<SEC-DOCUMENT>0001080657-11-000022.txt : 20111230
<SEC-HEADER>0001080657-11-000022.hdr.sgml : 20111230
<ACCEPTANCE-DATETIME>20111230155342
ACCESSION NUMBER:		0001080657-11-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20111228
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111230
DATE AS OF CHANGE:		20111230

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETREIT, INC.
		CENTRAL INDEX KEY:			0001080657
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330841255
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53673
		FILM NUMBER:		111289097

	BUSINESS ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
		BUSINESS PHONE:		760-471-8536

	MAIL ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETREIT
		DATE OF NAME CHANGE:	19990225
</SEC-HEADER>
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<DESCRIPTION>ACQUISITION OF NATIONAL CITY WAREHOUSE
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of Earliest Event Reported):&#160;&#160;December 28, 2011</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The information provided in Item 2.03 of this Current Report on Form 8-K is incorporated into this Item 1.01 by reference.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.01 Completion of Acquisition or Disposition of Assets.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 28, 2011, NetREIT, Inc. (&#8220;Company&#8221;) and LGI Delaware, LLC, a Delaware limited liability company (&#8220;LGI&#8221;) completed the formation of a California limited&#160;&#160;partnership, NetREIT National City Partners, LP, (&#8220;Partnership&#8221;) previously announced in the Form 8-K filed on September 12, 2011, whereby LGI contributed its fee interest in real property in two adjacent multi-tenant industrial properties located in National City, California (&#8220;Property&#8221;), while the Company contributed $465,975 and 1,649.266 shares of $1,000 liquidation value, 6.3% convertible preferred stock to capitalize the limited partnership.&#160;&#160;The value of the Property is
approximately $14,500,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Property, referred to by the Company as the &#8220;Port of San Diego Complex&#8221;, consists of two adjacent multi-tenant light industrial buildings built in 1971 with renovations in 2008. The Property is 6.13 acres and the buildings have 146,700 rentable square feet. As of the date of acquisition, the Property is 51.7% occupied.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Property is located in the San Diego Unified Port District Marine Terminal in National City, CA. National City is the second oldest city with proximity to the Dan Diego Bay, the US-Mexico Border, Downtown San Diego and the San Diego International Airport. The Property also has benefit of adjacent railway access.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 28, 2011, in connection with the acquisition of the Property, the Partnership assumed the unpaid balance of the loan currently on the Property of approximately $12.4 million with an interest rate tied to the Prime Rate as published in the Wall Street Journal plus 1% with a floor of 6% and is currently at 6%. The loan has a 25-year amortization and is due and payable no later than June 20, 2013 pursuant to the terms of the Promissory Note executed by LGI.&#160;&#160;In addition, the Partnership provided a principal payment of approximately $2.9 million at closing to pay down the outstanding principal balance to $9.5 million dollars.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Partnership has entered into its customary property management agreement with CHG Properties, Inc., a California Corporation and affiliate of NetREIT, Inc., to act as the Partnership&#8217;s property manager.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Limited Partnership Agreement, Assumption Agreement, Promissory Note, and Deed of Trust have been included to provide investors and security holders with information regarding its terms. They are not intended to provide any other factual information about the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing summary of the Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by the full text of the Limited Partnership Agreement, Assumption Agreement, Promissory Note, and Deed of Trust,&#160;&#160;which are attached as Exhibits&#160;10.25, 10.26, 10.27, and 10.28 and incorporated herein by reference.</font></div>

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<TYPE>EX-10.25
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<DESCRIPTION>FIRST AMENDED AND RESTATED NETREIT NATIONAL CITY PARTNERS, LP LIMITED PARTNERSHIP AGREEMENT
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Certificate of Limited Partnership</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Partnership Office; Agent&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Registered Agent&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 2&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DEFINITIONS&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Terms&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 3&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MEMBERS OF PARTNERSHIP&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Original Partners&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Admission of Additional General Partners&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Replacement of Sole Remaining General Partner&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Admission of Additional Limited Partners&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Admission of Substituted Limited Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional Partners Bound by Agreement&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amendment of Partnership Records&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Right to Dissociate as Limited Partner; Causes of Dissociation&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of Dissociation as Limited Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Causes of Dissociation as General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Power to Dissociate as General Partner; Wrongful Dissociation&#160;</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Effect of Dissociation as General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 4&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">CAPITALIZATION&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General Partner Capital Contribution&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Limited Partners Capital Contribution&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional Capital Contributions&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Interest on Contributions&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Withdrawal and Return of Capital&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 5&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">MANAGEMENT OF PARTNERSHIP AFFAIRS&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Control and Management&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Certain Rights and Obligations of the Limited Partners&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Acts Requiring the Vote of the Limited Partners</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Specified Prohibited Acts by the Partners&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">17</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Removal of the General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Conversion of Interest of Terminated General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Duties of a Successor or Remaining General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Engagement of Property Manager&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 6&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">THE GENERAL PARTNER&#8217;S DUTIES AND STANDARD OF CARE</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Devotion of Time by General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Use of Partnership Assets&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Authority for Use of Nominees&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Permitted Business with Partnership&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The General Partner&#8217;s Fiduciary Duties&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Performance Standard&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Liability and Indemnification of the General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 7&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">COMPENSATION TO THE GENERAL PARTNER AND GP AFFILIATES&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expressly Authorized Compensation&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 8&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LIABILITIES OF PARTNERS&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Liability of General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Liability of Limited Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transaction of Business with a Limited Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transaction of Business with the Partnership&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 9&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ALLOCATION OF PROFITS AND LOSSES&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Allocation of Income, Gain, Loss, Credits and Deductions&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 10&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DISTRIBUTIONS&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Distributions Prior to Dissolution</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Distributions upon Dissolution&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Restriction on Distributions&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Return of Distributions&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Section 754 Election&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 11&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">DISSOLUTION OF THE PARTNERSHIP&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dissolution and Winding Up</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dissolution by Consent&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Dissolution upon Dissociation of a General Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dissolution on Sale or Disposition of Assets&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dissolution by Judicial Degree&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Responsibility of Winding Up&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Liquidation and Distribution&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">25</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Filing Certification of Dissolution&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cancellation of Certificate of Limited Partnership&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 12&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TRANSFER OF LIMITED PARTNER&#8217;S PARTNERSHIP INTEREST&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfer of a Limited Partner&#8217;s Partnership Interest&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">26</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Death, Bankruptcy, or Incompetence of Limited Partner&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Optional Purchase upon Divorce/Separation&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchase Price&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of Transfer&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Legend&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 13&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BOOKS, RECORDS, AND ACCOUNTS&#160;28</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Partnership Accounting Practices&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Maintenance of Records and Accounts</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Reports and Financial Statements</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">29</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Delivery of Records to Limited Partners</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Access to Records by Limited Partners&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Partnership Tax or Information Returns&#160;30</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Capital Accounts&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Income Accounts</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 14&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></div>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">POWER OF ATTORNEY&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grant of Special Power of Attorney&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="68%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">ARTICLE 15&#160;32</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="75%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PROVISIONS OF GENERAL APPLICATION&#160;32</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Notices</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Binding Effect&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Amendments&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attorney's Fees</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Governing Law&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exhibits&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
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<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Agreement Prepared by Legal Counsel to the General Partner and Certain GP Affiliates&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">IRS Circular 230 Notice&#160;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Additional Instruments and Acts&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;Reliance on Person Signing Agreement&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Severability&#160;</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Consent of Spouses&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cumulative Remedies&#160;</font></div>
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<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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<td align="left" valign="top" width="68%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Counterparts&#160;</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Appendix A &#8211; Allocation of Income, Gain, Loss, Credits and Deductions</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit A &#8211; List of Limited Partners and Their Addresses</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibit B &#8211; Legal Description of the Property</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NETREIT NATIONAL CITY PARTNERS, LP</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">LIMITED PARTNERSHIP AGREEMENT</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This First Amended and Restated NetREIT National City Partners, LP Limited Partnership Agreement (this &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agreement</font>&#8221;) is entered into by and between NetREIT, Inc., a Maryland corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">NetREIT</font>&#8221;), the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">General Partner</font>&#8221;, and NetREIT and LGI Delaware, LLC, a Delaware limited liability company (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">LGI&#8221;</font>), each as a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Limited Partner</font>&#8221; and together the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Limited Partners</font>&#8221;, effective on and as of December 8, 2011 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Effective Date</font>&#8221;). This Agreement amends, restates and replaces any and all prior partnership agreements of NetREIT National City Partners, LP (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership</font>&#8221;). The name and address of, and number of Units held by, each Partner shall be set forth and maintained in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font>, which is attached hereto and hereby incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ORGANIZATIONAL MATTERS</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Formation of Limited Partnership</font>. The General Partner and each Limited Partner agree to form the Partnership as a limited partnership pursuant to the provisions of the Act.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Purpose of Partnership.</font> The purpose and character of the business of this Partnership is to acquire, hold, operate and maintain for investment an undivided interest (and ultimately a 100% interest) in that certain Industrial Warehouse and related real and personal property located at 940 West 19th Street and 2101 Haffley Avenue, National City, California, as more particularly described in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit&#160;B</font> which is attached hereto and hereby incorporated herein by reference (the
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Property</font>&#8221;), including, but not limited to, contracts and/or agreements related to the acquisition, development, construction, operation, financing, maintenance, lease, sale or exchange thereof, whether acquired, owned, operated or held directly or through one or more intermediaries; to provide complete, centralized, orderly and consolidated management of the Property; to promote the long-term interests of the Partners; and to do all other acts as may be reasonable and necessary or appropriate to further this purpose. The Partnership may also engage in any activities that are related or incidental to that business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Name of Partnership.</font> The name of this Partnership shall be the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">NETREIT NATIONAL CITY PARTNERS LP</font>.&#8221; The business of the Partnership shall be conducted under that name. The name of the Partnership may be changed by the General Partner at any time or from time to time by giving written notice of the change to each Limited Partner and by filing a certificate of amendment or restated certificate with the Secretary of State.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Term of Partnership.</font> The term of the Partnership commences on and as of the Effective Date and continues until dissolved, as provided in this Agreement, or December&#160;31, 2021, unless earlier dissolved.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Certificate of Limited Partnership</font>. The General Partner has executed a Certificate of Limited Partnership and caused that Certificate to be filed in the office of the California Secretary of State on even date herewith. The General Partner shall execute and cause to be filed a Certificate of Amendment of the Certificate of Limited Partnership (or Restated Certificate of Limited Partnership) whenever required by the Act or this Agreement. The General Partner shall also record a certified copy of the Certificate and any amendment in the office of the county recorder in every county in which
the Partnership owns real property.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership Office; Agent</font>. The executive office of the Partnership is 1282 Pacific Oaks Place, Escondido, California 92029, or at any other place as may be determined from time to time by the General Partner. If the General Partner changes the executive office of the Partnership, it must give written notice of the change of address to each Limited Partner at least three (3) business days before that change. The Partnership will continuously maintain an office and registered agent for service of process in California.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Registered Agent</font>. The registered agent is National Registered Agents, Inc., 2875 Michelle Drive, Suite 100, Irvine, California 92606.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Terms</font>. Except as the context of this Agreement requires, the terms defined in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;2.01</font>, for the purposes of this Agreement, have the meanings specified in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;2.01.</font> Unless otherwise defined in this Agreement, the terms used in this Agreement which are referenced in Section 15901.02 of the Act shall have the respective meaning ascribed to them in that section.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">A Unit Return</font>&#8221; means, as of the date determined, the right of the Limited Partners to receive distributions of Cash Available For Distribution of a cumulative, non-compound return of six and three-tenths percent (6.3%) on any Unreturned Capital Contributions from the date 90 days after such Unit is issued.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">A Units</font>&#8221; means the Units issued to LGI pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 4.03(a)</font>. The A Units shall have the same rights, preferences and privileges as the B Units except as otherwise expressly stated in this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Act</font>&#8221; means the California Uniform Limited Partnership Act of 2008 set forth in Sections&#160;15611, et seq. of the California Corporations Code, as it may be amended.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Acquisition Expenses</font>&#8221; means the costs and expenses incurred by the Partnership in the purchase of the Property, including closing costs and escrow fees.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Additional Capital Contribution</font>&#8221; means the total amount of cash and the Gross Asset Value of any property a Partner contributes as a Capital Contribution to the Partnership pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 4</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Adjusted Capital Account Deficit</font>&#8221; means, with respect to any Partner, the deficit balance, if any, in such Partner&#8217;s Capital Account at the end of each Fiscal Year of the Partnership, after giving effect to the following adjustments:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Debit to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations, and shall be interpreted consistently therewith.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Affiliate</font>&#8221; means, with respect to any person or entity, (i) any person or entity directly or indirectly controlling, controlled by or under common control with such person or entity; (ii) any person or entity owning or controlling 10% or more of the outstanding voting securities of such entity; (iii) any officer, director or partner of such entity; and (iv) any entity in which such person is an officer, a director or a partner, or is the owner of 10% or more of the entity&#8217;s outstanding voting securities.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agreement</font>&#8221; means this Limited Partnership Agreement, as originally executed and as amended from time to time.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Assignee</font>&#8221; means a Person who has acquired a beneficial interest in an L.P. Interest, but who is not a &#8220;substituted Limited Partner.&#8221;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Assigning Limited Partner</font>&#8221; means a Limited Partner who has assigned a beneficial interest in that Partner&#8217;s L.P. Interest, but the Assignee of which has not become a &#8220;substituted Limited Partner.&#8221;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">B Units</font>&#8221; means the Units issued to NetREIT as General Partner pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 4.02</font> and as a Limited Partner pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 4.03(b)</font>. The B Units shall have the same rights, preferences and privileges as the A Units except as expressly stated in this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Books and Records</font>&#8221; means the books, records and accounts the Partnership maintains in accordance with <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 13</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Capital Account</font>&#8221; means, with respect to any Partner, the account maintained for such Partner in accordance with the following:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Partner&#8217;s Capital Account shall be increased by such Partner&#8217;s Capital Contributions, such Partner&#8217;s distributive share of the Partnership&#8217;s income, gain and credits, and by the amount of any liabilities of the Partnership that are assumed by such Partner and any liabilities that are secured by any Partnership Property that is distributed to such Partner, where the Partner is considered to have assumed the secured liability or the Partner has taken the Property subject to the liability, within the meaning of Section 752 of the Code;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Partner&#8217;s Capital Account shall be decreased by the amount of cash and the agreed upon fair market value of any Property distributed to such Partner pursuant to the provisions of this Agreement, such Partner&#8217;s distributive share of the Partnership&#8217;s loss and deductions, and by the amount of any liability of such Partner that the Partnership shall be considered to have assumed, or be subject to, within the meaning of Section 752 of the Code;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In all other respects, the Partnership shall determine and maintain each Capital Account in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Capital Contribution</font>&#8221; means the total amount of cash and the Gross Asset Value of any Property contributed to the capital of the Partnership by any Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Cash Available For Distribution</font>&#8221; means total cash income from operations during any given accounting period, plus the cash proceeds, if any, from the sale or other disposition, refinancing, or liquidation of Partnership Properties, less cash expenses as well as any allowances or reserves for contingencies or for repair to and maintenance of Properties and anticipated Partnership obligations that the General Partner in its discretion deems necessary during the same accounting period.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Code</font>&#8221; means the Internal Revenue Code of 1986, as amended, and, unless otherwise stated, a reference to the Code also includes a reference to the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Depreciation</font>&#8221; means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax
purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Distribution</font>&#8221; means any cash or other property distributed, without consideration, to any or all of the Partners with respect to their Partnership Interests in the Partnership including, but not limited to, Distributions of Net Cash, but shall not include any fees or other compensation paid to any Partners or their respective Affiliate for services rendered to the Partnership in accordance with the terms and conditions of this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">GP Affiliate</font>&#8221; means an Affiliate of the General Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Gross Asset Value</font>&#8221; means, with respect to any asset, the asset&#8217;s adjusted basis for federal income tax purposes, except as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset, as determined by the General Partner;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Gross Asset Values of all Property shall be adjusted to equal their respective gross fair market values (taking Code Section 7701(g) into account), as determined by the General Partner as of the following times: (i) the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (ii) the Distribution by the Partnership to a Partner of more than a de minimis amount of Property as consideration for an interest in the Partnership; and (iii) the liquidation of the Partnership within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g), provided that an adjustment described in clauses (i) and (ii) of this subsection shall be made only if the General Partner reasonably determines that such adjustment is necessary to reflect the relative economic interests of the Partners in the Partnership;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Gross Asset Value of any item of Property distributed to any Partner shall be adjusted to equal the gross fair market value (taking Code Section 7701(g) into account) of such asset on the date of Distribution as determined by the General Partner; and</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 99pt"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Gross Asset Values of the Property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and income and loss under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9;</font> provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that an adjustment pursuant to subsection (b) is
required in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d).</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Gross Asset Value of an asset has been determined or adjusted pursuant to subsection (b) or (d), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing income and loss under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Fee</font>&#8221; means the fee described in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 7.01(b)</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Net Cash</font>&#8221; means the amount of Cash Available For Distribution which the General Partner deems to distribute to the Partners, which amount shall be determined after deducting payments for Operating Expenses and any amounts set aside for the restoration, increase or creation of Reserves. Net Cash shall also include any amounts which the General Partner designates as no longer necessary for the maintenance of Reserves.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Non-Recourse Deductions</font>&#8221; shall have the meaning set forth in Section 1.704-2(b)(I) of the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">period including, without limitation, all costs, fees and expenses incurred for debt service payments, real and personal property taxes and assessments, lease or rental payments, insurance premiums, taxes, utilities, repairs and maintenance, capital improvements or replacements, legal, accounting, bookkeeping, audit, equipment use, and telephone and facsimile expenses. Operating Expenses shall also include expenses incurred in connection with forming the Partnership, expenses incurred in connection with preparing, revising, amending, converting and modifying this Agreement and expenses incurred in connection with preparing and mailing reports furnished to the Partners for investor, tax reporting, federal and state
security or other purposes. Operating Expenses shall also include any Guaranty Fee and any Management Fee.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partners</font>&#8221; or &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">the Partners</font>&#8221; means collectively the General Partner and the Limited Partners. Reference to &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partner</font>&#8221; is a reference to any one of the Partners.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partner Non-Recourse Debt Minimum Gain</font>&#8221; means an amount, with respect to each Partner Non-Recourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Non-Recourse Debt were treated as a Non-Recourse Liability, determined in accordance with Section 1.704-2(i)(3) of the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership</font>&#8221; means the Limited Partnership created under this Agreement and the Certificate of Limited Partnership to be filed with the Office of the Secretary of State.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership Interest</font>&#8221; means a Partner&#8217;s entire interest in the Partnership which is referenced by the number of Units a Partner then owns on the Partnership&#8217;s Books and Records.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Percentage Interest</font>&#8221; means with respect to a Partner, the percentage of the total Units outstanding then held by the Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership Minimum Gain</font>&#8221; shall have the meaning ascribed to such term in Section 1.704-2(b)(2) and 1.704-2(d) of the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Person</font>&#8221; means an individual, partnership, limited partnership, limited liability company, corporation, trust, estate, association, or any other entity.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Performance Standard</font>&#8221; means the standard by which the satisfaction of the GP&#8217;s performance of its obligations and duties to the Partnership, including its fiduciary duties and obligation of good faith and fair dealing, is determined.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pro Rata</font>&#8221; means the applicable Partner&#8217;s Percentage Interest in proportion to the percentage interest of all of the applicable Partners.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Prudent Person Standard</font>&#8221; means to act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in making a decision of like character and with like aims.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Purchase Conclusion Date</font>&#8221; means December 31, 2014.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Record</font>&#8221; means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reserves</font>&#8221; means amounts maintained or allocated during any period reasonably deemed sufficient by the General Partner to provide for future Partnership operations or for any existing or contingent debt, obligation or liability and to provide for Distributions to be made to the Partners pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 10</font> hereof.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Sales Proceeds</font>&#8221; means (i) all proceeds resulting in the event of sale, refinancing, condemnation or exchange of the Partnership&#8217;s assets after deduction of all expenses incurred in connection with such event; and (ii) all proceeds received as installment payments on promissory notes and/or installment contracts held by the Partnership in connection with the sale or exchange of Partnership assets after payment of any underlying indebtedness; provided, however, that such term shall not include any Reserves.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">TMP</font>&#8221; or &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax Matters Partner</font>&#8221;, as defined by the Code, means NetREIT or its successor, as provided in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.09</font>, below.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transfer</font>&#8221; includes an assignment, conveyance, deed, bill of sale, exchange, lease, mortgage, creation of a security interest or encumbrance, gift, and transfer by operation of law. To &#8220;Transfer&#8221; means the act of effecting a &#8220;Transfer&#8221;.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transferable Interest</font>&#8221; means a Partner&#8217;s right to receive Distributions.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transferee</font>&#8221; means a Person to which all or part of a Transferable Interest has been Transferred, whether or not the transferor is a Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Treasury Regulations</font>&#8221; means the Regulations of the United States Department of the Treasury promulgated under the Code.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Unit</font>&#8221; means a Unit of L.P. Interest and unless otherwise expressly provided in this Agreement refers to both the A Units and the B Units.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Unreturned Capital Contributions</font>&#8221; means the amount, if any, by which a Partner&#8217;s aggregate Capital Contributions exceed the aggregate Distributions paid to the Partner as of the date the determination is made.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Vote</font>&#8221; means a Record of a vote, approval or consent of a Partner obtained at a duly held meeting or action without a meeting, which Vote is authorized or permitted under this Agreement. Unless otherwise expressly stated in this Agreement, or required under the Act, the Limited Partners shall Vote as a single class of Units.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE 3</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MEMBERS OF PARTNERSHIP</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Original Partners</font>. The Partners of this Partnership are the General Partner and each of the Limited Partners who initially purchase Units.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Admission of Additional General Partners</font>. Except as expressly provided in this Agreement, a person may be admitted as a General Partner after the Certificate of Limited Partnership is filed only with the written consent of the General Partner and a Majority Vote.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Replacement of Sole Remaining General Partner</font>. If a General Partner ceases to be a General Partner and there is no remaining General Partner, one or more new General Partners may be admitted by a Majority Vote of the Limited Partners, provided the Limited Partners agree in writing to continue the business of the Partnership pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.03</font> of this Agreement. If a General Partner ceases to be a General Partner, and there is one or more remaining General Partners, the Partnership shall not dissolve if the
remaining General Partner or all the remaining General Partners, if more than one remains, continue the business of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Admission of Additional Limited Partners</font>. Subject to the provisions of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article&#160;12</font> of this Agreement, governing Transfers of L.P. Interests, a person may acquire an L.P. Interest in the Partnership directly from the Partnership and be admitted as an additional Limited Partner only on the prior written approval of the General Partner.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Admission of Substituted Limited Partner</font>. The Transferee of an L.P. Interest, or portion thereof, may be admitted as a substituted Limited Partner only with the prior written approval of the General Partner. For the purposes of this Agreement, a Transferee of a Unit shall constitute the recipient of a Transfer of an L.P. Interest under this Agreement, including <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 12</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Additional Partners Bound by Agreement</font>. Before any Person is admitted to the Partnership as a General or Limited Partner, that Person shall agree in writing to be bound by all of the provisions of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Amendment of Partnership Records</font>. On admission of a General Partner or new or substituted Limited Partner, the General Partner shall add the name, address, contribution, and the number of Units and/or Percentage Interest that Partner holds in the Partnership to the list of Partners kept in the principal executive office of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Right to Dissociate as Limited Partner; Causes of Dissociation</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person does not have a right to dissociate as a Limited Partner before the termination of the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person is dissociated from the Partnership as a Limited Partner upon the occurrence of any of the following events:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Partnership&#8217;s having notice of the Person&#8217;s express will to withdraw as a Limited Partner or on a later date specified by the Person;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">it is unlawful to carry on the Partnership&#8217;s activities with the Person as a Limited Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">there has been a Transfer of all of the Person&#8217;s Partnership Interest, other than a Transfer for security purposes, or a court order charging the Person&#8217;s interest, which has not been foreclosed;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is a corporation and, within 90 days after the Partnership notifies the Person that it will be expelled as a Limited Partner because it has filed a certificate of dissolution or the equivalent, its charter has been revoked, or its right to conduct business has been suspended by the jurisdiction of its incorporation, there is no revocation of the certificate of dissolution or no reinstatement of its charter or its right to conduct business; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is a limited liability company or partnership that has been dissolved and whose business is being wound up;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">on application by the Partnership, the Person&#8217;s expulsion as a Limited Partner by judicial order because:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person engaged in wrongful conduct that adversely and materially affected the Partnership&#8217;s activities;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person willfully or persistently committed a material breach of this Agreement or of the obligation of good faith and fair dealing under subdivision (b) of Section 15903.05 of the Act; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person engaged in conduct relating to the Partnership&#8217;s activities which makes it not reasonably practicable to carry on the activities with the Person as Limited Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person who is an individual, the Person&#8217;s death;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person that is a trust or is acting as a Limited Partner by virtue of being a trustee of a trust, Distribution of the trust&#8217;s entire Transferable Interest in the Partnership, but not merely by reason of the substitution of a successor trustee;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person that is an estate or is acting as a Limited Partner by virtue of being a personal representative of an estate, Distribution of the estate&#8217;s entire Transferable Interest in the Partnership, but not merely by reason of the substitution of a successor personal representative;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">termination of a Limited Partner that is not an individual, partnership, limited liability company, corporation, trust, or estate;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Partnership&#8217;s participation in a conversion or merger under Article 11 (commencing with Section 15911.01 of the Act) if the Partnership:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">is not the converted or surviving entity; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">is the converted or surviving entity but, as a result of the conversion or merger, the Person ceases to be a Limited Partner.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.09.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Effect of Dissociation as Limited Partner</font>.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon a Person&#8217;s dissociation as a Limited Partner:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">subject to Section 15907.04 of the Act, the Person does not have further rights as a Limited Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person&#8217;s obligation of good faith and fair dealing as a Limited Partner under subdivision (b) of Section 15903.05 of the Act continues only as to matters arising and events occurring before the dissociation; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">subject to Section 15907.04 of the Act and Article 11 (commencing with Section 15911.01 of the Act), any Transferable Interest owned by the Person in its capacity as a Limited Partner immediately before dissociation is owned by the Person as a mere Transferee.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person&#8217;s dissociation as a Limited Partner does not of itself discharge the Person from any obligation to the Partnership or the other Partners which the Person incurred while a Limited Partner.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Causes of Dissociation as General Partner.</font> A person is dissociated from the Partnership as a General Partner upon the occurrence of any of the following events:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Partnership&#8217;s having received notice, or in the form of Record, of the Person&#8217;s express will to withdraw as a General Partner or on a later date specified by the Person in such notice;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Person&#8217;s removal as a General Partner pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 5.05</font> of this Agreement;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Person&#8217;s removal as a General Partner by the unanimous consent of the other Partners if:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">it is unlawful to carry on the Partnership&#8217;s activities with the Person as a General Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">there has been a Transfer of all or substantially all of the Person&#8217;s Partnership Interest, other than a Transfer for security purposes, or a court order charging the Person&#8217;s Partnership Interest, which has not been foreclosed;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is a corporation and, within 90 days after the Partnership notifies the Person that it will be expelled as a General Partner because it has filed a certificate of dissolution or the equivalent, its charter has been revoked, or its right to conduct business has been suspended by the jurisdiction of its incorporation, there is no revocation of the certificate of dissolution or no reinstatement of its charter or its right to conduct business; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is a limited liability company or partnership that has been dissolved and whose business is being wound up;</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;on application by the Partnership, the Person&#8217;s expulsion as a General Partner by judicial order because:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person engaged in wrongful conduct that adversely and materially affected the Partnership&#8217;s activities;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person willfully or persistently committed a material breach of this Agreement or of a duty owed to the Partnership or other Partners under Section 15904.08 of the Act; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person engaged in conduct relating to the Partnership&#8217;s activities which makes it not reasonably practicable to carry on the activities of the Partnership with the Person as a General Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">becoming a debtor in bankruptcy;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">execution of an assignment for the benefit of creditors;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">seeking, consenting to, or acquiescing in the appointment of a trustee, receiver, or liquidator of the Person or of all or substantially all of the Person&#8217;s property; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">failure, within 90 days after the appointment, to have vacated or stayed the appointment of a trustee, receiver, or liquidator of the General Partner or of all or substantially all of the Person&#8217;s property obtained without the Person&#8217;s consent or acquiescence, or failing within 90 days after the expiration of a stay to have the appointment vacated;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person who is an individual:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person&#8217;s death;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the appointment of a guardian or general conservator for the Person; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a judicial determination that the Person has otherwise become incapable of performing the Person&#8217;s duties as a General Partner under this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person that is a trust or is acting as a General Partner by virtue of being a trustee of a trust, Distribution of the trust&#8217;s entire Transferable Interest in the Partnership, but not merely by reason of the substitution of a successor trustee;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person that is an estate or is acting as a General Partner by virtue of being a personal representative of an estate, Distribution of the estate&#8217;s entire Transferable Interest in the Partnership, but not merely by reason of the substitution of a successor personal representative;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">termination of a General Partner that is not an individual, partnership, limited liability company, corporation, trust, or estate; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Partnership&#8217;s participation in a conversion or merger under Article 11 (commencing with Section 15911.01 of the Act), if the Partnership:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">is not the converted or surviving entity; or</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">is the converted or surviving entity but, as a result of the conversion or merger, the Person ceases to be a General Partner.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Power to Dissociate as General Partner; Wrongful Dissociation.</font></font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person has the power to dissociate as a General Partner at any time, rightfully or wrongfully, by express will pursuant to subdivision (a) of Section 15906.03 of the Act.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person&#8217;s dissociation as a General Partner is wrongful only if:</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;it is in breach of an express provision of this Agreement; or</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;it occurs before the termination of the Partnership, and</font></div>

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<div style="TEXT-INDENT: 126pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Person withdraws as a General Partner by express will;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is expelled as a General Partner by judicial determination under subdivision (e) of Section 15906.03 of the Act;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person is dissociated as a General Partner by becoming a debtor in bankruptcy; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">in the case of a Person that is not an individual, trust other than a business trust, or estate, the Person is expelled or otherwise dissociated as a General Partner because it willfully dissolved or terminated.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Person that wrongfully dissociates as a General Partner is liable to the Partnership and, subject to Section 15910.01 of the Act, to the other Partners for damages caused by the dissociation. The liability is in addition to any other obligation of the General Partner to the Partnership or to the other Partners.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Effect of Dissociation as General Partner.</font></font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon a Person&#8217;s dissociation as a General Partner:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person&#8217;s right to participate as a general partner in the management and conduct of the Partnership&#8217;s activities terminates;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person&#8217;s duty of loyalty as a general partner under paragraph (3) of subdivision (b) of Section 15904.08 of the Act terminates;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person&#8217;s duty of loyalty as a general partner under paragraphs (1) and (2) of subdivision (b) of Section 15904.08 of the Act and duty of care under subdivision (c) of Section 15904.08 of the Act continue only with regard to matters arising and events occurring before the Person&#8217;s dissociation as a General Partner;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Person may sign and deliver to the California Secretary of State for filing, on a form prescribed by the Secretary of State, a certificate of dissociation pertaining to the Person and, at the request of the Partnership, shall sign an amendment to the Certificate of Limited Partnership which states that the Person has dissociated; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">subject to Section 15907.04 and Article 11 (commencing with Section 15911.01 of the Act), any Transferable Interest owned by the Person immediately before dissociation in the Person&#8217;s capacity as a General Partner is owned by the Person as a mere Transferee.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Person&#8217;s dissociation as a General Partner does not of itself discharge the Person from any obligation to the Partnership or the other Partners which the Person incurred while a General Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CAPITALIZATION</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">General.</font> The Partners shall make the Capital Contributions to the Partnership required under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 4</font>. All Capital Contributions constitute general funds of the Partnership available for any purpose within the Partnership&#8217;s stated purpose as set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1.02</font>. If a Partnership Interest is Transferred, the Capital Contributions attributable to the Transferred Interest will continue to be attributed to the Transferee of the Transferable
Interest.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">General Partner Capital Contribution</font>. As General Partner, NetREIT shall contribute the sum of Five Thousand Dollars ($5,000) in cash to the Partnership for which it will receive one-tenth of a B&#160;Unit.</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><br>
&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Limited Partners Capital Contribution</font>. The Limited Partners shall make the following Capital Contributions to the Partnership:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For its L.P. Interest in the Partnership, LGI shall contribute to the Partnership good fee title pursuant to, and in accordance with the terms and conditions of, the Property Contribution Agreement And Joint Escrow Instructions made and entered into by LGI and NetREIT (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Contribution Agreement</font>&#8221;), an original of which shall be maintained as a Record by the Partnership. Unless otherwise expressly stated herein, capitalized terms used in this Agreement relating to the contribution of the Property to the Partnership shall have the meanings subscribed to them in the
Contribution Agreement. For such Capital Contribution to the Partnership, LGI shall receive the number of A&#160;Units equal to the Net Value of the Property at Closing divided by $50,000.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For its L.P. Interest in the Partnership, NetREIT shall contribute to the Partnership the following:</font></div>

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<div style="TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Good title to the number of shares of its 6.3% Preferred Stock NetREIT is required to issue at Closing pursuant to Section 2.2.1 of the Contribution Agreement. The Rights, Preferences and Privileges of the Preferred Stock are set forth in the statement duly filed with the Maryland Secretary of State. For such Capital Contribution, NetREIT shall receive the number of B&#160;Units equal to the product of the number of Preferred Shares so determined multiplied by $1,000 divided by $50,000; and</font></div>

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<div style="TEXT-INDENT: 108pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The amount of cash payments NetREIT has made through Closing in payment of Capitalization Costs required to be paid pursuant to Section 2.2.2 of the Contribution Agreement, for which it will receive the number of B&#160;Units equal to the amount of such cash payments divided by $50,000.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Additional Capital Contributions</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Limited Partners shall not be required to make any additional contributions of capital to the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner may propose that additional Capital Contributions be made to the Partnership whenever it, in its sole discretion, determines that additional funds are required or advisable for the Partnership&#8217;s business and activities in furtherance of its stated purpose as set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1.02</font>. Upon such determination, the General Partner shall give written notice (the &#8220;Call Notice&#8221;) to the Limited Partners. The Call Notice shall specify the amount of the additional capital the Limited Partners are requested to contribute (the &#8220;Capital Call&#8221;), the
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a Partner fails to remit its Capital Call on or before the Payment Date (a &#8220;Non-electing Partner&#8221;), each of the other Partners, if the Partner has paid its Capital Call, may elect to advance the amount necessary to cover the Non-electing Partner&#8217;s Capital Call (the &#8220;Shortfall&#8221;). If more than one Partner elects to advance the Shortfall, each such Partner shall have the right to do so Pro Rata.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Anything in this Agreement to the contrary notwithstanding, any Partner who contributes a Shortfall or portion thereof to the Partnership shall have the right to receive all Distributions which are otherwise to be distributed to a Non-electing Partner responsible for the Shortfall until the contributing Partner has received such Distributions equal to the amount of the Shortfall, or portion thereof, it contributed plus a premium in the amount equal to ten percent (10%) per annum, uncompounded, thereon, from the date of such contribution through the date of the final Distribution of such amount, with any such Distributions first being applied to such premium
then to repayment of the Shortfall contribution.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest on Contributions</font>. No interest will be paid on any Capital Contributions to the Partnership capital.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Withdrawal and Return of Capital</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No Partner has the right to withdraw any portion of the Partnership&#8217;s capital and no Partner, General or Limited, is entitled to the return of its Capital Contribution, by reason of its withdrawal, expulsion or otherwise, except upon the termination of the Partnership as provided in this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">MANAGEMENT OF PARTNERSHIP AFFAIRS</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Control and Management</font>. The General Partner has the sole and exclusive control of the Limited Partnership. Subject to any limitations expressly set forth in this Agreement, the General Partner has the power and authority to take any action from time to time as it may deem to be necessary, appropriate, or convenient in connection with the management and conduct of the Partnership&#8217;s business and affairs, including without limitation, the power to do the following on such terms and conditions as the General Partner may, from time to time, determine:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Take any and all other action permitted by law that is customary in or reasonably related to the conduct of the Partnership business or affairs;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Acquire property, including both real and personal property, for the use of the Partnership;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Enter into any agreement respecting the operation, repair and maintenance of the Property;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lease, license or otherwise grant the right to temporarily or permanently use, occupy or possess the Property;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Sell, exchange or otherwise dispose of the Property when the General Partner deems the disposition to be in the best interests of the Partnership;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Finance the Partnership&#8217;s activities by borrowing money from third parties on the terms and under the conditions as the General Partner deems appropriate. When money is borrowed for Partnership purposes, the General Partner is authorized to pledge, mortgage, encumber, or grant a security interest in Partnership properties as security for the repayment of those loans;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Employ persons in the operation and management of the business of the Partnership, including but not limited to, supervisory managing agents, legal counsel, insurance brokers and loan brokers, on such terms and for such compensation as the General Partner shall determine;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cause the Partnership to make or revoke any of the elections set forth in the Code, including those referred to in Sections 108, 709, 754, and 1017 thereof; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided, however</font>, that the General Partner may not cause the Partnership to elect to be taxed as a corporation without the consent of all the Partners;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Determine the appropriate accounting method or methods to be used by the Partnership in accordance with the Code;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Act on behalf of the Partnership as its designated Tax Matters Partner within the meaning of Section 6231(a)(7) of the Code;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Execute, acknowledge and deliver any and all instruments to effectuate the foregoing, and to take all such action in connection therewith as the General Partner shall deem necessary or appropriate; and</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Purchase property in its own name (and assume loans in connection therewith) and temporarily hold title thereto for the purpose of facilitating the acquisition of such property or the borrowing of money for the Partnership or any other purpose related to the business of the Partnership; provided, however, that such Property is purchased by the Partnership for a purchase price no greater than the cost of such Property to the General Partner, and there is no other benefit arising out of such transactions for the General Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Certain Rights and Obligations of the Limited Partners</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Act as a contractor for an agent or employee of the Partnership or a General Partner, or an officer, director, member or shareholder of a General Partner;</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Limited Partners do not have the right to Vote on any matters not expressly required or permitted under this Agreement.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amend the Partnership Agreement (except as allowed pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 14.01(5)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 9.07</font>);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Change the business purpose of the Partnership;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Merge the Partnership or Transfer or grant a security interest in all or a substantial part of the assets of the Partnership, other than the sale of the Property in a transaction meeting the requirements of Section 1031 of the Code, which transaction results in the non-recognition of all taxable income which would have resulted from the sale if it did not meet the requirements of Section 1031; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After the Purchase Conclusion Date, invest any proceeds from the sale or other disposition of a Property or invest any Cash Available For Distribution in an additional Model Home.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Use the name of the Partnership (or any substantially similar name) or any trademark or trade name adopted by the Partnership, except in the ordinary course of the Partnership business;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Disclose to any nonpartner any of the Partnership business practices, trade secrets, or any other information not generally known to the business community;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Do any other act or deed with the intention of harming the business operations of the Partnership;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Do any act contrary to this Agreement, except with the prior express written approval of all Partners;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Do any act that would make it impossible to carry on the intended or ordinary business of the Partnership;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Confess a judgment against the Partnership;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Abandon, transfer or dispose of Partnership Property.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>5.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Removal of the General Partner.</font></font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Limited Partners may remove the General Partner only for cause upon prior notice of at least five (5) business days, unless the circumstance constituting &#8220;cause&#8221; is corrected within ten (10) business days after notice, if it can be corrected.&#160;&#160;However, the Limited Partners may not remove a General Partner solely because the General Partner has assigned all of its interest in the Partnership to a third party. Such notice to the General Partner of its removal must be in writing and must set forth the day on which the removal is to be effective and state in sufficient detail the reason for removal.&#160;&#160;If there is no other
remaining General Partner, and the Limited Partners fail to appoint a new General Partner pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3.03</font> of this Agreement within six (6) months after the removal is effective, the Partnership will be dissolved and its business wound up and terminated.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Should the General Partner cease to be a General Partner (the &#8220;Withdrawing General Partner&#8221;), any remaining or newly appointed General Partner may continue the Partnership. A former General Partner whose interest has been converted to that of a Limited Partner has the same rights and obligations under this Agreement as any other Limited Partner.</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Partner&#8217;s willful neglect of duties as General Partner;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The conviction of any executive officer or management level employee of the General Partner for theft or a crime of moral turpitude which directly involves or relates to the General Partner&#8217;s duties or obligations as General Partner;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Partner&#8217;s wrongful taking or application of Partnership funds; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Partner&#8217;s voluntary or involuntary filing for bankruptcy.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Conversion of Interest of Terminated General Partner</font>. The General Partner Interest of the Withdrawing General Partner shall, upon the effective date of withdrawal, become an L.P. Interest without change in right to allocations of Distributions and income and loss under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font>, and the Withdrawing General Partner shall become a Limited Partner with respect to its Transferable Interest with all the rights, duties and obligations of a Limited Partner under this Agreement except, it shall be deemed to hold one Unit for the
purposes of Voting on Partnership matters.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Duties of a Successor or Remaining General Partner</font>. In the event a General Partner withdraws or otherwise ceases to be a General Partner, each remaining or successor General Partner shall indemnify and hold harmless such former General Partner, or the personal representative and estate of the former General Partner, from all liability arising out of or related to any act or failure to act by the Partnership that occurs on or after the effective date of the former General Partner&#8217;s withdrawal or termination. Further, each remaining and/or additional General Partner must immediately
cause the Partnership to amend its Certificate of Limited Partnership as required by the Act, and cause to be prepared, executed, acknowledged, filed, served, and published all other notices required by law to protect the Withdrawing General Partner or the personal representative and estate of the Withdrawing General Partner from all liability for the future obligations of the Partnership business.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Engagement of Property Manager.</font> The Partners agree that they shall engage CHG Properties, Inc., a California corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">CHG Properties</font>&#8221;), to manage the Property pursuant to the terms and conditions of the Property Management Agreement attached hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit C</font>. In accordance with the Property Management Agreement, the Property Manager (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Manager</font>&#8221;) is authorized, at the direction of the
Tenants, to seek and negotiate the terms of (a) any Lease, (b) any Loan and (c) the Disposition of the Property, provided that the General Partner&#8217;s consent shall be required to effect (i) any Disposition of the Property, (ii) any Lease, (iii) any Loan, (iv) any property management agreement or amendment thereto, or (v) any expenditure for Operation of the Property involving a single expenditure or series of expenditures for the same purpose requiring an expenditure of funds in excess of Ten Thousand Dollars ($10,000).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Devotion of Time by General Partner</font>. The General Partner is required to devote its attention and business capacity to the affairs of the Partnership to the extent it is reasonably necessary to conduct the business and affairs of the Partnership. In this connection, the Partners acknowledge that the General Partner may manage other partnerships, and may continue to engage in other types of distinct or related businesses, whether or not competitive with the business of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Use of Partnership Assets</font>. The General Partner may not use, and specifically promises not to use, directly or indirectly, the assets of this Partnership for any purpose other than conducting the business of the Partnership, for the full and exclusive benefit of all its Partners.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Authority for Use of Nominees</font>. All Partners recognize that practical difficulties exist in doing business as a limited partnership, occasioned by third parties seeking to determine the capacity of the General Partner to act for and on behalf of the Partnership, or for other reasons. Therefore, each of the Limited Partners hereby expressly authorizes the General Partner to acquire all real and personal property, arrange all financing, enter contracts, and complete all other arrangements needed to effectuate the purpose of this Partnership, either in its own name or in the name of a
nominee, without having to disclose the existence of this Partnership. If the General Partner decides to transact the Partnership business in the name of a nominee, it shall place a written declaration of trust in the Partnership books and records that acknowledges the capacity in which the nominee acts and the name of the Partnership as the true principal or owner.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Permitted Business with Partnership</font>.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Provide services to or for the Partnership as are otherwise permitted under this Agreement;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loan cash or assets to, borrow cash or assets from, sell assets to and/or purchase assets from the Partnership, so long as such transactions are commercially reasonable to the Partnership and on terms and conditions commensurate with those the Partnership could reasonably obtain from unrelated parties in comparable transactions.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Nothing in this Agreement shall prevent the General Partner, or prevent any Limited Partner with the General Partner&#8217;s consent and authorization, from lending money to the Partnership on a promissory note or similar evidence of indebtedness for a reasonable rate of interest. Any such Partner lending money to the Partnership has the same rights and risks regarding the loan as would any person or entity making the loan who was not a member of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">The General Partner&#8217;s Fiduciary Duties. </font>The General Partner&#8217;s fiduciary duties to the Partnership and the other Partners consist of the duty of loyalty and the duty of care.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Hold the Partnership&#8217;s Property as a trustee and to account for any Property, profit or benefit derived by the General Partner in the conduct and winding up of the Partnership&#8217;s activities or derived from the General Partner&#8217;s use of the Partnership&#8217;s Property, including the appropriation of a limited partnership opportunity;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refrain from dealing with the Partnership in the conduct or winding up of the Partnership&#8217;s activities as or on behalf of a party having an interest adverse to the Partnership; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Refrain from competing with the Partnership in the conduct or winding up of the Partnership&#8217;s activities.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner will not violate any fiduciary duty or other obligation to the Partnership or its Partners merely because the General Partner&#8217;s conduct furthers the General Partner&#8217;s own interest.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 6</font> to the contrary, the General Partner shall not breach its fiduciary duty to the Partnership or the Partners or fail to meet its obligation of good faith and fair dealing if it causes the Partnership to engage CHG Properties, Inc. or another of its affiliates as property manager, or if it acts, or fails to act, in matters involving a conflict of interest between the General Partner and the Partnership and/or any Partner, if the act, or failure to act is:</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the interests of the Partnership;</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the action involves the purchase of services, goods or materials, such purchase is on terms that are comparable to those which would be available from unrelated Persons of comparable abilities or resources in the same geographic location.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Provided, however, that the General Partner&#8217;s failure to act within the foregoing parameters shall not create any presumption or implication that the General Partner has breached its fiduciary duty to the Partnership or its obligation of good faith and fair dealing.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Limited Partners, by a Majority Vote, after full disclosure to all Partners of all material facts, may approve or ratify a specific act or transaction that would violate the General Partner&#8217;s duty of loyalty.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Performance Standard.</font> The Performance Standard shall be the Prudent Person Standard.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner does not, in any way, guarantee the return of the Limited Partner&#8217;s capital or a profit from the operations of the Partnership. The General Partner is not responsible to any Limited Partner because of a loss of that Partner&#8217;s investment or a loss in operations, unless the loss has been occasioned by fraud, deceit, or a wrongful taking by the General Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither the General Partner and nor any GP Affiliate shall be held liable, responsible or accountable in damages or otherwise to the Partnership or any of the Partners for any loss suffered which arises out of any action or inaction if, in good faith, it is determined that such course of conduct was in the best interest, purpose, and powers of the Partnership and such course of conduct did not constitute gross negligence, gross malfeasance, willful misconduct, or intentional breach of fiduciary duty.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The General Partner and the GP Affiliates, whether or not then serving in that capacity, and their officers, managers, directors and employees (each, a <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;Representative&#8221;</font>) shall be indemnified by the Partnership against all liabilities, costs and expenses reasonably incurred by or imposed upon the General Partner or any GP Affiliate or Representative, or in connection with or arising out of any action, suit or proceeding in which it may be involved or to which it may be made a party by reason of it being or having been a General Partner, a GP Affiliate or a Representative, such expenses to include the cost of reasonable </font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">settlements (other than amounts paid to this Partnership itself) made with a view to curtailment of costs of litigation. Upon the General Partner&#8217;s request, the Partnership shall advance any such costs. This Partnership shall not, however, indemnify the General Partner, any GP Affiliate or any Representative with respect to matters as to which it shall be finally adjudged in any such action, suit or proceeding to have been guilty of gross negligence, gross malfeasance, willful misconduct or intentional breach of fiduciary duty. The indemnification authorized by this Section shall include the payment of reasonable attorneys&#8217; fees and other expenses (not limited to taxable costs) incurred in settling or defending any claims or threatened action, including any disputes with the Internal Revenue
Service or taxing authorities, or finally adjudicated legal proceedings.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COMPENSATION TO THE GENERAL PARTNER AND GP AFFILIATES</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Expressly Authorized Compensation.</font> In addition to its share of Distributions from the Partnership as provided in the Partnership Agreement, the Partnership may pay the General Partner and/or its designated GP Affiliate the following:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Management Fee.</font> The General Partner, or a GP Affiliate, shall be entitled to receive a monthly management fee equal to 3.5% of the gross rentals received by the Partnership during the month.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reimbursable Expenses.</font> The General Partner will be entitled to be reimbursed by the Partnership for its actual costs and out-of-pocket expenses relating to (i) the formation and organization of the Partnership; (ii)&#160;the offer and sale of the Units; (iii) the preparation and distribution of financial and operating reports to the Limited Partners; and (iv) accounting and legal expenses in connection with the preparation and filing of the Partnership&#8217;s information statements, tax returns and financial statements.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Guaranty Fee.</font> We will pay the General Partner or any GP Affiliate a fee for its guarantee of any Partnership loan obligation. This fee will not exceed 0.75% of the original principal balance of the loan guaranteed and, at the beginning of each subsequent year 0.25% of the unpaid principal balance plus accrued but unpaid interest and other charges owing on January 1 of the year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Liability of General Partner</font>. Except as otherwise provided in this Agreement, the liability of a General Partner arising from the conduct of the business affairs or operations of the Partnership or for the debts of the Partnership shall not exceed the liability required of a general partner of a limited partnership required by the Act.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Liability of Limited Partner</font>. Except as expressly stated in this Agreement, the liability of the Limited Partners is restricted and limited to the amount of the actual Capital Contributions the Limited Partner makes or agrees to make to the Partnership. No Limited Partner is personally liable for any debt, obligation, or liability of the Partnership. The Limited Partners may not be required to pay to the Partnership or to any other Partner any deficit or negative balance that may periodically exist in the Partner&#8217;s Capital Account as a result of any allocation made in accordance
with this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transaction of Business with a Limited Partner</font>. Any Limited Partner may engage in or possess an interest in other business ventures of every nature and description independently of the Partnership and the other Partners. Neither the Partnership nor the Partners have any right by virtue of this Agreement in and to any independent ventures or to the income or profits derived from them. No such activity by a Limited Partner shall constitute a breach of that Partner&#8217;s fiduciary duty to the Partnership or any other Partner.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transaction of Business with the Partnership.</font> With the General Partner&#8217;s written consent and authorization, any Limited Partner may transact other business with the Partnership. If any Partner transacts business with the Partnership, that Partner has the same rights and obligations with regard to the Partnership as a Person who is not a Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ALLOCATION OF PROFITS AND LOSSES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Allocation of Income, Gain, Loss, Credits and Deductions</font>. The Partnership income, gain, loss, credits and deductions shall be allocated in the manner set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Appendix A</font>, which is attached hereto and hereby incorporated herein by reference.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DISTRIBUTIONS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">General</font>. The General Partner shall have the discretion to manage the Cash Available For Distribution with the goal to provide regular monthly Distributions equal to the A Unit Return to the Limited Partners.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Distributions Prior to Dissolution</font>. Until the Purchase Conclusion Date, all Cash Available For Distribution shall be paid to the Limited Partners as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;First to the holders of A Units until they have received aggregate Distributions during the calendar year in which such Distribution is paid equal to the A Unit Return.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Thereafter, Cash Available For Distribution shall be paid to the holders of B&#160;Units Pro Rata.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Distributions upon Dissolution</font>. Upon dissolution or termination, the Partnership shall be liquidated and all of the Partnership&#8217;s remaining assets shall be sold or otherwise disposed of in an orderly manner and the Partnership&#8217;s debts shall be paid and remaining Net Cash shall be first applied to the payment of, or reserve for, Partnership liabilities. Subject to any Capital Account adjustments, and after allocation of applicable income and loss in accordance with
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font>, any then remaining Net Cash shall be distributed to the Partners in accordance with <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font>. The General Partner may make Distributions in kind under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.03</font> with respect to the A&#160;Units by distributing shares of any of NetREIT&#8217;s 6.3% Preferred Stock it then owns, which Distributions in kind shall be valued at the liquidation value of such 6.3% Preferred Stock.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Restriction on Distributions.</font> Notwithstanding any provisions to the contrary in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article&#160;10</font>, no Distributions may be made by the Partnership to the Partners if, after giving effect to the Distribution, the Partnership would not be able to pay its debts as they become due in the usual course of business. The Partner or General Partner who approves a Distribution in violation of this Agreement or the Act is personally liable to the Partnership for the amount of the
Distribution that exceeds what could have been</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">distributed without violating this Agreement or the Act, if it is established that such Partner or General Partner did not act in compliance with this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 10.04</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Return of Distributions</font>. Except for Distributions made in violation of the Act or in violation of this Agreement, no Partner shall be obligated to return to the Partnership any Distribution previously made to such Partner, or pay the amount of any Distribution for the account of the Partnership or to any creditor of the Partnership. The amount of any Distribution returned to the Partnership by a Partner or paid by a Partner for the account of the Partnership or to a creditor
of the Partnership shall be added to the account or accounts from which it was subtracted when it was distributed to the Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 754 Election</font>. Upon the Transfer of a Transferable Interest in the Partnership by a Partner, at the request of such transferring Partner, and subject to the approval of the General Partner, the Partnership will make the election provided for in Section 754 of the Code, provided such election is approved by the General Partner. The expense of making such election, including the additional accounting expenses, shall be borne by the requesting Partner. Such election shall
be filed with the Partnership tax information return for the first Fiscal Year in which the election takes effect.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DISSOLUTION OF THE PARTNERSHIP</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dissolution and Winding Up</font>. The Partnership will be dissolved, and its affairs will be wound up, on the expiration of the term provided for the existence of the Partnership in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1.04</font> or on the occurrence of any of the events specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Sections&#160;11.02</font> through <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.05</font>, inclusive, whichever is the first to occur.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dissolution by Consent</font>. The Partnership will be dissolved on any date specified in a consent to dissolution signed by the General Partner and approved by a Majority Vote of the Limited Partners.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dissolution upon Dissociation of a General Partner</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;The Partnership will dissolve and its affairs will be wound up when a General Partner ceases to be a General Partner under this Agreement, unless (1)&#160;at the time there is at least one other General Partner and the remaining General Partner, or all the General Partners if more than one remains, continue the business of the Partnership, or (2)&#160;if no General Partner remains, the Limited Partners take the actions described in subparagraph&#160;(b) of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.03</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a General Partner ceases to be a General Partner and there is no remaining General Partner, the Partnership will dissolve and its affairs will be wound up unless the Limited Partners agree by a Majority Vote to continue the business of the Partnership and admit one or more new General Partners within six (6) months after the last remaining General Partner ceased to be a General Partner.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dissolution on Sale or Disposition of Assets</font>. The Partnership will be dissolved and its affairs wound up in an orderly manner when its assets are sold or otherwise disposed of and the only Property of the Partnership consists of Cash Available For Distribution.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Dissolution by Judicial Decree</font>. The Partnership will be dissolved and its affairs wound up when required by a decree of judicial dissolution entered under Section 15682 of the Act.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Responsibility for Winding Up</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On dissolution of the Partnership, the Partnership will continue solely for the purpose of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of creditors. The affairs of the Partnership will be wound up by any General Partner who has not wrongfully caused the dissolution.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If no General Partner is available to wind up the affairs of the Partnership, or the only remaining General Partner(s) fail(s) to wind up the affairs of the Partnership, one or more Limited Partners may wind up the affairs of the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Limited Partners are authorized to wind up the affairs of the Partnership, the Certificate of Limited Partnership must be amended to add the name and the business, residence, or mailing address of each Limited Partner winding up the Partnership&#8217;s affairs. The Limited Partners winding up the Partnership&#8217;s affairs may not be subject to liability as a General Partner based on this amendment. Any remaining General Partner(s) not winding up the Partnership&#8217;s affairs need not execute the Certificate of Amendment.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Limited Partners wind up the affairs of the Partnership, the Limited Partners are entitled to reasonable compensation from the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Partners responsible for winding up the affairs of the Partnership must give written notice of the commencement of winding up by mail to all known creditors and claimants whose addresses appear on the records of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidation and Distribution</font>. Each Person responsible for winding up the affairs of the Partnership pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.06</font> will take full account of the Partnership assets and liabilities, liquidating the assets of the Partnership as promptly as is consistent with obtaining the fair value of those assets, and applying and distributing the proceeds in the following order:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To creditors of the Partnership, including Partners who are creditors to the extent permitted by law, in satisfaction of liabilities of the Partnership other than liabilities for the following:</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Distributions declared and owing to Partners before their withdrawal from the Partnership and before the dissolution and winding up of the Partnership;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as otherwise provided in this Agreement, to Partners and former Partners in satisfaction of liabilities for Distributions owing to them before their withdrawal from the Partnership and before dissolution and winding up of the Partnership and on their withdrawal from the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the Partners in accordance with the provisions set forth in this Agreement for the Distribution of the assets of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Filing Certificate of Dissolution</font>. As soon as possible after the occurrence of any of the dissolution events specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.02</font> through <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.05</font>, inclusive, the General Partner, or one or more Limited Partners designated by a Majority Vote of the Limited Partners, must execute and file in the office of the Secretary of State a certificate of dissolution.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Cancellation of Certificate of Limited Partnership</font>. On completion of the winding up of the Partnership&#8217;s affairs, the General Partner must execute and file in the office of the Secretary of State a certificate of cancellation of the Certificate of Limited Partnership. If the Limited Partners are winding up the Partnership&#8217;s affairs pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;11.06</font>, the Limited Partners, or the Person authorized by a Majority Vote of the Limited Partners, must execute and file the certificate of cancellation of the
Certificate of Limited Partnership.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE 12</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">TRANSFER OF LIMITED PARTNER&#8217;S PARTNERSHIP INTEREST</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transfer of a Limited Partner&#8217;s Partnership Interest</font>. Any Limited Partner may Transfer its Transferable Interest only as provided in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article&#160;12</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to the restrictions set forth in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 12</font>, a Transfer of a Transferable Interest, in whole or in part:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">does not by itself cause the Partner&#8217;s dissociation or a dissolution and winding up of the Partnership&#8217;s activities; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">does not, as against the other Partners or the Partnership, entitle the Transferee to participate in the management or conduct of the Partnership&#8217;s activities, to require access to information concerning the Partnership&#8217;s transactions except as otherwise provided in subdivision (c) below, or to inspect or copy the required information or the Partnership&#8217;s other records or to exercise any other rights or powers of a Partner.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transferee of a Transferable Interest, or any portion thereof has a right to receive, in accordance with the terms and conditions of the Transfer, Distributions to which the transferor of the Transferable Interest (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">transferor</font>&#8221;) would otherwise be entitled.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transferee is entitled to an account of the Partnership&#8217;s transactions only upon the dissolution and winding up of the Partnership.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon Transfer, the transferor retains the rights of a Partner, other than the interest in Distributions with respect to the Transferable Interest Transferred, and retains all duties and obligations of a Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Partnership need not give effect to a Transferee&#8217;s rights with respect to the Transferable Interest Transferred until the Partnership has notice of the Transfer.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transfer of a Partner&#8217;s Transferable Interest in the Partnership in violation of a restriction on Transfer contained in this Agreement is ineffective as to a Person having notice of the restriction at the time of Transfer.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transferee that becomes a Partner with respect to a Transferable Interest is liable for the transferor&#8217;s obligations under Sections 15905.02 and 15905.09 of the Act. However, the Transferee is not obligated for liabilities unknown to the Transferee at the time the Transferee became a Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Transferee of a Transferable Interest may become a Limited Partner only if and to the extent that:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">this Agreement so provides; or</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">upon the prior consent of the Limited Partners by a Majority Vote and the consent of all of the General Partners.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Death, Bankruptcy, or Incompetence of Limited Partner</font>. If a Limited Partner dies or is adjudged incompetent or bankrupt by any court of competent jurisdiction, the General Partner shall, for a period of ninety (90) days following such event, have an option to purchase the Transferable Interest of that Limited Partner by delivering to the Limited Partner, or the Limited Partner&#8217;s legal representative, written notice which shall set forth the price of the Partnership Interest and the terms of payment, which shall be as specified in
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 12.04</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Optional Purchase upon Divorce/Separation</font>. In the event of any legal separation, divorce, or dissolution of marriage of the Limited Partner and his or her spouse, the Limited Partner so affected agrees to make whatever provisions in any property settlement agreement necessary to eliminate any interest of the spouse in the Partnership Interest. If the Limited Partner fails to do so for any reason within thirty (30) days after the commencement of such legal proceeding, the General Partner shall have the option, for a period of sixty (60) days thereafter, to purchase all or any part of such
Limited Partner&#8217;s Transferable Interest by delivering to the Limited Partner, or the Limited Partner&#8217;s legal representative, written notice which shall set forth the price of the Transferable Interest and the terms of payment, which shall be as specified in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;12.04</font>. The General Partner may assign the right to purchase the Transferable Interest, in whole or in part, to another in its sole discretion.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Purchase Price</font>. In the event the General Partner has the right to purchase a Transferable Interest by reason of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 12.02</font> or <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 12.03</font>, the price shall be determined by agreement between the General Partner and the transferring Limited Partner or his or her representative; provided, however, that if the General Partner cannot agree to the price within thirty (30) days of the event triggering the right to purchase, the General Partner, in its sole
discretion, may within twenty (20) days thereafter appoint a qualified independent appraiser to determine the price, which appraised price shall be binding on the parties. If the General Partner shall fail to appoint an appraiser and the General Partner and the Limited Partner shall fail to agree to a price within such period, the General Partner shall be deemed to have elected not to have exercised its option to purchase the subject Transferable Interest. The consideration to be paid for the Transferable Interest shall be paid to the transferring Limited Partner or to his or her estate or representative, as the case may be. If the event that leads to the purchase is the death of the Limited Partner, the decedent Limited Partner<font style="DISPLAY: inline;" face="WP TypographicSymbols, Courier">=</font>s representative shall apply for and obtain any necessary court approval or
confirmation of the sale of the decedent Limited Partner&#8217;s Interest under this Agreement. Consideration for the Transferable Interest shall be delivered within forty-five (45) days from the date the price is determined to the person entitled to it, except if </font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the event triggering the right to purchase is the death of the Limited Partner, the consideration shall be delivered within one hundred twenty (120) days from the date the price is determined.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Effect of Transfer</font>. A Transfer of a Transferable Interest to a Transferee who is not a Partner or to a Transferee who is not admitted as a Partner, is effective only to give the Transferee the right to receive Distributions, and allocations of income or loss under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font> to which the transferor would otherwise be entitled with respect to the Transferable Interest Transferred and does not relieve the transferor from liability under any agreement to make additional contributions to Capital, does not relieve the transferor
from liability under the provisions of this Agreement, and does not give the Transferee the right to become admitted as a Limited Partner. Neither the General Partner nor the Partnership is required to determine the tax consequences to a transferor or a Transferee, arising from the Transfer of a Transferable Interest. The Partnership will continue with the same basis and Capital Account for the Transferee as was attributable to the transferor who Transferred the Transferable Interest. The General Partner shall promptly record any Transfer of a Transferable Interest permitted by this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article&#160;12</font> in the books of the Partnership.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Legend</font>. Any Certificate or written evidence of an L.P. Interest shall have conspicuously endorsed on its face the following legend:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SALE, TRANSFER, HYPOTHECATION, ENCUMBRANCE OR DISPOSITION OF A TRANSFERABLE INTEREST REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY THE LIMITED PARTNERSHIP AGREEMENT. ALL PROVISIONS OF THE LIMITED PARTNERSHIP AGREEMENT ARE INCORPORATED BY REFERENCE IN THIS CERTIFICATE. A COPY OF THE LIMITED PARTNERSHIP AGREEMENT MAY BE INSPECTED BY ANY LIMITED PARTNER, OR THEIR RESPECTIVE AGENTS, AT THE PRINCIPAL OFFICE OF THE PARTNERSHIP.&#8221;</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership Accounting Practices</font>. The Partnership books shall be kept on a cash and/or an accrual accounting basis, as the General Partner may determine. The Partnership books shall be closed and balanced and maintained by the General Partner.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At all times, the General Partner must maintain or cause to be maintained, in the form of Record, true and proper books, records, reports, and accounts in which all Partnership transactions will be entered fully and accurately. The books and records of the Partnership will be kept, and the financial position and the results of its operations recorded, in accordance with the accounting methods followed for federal income tax purposes.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner shall maintain at 1282 Pacific Oaks Place, Escondido, California, 92029, or at such other office it may from time to time designate within the State of California, the following information in the form of Record:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a current list showing the full name and last known street and mailing address of each Partner, separately identifying each General Partner, in alphabetical order, and the Limited Partners, in alphabetical order;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-28-</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
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&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of the Partnership&#8217;s initial Certificate of Limited Partnership and all amendments to and restatements of the certificate, together with signed copies of any powers of attorney under which any certificate, amendment, or restatement has been signed;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of any filed certificate of conversion or merger;</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of the Partnership&#8217;s federal, state, and local income tax returns and reports, if any, for the six most recent years;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of any partnership agreement made in writing or in another form of Record and any amendment to this Agreement;</font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(6)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any financial statement of the Partnership for any of the most recent six Fiscal Years;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(7)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any Vote of a Partner given within the most recent three Fiscal Years; and</font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(8)</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">unless contained in a partnership agreement made in a Record, a Record stating:</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 126pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the amount of cash, and a description and statement of the agreed value of the other benefits, contributed and agree to be contributed by each Partner;</font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 126pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font></div>
</td>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the times at which, or events on the happening of which, any additional contributions agreed to be made by each Partner are to be made;</font></div>
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<div>
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<tr valign="top">
<td style="WIDTH: 126pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">for any Person that is both a General Partner and a Limited Partner, a specification of what Transferable Interest the Person owns in each capacity; and</font></div>
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<div>
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<tr valign="top">
<td style="WIDTH: 126pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any events upon the happening of which the Partnership is to be dissolved and its activities wound up.</font></div>
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</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reports and Financial Statements.</font> The General Partner shall provide the Partners with the following reports and tax information in the form of Record:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reports.</font> Within ninety (90) days after the end of each Fiscal Year, financial statements as of the end of such Fiscal Year prepared on a review basis by an independent certified public accountant, together with the General Partner&#8217;s report of the activities of the Partnership for such year. The General Partner shall prepare and deliver to each Limited Partner a balance sheet as of the end of each fiscal quarter, together with statements of income and of changes in financial position for such quarter.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax Information.</font> Within ninety (90) days after the end of each Fiscal Year or as soon as possible thereafter, all information necessary for the preparation of the Partners&#8217; federal income tax returns. Such information shall be accomplished by a copy of the Partnership&#8217;s federal, state and local income tax or information returns for the year.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

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&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-29-</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accounts of the Partnership and the Partners as set forth in the annual statement shall conclusively be deemed to be correct and binding on each Partner as to all matters to which he or she does not file written objections addressed to the Partnership at its principal place of business within sixty (60) days after he or she receives a copy of such annual statement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Delivery of Records to Limited Partners</font>. On the request of a Limited Partner for purposes reasonably related to that Partner&#8217;s interest in the Partnership, or such request by that Partner&#8217;s duly authorized representative, attorney, or attorney-in-fact, the General Partner will promptly deliver in writing or in other form of Record, to that Partner, or to its agent or attorney, at the expense of the Partnership, a copy of any of the following:</font></div>

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<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The current list of each Partner&#8217;s name, address, Capital Contributions, Capital Account, Units, and the Percentage Interest of each Partner.</font></div>
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<div>
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<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Certificate of Limited Partnership, as amended, and any powers of attorney pursuant to which any certificate was executed.</font></div>
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</div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Agreement, as amended.</font></div>
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</div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Access to Records by Limited Partners</font>. A Limited Partner and/or that Partner&#8217;s duly authorized representative, attorney, or attorney-in-fact has the right, for purposes reasonably related to that Partner&#8217;s interest in the Partnership:</font></div>

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</div>

<div>
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<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To inspect and copy, during normal business hours, any Partnership Records that the Partnership is required to maintain pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;13.02</font>.</font></div>
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</div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To obtain from the General Partner, promptly after becoming available, a copy of the Partnership&#8217;s federal, state, and local income tax or information returns for each year.</font></div>
</td>
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</div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Partnership Tax or Information Returns</font>. The General Partner shall endeavor to provide&#160;&#160;each Partner, in writing or in other form of Record, the information necessary for the Partner to file his or her federal, state, and local income tax returns for each taxable year as soon as practicable after the end of each taxable year.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Capital Accounts</font>. The Partnership will establish and maintain individual Capital Accounts for each General Partner and Limited Partner in accordance with the Partnership&#8217;s method of accounting, Code Section&#160;704(b), the regulations thereunder, and the following provisions:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair market value of a Partner&#8217;s initial Capital Contribution to the Partnership; any additional contributions to the Partnership, such as a Partner&#8217;s distributive share of income, gain or credit; any amounts transferred to the Capital Account from that Partner&#8217;s income account pursuant to this Agreement; and the amount of any Partnership liabilities assumed by the Partner will be credited to each Partner&#8217;s Capital Account.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Partner&#8217;s Capital Account will be debited for the amount of cash and the fair market value of any Property distributed to the Partner pursuant to this </font></div>
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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-30-</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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<td width="1717">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Agreement, the Partner&#8217;s distributive share of loss or deduction, and the amount of any liabilities of the Partner that are assumed by the Partnership or any such liabilities that are secured by any Property contributed by the Partner to the Partnership.</font></div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Partner&#8217;s Capital Account also includes the Partner&#8217;s Pro Rata share of the fair market value of any Property contributed to the Partnership by a nonpartner.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the Partnership makes a Distribution to any Partner which is not a Pro Rata allocation of the amount distributed, the Capital Accounts of the other Partners will be adjusted to reflect the fair market value of Partnership assets immediately before the Distribution.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any Transferable Interest is transferred in accordance with this Agreement, the Transferee succeeds to the Capital Account of the transferor, to the extent of such transferred interest.</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Accounts</font>. An individual income account will be maintained for each Partner. At the close of each Fiscal Year, each Partner&#8217;s share of the Partnership&#8217;s income, gain, loss, deductions and credits will be credited or debited to, and that Partner&#8217;s Distributions received during each Fiscal Year will be deducted from, that Partner&#8217;s income account, and any resulting balance or deficit shall be transferred to or charged against that Partner&#8217;s Capital Account.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE 14</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">POWER OF ATTORNEY</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Grant of Special Power of Attorney</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By a Limited Partner&#8217;s execution of this Agreement, the Limited Partner irrevocably constitutes and appoints the General Partner with full power of substitution, to be such Limited Partner&#8217;s true and lawful attorney-in-fact, in its name, place and stead, to make, execute, sign, acknowledge, deliver, record, and file, on its behalf and on behalf of the Partnership, the following:</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deeds of trust, security agreements, and transfer documents.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Documents of Transfer to be delivered in connection with the Transfer of a Transferable Interest.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Certificate of Limited Partnership, any amendments to that Certificate, and any other certificates or instruments that may be required to be filed by the Partnership or the Partners under the laws of California and any other jurisdiction whose laws may be applicable to the Partnership.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Certificate of Cancellation of the Partnership and any other instruments or documents as may be deemed necessary or desirable by the General Partner on the termination of the Partnership business.</font></div>
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<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">-31-</font></div>

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&#160;</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any amendment to this Agreement which is duly approved by a Majority Vote of the Limited Partners or is amended by the General Partner for the sole purpose of correcting any typographic error or other inadvertent clerical error or inconsistency.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(6)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any and all amendments to the instruments described above in subparagraphs&#160;(1) through (5) of this Section, provided that those amendments are either required by law to be filed, are consistent with this Agreement, or have been authorized by the particular Limited Partner.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(7)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any document or instrument needed to reflect any reduction in a Limited Partner&#8217;s Capital Account or Percentage Interest.</font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(8)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any and all other instruments or documents to correct any typographical error or inconsistency or omission from this Agreement the General Partner may deem reasonably necessary or desirable to carry out fully the provisions of this Agreement in accordance with its terms.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This grant of authority is a special power of attorney coupled with an interest, is irrevocable, and survives the granting Limited Partner&#8217;s death, incapacity, or dissolution.</font></div>

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</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This grant of authority survives the delivery of an assignment by a Limited Partner of the whole or any portion of the Partner&#8217;s interest.</font></div>

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</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner may exercise this special power of attorney by a facsimile signature, or by executing any instrument with a single signature as attorney-in-fact for all the Limited Partners.</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARTICLE 15</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PROVISIONS OF GENERAL APPLICATION</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notices</font>. All notices, demands, requests, and other communications required or permitted hereunder shall be in writing or in other form of Record, and shall be deemed to be delivered upon receipt if delivered in person, electronically, or by overnight delivery, if any such delivery occurs prior to 4:00 p.m. Pacific Time on such day, or if not, delivery shall be deemed to occur the following day. Delivery shall be deemed to occur three (3) days after having been deposited in a regularly maintained receptacle for the United States mail, registered or certified, return receipt requested,
postage prepaid, addressed, if to the General Partner, to the Partnership&#8217;s principal executive office and if to a Limited Partner, to the Limited Partner&#8217;s address listed in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Binding Effect</font>. Subject to the provisions of this Agreement relating to transferability, this Agreement is binding on and inures to the benefit of the Partners and their respective assigns, successors in interest, personal representatives, estates, heirs, and legatees.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Amendments</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject to subparagraph (b) of this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 15.03</font> and the permissive provisions of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;14.01(a)</font>, this Agreement may be amended only by the written consent of the General Partner and the Limited Partners.&#160;&#160;Any amendment of this Agreement must be in writing, dated, and executed by all Partners. </font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If any conflict arises between the provisions of any amendment and the original Agreement as previously amended, the most recent provisions control.</font></div>
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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The provisions of this Agreement governing the right of the Limited Partners to Vote on the admission of a General Partner or an election to continue the business of the Partnership after a General Partner ceases to be a General Partner and there is no remaining or surviving General Partner, may not be amended.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General Partner shall promptly furnish any Limited Partner who executed a power of attorney authorizing a General Partner to execute an amendment to this Agreement with a copy of any amendment to this Agreement executed by a General Partner pursuant to that power of attorney.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Attorneys&#8217; Fees</font>. If any dispute between the Partnership and the Partners or among the Partners results in litigation or arbitration, the prevailing party is entitled to recover from the other party all reasonable fees, costs, and expenses of enforcing any right of the prevailing party, including without limitation, reasonable attorneys&#8217; fees and expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Governing Law</font>. All questions with regard to the construction of this Agreement and the rights and liabilities of the Partners will be governed by the laws of the State of California.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibits</font>. All Exhibits attached to this Agreement are incorporated and will be treated as if set forth in the body of this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Agreement Prepared by Legal Counsel to the General Partner and Certain GP Affiliates.</font> This Agreement was prepared by Rushall &amp; McGeever, APC, who currently is and/or in the past has served as legal counsel for the General Partner and certain GP Affiliates. Rushall &amp; McGeever, APC represents only the interests of the General Partner and the GP Affiliates in the matters which are the subject of this Agreement. Rushall &amp; McGeever, APC does not represent any Limited Partner individually or the Limited Partners as a group in connection with this Agreement, the Partnership or any
related matters.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IRS Circular 230 Notice</font>. To ensure compliance with requirements imposed by the IRS, Rushall &amp; McGeever, APC, hereby informs the Parties that, unless expressly indicated otherwise, any tax advice contained in this Agreement (including any Exhibits or other attachments) is not intended or written to be&#160;&#160;used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party and tax-related matter addressed herein.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Additional Instruments and Acts</font>. Each Partner agrees to execute and deliver additional documents and instruments, and to perform whatever acts may be necessary or appropriate to effectuate and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated by this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reliance on Person Signing Agreement</font>. If a Partnership Interest is held on the Partnership&#8217;s Records by two or more Persons, the General Partner may rely on the signature of any one of such Persons in the event of a Vote or consent of the Limited Partners and such signature shall be binding on all of such Persons. If a Partner is not a natural person, neither the Partnership nor any individual Partner is (1) required to determine the authority of the Person signing this Agreement, to make any commitment or undertaking on behalf of the
entity that is the named Partner, or to determine any fact or circumstance bearing on the existence </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">of the authority that Person, or (2) responsible for the application or Distribution of proceeds paid or credited to Persons signing this Agreement on behalf of that entity.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Severability</font>. If any provision of this Agreement or the application of any provision to any Person or circumstance is declared by a court of competent jurisdiction to be invalid, void, or unenforceable, the remainder of this Agreement or the application of that provision to Persons or circumstances other than those to which it is held invalid continue in full force and effect.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Cumulative Remedies</font>. All remedies under this Agreement are cumulative and do not exclude any other remedies provided by law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Counterparts</font>. This Agreement may be executed in several counterparts and all counterparts so executed constitute one agreement that is binding on all of the parties, notwithstanding that all of the parties are not signatory to the original or the same counterpart.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Headings and References</font>. The headings preceding the Sections of this Agreement are for convenience of reference only, are not a part of this Agreement, and are to be disregarded in the interpretation of any portion of this Agreement. Unless otherwise stated, all references to Articles or Sections shall be to the corresponding Article or Section of this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pronouns</font>. All pronouns and variations are deemed to refer to the masculine, feminine, or neuter, singular or plural, as the context in which they are used requires.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Statutory References</font>. Any reference to the Internal Revenue Code, the Treasury Regulations, the Act, the California Corporations Code, the California Code of Civil Procedure or other statutes includes all amendments, modifications, or replacements of the specific sections and provisions concerned.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>15.18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Time is of the Essence</font>. All dates and times stated in this Agreement are of the essence.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;Kenneth W. Elsberry</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">NetREIT, Inc.</font>, a</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Maryland Corporation</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;Kenneth W. Elsberry</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;Its: Chief Financial Officer</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Delaware Limited Liability Company</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ALLOCATION OF INCOME, GAIN, LOSS, CREDITS AND DEDUCTIONS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Method of Allocation.</font> Partnership income, gain, loss, credits and deductions, including all items thereof, for each Fiscal Year, shall be allocated at the end of the Fiscal Year among the Partners as set forth below. As used in this Appendix and in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font>, &#8220;income&#8221;, &#8220;gain&#8221;, &#8220;loss&#8221;, &#8220;deduction&#8221; and &#8220;credit&#8221; shall have the meanings attributed to them in the Code and the Treasury Regulations. For the purposes of
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Article 9</font> of this Agreement, as the context requires, &#8220;income&#8221; shall include all items of income, gain and credits, and &#8220;loss&#8221; shall include all items of loss and deductions. Unless otherwise expressly stated, terms used in this Appendix shall have the same meaning as used in the Agreement. Unless otherwise expressly stated, all references to sections or paragraphs in this Appendix shall refer to the respective section or paragraph of this Appendix.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Income.</font> After giving effect to the special allocations set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>, Partnership income shall be allocated as follows:</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;First, to the Partners, until the aggregate income allocated pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1(a)(i)</font> for such Fiscal Year and all prior Fiscal Years are equal to (and have been allocated in proportion to and to the extent of) the aggregate loss allocated to the Partners pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1(b)(iii)</font> hereof for all previous Fiscal Years;</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Second, to the Partners, until the aggregate income allocated pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1(a)(ii)</font> for such Fiscal Year and all prior Fiscal Years are equal to (and have been allocated in proportion to and to the extent of) all losses allocated to the Partners pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1(b)(ii)</font> hereof for all previous Fiscal Years;</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Third, to the Partners, until the aggregate income allocated to the Partners pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1(a)(iii)</font> for such Fiscal Year and all prior Fiscal Years are equal to (and have been allocated in proportion to) the aggregate accrued A Unit Return payable to the Partners pursuant to this Agreement; and</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fourth, to the Partners in proportion to the Percentage Interests held by the Partners from time to time.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Losses.</font> After giving effect to the special allocations set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>, all losses of the Partnership shall be allocated as follows:</font></div>

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<div style="TEXT-INDENT: 99pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;First, to the Partners, until the aggregate loss allocated pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1(b)(i)</font> for such Fiscal Year and all prior Fiscal Years are equal to (and have been allocated in proportion to, to the extent of, and in the reverse order of), all income allocated to the Partners pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1(a)(iii) and (iv)</font> hereof for all previous Fiscal Years;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Special Allocations</font>. The following special allocations shall be made in the following order and priority:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Minimum Gain Chargeback.</font> Except as otherwise provided in Section 1.704-2(f) of the Treasury Regulations, and notwithstanding any other provision of this Appendix, if there is a net decrease in Partnership Minimum Gain during any Partnership Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years), in an amount equal to such Partner&#8217;s share of the net decrease in Partnership Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g). Allocations pursuant
to the prior sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(a)</font> is intended to comply with the minimum gain chargeback requirement set forth in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently therewith.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Partner Minimum Gain Chargeback.</font> Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations, notwithstanding any other provision of this Appendix, if there is a net decrease in Partner Non-Recourse Debt Minimum Gain attributable to Partner Non-Recourse Debt during any Partnership Fiscal Year, each Partner who has a share of the Partner Non-Recourse Debt Minimum Gain attributable to such Partner Non-Recourse Debt, determined in accordance with Treasury Regulations Section&#160;1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for
such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Partner&#8217;s share of the net decrease in Partner Non-Recourse Debt Minimum Gain attributable to such Partner Non Recourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4) and 1.704-(j)(2). This <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(b)</font> is intended to comply with the minimum gain chargeback requirements set forth in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Qualified Income Offset.</font> Notwithstanding the provisions of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1</font> hereof, if a Partner unexpectedly receives any adjustments, allocations or Distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) or any other event creates an Adjusted Capital Account Deficit, items of Partnership gain and income shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficient as quickly as possible. Any special allocation of income pursuant to
this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2</font> shall be taken into account in computing subsequent allocations of income pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1</font>, so that the net amount of any income allocated to each Partner pursuant to this Appendix to the extent possible, shall be equal to the net amount that would have been allocated to each such Partner pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(c)</font> if such unexpected adjustments, allocations or Distributions had not occurred.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Gross Income Allocation.</font> In the event any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of: (a) the amount such Partner is obligated to restore; and (b) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(d)</font> shall be made if and only to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(d)</font> have been made as if this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(d)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(c)</font> were not in the Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Non-Recourse Deductions.</font> Any Non-Recourse Deductions for any Fiscal Year shall be specially allocated to the Partners in proportion to their Percentage Interests.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Partner Non-Recourse Deductions.</font> Any Partner Non-Recourse Deductions for any Fiscal Year shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Non-Recourse Debt to which such Partner Non-Recourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i)(1). &#8220;Partner Non-Recourse Deductions&#8221; has the meaning ascribed to such term in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Basis Reduction.</font> Any reduction in the adjusted tax basis of any Property pursuant to Section 734(b) or Section 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital
Accounts are required to be adjusted pursuant to such section of the Treasury Regulations.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Curative Allocations</font>. The allocations set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(a)</font> through <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(g)</font>, inclusive, hereof (the &#8220;Regulatory Allocations&#8221;), are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of
Partnership income or loss pursuant to this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3</font>. Therefore, notwithstanding any other provision of this Appendix (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income or loss in whatever manner it may determine to be appropriate so that, after such offsetting allocations are made, each Partner&#8217;s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not a part of this Agreement and all Partnership items were allocated pursuant to <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;1</font>. In exercising its discretion under this <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;3</font>, the General
Partner shall take into account future Regulatory Allocations under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(a)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(b)</font> that, although not yet made, are likely to offset other Regulatory Allocations previously made under <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section&#160;2(e)</font> and <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2(f)</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Other Allocation Rules</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income and loss shall be allocated to the Partners pursuant to this Appendix as of the last day of each Fiscal Year; provided that income and loss shall also be allocated at such times as the Gross Asset Values of the Property are adjusted pursuant to this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Partners are aware of the income tax consequences of the allocations made by this Appendix and hereby agree to be bound by the provisions of this Appendix in reporting their shares of Partnership income and loss for income tax purposes.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income and loss shall be determined on a daily, monthly, or other basis, as determined by the General Partner using any permissible method under Code Section 706 and the Treasury Regulations thereunder.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Solely for purposes of determining a Partner&#8217;s proportionate share of the &#8220;excess non-recourse liabilities&#8221; of the Partnership, within the meaning of Treasury Regulations Section 1.752-3(a)(3), the Partner&#8217;s interests in the Partnership&#8217;s income are in proportion to their respective Percentage Interests.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the extent permitted by Section 1.704-2(h)(3) of the Treasury Regulations, the General Partner shall endeavor not to treat Distributions of Net Cash as having been made from the proceeds of a Non-Recourse Liability or a Partner Non-Recourse Debt.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Allocation upon Assignment or Transfer of a Partnership Interest</font>. In the event of the assignment or Transfer (as defined below) of all or any part of the Partnership Interest of a Partner, the allocable share, with respect to the Partnership Interest so assigned, of income, loss and Distributions shall be allocated between the assignor and the assignee to take into account their varying interests in the Partnership during the year in which the assignment occurred, based upon the number of days during such year that each was the record owner of
the Partnership Interest on the books of the Partnership (without regard to actual operating results of the Partnership); provided, however, that if under Section 706 of the Code and applicable Treasury Regulations other methods of allocations will be recognized for federal income tax purposes, including, without limitation, allocations based upon actual operating results accompanied by a closing of the Partnership&#8217;s books as of the date of assignment or the use of a fifteen (15) day monthly convention, or such other method may be used in the discretion of the General Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Section 704(c) Allocations</font>. Pursuant to Section 704(c) of the Code and the Treasury Regulations promulgated thereunder, income and loss with respect to any Property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take into account any variation between the adjusted basis of such Property to the Partnership for federal income tax purposes and its fair market value on the date of contribution. Allocations pursuant to this
<font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 6</font> are solely for purposes of computing the amount of federal, state and local taxes payable by a Partner and in no way shall such allocations be taken into account in computing the amount of the Distributions payable to any Partner pursuant to the terms and conditions of this Appendix.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Power of General Partner to Vary Allocations of Income and Loss</font>. The Agreement and this Appendix have been drafted in a manner which is intended to comply with the principles of Sections 704, 706 and 752 of the Code. Therefore, if the Partnership is advised that the allocations provided in this Appendix are unlikely to be respected for federal income tax purposes, otherwise do not have substantial economic effect and/or otherwise create disparities in the economic results intended by the Partners, the General Partner is hereby granted the
power, without the approval of the Partners, to amend the allocation provisions of this Agreement, including making any special allocations of income or loss on advice of accountants and legal counsel, to the minimum extent necessary to achieve the foregoing results; provided, however, that no such amendment shall have any materially adverse effect upon any Partner.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Taxation as a Partnership</font>. No election shall be made by the Partnership or any Partner for the Partnership to be excluded from the application of any provisions of Subchapter K, Chapter 1 of Subtitle A of the Code or from any similar provisions of any state tax laws.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Partnership will indemnify the TMP against all judgments, fines, amounts paid in settlement, and expenses (including attorneys&#8217; fees) reasonably incurred by the TMP in any civil, criminal or investigative proceeding in which the TMP is involved or threatened to be involved by reason of being the TMP, provided that the TMP acted in good faith, within what the TMP reasonably believed to be the scope of his or her authority and for a purpose that the TMP reasonably believed to be in the best interests of the Partnership and the Partners. The TMP will not be indemnified under this provision against any liability to the Partnership or any Partner to
which the TMP would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of obligations as the TMP. This indemnification is not deemed exclusive of any other rights to which the TMP may be entitled, including such rights under any law or regulation, contract or other agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NetREIT, Inc., a Maryland Corporation&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No. of Units: __________</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1282 Pacific Oaks Place</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Escondido, CA 92029-2900</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LGI Delaware, LLC&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No. of Units: __________</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attn: Lee Gittleman, Manager</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FOR</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NATIONAL CITY PROPERTY</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>IN CONSIDERATION of the mutual covenants and agreements herein contained, and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, NetREIT National City Partners LP, a California limited partnership (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">OWNER</font>&#8221;) and CHG Properties, Inc., a California corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">MANAGER</font>&#8221;), agree as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employment of Manager</font>. OWNER hereby employs MANAGER exclusively to manage, operate and rent that certain real property and related personal property comprising the warehouse facility located at 940 West 19<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Street and 2101 Haffley Avenue, National City, California (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Property</font>&#8221;). MANAGER hereby accepts the management of the Property pursuant to the terms and conditions of this Agreement.
This Agreement is effective on and as of the date last shown below (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commencement Date</font>&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Manager&#8217;s Authority</font>. MANAGER shall have the exclusive authority and powers, all of which shall be exercised in the name of MANAGER, as agent for OWNER. OWNER hereby appoints MANAGER as OWNER&#8217;s authorized agent for the purpose of executing, as managing agent for OWNER, all such agreements, contracts or other written obligations (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">obligations</font>&#8221;) MANAGER may enter into on behalf of OWNER within the scope of MANAGER&#8217;s duties hereunder. OWNER agrees that it will assume in writing all obligations under
all such obligations so entered into by MANAGER, on behalf of OWNER, as its agent. Unless otherwise expressly stated, an action or inaction required or permitted by OWNER under this Agreement shall not require the written consent of OWNER.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Manager&#8217;s Duties</font>. MANAGER agrees to furnish the services for the management, operation and rental of the Property and to be responsible for such other duties and functions expressly set forth in this Agreement. MANAGER shall do each of the following:</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Deposit and Maintain Funds</font>. Open and maintain, in a state or national bank of MANAGER&#8217;s choice and whose deposits are insured by the Federal Deposit Insurance Corporation, an account exclusively for the Property. OWNER agrees that MANAGER shall be authorized to maintain a reasonable minimum balance in such account as reasonably determined from time to time by MANAGER.&#160;&#160;MANAGER may endorse any and all checks received in connection with the Property and drawn to the order of MANAGER or OWNER, and OWNER shall, upon request, furnish MANAGER&#8217;s depository with an
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tenant payments for real estate taxes, property liability and other insurance, damages and repairs;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Maintenance, tax reduction fees, administrative charges and all other tenant reimbursements;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any proceeds of rental interruption insurance, parking fees, income from coin operated machines and other miscellaneous income, due or to become due; and</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tenants&#8217; security deposits, including the right to apply such security deposits to unpaid rent, and comply, on behalf of OWNER of the Property, with applicable state or local laws concerning security deposits and interest thereon, if any.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>All of such rent and other items are herein referred to as &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Gross Income</font>&#8221;. MANAGER shall give receipts therefor and deposit all such Gross Income collected hereunder in MANAGER&#8217;s custodial account;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Negotiate Leases</font>. Negotiate Leases and any other agreements for use of the Property and renewals and cancellations of existing Lease or such other agreements which shall be subject to MANAGER and to obtain OWNER&#8217;s written consent for any lease. MANAGER may collect from tenants all or any of the following: a late rent administrative charge, a non-negotiable check charge, credit report fee, a subleasing administrative charge and/or broker&#8217;s commission and need not account for such charges and/or commission to OWNER. MANAGER does not guarantee the credit worthiness or
collectibility of accounts receivable from tenants, users or renters;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Terminate Tenants/Prosecute Claims</font>. Terminate tenancies and sign and serve in the name of OWNER of the Property such notices as are deemed necessary by MANAGER; to institute and prosecute actions to evict tenants and to recover possession of the Property or portions thereof; with OWNER&#8217;s authorization, to sue in the name of OWNER of the Property and recover rent and other sums due; and to settle, compromise, and release such actions or suits, or reinstate such tenancies. All expenses of litigation including, but not limited to, attorney&#8217;s fees, filing fees, and court
costs which MANAGER shall incur in connection with the collecting of rent and other sums, or to recover possession of the Property or any portion thereof shall be deemed to be an operational expense of the Property.&#160;&#160;MANAGER shall select and engage on behalf of OWNER any legal counsel it deems necessary or advisable to effect such litigation;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Hire, Supervise Employees, Agents and Contractors</font>. Hire, supervise, discharge, and pay all persons required to perform labor or services for the operation and maintenance of the Property, including, but not limited to, onsite personnel, managers, assistant managers, leasing consultants, engineers, janitors, maintenance supervisors and other employees required for the operation and maintenance of the Property, including personnel spending a portion of their working hours (to be charged on a pro rata basis) at the Property (all of whom shall be deemed employees of OWNER, not of
MANAGER). All expenses of such employment shall be deemed operational expenses of the Property;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Make Repairs</font>. Make or cause to be made all ordinary repairs and replacements MANAGER deems necessary or appropriate to maintain and preserve the Property in its present condition and for the operating efficiency thereof and all alterations required to comply with lease requirements;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Enter into Contracts</font>. Negotiate and enter into, as MANAGER of the Property, contracts for all goods, materials and services permitted hereunder to be contracted by MANAGER for OWNER. MANAGER shall use its best efforts to obtain the foregoing services and utilities for the Property at the most economical costs and terms available to MANAGER;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Pay Expenses</font>. Pay all expenses of the Property from the Gross Income collected in accordance with <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 3(c)</font> from MANAGER&#8217;s custodial account. It is understood that the Gross Income will </font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">be used first to pay the compensation to MANAGER set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 14</font>, then operational expenses and then any mortgage indebtedness, including real estate tax and insurance impounds, but only as directed by OWNER in writing and only if sufficient Gross Income is available for such payments;</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Handle Insurance Claims</font>. Handle all steps necessary regarding any claim in connection with any insured losses or damages.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to each of the foregoing, and its other authority to act for and to bind OWNER under this Agreement, MANAGER may, but shall not be obligated to, at any time and from time to time request and receive the prior written authorization of OWNER for any one or more purchases or other expenditures, notwithstanding that MANAGER may otherwise be authorized hereunder to make such purchases or expenditures.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Delivery of Annual Budget to Owner</font>. During the term of this Agreement, MANAGER shall prepare a budget for operation of the Property for the calendar year (a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Budget</font>&#8221;) and submit the Budget to OWNER. Each Budget shall be for planning and informational purposes only, and MANAGER shall have no liability to OWNER for any failure to meet any such Budget. However, MANAGER will use its best efforts to operate the Property within each Budget. The Budget for the remainder of
the calendar year 2011 has been prepared and will be promptly delivered to OWNER. Each subsequent Budget shall be submitted by MANAGER to OWNER by December 1st of the year preceding the calendar year for which it applies. OWNER shall notify MANAGER within fifteen (15) days with any questions or comments regarding a Budget. If OWNER disapproves the proposed Budget, OWNER shall notify MANAGER and identify what, specifically, OWNER disapproves of, and OWNER and MANAGER may make changes to the annual Budget.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notification of Excess Expenses</font>. In case the expenses paid by MANAGER shall be in excess of the Gross Income for any monthly period or reasonable reserves maintained by MANAGER, MANAGER shall notify OWNER of the reason and amount of such excess and OWNER agrees to pay such excess upon request from MANAGER. Nothing herein contained shall obligate MANAGER to advance its own funds on behalf of OWNER. Any request by MANAGER to pay an excess or to repay any advance by MANAGER on behalf of OWNER shall be paid to MANAGER by OWNER within
fifteen (15) business days after request.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Delivery of Monthly Reports</font>. MANAGER shall provide monthly reports for the Property to OWNER, to the attention of the individual and address as directed by OWNER from time to time, and remit to OWNER the excess of Gross Income over expenses paid by MANAGER (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Net Proceeds</font>&#8221;) for each month on or before the 15th day of the following month. The foregoing required reports shall consist of MANAGER&#8217;s Consolidated Cash Report and such other monthly, quarterly and annual
reports as are customary in commercial property management relationships and as reasonably requested by OWNER in writing from time to time.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Delegation of Duties by Manager</font>.&#160;&#160;Notwithstanding anything to the contrary contained in this Agreement, any or all of the duties of MANAGER as contained herein may be delegated by MANAGER and performed by a person or entity (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SubAgent</font>&#8221;) with whom MANAGER contracts for the purpose of performing such duties. OWNER hereby expressly grants MANAGER the authority to enter into such a contract with a SubAgent; provided that OWNER shall have no liability or
responsibility to any such SubAgent for the payment of the SubAgent&#8217;s fee or for reimbursement to the SubAgent of its expenses or to indemnify the SubAgent in any manner for any matter; and provided further that MANAGER shall require such SubAgent to agree, in the written agreement setting forth the duties and obligations of such SubAgent, to indemnify OWNER for all loss, damage or claims incurred by OWNER as a result of the willful misconduct, gross negligence and/or unlawful acts of the SubAgent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Dealings with Manager&#8217;s Affiliates</font>. MANAGER shall have the right during the term hereof to contract for services with and to purchase goods and materials from one or more of its affiliates, provided that contract rates and prices are competitive with other available sources.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Payment of Expenses</font>. MANAGER shall on behalf of OWNER pay, out of Gross Income, to the extent funds are available after the payment of MANAGER&#8217;s compensation set forth in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 14,</font> all operational expenses, general taxes, special assessments, or fire, boiler or any other insurance premiums, and any other expenses which in MANAGER&#8217;s reasonable judgment relate to the Property.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Obligation on Manager to Pay Prior Expenses of Owner or to Advance Funds</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Nothing in this Agreement shall be interpreted in such a manner as to obligate MANAGER to pay from Gross Income, any expenses incurred prior to the commencement of this Agreement, except to the extent OWNER advances additional funds to pay such expenses.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In no event shall MANAGER be required to advance its own funds to pay any indebtedness, taxes, assessments, premiums or otherwise. MANAGER may, at its sole discretion, advance any monies for the care or management of the Property, and OWNER agrees to advance all monies necessary therefor. If MANAGER shall elect to advance any money in connection with the Property, OWNER agrees to reimburse MANAGER forthwith and hereby authorizes MANAGER to deduct such advances from any monies due OWNER.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advertising</font>. Upon MANAGER&#8217;s reasonable determination, MANAGER may advertise the Property or any part thereof and display signs thereon, as permitted by law; and rent the same; pay all expenses of leasing the Property, including but not limited to, newspaper and other advertising, signage, banners, brochures, referral commissions, leasing commissions, finder&#8217;s fees and salaries, bonuses and other compensation of leasing personnel responsible for the leasing of the Property; and investigate references of prospective
tenants.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnification of Manager</font>. OWNER shall indemnify, defend, protect, save and hold MANAGER and all of its shareholders, officers, directors, employees, agents, successors and assigns (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indemnified Parties</font>&#8221;) harmless from any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney&#8217;s fees and expenses, of every kind and nature whatsoever (collectively,
&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Losses</font>&#8221;) in connection with or in any way related to the Property and from liability for damage to the Property and injuries to or death of any person whomsoever; provided, however, that such indemnification shall not extend to any such Losses arising out of the willful misconduct, gross negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of MANAGER or any of the other Indemnified Parties. OWNER agrees to procure and carry at its own expense Public Liability Insurance, Fire and Extended Coverage Insurance, Burglary and Theft Insurance, Rental Interruption Insurance, Flood Insurance (if appropriate) and Boiler Insurance (if appropriate) naming OWNER and MANAGER as insureds and having coverage adequate to protect their respective interests, including being in a
form having substance and having the amounts reasonably satisfactory to MANAGER, and to furnish to MANAGER certificates and policies evidencing the existence of such insurance. The premiums for all such insurance maintained by OWNER shall be paid by either OWNER directly or, provided sufficient Gross Income is available, by MANAGER from such Gross Income. Unless OWNER shall provide such insurance and furnish such certificate and policy within ten (10) days from the date of this Agreement, MANAGER may, in its sole discretion, but shall not be obligated to, place said insurance and charge the cost thereof to the account of OWNER. All such insurance policies shall provide that MANAGER shall receive thirty (30) days&#8217; written notice prior to cancellation of the policy. MANAGER shall not be liable for any error of judgment or for any mistake of fact or law, or for anything which it may
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties of Owner</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OWNER hereby warrants and represents to MANAGER that to the best of OWNER&#8217;s knowledge, neither the Property, nor any part thereof, has previously been or is presently being used to treat, deposit, store, dispose of or place any hazardous substance, that may subject MANAGER to liability or claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.A. Section 9607) or any constitutional provision, statute, ordinance, law, or regulation of any governmental body or of any order or ruling of any public authority or official thereof, having or claiming
to have jurisdiction thereover. Furthermore, OWNER agrees to indemnify, protect, defend, save and hold MANAGER and all of its shareholders, officers, directors, employees, agents, successors and assigns harmless from any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney&#8217;s fees and expenses, of every kind and nature whatsoever, involving, concerning or in any way related to any past, current or future allegations regarding treatment, deposit, storage, disposal or placement by any party other than MANAGER of hazardous substances on the Property.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation and Expenses of Manager</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Management Compensation</font>. OWNER agrees to pay MANAGER the compensation equal to four percent (4%) of the gross rentals collected by MANAGER from the lease or rental of the Property. OWNER acknowledges and agrees that MANAGER may pay or assign all or any portion of its Management Fee to a SubAgent.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Administrative Expenses</font>. MANAGER shall retain all administrative charges actually collected from tenants in connection with maintenance reconciliations and any tenant charge-back for same.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Apportionment of Manager&#8217;s Employee Costs</font>. All personnel expenses, including but not limited to, wages, salaries, insurance, fringe benefits, employment related taxes and other governmental charges, shall be charges MANAGER incurs in connection with the Property for purposes of this Agreement, to the extent such expenses are apportioned by MANAGER to services rendered for the benefit of the Property. The number and classification of employees serving the Property shall be as determined by MANAGER to be appropriate for the proper
operation of the Property; provided that OWNER may request changes in the number and/or classifications of employees, and MANAGER shall make such changes unless in its judgment the resulting level of operation and/or maintenance of the Property will be inadequate. MANAGER shall honor any collective bargaining contract covering employment at the Property which is in effect upon the date of execution of this Agreement; provided that MANAGER shall not assume or otherwise become a party to such contract for any purpose whatsoever and all personnel subject to such contract shall be considered the employees of the OWNER and not MANAGER.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reimbursement of Manager&#8217;s Expenses</font>. OWNER shall pay or reimburse MANAGER for any sums of money due it under this Agreement for services and advances prior to termination of this Agreement. All provisions of this Agreement that require OWNER to have insurance, or to protect, defend, save, hold and indemnify or to reimburse MANAGER shall survive any expiration or termination of this Agreement and, if MANAGER is or becomes involved in any claim, proceeding or litigation by reason of having been MANAGER, such provisions shall apply
as if this Agreement were still in effect. The parties understand and agree that MANAGER may withhold funds for sixty (60) days after the end of the month in which this Agreement is terminated to pay bills previously incurred but not yet invoiced and to close accounts. Should the funds withheld be insufficient to meet the obligation of MANAGER to pay bills previously </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">incurred, OWNER shall upon demand advance sufficient funds to MANAGER to ensure fulfillment of MANAGER&#8217;s obligation to do so, within ten (10) days of receipt of notice and an itemization of such unpaid bills.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Term and Renewal</font>. This Agreement shall be for a term beginning on the Commencement Date and ending on December 15, 2014 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Initial Termination Date</font>&#8221;), and thereafter for successive one (1) year renewal periods commencing on the day following the Initial Termination Date and on each successive anniversary of such date thereafter (each a &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Renewal Date</font>&#8221;), unless at least thirty (30) days prior to the
Initial Termination Date or the next following Renewal Date either party shall notify the other in writing that it elects to terminate this Agreement.&#160;&#160;In such event, this Agreement shall be terminated as of the end of the then current term.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Termination for Cause</font>. In addition, and notwithstanding the foregoing, OWNER may terminate this Agreement at any time upon delivery of written notice to MANAGER not less than thirty (30) days prior to the effective date of termination, in the event of (and only in the event of) a showing by OWNER of willful misconduct, gross negligence, or deliberate malfeasance by MANAGER in the performance of MANAGER&#8217;s duties hereunder. In the event this Agreement is terminated for any reason prior to the expiration of its original term or any
renewal term, OWNER shall indemnify, protect, defend, save and hold MANAGER and all of its shareholders, officers, directors, employees, agents, successors and assigns (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indemnified Parties</font>&#8221;) harmless from and against any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney&#8217;s fees and expenses, of every kind and nature whatsoever (collectively, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Losses</font>&#8221;) which may be imposed on or incurred by MANAGER by reason of the willful misconduct, gross negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of OWNER.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Matters Regarding Structural Changes, Regulatory Compliance</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Structural Changes of Property</font>. OWNER expressly withholds from MANAGER any power or authority to make any structural changes in any building or to make any other major alterations or additions in or to any such building or equipment therein, or to incur any expense chargeable to OWNER, other than expenses related to exercising the express powers above vested in MANAGER without the prior written direction of OWNER, except such emergency repairs as may be required to ensure the safety of persons or property or which are immediately
necessary for the preservation and safety of the Property or the safety of the tenants and occupants thereof or are required to avoid the suspension of any necessary service to the Property.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notification of Regulatory Non-Compliance</font>. MANAGER shall be responsible for notifying OWNER in the event it receives notice that any building on the Property or any equipment therein does not comply with the requirements of any statute, ordinance, law or regulation of any governmental body or of any public authority or official thereof having or claiming to have jurisdiction thereover. MANAGER shall promptly forward to OWNER any complaints, warnings, notices or summonses received by it relating to such matters.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Manager&#8217;s Right to Correct Regulatory Non-Compliance</font>. In the event it is alleged or charged that any building on the Property or any equipment therein or any act or failure to act by OWNER with respect to the Property or the sale, rental, or other disposition thereof fails to comply with, or is in violation of, any of the requirements of any constitutional provision, statute, ordinance, law, or regulation of any governmental body or any order or ruling of any public authority or official thereof having or claiming to have
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">jurisdiction thereover, and MANAGER, in its sole and absolute discretion, considers that the action or position of OWNER, with respect thereto may result in damage or liability to MANAGER, MANAGER shall have the right to cancel this Agreement at any time by written notice to OWNER of its election so to do, which cancellation shall be effective upon the service of such notice on OWNER. Such cancellation shall not release the indemnities of OWNER set forth in this Agreement and shall not terminate any liability or obligation of OWNER to MANAGER for any payment, reimbursement, or other sum of money then due and payable to MANAGER hereunder.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Provisions of General Application</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Implied Third Party Beneficiary</font>. Nothing contained herein shall be construed as creating any rights in third parties who are not the parties to this Agreement, nor shall anything contained herein be construed to impose any liability upon OWNER or MANAGER for the performance by OWNER or MANAGER under any other agreement they have entered into or may in the future enter into, without the express written consent of the other having been obtained.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Interpretation</font>. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited or invalid under such law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. This Agreement, its validity, performance and enforcement shall be construed in accordance with, and governed
by, the laws of the State of California without regard to its choice of law provisions.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding on Successors and Assigns</font>. This Agreement shall be binding upon the successors and assigns of MANAGER and the heirs, administrators, executors, successors, and assignees of OWNER.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Attorney&#8217;s Fees</font>. If any party hereto defaults under the terms or conditions of this Agreement, the defaulting party shall pay the non-defaulting party&#8217;s court costs and attorney&#8217;s fees incurred in the enforcement of any provision of this Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">No Implied Waiver</font>. The failure of either party to this Agreement to, in any one or more instances, insist upon the performance of any of the terms, covenants or conditions of this Agreement, or to exercise any rights or privileges conferred in this Agreement, shall not be construed as thereafter waiving any such terms, covenants, conditions, rights or privileges, but the same shall continue in full force and effect as if no such forbearance or waiver had occurred.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement</font>. This Agreement may be modified solely by a written agreement executed by both parties hereto.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment</font>. This Agreement contains the entire Agreement of the parties relating to the subject matter hereof and there are no understandings, representations or undertakings by either party except as herein contained.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">herein), it being the intention of the parties that the only relationship hereunder is that of MANAGER and principal.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>. All notices given under this Agreement shall be sent by certified mail, return receipt requested, sent by facsimile transmission, or hand delivered at:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NetREIT National City Partners LP, Owner&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CHG Properties, Inc., Manager</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1282 Pacific Oaks Place&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1282 Pacific Oaks Place</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Escondido, CA 92029-2900&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Escondido, CA 92029-2900</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">FAX: (760) 471-0132&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FAX: (760) 471-0132</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">EMAIL: __________________&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EMAIL: __________________</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>IN WITNESS WHEREOF, the parties hereto have affixed or caused to be affixed their respective signatures this 8th day of December, 2011.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OWNER&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MANAGER</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NetREIT National City Partners LP&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;CHG Properties, Inc.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By: NetREIT, Inc., General Partner</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>3
<FILENAME>exh1026.htm
<DESCRIPTION>ASSUMPTION AGREEMENT
<TEXT>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ASSUMPTION AGREEMENT</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Assumption Agreement (&#8220;Agreement&#8221;) is made and entered into as of the 8<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of December 2011 by and among the following parties: CATHAY BANK, a California banking corporation (&#8220;Lender&#8221;), on the one hand, and LGI DELAWARE, LLC, a Delaware limited liability company (&#8220;Existing Borrower&#8221;), LEE JAY GITTLEMAN, aka Lee Gittleman, an individual (&#8220;Gittleman&#8221;), LEE JAY GITTLEMAN and CINDY ELIZABETH GITTLEMAN, as Trustees of THE GITTLEMAN FAMILY 2007 TRUST DATED DECEMBER 19, 2007 (individually and collectively, &#8220;Gittleman Trust&#8221;, and together with Gittleman at times hereinafter
referred to, individually and collectively, as &#8220;Existing Guarantor&#8221;), and NETREIT NATIONAL CITY PARTNERS, LP, a California limited partnership (&#8220;New Borrower&#8221;), on the other hand, with reference to the following facts:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">RECITALS</font></font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower and Lender have heretofore entered into and executed that certain Construction Loan Agreement dated as of September 7, 2007 (together with any and all amendments thereto or modifications thereof, the &#8220;First Loan Agreement&#8221;), pursuant to which Lender made a loan to Existing Borrower (the &#8220;Loan&#8221;). Subsequently, in connection with the Loan, Existing Borrower and Lender also entered into and executed that certain Business Loan Agreement dated as of June 18, 2010 (together with any and all amendments thereto or modifications thereof, the &#8220;Second Loan
Agreement&#8221;, and together with the First Loan Agreement, individually and collectively, the &#8220;Loan Agreement&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with the Loan Agreement, Existing Borrower executed and delivered to Lender that certain Promissory Note dated as of September 7, 2007, in the principal sum of Thirteen Million Two Hundred Twenty Five Thousand and no/100 Dollars ($13,225,000.00) (together with any and all amendments thereto or modifications or renewals thereof, the &#8220;First Note&#8221;). Subsequently, in connection with the Loan, Existing Borrower also executed and delivered to Lender that certain Promissory Note dated as of June 18, 2010, in the principal sum of Twelve Million Six Hundred Ninety Eight Thousand Seventy Three and 37/100 Dollars ($12,698,073.37)
(together with any and all amendments thereto or modifications or renewals thereof, the &#8220;Second Note&#8221;, and together with the First Note, individually and collectively, the &#8220;Note&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As security for, among other things, the indebtedness and obligations under the Note and Loan Agreement, Existing Borrower executed and delivered to and in favor of Lender, without limitation, that certain Construction Deed of Trust dated as of September 7, 2007 (together with any and all amendments thereto or modifications thereof, the &#8220;Deed of Trust&#8221;), executed by Existing Borrower, as trustor, in favor of Lender, as beneficiary, and recorded in the Official Records of San Diego County, California, on September 11, 2007, as Document No. 2007-0595959 and encumbering, without limitation, certain real property located in San Diego County,
California and described in Exhibit &#8220;A&#8221; attached hereto (the &#8220;Property&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In order to induce Lender to make the Loan, Gittleman executed and delivered to and in favor of Lender that certain Commercial Guaranty, dated September 7, 2007 (together with any and all amendments thereto or modifications thereof, the &#8220;First Guaranty&#8221;). Subsequently, in connection with the Loan, Gittleman also executed and delivered to Lender (i) that certain Commercial Guaranty dated as of January 28, 2008 (together with any and all amendments thereto or modifications thereof, the &#8220;Second Guaranty&#8221;), and (ii) that certain Commercial Guaranty dated as of June 18, 2010 (together with any and all amendments thereto or
modifications thereof, the &#8220;Third Guaranty&#8221;, and together with the First Guaranty and the Second Guaranty, individually and collectively, the &#8220;Guaranty&#8221;).</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with the Loan, Existing Borrower, among others, has also heretofore executed (or given or consented to), without limitation, the documents listed on Schedule 1, attached hereto and incorporated herein by this reference.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Loan Agreement, the Note, the Deed of Trust, the Guaranty, the Deposit Assignment (hereinafter defined), the Residence Deed of Trust (hereinafter defined), the documents described in Schedule 1, and the other documents executed or given in connection any of the foregoing, or otherwise in connection with the Loan, together with any and all amendments thereto or extensions, modifications or restatements thereof, will at times hereinafter be referred to collectively as the &#8220;Loan Documents.&#8221;</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">G.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Loan Documents include, among other documents, that certain Assignment of Deposit Account dated as of June 18, 2010, executed and delivered by Existing Borrower to and in favor of Lender&#160;&#160;(the &#8220;Deposit Assignment&#8221;). Pursuant to the Deposit Assignment, Existing Borrower has heretofore assigned and granted to Lender, without limitation, a security interest in that certain Time Deposit Account, account no. 2311002284 (the &#8220;Existing Payment Reserve Account&#8221;), as additional collateral for the Loan. As of December 7, 2011, a total sum of $555,228.92 is on deposit in the Existing Payment Reserve Account.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">H.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Loan Documents include, among other documents, that certain Deed of Trust dated as of June 18, 2010 (together with any and all amendments thereto or modifications thereof, the &#8220;Residence Deed of Trust&#8221;), executed by Gittleman Trust, as trustor, in favor of Lender, as beneficiary, and recorded in the Official Records of Orange County, California, on June 30, 2010, as Document No. 2010000307260&#160;&#160;and encumbering, without limitation, certain real property commonly known as 4705 Seashore Drive, Newport Beach, California (the &#8220;Residence&#8221;). The Residence Deed of Trust secures, without limitation, the obligations and
indebtedness under the Note.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Property, the Residence and any and all other real or personal property in which Lender holds a security interest or other interest pursuant to any of the Loan Documents (including, without limitation, the Existing Payment Reserve Account and the New Payment Reserve Account (as hereinafter defined)) will sometimes be referred to collectively as the &#8220;Collateral&#8221;.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">J.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Existing Borrower and NetREIT, Inc., a Maryland corporation (&#8220;NetREIT&#8221;), have entered into and executed that certain Property Contribution Agreement and Joint Escrow Instructions dated as of September 2, 2011 (the &#8220;Property Agreement&#8221;).&#160;&#160;The Property Agreement provides, without limitation, (i) for the formation, organization and capitalization of New Borrower, of which NetREIT is the sole General Partner and Existing Borrower is the sole Limited Partner, and (ii) as consideration for New Borrower&#8217;s limited partnership interest in New Borrower, for the contribution by Existing Borrower to New Borrower of all of
Existing Borrower&#8217;s fee interest in the Property (the &#8220;Fee Interest Alternative&#8221;) or, alternatively, for the<font style="BACKGROUND-COLOR: #ffff00; DISPLAY: inline">&#160;</font>contribution by Existing Borrower to New Borrower of all of the outstanding membership interest in Existing Borrower (the &#8220;Membership Interest Alternative&#8221;).&#160;&#160;Existing Borrower shall exercise the Fee Interest Alternative, and not the Membership Interest Alternative.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">K.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Existing Borrower, New Borrower, and Existing Guarantor have each requested that Lender consent to a transfer, pursuant to the Property Agreement, of Existing Borrower&#8217;s fee interest in the Property to New Borrower (the &#8220;Transfer&#8221;), and that Lender permit New Borrower to assume the indebtedness and obligations of Existing Borrower under and in connection with the Loan and the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">L.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lender is willing to consent to the Transfer and to allow New Borrower to assume the Loan and the indebtedness and obligations under the Loan Documents executed by Existing Borrower, subject to the terms and conditions set forth in this Agreement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AGREEMENT</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Recitals and Definitions</font>.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Recitals are incorporated herein by this reference, and the parties agree that the facts recited above are true and correct.&#160;&#160;Except as provided herein, all of the terms, conditions, and provisions of the Loan Documents shall remain in full force.&#160;&#160;In the event of any conflict or inconsistency between the terms, conditions, and provisions of this Agreement and the Loan Documents, the terms, conditions, and provisions of this Agreement shall prevail.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Existing Borrower, New Borrower, Existing Guarantor Acknowledgment as to Obligations</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor, and New Borrower, and each of them, acknowledge and confirm that as of December 7, 2011, the total principal amount owing to Lender under the Loan is $12,384,753.35, plus accrued and unpaid interest thereon.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor, and New Borrower, and each of them, specifically acknowledge and confirm that they do not have any valid offsets or defenses to the obligations, indebtedness and liability under the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Assumption of Liability under the Loan Documents</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower hereby assumes and agrees to pay the indebtedness and obligations represented by the Loan Documents including, but not limited to, the principal sum of the Loan, and agrees, for the benefit of Lender and its successors and assigns, to be bound by, observe and perform, all past, present and future liabilities, indebtedness, terms, provisions, covenants and obligations of Existing Borrower under the Loan Documents, and all indemnities and guaranties, and New Borrower agrees that it will be bound by all of such terms and provisions, promptly pay all such liabilities and indebtedness and promptly
observe and perform all such covenants and obligations, with the same force and effect as if New Borrower had originally executed and delivered the Loan Documents instead of Existing Borrower (collectively, the &#8220;Assumed Obligations&#8221;).</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as otherwise expressly provided in this Agreement, New Borrower acknowledges that the Property and any and all other Collateral for the Loan are and shall remain subject to the security interests and/or other interests created by the Loan Documents; and acknowledges and agrees to be bound by all of the conditions and covenants contained in the Loan Documents.&#160;&#160;New Borrower also agrees that the security interests and other interests created by the Loan Documents shall secure payment and performance of the Assumed Obligations (except for any obligations or indebtedness owing to Lender under the
Environmental Indemnity, as defined in Schedule 1 attached hereto) in accordance with the terms of the Loan Documents. New Borrower also agrees that any rights, title and interest in any Collateral that are absolutely assigned to Lender pursuant to any of the Loan Documents shall remain absolutely assigned to Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject to the terms and conditions set forth in this Agreement, including, without limitation, the conditions precedent set forth in Section 8 below, and except as expressly provided herein, Lender hereby consents to the Transfer; provided, however, that this consent shall not be deemed a waiver of any right to require consent to any other or future transactions.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limited Release of Existing Borrower and Existing Guarantor; Reconveyance of Residence Deed of Trust</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the timely and complete satisfaction by Existing Borrower, Existing Guarantor and New Borrower of each and all of the conditions precedent set forth in Section 8 below, Lender hereby releases Existing Borrower and Existing Guarantor from any and all liabilities arising from or in connection with the Loan Documents; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that nothing contained in this Section 4 or elsewhere in this Agreement shall be deemed to release Existing Borrower or Existing Guarantor, or
any of them, from or with respect to any of the following (collectively, the &#8220;Release Exceptions&#8221;): (i) any liability or obligations of Existing Borrower or Existing Guarantor, or any of them, under or in connection with this Agreement or any documents executed or submitted in connection herewith; (ii) any liability or obligations arising from or relating to any gross negligence, fraud, willful misconduct or any other tortious act or omission by Existing Borrower or Existing Borrower, or any of them; (iii) any liability or obligations arising from or in connection with any loan, extension of credit or other financial accommodation of any kind by Lender to the Existing Borrower or Existing Guarantor, or any of them, other than the Loan; (iv) any liability, indebtedness or obligations of Existing Borrower or Existing Guarantor, or any of them, to Lender, excluding only the
indebtedness and obligations of Existing Borrower and Existing Guarantor arising from or in connection with the Loan Documents; or (v) any and all liability, indebtedness or obligations of Existing Borrower or Existing Guarantor, or any of them, under the Loan Documents by virtue of Existing Borrower or Existing Guarantor, or any of them, being a partner or other interest holder of or in New Borrower.&#160;&#160;Any and all references to &#8220;Borrower&#8221; in the Loan Documents shall mean New Borrower.</font></div>

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</div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">With respect to the limited release provided in Section 4.a above, and subject to the Release Exceptions, Lender waives all rights under Section 1542 of the Civil Code of the State of California, which Lender understands provides as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 72pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.&#8221;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the timely and complete satisfaction by Existing Borrower, Existing Guarantor and New Borrower of each and all of the conditions precedent set forth in Section 8 below, Lender shall promptly cause a full reconveyance of the Residence Deed of Trust to be recorded.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Release of Existing Payment Reserve Account; New Payment Reserve Account</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Release of Existing Payment Reserve Account</font>.&#160;&#160;Upon the timely and complete satisfaction by Existing Borrower, Existing Guarantor and New Borrower of each and all of the conditions precedent set forth in Section 8 below, Lender shall release its security interest in the Existing Payment Reserve Account.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">New Payment Reserve Account</font>.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall, no later than December 20, 2011, open a non-interest bearing deposit account with Lender (the &#8220;New Payment Reserve Account&#8221;) and deposit therein, from New Borrower&#8217;s own funds, an amount of not less than $75,000.00. Except as expressly provided in Section 5.c below, New Borrower shall at all times maintain the New Payment Reserve Account with Lender.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to, without limitation, the New Security Agreement (hereinafter defined), the New Payment Reserve Account and all funds at any time on deposit therein shall be pledged to Lender as additional collateral for the Loan. The New Payment Reserve Account shall be a blocked account, accessible only to Lender, and New Borrower shall not have any right to withdraw or otherwise utilize any funds from the New Payment Reserve Account.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If New Borrower determines that it does not have sufficient funds available to it to pay any scheduled payment of principal and/or interest required under the Note, New Borrower may submit a written request to Lender (&#8220;Disbursement Request&#8221;), in form and content satisfactory to Lender in its sole and absolute opinion and judgment, requesting that the amount of such payment deficiency (&#8220;Payment Shortfall&#8221;) be disbursed to Lender from the New Payment Reserve Account. In connection with any such Disbursement Request, New Borrower shall, if so requested by Lender, also provide Lender
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Release of New Payment Reserve Account</font>.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Promptly upon any request therefor by Lender, New Borrower shall deliver and provide to Lender such documentation, information and other evidence (including, without limitation, executed leases) as Lender shall deem necessary or appropriate, in Lender&#8217;s sole and absolute opinion and judgment, to enable Lender to determine the Debt Service Coverage Ratio (as hereinafter defined) for the Property.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon (i) the Property achieving a Debt Service Coverage Ratio of 1.20 to 1.00 or more, as determined by Lender in its sole and absolute opinion and judgment, and (ii) a written request by New Borrower to Lender for a release of Lender&#8217;s security interest in the New Payment Reserve Account, Lender shall release its security interest in the New Payment Reserve Account.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitions</font>.&#160;&#160;As used in this Section 5 (and elsewhere in this Agreement), the following terms shall have the following meanings:</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Debt Service&#8221; shall mean all scheduled payments of principal and interest payable by New Borrower to Lender under the Note.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Debt Service Coverage Ratio&#8221; shall mean the ratio of (a) the Net Operating Income to (b) the Debt Service, for the period measured.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Gross Income&#8221; shall mean, for any given time, the total of all revenue, rents or other income which are received or generated by New Borrower in connection with the possession, use, operation and/or management of the Property, as applicable, including, without limitation, percentage rentals and rentals representing pass-throughs of operating costs or cost increases to the applicable tenants; provided, however, that Gross Income shall exclude any security deposits received from any of the tenants unless and until the same are applied to rental obligations of the tenant in accordance with the
terms of the applicable lease.&#160;&#160;All rentals which are to be included in Gross Income shall be computed on a cash basis and shall include all amounts actually received.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(4)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Net Operating Income&#8221; shall mean, at any given time, the amount by which Gross Income exceeds Operating Expenses.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(5)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;New Security Agreement&#8221; shall mean that Security Agreement (Assignment of Deposit Account) duly executed by New Borrower, assigning to Lender all of Borrower&#8217;s right, title and interest in and to, without limitation, the New Payment Reserve Account as additional security for the Loan, which New Security Agreement shall be in form and content satisfactory to Lender, in its sole and absolute opinion and judgment.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(6)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Operating Expenses&#8221; shall mean, at any given time, the sum of the following expenses: (i) all taxes and assessments (including, without limitation, bond assessments) imposed on the Property (but excluding taxes and assessments which any tenant is required to pay directly to the applicable taxing authority so long as such tenant&#8217;s payment of such taxes is correspondingly excluded from Gross Income); (ii) all amounts paid by New Borrower on account of insurance premiums for insurance carried in connection with the Property;
<font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that if insurance of the Property is maintained as part of a blanket policy covering the Property and other properties, the insurance premium included in this subsection shall be the premium fairly allocable to the Property; and (iii) all other expenses which are properly charged against income according to generally accepted accounting principals, and which are incurred by New Borrower with respect to the ownership and operation of the Property, including, without limitation, management expenses, cleaning expenses, leasing expenses, maintenance and repair costs, utility expenses, HVAC costs, material costs, cost of services, license fees and business taxes; provided, however, that Operating Expenses shall exclude Debt Service.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitation of Consent</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender&#8217;s consent set forth in this Agreement is strictly limited to the Transfer of the Property from Existing Borrower to New Borrower, and this Agreement shall not constitute a waiver or modification of any requirement of obtaining Lender&#8217;s consent to any future transfer of the Property or any portion thereof or interest therein, nor shall it constitute a modification of the terms, provisions, or requirements in the Loan Documents in any respect except as expressly provided herein.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor and New Borrower, and each of them, specifically acknowledge that:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any transfer of the Property or any portion thereof or interest therein by New Borrower without Lender&#8217;s prior written consent shall entitle Lender to accelerate the Note balance and foreclose the Deed of Trust as provided therein; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender&#8217;s consent to this Agreement shall not be deemed to be consent by Lender to New Borrower encumbering the Property with any junior or other financing.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Representations of Lender</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower recognizes and agrees that Lender has made no representation or warranty, either express or implied, regarding the Collateral and has no responsibility whatsoever with respect to the Collateral, the condition of the Collateral or the use, occupancy, or status of the Collateral.&#160;&#160;To the extent New Borrower has any claims which in any manner relate to the Collateral, the condition of the Collateral, or the use, occupancy, or status of the Collateral, the same shall not be asserted against Lender, or its agents, employees, professional consultants, attorneys, accountants, affiliated entities, successors or assigns, or asserted as a defense to any of the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Conditions Precedent</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to all other conditions of the effectiveness of this Agreement, the effectiveness of this Agreement and the obligations of Lender under this Agreement are expressly conditioned upon the following having occurred or Lender having received by no later than December 27, 2011 (except as otherwise provided below), all of the following documents or other instruments in form and content satisfactory to Lender in its sole opinion and judgment and suitable for filing or recording as required:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Agreement fully executed by Existing Borrower, Existing Guarantor, New Borrower and Lender;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Execution by Existing Borrower, Existing Guarantor and New Borrower of a Memorandum of Assumption Agreement (&#8220;Memorandum&#8221;), and recordation of the Memorandum in the Official Records of the County where the Property is located;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Evidence that New Borrower has acquired all of Existing Borrower&#8217;s right, title and interest in and to the Property, and that the fee interest in the Property is vested solely in New Borrower;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall pay to Lender, from New Borrower&#8217;s own funds, an amount of not less than $2,884,753.35, which amount shall be applied by Lender to pay down the outstanding principal owing under the Note to $9,500,000.00;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">e.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Intentionally Omitted</font>;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">f.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Payment in full to Lender of all title insurance premiums and recording charges (including, without limitation, all title premiums and other fees and costs related to the endorsements described in Section 8.q below), escrow charges, and all other fees and costs incurred by Lender in connection with the negotiation, preparation, execution and effectuation of this Agreement and all other documents and instruments related thereto, including, but not limited to, attorneys&#8217; fees and appraisal fees;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">g.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall have opened the New Payment Reserve Account with Lender, and shall have deposited therein, from New Borrower&#8217;s own funds, an amount of not less than $75,000.00;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">h.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall have executed and delivered to Lender the New Security Agreement;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">i.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such resolutions and/or related documents from New Borrower and Existing Borrower and those holding an interest in New Borrower or Existing Borrower as Lender may request;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">j.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">One or more UCC-1 Financing Statements, UCC-2 Amendments to Financing Statements or related documents by New Borrower;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">k.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">True and correct copies of the duly filed, certified and/or executed documents or instruments evidencing or confirming the lawful formation and existence of New Borrower, and all written consents and certifications required by Lender from persons and/or entities having management and/or ownership interests in New Borrower.&#160;&#160;Such documents and instruments shall include, without limitation, lists of all members and managers, certificates of incumbency and certificates of good standing, lawful existence, status, qualification or similar documents, any and all operating agreements and a written
authorization or resolution duly adopted and/or executed by the members and/or managers of New Borrower authorizing and permitting the transactions herein described.&#160;&#160;All of such documents and instruments must first be reviewed and approved by Lender, its counsel, or both;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">l.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No suit, action, or other proceeding shall be pending or threatened which seeks to restrain or prohibit the consummation of the transactions contemplated by this Agreement, or to obtain damages or other relief in connection therewith;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">m.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender&#8217;s liens, security interests and other interests in the Property and all other Collateral shall have been perfected by such means as are required or permitted under applicable laws, ordinances and regulations, and shall be and remain a first priority perfected lien and security interest in and to the Property and all other Collateral;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">n.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No breach of any warranty or representation by Existing Borrower or Existing Guarantor to Lender shall have occurred;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">o.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall have delivered to Lender any and all financial statements and federal income tax returns as requested by Lender;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">p.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No event or circumstance shall have occurred and be continuing which constitutes, or would upon the giving of notice or passage of time, constitute an event of default, default, breach of covenant or agreement or failure of any condition of this Agreement or any of the Loan Documents;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">q.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender shall have received, by no later than December 31, 2011, such endorsements as Lender shall request to Lender&#8217;s policy of title insurance insuring Lender&#8217;s interest in the Property (the &#8220;Title Policy&#8221;), including, without limitation, endorsements which shall insure that fee title to the Property is exclusively vested in New Borrower, that the lien and priority of the Deed of Trust is not impaired by the Transfer and/or the transactions contemplated hereby, and that the lien of the Deed of Trust is not subject to any lien, encumbrance or other matter other than those set forth in
the Title Policy on the date originally issued and nondelinquent real property taxes for the current tax year;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">r.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower shall have delivered to Lender insurance policies and certifications satisfying such insurance coverages as Lender shall require, in its sole opinion and judgment, naming Lender as the additional insured, containing a standard mortgagee clause, and showing evidence of payment of the annual premium therefor; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">s.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such additional assignments, agreements, certificates, reports, approvals, instruments, documents, financing statements, appraisals, consents, and opinions as Lender may request.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties of Existing Borrower and Existing Guarantor </font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower and Existing Guarantor, and each of them, represent and warrant to Lender as of the date that this Agreement becomes effective, and Lender is relying thereon, as follows:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender has a duly perfected first-priority lien on the Property, and there will be no other liens, encumbrances or charges on the Property except to or by Lender. Lender also has duly perfected first-priority liens on all other Collateral (except for the Residence Deed of Trust, which is a third priority lien on the Residence), and there will be no other liens, encumbrances or charges on such Collateral except to or by Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All present and future leases of the Property, and all present and future rents, revenues, income, issues, royalties and profits of the Property, have been absolutely assigned to Lender and Lender holds and owns all right, title and interest therein.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Agreement and the documents and instruments executed in connection herewith constitute legal, valid, and binding obligations of Existing Borrower and Existing Guarantor, as applicable, to Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are no actions, suits, or proceedings pending or, to the knowledge of Existing Borrower or Existing Guarantor, threatened against or affecting Existing Borrower or Existing Guarantor in relation to their respective obligations to Lender, or involving the validity or enforceability of this Agreement, the Loan Documents, or any other documents executed in connection herewith or therewith.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">e.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No event or circumstance has occurred which constitutes, or would, upon the giving of notice or passage of time, constitute an Event of Default, default, breach of covenant or agreement or failure of any condition of this Agreement or any of the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">f.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The execution and delivery of this Agreement by Existing Borrower and Existing Guarantor, and each of them, and the performance by Existing Borrower and Existing Guarantor, and each of them, of all their obligations hereunder do not and will not result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed or required under, any other agreement, lease, or instrument to which Existing Borrower or Existing Guarantor is a party or by which Existing Borrower or Existing Guarantor or their properties are bound or affected.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">h.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as expressly provided herein, all security interests and other interests given by Existing Borrower or Existing Guarantor remain in full force and effect, and Existing Borrower and Existing Guarantor consent to each and every transaction, condition, term, and provision contained in this Agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">i.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower is a limited liability company, validly existing and in good standing under the laws of the State of Delaware, and authorized to conduct business in the State of California.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">j.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The security interests and other interests of Lender in the Property and the other Collateral are valid, binding, and enforceable, in accordance with the terms of this Agreement and the Loan Documents.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">k.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to all other covenants given by Existing Borrower and Existing Guarantor in this Agreement, in the documents and instruments executed in connection herewith, and in the Loan Documents, Existing Borrower and Existing Guarantor, and each of them, will, so long as any obligations to Lender remain outstanding:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Execute any and all documents as Lender may request in connection with this Agreement; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cooperate fully with Lender during the term of this Agreement with respect to this Agreement, the Loan Documents, and the documents executed in connection with this Agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">l.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower shall exercise the Fee Interest Alternative, and not the Membership Interest Alternative.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Representations and Warranties of New Borrower</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower represents and warrants to Lender, and Lender is relying thereon, as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender has a duly perfected first priority lien on the Property, and there will be no other liens, encumbrances or charges on the Property except to or by Lender. Lender also has duly perfected first-priority liens on all other Collateral (except for the Residence Deed of Trust, which is a third priority lien on the Residence), and there will be no other liens, encumbrances or charges on such Collateral except to or by Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All present and future leases of the Property, and all present and future rents, revenues, income, issues, royalties and profits of the Property, have been absolutely assigned to Lender and Lender holds and owns all right, title and interest therein.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Agreement and the documents and instruments executed in connection herewith constitute legal, valid, and binding obligations of New Borrower to Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There are no actions, suits, or proceedings pending or, to the knowledge of New Borrower threatened against or affecting New Borrower in relation to its obligations to Lender, or involving the validity or enforceability of this Agreement, the Loan Documents, or any other documents executed in connection herewith or therewith.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">e.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No event or circumstance has occurred which constitutes, or would upon the giving of notice or passage of time, constitute an Event of Default, default, breach of covenant or agreement or failure of any condition of this Agreement or any of the Loan Documents.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">f.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The execution and delivery of this Agreement by New Borrower, and the performance by New Borrower of all its obligations hereunder do not and will not result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed or required under, any other agreement, lease, or instrument to which New Borrower is a&#160;&#160;party or by which New Borrower or its properties are bound or affected.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">g.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower is not in default under, or in violation of any law, ordinance, regulation, order, writ, judgment, injunction, decree, determination, or award, or under any obligation, agreement, instrument, loan, or indenture, whether to Lender or otherwise, or any lease, that would affect the ability of New Borrower to perform its obligations hereunder, including, but not limited to, the ability of New Borrower to repay the outstanding indebtedness under this Agreement and/or under the Loan Documents.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">h.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as expressly provided herein, all security interests and other interests given by Existing Borrower or Existing Guarantor remain in full force and effect.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">i.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower is a limited partnership, validly created and existing under the laws of the State of California.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">j.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The security interests and other interests of Lender in the Property and the other Collateral are valid, binding, and enforceable, in accordance with the terms of this Agreement and the Loan Documents.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">k.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition to all other covenants given by New Borrower in this Agreement, in the documents and instruments executed in connection herewith, and in the Loan Documents, New Borrower will, so long as any obligations to Lender remain outstanding:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Execute any and all documents as Lender may reasonably request in connection with this Agreement;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cooperate fully with Lender during the term of this Agreement with respect to this Agreement, the Loan Documents, and the documents executed in connection with this Agreement; or</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(3)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At its own cost and defense, appear and defend any action or proceeding that may affect Lender&#8217;s security interests or other interests in the Property and/or the other Collateral for any of the obligations referred to in this Agreement and the Loan Documents; provided, however, that Lender shall not be restricted from also appearing and defending any action or proceeding that may affect Lender&#8217;s security interests or other interests in the Property and/or the other Collateral.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">l.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower shall exercise the Fee Interest Alternative, and not the Membership Interest Alternative.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Waiver and Release</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, New Borrower and Existing Guarantor, and each of them, hereby unconditionally waive and release any and all claims, damages, costs, liabilities, actions or suits that they have or may have, whether known or unknown, against Lender, its officers, agents, directors, employees, shareholders, attorneys, successors or assigns, arising out of or in connection with the Loan Documents, the debt evidenced thereby, or the handling, course of conduct, closing or servicing thereof.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Voluntary Release</font>.&#160;&#160;Existing Borrower, New Borrower, and Existing Guarantor, and each of them, acknowledge that this waiver and release is voluntary and without any duress or undue influence, and is given as part of the consideration for Lender&#8217;s accommodation of Existing Borrower&#8217;s, New Borrower&#8217;s, and Existing Guarantor&#8217;s request for Lender&#8217;s consent to the Transfer and to New Borrower&#8217;s assumption of the Loan.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Civil Code Section 1542</font>.&#160;&#160;Existing Borrower, New Borrower and Existing Guarantor, and each of them, waive all rights under Section 1542 of the Civil Code of the State of California, which they each understand provides as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 72pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.&#8221;</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Subsequently Discovered Claims</font>.&#160;&#160;Existing Borrower, New Borrower and Existing Guarantor, and each of them, expressly acknowledge that they may hereafter discover facts different from, or in addition to, those which they each now believe to be true with respect to the release of claims.&#160;&#160;Existing Borrower, New Borrower and Existing Guarantor, and each of them, agree that the foregoing release shall be and remain effective in all respects notwithstanding such different or additional facts.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Joint Venture, Management, and Control</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Notwithstanding any provision of this Agreement among the parties hereto:</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender is not and shall not be construed to be a partner, joint venturer, alter ego, manager, controlling person, or other business associate or participant of any kind of Existing Borrower, Existing Guarantor and New Borrower or any other person or entity;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender shall not be deemed responsible to perform or participate in any acts, omissions, or decisions of Existing Borrower, Existing Guarantor and New Borrower, or any of them; and</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor and New Borrower, and each of them, do not have any claims, causes of action, or defenses to their obligations to Lender based on any allegations of management or control exercised by Lender.&#160;&#160;Existing Borrower, Existing Guarantor and New Borrower, and each of them, acknowledge and agree that Lender does not manage or control them in any way.</font></div>

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<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification of Loan Documents</font>.&#160;&#160;This Agreement and any other documents and instruments executed in connection herewith shall each constitute &#8220;Loan Documents&#8221;.&#160;&#160;In addition to any other modifications of any Loan Documents provided under this Agreement, all references to Existing Borrower in the Loan Agreement, the Note, the Deed of Trust and each of the other Loan Documents are hereby modified so that all such references to Existing Borrower shall be construed to mean New Borrower.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Miscellaneous</font>.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Release or Modification</font>.&#160;&#160;This Agreement shall not be construed as a release or modification of any of the terms, conditions, warranties, waivers, or rights set forth in the Loan Documents, except as expressly set forth herein.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Acknowledgment of Waiver</font>.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor and New Borrower, and each of them, represent and warrant that all of the waivers, warranties, and promises set forth in this Agreement are made after consultation with legal counsel of their choosing and with an understanding of their significance and consequence and that they are reasonable.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor and New Borrower, and each of them, further represent and warrant as follows:</font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">They have received, or have had the opportunity to receive, independent legal advice from attorneys of their choice with respect to the advisability of executing this Agreement, and prior to the execution of this Agreement, their attorneys reviewed this Agreement and discussed the Agreement with them and they have made all desired changes;</font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Except as expressly stated in this Agreement, neither Lender nor any other person or entity has made any statement or representation to Existing Borrower, Existing Guarantor and New Borrower, or any of them, regarding any facts relied upon by them;</font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Existing Borrower, Existing Guarantor and New Borrower, and each of them, do not rely upon any statement, representation, or promise of Lender or any other person or entity in executing this Agreement except as expressly stated in this Agreement; and</font></div>

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<div style="TEXT-INDENT: 144pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The terms of this Agreement are contractual and not a mere recital.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Survival of Warranties</font>.&#160;&#160;All agreements, representations, and warranties made herein shall survive the execution and delivery of this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">d.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Failure of Indulgence Not Waiver</font>.&#160;&#160;No failure or delay on the part of Lender in the exercise of any right, power, or privilege hereunder or under the documents or instruments referred to herein shall operate as a waiver thereof, and no single or partial exercise of any such power, right, or privilege shall preclude a further exercise of any right, power, or privilege.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">e.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicable Law</font>.&#160;&#160;This Agreement and the Loan Documents, and the rights and obligations of the parties hereto and thereto shall be governed by and construed in accordance with the laws of the State of California.&#160;&#160;Existing Borrower, Existing Guarantor and New Borrower, and each of them, waive any objection to jurisdiction and venue of any action instituted against either of them as provided herein and agree not to assert any defense based on lack of jurisdiction or venue.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">f.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Assignability</font>.&#160;&#160;This Agreement shall be binding upon and inure to the benefit of Lender, Existing Borrower, Existing Guarantor and New Borrower and their respective successors and assigns, except that the respective rights of Existing Borrower, Existing Guarantor and New Borrower, and each of them, hereunder are not assignable without the prior written consent of Lender, which consent Lender may give or withhold in its sole and absolute opinion and judgment.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">g.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Expenses and Fees</font>.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New Borrower, Existing Borrower and Existing Guarantor, and each of them, shall reimburse Lender for all fees and costs incurred in connection with the negotiation, preparation, execution and effectuation of this Agreement and all other documents and instruments related thereto including, but not limited to, reasonable attorneys&#8217; fees, title insurance premiums, and recording charges. Without limiting the generality of the foregoing, New Borrower shall reimburse Lender for all fees and costs incurred by Lender in connection with an appraisal of the Property that Lender intends to obtain after the date
that this Agreement becomes effective in accordance with its terms.</font></div>

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<div style="TEXT-INDENT: 108pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the event that Lender employs attorneys to remedy or obtain relief from, or arising out of, a breach or default under this Agreement, the documents and instruments executed in connection herewith, or the Loan Documents, any of the terms, covenants, provisions and all conditions hereof or thereof, or any of the matters referred to herein or therein or in connection with any bankruptcy proceeding, Lender shall be entitled to be reimbursed by New Borrower, Existing Guarantor and Existing Borrower, and each of them, for all of its reasonable attorneys&#8217; fees, whether or not suit is filed and including,
without limitation, those incurred in each and every action, suit, or proceeding, including any and all appeals and petitions therefrom and all fees and costs incurred by Lender.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">h.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Modifications and Amendments</font>.&#160;&#160;This Agreement may be modified or amended only by written agreement duly executed by the party to be charged.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">i.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Integration</font>.&#160;&#160;This Agreement, the Loan Documents, and the documents and instruments executed in connection herewith constitute a single, integrated written contract expressing the entire agreement of the parties hereto relative to the subject matter hereof.&#160;&#160;No covenants, agreements, representations, or warranties of any kind whatsoever have been made by any party hereto with respect to the subject matter hereof, except as specifically set forth in this Agreement and the documents and instruments executed in connection with
this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">j.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>.&#160;&#160;If any provision of this Agreement is found to be illegal, invalid, or unenforceable under present or future laws, ordinances or regulations effective during the term of this Agreement, such provisions shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable
provision or by severance from this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">k.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Time of Essence</font>.&#160;&#160;The parties hereto expressly acknowledge and agree that time is of the essence and that all deadlines and time periods provided for under this Agreement are absolute and final.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">l.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notices</font>.&#160;&#160;All notices, requests, demands, directions and other communications provided for hereunder and under any other Loan Document (a &#8220;Notice&#8221;), must be in writing and must be mailed, delivered or sent to the appropriate party at its respective address set forth below or, as to any party, at any other address as may be designated by it in a written notice sent to the other parties in accordance with this Section.</font></div>

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<div style="TEXT-INDENT: 72pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any notice given by facsimile must be confirmed within forty-eight (48) hours by letter mailed or delivered to the appropriate party at its respective address.&#160;&#160;If any notice is given by mail, it will be effective three (3) calendar days after being deposited in the mails with first-class or air mail postage prepaid; if given by facsimile or other form of electronic written communication, when sent; or if given by personal delivery, when delivered.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such notices will be given as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To Lender:</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CATHAY BANK</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>777 N. Broadway</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Los Angeles, California 90012</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attention: Donna W. Lew, Vice President, Real Estate</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To New Borrower:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font>NetREIT NC LP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1282 Pacific Oaks Place</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Escondido, California 92029</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Attention: General Counsel</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To Existing Borrower:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>LGI DELAWARE, LLC</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 144pt"></font>4705 Seashore Drive</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newport Beach, California 92663</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font>Attention:&#160;&#160;Lee Gittleman</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To Existing Guarantor:</font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>LEE GITTLEMAN</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>4705 Seashore Drive</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Newport Beach, California 92663</font></div>

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</div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">m.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Execution in Counterpart</font>.&#160;&#160;This Agreement may be executed and delivered in two or more counterparts, each of which, when so executed and delivered, shall be an original, and such counterparts together shall constitute but one and the same instrument and Agreement, and the Agreement shall not be binding on any party until all parties have executed it.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">n.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Final and Binding Agreement</font>.&#160;&#160;This Agreement is intended to be final and binding among the parties hereto, and each party expressly relies on the finality of this Agreement as a substantial, material factor inducing that party&#8217;s execution of this Agreement.&#160;&#160;Each of the parties hereto has the full right and authority to enter into this Agreement, and the officer, member, manager, partner, agent, or other representative executing this Agreement on behalf of any party has the full right and authority to fully commit and
bind it to this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">o.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">No Other Parties Intended</font>.&#160;&#160;Nothing contained in this Agreement is intended, nor shall it be construed or deemed, to confer any rights, powers, or privileges on any person, firm, partnership, corporation, or other entity not an express party hereto, a successor-in-interest, assign, or a party released under this Agreement.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">q.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Neutral Interpretation</font>.&#160;&#160;This Agreement constitutes the product of the negotiation of the parties hereto and the enforcement hereof shall be interpreted in a neutral manner, and not more strongly for or against any party based upon the source of the draftsmanship hereof.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">r.</font><font id="TAB2" style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Construction of Agreement</font>.&#160;&#160;Whenever the context so requires, the masculine gender shall include the feminine or neuter and the singular number shall include the plural, and vice versa.&#160;&#160;Unless the context of this Agreement clearly requires otherwise, the term &#8220;or&#8221; includes the inclusive meaning represented by the phrase &#8220;and/or.&#8221;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LGI DELAWARE, LLC,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NETREIT NATIONAL CITY PARTNERS, LP,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LEE JAY GITTLEMAN, aka Lee Gittleman, an individual</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LEE JAY GITTLEMAN, Trustee of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CINDY ELIZABETH GITTLEMAN, Trustee of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All that certain real property situated in the County of San Diego State of </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">California/ descrrbed as follows: </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A parcel of land situated in the City of National City/ County of San Diego, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">State </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">of California &#160;being that portion of the Southern California Railroad (predecessor</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commencing at the intersection of the Westerly line of Harrison Avenue (40 feet wide) with the Southerly line of Nineteenth Street, said Westerly line being the </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Easterly line of said Terminal Grounds and former center line of Ninth Avenue, as shown on said Map No. 348;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thence along the Southerly line of said Nineteenth Street South 71 degrees&#160;00' West </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">175.47 feet to a point in a line parallel with and distant 25 feet Southwesterly at </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">right </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">angles from the center line of said Railway Company's main track, which </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">said point is the True Point of Beginning for this description;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thence along said parallel line South 19 dgrees&#160;02' 30" East 784.96 feet; </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thence South 71degrees 00' West 340.00 feet;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thence North 19 degrees&#160;02' 30" West 784.96 feet to the Southerly line of said</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nineteenth Street;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thence along the southerly line of said Nineteenth Street North 71 degrees&#160;00' East</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">340.00 feet to the True Point of Beginning, containing an area of 6.127 acres</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">more or less.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Excepting all oil gas and other hydrocarbon and mineral substances lying</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">not </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">less than 100 feet&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">below surface of&#8232;hereinabove described land.<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ADDITIONAL LOAN DOCUMENTS</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commercial Security Agreement dated as of September 7, 2007, executed by Existing Borrower in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Commercial Security Agreement dated as of June 18, 2010, executed by Existing Borrower in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Hazardous Substances Certificate and Indemnity Agreement dated as of September 7, 2007, executed by Existing Borrower in favor of Lender (together with any and all amendments thereto or modifications thereof, the &#8220;Environmental Indemnity&#8221;);</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assignment of Construction Contracts dated as of September 7, 2007, executed by Existing Borrower in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assignment of Architect&#8217;s Contracts dated as of September 7, 2007, executed by Existing Borrower in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Change in Terms Agreement dated as of January 28, 2008, executed by, without limitation, Existing Borrower, pursuant to which, without limitation, the maximum principal amount of the Loan was reduced to $13,000,000.00;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Modification of Construction Loan Agreement dated as of January 28, 2008, executed by Existing Borrower and Lender, pursuant to which, without limitation, the maximum principal amount of the Loan was reduced to $13,000,000.00;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Change in Terms Agreement dated as of March 19, 2009, executed by, without limitation, Existing Borrower, pursuant to which, without limitation, the maturity date of the First Note was extended to from April 1, 2009 to October 1, 2009;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Change in Terms Agreement dated as of September 17, 2009, executed by, without limitation, Existing Borrower, pursuant to which, without limitation, the maturity date of the First Note was extended to from October 1, 2009 to April 1, 2010;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loan Extension Agreement and Modification of Note dated as of March 29, 2010, executed by Existing Borrower and Lender, pursuant to which, without limitation, the maturity date of the First Note was extended from April 1, 2010 to June 1, 2010;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Guarantor Acknowledgment and Consent dated September 17, 2009, executed by Existing Guarantor in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Modification of Deed of Trust dated as of June 18, 2010, executed by Existing Borrower and Lender, and recorded in the Official Records of San Diego County, California, on June 29, 2010, as Document No. 2010-0326334;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Assignment of Deposit Account dated as of June 18, 2010, executed by Existing Borrower in favor of Lender;</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Resolutions and certifications of Existing Borrower, including, without limitation, (i) that certain Limited Liability Company Resolution to Borrow/Grant Collateral dated as of March 19, 2009, and (ii) that certain Limited Liability Company Resolution to Borrow/Grant Collateral dated as of June 18, 2010;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Trust Certificate dated as of June 18, 2010, made by The Gittleman Family 2007 Trust dated December 19, 2007 in favor of Lender;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing Statement (Form UCC-1) filed with the Delaware Secretary of State on September 12, 2007, Initial Filing # 2007 3462206; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Financing Statement (Form UCC-1) (Fixture Filing) relating to the Property, recorded in the Official Records of San Diego County, California, on September 11, 2007, as Document No. 2007-0595961.</font></div>
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<TYPE>EX-10.27
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<DESCRIPTION>PROMISSORY NOTE
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PROMISSORY NOTE</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Borrower: LGI DELAWARE, LLC</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4705 Seashore Drive</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Newport Beach,CA 92663</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lender: CATHAY BANK, a California Banking Corp.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">REAL ESTATE COMMERCIAL LOAN DEPARTMENT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">777 NORTH BROADWAY LOS ANGELES, CA 90012</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Principal Amount:
$12,698,073.37&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING:
9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING:
9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING:
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PROMISE TO PAY: LGI DELAWARE, LLC ("Borrower") promises to pay to CATHAY BAN, a California Banking Corp. ("Lender"), or order, In</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">lawful money of the United States of America, the principal amount of Twelve Million Six Hundred Ninety-eight Thousand Seventy-three &amp;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37/100 Dollors ($12,698,073.37), together with Interest on the unpaid principal balance from June18, 2010, until paid in full.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PAYMENT. Subject to any payment changes resulting from changes in the Index, Borrower will pay this loan ln accordance with the following</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Thlrty-five (35) monthly payments, initially in the MINIMUM amount of $82,627.00 each, and ONE final payment of all outstanding prlncipal and accrued interest on JUNE 20, 2013 ("Final Payment Date"), Borrower's first payment&#160;is due on JULY 20, 2010, and each subsequent payment is due on the same day of each month thereafter, until the Final Payment Date. The&#160;initial monthly payment was calculated as if the loan was for a term expiring approximately 300 months after the date of this Note (the "Initial Amortiztion Period") and as if the loan was payable&#160;in equal monthly payments of principal and interest during the entire Initial Amortizatlon Period at the Interest rate in effect as
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">of the data of this Note, which&#160;is 6.000%. The amount of the minimum monthly payment&#160;is subject to change at least once every&#160;six months during the term of the loan ("Payment Change Date") beginning on the due date of the 7th scheduled monthly payment, based on tha Interest rate effective the month preceding the Payment Change Date and the remaining principal balance as hereinafter provided. On each Payment Change Date and beginning with that payment, the required minimum payment amount due on that date and on the due date of the monthly payment thereafter until the next Payment Change Date (subject to additional amounts to cover any shortfall in the required interest payments as hereinafter provided), will be that amount which would be sufficient to repay the outstanding principal balance
of the Note&#160;as of the Payment Change Date, plus interest accruing thereon at the annual rate&#160;in effect, in equal monthly payments&#160;as if&#160;the loan term was the remainder of the Initial Amortization Period: provided that the full amount of unpaid principal and unpaid accrued interest will be due and payable on the Final Payment date. Borrower understands and agrees that the lnterest rate due on the Note may change monthly and that in the event the Intereat rate increases at any time during the term of this Note, there is a possibility that such minimum monthly payments may not be sufficient to in full all monthly accrued Interest; in which event, Borrower agrees to pay to Lender, upon demand, such additional sums which, together with and in addition to the minimum monthly payment then in effect, wlll be sufficient to pay in full all such accrued unpaid interest on the
due date of each monthly payment hereunder. In the event of such increases in interest rate between Payment Change Dates, Borrower understands that unpaid principal due on the Note may not be reduced by Borrower's monthly payments and that the amount of the final payment due on the Note may be greater than any prior estimate.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid Interest; then to principal; then to any late charges; and then to any unpaid collection costs. Borrower will pay Lender at Lender's address shown above or at such other place as lender may designate in writing.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">VARIABLE INTEREST RATE. The Interest rate on this Note is subject to change from time to time based on changes in an independent Index which is the PRIME RATE AS PUBLISHED IN THE WALL STREET JOURNAL (the "Index"). The Index is not necessarily the lowest rate charged by&#160;Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute Index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's request. The Interest rate change will not occur more often than each MONTH AS OF THE 20TH AND IS THE INDEX AS OF TEN DAYS BEFORE THE INTEREST RATE CHANGE DATE. Borrower understands that Lender may make loans based on other rates as
well. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 1.000 percentage point over the Index. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (A) increase Borrower's payments to ensure Borrower's loan will pay off by Its original final maturity date, (B) increase Borrower's payments to cover accruing Interest, (C) increase the number of Borrower's payments, and (D) continue Borrower's payments at the same amount and Increase Borrower's final payment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">INTEREST CALCULATION METHOD. Interest on this Note&#160;is computed on&#160;a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All intereat payable under this Note is computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Note. (Initial Here)</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower's making fewer payments. Borrower agrees not to send Lender </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">paymants marked "paid in full", "without recourse", or similar language. If Borrower sends such a payment, lender may accept it without loslng any of lender's rights under this Note, and Borrower will remain obligated to pay
any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: CATHAY BANK, a California Banking Corp.; REAL ESTATE COMMERCIAL LOAN DEPARTMENT; 777 NORTH BROADWAY; LOS ANGELES, CA 90012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LATE CHARGE. If a payment is 11 days or more late, Borrower will be charged 5.000% of the unpaid portion of the principal and interest overdue or $5.00, whichever is greater.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">INTEREST AFTER DEFAULT. Upon default,the interest rate on this Note shall, if permitted under applicable law, immediately increase by adding an additional 5.000 percentage point margin ("Default Rate Margin"). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DEFAULT. Each of the following shall constitute an event of default ("Event of Default") under this Note: Payment Default. Borrower fails to make any payment when due under this Note.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">between Lender and Borrower. </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Default&#160;in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligatlons under this Note or any of the related documents.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Environmental Default. Failure of any party to comply with or perform when due any term, obligation, covenant or condition contained in any environmental agreement executed in connection with any loan.&#8232;<br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents&#160;is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Death or Insolvency. The dissolution of Borrower (regardless of whether election to continue is made), any member withdraws from Borrower, or any other termination of Borrower's existence as a going business or the death of any member, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there's a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid Interest </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">immediately due, and then Borrower will pay that amount.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ATTORNEYS' FEES; EXPENSES. Lender may hire ar pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is&#160;a lawsuit, including attorneys' fees, expenses for bankruptcy proceedings (Including efforts to modify or vacate any automatic stay or Injunction), and appeals. Borrower also will pay any court costs, in addttlon to all other sums provided by law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">JURY WAIVER. To the extent permitted by applicable law. Lender and Borrower hereby waive the right to any Jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California without regard to Its conflicts of law provisions. This Note has been accepted by Lender In the State of California.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CHOICE OF VENUE. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of LOS ANGELES County, State of California.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">COLLATERAL. Borrower acknowledges this Note is secured by property as described in a UCC Financing Statement and Deeds of Trust dated September 7, 2007 and June 18, 2010 to a trustee in favor of Lender on real properties located In San Diego and Orange, State of California. That agreement contains the following due on sale provision: Lender may, at Lender's option, declare immediately due and payable all sums secured by the Deed of Trust upon the sale or transfer, without Lender's prior wrttten consent, of all or any part of the Real Property, or any Interest in the Real Property. A "sale or transfer" means the conveyance of Real Property or any right, title or Interest in the Real Property; whether legal, beneficial
or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greatet than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property, or by any other method of conveyance of an interest in the Real Property. If any Borrower is a corporation, partnership or limited liability company, transfer also includes any change in ownership of more then twenty-five percent (25%) of the voting stock, partnership interests or limited liability company interests, as the case may be, of such Borrower. </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">However, this option shall not be exercised by lender if such exercise is prohibited by applicable
law.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">WAIVER OF CONFIDENTIALITY OF BUSINESS ADDRESS. Borrower hereby waives any rights to keep business address on file with the Department of Motor Vehicles, or equivalent governmental agency ("DMV") confidential from Lender. Borrower authorizes Lender, its agents, successors, and assigns to obtain business address from the DMV when lender has legitimate need for this information.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">BUSINESS LOAN AGREEMENT. This Note is additionally subject to all the terms and conditions of a Business Loan Agreement of even date herewith together with any and all modifications and replacements thereof.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ARBITRATION. Lender and Borrower and Guarantor agree that all disputes, claims and controversies batween them, whether individual, joint, or class in nature, arising from the Note, Guaranty, or any other loan document, including without limitation contract and tort d</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">isputes, shall be arbitrated pursuant to the rules of the American Arbitration Association ("AAA") in accordance with its Commercial Arbitration Rules and Supplemental Procedures for Financial Services Disputes, upon request of either party. No act to take or dispose of any collateral securing the Note or Guaranty shall constitute a waiver of this arbitration agreement or
be prohibited by this arbitration agreement. This i</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ncludes, without limitation, obtaining injunctive relief or a temporary restraining order; invoking a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or lmposition of a receiver; or exercising any rights relating to personal property, including taking or disposing of such property with or without judicial process pursuant to Article 9 of the Uniform Commercial Code. Any disputes, claims. or controversies concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any collateral securing the Note, Guaranty, or any other loan document, including without limitation, any clalm to rescind, reform, or otherwise modify any agreement relating to the collateral securing the Note or Guaranty shall
also be arbitrated, provided however that no arbitrator shall have the right or the power to </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">enjoin or restrain any act of any party. Lender and Borrower and Guarantor agree that in the evant of an action for judicial foreclosure pursuant to California Code of Civil Procedure Section 726, or any similar provision in any other State, the commencement of such an action will not </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">constitute a waiver of the right to arbitrate and the court shall refer to arbitration as much of such action, including counterclaims, as lawfully </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">may be referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered in any court having
jurisdiction. The&#160;arbitrators shall not have power to make an award of $1.0 million or more against any party to an arbitration unless it is in the form of a </font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">statement of decision as described in California Code of&#160;Civil Procedure Section 832, and the parties specifically reserve the right, upon a </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">petition to vacate, to have any such award reviewed and vacated upon the same grounds as would result in reversal on appeal from a judgment after trial by court. Nothing in the Note or Guaranty shall preclude any party from seeking equitable relief from a court of competent jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable in an action brought by a party
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of an </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">action for these purposes.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the extent not provided by this agreement, including the Rules incorporated herein, arbitration hereunder shall be governed by California arbitration law. Arbitration shall be conducted in California, in English and, unless otherwise agreed to by the parties with respect to a particular dispute, shall be heard by a panel of three arbitrators. The Arbitrators in any arbitration shall be experienced in the areas of law raised by the subject matter of the dispute. Lists of prospective arbitrators shall include retired judges. Notwithstanding the AAA rules, (a) any party may strike from a list of prospective arbitrators any individual who is regarded by that party as not appropriate for the dispute; and (b), if
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">arbitrator appointment cannot be made from the initial list of prospective arbitrators circulated by the AAA, a second and,&#183;if necessary, a third </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">list shall be circulated and exhausted before the AAA is empowered to make the appointment.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Federal Arbitration Act shall apply to the construction, interpretation, and enforcement of this arbitration provision.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">INTEREST RATE FLOOR. Under no circumstances will the Interest rate on this Note be less then 6.000% (the "Interest Rate Floor") or more than the maximum rate allowed by applicable law; provided, however, that If this Note changes the amount of the Interest Rate Floor, the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">new amount of the Interest Rate Floor will not be effective until such time (a) all conditions to the effectiveness of this Note are satisfied, (b) all </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">documents required by Lender in connection with this Note have been received, and (c) Lender's internal loan department has made
such </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">adjustments to the Lender's automated loan system as may be necessary to change the amount of the Interest Rate Floor.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PRIOR NOTE. This&#160;is a refinance of a promissory note dated September 7, 2007, and any and all renewals, extensions, modifications, substitutions and consolidations thereof executed by Borrower to Lender.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">NO CONTRACTUAL OBLIGATION FOR REFINANCE. Borrower understands and agrees that Lender is not obligated to refinance or extend the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">term of this Note upon or any time after the Final Payment or Maturity Date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PAYMENTS APPLICATION. Notwithstanding anything contained in this Note to the contrary, interest payable on tho outstanding principal balance shall be calculated, and each payment shall be applied by Lender, as if recelved on the specified due date for such payment. Borrower acknowledges and agrees that Lender will not make any adjustments to the allocation of any payments made hereunder, even if such payments are not actualty received on the applicable payment due date.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing&#160;any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed by law, waive any applicable statute of limitations, presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liaibility. All such parties agree that Lender may renew or extend (repeatedly and for any
length of time, this loan or release any party or guarantor or collateral;or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan wlthout the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE.</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 512.85pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;DEED OF TRUST</font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 125.45pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">THIS&#160;DEED&#160;OF&#160;TRUST&#160;is&#160;dated&#160;June&#160;18,&#160;2010, among&#160;&#160;LEE&#160;JAY&#160;GITTLEMAN&#160;AND&#160;CINDY&#160;ELIZABETH GITTLEMAN,&#160;&#160;AS&#160;&#160;TRUSTEES FOR THE GITTLEMAN&#160;&#160;FAMILY<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>2007 TRUST FOR THE BENEFIT OF LEE JAY GITTLEMAN AND CINDY ELIZABETH GITTLEMAN UNDER INSTRUMENT DATED DECEMBER19,&#160;&#160;2007, COMMUNITY PROPERTY, whose address is 4705 SEASHORE DRIVE,&#160;&#160;NEWPORT BEACH, CA 92663 ("Trustor"); CATHAY&#160;&#160;BANK, a California&#160;&#160;Banking <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Corp.,
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 124.2pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">CONVEYANCE AND GRANT.&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">For</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">valuable </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">consideration, </font>Trustor i<font style="DISPLAY: inline; FONT-SIZE: 12pt">rrevocably
</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">grants,&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">transfers</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">and</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">assigns </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Trustee in
trust<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">,</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">&#160;</font>with <font style="DISPLAY: inline; FONT-SIZE: 12pt">power </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>sale, for&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the benefit</font> of&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">Lender</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>as Beneficiary, all of&#160;&#160;Trustor's right,&#160;&#160;title,&#160;&#160;and Interest&#160;&#160;in and
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>following described&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">real</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">property, </font>together&#160;with&#160;&#160;all existing or&#160;subsequently&#160;&#160;erected&#160;&#160;or&#160;&#160;affixed&#160;&#160;buildings, improvements <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">and
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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">including</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">without&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>limitation all minerals, oil, gas, <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">geothermal&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>and similar&#160;&#160;matters, (the "Real Property") located in Orange County, State of California:&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 129.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">LOT 3 IN BLOCK 47&#160;&#160;OF THIRD ADDITION&#160;&#160;TO NEWPORT BEACH, AS PER MAP&#160;&#160;RECORDED IN BOOK 3, PAGE 31 OF MISCELLANEOUS MAPS, RECORDS OF SAID COUNTY.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">This is second <font style="DISPLAY: inline; FONT-SIZE: 18pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 18pt">&#160;</font>the two Deeds <font style="DISPLAY: inline; FONT-SIZE: 18pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 18pt">&#160;</font>Trust&#160;&#160;securing the same indebtedness.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">The&#160;&#160;Real Property&#160;&#160;or i<font style="DISPLAY: inline; FONT-SIZE: 18pt">ts</font><font style="DISPLAY: inline; FONT-SIZE: 18pt">&#160;</font>address is commonly known as&#160;4705 SEASHORE DRIVE, NEWPORT BEACH, CA</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">92663. The Assessor's Parcel Number <font style="DISPLAY: inline; FONT-SIZE: 18pt">for</font><font style="DISPLAY: inline; FONT-SIZE: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">the</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">&#160;</font>Real Property Is 424-454-04.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor presently&#160;&#160;assigns <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Lender (also known as Beneficiary&#160;&#160;in this&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Deed</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of Trust)&#160;&#160;all <font style="DISPLAY: inline; FONT-SIZE: 12pt">of </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Trustor's <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">right, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>title, and
interest in and <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">all </font>present&#160;&#160;and <font style="DISPLAY: inline; FONT-SIZE: 12pt">future</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>leases of the Property&#160;&#160;and all Rents&#160;&#160;from the Property.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">This </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>is an absolute&#160;&#160;assignment&#160;&#160;of&#160;&#160;Rents made in connection with an obligation&#160;&#160;secured by real property&#160;&#160;pursuant
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">THIS&#160;&#160;D<font style="DISPLAY: inline; TEXT-DECORATION: underline">EED</font> OF&#160;&#160;TRUST, INCLUDING&#160;&#160;THE&#160;&#160;ASSIGNMENT OF&#160;&#160;RENTS&#160;&#160;AND&#160;&#160;THE&#160;&#160;SECURITY&#160;&#160;INTEREST IN&#160;&#160;THE&#160;&#160;RENTS&#160;&#160;AND&#160;&#160;PERSONAL PROPERlY, IS GIVEN TO SECURE&#160;&#160;&#160;(A) PAYMENT&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">OF </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>THE INDEBTNESS AND&#160;&#160;&#160;(B)&#160;&#160;PERFORMANCE <font style="DISPLAY: inline; FONT-SIZE: 12pt">OF</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>ANY&#160;&#160;AND&#160;&#160;ALL OBLIGATIONS UNDER THIS DEED OF TRUST.&#160;&#160;THIS DEED OF TRUST IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">TRUSTOR'S <font style="DISPLAY: inline; FONT-SIZE: 12pt">REPRESEN</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">T</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">ATIONS</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">AND</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">WARRANTIES.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Trustor warrants that:&#160;&#160;&#160;&#160;(a) this Deed of Trust is executed at Borrower's request&#160;&#160;and not&#160;&#160;at&#160;&#160;the&#160;&#160;request&#160;&#160;of Lender.&#160;&#160;(b) Trustor&#160;&#160;has the&#160;&#160;full power, right,&#160;&#160;and authority to enter into
this&#160;&#160;Deed&#160;&#160;of Trust&#160;&#160;and&#160;&#160;to hypothecate&#160;&#160;the Property;(c) the&#160;&#160;provisions&#160;&#160;of this&#160;&#160;Deed of&#160;&#160;Trust&#160;&#160;do&#160;&#160;not&#160;&#160;conflict with, or result&#160;&#160;in a default&#160;&#160;under any agreement or other instrument binding&#160;&#160;upon Trustor&#160;&#160;and do&#183; not result in a violation of any&#160;&#160;law, regulation, court&#160;&#160;decree or order applicable to&#160;&#160;Trustor;&#160;&#160;&#160;(d) Trustor&#160;&#160;has established&#160;&#160;adequate&#160;&#160;means of obtaining&#160;&#160;from&#160;&#160;Borrower&#160;&#160;on a continuing basis information about&#160;&#160;Borrower's financial&#160;&#160;condition;&#160;&#160;and&#160;&#160;&#160;&#160;(a) Lender has made no representation to Trustor&#160;&#160;about Borrower&#160;&#160;(including
without limitation the creditworthiness of Borrower).</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Except as prohibited&#160;&#160;by applicable&#160;&#160;law, Trustor&#160;&#160;waives any right to require Lender to&#160;&#160;(a) make any presentment,. protest, demand, or notice of any kind, including notice&#160;&#160;of change at any terms of repayment&#160;&#160;of the indebtedness, default&#160;&#160;by Borrower or</font></div>
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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 126.55pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">creation&#160;&#160;of new&#160;&#160;or additional Indebtedness;&#160;&#160;&#160;&#160;(b)&#160;&#160;proceed&#160;&#160;against&#160;&#160;any person, including Borrower, before proceeding&#160;&#160;against Trustor;&#160;&#160;&#160;&#160;&#160;(c) proceed&#160;&#160;against&#160;&#160;any&#160;&#160;collateral&#160;&#160;for&#160;&#160;the&#160;&#160;indebtedness, including&#160;&#160;Borrower's collateral,&#160;&#160;before&#160;&#160;proceeding&#160;&#160;against&#160;&#160;Trustor;&#160;&#160;&#160;&#160;(d)&#160;&#160;apply any payments or proceeds&#160;&#160;received&#160;&#160;against the&#160;&#160;indebtedness&#160;&#160;in any order;&#160;&#160;&#160;&#160;(e) give notice&#160;&#160;of
the&#160;&#160;terms, time, and&#160;&#160;place&#160;&#160;of&#160;&#160;any sale of any</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;collateral pursuant to&#160;&#160;the&#160;&#160;&#160;Uniform&#160;&#160;Commercial&#160;&#160;Code&#160;&#160;or&#160;&#160;any&#160;&#160;other&#160;&#160;law&#160;&#160;governing&#160;&#160;such&#160;&#160;sale;&#160;&#160;&#160;(f) disclose&#160;&#160;any&#160;&#160;information about&#160;&#160;the</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 125.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">indebtedness, Borrower, any collateral, or any other&#160;&#160;guarantor or surety, or about&#160;&#160;any action&#160;&#160;or nonaction&#160;&#160;of&#160;&#160;Lender; or&#160;&#160;&#160;&#160;&#160;&#160;(g) pursue any</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 604.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">remedy or course of action in Lender's power whatsoever.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8226;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: 118.3pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor also waives any end all <font style="DISPLAY: inline; FONT-SIZE: 12pt">rights or</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>defenses&#160;&#160;arising&#160;&#160;by&#160;&#160;reason of&#160;&#160;&#160;(h) any disability or other defense <font style="DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Borrower, any other&#160;&#160;guarantor or&#160;&#160;surety or&#160;&#160;any&#160;&#160;other&#160;&#160;person;&#160;&#160;&#160;&#160;(i) the&#160;&#160;cessation from any&#160;&#160;cause&#160;&#160;whatsoever, other&#160;&#160;than&#160;&#160;payment in&#160;&#160;fulI,
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 120.45pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor waives all rights&#160;&#160;and defenses&#160;&#160;arising&#160;&#160;out&#160;&#160;of&#160;&#160;an election of remedies&#160;&#160;by&#160;&#160;Lender, even though <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">that </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>election of remedies,&#160;&#160;such as
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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 119.85pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor understands and agrees&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">that</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>foregoing waivers are unconditional and irrevocable waivers of substantive <font style="DISPLAY: inline; FONT-SIZE: 12pt">rights</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>end defenses <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to
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Lender.</font></font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 123.65pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">PAYMENT </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">AND</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">PERFORMANCE.&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Except&#160;&#160;as&#160;&#160;otherwise provided in this&#160;&#160;Deed&#160;&#160;of&#160;&#160;Trust,&#160;&#160;Borrower
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 123.95pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">POSSESSION</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">AND</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">MAINTENANCE</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">OF</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE:
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 504.85pt" align="center"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">DEED&#160;OF&#160;TRUST</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 119.25pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Lender's Right&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Enter.&#160;&#160;Lender&#160;&#160;and Lender's agents&#160;&#160;and representatives may&#160;&#160;enter&#160;&#160;upon the Real Property <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">at </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>all reasonable tlmes&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to </font>attend
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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font size="5"><br>
</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font size="5"><br>
</font></div>

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</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">except
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 117.2pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Right&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Contest.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trustor may&#160;&#160;withhold payment of&#160;&#160;any tax. assessment, or claim&#160;&#160;in connection with a good&#160;&#160;faith&#160;&#160;dispute&#160;&#160;over the obligation
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<td style="WIDTH: 168.3pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">Evidence</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Payment.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Trustor</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">shall</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">upon</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">demand
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</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 118.25pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Notice <font style="DISPLAY: inline; FONT-SIZE: 12pt">of </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Construction.&#160;&#160;&#160;Trustor&#160;&#160;shall&#160;&#160;notify Lender&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">at </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>least&#160;&#160;&#160;fifteen (15)&#160;&#160;days&#160;&#160;before&#160;&#160;any&#160;&#160;work&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">is </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>commenced,
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 213.75pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">PROPERTY DAMAGE INSURANCE. The following provisions relating <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>insuring the Property are a <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">part</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>of this&#160;&#160;Deed of Trust.</font></font></div>

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</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 567pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">{</font><font style="DISPLAY: inline; FONT-SIZE:
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 124.5pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">45&#160;&#160;days&#160;&#160;after&#160;&#160;notice&#160;&#160;is <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">given</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>by&#160;&#160;Lender <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">that </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>the&#160;&#160;Property is <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">located</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>in a
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<td style="WIDTH: 171.85pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: -4.5pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">reduction of&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>indebtedness, ppayment</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">of&#160;&#160;any&#160;&#160;lien&#160;&#160;affecting <font style="DISPLAY: inline; FONT-SIZE: 12pt">the</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Property,
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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="5">&#160;</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.2pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">proceeds are&#160;&#160;to&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">be </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>applied to&#160;&#160;restoration and&#160;&#160;repair,&#160;&#160;Trustor&#160;&#160;&#160;shall&#160;&#160;repair&#160;&#160;or&#160;&#160;replace&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>damaged&#160;&#160;or&#160;&#160;destroyed improvements
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">proceeds&#160;shall &#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">be</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>paid&#160;to&#160;Trustor&#160;as&#160;Trustor's&#160;interests&#160;may&#160;appear.</font></font></div>

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<div>
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<td style="WIDTH: 169pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>Compliance&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">with </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Existing Indebtedness.&#160;&#160;During&#160;&#160;the period&#160;&#160;in whtih&#160;&#160;any Existing lndebtedness described&#160;&#160;below&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">is</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">in</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>effect. compliance with the&#160;&#160;insurance provisions
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</div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.3pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">insurance provisions under&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">this </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Deed&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">of </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Trust, to&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">the </font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>extent compliance <font style="DISPLAY: inline; FONT-SIZE: 12pt">with
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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 120.85pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor's Report&#160;&#160;on <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Insurance.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon&#160;&#160;request&#160;&#160;of
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</font></div>

<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 121.15pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">LENDER'S
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="5">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font size="5"><br>
</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Defense of <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Title.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Subject&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">the</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>exception in the paragraph above, Trustor&#160;&#160;warrants and <font style="DISPLAY: inline; FONT-SIZE: 12pt">will</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>forever defend&#160;&#160;the&#160;&#160;title&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>the&#160;&#160;Property
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>event any action&#160;&#160;or &#183;proceeding is&#160;&#160;commenced <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">that </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>questions Trustor's title or the interest of&#160;&#160;Trustee or Lender&#160;&#160;under&#160;&#160;this&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Deed </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of&#160;&#160;Trust, Trustor&#160;&#160;&#160;shall defend
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>action&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">at</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>Trustor's expense.Trustor may&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">be</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>the nominal party&#160;&#160;in such proceeding, but&#160;&#160;Lander&#160;&#160;shall be entitled to participate in the proceeding and to be represented in the proceeding by&#160;&#160;counsel&#160;&#160;of Lender's own&#160;&#160;choice, and Trustor will&#160;&#160;deliver, or cause&#160;&#160;to&#160;&#160;be&#160;&#160;delivered,
to&#160;&#160;Lender&#160;&#160;such&#160;&#160;instruments as Lender&#160;&#160;may request&#160;&#160;from time to time to permit such participation.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 122.25pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Compliance <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">With</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Laws.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trustor warrants that&#160;&#160;the&#160;&#160;Property
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 126.65pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Survival <font style="DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Representations <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">and </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>W<font style="DISPLAY: inline; TEXT-DECORATION: underline">ar</font>ranties.&#160;&#160;All&#160;&#160;representations, warranties, and agreements&#160;&#160;made by Trustor in this&#160;&#160;Deed of Trust shall&#160;&#160;survive the&#160;&#160;execution and delivery
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: -4.15pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">EXISTING INDEBET&#160;&#160;&#160;I</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">DNESS.
</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">following</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">provisions</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">concerning</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Existing</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Indebtedness</font><font style="DISPLAY: inline;
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.3pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Existing Lien.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The lien&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>this&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Deed </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of&#160;&#160;Trust&#160;&#160;securing the&#160;&#160;Indebtedness
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font> indebtedness, any <font style="DISPLAY: inline; FONT-SIZE: 12pt">default</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>under&#160;&#160;the instruments evidencing such indebtedness, or any default under any security documents for such</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 123.55pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">No
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</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">such</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">security</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">agreement </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">without</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">the
</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">prior&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">written</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">consent</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">of</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Lender.</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">CONDEMNATION.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>following provisions relating <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">to</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>eminent domain&#160;&#160;and inverse condemnation
proceedings are a <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">part </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of&#160;&#160;this&#160;&#160;Deed of</font></font></div>

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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -1pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">Page 5</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 123.95pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Proceedings. If any eminent domain or inverse condemnation proceeding is commenced effecting the Property, Trustor shall promptly notify Lender <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">writing,</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>and Trustor shall promptly take such&#160;&#160;steps&#160;&#160;as may be necessary to pursue&#160;&#160;or defend the action and obtain the award. Trustor may be the nominal party in any such proceeding, but
lender shall be entitled, at its election, to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Trustor will deliver or cause to be delivered to Lender such instruments and documentation as may be requested by Lender from time to time to permit such participation.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 146pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Application of&#160;&#160;net Proceeds.&#160;&#160;If any award is made or settlement entered into in any condemnation proceedings affecting&#160;&#160;all or any part of the Property or by any proceeding or purchase&#160;&#160;in lleu of condemnation, lender may&#160;&#160;at its election, and to the extent permitted by law, require that&#160;&#160;all or any portion of the award&#160;&#160;or settlement be applied to&#160;&#160;the Indebtedness end to the repayment of all reasonable coats,expenses, and attomeys' fees fncurred by Trustee or Lender In connection with
the<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">condemnation</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>proceedings.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 124.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">IMPOSITION</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">OF</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">TAXES.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">FEES</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">AND</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">CHARGES&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE:
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 697.9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">taxes, fees and charges&#160;&#160;are a part of this&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Deed</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of Trust:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 146pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Current Taxes. Fees and Charges. Upon&#160;&#160;request&#160;&#160;by&#160;&#160;Lender, Trustor shall execute such&#160;&#160;documents in addition to this&#160;&#160;Deed of&#160;&#160;Trust and&#160;&#160;take&#160;&#160;whatever other&#160;&#160;action&#160;&#160;is requested by&#160;&#160;Lender&#160;&#160;to&#160;&#160;perfect and&#160;&#160;continue lender's&#160;&#160;lien&#160;&#160;on&#160;&#160;the&#160;&#160;Real Property. Trustor&#160;&#160;shall reimburse Lender&#160;&#160;for all taxes, as described&#160;&#160;below, together with all expenses&#160;&#160;incurred&#160;&#160;In recording. perfecting&#160;&#160;or continuing this Deed of Trust, Including without limitation all taxes, fees,
documentary stamps, and&#160;&#160;other&#160;&#160;charges&#160;&#160;for&#160;&#160;recording or registering this&#160;&#160;&#160;Deed of Trust.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 124.25pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Taxes.&#160;&#160;&#160;The following shall constitute taxes&#160;&#160;to which this&#160;&#160;section applies:&#160;&#160;&#160;&#160;(1)&#160;&#160;&#160;a specific&#160;&#160;tax&#160;&#160;upon&#160;&#160;this&#160;&#160;type of&#160;&#160;Deed of Trust&#160;&#160;or upon all or any&#160;&#160;part&#160;&#160;of the&#160;&#160;&#160;&#160;Indebtedness secured&#160;&#160;by&#160;&#160;this&#160;&#160;Dead of&#160;&#160;Trust;&#160;&#160;(2)&#160;&#160;&#160;&#160;a specific tax&#160;&#160;on Borrower which Borrower is&#160;&#160;authortzed&#160;&#160;or required&#160;&#160;to deduct from payments on the Indebtedness secured&#160;&#160;by this&#160;&#160;type&#160;&#160;of Deed of
Trust;&#160;&#160;(3)&#160;&#160;a tax&#160;&#160;on this type of Deed of Trust chargeable against the&#160;&#160;Lender&#160;&#160;or&#160;&#160;the&#160;&#160;holder&#160;&#160;of the&#160;&#160;Note;&#160;&#160;and&#160;&#160;&#160;&#160;(4)&#160;&#160;&#160;&#160;a specific tax&#160;&#160;on all&#160;&#160;or&#160;&#160;any&#160;&#160;portion of&#160;&#160;the&#160;&#160;Indebtedness or&#160;&#160;on payments of principal and Interest msde by Borrower.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 123.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Subsequent Taxes.&#160;&#160;If any tax to which this section applies is enacted subsequent to the date of this Deed of Trust, this event shall have the same effect as an Event of Default. and Lender may&#160;&#160;exercise any or all of its available remedies&#160;&#160;for&#160;&#160;en Event: of Default as provided below unless Trustor either (1)&#160;&#160;pays&#160;&#160;the tax before&#160;&#160;It becomes&#160;&#160;delinquent, or&#160;&#160;&#160;(2)&#160;&#160;&#160;contests the tax&#160;&#160;as provided&#160;&#160;above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety&#160;&#160;bond&#160;&#160;or other&#160;&#160;security satisfactory to
Lender.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 582.85pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#8226;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 132.35pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">SECURITY AGREEMENT:FINANCING STATEMENTS. The&#160;&#160;following provisions relating&#160;&#160;to this Deed of Trust&#160;&#160;as a security&#160;&#160;agreement&#160;&#160;are a</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 903.55pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">part&#160;&#160;of this Deed of Trust:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 125.95pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Security Agreement. This&#160;&#160;instrument shall constitute a Security Agreement to the extent&#160;&#160;any of the Property constitutes fixtures, and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 223.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Lender shall have an of the rights of a secured&#160;&#160;party under the Uniform Commercial Code as amended&#160;&#160;from time to time.</font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 126.85pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Security lnterest.&#160;&#160;Upon request by Lender, Trustor&#160;&#160;shall take&#160;&#160;whatever action Is requested by Lender to&#160;&#160;perfect and continue Lender's security Interest in&#160;&#160;the&#160;&#160;Rents&#160;&#160;and&#160;&#160;Personal&#160;&#160;Property.&#160;&#160;&#160;&#160;Trustor shall&#160;&#160;reimburse Lender&#160;&#160;for&#160;&#160;all&#160;&#160;expenses Incurred&#160;&#160;in perfecting or continuing this&#160;&#160;security interest.&#160;&#160;&#160;Upon&#160;&#160;default, Trustor shall&#160;&#160;not remove, sever&#160;&#160;or&#160;&#160;detach&#160;&#160;the&#160;&#160;Personal&#160;&#160;Property from&#160;&#160;the Property. Upon&#160;&#160;default,
Trustor shall&#160;&#160;assemble&#160;&#160;any&#160;&#160;Personal&#160;&#160;Property not&#160;&#160;affixed to&#160;&#160;the&#160;&#160;Property&#160;&#160;in&#160;&#160;a&#160;&#160;manner and&#160;&#160;at&#160;&#160;a&#160;&#160;place&#160;&#160;reasonably convenient to Trustor and Lender and make it available&#160;&#160;to Lender&#160;&#160;within three&#160;&#160;(3) days after&#160;&#160;receipt of written demand from Lender to the extent permitted by applicable&#160;&#160;law.</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Addresses.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The&#160;&#160;mailing addresses&#160;&#160;of&#160;&#160;Trustor (debtor)&#160;&#160;and&#160;&#160;Lender&#160;&#160;(secured&#160;&#160;party)&#160;&#160;&#160;from&#160;&#160;which Information concerning the&#160;&#160;security Interest granted by this&#160;&#160;Dead of Trust&#160;&#160;may be obtained (each as required by the Uniform Commercial Code)&#160;&#160;are as stated on the first page of this Deed of Trust.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 124.8pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">FURTHER ASSURANCES;ATTORNEY..IN FACT.&#160;&#160;&#160;&#160;The&#160;&#160;following provisions relating&#160;&#160;to&#160;&#160;further&#160;&#160;assurances and attorney ln&#183;fact are a part&#160;&#160;of</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 956.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">this Deed&#160;&#160;of Trust:</font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.35pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Further&#160;&#160;Assurances. At any time, and from time to time, upon request&#160;&#160;of Lender, Trustor will make, execute and deliver, or will&#160;&#160;cause to&#160;&#160;be made, executed or&#160;&#160;delivered, to Lender&#160;&#160;or&#160;&#160;to&#160;&#160;Lender's designee, and&#160;&#160;when&#160;&#160;requested by&#160;&#160;Lender, cause&#160;&#160;to&#160;&#160;be filed,&#160;&#160;recorded, refiled,&#160;&#160;or rerecorded, as the&#160;&#160;case may&#160;&#160;be, at such times&#160;&#160;and&#160;&#160;In such offices and places&#160;&#160;as Lender&#160;&#160;may deem&#160;&#160;appropriate, any and all such&#160;&#160;mortgages. deeds&#160;&#160;of&#160;&#160;trust, security deeds,
security agreements, financing statements, continuation statements, instruments of further&#160;&#160;&#160;assurance, certificates,&#160;&#160;and&#160;&#160;other&#160;&#160;documents as&#160;&#160;may,&#160;&#160;in the&#160;&#160;sole&#160;&#160;opinion&#160;&#160;of&#160;&#160;lender, be&#160;&#160;necessary or&#160;&#160;desirable&#160;&#160;In&#160;&#160;order&#160;&#160;to effectuate, complete, perfect. continue, or preserve(1) Borrower's and Trustor's obligations under the&#160;&#160;Note, this&#160;&#160;Deed of Trust, end the Related&#160;&#160;Documents, and t2t the&#160;&#160;liens and security interests created&#160;&#160;by this&#160;&#160;Deed of Trust on the Property, whether now&#160;&#160;owned or hereafter acquired by&#160;&#160;Trustor.Unless&#160;&#160;prohibited by law&#160;&#160;or Lender&#160;&#160;agrees to the contrary in writing, Trustor shall reimburse
Lender for ell costs&#160;&#160;and expenses Incurred&#160;&#160;In connection with the matters referred to in this paragraph.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Attorney-In-Fact.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If Trustor fails to&#160;&#160;do any of the things&#160;&#160;referred to in the preceding paragraph, Lender may&#160;&#160;do so for and in the name of Trustor&#160;&#160;and at Trustor's expense. For such purposes, Trustor hereby&#160;&#160;irrevocably appoints Lender&#160;&#160;as Trustor's attorney-In-fact for the purpose&#160;&#160;of making, executing, delivering, filing, recording, and doing&#160;&#160;all other&#160;&#160;things&#160;&#160;as may&#160;&#160;be
necessary or desirable, in lender's sole opinion to accomplish the matters&#160;&#160;referred to In the preceding paragraph.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">FULL&#160;&#160;PERFORMANCE. If Borrower and Trustor pay&#160;&#160;all the lndebtedness when&#160;&#160;due, and Trustor otherwise performs all the obligations imposed upon&#160;&#160;Trustor under&#160;&#160;this&#160;&#160;Deed&#160;&#160;of&#160;&#160;Trust, Lender&#160;&#160;shall&#160;&#160;execute and&#160;&#160;deliver to&#160;&#160;Trustee a request&#160;&#160;&#160;for&#160;&#160;full&#160;&#160;reconveyance and&#160;&#160;shall execute and deliver&#160;&#160;to Trustor suitable&#160;&#160;statements of termination of&#160;&#160;any financing statement on file evidencing Lender's security&#160;&#160;interest&#160;&#160;in the Rents and the Personal Property,&#160;&#160;Lender may charge Trustor a
reasonable reconveyance fee et&#160;&#160;the time of reconveyance.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this&#160;&#160;Deed of Trust: Payment&#160;&#160;Default.&#160;&#160;&#160;Borrower fans to make&#160;&#160;any payment when&#160;&#160;due under the Indebtedness. Other&#160;&#160;Defaults.&#160;&#160;Borrower or Trustor fails to&#160;&#160;comply with or to perform any other term,&#160;&#160;obligation, covenant or condition contained in this&#160;&#160;Deed&#160;&#160;of Trust or in any of the&#160;&#160;Related&#160;&#160;Documents or to&#160;&#160;comply&#160;&#160;&#160;with or to perform any term,&#160;&#160;obligatlon, covenant&#160;&#160;or condition contained in any other&#160;&#160;agreement
between Lender&#160;&#160;and Borrower or Trustor.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 558pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 18pt">(Continued)</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Page6</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Compliance&#160;&#160;Default.&#160;&#160;Failure to comply&#160;&#160;with&#160;&#160;any other term, obligation, covenant&#160;&#160;or condition contained in this Dead of Trust, the Note or In any of the related Documents.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Dafault&#160;&#160;on Other&#160;&#160;Payments.&#160;&#160;&#160;&#160;Failure of Trustor&#160;&#160;within&#160;&#160;the time&#160;&#160;required&#160;&#160;by&#160;&#160;this&#160;&#160;Deed&#160;&#160;of Trust&#160;&#160;to&#160;&#160;make&#160;&#160;any&#160;&#160;payment&#160;&#160;for taxes&#160;&#160;or</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Insurance, or any other payment&#160;&#160;necessary to prevent&#160;&#160;filing of or to effect&#160;&#160;discharge&#160;&#160;of any lien.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Environmental Default.&#160;&#160;Failure of any party&#160;&#160;to comply&#160;&#160;with or perform&#160;&#160;when due any term, obligation, covenant&#160;&#160;&#160;or condition&#160;&#160;contained</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">In any environmental agreement executed In connection with the Property.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Default In Favor&#160;&#160;of&#160;&#160;Third Parties. Should&#160;&#160;Borrower&#160;&#160;or any Grantor&#160;&#160;default&#160;&#160;under any loan, extension&#160;&#160;of&#160;&#160;credit,&#160;&#160;security&#160;&#160;agreement, purchase&#160;&#160;or&#160;&#160;sales agreement,&#160;&#160;or&#160;&#160;any other&#160;&#160;agreement,&#160;&#160;in favor&#160;&#160;of&#160;&#160;any other&#160;&#160;creditor&#160;&#160;or person&#160;&#160;that&#160;&#160;may&#160;&#160;materially&#160;&#160;affect&#160;&#160;any of Borrower's or any Grantor's property&#160;&#160;or Borrower's ability to repay the&#160;&#160;Indebtedness&#160;&#160;or Borrower's or Grantor's ability to perform their
respective obligations under this Deed of Trust or any of the Related Documents.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">False Statements. Any warranty, representation&#160;&#160;or statement made or furnished&#160;&#160;to Lender by Borrower&#160;&#160;or Trustor&#160;&#160;or on Borrower's or Trustor's behalf&#160;&#160;under this Deed of Trust or the Related Documents&#160;&#160;is false or misleading in any material respect, either now or at the time made or furnished&#160;&#160;or becomes false or misleading at any time thereafter.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Defective Collateralization.&#160;&#160;&#160;This Deed of Trust&#160;&#160;or any of the Related Documents&#160;&#160;ceases to be in full force&#160;&#160;and effect (lncluding failure of any collateral document&#160;&#160;to create a valid and&#160;&#160;perfected security&#160;&#160;Interest&#160;&#160;or lien) at any time and for any reason.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Insolvency.&#160;&#160;The&#160;&#160;dissolution&#160;&#160;or termination of the Trust, the insolvency&#160;&#160;of Borrower&#160;&#160;or Trustor,&#183;the appointment of a receiver for any part&#160;&#160;&#160;of&#160;&#160;&#160;Borrower's or&#160;&#160;Trustor's .property,&#160;&#160;any&#160;&#160;&#160;assignment&#160;&#160;&#160;for&#160;&#160;the&#160;&#160;benefit&#160;&#160;&#160;of&#160;&#160;creditors,&#160;&#160;any&#160;&#160;type&#160;&#160;&#160;of&#160;&#160;creditor&#160;&#160;workout, or&#160;&#160;the commencement of any proceeding under any bankruptcy or Insolvency&#160;&#160;laws by or against Borrower&#160;&#160;or Trustor.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Creditor&#160;&#160;or Forfeiture Proceedings.&#160;&#160;&#160;Commencement&#160;&#160;of foreclosure&#160;&#160;or forfeiture proceedings, whether&#160;&#160;by judicial proceeding, self-help, repossession or&#160;&#160;any&#160;&#160;other&#160;&#160;method,&#160;&#160;by&#160;&#160;any&#160;&#160;creditor&#160;&#160;of&#160;&#160;Borrower&#160;&#160;or&#160;&#160;Trustor&#160;&#160;or&#160;&#160;by&#160;&#160;any&#160;&#160;governmental agency&#160;&#160;against&#160;&#160;any&#160;&#160;property securing the Indebtedness.&#160;&#160;This includes&#160;&#160;a garnishment&#160;&#160;of any of Borrower's or Trustor's accounts, including&#160;&#160;deposit accounts, with</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">'Lender.&#160;&#160;&#160;&#160;However, this Event of Default&#160;&#160;shall not&#160;&#160;apply&#160;&#160;If there is&#160;&#160;a good faith dispute&#160;&#160;by Borrower&#160;&#160;or Trustor&#160;&#160;as to the validity&#160;&#160;or</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">reasonableness&#160;&#160;of the claim&#160;&#160;which&#160;&#160;Is the basis of the&#160;&#160;creditor or forfeiture proceeding end if Borrower&#160;&#160;or Trustor&#160;&#160;gives lender written</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">notice&#160;&#160;of&#160;&#160;the&#160;&#160;creditor or&#160;&#160;forfeiture proceeding&#160;&#160;and&#160;&#160;deposits&#160;&#160;with&#160;&#160;&#160;Lender&#160;&#160;monies&#160;&#160;or&#160;&#160;a&#160;&#160;surety&#160;&#160;bond&#160;&#160;for&#160;&#160;the&#160;&#160;creditor&#160;&#160;or&#160;&#160;forfeiture proceeding, In an amount determined&#160;&#160;by lender, in its sole discretion, as being&#160;&#160;an adequate reserve or bond for the&#160;&#160;dispute.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Breach of&#160;&#160;Other&#160;&#160;Agreement.&#160;&#160;&#160;Any&#160;&#160;breach&#160;&#160;by&#160;&#160;Borrower&#160;&#160;or Trustor&#160;&#160;under&#160;&#160;the&#160;&#160;terms&#160;&#160;of&#160;&#160;any other&#160;&#160;agreement&#160;&#160;between Borrower&#160;&#160;or</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustor&#160;&#160;&#160;and&#160;&#160;lender that&#160;&#160;&#160;Is&#160;&#160;not&#160;&#160;remedied&#160;&#160;within any&#160;&#160;grace&#160;&#160;period&#160;&#160;provided therein,&#160;&#160;Including&#160;&#160;without limitation any&#160;&#160;agreement</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#183;concerning any indebtedness&#160;&#160;or other obligation of Borrower&#160;&#160;or Trustor to lender, whether existing now&#160;&#160;or later.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Events&#160;&#160;Affecting Guarantor. Any of&#160;&#160;the&#160;&#160;preceding events&#160;&#160;occurs&#160;&#160;with&#160;&#160;respect&#160;&#160;to&#160;&#160;any Guarantor&#160;&#160;of any of&#160;&#160;the Indebtedness&#160;&#160;or any</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Guarantor dies or becomes Incompetent, or revokes or disputes the validity&#160;&#160;of, or&#160;&#160;liability&#160;&#160;under, any&#160;&#160;Guaranty of the Indebtedness.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Adverse&#160;&#160;Change.&#160;&#160;A material&#160;&#160;adverse change occurs&#160;&#160;in Borrower's or Trustor's financial&#160;&#160;condition, or Lender believes the prospect of payment&#160;&#160;or performance of the Indebtedness Is impaired.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Existing&#160;&#160;indebtedness. The payment of any installment of principal or any Interest&#160;&#160;on the&#160;&#160;Existing&#160;&#160;Indebtedness&#160;&#160;is not made within the time&#160;&#160;required&#160;&#160;&#160;by&#160;&#160;the&#160;&#160;promissory&#160;&#160;note&#160;&#160;&#160;evidencing&#160;&#160;such&#160;&#160;Indebtedness,&#160;&#160;&#160;or&#160;&#160;a&#160;&#160;default&#160;&#160;occurs&#160;&#160;under&#160;&#160;the&#160;&#160;instrument&#160;&#160;securing&#160;&#160;such Indebtedness and&#160;&#160;Is not&#160;&#160;cured&#160;&#160;during&#160;&#160;any&#160;&#160;applicable&#160;&#160;grace period in such instrument, or any
suit&#160;&#160;or&#160;&#160;other&#160;&#160;action&#160;&#160;is commenced&#160;&#160;to foreclose&#160;&#160;any existing lien on the Property.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">RIGHTS AND REMEDIES ON DEFAULT.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>If an Event of Default&#160;&#160;occurs under this Deed of Trust.&#160;&#160;at&#160;&#160;any time thereafter, Trustee or Lender may exercise any one or more of the&#160;&#160;following rights&#160;&#160;and remedies:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Section of Remedies. Election by Lender to pursue any remedy shall not&#160;&#160;exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Trustor&#160;&#160;under this&#160;&#160;Deed&#160;&#160;of Trust, after Trustor's failure to perform, shall not affect Lender's right to declare e default&#160;&#160;and exercise&#160;&#160;its remedies.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: 127.9pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Foreclosure&#160;&#160;by&#160;&#160;Sale. Upon an Event of Default&#160;&#160;under this&#160;&#160;Deed of Trust, Beneficiary&#160;&#160;may declare the entire&#160;&#160;Indebtedness&#160;&#160;secured by this Deed of&#160;&#160;Trust&#160;&#160;Immediately&#160;&#160;due and payable&#160;&#160;by delivery&#160;&#160;to Trustee&#160;&#160;of&#160;&#160;written declaration of default&#160;&#160;and demand&#160;&#160;for sale and of written notice&#160;&#160;of&#160;&#160;default&#160;&#160;and of&#160;&#160;election to&#160;&#160;cause to&#160;&#160;be&#160;&#160;sold the Property,&#160;&#160;which&#160;&#160;notice&#160;&#160;Trustee&#160;&#160;shall cause to be&#160;&#160;filed&#160;&#160;for
record. Beneficiary&#160;&#160;also shall deposit&#160;&#160;with&#160;&#160;Trustee&#160;&#160;this&#160;&#160;Deed of Trust,&#160;&#160;the Note, other&#160;&#160;documents&#160;&#160;requested&#160;&#160;by&#160;&#160;Trustee, and all documents evidencing expenditures secured hereby.After&#160;&#160;the lapse of such time as may then be required by law&#160;&#160;following the&#160;&#160;recordation of the notice&#160;&#160;of&#160;&#160;default, and notice&#160;&#160;of sale having&#160;&#160;been given&#160;&#160;as then required&#160;&#160;by&#160;&#160;law, Trustee, without demand&#160;&#160;on Trustor, shall .sell the Property at the time and place&#160;&#160;fixed&#160;&#160;by It In the notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the&#160;&#160;highest bidder for cash In lawful money&#160;&#160;of the
United States, payable at time&#160;&#160;of&#160;&#160;sale.&#160;&#160;Trustee may postpone&#160;&#160;sale of&#160;&#160;all or any&#160;&#160;portion of&#160;&#160;the&#160;&#160;&#160;Property&#160;&#160;by&#160;&#160;public&#160;&#160;announcement&#160;&#160;at such time&#160;&#160;and&#160;&#160;place of&#160;&#160;sale, and from time&#160;&#160;to&#160;&#160;time thereafter may&#160;&#160;postpone&#160;&#160;such&#160;&#160;sale by&#160;&#160;public&#160;&#160;announcement&#160;&#160;at the&#160;&#160;time&#160;&#160;fixed&#160;&#160;by&#160;&#160;the&#160;&#160;preceding&#160;&#160;postponement&#160;&#160;in&#160;&#160;accordance&#160;&#160;with applicable law. Trustee&#160;&#160;shall&#160;&#160;deliver&#160;&#160;to&#160;&#160;such&#160;&#160;purchaser&#160;&#160;&#160;its&#160;&#160;deed&#160;&#160;conveying the&#160;&#160;Property so&#160;&#160;sold, but&#160;&#160;without
any&#160;&#160;covenant&#160;&#160;or warranty; express or lmplied. The&#160;&#160;recitals in such&#160;&#160;deed of any matters&#160;&#160;or facts shall be conclusive&#160;&#160;proof&#160;&#160;of the&#160;&#160;truthfulness thereof. Any&#160;&#160;person,&#160;&#160;including Trustor, Trustee&#160;&#160;or Beneficiary&#160;&#160;may&#160;&#160;purchase&#160;&#160;at such&#160;&#160;&#160;sale. After&#160;&#160;deducting&#160;&#160;all costs,&#160;&#160;fees&#160;&#160;and&#160;&#160;expenses of Trustee&#160;&#160;and&#160;&#160;of&#160;&#160;this&#160;&#160;Trust,&#160;&#160;including&#160;&#160;cost&#160;&#160;of&#160;&#160;evidence&#160;&#160;of&#160;&#160;title&#160;&#160;in connection with sale, Trustee&#160;&#160;shall apply&#160;&#160;the&#160;&#160;&#160;proceeds&#160;&#160;of&#160;&#160;sale to payment of:&#160;&#160;&#160;all sums expended under the terms hereof, not then
repaid, with&#160;&#160;accrued interest at the amount&#160;&#160;allowed by law in effect at the date hereof; all other sums than secured hereby; and the remainder, If any, to the person or persons legally entitled thereto.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">UCC Remedies.&#160;&#160;With respect&#160;&#160;to all or any&#160;&#160;part of&#160;&#160;the Personal Property, Lender shall have all the rights&#160;&#160;and remedies of a secured party&#160;&#160;under the Uniform&#160;&#160;Commercial Code, including without limitation the right to recover&#160;&#160;any deficiency&#160;&#160;In the manner, and to the&#160;&#160;full extent provided by California&#160;&#160;law.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 441pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#8226;</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 24pt">(Continued)</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif">Page</font><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif">7</font></font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#183;Collect Rents.&#160;&#160;&#160;Lender .shall have the right, without&#160;&#160;notice&#160;&#160;to Borrower or Trustor&#160;&#160;to take&#160;&#160;possession of&#160;&#160;and manage&#160;&#160;the&#160;&#160;Property and collect the&#160;&#160;Rents, Including&#160;&#160;amounts&#160;&#160;past&#160;&#160;due and unpaid,&#160;&#160;and apply&#160;&#160;the&#160;&#160;net&#160;&#160;proceeds. over&#160;&#160;and&#160;&#160;above Lender's costs, against&#160;&#160;the Indebtedness. In furtherance of its&#160;&#160;right. Lender may&#160;&#160;require&#160;&#160;any tenant&#160;&#160;or other user&#160;&#160;of the&#160;&#160;Property&#160;&#160;to make&#160;&#160;payments of rent&#160;&#160;or use&#160;&#160;&#160;fees&#160;&#160;&#160;directly to&#160;&#160;Lender.
If&#160;&#160;the&#160;&#160;&#160;Rents&#160;&#160;are&#160;&#160;collected&#160;&#160;by&#160;&#160;&#160;lender, then&#160;&#160;Trustor irrevocably designates Lender as&#160;&#160;Trustor's attorney-In-fact to endorse&#160;&#160;Instruments received in payment thereof in the name of Trustor and to negotiate the&#160;&#160;same and collect&#160;&#160;the proceeds.Payments&#160;&#160;by tenants or other&#160;&#160;users to&#160;&#160;Lender&#160;&#160;In response&#160;&#160;to Lender's demand&#160;&#160;shall satisfy the obligations for&#160;&#160;which&#160;&#160;the payments&#160;&#160;are&#160;&#160;made, whether&#160;&#160;or&#160;&#160;not&#160;&#160;&#160;any&#160;&#160;proper&#160;&#160;&#160;grounds&#160;&#160;&#160;for&#160;&#160;the&#160;&#160;demand&#160;&#160;existed. Lender&#160;&#160;may&#160;&#160;exercise its&#160;&#160;rights under&#160;&#160;this subparagraph either
in person, by agent, or through a receiver.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 110.75pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Appoint Receiver. Lender&#160;&#160;shall have the&#160;&#160;right to appoint a receiver&#160;&#160;appointed to take possession of&#160;&#160;all or any part of the&#160;&#160;Property.&#160;&#160;with the&#160;&#160;power&#160;&#160;to&#160;&#160;protect and preserve the Property, to operate&#160;&#160;the&#160;&#160;Property&#160;&#160;preceding&#160;&#160;foreclosure or sale,&#160;&#160;and to&#160;&#160;collect&#160;&#160;the leases and Rents&#160;&#160;from&#160;&#160;the&#160;&#160;Property&#160;&#160;and apply the&#160;&#160;proceeds. over&#160;&#160;and above&#160;&#160;the cost&#160;&#160;of the receivership, against the&#160;&#160;indebtedness.&#160;&#160;&#160;The receiver
may&#160;&#160;serve&#160;&#160;without bond If&#160;&#160;permitted&#160;&#160;by law.&#160;&#160;Lender's right&#160;&#160;to the&#160;&#160;appointment of a recetver&#160;&#160;shall exist&#160;&#160;whether or not&#160;&#160;the apparent value&#160;&#160;of&#160;&#160;the&#160;&#160;Property exceeds&#160;&#160;the Indebtedness by&#160;&#160;a substantial amount.&#160;&#160;&#160;&#160;Employment by&#160;&#160;Lender&#160;&#160;shall not&#160;&#160;disqualify a person&#160;&#160;from serving as a receiver.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 110.6pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Tenancy at Sufferance. If&#160;&#160;Trustor&#160;&#160;remains&#160;&#160;in&#160;&#160;possession of&#160;&#160;the&#160;&#160;Property&#160;&#160;after&#160;&#160;the&#160;&#160;Property is <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font>sold as provided above&#160;&#160;or&#160;&#160;Lender otherwise becomes&#160;&#160;&#160;entitled to&#160;&#160;possession of&#160;&#160;the&#160;&#160;Property upon&#160;&#160;default&#160;&#160;of&#160;&#160;Borrower or&#160;&#160;Trustor, Trustor&#160;&#160;shall&#160;&#160;become&#160;&#160;a tenant&#160;&#160;at sufferance of Lender or the purchaser&#160;&#160;of the Property and&#160;&#160;shall, at
Lender's&#160;&#160;option,&#160;&#160;either (1) pay&#160;&#160;a reasonable&#160;&#160;rental for the use of the Property, or (2) vacate the Property immediately upon the&#160;&#160;demand of Lender.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 114.05pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Other&#160;&#160;Remedies. Trustee&#160;&#160;or Lender shall have any other right&#160;&#160;or remedy&#160;&#160;provided&#160;&#160;in this&#160;&#160;Deed of Trust&#160;&#160;or the Note or available at law</font></font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 110.25pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Notice of Sale.&#160;&#160;Lender shall give Trustor reasonable&#160;&#160;notice&#160;&#160;of the time and place of any public&#160;&#160;sale of the Personal Property or of the time after&#160;&#160;which any private sale or other&#160;&#160;!mended disposition of the .Personal Property&#160;&#160;is to be made.&#160;&#160;&#160;&#160;Reasonable notice shall mean notice given at least&#160;&#160;ten&#160;&#160;(10) days&#160;&#160;before the&#160;&#160;time&#160;&#160;of the&#160;&#160;sale&#160;&#160;or disposition.&#160;&#160;&#160;Any&#160;&#160;sale&#160;&#160;of&#160;&#160;the&#160;&#160;Personal&#160;&#160;Property&#160;&#160;may&#160;&#160;be made&#160;&#160;in conjunction with any
sale of the Real Property.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 112.3pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Sale of&#160;&#160;the Property. &#183; To the&#160;&#160;extent permitted by&#160;&#160;applicable&#160;&#160;law, Borrower&#160;&#160;and Trustor&#160;&#160;hereby waives any and all rights to have the Property&#160;&#160;marshalled. In exercising its&#160;&#160;rights&#160;&#160;and remedies, the&#160;&#160;Trustee&#160;&#160;or lender shall be&#160;&#160;free&#160;&#160;to&#160;&#160;sell all or any&#160;&#160;part&#160;&#160;of&#160;&#160;the&#160;&#160;Property together or separately, In one sale or by separate&#160;&#160;sales.&#160;&#160;&#160;&#160;Lender shall&#160;&#160;be entitled to bid&#160;&#160;at any&#160;&#160;public&#160;&#160;sale on all or any portion of the
Property.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 109.65pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Attorneys' Fees: Expenses.&#160;&#160;If Lender Institutes any suit or action to enforce&#160;&#160;any of the&#160;&#160;terms&#160;&#160;of this&#160;&#160;Deed of Trust, lender shall be entitled to recover&#160;&#160;such sum as the court&#160;&#160;may adjudge reasonable as attorneys' fees at trial and upon any appeal.&#160;&#160;&#160;Whether&#160;&#160;or not any court&#160;&#160;action ls involved, and&#160;&#160;to&#160;&#160;the&#160;&#160;extent not&#160;&#160;prohibited by&#160;&#160;law, all reasonable&#160;&#160;expenses&#160;&#160;Lender&#160;&#160;Incurs&#160;&#160;that&#160;&#160;&#160;&#160;in Lender's opinion are necessary at any time&#160;&#160;for the&#160;&#160;protection
of Its Interest or the enforcement of its&#160;&#160;rights shall become&#160;&#160;a part of the lndebtedness payable on demand&#160;&#160;and shall bear interest at the&#160;&#160;Note&#160;&#160;rate from&#160;&#160;the&#160;&#160;date&#160;&#160;of the expenditure until repaid.&#160;&#160;&#160;Expenses&#160;&#160;covered&#160;&#160;by this&#160;&#160;paragraph include, without limitation, however subject&#160;&#160;to&#160;&#160;any limits under&#160;&#160;applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or&#160;&#160;not&#160;&#160;there&#160;&#160;Is a lawsuit, including attorneys' fees&#160;&#160;and&#160;&#160;expenses&#160;&#160;for bankruptcy proceedings (Including&#160;&#160;efforts to&#160;&#160;modify&#160;&#160;or vacate&#160;&#160;&#160;any&#160;&#160;automatic stay&#160;&#160;or&#160;&#160;injunction),
appeals,&#160;&#160;and&#160;&#160;any&#160;&#160;anticipated post-judgment collection services, the&#160;&#160;cost&#160;&#160;&#160;of&#160;&#160;searching records. obtaining title&#160;&#160;reports (including&#160;&#160;foreclosure reports), surveyors' reports, and appraisal&#160;&#160;fees, title insurance,&#160;&#160;and fees&#160;&#160;for&#160;&#160;the Trustee, to the&#160;&#160;extent permitted by&#160;&#160;applicable&#160;&#160;law. Trustor also will pay&#160;&#160;any court costs, In addition to&#160;&#160;&#160;ell other&#160;&#160;sums&#160;&#160;provided&#160;&#160;by law.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 180pt; MARGIN-RIGHT: 343.35pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Rights&#160;&#160;of Trustee.&#160;&#160;Trustee shall have all of the rights&#160;&#160;and&#160;&#160;duties&#160;&#160;of Lender as set forth in this&#160;&#160;section.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 144pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">POWERS AND OBLIGATIONS OF TRUSTEE. The&#160;&#160;following provisions relating to the powers and. obligations of&#160;&#160;Trustee&#160;&#160;are&#160;&#160;part of this Deed of Trust:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 112.3pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Power of Trustee. In addition to all powers of Trustee&#160;&#160;arising as a matter&#160;&#160;of law, Trustee shall have the&#160;&#160;power&#160;&#160;to take the&#160;&#160;following actions&#160;&#160;with respect to the&#160;&#160;Property upon&#160;&#160;the&#160;&#160;written request&#160;&#160;of lender and Trustor.&#160;&#160;(a) join in preparing and filing&#160;&#160;a map&#160;&#160;or plat&#160;&#160;of the&#160;&#160;Real Property, including the&#160;&#160;dedication of streets or other&#160;&#160;rights&#160;&#160;to the public;&#160;&#160;&#160;&#160;(b) Join In granting any easement&#160;&#160;or cresting any restriction on the Real Property;
and&#160;&#160;&#160;&#160;&#160;(c)&#160;&#160;join In&#160;&#160;any subordination or other&#160;&#160;agreement&#160;&#160;affecting this&#160;&#160;Deed of Trust&#160;&#160;or the&#160;&#160;Interest of Lender under this&#160;&#160;Deed&#160;&#160;of Trust.</font></font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 114.5pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Obligations to Notify. Trustee&#183; shall not&#160;&#160;be obligated to notify any other party&#160;&#160;of a pending&#160;&#160;sale under&#160;&#160;any other&#160;&#160;trust&#160;&#160;deed or lien. or of any&#160;&#160;action or&#160;&#160;proceeding In which&#160;&#160;Trustor, lender, or&#160;&#160;Trustee shall&#160;&#160;be&#160;&#160;a&#160;&#160;party,&#160;&#160;unless&#160;&#160;the&#160;&#160;action or proceeding is&#160;&#160;brought by Trustee.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustee shall meet all qualifications required for&#160;&#160;Trustee under&#160;&#160;applicable&#160;&#160;law.&#160;&#160;&#160;In addition to&#160;&#160;the&#160;&#160;right&amp;&#160;&#160;ad remedies&#160;&#160;set forth&#160;&#160;above, with&#160;&#160;respect to all or any part of the&#160;&#160;Property, the&#160;&#160;Trustee&#160;&#160;shall have the&#160;&#160;right&#160;&#160;to foreclose by notice&#160;&#160;end sale, and Lander shall have&#160;&#160;the&#160;&#160;right&#160;&#160;to&#160;&#160;foreclose by&#160;&#160;judicial foreclosure, in either&#160;&#160;case in accordance&#160;&#160;with end to the full extent provided by applicable law.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 114.25pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Successor Trustee.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lender, at&#160;&#160;Lender's option, may&#160;&#160;from&#160;&#160;time&#160;&#160;to&#160;&#160;time appoint&#160;&#160;a successor Trustee&#160;&#160;to any&#160;&#160;Trustee&#160;&#160;appointed under this&#160;&#160;Deed&#160;&#160;of&#160;&#160;Trust&#160;&#160;by an lnstrument executed&#160;&#160;and acknowledged by Lender&#160;&#160;and recorded In the&#160;&#160;office
of&#160;&#160;the&#160;&#160;recorder&#160;&#160;of&#160;&#160;ORANGE County, State&#160;&#160;of California. The&#160;&#160;Instrument shall contain,&#160;&#160;In&#160;&#160;addition to&#160;&#160;all other&#160;&#160;matters required&#160;&#160;by&#160;&#160;state law, the&#160;&#160;names&#160;&#160;of&#160;&#160;the original lender, Trustee, and Trustor, the&#160;&#160;book&#160;&#160;and&#160;&#160;page&#160;&#160;where&#160;&#160;this&#160;&#160;Deed of&#160;&#160;Trust&#160;&#160;is&#160;&#160;recorded, and&#160;&#160;the&#160;&#160;name&#160;&#160;and&#160;&#160;address&#160;&#160;of the successor trustee, and&#160;&#160;the&#160;&#160;instrument shall&#160;&#160;be executed and&#160;&#160;acknowledged by&#160;&#160;Lender&#160;&#160;or its&#160;&#160;successors&#160;&#160;in Interest. The successor trustee<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">,</font>
without&#160;&#160;conveyance of the&#160;&#160;Property, shall succeed to&#160;&#160;an the title, power, and duties conferred upon the&#160;&#160;Trustee in this&#160;&#160;Deed of&#160;&#160;Trust and&#160;&#160;by applicable law.&#160;&#160;This&#160;&#160;procedure for&#160;&#160;substitution of&#160;&#160;Trustee&#160;&#160;shall govern to&#160;&#160;the&#160;&#160;exclusion of&#160;&#160;all other&#160;&#160;provisions for substitution.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Acceptance by&#160;&#160;Trustee.&#160;&#160;Trustee accepts&#160;&#160;this&#160;&#160;Trust&#160;&#160;when&#160;&#160;this&#160;&#160;Deed&#160;&#160;of&#160;&#160;Trust,&#160;&#160;duly&#160;&#160;executed and&#160;&#160;acknowledged, is made&#160;&#160;a public record as provided by law.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 441pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#8226;</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 18pt">(Continued)</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Page</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">8</font></font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">NOTICES.&#160;&#160;Any&#160;&#160;notice required to be given under this&#160;&#160;Deed of Trust&#160;&#160;shall be given in writing, and shall be effective when&#160;&#160;actually delivered, when actually received by telefacsimile&#160;&#160;unless otherwise required by&#160;&#160;law, when deposited with a nationally recognized overnight courier, or, if mailed, when&#160;&#160;deposited In the United&#160;&#160;States&#160;&#160;mail, as&#160;&#160;first class, certified or registered mail postage&#160;&#160;prepaid, directed to the addresses shown near the beginning of this&#160;&#160;Deed of Trust. Trustor&#160;&#160;requests that copies&#160;&#160;of&#160;&#160;any
notices&#160;&#160;of default&#160;&#160;and sale be directed&#160;&#160;to&#160;&#160;Trustor's address&#160;&#160;shown near the&#160;&#160;beginning of this&#160;&#160;Deed&#160;&#160;of Trust. All copies&#160;&#160;of notices&#160;&#160;of foreclosure from the holder&#160;&#160;of&#160;&#160;any lien&#160;&#160;which&#160;&#160;has priority over&#160;&#160;this&#160;&#160;Deed of&#160;&#160;Trust&#160;&#160;shall&#160;&#160;be sent&#160;&#160;to&#160;&#160;Lender's address, as shown near the beginning of this Deed of&#160;&#160;Trust.Any&#160;&#160;party&#160;&#160;may&#160;&#160;change Its address&#160;&#160;for notices under this&#160;&#160;Deed&#160;&#160;of Trust&#160;&#160;by giving&#160;&#160;formal written notice&#160;&#160;to the other parties, specifying that&#160;&#160;the&#160;&#160;purpose of the notice&#160;&#160;is to&#160;&#160;change&#160;&#160;the&#160;&#160;party's
address. For notice&#160;&#160;purposes, Trustor&#160;&#160;agrees&#160;&#160;to&#160;&#160;keep&#160;&#160;&#160;lender informed&#160;&#160;at&#160;&#160;all times&#160;&#160;of&#160;&#160;Trustor's current&#160;&#160;address. Unless otherwise provided or required&#160;&#160;by law, if there is more than&#160;&#160;one Trustor, any notice&#160;&#160;given by Lender to any&#160;&#160;Trustor&#160;&#160;is deemed to be notice given to all Trustors.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">STATEMENT OF OBLIGATION FEE.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Lender&#160;&#160;may&#160;&#160;collect a fee,&#160;&#160;not&#160;&#160;to&#160;&#160;exceed&#160;&#160;the&#160;&#160;maximum amount&#160;&#160;permitted by law, for&#160;&#160;furnishing the statement&#160;&#160;of obligation as provided by Section 2943 of the Civil Code of California.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">INITIAL ARBITRATION. Lender&#160;&#160;and&#160;&#160;Borrower and Guarantor&#160;&#160;agree that&#160;&#160;all disputes, claims&#160;&#160;and&#160;&#160;controversies between them, whether individual, joint, or&#160;&#160;class in nature, arising&#160;&#160;from&#160;&#160;the Note, Guaranty, or any other&#160;&#160;loan document, lncluding without limitation contract and tort&#160;&#160;disputes, shall&#160;&#160;be arbitrated pursuant to&#160;&#160;the rules of the&#160;&#160;American Arbitration Association ("AAA&#8221;) in accordance with Its Commercial Arbitration Rules and Supplemental Procedures&#160;&#160;for Financial Services Disputes, upon request&#160;&#160;&#160;of
either&#160;&#160;party.&#160;&#160;No act to take&#160;&#160;or dispose of any&#160;&#160;collateral securing the&#160;&#160;Note&#160;&#160;or&#160;&#160;Guaranty&#160;&#160;shall&#160;&#160;constitute a&#160;&#160;waiver&#160;&#160;of&#160;&#160;this&#160;&#160;arbitration agreement&#160;&#160;or&#160;&#160;be prohibited by&#160;&#160;this&#160;&#160;arbitration agreement.&#160;&#160;This includes, without limitation<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">,</font> obtaining injunctive relief or a temporary restraining&#160;&#160;order,&#160;&#160;invoking a power of sale under&#160;&#160;any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising any rights relatingto personal property, Including taking or disposing of such property with&#160;&#160;or without judicial process pursuant to Article&#160;&#160;9 of
the&#160;&#160;Uniform Commercial Code. Any disputes, claims, or controversies concerning the&#160;&#160;lawfulness or&#160;&#160;reasonableness of&#160;&#160;any&#160;&#160;act,&#160;&#160;&#160;or&#160;&#160;exercise of&#160;&#160;any&#160;&#160;right, concerning&#160;&#160;any collateral securing the Note, Guaranty, or any other&#160;&#160;loan document. including without limitation, any claim to rescind, reform, or otherwise modify&#160;&#160;any agreement relating&#160;&#160;to the&#160;&#160;collateral securing&#160;&#160;the Note&#160;&#160;or Guaranty&#160;&#160;shall&#160;&#160;also be arbitrated, provided however that&#160;&#160;no arbitrator shall&#160;&#160;have the&#160;&#160;right or the power&#160;&#160;to enjoin or restrain&#160;&#160;any act of any&#160;&#160;party. Lender&#160;&#160;and Borrower and&#160;&#160;Guarantor agree that&#160;&#160;in the event&#160;&#160;of
an action for judicial foreclosure pursuant to&#160;&#160;California Code of Civil Procedure&#160;&#160;Section 726.or any similar&#160;&#160;provision in any other&#160;&#160;State, the commencement of&#160;&#160;such&#160;&#160;an action will&#160;&#160;not&#160;&#160;constitute a waiver&#160;&#160;of&#160;&#160;the right&#160;&#160;to&#160;&#160;arbitrate and&#160;&#160;the&#160;&#160;court&#160;&#160;shall refer&#160;&#160;to&#160;&#160;arbitration as much of such&#160;&#160;action, including counterclaims, as lawfully may be referred to&#160;&#160;arbitration.&#160;&#160;Judgment upon any award&#160;&#160;rendered by any arbitrator&#160;&#160;may be&#160;&#160;entered in any&#160;&#160;court having&#160;&#160;jurisdiction. The&#160;&#160;arbitrators shall not&#160;&#160;have&#160;&#160;power to&#160;&#160;make&#160;&#160;an award&#160;&#160;of&#160;&#160;$1.0 million or
more&#160;&#160;against any party to an arbitration unless it is ln the&#160;&#160;form of a statement of decision as described in California Code of Civil Procedure Section&#160;&#160;632, and the parties&#160;&#160;specifically reserve&#160;&#160;the&#160;&#160;right,&#160;&#160;upon&#160;&#160;a petition&#160;&#160;to&#160;&#160;vacate, to have&#160;&#160;any such award&#160;&#160;reviewed and vacated upon the&#160;&#160;same grounds as would result&#160;&#160;in reversal on appeal from&#160;&#160;a judgment after&#160;&#160;trial&#160;&#160;by&#160;&#160;court. Nothing in the&#160;&#160;Note&#160;&#160;or Guaranty shall preclude any party&#160;&#160;from seeking&#160;&#160;equitable&#160;&#160;relief&#160;&#160;from&#160;&#160;a court&#160;&#160;of&#160;&#160;competent jurisdiction. The statute of limitations, estoppel,&#160;&#160;waiver, laches, and similar&#160;&#160;doctrines
which would&#160;&#160;otherwise be&#160;&#160;applicable in an action&#160;&#160;brought by a&#160;&#160;party&#160;&#160;&#160;shall&#160;&#160;be applicable&#160;&#160;in any&#160;&#160;&#160;arbitration&#160;&#160;proceeding, and&#160;&#160;the commencement of&#160;&#160;an arbitration proceeding shall be deemed&#160;&#160;the commencement of an action for these purposes.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">To the&#160;&#160;extent not&#160;&#160;provided by this&#160;&#160;agreement, including the&#160;&#160;Rules Incorporated herein, arbitration hereunder&#160;&#160;shall&#160;&#160;be governed by California arbitration law.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Arbitration shell be&#160;&#160;conducted in California, In English and,&#160;&#160;unless&#160;&#160;otherwise agreed&#160;&#160;to&#160;&#160;by&#160;&#160;the&#160;&#160;parties&#160;&#160;with respect&#160;&#160;to&#160;&#160;a particular dispute, shall&#160;&#160;be heard by&#160;&#160;a panel of three&#160;&#160;arbitrators. The&#160;&#160;arbitrators In any arbitration shall be experienced In the&#160;&#160;areas of law
raised by the subject matter of the dispute. Lists&#160;&#160;of prospective arbitrators shall include&#160;&#160;retired judges.&#160;&#160;&#160;Notwithstanding the AAA&#160;&#160;rules, (al any&#160;&#160;party&#160;&#160;may&#160;&#160;strike from a list&#160;&#160;of prospective arbitrators any&#160;&#160;individual who&#160;&#160;is regarded by that&#160;&#160;party as not&#160;&#160;appropriate for&#160;&#160;the dispute; and&#160;&#160;(b),&#160;&#160;if the&#160;&#160;arbitrator appointment cannot be made from&#160;&#160;the Initial list of prospective arbitrators circulated by&#160;&#160;the&#160;&#160;AAA, a second and, if necessary, a third&#160;&#160;first shall be circulated and exhausted before the AAA&#160;&#160;Is empowered to make&#160;&#160;the appointment.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The&#160;&#160;Federal Arbitration Act&#160;&#160;shall apply to the construction, interpretation, and enforcement of this arbitration provision. MISCELLANEOUS PROVISIONS.&#160;&#160;The following miscellaneous provisions are a part of this Deed of Trust:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Amendments. This Deed of Trust, together with any Related&#160;&#160;Documents, constitutes the entire&#160;&#160;understanding and agreement&#160;&#160;of the parties&#160;&#160;as to the matters set forth In this&#160;&#160;Deed&#160;&#160;of Trust.&#160;&#160;No alteration of or amendment to this Deed of Trust&#160;&#160;shall be effective unless given in writing and&#160;&#160;signed by the&#160;&#160;party or parties&#160;&#160;sought&#160;&#160;to be charged or bound by&#160;&#160;the alteration or amendment.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Annual Repo1ts.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the&#160;&#160;Property Is used&#160;&#160;for&#160;&#160;purposes&#160;&#160;other&#160;&#160;than&#160;&#160;Trustor's residence,&#160;&#160;Trustor shall furnish to&#160;&#160;Lender, upon request, a certified statement of&#160;&#160;net&#160;&#160;operating Income&#160;&#160;received from the Property during&#160;&#160;Trustor's previous&#160;&#160;fiscal&#160;&#160;year in such&#160;&#160;form&#160;&#160;and detail as
Lender&#160;&#160;shall&#160;&#160;require. "Net&#160;&#160;operating Income" shall&#160;&#160;mean&#160;&#160;all cash&#160;&#160;receipts from&#160;&#160;the&#160;&#160;&#160;Property less&#160;&#160;all&#160;&#160;cash&#160;&#160;expenditures made&#160;&#160;in connection with the operation of the Property.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Caption Headings.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Caption&#160;&#160;headings&#160;&#160;in this&#160;&#160;Deed of Trust&#160;&#160;are for&#160;&#160;convenience purposes&#160;&#160;only&#160;&#160;and&#160;&#160;ere not&#160;&#160;to&#160;&#160;be used to&#160;&#160;interpret or define&#160;&#160;the provisions of this Deed of Trust.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Merger. There&#160;&#160;shell&#160;&#160;be&#160;&#160;no merger&#160;&#160;of&#160;&#160;the interest or&#160;&#160;estate&#160;&#160;created&#160;&#160;by&#160;&#160;this&#160;&#160;Deed of&#160;&#160;Trust&#160;&#160;with&#160;&#160;any&#160;&#160;other&#160;&#160;Interest or&#160;&#160;estate&#160;&#160;In the Property at&#160;&#160;any time held by or for the benefit of Lender In any capacity, without the written consent of Lender.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Governing Law.&#160;&#160;This Deed of Trust&#160;&#160;will be governed by&#160;&#160;federal law&#160;&#160;applicable&#160;&#160;&#160;to&#160;&#160;Lender and, to the&#160;&#160;extent not&#160;&#160;preempted by&#160;&#160;federal law,&#160;&#160;the laws&#160;&#160;of the State of California without&#160;&#160;regard to its conflicts of law provisions.&#160;&#160;This Deed&#160;&#160;of Trust has been&#160;&#160;accepted by Lender In the State of California</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Choice&#160;&#160;of&#160;&#160;Venue<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font> If&#160;&#160;there&#160;&#160;is&#160;&#160;a lawsuit, Trustor agrees&#160;&#160;upon&#160;&#160;Lender's request&#160;&#160;&#160;to&#160;&#160;submit to&#160;&#160;the&#160;&#160;jurisdiction of&#160;&#160;the&#160;&#160;courts of&#160;&#160;LOS ANGELES County, State of&#160;&#160;California.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Joint and&#160;&#160;Several Liability.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>All&#160;&#160;obligations&#160;&#160;of&#160;&#160;Borrower and&#160;&#160;Trustor under&#160;&#160;this&#160;&#160;Deed&#160;&#160;of&#160;&#160;Trust&#160;&#160;shall&#160;&#160;be&#160;&#160;Joint&#160;&#160;and&#160;&#160;several,&#160;&#160;and&#160;&#160;all references to&#160;&#160;Trustor shall mean&#160;&#160;each and every&#160;&#160;Trustor, and all references to&#160;&#160;Borrower shall mean each&#160;&#160;and every&#160;&#160;Borrower. This means that each Trustor signing below is responsible for an obligations in this&#160;&#160;Deed of Trust.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 116.8pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">No Waiver&#160;&#160;by Lender. Lender&#160;&#160;shall not&#160;&#160;be deemed to have&#160;&#160;waived any rights under this&#160;&#160;Deed of&#160;&#160;Trust&#160;&#160;unless&#160;&#160;such&#160;&#160;waiver&#160;&#160;Is given in writing and&#160;&#160;signed by&#160;&#160;lender.<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>No&#160;&#160;delay or omission on the&#160;&#160;part&#160;&#160;of&#160;&#160;Lender In&#160;&#160;&#160;exercising any&#160;&#160;right&#160;&#160;shall operate&#160;&#160;and&#160;&#160;a waiver&#160;&#160;of&#160;&#160;such</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 558pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 18pt">(Continued)</font><font id="TAB2" style="LETTER-SPACING: 3pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Page</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">9</font></font></font></div>

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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.5pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">right
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.7pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Severability. If <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">a</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">court</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of competent&#160;&#160;jurisdiction finds any provision&#160;&#160;of this <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Deed </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>of
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</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 121.4pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; TEXT-DECORATION: underline">W</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">aive</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">Jury.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">_To</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">the</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">extent
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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 135pt; MARGIN-RIGHT: 123.75pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">DEFINITIONS.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following capitalized&#160;&#160;words&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">and</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>terms&#160;&#160;shall have the&#160;&#160;following meanings&#160;&#160;when&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">used
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</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Beneficiary. The word "Beneficiary" means CATHAY&#160;&#160;BANK, a California Banking <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Corp.,</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>and Its successors&#160;&#160;and assigns.</font></font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 163.35pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#183;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Borrower. </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>The word&#160;&#160;"Borrower" means LGI DELAWARE, LLC and Includes all co-signers and co-makers signing the Note and all their successors&#160;&#160;and assigns.</font></div>
</td>
</tr></table>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 133.1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Deed </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of&#160;&#160;Trust.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The&#160;&#160;words&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">"Deed</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>of&#160;&#160;Trust"&#160;&#160;&#160;mean this&#160;&#160;Dead
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Lender.&#160;&#160;The word&#160;&#160;'"lender&#8226; means CATHAY&#160;&#160;BANK, a California Banking Corp.,&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">its</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">&#160;</font>successors and assigns.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 162pt; MARGIN-RIGHT: -1pt" align="left"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">Note.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">word</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt">"Note"</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE:
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Personal&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Property.&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">&#160;</font>words&#160;&#160;&#160;&#8220;Personal&#160;&#160;Property" mean&#160;&#160;all&#160;&#160;equipment, fixtures, and&#160;&#160;other&#160;&#160;articles&#160;&#160;of&#160;&#160;personal&#160;&#160;property now&#160;&#160;&#160;or hereafter owned by Trustor, end now&#160;&#160;or hereafter attached or&#160;&#160;affixed to the&#160;&#160;Real Property;
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 393.05pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Property. </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">The
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 124.6pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Trustee.&#160;&#160;&#160;&#160;The&#160;&#160;word&#160;&#160;"Trustee" means&#160;&#160;CHICAGO TITLE COMPANY,&#160;&#160;A&#160;&#160;CAUFORNIA&#160;&#160;CORPORATION, whose&#160;&#160;address&#160;&#160;is&#160;&#160;560&#160;&#160;EAST</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 396.45pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">HOSPITALITY LANE, SAN BERNAR'DINO. CA&#160;&#160;&#160;92408 and any substitute or successor trustees.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 171pt; MARGIN-RIGHT: 334.65pt" align="justify"><font size="5"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt">Trustor.</font><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">The
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