Common use of NOTICE OF EXERCISE OF EXCHANGE RIGHT Clause in Contracts

NOTICE OF EXERCISE OF EXCHANGE RIGHT. In accordance with Section 9.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Lodging Fund REIT III OP, LP, the undersigned hereby irrevocably (i) presents for exchange _____ Common Limited Units or _____ Series GO Limited Units in Lodging Fund REIT III OP, LP, in accordance with the terms of the Agreement and the Exchange Right referred to in Section 9.4, (ii) surrenders such Common Limited Units or Series GO Limited Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. ​ Dated: , (Name of Limited Partner) ​ ​ ​ ​ ​ ​ By: ​ ​ ​ ​ (Signature of Limited Partner) ​ ​ ​ ​ ​ ​ ​ ​ Mailing Address: ​ ​ ​ ​ ​ ​ ​ ​ (City) (State) Zip Code ​ ​ ​ ​ ​ Signature Guaranteed by: ​ ​ ​ ​ ​ ​ ​ ​ ​ If REIT Shares are to be issued, issue to: ​ ​ ​ ​ ​ Name ​ ​ ​ ​ ​ Social Security or Tax I.D. Number ​ ​ ​ ​ Exhibit B EXHIBIT C ​ CALL NOTICE In accordance with the Amended and Restated Agreement of Limited Partnership of Lodging Fund REIT III OP, LP (the “Agreement”), the undersigned hereby irrevocably exercises its Call Right (as defined in the Agreement) with regard to all of the Common Limited Units (the “Called Units”) owned by the undersigned (the “Called Partner”) in Lodging Fund REIT III OP, LP. The undersigned shall pay the Cash Amount to the Called Partner at the notice address of the Called Partner provided in the Agreement upon receipt of (i) an assignment of the Called Units duly executed by the Called Partner transferring all right, title and interest in the Called Units to the undersigned along with any certificate evidencing such Called Units, (ii) if REIT Shares are to be delivered, instructions as to the name, address and taxpayer identification number of the person to whom such REIT Shares will be registered or placed and (iii) the representation, warranty and certification of the Called Partner that such Called Partner (a) has marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or entity, (b) has the full right, power and authority to transfer and surrender such Called Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. ​ ​ Lodging Fund REIT III OP, LP, a Delaware ​ limited partnership

NOTICE OF EXERCISE OF EXCHANGE RIGHT. In accordance with Section 9.4 8.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Lodging Fund REIT III OP, LP., the undersigned hereby irrevocably (i) presents for exchange _____ Common Limited Units or _____ Series GO Limited Partnership Units in Lodging Fund REIT III OP, LP., in accordance with the terms of the Agreement and the Exchange Right referred to in Section 9.48.4, (ii) surrenders such Common Limited Units or Series GO Limited Partnership Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. ​ Dated: , 20 (Name of Limited Partner) ​ ​ ​ ​ ​ ​ By: ​ ​ ​ ​ (Signature of Limited Partner) ​ ​ ​ ​ ​ ​ ​ ​ Mailing Address: ​ ​ ​ ​ ​ ​ ​ ​ (City) (State) (Zip Code ​ ​ ​ ​ ​ Code) Signature Guaranteed by: ​ ​ ​ ​ ​ ​ ​ ​ ​ If REIT Shares are to be issued, issue to: ​ ​ ​ ​ ​ Name ​ ​ ​ ​ ​ Social Security or Tax I.D. Number ​ ​ ​ ​ Exhibit B EXHIBIT C ​ CALL NOTICE In accordance with the Amended and Restated Agreement of Limited Partnership Agreement of Lodging Fund REIT III OP, LP (the “Agreement”), the undersigned hereby irrevocably exercises its Call Right (as defined in the Agreement) with regard to all of the Common Limited Partnership Units (the “Called Units”) owned by the undersigned (the “Called Partner”) in Lodging Fund REIT III OP, LP. The undersigned shall pay the Cash Amount to the Called Partner at the notice address of the Called Partner provided in the Agreement upon receipt of (i) an assignment of the Called Units duly executed by the Called Partner transferring all right, title and interest in the Called Units to the undersigned along with any certificate evidencing such Called Units, (ii) if REIT Shares are to be delivered, instructions as to the name, address and taxpayer identification number of the person to whom such REIT Shares will be registered or placed and (iii) the representation, warranty and certification of the Called Partner that such Called Partner (aA) has marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or entity, (bB) has the full right, power and authority to transfer and surrender such Called Units as provided herein and (cC) has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. ​ ​ Lodging Fund REIT III OP, LP, a Delaware ​ limited partnershippartnership By: Lodging Fund REIT III, Inc., a Maryland corporation, its general partner By: Name: Title:

NOTICE OF EXERCISE OF EXCHANGE RIGHT. In accordance with Section 9.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Lodging Fund REIT III OPCottonwood Communities O.P., LP, the undersigned hereby irrevocably (i) presents for exchange _____ Common Limited Units or _____ Series GO Limited Units in Lodging Fund REIT III OPCottonwood Communities O.P., LP, in accordance with the terms of the Agreement and the Exchange Right referred to in Section 9.4, (ii) surrenders such Common Limited Units or Series GO Limited Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. ​ Dated: , (Name of Limited Partner) ​ ​ ​ ​ ​ ​ By: ​ ​ ​ ​ (Signature of Limited Partner) ​ ​ ​ ​ ​ ​ ​ ​ Mailing Address: ​ ​ ​ ​ ​ ​ ​ ​ (City) (State) Zip Code ​ ​ ​ ​ ​ Signature Guaranteed by: ​ ​ ​ ​ ​ ​ ​ ​ ​ If REIT Shares are to be issued, issue to: ​ ​ ​ ​ ​ Name ​ ​ ​ ​ ​ Social Security or Tax I.D. Number ​ ​ ​ ​ Exhibit B EXHIBIT C ​ CALL NOTICE In accordance with the Amended and Restated Agreement of Limited Partnership of Lodging Fund REIT III OPCottonwood Communities O.P., LP (the “Agreement”), the undersigned hereby irrevocably exercises its Call Right (as defined in the Agreement) with regard to all of the [Common Limited Units Units/LTIP Units] (the “Called Units”) owned by the undersigned (the “Called Partner”) in Lodging Fund REIT III OPCottonwood Communities O.P., LP. The undersigned shall pay the [Cash Amount Amount/REIT Shares Amount] to the Called Partner at the notice address of the Called Partner provided in the Agreement upon receipt of (i) an assignment of the Called Units duly executed by the Called Partner transferring all right, title and interest in the Called Units to the undersigned along with any certificate evidencing such Called Units, (ii) if REIT Shares are to be delivered, instructions as to the name, address and taxpayer identification number of the person to whom such REIT Shares will be registered or placed and (iii) the representation, warranty and certification of the Called Partner that such Called Partner (a) has marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or entity, (b) has the full right, power and authority to transfer and surrender such Called Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. ​ ​ Lodging Fund REIT III OPCottonwood Communities, LPInc., a Delaware ​ limited partnershipMaryland corporation By: Printed Name: Title: Exhibit C EXHIBIT D PARTNERSHIP UNIT DESIGNATION OF LTIP UNITS

NOTICE OF EXERCISE OF EXCHANGE RIGHT. In accordance with Section 9.4 8.5 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Lodging Fund REIT III OPRRE Opportunity OP II, LP, the undersigned hereby irrevocably (i) presents for exchange _____ Common Limited Units or _____ Series GO Limited Common Units in Lodging Fund REIT III OPRRE Opportunity OP II, LP, LP in accordance with the terms of the Agreement and the Exchange Right referred to in Section 9.48.5 thereof, (ii) surrenders such Common Limited Units or Series GO Limited Units and all right, title and interest therein therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below. ​ Dated: ________________, ___________ (Name of Limited Partner) ​ ​ ​ ​ ​ ​ By: ​ ​ ​ ​ (Signature of Limited Partner) ​ ​ ​ ​ ​ ​ ​ ​ (Mailing Address: ​ ​ ​ ​ ​ ​ ​ ​ ) (City) (State) (Zip Code ​ ​ ​ ​ ​ Code) Signature Guaranteed by: ​ ​ ​ ​ ​ ​ ​ ​ ​ If REIT Shares are to be issued, issue to: ​ ​ ​ ​ ​ Name ​ ​ ​ ​ ​ Name: Social Security or Tax I.D. Number ​ ​ ​ ​ Exhibit B Number: EAST\180070029.1 EXHIBIT C ​ CALL NOTICE In accordance with DESIGNATION OF THE RIGHTS, POWERS, PRIVILEGES, RESTRICTIONS, QUALIFICATIONS AND LIMITATIONS OF THE SERIES A CUMULATIVE PARTICIPATING REDEEMABLE PREFERRED UNITS The following are the Amended and Restated Agreement of Limited Partnership of Lodging Fund REIT III OP, LP (the “Agreement”), the undersigned hereby irrevocably exercises its Call Right (as defined in the Agreement) with regard to all terms of the Common Limited Series A Cumulative Participating Redeemable Preferred Units (the “Called Series A Preferred Units”) owned by established pursuant to this Designation of Rights, Powers, Privileges, Restrictions, Qualifications and Limitations of the undersigned Series A Cumulative Participating Redeemable Preferred Units (the “Called PartnerDesignation of Rights”) in Lodging Fund REIT III OP, LP). The undersigned shall pay the Cash Amount to the Called Partner at the notice address This Designation of the Called Partner provided Rights includes terms defined in the Agreement upon receipt in addition to terms defined in this Designation of (i) an assignment Rights. The following terms used in this Designation of Rights shall have the Called Units duly executed by the Called Partner transferring all right, title and interest in the Called Units to the undersigned along with any certificate evidencing such Called Units, (ii) if REIT Shares are to be delivered, instructions as to the name, address and taxpayer identification number of the person to whom such REIT Shares will be registered or placed and (iii) the representation, warranty and certification of the Called Partner that such Called Partner (a) has marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or entity, (b) has the full right, power and authority to transfer and surrender such Called Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. ​ ​ Lodging Fund REIT III OP, LP, a Delaware ​ limited partnershipmeanings specified below: