a Maryland real estate investment trust, general partner

By and between: MONMOUTH REAL ESTATE INVESTMENT CORPORATION,

Acquired assets (excluding cash, real estate, goodwill and

“Real Estate Manager” means Inland Commercial Real Estate Services LLC, a Delaware limited liability company, or any of its successors or assigns, or entities owned or controlled by the Sponsor and engaged by the Company to manage a Property or Properties.

the provision of management, advisory or other investment services to mortgage real estate investment trusts or any other investment vehicles that engage primarily in the acquisition, trading, sales, financing, investment or management of mortgage-backed securities or other real estate assets.

at least ten (10) days (or such shorter period of time as agreed to by the Agent in writing) prior to the proposed Property Addition Date with respect to any Real Estate, the Agent shall have received the following, all of which shall be in form and substance reasonably satisfactory to the Agent # a written election from the Borrower for such Real Estate to be added as an Unencumbered Property in the form of [Exhibit F] hereto (a “Property Addition Request”), which request shall include a description of such Real Estate, the Adjusted Net Operating Income, Value, and occupancy of such Real Estate, a certification that such Real Estate meets each of the criteria set forth in the definition of Eligible Real Estate, a certification that there have been no material changes to the financial conditions of the Credit Parties since the last Compliance Certificate that was delivered that would affect compliance with the financial covenants in §9, and identify the Direct Owner of such Real Estate and each Indirect Owner of such Direct Owner, # all such other commercially reasonable diligence, documents and information, in each case, to the extent available, that are reasonably requested by the Agent, including, without limitation, environmental diligence reports, structural diligence reports, appraisals, Leases, property operating statement, available historical property operating statements, leasing status and rent rolls, and # an executed Compliance Certificate calculated on a pro forma basis showing the impact of such Real Estate being added as an Unencumbered Property; and

As of the Closing Date, the Unencumbered Properties are set forth on [Schedule UP]. After the Closing Date, Borrower shall have the right, subject to the satisfaction by Borrower of the conditions set forth in this §5.1, to add Real Estate as an Unencumbered Property. In the event Borrower desires to add additional Real Estate as aforesaid, Borrower shall provide written notice to the Agent of such request in accordance with this §5.1 (which the Agent shall promptly furnish to the Lenders within three (3) Business Days), together with all documentation and other information reasonably required to permit the Agent to determine whether such Real Estate is Eligible Real Estate. Thereafter, to the extent their consent is required pursuant to this §5.1, the Agent and the Required Lenders shall have fifteen (15) Business Days from the date of receipt of such documentation and other information to advise Borrower whether the Agent and/or the necessary Lenders consent to the acceptance of such Real Estate as an Unencumbered Property. Notwithstanding the foregoing, no Real Estate shall be included as an Unencumbered Property unless and until the following conditions precedent shall have been satisfied (and no Real Estate shall be included in any calculation as an Unencumbered Property with respect to a particular fiscal period unless such conditions have been satisfied (each such date of satisfaction, a “Property Addition Date”)):

“Real Estate Assets” means any and all Properties and other direct or indirect investments in equity interests in, or Loans secured, directly or indirectly, by, or otherwise relating to, Property (other than investments in bank accounts, money market funds or other current assets), including any interest in a Joint Venture, owned by the Company, directly or indirectly through one or more of its Affiliates or Joint Ventures. Notwithstanding the foregoing, “Real Estate Assets” shall not include any investments in Real Estate-Related Securities.

such Contract is not secured by a mobile home or real estate;

By: Oak Street Real Estate Capital GP VI, LLC, its general partner