ADMISSION AGREEMENT AND AMENDMENT TO FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP
ADMISSION AGREEMENT AND AMENDMENT TO FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP
OF
INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP
THIS ADMISSION AGREEMENT AND AMENDMENT (this “Agreement”), dated as of May 7, 2014, is entered into and among the Partnership, the General Partner and the New Limited Partners (as those terms are defined below).
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
1. The Partnership hereby admits each New Limited Partner as a Limited Partner in the Partnership with all of the rights and obligations of a Limited Partner in accordance with the terms and conditions of the Partnership Agreement, and the Partnership hereby issues to each New Limited Partner the number of Common Units stated opposite such New Limited Partner’s name on Schedule A attached hereto. Each New Limited Partner has made a Capital Contribution of Contributed Property in exchange for such Common Unit(s).
2. The definition of “Advisory Agreement” is hereby deleted in its entirety and replaced with the following: “‘Advisory Agreement’ means the Second Amended and Restated Advisory Agreement among the Partnership and the General Partner, as advisees, and the Advisor, as advisor, as amended by that certain First Amendment to Second Amended and Restated Advisory Agreement and as may be further modified, amended or restated from time to time.”
3. Exhibit A to the Partnership Agreement is hereby amended and restated as set forth in Schedule B attached hereto.
4. The New Limited Partners have contributed as of the date hereof their respective ownership interests in and to that certain real property and the improvements thereon commonly known as Xxxxxxxxxx Park Apartments, 0000 Xxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxxxxxxx, which shall be deemed Contributed Property, the Gross Asset Value of each New Limited Partner’s Contributed Property is stated opposite such New Limited Partner’s name on Schedule A attached hereto, and each New Limited Partner’s Capital Account shall have a credit of such amount.
5. The New Limited Partners hereby join in and agree to be bound as Limited Partners by the Partnership Agreement, as amended hereby, including without limitation the power of attorney granted in Section 2.4 of the Partnership Agreement.
6. The New Limited Partners, the General Partner and the Partnership are executing as of the date hereof that certain Exchange Rights Agreement.
7. This Agreement may be executed in counterparts.
[SIGNATURES APPEAR ON FOLLOWING PAGES]
PARTNERSHIP:
INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership
By: Independence Realty Trust, Inc., a Maryland corporation, its general partner |
By: Independence Realty Advisors, LLC, a Delaware limited liability company, its authorized agent
By: | /s/ Xxxxxxx Xxxxx |
|
Xxxxxxx Xxxxx, President |
GENERAL PARTNER: |
INDEPENDENCE REALTY TRUST, INC.,
a Maryland corporation
By: Independence Realty Advisors, LLC, a Delaware limited liability company, its authorized agent
By: | /s/ Xxxxxxx Xxxxx |
|
Xxxxxxx Xxxxx, President |
[SIGNATURES CONTINUE ON NEXT PAGE]
NEW LIMITED PARTNERS:
USA XXXXXXXXXX PARK 4, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 5, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 7, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 11, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 12, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 13, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 14, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 16, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 19, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 20, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
USA XXXXXXXXXX PARK 23, LLC,
a Delaware limited liability company
By: /s/ Xxxxx X. Xxxxxxxxxx
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President
SCHEDULE A
NEW LIMITED PARTNERS’ PARTNERSHIP INTERESTS
New Limited Partner: | Gross Asset Value | Common Units | ||||||
USA Xxxxxxxxxx Park 4, LLC |
$ | 94,653.24 | 10,585.83 | |||||
USA Xxxxxxxxxx Park 5, LLC |
$ | 94,653.24 | 10,585.83 | |||||
USA Xxxxxxxxxx Park 7, LLC |
$ | 217,306.93 | 24,303.19 | |||||
USA Xxxxxxxxxx Park 11, LLC |
$ | 145,406.49 | 16,261.98 | |||||
USA Xxxxxxxxxx Park 12, LLC |
$ | 97,002.93 | 10,848.62 | |||||
USA Xxxxxxxxxx Park 13, LLC |
$ | 69,785.72 | 7,804.70 | |||||
USA Xxxxxxxxxx Park 14, LLC |
$ | 69,785.72 | 7,804.70 | |||||
USA Xxxxxxxxxx Park 16, LLC |
$ | 100,214.17 | 11,207.76 | |||||
USA Xxxxxxxxxx Park 19, LLC |
$ | 217,228.60 | 24,294.42 | |||||
USA Xxxxxxxxxx Park 20, LLC |
$ | 779,234.68 | 87,148.09 | |||||
USA Xxxxxxxxxx Park 23, LLC |
$ | 100,292.82 | 11,216.55 | |||||
$ | 1,985,564.54 | 222,061.68 | ||||||
SCHEDULE B
PARTNERS’ PARTNERSHIP INTERESTS
Name and Address of Partner |
Type of Interest |
Number of Series A |
Number of Series B |
Number of Common |
||||||||||||
Preferred Units |
Preferred Units |
Units |
||||||||||||||
General Partner: |
||||||||||||||||
General Partnership |
125 | 5,599,923 | ||||||||||||||
General Partner |
Interest |
|||||||||||||||
Xxxx Centre
0000 Xxxx Xxxxxx, 00xx Xxxxx
Xxxxxxxxxxxx, XX 00000 |
||||||||||||||||
Limited Partners: |
||||||||||||||||
IRT Limited Partner, LLC, as an |
Limited Partnership |
100 | ||||||||||||||
Initial Limited Partner |
Interest |
|||||||||||||||
Xxxx Centre
0000 Xxxx Xxxxxx, 00xx Xxxxx
Xxxxxxxxxxxx, XX 00000 |
||||||||||||||||
RAIT NTR Holdings, LLC |
Limited Partnership |
350 | ||||||||||||||
Xxxx Centre |
Interest |
|||||||||||||||
0000 Xxxx Xxxxxx, 00xx Xxxxx
Xxxxxxxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 4, LLC |
Limited Partnership |
10,585.83 | ||||||||||||||
c/o Xxxx Xxxxxxxx |
Interest |
|||||||||||||||
00 Xxxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 5, LLC |
Limited Partnership |
10,585.83 | ||||||||||||||
c/o Xxxxx Xxxxxxxx |
Interest |
|||||||||||||||
00 Xxxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 7, LLC |
Limited Partnership |
24,303.19 | ||||||||||||||
c/o X.X. Xxxx and Xxxxxxxx X. Xxxx |
Interest |
|||||||||||||||
Revocable Trust DTD 12/18/98
0000 Xxxxxxx Xxxx.
Xxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 11, LLC |
Limited Partnership |
16,261.98 | ||||||||||||||
c/o Xxxxx X. Xxxxxxx |
Interest |
|||||||||||||||
000 Xxxxxxxx Xxxx
Xxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 12, LLC |
Limited Partnership |
10,848.62 | ||||||||||||||
c/o The Xxxxx/Xxxxxxxx Trust, Xxxxxxx |
Interest |
|||||||||||||||
X. Xxxxx, Xxxx X. Xxxxxxxx, Trustees
0000 Xxxxxxxx Xxx.
Xxx Xxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 13, LLC |
Limited Partnership |
7,804.70 | ||||||||||||||
c/o Xxxxx Xxxxx |
Interest |
|||||||||||||||
0000 Xxxxxxx Xxx.
Xxxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 14, LLC |
Limited Partnership |
7,804.70 | ||||||||||||||
c/o Xxxxx X. Xxxxxxxxx |
Interest |
|||||||||||||||
0000 Xxxxxxx Xxx.
Xxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 16, LLC |
Limited Partnership |
11,207.76 | ||||||||||||||
c/o Xxxxxxxx X. Xxxxxxxxx |
Interest |
|||||||||||||||
000 XxXxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 19, LLC |
Limited Partnership |
24,294.42 | ||||||||||||||
c/o Canelo Family Partnership, L.P., |
Interest |
|||||||||||||||
Xxxxx Xxxxxx, General Partner
0000 Xxxxxxx Xxxx
Xxxxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 20, LLC |
Limited Partnership |
87,148.09 | ||||||||||||||
c/o The Xxxxxxxx Family Trust 2A, |
Interest |
|||||||||||||||
Xxxxxx X. Xxxxxxxx, Xx., Trustee
0 Xxxxxxxx Xxx
Xxxx, XX 00000 |
||||||||||||||||
XXX Xxxxxxxxxx Park 23, LLC |
Limited Partnership |
11,216.55 | ||||||||||||||
c/o Xxxxx and Xxxx Xxxxxxxxx, as |
Interest |
|||||||||||||||
husband and wife
21213 X. Xxxxxxxxx Xxxx.
Xxxxxxxx, XX 00000 |
||||||||||||||||