Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement or other document to each exchange
or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation
Dates; Company and Operating Partnership Certificate</U>.&nbsp;&nbsp;Each time during the term of this Agreement that the Company:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(i)&nbsp;&nbsp;amends
or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares)
the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker,
or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating
to the Placement Shares;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(ii)&nbsp;&nbsp;files
an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material
amendment to the previously filed Form 10-K);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iii)&nbsp;&nbsp;files
its quarterly reports on Form 10-Q under the Exchange Act; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">(iv)&nbsp;&nbsp;files
a current report on Form 8-K containing amended financial information (other than information &ldquo;furnished&rdquo; pursuant
to Items 2.02 or 7.01 of Form 8-K or to provide</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">disclosure pursuant to Item 8.01 of Form
8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial
Accounting Standards No. 144) under the Exchange Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(Each date of filing of one or
more of the documents referred to in clauses (i) through (iv) shall be a &ldquo;<U>Representation Date</U>.&rdquo;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company and the Operating Partnership
shall furnish the Agent (but in the case of clause (iv) above only if the Agent determines that the information contained in such
Form 8-K is material) with a certificate of their Chief Executive Officer and Chief Financial Officer, in the form attached hereto
as <U>Exhibit 8(1)</U>.&nbsp;&nbsp;The requirement to provide a certificate under this <U>Section 8(1)</U> shall be waived for
any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date on which the Company files its annual report on Form 10-K.&nbsp;&nbsp;Notwithstanding
the foregoing, (i) upon the delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell
Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agent with a certificate
under this <U>Section 8(1)</U>, then before the Agent sells any Placement Shares, the Company shall provide the Agent with a certificate,
in the form attached hereto as <U>Exhibit&nbsp;8(1)</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">m.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished
to the Agent written opinions and a negative assurance letter of Morrison &amp; Foerster LLP (&ldquo;<U>Company Counsel</U>&rdquo;),
or other counsel reasonably satisfactory to the Agent, in the form attached hereto as <U>Exhibit 8(m)(1)</U> and <U>8(m)(2)</U>,
respectively.&nbsp;&nbsp;Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company
is obligated to deliver a certificate in the form attached hereto as <U>Exhibit 8(l)</U>, for which no waiver is applicable, and
not more than once per calendar quarter, the Company shall cause to be furnished to the Agent a written letter of Company Counsel
in the form attached hereto as <U>Exhibit 8(m)(2)</U>, modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented; <I>provided that</I>, in lieu of such negative assurance for subsequent periodic filings
under the Exchange Act, counsel may furnish the Agent with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect that
the Agent may rely on the negative assurance letter previously delivered under this <U>Section 8(m)</U> to the same extent as if
it were dated the date of such letter (except that statements in such prior letter shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after
each subsequent Representation Date, other than pursuant to <U>Section 8(l)(iii)</U>, the Company shall cause Moss Adams LLP to
furnish the Agent letters (the &ldquo;<U>Comfort Letters</U>&rdquo;), dated the date the Comfort Letter is delivered, which shall
meet the requirements set forth in this <U>Section 8(n)</U>; <I>provided</I>, that if requested by the Agent, the Company shall
cause a Comfort Letter to be furnished to the Agent within ten (10) Trading Days of such request following the date of occurrence
of any restatement of the Company&rsquo;s financial statements.&nbsp;&nbsp;The Comfort Letter from the Company&rsquo;s independent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">accountants shall be in a form and substance
reasonably satisfactory to the Agent, (i) confirming that they are an independent public accounting firm within the meaning of
the Securities Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the
financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters
in connection with registered public offerings (the first such letter, the &ldquo;<U>Initial Comfort Letter</U>&rdquo;) and (iii)
updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Market
Activities</U>.&nbsp;&nbsp;The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or
that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of
Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agent or an Alternative
Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>.&nbsp;&nbsp;The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor
the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo;
as such term is defined in the Investment Company Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Offer to Sell</U>.&nbsp;&nbsp;Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agent in
its capacity as agent hereunder pursuant to <U>Section 24</U>, neither the Agent nor the Company (including its agents and representatives,
other than the Agent in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication
(as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer
to buy Placement Shares hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">r.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Act</U>.&nbsp;&nbsp;The Company will maintain and keep accurate books and records reflecting its assets and maintain internal accounting
controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the
assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation
of the Company&rsquo;s consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company
are being made only in accordance with management&rsquo;s and the Company&rsquo;s directors&rsquo; authorization, and (iv) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company&rsquo;s
assets that could have a material effect on its financial statements.&nbsp;&nbsp;The Company will maintain such controls and other
procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable
regulations thereunder that are designed to ensure that</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&rsquo;s rules and forms, including, without limitation, controls and procedures 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 accumulated and communicated to the Company&rsquo;s management, including its principal executive officer and principal financial
officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to
ensure that material information relating to the Company or the Subsidiaries is made known to them by others within those entities,
particularly during the period in which such periodic reports are being prepared.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">s.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Qualification</U>.&nbsp;&nbsp;The Company will continue to use its best efforts to meet the requirements to qualify as a REIT under
the Code</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Covenants of the Agent</U>.&nbsp;&nbsp;The Agent represents and warrants that it is duly registered as a broker-dealer under
FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered
and sold, except such states in which the Agent is exempt from registration or such registration is not otherwise required.&nbsp;&nbsp;The
Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and
the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states
in which the Agent is exempt from registration or such registration is not otherwise required, during the term of this Agreement.&nbsp;&nbsp;The
Agent shall comply with all applicable law and regulations, including but not limited to Regulation M, in connection with the transactions
contemplated by this Agreement, including the issuance and sale through the Agent of the Placement Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to pay all expenses incident
to the performance of their obligations under this Agreement, including (i) the preparation, filing, including any fees required
by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed
and of each amendment and supplement thereto and each Free Writing Prospectus, in such number as the Agent shall deem reasonably
necessary, (ii) the printing and delivery to the Agent of this Agreement and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of
the certificates, if any, for the Placement Shares to the Agent, including any stock or other transfer taxes and any capital duties,
stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agent, (iv) the
fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the fees and disbursements of counsel
to the Agent up to $75,000; (vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing
fees incident to any review by FINRA of the terms of the sale of the Placement Shares, if any, and (viii) the fees and expenses
incurred in connection with the listing of the Placement Shares on the Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to the Agent&rsquo;s Obligations</U>.&nbsp;&nbsp;The obligations of the Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company, the Operating Partnership
and the Manager herein, to the due performance by the Company, the Operating Partnership and the Manager of their obligations hereunder,
to the completion by the Agent of a due diligence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">review satisfactory to it in its reasonable
judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion) of the following additional conditions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Notices</U>.&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i) receipt by the Company
of any request for additional information from the Commission or any other federal or state governmental authority during the period
of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for
that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus,
it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Misstatement or Material Omission</U>.&nbsp;&nbsp;The Agent shall not have advised the Company that the Registration Statement
or the Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&rsquo;s reasonable
opinion is material, or omits to state a fact that in the Agent&rsquo;s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Changes</U>.&nbsp;&nbsp;Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission,
there shall not have been any Material Adverse Effect or Manager Material Adverse Effect, or any development that could reasonably
be expected to cause a Material Adverse Effect or Manager Material Adverse Effect, or a downgrading in or withdrawal of any rating
assigned to any of the Company&rsquo;s securities (other than asset backed securities) by any rating organization or a public announcement
by any rating organization that it has under surveillance or review its rating of any of the Company&rsquo;s securities (other
than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in
the reasonable judgment of the Agent (without relieving the Company of any obligation or liability it may otherwise have), is so
material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Opinion</U>.&nbsp;&nbsp;The Agent shall have received the opinions and negative assurances of Company Counsel required to be delivered
pursuant <U>Section 8(m)</U> on or before the date on which such delivery of such opinions are required pursuant to <U>Section
8(m)</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comfort
Letter</U>.&nbsp;&nbsp;The Agent shall have received the Comfort Letter required to be delivered pursuant <U>Section 8(n)</U> on
or before the date on which such delivery of such letter is required pursuant to <U>Section 8(n)</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
and Operating Partnership Representation Certificate</U>.&nbsp;&nbsp;The Agent shall have received the certificate required to
be delivered pursuant to <U>Section 8(1)</U> on or before the date on which delivery of such certificate is required pursuant to
<U>Section 8(1)</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manager
Representation Certificate</U>.&nbsp;&nbsp;On each date on which the Company and the Operating Partnership are required to furnish
or cause to be furnished a certificate pursuant to <U>Section 8(l)</U>, the Manager shall furnish or cause to be furnished to the
Agent a certificate of the Chief Executive Officer of the Manager and Chief Financial Officer of the Manager, in the form attached
hereto as <U>Exhibit 11(g)</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Suspension</U>.&nbsp;&nbsp;Trading in the Common Stock shall not have been suspended on the Exchange and the Common Stock shall
not have been delisted from the Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Materials</U>.&nbsp;&nbsp;On each date on which the Company, the Operating Partnership and the Manager, as the case may be, are
required to deliver certificates pursuant to <U>Sections 8(1)</U> and <U>11(g)</U>, the Company shall have furnished to the Agent
such appropriate further information, certificates and documents as the Agent may reasonably request.&nbsp;&nbsp;All such opinions,
certificates, letters and other documents will be in compliance with the provisions hereof.&nbsp;&nbsp;The Company will furnish
the Agent with such conformed copies of such opinions, certificates, letters and other documents as the Agent shall reasonably
request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Act Filings Made</U>.&nbsp;&nbsp;All filings with the Commission required by Rule 424 to have been filed prior to the issuance
of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval
for Listing</U>.&nbsp;&nbsp;The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice
of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to,
the issuance of any Placement Notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Termination Event</U>.&nbsp;&nbsp;There shall not have occurred any event that would permit the Agent to terminate this Agreement
pursuant to <U>Section 14(a)</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Indemnification</U>.&nbsp;&nbsp;The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless
the Agent, their partners, members, directors, officers, employees and agents and each person, if any, who controls the Agent within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospectus (or any amendment or supplement
thereto), 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 arising out of any untrue statement or alleged untrue statement of a material fact included
in any related Issuer Free Writing Prospectus 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided that (subject to <U>Section&nbsp;12(d)</U> below) any such settlement is effected with the written consent of
the Company, which consent shall not unreasonably be delayed or withheld; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in"><FONT STYLE="font-size: 11.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under (i) or (ii) above, <I>provided, however</I>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished
to the Company by the Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agent
Indemnification</U>.&nbsp;&nbsp;The Agent agrees to indemnify and hold harmless the Company and its directors and each officer
of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with
the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section 12(a)</U>,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement
thereto) in reliance upon and in conformity with information relating to the Agent and furnished to the Company in writing by the
Agent expressly for use therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure</U>.&nbsp;&nbsp;Any
party that proposes to assert the right to be indemnified under this <U>Section 12</U> will, 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 <U>Section 12</U>, 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 will not relieve the indemnifying party from (i) any liability that
it might have to any indemnified party otherwise than under
this <U>Section 12</U> and (ii) any liability that it may have to</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">any indemnified party under the foregoing
provision of this <U>Section 12</U> unless, and only to the extent that, such omission results in the forfeiture of substantive
rights or defenses by the indemnifying party.&nbsp;&nbsp;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 reasonably 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.&nbsp;&nbsp;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 (1) the
employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) 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, (3) a conflict or potential conflict exists
(based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case
the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4)
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
will be at the expense of the indemnifying party or parties.&nbsp;&nbsp;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.&nbsp;&nbsp;All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable
detail.&nbsp;&nbsp;An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected
without its written consent.&nbsp;&nbsp;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 <U>Section 12</U> (whether or not any indemnified party is a party thereto), unless such settlement,
compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (2) 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.&nbsp;&nbsp;In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this <U>Section 12</U> are applicable in accordance with their terms but for any reason is held to be unavailable
from indemnifying parties under the foregoing paragraphs, then each applicable indemnifying party will 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">after deducting any contribution received
by the Company and the Operating Partnership from persons other than the Agent, such as persons who control the Company within
the meaning of the Securities Act or the Exchange Act, officers of the Company who signed the Registration Statement and directors
of the Company and Operating Partnership, who also may be liable for contribution) to which the indemnifying parties may be subject
in such proportion as shall be appropriate to reflect the relative benefits received by each indemnifying party.&nbsp;&nbsp;The
relative benefits received by the Company and the Operating Partnership on the one hand and the Agent on the other hand shall be
deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses)
received by the Company bear to the total compensation received by the Agent (before deducting expenses) from the sale of Placement
Shares on behalf of the Company.&nbsp;&nbsp;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 Agent, on the other hand, with respect to the statements or omission that 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.&nbsp;&nbsp;Such
relative fault shall be determined by reference to, among other things, 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 or the Agent, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission.&nbsp;&nbsp;The Company, the Operating Partnership and the Agent agree that it would not be just and equitable if contributions
pursuant to this <U>Section 12(d)</U> were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein.&nbsp;&nbsp;The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this <U>Section
12(d) </U>shall be deemed to include, for the purpose of this <U>Section 12(d)</U>, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with
<U>Section 12(c)</U> hereof.&nbsp;&nbsp;Notwithstanding the foregoing provisions of this <U>Section 12(d)</U>, the Agent shall
not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.&nbsp;&nbsp;For purposes of this <U>Section 12(d)</U>, any person
who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers, directors,
partners, employees or agents of the Agent, will have the same rights to contribution as that party, and each officer and director
of the Company who signed the Registration Statement will have the same rights to contribution as the Company and the Operating
Partnership, subject in each case to the provisions hereof.&nbsp;&nbsp;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
<U>Section 12(d)</U>, will notify any such party or parties from whom contribution may be sought, but the omission to so notify
will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under
this <U>Section 12(d)</U> except to the extent that the failure to so notify such other party materially prejudiced the substantive
rights or defenses of the party from whom contribution is sought.&nbsp;&nbsp;Except for a settlement entered into pursuant to the
last sentence</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of <U>Section 12(c)</U> hereof, no party
will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to <U>Section 12(c)</U> hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Agreements to Survive Delivery</U>.&nbsp;&nbsp;The indemnity and contribution agreements contained in <U>Section 12</U> of
this Agreement and all representations and warranties of the Company, the Operating Partnership, the Manager and the Agent herein
or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made
by or on behalf of the Agent, any controlling persons, or the Company and the Operating Partnership (or any of their respective
officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)
any termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since
the time of execution of this Agreement or since the date as of which information is given in the Registration Statement and the
Prospectus, any Material Adverse Effect or Manager Material Adverse Effect, or any development that is reasonably likely to have
a Material Adverse Effect or Manager Material Adverse Effect or, in the sole judgment of the Agent, is material and adverse and
makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares,
(2) if there has occurred any material adverse change in the financial markets in the United States or the international financial
markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic conditions, in each case the effect of which is
such as to make it, in the reasonable judgment of the Agent, impracticable or inadvisable to market the Placement Shares or to
enforce contracts for the sale of the Placement Shares, (3) if trading in any securities of the Company on any exchange, or in
the over-the-counter market has been suspended or limited by the Commission or any exchange, or minimum prices for trading have
been fixed on any exchange, (4) if a major disruption of securities settlements or clearance services in the United States shall
have occurred and be continuing or (5) if a banking moratorium has been declared by either U.S. Federal or New York authorities.&nbsp;&nbsp;Any
such termination shall be without liability of any party to any other party except that the provisions of <U>Section 10</U> (Payment
of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 12</U> (Representations and Agreements to Survive
Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof
shall remain in full force and effect notwithstanding such termination.&nbsp;&nbsp;If the Agent elects to terminate this Agreement
as provided in this <U>Section 14(a)</U>, the Agent shall provide the required written notice as specified in <U>Section 15</U>
(Notices).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery), <U>Section 19</U> (Governing
Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect
notwithstanding such termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent shall have the right, by giving ten (10) days notice as hereinafter specified to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.&nbsp;&nbsp;Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution),
<U>Section 13</U> (Representations and Agreements to Survive Delivery), <U>Section&nbsp;19</U> (Governing Law and Time; Waiver
of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such
termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
earlier terminated pursuant to this <U>Section 14</U>, this Agreement shall automatically terminate upon the issuance and sale
of all of the Placement Shares through the Agent on the terms and subject to the conditions set forth herein except that the provisions
of <U>Section 9</U> (Payment of Expenses), <U>Section 12</U> (Indemnification and Contribution), <U>Section 13</U> (Representations
and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent
to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall remain in full force and effect unless terminated pursuant to <U>Sections 14(a)</U>, <U>(b</U>), <U>(c</U>), or
<U>(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however</I>, that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section 10</U> (Payment of Expenses), <U>Section 12</U> (Indemnification
and Contribution), <U>Section 12</U> (Representations and Agreements to Survive Delivery), <U>Section 19</U> (Governing Law and
Time; Waiver of Jury Trial) and <U>Section 20</U> (Consent to Jurisdiction) shall remain in full force and effect.&nbsp;&nbsp;Upon
termination of this Agreement, the Company shall not have any liability to the Agent for any discount, commission or other compensation
with respect to any Placement Shares not otherwise sold by the Agent under this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided, however</I>,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or
the Company, as the case may be.&nbsp;&nbsp;If such termination shall occur prior to the Settlement Date for any sale of Placement
Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.&nbsp;&nbsp;All
notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this
Agreement shall be in writing, unless otherwise specified, and if sent to the Agent, shall be delivered to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; padding-left: 1in">Raymond James &amp; Associates, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 1in">880 Carillon Parkway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 1in">7th Floor</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 1in">St. Petersburg, FL 33716</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; width: 28%">Attention:</TD>
    <TD STYLE="width: 72%">John Critchlow, ECM General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</TD>
    <TD>727-567-5032</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</TD>
    <TD>john.critchlow@raymondjames.com</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; padding-left: 1in">Clifford Chance US LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 1in">31 W 52<SUP>nd</SUP> Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 1in">New York, NY 10019</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</TD>
    <TD STYLE="width: 72%">Andrew Epstein</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</TD>
    <TD>212-878-8332</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</TD>
    <TD>andrew.epstein@cliffordchance.com</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and if to the Company, the Operating Partnership or the Manager,
shall be delivered to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 1in">Great Ajax Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">9400 SW Beaverton-Hillsdale Highway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Suite 131</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Beaverton, OR 97005</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</TD>
    <TD STYLE="width: 72%">Irving Potter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</TD>
    <TD>503-228-1455</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</TD>
    <TD>irving@jprlaw.com</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-left: 1in">Morrison &amp; Foerster LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">250 W 55th Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">New York, NY 10019</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-left: 1in">Attention:</TD>
    <TD STYLE="width: 72%">Anna T. Pinedo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Telephone:</TD>
    <TD>212-468-8179</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">Email:</TD>
    <TD>apinedo@mofo.com</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose.&nbsp;&nbsp;Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or,
if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to
a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid).&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Business Day</U>&rdquo;
shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An electronic communication
(&ldquo;<U>Electronic Notice</U>&rdquo;) shall be deemed written notice for purposes of this <U>Section 15</U> if sent to the electronic
mail address specified by the receiving party under separate cover.&nbsp;&nbsp;Electronic Notice shall be deemed received at the
time the party sending Electronic Notice receives confirmation of receipt by the receiving party.&nbsp;&nbsp;Any party receiving
Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&ldquo;<U>Nonelectronic
Notice</U>&rdquo;) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic
Notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the Company, the Operating Partnership,
the Manager and the Agent and their respective successors and the affiliates, controlling persons, officers and directors referred
to in <U>Section 12</U> hereof.&nbsp;&nbsp;References to any of the parties contained in this Agreement shall be deemed to include
the successors and permitted assigns of such party.&nbsp;&nbsp;Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.&nbsp;&nbsp;Neither party may
assign its rights or obligations under this Agreement without the prior written consent of the other party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments
for Stock Splits</U>.&nbsp;&nbsp;The parties acknowledge and agree that all share-related numbers contained in this Agreement shall
be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event
effected with respect to the Placement Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment; Severability</U>.&nbsp;&nbsp;This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements
and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof.&nbsp;&nbsp;Neither
this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company, the Operating
Partnership, the Manager and the Agent.&nbsp;&nbsp;In the event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction,
then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW AND TIME; WAIVER OF JURY TRIAL</U>.&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS.&nbsp;&nbsp;SPECIFIED TIMES OF DAY REFER TO NEW
YORK CITY TIME.&nbsp;&nbsp;THE COMPANY, THE OPERATING PARTNERSHIP AND THE MANAGER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONSENT
TO JURISDICTION</U>.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT
TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE
OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.&nbsp;&nbsp;EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND
CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL,
RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE
SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.&nbsp;&nbsp;NOTHING CONTAINED HEREIN SHALL BE DEEMED
TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of Information</U>.&nbsp;&nbsp;The Agent may not use any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved
by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.&nbsp;&nbsp;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.&nbsp;&nbsp;Delivery of an executed Agreement by one party to the other may be made by facsimile
transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Headings</U>.&nbsp;&nbsp;The section and Exhibit headings herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Free Writing Prospectuses</U>.&nbsp;&nbsp;The Company represents, warrants and agrees that, unless it obtains the prior consent
of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not
made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or a
Free Writing Prospectus required to be filed with the Commission.&nbsp;&nbsp;Any such Free Writing Prospectus consented to by the
Agent or by the Company, as the case may be, is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as
an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the requirements
of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending
and record keeping.&nbsp;&nbsp;For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any,
listed in <U>Exhibit 24</U> hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Fiduciary Relationship</U>.&nbsp;&nbsp;The Company, the Operating Partnership and the Manager each acknowledge and agree that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company, the Operating Partnership and the Manager or any of their</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">respective affiliates, stockholders (or
other equity holders), creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or
will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent
has advised or is advising the Company, the Operating Partnership or the Manager on other matters, and the Agent has no obligation
to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this
Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is aware that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company, the Operating Partnership and the Manager and the Agent has no obligation to disclose such interests
and transactions to the Company, the Operating Partnership and the Manager by virtue of any fiduciary, advisory or agency relationship
or otherwise; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged
breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agent shall not
have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim
or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, the Operating Partnership or
the Manager, or employees or creditors of Company, the Operating Partnership or the Manager, other than in respect of the Agent&rsquo;s
obligations under this Agreement and to keep information provided by the Company, the Operating Partnership or the Manager to the
Agent and the Agent&rsquo;s counsel confidential to the extent not otherwise publicly available.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9pt; text-align: justify; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
&ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to the Registration Statement, 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 EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
&ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or similar materials prepared in connection
with any offering, sale or private placement of any Placement Shares by the Agent outside of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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blank]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing correctly sets forth the understanding between
the Company, the Operating Partnership, the Manager and the Agent, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement by and among the Company, the Operating Partnership, the Manager and
the Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0.25in">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>GREAT AJAX CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Name: Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>GREAT AJAX OPERATING PARTNERSHIP LP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Great Ajax Operating LLC, its general partner</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD>Great Ajax Corp, its sole member</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>THETIS ASSET MANAGEMENT LLC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Lawrence Mendelsohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">[Signature
page to At-the-Market Issuance Sales Agreement]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: 0.5in"><B>ACCEPTED as of the date first-above written:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>RAYMOND JAMES &amp; ASSOCIATES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Neil Roberson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Neil Roberson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">[Signature
page to At-the-Market Issuance Sales Agreement]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.8in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>t1602338_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 12pt"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 46%; font: 12pt Times New Roman, Times, Serif"><IMG SRC="pg182.jpg" ALT=""></td>
    <td style="width: 28%">
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">250 West 55<sup>th</sup> street</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">New York, NY 10019-9601</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">Telephone: 212.468.8000</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">Facsimile: 212.468.7900</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>
        <P STYLE="font: 8pt Garamond, Times, Serif; margin: 0pt 0; text-transform: uppercase">www.mofo.com</P></td>
    <td style="width: 26%">
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">morrison <font style="font-size: 4.5pt">&amp;</font> foerster
        llp</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">new york, san francisco,</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">los angeles, palo alto,</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">sacramento, san diego,</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">denver, northern virginia,</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">washington, d.c.</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">tokyo, london, brussels,</P>
        <P STYLE="font: small-caps 6.5pt Garamond, Times, Serif; margin: 0pt 0">beijing, shanghai, hong kong</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">October 3, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Great Ajax Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">9400 SW Beaverton-Hillsdale Hwy, Suite 131</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Beaverton, Oregon 97005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Great Ajax Corp.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Great Ajax
Corp., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale by the Company from time to
time of shares of its common stock, $0.01 par value, having an aggregate offering price of up to $50,000,000 (the &ldquo;Shares&rdquo;),
pursuant to a Registration Statement on Form S-3 (Registration Statement No.&nbsp;333-209513) (the &ldquo;Registration Statement&rdquo;),
filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended
(the &ldquo;Act&rdquo;), the prospectus, dated April 29, 2016 (the &ldquo;Base Prospectus&rdquo;), and the prospectus supplement,
dated October 3, 2016, filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Act (the &ldquo;Prospectus
Supplement&rdquo;). The Base Prospectus and the Prospectus Supplement are collectively referred to as the &ldquo;Prospectus.&rdquo;
The Shares are to be sold by the Company in the manner described in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion, we have
examined originals or copies, certified or otherwise identified to our satisfaction, of: (i) the Articles of Amendment and Restatement
of the Company, as amended through the date hereof; (ii) the Amended and Restated Bylaws of the Company, as amended through the
date hereof; (iii) certain resolutions of the board of directors of the Company, relating to the issuance and sale of the Shares;
(iv) the Registration Statement; and (v) the Prospectus. In addition, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of certain other corporate records, documents, instruments and certificates of public officials
and of the Company, and we have made such inquiries of officers of the Company and public officials and considered such questions
of law as we have deemed necessary for purposes of rendering the opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion, we have
assumed the genuineness of all signatures and the authenticity of all items submitted to us as originals and the conformity with
originals of all items submitted to us as copies. In making our examination of documents executed by parties other than the Company,
we have assumed that each other party has the power and authority to execute and deliver, and to perform and observe the provisions
of, such documents and has duly authorized, executed and delivered such documents, and that such documents constitute the legal,
valid and binding obligations of each such party. We also have assumed the integrity and completeness of the minute books of the
Company presented to us for examination. With respect to certain factual matters, we have relied upon certificates of officers
of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="pg182.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Great Ajax Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">October 3, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon, subject to and limited by the
foregoing, we are of the opinion that the Shares have been duly and validly authorized and, when and if issued and delivered against
payment therefor in the manner contemplated by the Registration Statement and the Prospectus, will be validly issued, fully paid
and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not express any opinion herein concerning
any law other than the Maryland General Corporation Law and the federal laws of the United States of America, as in effect on the
date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion letter as Exhibit 5.1 to the Company&rsquo;s Current Report on Form 8-K to be filed with the Commission on or about October
3, 2016, which will be incorporated by reference in the Registration Statement, and to the reference to us under the caption
&ldquo;Legal Matters&rdquo; in the Prospectus. In giving such consent, we do not hereby admit that we are acting within the category
of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Morrison &amp; Foerster LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>t1602338_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">October 3, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Great Ajax Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">9400 SW Beaverton-Hillsdale Hwy, Suite 131</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Beaverton, OR 97005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Great Ajax Corp.&mdash;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Status as a Real Estate Investment Trust;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Information in Prospectus under Heading</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Material U.S. Federal Income Tax Considerations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have acted as counsel to Great Ajax
Corp., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale by the Company of up to $50,000,000
of the Company&rsquo;s common stock, par value $.01 per share (the &ldquo;Shares&rdquo;), pursuant to the terms of separate at-the-market
issuance sales agreements, dated October 3, 2016 (together, the &ldquo;Sales Agreements&rdquo;), among the Company, Great
Ajax Operating Partnership LP, a Delaware limited partnership (the &ldquo;Operating Partnership&rdquo;), Thetis Asset Management
LLC, a Delaware limited liability company (the &ldquo;Manager&rdquo;), and each of FBR Capital Markets &amp; Co., JMP Securities
LLC and Raymond James &amp; Associates, Inc. (collectively, the &ldquo;Agents&rdquo;). Capitalized terms not defined herein shall
have the meanings ascribed to them in the Sales Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You have requested our opinion as to certain
federal income tax matters regarding the Company. Although you may disclose to any and all persons, without limitation of any kind,
the federal tax treatment and federal tax structure of the Company and all materials of any kind that were provided to you by us
relating to such tax treatment and tax structure, you may not authorize any other person or entity to rely on this opinion, or
otherwise make this opinion available for the benefit of any other person or entity, without our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In our capacity as counsel to the Company
and for purposes of rendering this opinion, we have examined and relied upon the following, with your consent: (i) the Registration
Statement on Form S-3 (Registration No. 333-209513) relating to the registration of the Shares and certain other securities of
the Company, which was initially filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder
(collectively, the &ldquo;Securities Act&rdquo;), on February 12, 2016 and Post-Effective Amendment No. 1 thereto filed on April
12, 2016, and which became effective on April 29, 2016 (such registration statement being referred to herein as the &ldquo;Registration</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="pg182.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Statement&rdquo;), (ii) the Prospectus Supplement, dated October
3, 2016, as filed by the Company pursuant to Rule 424(b) under the Securities Act, and the accompanying base prospectus included
as part of the Registration Statement, dated April 29, 2016, each relating to the Shares (such base prospectus and Prospectus
Supplement being referred to herein as the &ldquo;Prospectus&rdquo;), and (iii) a certificate executed by duly appointed officers
of the Company (the &ldquo;Officer&rsquo;s Certificate&rdquo;) setting forth certain factual representations, dated October
3, 2016. We have also relied on the conclusion reached in the private letter ruling, dated February 9, 2016, that the Company
received from the Internal Revenue Service. In addition, we have examined and relied upon such other documents as we have considered
relevant to our analysis. In our examination of such documents, we have assumed the authenticity of original documents, the accuracy
of copies, the genuineness of signatures, and the legal capacity of signatories. We have also assumed that all parties to such
documents have acted, and will act, in accordance with the terms of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our opinion is based on (a) our understanding
of the facts as represented to us in the Officer&rsquo;s Certificate and (b) the assumption that (i) the Company and its subsidiaries
have valid legal existences under the laws of the states in which they were formed and have operated in accordance with the laws
of such states, (ii) the Company is operated, and will continue to be operated, in the manner described in the Officer&rsquo;s
Certificate, (iii) the facts contained in the Registration Statement, the Disclosure Package and the Prospectus are true and complete
in all material respects, (iv) all representations of fact contained in the Officer&rsquo;s Certificate are true and complete and
(v) any representation of fact in the Officer&rsquo;s Certificate that is made &ldquo;to the knowledge of&rdquo; or similarly qualified
is correct without such qualification. While we have made such inquiries and investigations as we have deemed necessary, we have
not undertaken an independent inquiry into or verification of all such facts either in the course of our representation of the
Company or for the purpose of rendering this opinion. While we have reviewed all representations made to us to determine their
reasonableness, and nothing has come to our attention that would cause us to question the accuracy of such representations, there
is no assurance that they are or will ultimately prove to be accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We note that the tax consequences addressed
herein depend upon the actual occurrence of events in the future, which events may or may not be consistent with any representations
made to us for purposes of this opinion. In particular, the qualification and taxation of the Company as a &ldquo;real estate investment
trust&rdquo; (&ldquo;REIT&rdquo;) for federal income tax purposes depends upon the Company&rsquo;s ability to meet on a continuing
basis certain distribution levels, diversity of stock ownership, and the various qualification tests imposed by the Internal Revenue
Code of 1986 (as amended, the &ldquo;Code&rdquo;). To the extent that the facts differ from those represented to or assumed by
us herein, our opinion should not be relied upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our opinion herein is based on existing
law as contained in the Code, final and temporary Treasury Regulations promulgated thereunder, administrative pronouncements of
the Internal Revenue Service (the &ldquo;IRS&rdquo;) and court decisions as of the date hereof. The provisions of the Code and
the Treasury Regulations, IRS administrative pronouncements and case law upon which this opinion is based could be changed at any
time, perhaps with retroactive effect. In</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="pg182.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">addition, some of the issues under existing law that could significantly
affect our opinion have not yet been authoritatively addressed by the IRS or the courts, and our opinion is not binding on the
IRS or the courts. Hence, there can be no assurance that the IRS will not challenge, or that the courts will agree with, our conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based upon, and subject to, the foregoing
and the next paragraphs below, we are of the opinion that, as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Commencing with its taxable year ended December 31, 2014, the Company has been organized and has operated in conformity with
the requirements for qualification and taxation as a REIT under the Code, and its current and proposed method of operation will
enable it to continue to meet the requirements for qualification and taxation as a REIT for its taxable year ending December 31,
2016 and thereafter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>We have reviewed the statements included or incorporated by reference in the Prospectus under the heading &ldquo;Material U.S.
Federal Income Tax Considerations&rdquo; and, insofar as such statements pertain to matters of law or legal conclusions, they are
correct in all material respects.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is furnished to you solely
for use in connection with the issuance of the Company common stock pursuant to the Prospectus Supplement. We hereby consent to
the filing of this opinion as an exhibit to a Current Report on Form 8-K of the Company to be filed with the Commission on or
about October 3, 2016, which will be incorporated by reference in the Registration Statement. We also consent to the reference
to our firm name wherever appearing in the Prospectus Supplement. In giving this consent, we do not admit that we come within
the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission
thereunder, nor do we thereby admit that we are experts with respect to any part of the Prospectus Supplement within the meaning
of the term &ldquo;experts&rdquo; as used in the Securities Act or the rules and regulations of the Commission promulgated thereunder.
We undertake no obligation to update any opinion expressed herein after the date of this letter. This opinion letter may not be
distributed, quoted in whole or in part or relied upon for any purpose by any other person, or otherwise reproduced in any document,
or filed with any governmental agency without our express prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 50%">Very truly yours,</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>/s/ Morrison &amp; Foerster LLP</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>


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end
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