United Realty Trust 10-Q 2015 Q2 Quarterly report

United Realty Trust 10-Q

EXHIBIT 10.3

PROSPECTIVEPURCHASERQUESTIONNAIRE

BENEFICIALINTERESTS
IN 

URLIPPINCOTT, DST

Beforedeciding tosubscribe,pleasereadcarefullytheConfidentialPrivate Placement MemorandumdatedApril22,2015, andallexhibits andsupplementsthereto (collectively, the“Memorandum”)forClass1beneficial interests (the “Interests”) ina Delawarestatutory trust (the“Trust”)formedfor thepurposeofacquiring andowning a53,100squarefootsingletenantofficebuilding locatedat402 &404Lippincott Drive,Marlton,NewJersey (the“Property”).TheTrustwillbemanagedbyURLippincott Manager, LLC,aDelaware limitedliabilitycompany (the“Manager”). Defined termsusedherein andnototherwisedefinedshallhave themeaning ascribed to themin the Memorandum.

EACHPROSPECTIVEINVESTORSHOULDEXAMINETHESUITABILITYOFTHISTYPEOF INVESTMENTINTHECONTEXTOFHISOWNNEEDS,PURCHASEOBJECTIVES,ANDFINANCIALCAPABILITIESANDSHOULDMAKEHISOWNINDEPENDENT INVESTIGATIONANDDECISIONASTO SUITABILITYANDASTOTHERISKANDPOTENTIALGAIN INVOLVED. ALSO, EACHPROSPECTIVE INVESTOR IS ENCOURAGEDTOCONSULTWITH HISATTORNEY, ACCOUNTANT, FINANCIALCONSULTANTOR OTHERBUSINESSORTAXADVISORREGARDINGTHERISKSANDMERITS OFTHEPROPOSED INVESTMENT.

ThisOfferingislimitedtoapurchaserwhocertifiesthathemeetsallofthequalificationssetforthinthe Memorandum.IfyousatisfythesequalificationsanddesiretopurchasetheInterests,pleasecomplete,executeanddeliver thefollowing: (i) thisPurchaser Questionnaire and (ii) ifyou are anentity (asopposed to anaturalperson), the entitydocumentsdescribedherein.

Thesedocumentsshouldbe mailedordeliveredto:

URLIPPINCOTT,DST

c/oUnitedRealty(Attn:InvestorRelations)

60BroadStreet,34thFloor NewYork,NY10004
Phone:(212)388.6800

UponreceiptofthesignedPurchaserQuestionnaire,verificationofyourinvestmentqualifications,and acceptanceofyoursubscription,theManagerwillnotifyyouofreceiptandacceptanceofyoursubscription.The Manager reservesthe right,in itssolediscretion,to acceptorrejectasubscriptionfor anyreason whatsoever.

ImportantNote:ThepersonorentityactuallymakingthedecisiontopurchasetheInterestsshould completeandexecutethisPurchaserQuestionnaire.Forexample,retirementplansoftenholdcertainreal estate purchasesin trustfor their beneficiaries, butthebeneficiariesmaymaintain controland discretionover the real estate.Insuch asituation, the beneficiarywith controlmust completeand execute the Purchase AgreementandEscrowInstructions, this PurchaserQuestionnaireand theotheragreements listedabove (thisalsoapplies to trusts, custodialaccountsandsimilararrangements).

BENEFICIAL INTERESTS
IN

URLIPPINCOTT, DST

PURCHASER QUESTIONNAIRE

Toinducethe Managertoacceptthe PurchaseAgreement andasfurtherconsiderationforsuch acceptance, Iherebymakethefollowingrepresentations,warrantiesandacknowledgments,withthefullknowledgethatthe Manager willexpresslyrelythereoninmakingadecisionto acceptorrejectthePurchase Agreement:

1. Myprimarystateof residenceis:

2. Mydateofbirth is:

3. Ifanaturalperson,IherebyrepresentandwarrantthatIaman“accreditedinvestor”asdefinedinRegulationDpromulgatedunder theSecuritiesActof1933,asamended (initialas appropriate):

________(a)ThatIhave anindividualnetworth,orjointnetworthwithmyspouse,ofmore than$1,000,000*;or

________(b)ThatIhave individual incomeinexcessof$200,000orjoint incomewithmyspouseinexcessof$300,000, ineachofthetwo most recent yearsandIhave areasonableexpectationofreaching thesameincome levelin thecurrent year.

*Forpurposesofcalculatingyournetworth,“networth”meanstheexcessoftotalassets atfairmarketvalue(includingpersonal andrealproperty,butexcludingtheestimatedfairmarketvalueofaperson’sprimaryhome)overtotalliabilities.Totalliabilitiesexcludesanymortgageontheprimaryhomeinanamountofuptothehome’s estimated fairmarketvalueas longasthemortgagewasincurredmorethan60daysbeforetheInterestswerepurchased,butincludes(i)anymortgageamountinexcess ofthehome’sfairmarketvalue and (ii)anymortgageamountthatwasborrowedduringthe60-dayperiodbeforetheclosingdateforthesale ofInterestsforthepurposeof investingintheInterests.Inthe caseoffiduciary accounts, thenetworthand/orincome suitabilityrequirementsmustbesatisfiedbythebeneficiaryoftheaccount, orbythefiduciary,ifthefiduciarydirectlyorindirectlyprovidesfunds forthe purchase oftheInterests.

Ifotherthananaturalperson,suchentityrepresentsandwarrantsthat(checkasappropriate):

____itis an“accredited investor” asdefined inRegulation Dpromulgatedunder the SecuritiesAct of1933, asamended,which includes:

· anycorporation,Massachusettsorsimilarbusinesstrust,partnership,ororganizationdescribed inCodeSection501(c)(3),notformedforthespecificpurposeofacquiringInterests,withtotal assetsover$5,000,000;

· anytrust,withtotalassetsover$5,000,000,notformedforthespecificpurposeofacquiring Interestsandwhosepurchaseisdirectedbyapersonwho has suchknowledgeand experience infinancialandbusinessmattersthatheorsheiscapableof evaluatingthemeritsandrisksof an investmentintheInterestsasdescribed inRule506(b)(2)(ii)under theSecurities Act;

· anybroker-dealerregisteredunderSection15oftheSecuritiesExchangeActof1934,asamended;

· anyinvestmentcompanyregisteredundertheInvestmentCompanyActorabusinessdevelopmentcompany(asdefinedinSection2(a)(48)ofthe InvestmentCompanyAct);

· anysmallbusinessinvestmentcompanylicensedbythe SmallBusinessAdministration under Section301(c)or(d)ortheSmallBusinessInvestment Actof1958,asamended;

· anyemployeebenefitplanwithinthemeaningofERISA,iftheinvestmentdecisionismadeby aplanfiduciary (asdefined in Section3(21)of ERISA),whichis either abank,savingsand loan association,insurancecompany,or registeredinvestment advisor,or ifsuchemployeebenefitplanhas total assetsover$5,000,000or, if aself-directedplan,withinvestmentdecisionsmadesolelybypersonswhoareaccreditedinvestors;

· anyprivatebusinessdevelopmentcompany(asdefinedinSection202(a)(22)oftheInvestmentAdvisers Actof1940,asamended);

· anybankas definedinSection3(a)(2) oftheSecuritiesAct,anysavingsandloanassociationorotherinstitutionasdefinedinSection3(a)(5)(A)oftheSecuritiesActwhetheractinginits individualorfiduciarycapacity,orany insurancecompanyasdefinedinSection2(13)ofthe SecuritiesAct;

· anyplanestablishedandmaintainedbyastate,itspoliticalsubdivisions,oranyagencyor instrumentalityofastateor itspoliticalsubdivisions,for thebenefitofitsemployees, ifsuchplanhas totalassetsofmorethan$5,000,000;

· anyexecutiveofficeroftheManageror,ifapplicable,itsmanager;or,

· anyentityinwhichalloftheequityownersareaccreditedinvestors.

Furthermore,ifotherthananaturalperson,suchentityrepresentsandwarrantsthatitmeetstherequirementsoftheinitialedcategory:(INITIALANDCOMPLETETHEAPPLICABLECATEGORY)

_______(a)The entityispurchasingtheInterestswithfunds thatconstitute,directlyorindirectly, theassetsofa  BenefitPlanInvestor (definedbelow).Theentityhereby representsandwarrantsthat itsinvestmentin theTrust: (i)doesnotviolateandisnototherwiseinconsistentwiththetermsofany legaldocument constitutingorgoverning theemployeebenefitplan; (ii)hasbeendulyauthorized and approvedby allnecessaryparties;and (iii)isincompliancewithallapplicable laws.

_______(b)TheentityisnotpurchasingtheInterestswithfunds thatconstitute,directlyorindirectly,the assetsofa“BenefitPlan Investor” (definedbelow).

The term“BenefitPlanInvestor”means abenefitplaninvestorwithin themeaningofU.S. DepartmentofLaborRegulation29C.F.R. Section2510.3-101, whichincludes (i)anyemployeebenefitplan(asdefined inSection3(3)of ERISA),whetherornotsuchplanissubject toTitleIof ERISA(whichincludesboth U.S. and Non-U.S.plans,plansofgovernmental entitiesaswell asprivateemployers, churchplansand certainassetsheldin connection withnonqualifieddeferred compensationplans); (ii) anyplandescribed inCode Section4975(e)(1) (whichincludes a trustdescribed in CodeSection401(a) whichforms a part ofaplan, whichtrust or plan isexemptfrom taxunderCode Section501(a), aplandescribedinCode Section403(a), an individual retirement accountdescribedinCodeSections408(a)or408A,anindividual retirement annuitydescribedinCode Section408(b), amedicalsavings accountdescribed inCode Section220(d), and an education individual retirement accountdescribed inCode Section530); and (iii) anyentity whoseunderlying assets includeplanassetsby reasonof aplan’sinvestmentinthe entity(generallybecause25percent (25%)ormoreof a classof interests in theentityisownedbyplans).BenefitPlanInvestors also include thatportionof anyinsurance company’sgeneral account assetsthat are considered“plan assets”and the assetsof any insurance companyseparate accountorbank commonor collective trust inwhichplansinvest.100% ofaninvestor’s Interestswhoseunderlying assetsinclude“plan assets,”such as a fund investor,shallbe treated as“planassets”bytheTrusteesforpurposesofmeetingan exemptionunder theDepartmentofLabor regulation.

4. IhavesuchknowledgeandexperienceinfinancialandbusinessmattersthatIamcapableofevaluating themeritsandrisksofapurchaseoftheInterests.Thefollowingisadescriptionofmyexperienceinfinancialandbusinessmatters:

5. TitletotheIntereststobetakeninaccordancewiththeattachedvestinginstructions.

6. IacknowledgethatthesaleoftheInterestshasnotbeenaccompaniedbythepublicationofany advertisement,anygeneralsolicitation,or as thedirect resultofaninvestmentseminarsponsoredbythe Manageroranyofitsaffiliates.

7. THEINTERESTSHAVENOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,ASAMENDED,ORTHESECURITIESLAWS OFANYSTATESANDARE BEINGOFFEREDAND SOLDINRELIANCEON EXEMPTIONS FROMTHEREGISTRATIONREQUIREMENTSOFSAID ACTANDSUCHLAWS.THEINTERESTSARESUBJECTTORESTRICTIONSONTRANSFERABILITYANDRESALEANDMAYNOTBETRANSFERREDORRESOLDEXCEPT ASPERMITTED UNDER SAID ACTAND SUCH LAWSPURSUANTTOREGISTRATION OR EXEMPTIONTHEREFROM.THE INTERESTSHAVE NOTBEENAPPROVEDOR DISAPPROVEDBYTHE SECURITIESAND EXCHANGECOMMISSION,ANY STATE SECURITIESCOMMISSION OR OTHERREGULATORYAUTHORITY, NOR HAVEANYOFTHE FOREGOINGAUTHORITIESPASSED UPON OR ENDORSEDTHE MERITS OFTHIS OFFERING ORTHEACCURACYORADEQUACY OFTHE MEMORANDUM.ANYREPRESENTATIONTOTHECONTRARYISUNLAWFUL.

8. IhavereadtheMemorandum,andIhavespecificallyread,andspecificallyacknowledgeandagreeto thematterssetforth inthesection titled“FEDERALINCOMETAXCONSEQUENCES,”whichprovides, in relevantpart, thatbeforebuying anInterest, eachPurchasermust represent and warrant thathe:

(i)	has independently obtained advice from his legal counsel and/or accountant about any tax- deferred exchange under Code Section 1031 and applicable state laws, including, without limitation, whether the acquisition of an Interest may qualify as part of a tax-deferred exchange, and he is relying on such advice;
(ii)	understands that neither the Trust, the Sponsor nor any of their affiliates have obtained a ruling from the IRS that an Interest will be treated as an undivided interest in real estate, as opposed to a partnership;
(iii)	understands that the tax consequences of an investment in an Interest, especially the treatment of the transaction under Code Section 1031 and the related “1031 Exchange” rules, are complex and vary with the facts and circumstances of each individual Purchaser; and
(iv)	understands that the opinion of Tax Counsel is only Tax Counsel’s view of the anticipated tax treatment and there is no guarantee that the IRS will agree with such opinion.

Ifurtherspecificallyacknowledgeandagreeasfollows:

(i)	Except for the matters specifically addressed in the tax opinion attached as Exhibit C to the Memorandum, (and only concerning such matters), I am not relying on the Sponsor, the Manager or any of their Affiliates or agents, including their counsel, Tax Counsel, or accountants, or any member of the Selling Group for tax advice regarding the qualification of the Interests under Section 1031 of the Code or any other matter;
(ii)	Except for the matters specifically addressed in the tax opinion attached as Exhibit C to the Memorandum, (and only concerning such matters), which is based on numerous assumptions, I am not relying on any statements made in the Memorandum regarding the qualifications of the Interests under Section 1031 of the Code;
(iii)	I am aware that the IRS has issued Revenue Ruling 2004-86, 2004-2 C.B. 191 addressing Delaware Statutory Trusts, the Revenue Ruling is merely guidance and is not a “safe harbor” for taxpayers and, without the issuance of a private letter ruling on a specific offering, there is no assurance that the Interests will not be deemed a partnership interest for federal income tax purposes; and
(iv)	I shall, for federal income tax purposes, report the purchase of the Interest pursuant to the Purchase Agreement and Escrow Instructions as a purchase of a direct ownership interest in the Properties.

9. Iherebyagreetoindemnify,defendandholdharmlessUnitedRealtyFundsManagement,LLC,the Manager,theTrustandalloftheirmembers,managers,officers,affiliatesandadvisors,ofandfromany and alldamages, losses, liabilities, costs andexpenses (including attorneys’fees and costs)thattheymay incurby reasonofmyfailure tofulfill allofthe termsand conditionsof the associatedPurchase Agreementorby reasonof theuntruthor inaccuracyof anyofthe representations, warrantiesor agreements containedhereinorin anyotherdocuments Ihavefurnished toanyoftheforegoing in connection withthistransaction.Thisindemnificationincludes,but isnotlimited to, anydamages, losses,liabilities,costsandexpenses(includingreasonableattorneys’feesandcosts)incurredbyUnitedRealtyFundsManagement,L.L.C.,theManager, theTrustor anyoftheirmembers,managers,officers, affiliatesoradvisors,defendingagainstanyallegedviolationoffederalorstatesecuritieslaws whichisbaseduponor related to anyuntruthor inaccuracyofanyofthe representations, warrantiesor agreements containedhereinorinanyotherdocumentsIhavefurnished toanyoftheforegoinginconnectionwith this transaction.

10. InconnectionwiththisPurchaserQuestionnaire,aconsumerreportmayberequested.Uponmyrequest, Iwillbeinformedwhetherornotsuch areportwasrequested,and,ifso,thenameandaddressof the consumerreporting agencythatfurnishedthereport.Iherebyauthorizesuch reportsand verificationofmyemploymenthistory.

11. TotheextentIampurchasinganInterestinconnectionwithatax-deferredexchangeunderSection1031oftheCode,IagreetoprovidetheManager(includingitsrepresentativesandagents),uponrequest,anydocumentationrelating tomyidentificationof replacementpropertieswith respecttosuch tax-deferred exchange.

12. NeitherInoranysubsidiary,affiliate,owner,shareholder,partner,member,indemnitor,guarantoror relatedpersonorentity:

a. isaSanctionedPerson(asdefinedbelow);

b. hasmorethan15%ofitsassetsinSanctionedCountries(asdefinedbelow);or

c. derivesmorethan15%ofitsoperatingincomefrominvestmentsin,ortransactionswithSanctionedPersonsorSanctionedCountries.

Forpurposesoftheforegoing,a“SanctionedPerson”shallmean(a)apersonnamedonthelistof“speciallydesignatednationals”or“blockedpersons”maintainedbytheU.S.Officeof ForeignAssetsControl(“OFAC”)athttp://www.treasury.gov/resource-center/sanctions/SDNList/Pages/default.aspx,or asotherwisepublishedfrom time to time,or (b)(1) an agencyof thegovernmentof a SanctionedCountry, (2) anorganization controlledby a SanctionedCountry,or(3)a personresidentinaSanctionedCountry, totheextentsubject toasanctionsprogramadministeredby OFAC. A“SanctionedCountry”shallmean a countrysubject to asanctionsprogram identifiedonthe listmaintainedby OFACand available athttp://www.treasury.gov/resource- center/sanctions/Programs/Pages/Programs.aspx,or asotherwisepublishedfrom time totime.

*** ** **

A.	REGISTRATION	Please print the exact name of the purchaser:
	INFORMATION
B.	CONTACT	Please send all correspondence to the following:
	INFORMATION
		Contact Name:
		Mailing Address:
		Primary Phone:	Primary Fax:
		Additional Phone:
		Email Address:
C.	PAYMENTS	Please provide below the mailing address to which payments should be sent by theManager, if different from Section B above.
		Mailing Address:
		Attention:
RELEASE OF
INFORMATION		As your personal information and privacy are among our top priorities, United Realty Funds Management, LLC. does not release this information without your prior written consent. Please complete the authorization below by indicating which, if any, information may be released to all purchasers of Interests in this Offering.
		[BALANCE OF PAGE LEFT INTENTIONALLY BLANK]

EXECUTION	PleaseexecutethisPurchaser Questionnairebycompletingtheappropriatesectionbelow.
INDIVIDUAL	Ifthepurchaser isanINDIVIDUAL,pleasecomplete thefollowing:
	SignatureofInvestor	SignatureofJointOwner (ifapplicable)
	Name (Pleasetypeorprint)	NameofJointOwner (ifapplicable)
	SocialSecurityNumber	Social SecurityNumberofJointOwner (if applicable)
	StateofLegalResidence
CORPORATION	If thepurchaser isaCORPORATION, completethefollowing:
	Theundersignedhereby represents,warrantsandagreesthat (i)theundersignedhasbeendulyauthorizedbyallrequisite actiononthepartofthe corporation listedbelow (the “Corporation”) toacquire theInterests, (ii)theCorporationhasallrequisitepowerand authority toacquire theInterests, and(iii)theundersignedofficeroftheCorporationhas authorityunder theArticlesofIncorporation,Bylaws, andresolutionsoftheBoardof Directorsof theCorporationtoexecutethisPurchaser QuestionnaireandthePurchase AgreementandEscrow Instructions.Theundersignedofficerenclosesatruecopyof theArticlesofIncorporation, theBylawsand,asnecessary, the resolutionsoftheBoardofDirectorsauthorizing apurchaseofthe Interests,ineachcaseasamended todate.

NameofCorporation (Pleasetypeorprint)

By:

Name:  

Title: 

Federal Employer IDNumber

Stateof Formation

PARTNERSHIP

IfthepurchaserisaPARTNERSHIP,completethefollowing:

Theundersignedherebyrepresents,warrantsandagreesthat(i)theundersignedisageneralpartnerof thepartnershipnamedbelow (the“Partnership”), (ii)theundersignedgeneralpartnerhasbeenduly authorizedby thePartnership to acquire theInterestsand thegeneralpartnerhas all requisitepower and authorityto acquire the Interests, and (iii) theundersignedgeneralpartneris authorizedbythePartnership to execute thisPurchaser Questionnaire and thePurchase Agreementand Escrow Instructions.The undersignedgeneralpartnerenclosesatruecopyofthePartnershipAgreementofthePartnership,asamended todate,togetherwith acurrent and completelist of all partners and, as necessary, the resolutionsof the Partnershipauthorizing the purchaseof theInterests.

NameofPartnership (Pleasetypeorprint)
By:
Name:
Title:	General partner
Federal Employer IDNumber
Stateof Formation

TRUST

Ifthepurchaser isaTRUST, completethefollowing:

The undersignedherebyrepresents,warrantsandagreesthat(i)theundersignedtrusteeisdulyauthorizedbythetermsofthetrustinstrument(the“TrustInstrument”)fortheTrust (“Trust”)setforthbelowtoacquiretheInterests,(ii)theundersigned,astrustee,hasall requisitepowerandauthoritytoacquiretheInterestsfortheTrust,and(iii)theundersigned trustee isauthorizedbytheTrust to execute thisPurchaserQuestionnaire andthe Purchase AgreementandEscrow Instructions.Theundersignedtrusteeenclosesatruecopyof theTrustInstrumentofsaidTrust,asamended todate,and,as necessary, the resolutionsofthetrusteesauthorizing thepurchaseoftheInterests.

NameofTrust(Pleasetypeorprint)
By:
Name:
Title:	Trustee
Federal Employer IDNumber
Stateof Formation

HUSBANDAND
WIFE IfthepurchasersareHUSBANDANDWIFE,competethefollowing:

NameofSpouse(Pleasetypeorprint)

FederalIDNumber

NameofSpouse (Pleasetypeorprint)

Federal IDNumber

StateofResidence

LIMITED LIABILITY COMPANY

IfthepurchaserisaLIMITEDLIABILITYCOMPANY,complete thefollowing:

Theundersignedherebyrepresents,warrantsandagreesthat(i)theundersignediseither theauthorizedmanagerorauthorized representativeofthelimitedliability companynamedbelow(the“LLC”), (ii) theundersignedhasbeendulyauthorizedbytheLLCto acquire theInterestsandhasallrequisitepowerandauthority toacquiretheInterests,and(iii)theundersigned isauthorizedby the LLC to executethisPurchaserQuestionnaire andthePurchaseAgreementandEscrow Instructions.Theundersignedenclosesatrue copyof theArticlesofOrganization and theOperatingAgreementoftheLLC,asamended todate,together withacurrentandcompletelistofallmembersandmanagersand,as necessary, the resolutionsof theLLCauthorizing the purchaseof theInterests.

Nameof LLC(Pleasetypeorprint)

By:

Name: 

Title:     

Federal Employer IDNumber

Stateof Formation

BENEFITPLAN INVESTOR

Iftheprospectivepurchaser isaBENEFITPLANINVESTOR(asdefined inQuestion4,above), complete thefollowing:

Theundersignedhereby represents,warrants andagrees that:(i)theundersigned isduly authorizedbythe termsofthesuch investor’sgoverning instrument trustinstrument (the“GoverningInstrument”)fortheentity(“entity”)setforthbelow toacquiretheInterests; (ii) the entityhas all requisitepower andauthority to acquire the Interests; and (iii) the undersignedhasauthorityunder theGoverning Instrument to execute thisPurchaser Questionnaire andthePurchase Agreement.The undersigned encloses a true copyof the GoverningInstrumentofthe entity,asamended to date,and,as necessary,any resolutionsauthorizingthepurchaseoftheInterests.

Nameofentity (pleasetypeorprint)
By:	By:
Print Name:	Print Name:
Title:	Title:
Federal Employer IDNumber
Stateof Formation

VESTINGINSTRUCTIONS

OwnershipoftheInterestsistobevestedasfollows:

PleaseindicatevestingbymarkingtheappropriateboxandprintnamesexactlyastheyappearontheDeedof yourrelinquishedproperty.PLEASEREMEMBERTOSIGNWHEREINDICATEDATTHEBOTTOMOF THISPAGE.

•	ASingle Man	•	ASingleWoman (Singlemeansnevermarried)
•	AnUnmarried Man	•	AnUnmarriedWoman (Unmarriedmeansdivorced)
•	AWidower	•	AWidow

Complete Name:

•	Husband andWife asJointTenants	•	Husband andWife asCommunityProperty
•	AMarried (Man)(Woman) as(His)(Her)SoleandSeparateProperty(Bothspouses mustbelistedbelow)

NameofSpouse: NameofSpouse:

• AsJointTenants (JointTenantshave rightofsurvivorship)

• AsTenantsinCommon(TenantsinCommonmustsetfortheachperson’sundividedinterestpercentage)

JointTenantorTIC Name: JointTenantorTIC Name:

•	Trust	NameofTrust:
		DateofTrust:

ThisTrustis: • Revocable • Irrevocable

Trustee Name:	Trustee Name:
**Please attacha copyofyour trust agreement.

•	Corporation	•	Partnership
•	LimitedLiabilityCompany

Company Name: StateFormed:

GP/President/Manager:	TaxID#:
**Please attachcopiesofyourArticlesofIncorporation/Formation, LLC/partnershipagreement,and authorizing consents.

• BenefitPlanInvestor

Nameofentity:

By:

Print Name:

Title:

TaxID#:

StateFormed:

• Other

Signature (Purchaser) Signature (Purchaser)

1031 EXCHANGE INFORMATIONANDAUTHORIZATIONAGREEMENT

ProspectivePurchaser’sIntenttoExchange

If theundersignediscompletingatax-deferredexchangepursuanttoSection1031of theInternalRevenueCode inconnectionwithaninvestmentintheTrust,pleasecomplete thethispage.Theminimumequityinvestmentforaninvestoris$73,000 whichequalsa1 %Interest.Inaddition,forpurposesofdeterminingliabilitiesassumedin connectionwiththe investor’sSection1031 Exchange,each1% Interestwillhave a proratapercentage oftheLoanmadetotheTrustof$65,000.

Theundersigned’sexchangeinformationisasfollows:

Theproposedequity investmentamount is______________,ofwhich_____________is exchanged equity.

Cashtocomplete thisinvestmentwillbe availableon:_______________________________

Theundersignedhereby confirmsthattheacquisitionofInterests ispartofatax-deferred exchangepursuant toSection1031ofthe Internal RevenueCode,pursuant to anExchange AgreementbetweenBuyerand ____________________________ (the“Accommodator”)whose address, telephonenumber and contact person areasfollows(Pleasecomplete infull):

StreetAddress
City	State	ZipCode
Telephone No.	FaxNo.	E-mail
ContactPerson

AuthorizationofInquiry

SigningthisformauthorizestheTrustanditsauthorizedrepresentativestocontacttheAccommodatortoobtainandconfirmthefollowinginformation:

• Fundsavailableforexchange;

• Expirationdateof45-dayidentificationperiod;and

• Expirationdateof180-dayexchangeperiod.

TheTrustwillusethisinformationsolelyforthepurposeofapprovingtheundersigned’sinvestmentinthe Interestandestablishingtherequiredtimeperiodforcompletingtheexchange.

Pleaseindicatetheundersigned’sapprovalbyprintingtheundersigned’snameandsigningbelow.

Print Name:	Date:
Signature:

BENEFICIALINTERESTS
IN

URLIPPINCOTT, DST

BROKER-DEALERANDREGISTEREDREPRESENTATIVE REPRESENTATIONSANDWARRANTIES

StandardsofsuitabilityhavebeenestablishedbytheManagerandfullydisclosedinthesectionofthe Memorandumentitled“WHOMAYINVEST.”Prior to recommendingpurchaseoftheInterests,wehave reasonablegrounds tobelieve,on thebasisof informationsuppliedbythepurchaser concerninghisorherinvestmentobjectives,other investments,financialsituation andneeds, andotherpertinent informationthat: (i) thepurchasermeets thestandards establishedbythe Manager; (ii)thepurchaserhas anet worthandincomesufficient tosustainthe risks inherentin the Interests, including lossof theentire investment and lackof liquidity; and (iii) the Interests areotherwise asuitable investmentforthe purchaser.Wewillmaintaininourfilesdocumentsdisclosingthebasisuponwhichthesuitabilityof thispurchaser wasdetermined.

Weverifythattheabovesubscriptioneitherdoesnotinvolveadiscretionaryaccountor,ifso,thatthepurchaser’spriorwrittenapprovalwasobtainedrelatingtothe liquidityandmarketabilityoftheInterestsduringthe termofthepurchase.

Purchaser			Name
Broker/Dealer	Firm		Name
RegisteredRepresentative
		(PleasePrint)
RegisteredRepresentative’sBRANCHADDRESS,City,State,Zip

RegisteredRepresentativeCRD#_________________________________________________________________
BranchPhoneNumber ( )__________________-_______________________

E-mail address: _____________________________

IcertifythatIamregistered tosellsecuritiesinthestatein whichthis investor(s) reside(s). INITIAL____________Reg.Rep.

IcertifythatIamcurrentlylicensedwiththeFINRAandallnecessarystateregulatoryagenciestosellthesecuritywhichisthesubjectofthisdocument.

INITIAL____________Reg.Rep.

IcertifythatIhavenotparticipatedinanygeneralsolicitationoradvertisingoftheofferingofthissecurityandIhaveapre-existingrelationshipwiththisinvestor.

INITIAL____________Reg.Rep.

SignatureofRegisteredRepresentative (REQUIRED)

SignatureofBroker/DealerPrincipal(REQUIRED)

ADDENDUM A

UR LIPPINCOTT, DST

BAD ACTOR ADDENDUM

Theundersignedpurchaser(“Purchaser”),inconnectionwithPurchaser’spurchase(the“Purchase”)of InterestsinURLIPPINCOTT,DST(the“Trust”)datedasof,2015 (the“PurchaseDate”) and asamaterialinducementfortheTrusttoacceptsuchPurchase,hereby represents,warrantsandcovenantstotheTrustthefollowing.

1) RepresentationsandWarranties.

i) Purchaserhasnotbeenconvicted,withintenyearsbeforethePurchaseDate,ofanyfelonyormisdemeanor:

(a) Inconnection withthepurchaseorsaleofanysecurity;

(b) InvolvingthemakingofanyfalsefilingwiththeUnited States Securities ExchangeCommission(the“Commission”);or

(c) Arisingoutoftheconductofthebusinessofanunderwriter,broker,dealer,municipalsecuritiesdealer,investmentadviserorpaidsolicitorofpurchasersofsecurities;

ii) Purchaserisnotsubjecttoanyorder,judgmentordecreeofanycourtofcompetentjurisdiction,enteredwithinfiveyearsbeforethePurchaseDate,that,atsuchtime,restrainsorenjoinssuchpersonfrom engagingorcontinuingto engageinanyconductorpractice:

(a) Inconnection withthepurchaseorsaleofanysecurity;

(b) InvolvingthemakingofanyfalsefilingwiththeCommission;or

(c) Arisingoutoftheconductofthebusinessofanunderwriter,broker,dealer,municipalsecuritiesdealer,investmentadviserorpaidsolicitorofpurchasersofsecurities;

iii) Purchaserisnotsubjecttoafinalorderofastatesecuritiescommission(oranagencyorofficerofastateperforminglikefunctions);astateauthoritythatsupervisesorexaminesbanks,savings associations,or creditunions; astateinsurance commission(or an agencyorofficerof astateperforming like functions);anappropriatefederalbanking agency; theU.S.CommodityFuturesTradingCommission;or the NationalCredit Union Administrationthat:

(a) AsofthePurchaseDate,barsthePurchaserfrom:

1. Associationwithanentityregulatedbysuchcommission,authority,agency,orofficer;

2. Engaginginthebusinessofsecurities,insuranceorbanking;or

3. Engaginginsavingsassociationorcreditunionactivities;or

(b) Constitutesafinalorderbasedonaviolationofanylaworregulationthatprohibitsfraudulent,manipulative,ordeceptiveconductenteredwithinten yearsbeforethePurchaseDate;

iv) PurchaserisnotsubjecttoanorderoftheCommissionenteredpursuanttosection15(b)or15B(c)of theSecuritiesExchangeActof1934(15U.S.C.78o (b)or78 o-4(c))orsection203(e)or(f)ofthe Investment AdvisersActof1940(15U.S.C.80b-3(e)or (f)) that, asofthePurchase Date:

(a) SuspendsorrevokesPurchaser’sregistrationasabroker,dealer,municipalsecuritiesdealeror investmentadviser;

(b) Placeslimitationsontheactivities,functionsoroperationsofPurchaser;or

(c) BarsPurchaserfrombeingassociatedwithanyentityorfromparticipatingintheofferingof anypennystock;

v) Issubject to anyorder of the Commission enteredwithinfiveyearsbeforethe Purchase Date,asofthePurchaseDate,ordersPurchasertoceaseanddesistfromcommittingorcausingaviolationorfutureviolationof:

(a) Anyscienter-basedanti-fraudprovisionofthefederalsecuritieslaws,includingwithout limitationsection17(a)(1)oftheSecuritiesActof1933(15U.S.C.77q(a)(1)),section10(b)of theSecuritiesExchangeAct of1934(15 U.S.C.78j(b))and17CFR240.10b-5,section15(c)(1)of the Securities ExchangeAct of1934(15 U.S.C.78o (c)(1)) andsection206(1)of the InvestmentAdvisersActof1940(15 U.S.C.80b-6(1)),or anyother ruleorregulation thereunder;or

(b) Section5oftheSecuritiesActof1933(15U.S.C.77e).

vi) Purchaserisnotsuspendedorexpelledfrommembershipin,orsuspendedorbarredfromassociationwithamemberof,aregisterednationalsecuritiesexchangeoraregisterednationaloraffiliatedsecurities associationfor any actoromission to act constitutingconduct inconsistentwithjust and equitableprinciplesof trade;

vii) Purchaserhasnotfiled(asaregistrantorissuer),or wasnotnamedasanunderwriterin,anyregistrationstatementorRegulationAofferingstatementfiledwiththeCommissionthat,withinfiveyearsbefore the Purchase Date,wasthe subjectofarefusal order,stoporder,or ordersuspendingtheRegulationA exemption,or is, asof thePurchase Date, thesubjectof an investigationorproceeding todeterminewhether astoporderorsuspensionordershouldbe issued;or

viii) Purchaser isnot subject to aUnited StatesPostalServicefalse representationorderenteredwithinfiveyearsbeforethePurchaseDate,oris,asofthePurchaseDate,subjecttoatemporaryrestrainingorderorpreliminaryinjunctionwithrespecttoconductallegedbytheUnitedStatesPostalServicetoconstitute aschemeordeviceforobtainingmoneyorproperty throughthemailby meansoffalserepresentations.

2) Covenants.

i) PurchasershallimmediatelynotifytheTrustinwritingifPurchaserbecomessubjecttoanyoftheeventssetforthinSection1ofthisBadActorAddendum(a“DisqualificationEvent”)followingthePurchase Date.Suchnoticeshallbe referredtoasa“BadActNotice” andshallsetforth insufficientdetailthenatureoftheDisqualificationEvent towhichPurchaserhasbecomesubject andthedateofthe DisqualificationEvent’soccurrence(the“DisqualificationNotice”).

ii) ConcurrentlywithPurchaser’sexecutionanddeliveryofthisBadActorAddendum,Purchaser’sshall executeanddelivertotheTrustanIrrevocableProxy,intheformattachedtothis AddendumasExhibit A (the “Proxy”),grantingURLIPPINCOTT DSTManager,LLC(the“Manager”)therighttovote,inmannerasdeterminedbytheManagerinitssole discretion,all InterestsintheTrustheldbyPurchaseron allmatters requiring actionbyholdersof Interestsinthe Trust.TheProxyshall automaticallybecome effective asofthedateofanyDisqualificationEventandshall cease tobe effective asofthedate thePurchaser ceases tobesubject to any DisqualificationEvent, asdeterminedingoodfaithby the Manager.

iii) Purchaseragreestoexecute,make,acknowledgeanddeliversuchotherinstruments,agreementsanddocumentsas mayberequiredtofulfillthepurposesofthisBad ActorAddendumandtheProxy.

[REMAINDEROFPAGELEFTINTENTIONALLYBLANK]

IN WITNESS WHEREOF, theundersignedPurchaserhasexecutedthisBadActorAddendum asof  __________________,2015.

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AcceptedBy:

URLIPPINCOTTDST,

aDelawarestatutorytrust

By:URLIPPINCOTTManager,LLC,

a Delaware limitedliabilitycompany

Its:          Manager

By:

Name:

Its:

EXHIBIT A

TOBADACTORADDENDUM

URLIPPINCOTT,DST

IRREVOCABLEPROXY

TheundersignedPurchaser (the“Purchaser”)ofClass 1beneficial interestsinURLIPPINCOTT, DST,aDelawarestatutory trust(the“Trust”), irrevocablyauthorizesUR LIPPINCOTT MANAGER, LLC(the “Manager”) toactashisorherproxyandtorepresentandvoteallofPurchaser’sClass 1beneficial interestsintheTrust(“Interests”) at anymeetingoftheholdersofInterests intheTrust,orin respectof any actiontakenbytheholdersofInterestsintheTrustwithout ameetingduringtheEffectivePeriod(asdefinedbelow)ofthis irrevocableproxy tothesame extent andwiththesameeffectasthePurchasermightorcoulddounder theTrustAgreementdatedasof[______],2015 asmaybeamended, andany applicablelawsorregulationsgoverningtherightsorpowersofaholderofaninterestina Delawarestatutory trust.Thisproxy isirrevocable andshallbeeffectiveforanymatterbroughtbefore ameetingorsetforth inawritten consentof theholdersofInterests in theTrust.Thisproxyshall becomeeffective asof thedate (the“EffectiveDate”)of any Disqualification Event, assuch termdefined inthatcertainBadActorAddendumdated asof________,20___betweenthePurchaser andtheTrust (the“Addendum”),andshall terminateasofthedate (the “Termination Date”)thatthe Managerdetermines,ingoodfaith,that thePurchaser isnolongersubject toany Disqualification Event.Theperiodbeginningonthe EffectiveDateandendingon theTermination Dateis referred to in thisirrevocableproxy asthe“EffectivePeriod”.

TheundersignedPurchaserhereby affirmsthatthisirrevocableproxy isgiven asaconditionofthePurchase AgreementbetweenthePurchaser andthe Trustdated__________,2015 andassuch iscoupled withaninterestthat is irrevocable.

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BENEFICIALINTERESTS
IN

URLIPPINCOTT, DST

REALESTATEBROKER
REPRESENTATIONSANDWARRANTIES

StandardsofsuitabilityhavebeenestablishedbytheManagerandfullydisclosedinthesectionofthe Memorandumentitled“WHOMAYINVEST.”Prior to recommendingpurchaseoftheInterests,wehave reasonablegrounds tobelieve,on thebasisof informationsuppliedby thepurchaser concerninghisorherinvestmentobjectives,other investments,financialsituation andneeds, andotherpertinent informationthat: (i) thepurchasermeets thestandards establishedbythe Manager; (ii)thepurchaserhas anet worthandincomesufficient tosustainthe risks inherentin the Interests, including lossof theentire investment and lackof liquidity; and (iii) the Interests areotherwise asuitableinvestmentforthe purchaser.Wewillmaintainin our filesdocumentsdisclosingthebasisuponwhichthesuitabilityof thispurchaser wasdetermined.

Weverifythattheabovesubscriptioneitherdoesnotinvolveadiscretionaryaccountor,ifso,thatthepurchaser’spriorwrittenapprovalwasobtainedrelatingtothe liquidityandmarketabilityoftheInterestsduringthe termofthepurchase.

Purchaser Name
Broker FirmName
RealEstateBroker
	(PleasePrint)
Broker’sCity, State,Zip

RealEstateBroker’s ID#(Ifapplicable) ______________________________________________________________
BrokerPhone Number ( )________________-____________________

E-mail address: ___________________________

IcertifythatIamlicensedtosellrealestateinthestateinwhichthisinvestor(s)reside(s). INITIAL_________Broker.

SignatureofRealEstateBroker(REQUIRED)

ADDENDUMA

URLIPPINCOTT,DST

BADACTORADDENDUM

Theundersignedpurchaser(“Purchaser”),inconnectionwithPurchaser’spurchase(the“Purchase”)of InterestsinURLIPPINCOTT,DST(the“Trust”)datedasof________,2015 (the“PurchaseDate”) and asamaterialinducementfortheTrusttoacceptsuchPurchase,hereby represents,warrantsandcovenantstotheTrustthefollowing.

3) RepresentationsandWarranties.

i) Purchaserhasnotbeenconvicted,withintenyearsbeforethePurchaseDate,ofanyfelonyormisdemeanor:

(a) Inconnection withthepurchaseorsaleofanysecurity;

(b) InvolvingthemakingofanyfalsefilingwiththeUnited States Securities ExchangeCommission(the“Commission”);or

(c) Arisingoutoftheconductofthebusinessofanunderwriter,broker,dealer,municipalsecuritiesdealer,investmentadviserorpaidsolicitorofpurchasersofsecurities;

ii) Purchaserisnotsubjecttoanyorder,judgmentordecreeofanycourtofcompetentjurisdiction,enteredwithinfiveyearsbeforethePurchaseDate,that,atsuchtime,restrainsorenjoinssuchpersonfrom engagingorcontinuingto engageinany conductorpractice:

(a) Inconnection withthepurchaseorsaleofanysecurity;

(b) InvolvingthemakingofanyfalsefilingwiththeCommission;or

(c) Arisingoutoftheconductofthebusinessofanunderwriter,broker,dealer,municipalsecuritiesdealer,investmentadviserorpaidsolicitorofpurchasersofsecurities;

iii) Purchaserisnotsubjecttoafinalorderofastatesecuritiescommission(oranagencyorofficerofastateperforminglikefunctions);astateauthoritythatsupervisesorexaminesbanks,savings associations,or creditunions; astate insurance commission(or an agencyorofficerof astateperforming like functions);anappropriatefederalbanking agency; theU.S.CommodityFuturesTradingCommission;or the NationalCredit Union Administrationthat:

(a) AsofthePurchaseDate,barsthePurchaserfrom:

1. Associationwithanentityregulatedbysuchcommission,authority,agency,orofficer;

2. Engaginginthebusinessofsecurities,insuranceorbanking;or

3. Engaginginsavingsassociationorcreditunionactivities;or

(b) Constitutesafinalorderbasedonaviolationofanylaworregulationthatprohibitsfraudulent,manipulative,ordeceptiveconductenteredwithinten yearsbeforethePurchaseDate;

iv) PurchaserisnotsubjecttoanorderoftheCommissionenteredpursuanttosection15(b)or15B(c)of theSecuritiesExchangeActof1934(15U.S.C.78o(b)or78o-4(c))orsection203(e)or (f)ofthe Investment AdvisersActof1940(15U.S.C.80b-3(e)or (f)) that, asofthePurchase Date:

(a) SuspendsorrevokesPurchaser’sregistrationasabroker,dealer,municipalsecuritiesdealeror investmentadviser;

(b) Placeslimitationsontheactivities,functionsoroperationsofPurchaser;or

(c) BarsPurchaserfrombeingassociatedwithanyentityorfromparticipatingintheofferingof anypennystock;

v) Issubject to anyorder of the Commission enteredwithinfiveyears beforethe Purchase Date,asofthePurchaseDate,ordersPurchasertoceaseanddesistfromcommittingorcausingaviolationorfutureviolationof:

(a) Anyscienter-basedanti-fraudprovisionofthefederalsecuritieslaws,includingwithout limitationsection17(a)(1)oftheSecuritiesActof1933(15U.S.C.77q(a)(1)),section10(b)of theSecuritiesExchangeAct of1934(15U.S.C.78j(b))and17CFR240.10b-5,section15(c)(1)of the Securities ExchangeAct of1934(15 U.S.C.78o (c)(1)) andsection206(1)of the InvestmentAdvisersActof1940(15 U.S.C.80b-6(1)),or anyother ruleorregulation thereunder;or

(b) Section5oftheSecuritiesActof1933(15U.S.C.77e).

vi) Purchaserisnotsuspendedorexpelledfrommembershipin,orsuspendedorbarredfromassociationwithamemberof,aregisterednationalsecuritiesexchangeoraregisterednationaloraffiliatedsecurities associationfor any actoromission to act constitutingconduct inconsistentwithjust and equitableprinciplesof trade;

vii) Purchaserhasnotfiled(asaregistrantorissuer),or wasnotnamedasanunderwriterin,anyregistrationstatementorRegulationAofferingstatementfiledwiththeCommissionthat,withinfiveyearsbefore the PurchaseDate,wasthe subjectofarefusal order,stoporder,or ordersuspendingtheRegulationA exemption,or is, asof thePurchase Date, thesubjectof an investigationorproceeding todetermine whether astoporderorsuspensionordershouldbe issued;or

viii) Purchaser isnot subject to aUnitedStatesPostalServicefalse representationorderenteredwithinfiveyearsbeforethePurchaseDate,oris,asofthePurchaseDate,subjecttoatemporary restrainingorderorpreliminaryinjunctionwithrespecttoconductallegedbytheUnitedStatesPostalServicetoconstitute aschemeordeviceforobtainingmoneyorproperty throughthemailby meansoffalserepresentations.

4) Covenants.

i) PurchasershallimmediatelynotifytheTrustinwritingifPurchaserbecomessubjecttoanyoftheeventssetforthinSection1ofthisBadActorAddendum(a“DisqualificationEvent”)followingthePurchase Date.Suchnoticeshallbe referredtoasa“BadActNotice” andshallsetforth insufficientdetail thenatureoftheDisqualificationEvent towhichPurchaserhasbecomesubject andthedateofthe DisqualificationEvent’soccurrence(the“DisqualificationNotice”).

ii) ConcurrentlywithPurchaser’sexecutionanddeliveryofthisBadActorAddendum,Purchaser’sshall executeanddelivertotheTrustanIrrevocableProxy,intheformattachedtothis AddendumasExhibit A (the “Proxy”),grantingURLIPPINCOTTDSTManager,LLC(the“Manager”)therighttovote,inmannerasdeterminedbytheManagerinitssole discretion,all InterestsintheTrustheld byPurchaseron allmatters requiring actionbyholdersof Interestsinthe Trust.TheProxyshall automaticallybecome effectiveasofthedateofanyDisqualificationEventandshallceasetobeeffective asofthedate thePurchaser ceases tobesubject to any DisqualificationEvent, asdeterminedingoodfaithby the Manager.

iii) Purchaseragreestoexecute,make,acknowledgeanddeliversuchotherinstruments,agreementsanddocumentsas mayberequiredtofulfillthepurposesofthisBad ActorAddendumandtheProxy.

[REMAINDEROFPAGELEFTINTENTIONALLYBLANK]

IN WITNESS WHEREOF, theundersignedPurchaserhasexecutedthisBadActorAddendum asof __________________ ,2015.

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AcceptedBy:

URLIPPINCOTTDST,

aDelawarestatutorytrust

By:URLIPPINCOTTManager,LLC,

aDelawarelimitedliabilitycompany

Its:          Manager

By:

Name:

Its:

EXHIBIT A 

TOBADACTORADDENDUM

URLIPPINCOTT,DST

IRREVOCABLEPROXY

TheundersignedPurchaser (the“Purchaser”)ofClass 1beneficial interestsinURLIPPINCOTT, DST,aDelawarestatutory trust(the“Trust”), irrevocablyauthorizesUR LIPPINCOTT MANAGER, LLC(the“Manager”) toactashisorherproxyandtorepresentandvoteallofPurchaser’sClass 1 beneficial interestsintheTrust(“Interests”) at anymeetingoftheholdersofInterests intheTrust,orin respectof any actiontakenbytheholdersofInterestsintheTrustwithout ameetingduringtheEffectivePeriod(asdefinedbelow)ofthis irrevocableproxy tothesame extent andwith thesame effect as thePurchasermightor coulddounder theTrustAgreementdated asof_____________,2015 asmaybeamended, and anyapplicable lawsor regulationsgoverningthe rightsorpowersofaholderofan interestinaDelawarestatutory trust.Thisproxyisirrevocable and shallbeeffectiveforanymatterbroughtbefore ameetingor setforthinawrittenconsentoftheholdersofInterestsintheTrust.Thisproxyshallbecomeeffectiveasof thedate (the“Effective Date”)of any Disqualification Event, assuch termdefined in that certainBadActorAddendumdatedasof________,20______between thePurchaser and theTrust (the“Addendum”), andshall terminate asofthedate (the“Termination Date”)thatthe Managerdetermines, ingoodfaith,thatthePurchaser isnolongersubject to any Disqualification Event.Theperiodbeginningon theEffective Dateand endingon theTermination Date isreferred tointhis irrevocableproxyasthe “EffectivePeriod”.

TheundersignedPurchaserhereby affirmsthatthisirrevocableproxy isgiven asaconditionofthePurchase AgreementbetweenthePurchaser and theTrustdated__________,2015 andassuchis coupled withaninterestthat is irrevocable.

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EXHIBIT B

URLIPPINCOTT, DST

PURCHASEAGREEMENT

(ATTACHED)

PURCHASEAGREEMENT

THIS PURCHASEAGREEMENT(“Agreement”)ismadeandeffectiveasofthedateSellerexecutesthis Agreement(“EffectiveDate”),byandbetween URLippincott,DST,aDelawarestatutorytrust(“Seller”),and theundersignedbuyer (“Buyer”),with reference to thefactssetforthbelow.All termswith initialcapital lettersnototherwisedefinedhereinshallhavethe meaningssetforthin theMemorandum (asdefinedbelow).

RECITALS

A. URLippincottManager,LLC(“Manager”),andVCORPTrustServices,LLC(“Trustee”)have enteredintotheTrustAgreementoftheSeller(the“TrustAgreement”).

B. UnitedRealtyFundsManagement,LLC(the“Sponsor”)issponsoringthe offeringofClass 1beneficialinterestsinSeller(“Interests”)topurchaserswhowillbecomebeneficialowners (“BeneficialOwners”)inSeller.

C. Sellerdesires tosellandBuyerdesirestobuyInterestsonthetermsandconditionssetforthin thisAgreement.TheInterestsarebeingofferedforsalepursuant totheConfidentialPrivatePlacement MemorandumdatedApril,2015 (togetherwith anyamendments andsupplements thereto, the“Memorandum”).

D. Seller is the purchaser of a 53,100 square foot, single tenant office building located at 402 & 404 Lippincott Drive, Marlton, New Jersey (the “Property”).

E. ThePropertywillbesubjecttotheLoanDocuments.

NOW,THEREFORE,inconsiderationofthecovenantsandmutualagreementssetforthhereinandforothervaluableconsideration,thereceiptandsufficiencyofwhichareherebyacknowledged,thepartiesagreeassetforthbelow.

1.    AgreementofPurchaseandSale.

1.1.Purchase, Sale and Purchase Price. Seller hereby agrees to sell, and Buyer hereby agrees to purchase, $ ___________ worth of Interest (the “Purchased Interest”) for a total purchase price (“Purchase Price”) equal to the Cash portion and the Debt Portion for each one percent (1% ) Interest to be acquired, which shall be allocated $73,000incash(foreach1%ownership interestintheSellerpurchased) (the“CashPortion”)andonepercent (1%)ofthetotalLoandebt(foreach1%ownership interestinthe Sellerpurchased)(the“Debt Portion”).ThePurchasePriceshall includethecompensation andfeespayable toSellerand its affiliatesassetforthintheMemorandum. Sellerhas accepted aLoanofferedbyLender to the Seller.TheLoanshallbeintheamountof$6,500,000, representing $65,000ofloandebtper1%interest.

1.2. Payment.BuyershallpaytheCashPortionofthePurchasePriceasfollows:

1.2.1. Purchase Price.Theexecutionanddeliveryofthis Agreementshallbedeemed toconstituteBuyer’soffertopurchase thePurchased Interestandshall constitute theBuyer’s confirmationofitscapacitytofundtheentiretyoftheCashPortionof itsPurchasePrice. UponSeller’s acceptanceoftheofferand writtendemand toclose, the Buyershalldeliverto Seller(eitherdirectlyor indirectlythroughBuyer’s Accommodator identifiedon thePurchaser Questionnaire (“Accommodator”))by wireorby checkpayable to“URLippincott, DST” or anothermutuallyagreed upon escrowparty,as applicable (“Escrow Agent”) the fullamountof theCashPortion, tobe receivedby Seller at leasttwo (2)Business Daysprior to theClosing, to commence theclosingofthesaleofthePurchased Interest.

1.3. Buyer's Deliveries.Concurrentlywith delivery oftheCash Portion, Buyer shall execute, acknowledge(where appropriate) and deliver toSeller:(i) anexecutedsignature pageorjoinder to theTrust Agreement and (ii)such otherdocuments asmay reasonably be requested bySeller and/or Escrow Agent.TheTrust Agreement (including allexecutedsignature pagesthereto) shallnotbeeffectiveuntil theClosing Date.

1.4.Buyer’sIntent toExchange.IfBuyer’s acquisitionispartofatax-deferred exchangepursuant toSection1031of the InternalRevenueCodeof1986, asamended (“Code Section1031”), it isa conditionprecedent to the closingofthepurchaseandsaleofthePurchasedInterest (the“Closing”)thatBuyer is able to completean exchangefor allor aportionof its relinquishedpropertypursuant to an exchangeagreementbetweenBuyer and___________________________(“Accommodator”). Seller agrees to executesuchdocumentsor instruments asmaybenecessaryorappropriate to evidencesuch exchange,provided thatSeller’s cooperation insuch regardshallbe atnoadditional cost, expenseor liability whatsoever to Seller, and thatno additionaldelaysin theClosing areincurredunlessmutuallyagreeduponbyBuyer and Seller.Buyermayassignits rightsunder this Agreement toAccommodatorpursuant to an Exchange AgreementbetweenBuyer and Accommodator to effectsuch exchange.

1.5.Advisors.Buyerhasconsultedwitha qualifiedattorneyorotherknowledgeableprofessional astothetaxandrealestateissuesassociatedwithapurchaseofanInterest.

2. Closing.

2.1.Cash Portion.CashPortion. At least two(2) Business DayspriortotheClosing, tocommencetheClosing,Buyershalldeliver theCashPortiontotheEscrow Agentand,uponSeller’sdemandinorder toclose, the Escrow AgentshalldeliverBuyer’sCashPortiontoSeller. Sellershallprovide escrow instructions to the Escrow Agent consistent withthe termsofthis Agreementand,pendingtheClosing,theBuyer and Sellershallexecute additionalescrowinstructionsnotinconsistent with theterms of thisAgreementif reasonably requiredby Escrow Agentor the Accommodator.

2.2.Seller’sDeliveries.Prior totheClosing, Sellershalldeposit intoEscrow applicable certificates regardingfederal andstatewithholding taxesand executeothercustomarydocuments inthe appropriateform conveyingthePurchased Interest toBuyer asoftheClosing.

2.3.ClosingDate.ClosingshalloccuronadatespecifiedbySeller(the“ClosingDate”),bydeliveringfundsanddocumentsassetforthinSection4IFANDONLYIFallfundsandinstruments requiredpursuantto Sections 1and2have beendeliveredtoSellerorEscrowAgent,asthecasemaybe.SellerisinstructedtoinserttheClosingDateastheclosingdateoftheotherTransactionDocuments.

2.4.LatestClosing.IftheClosinghasnotoccurredby5:00p.m. ontheBusinessDayaftertheClosing Date,foranyreasonotherthanthedefaultofeitherBuyerorSellerunderthisAgreement, eitherpartymayterminate thisAgreement bywrittennoticetotheotherpartyandtoEscrowAgent.IfthisAgreementissoterminatedforany reasonotherthanthedefaultofBuyerorSellerhereunder,(i)BuyerandSellershallpromptlyexecuteanddeliverany cancellation instructionsreasonablyrequestedbyEscrowAgent;(ii)EscrowAgentshall returntheCashPortiontoBuyerorBuyer’sAccommodator, as the casemaybe;and (iii)Buyer and Sellershallbereleasedfromtheirobligationsunder thisAgreement,other than anyobligationsofBuyerthatsurvive terminationofthis Agreement. If all conditions totheClosinghavebeen satisfiedorwaivedbytheClosing Dateand Buyerfailsto consummatethe purchase ofthePurchased Interest,in addition toanyother rightsorremedies that Sellermayhave,Sellershallbeentitled toterminate thisAgreementand,uponsuchtermination,Sellershallbereleasedfromall obligationsunderthisAgreement.

3.ClosingCancellation.IfClosingfailstooccurduetoBuyer’sdefaultunderthisAgreement,Buyershallpay allescrowcancellationcharges.IfClosingfailstooccurforanyother reasonotherthantheforegoing,Sellershallpay any cancellationcharges.

4. DistributionofFundsandDocuments.

4.1.Deposit ofFunds.Allcash receivedhereunderbyEscrow Agentshall,untiltheClosing,bekeptondepositwithotherfunds inEscrow Agent’sgeneral account(s), inanystateornationalbank,andmaybetransferred toanyothersuchgeneral account(s).

4.2.Disbursements.EscrowAgentattheClosingwillholdforpersonalpickup,orifrequested,wire transfertoanaccountdesignatedbythepartyreceivingsuchfunds,thefollowing:(i)toSeller,ororder,theCashPortion,plusanyprorationorothercreditstowhichSellerwillbeentitledlessanyappropriateprorationorother chargesdueBuyer,and (ii)toBuyerorBuyer’sAccommodator,asthecasemaybe,ororder,theCashPortionand anyexcessfundspreviouslydelivered toEscrow AgentbyBuyer.AllotherdisbursementsbyEscrowAgentshallbemadeby checksofEscrow Agentinaccordancewiththe EscrowAgreement.

5.Seller’sRepresentations andWarranties. Sellerhereby representsandwarrants toBuyer asoftheEffective Dateandthe Closing Datethat:

5.1.ThisAgreementhasbeendulyauthorized,executedanddeliveredbySeller.

5.2.ThisAgreementconstituteslegal,validandbindingagreementsenforceableagainstSellerin accordancewithitsterms,exceptassuchenforceabilitymaybelimitedbytheeffectof(i)bankruptcy, insolvency, reorganization, receivership, conservatorship,moratoriumorothersimilardebtor relief lawsfrom time to time in effectunderstateorfederallaw;(ii)generalprinciplesofequity,whetherconsideredinaproceeding inequityorat law;(iii)theexerciseofthediscretionarypowersofanycourtorotherauthoritybeforewhichmaybebroughtanyproceedingseekingequitableremedies, including, withoutlimitation,specificperformance and injunctive relief, (iv) applicablefraudulentconveyancelawsfrom timetotimeineffect;and(v)publicpolicyconsiderationsunderlying thesecurities laws, to the extent thatsuchpublicpolicy considerations limit the enforceabilityof theprovisionsof this Agreementthatpurportorare construedtoprovideindemnificationfromsecurities law liabilities.

5.3.TheexecutionanddeliverybySellerofthisAgreementandthesaleofthePurchasedInterestshereunder,andthefulfillmentofandcompliancewiththerespectivetermshereofandthereofbySeller,donotandshallnot (1) conflictwithor resultin abreachof the terms, conditions,orprovisionsof, (2) constitute amaterialdefaultunder, (3) result in thecreationofany lienorencumbranceupon Seller’s assetspursuant to, (4)giveany thirdpartytherighttomodify,terminate,oraccelerateanyobligationunder,(5) resultinaviolationof,or(6)require any authorization,consent,approval,exemption,orotheractionbyor noticeordeclaration to,orfilingwithany courtor administrativeorgovernmentalbodyor agencypursuant to,theorganizationaldocumentsof Seller,or any law,statute, ruleor regulation,order,judgmentordecree to whichSeller issubject,or anymaterialagreementor instrument towhich Seller issubject.

5.4.OnandaftertheClosingDate,Sellershall,forfederalincometaxpurposes,treatSellerasan investmenttrustpursuanttoRegulationSection301.7701-4(c)andeachBeneficialOwner asa“grantor” withinthemeaningofCode Section671. Seller agrees to reportDepositor’sandBuyer’sinterestin Seller in amannerconsistentwiththeforegoingandotherwisenottotakeanyaction thatwouldbeinconsistentwiththeforegoing.Accordingly, theDepositorandSellershall,forfederalincometaxpurposes,reportthesaleofthePurchasedInteresttotheBuyerpursuanttothisAgreementasasale toBuyerofadirectownershipinterestintheProperty.

6. BuyerRepresentationsandWarranties.TheBuyer,asoftheEffectiveDateandtheClosingDate:

6.1.Representsandwarrants thattheundersigned: (i)understands andisawarethatthere aresubstantialuncertainties regardingthetreatmentoftheundersigned’sPurchased Interestasaninterestinrealpropertyforfederal income taxpurposesandhas readtheentireMemorandum and fullyunderstands that thereis a riskthattheundersigned’s Interestwillnotbe treated as an interest in realpropertyforfederal income taxpurposes; (ii)has independentlyobtained advicefrom its legal counsel and/or accountant regarding any taxdeferred exchangeunderCode Section1031, including,without limitation,whether the acquisitionof theundersigned’sPurchased Interestpursuant to this Agreementmayqualifyaspartof a tax-deferred exchange,andtheundersigned is relyingonsuch advice andnoton theopinionof counselissued to Seller; (iii) isaware that theIRShasissuedRev.Rul.2004-86specifically addressingDelaware StatutoryTrusts, theRevenueRuling ismerelyguidance and isnot a “safeharbor”for taxpayersorsponsors, and, without the issuanceof aPrivateLetterRulingon aspecificoffering, there isno assurance thattheundersigned’s Interestwillnotbepartnership interestsforfederal income taxpurposes; (iv)understandsthatneither Depositor, Sellernor the Sponsorhasobtained, andwillnot request, a rulingfromthe IRS thattheundersigned’sInterest willbe treated as anundivided interestin realproperty asopposedto an interestin apartnership;(v)understandsthatthe taxconsequencesofaninvestmentintheundersigned’sInterest,especiallythe treatmentof the transactiondescribedhereinunderCode Section1031 and the related rules,arecomplex andvarywiththefacts and circumstancesof eachindividualBuyer; (vi)understandsthat,notwithstandingtheopinionofspecial taxcounsel issued to SellerstatingthatanInterestpurchased inthisoffering“should”beconsidered arealproperty interestandnotapartnership interestforfederal income taxpurposes,no assurance canbegiven that theIRSwill agreewiththisopinion; and(vii)shall,forfederalincome taxpurposes, reportthepurchaseof thePurchased Interestbytheundersignedpursuanttothis Agreement asapurchasebytheundersignedofadirectownership interestintheProperty.

6.2.Acknowledgesthattheundersigned(i)hasreceivedandreviewedthe MemorandumandtheTrust Agreement;and(ii)isfamiliarwithandunderstandseachoftheforegoingincluding,withoutlimitation,the“Risk Factors”setforthintheMemorandum.

6.3.Representsandwarrantsthattheundersigned,indeterminingtopurchaseanInterest,hasreliedsolelyupontheMemorandum(includingtheexhibitstheretoandotherdocuments incorporatedby referencetherein) and the adviceoftheundersigned’sindependent legal counsel and accountantsorotherfinancial advisorswith respect tothetaxandotherconsequencesinvolvedinpurchasing Interests.

6.4.AcknowledgesthatthePurchasedInterestbeingacquiredwillbegovernedbythetermsand conditionsoftheTrust Agreement, andunder certain circumstancesby the limited liability companyoperating agreement contemplatedbytheTrustAgreement,bothofwhichtheundersigned acceptsandbywhich theundersigned agreesby executionhereof tobelegallybound.

6.5.Representsandwarrantsthattheundersignedeither(i)isanaccreditedinvestor,or(ii)ispurchasing inafiduciarycapacityforapersonmeetingsuchcondition.

6.6.RepresentsandwarrantsthatthePurchasedInterestbeingacquiredwillbeacquiredfortheundersigned’sownaccountwithoutaviewtopublicdistributionor resaleandthattheundersignedhasnocontract,undertaking,agreementor arrangement tosellorotherwisetransferordisposeof anyInterestsor anyportion thereof to anyotherPerson.

6.7.Represents andwarrants thatthe undersigned(i)canbeartheeconomicriskofthe purchase ofthePurchasedInterestincludingthetotallossoftheundersigned’sinvestment;and(ii)hassuchknowledgeandexperience inbusinessandfinancialmatters,includingtheanalysisoforparticipationinofferingsofprivatelyissued securities, astobecapableofevaluating themeritsandrisksofpurchasingInterests,orthattheundersignedisbeingadvisedbyothers (acknowledged bytheundersignedas beingthe“BuyerRepresentative(s)”of theundersigned)suchthatthey andtheundersignedtogetherarecapableofmakingsuch evaluation.

6.8.Understandsthattheundersignedwillberequiredtoprovidecurrentfinancialandotherinformation totheTrusttoenableittodeterminewhetherthe undersignedisqualifiedtopurchasethePurchasedInterest.

6.9.UnderstandsthatthePurchasedInteresthasnotbeenregisteredundertheSecuritiesActof1933,asamended(the“SecuritiesAct”),orthesecuritieslawsofanystateandaresubjecttosubstantial restrictionsontransfer asdescribedintheMemorandum,whichrestrictions areinadditionto certainotherrestrictionssetforthintheTrust Agreement.

6.10.         AgreesthattheundersignedwillnotsellorotherwisetransferordisposeofthePurchased Interest oranyportion thereofunless(i)suchInterest isregisteredundertheSecuritiesActandanyapplicablestatesecuritieslawsor,ifrequiredbyTrust,theundersignedobtainsanopinionofcounselthatissatisfactorytoTrustthatsuchInterestmaybesold in relianceon anexemptionfromsuch registration requirements,and (ii)thetransferisotherwisemadeinaccordancewiththeTrust Agreement.

6.11.         AgreesthatthetransferofthePurchasedInterestissubjecttoarightoffirstrefusalandthe approvaloftheManagerandthePurchasedInterestmaynotbetransferredifthetransferwould causetheretobemore than495owners.

6.12.        AgreesthattheundersignedwillnotsellortransferthePurchasedInterestto(i)anemployeebenefitplanwithinthemeaningofsection3(3)of ERISAthatissubject tothefiduciary responsibilityprovisionsofTitle I of ERISA(a“plan”),oraplanwithinthemeaningofCodeSection4975(e)(1)thatissubject toCodeSection4975 (also,a“plan”),including aqualifiedplan (anypension,profitsharingor stockbonusplan that isqualified underCodeSection401(a))oran individualretirement account;(ii)anyperson thatisdirectlyorindirectly acquiringthe PurchasedInterestonbehalfof,asinvestmentmanagerof,asfiduciaryof,as trusteeof, orwithassetsofa plan (includinganyinsurancecompanyusingassets initsgeneral orseparateaccountthatmayconstituteassetsof aplan);(iii) acharitable remainder trust;(iv)anyother tax-exemptentity;or (v)aforeignperson.

6.13.        Acknowledgesthattheundersigned’soverallcommitmenttoinvestmentsthatarenot readilymarketableisnotdisproportionatetotheundersigned’sindividualnetworth, andtheundersigned’spurchaseofthePurchased Interestwillnotcausesuchoverall commitmenttobecomeexcessive.Theundersignedhas adequatemeansofprovidingfortheundersigned’sfinancial requirements,bothcurrentand anticipated, andhasnoneedfor liquidity inthisinvestment.Buyer canbear and iswilling to accept the economic riskof losing theundersigned’sentire investment inthePurchasedInterest.

6.14.         Understandsthat(i)theTrusthasnoobligationorintentiontoregisteranyInterestfor resaleortransferundertheSecuritiesActoranystatesecuritieslawsortotakeanyaction(includingthefilingof reportsor thepublicationof information as requiredbyRule144under the SecuritiesAct) which would makeavailable any exemptionfromthe registration requirementsofanysuch laws, and (ii) theundersignedthereforemaybeprecludedfromsellingorotherwise transferringordisposingofanyInterestor any portion thereoffor an indefiniteperiodof timeor at anyparticulartime.

6.15.         Acknowledgesthattheundersignedhasbeenencouragedtorelyupontheadviceoftheundersigned’sownindependentlegalcounsel andaccountants orotherfinancial advisorswithrespecttothetaxandother considerations relatingto thepurchaseofthePurchased Interestandhasbeenoffered,duringthe courseofdiscussions concerningthepurchaseofthePurchasedInterest,theopportunity toasksuchquestionsandinspect suchdocumentsconcerning the Interests, theTrust, theProperty and theoffering as theundersignedhas requestedso as tounderstandmore fullythenatureof the investmentand toverify the accuracyoftheinformationsupplied.

6.16.        Agreesthattheinformation intheMemorandum,including butnotlimitedtopropertyor tenantfinancialinformation,propertyreportsorsummaries,andotheragreements,documents,materials,andoral and/orwritteninformationwithrespecttotheproposedpurchaseofthePurchasedInterestisconfidential “Business Information;” agreesthattheBusinessInformationisconfidential and isintendedsolely fortheundersigned’slimiteduseandbenefitindeterminingtheundersigned’sdesiretopurchasethePurchasedInterest;andagreestokeeptheBusiness Informationpermanently confidential,andnottodiscloseordivulgeanyBusiness Information to,or reproduce anyBusinessInformationforthe benefit of,any Personother thanthoseindividualswho are actively anddirectlyparticipatingin theanalysisof theproposed investmentonbehalfof theundersigned (to the extent reasonably requiredforsuchanalysis)andwho havebeeninformedofthe confidentialnatureofsuchinformation.

 6.17.         Represents andwarrants that(i) ifanindividual,theundersigned isatleast19yearsofage; (ii) ifanindividual,theundersigned is aUnited Statescitizen; (iii)theundersignedhasadequatemeansofproviding for theundersigned’scurrentneedsandpersonal contingencies; (iv) theundersignedhasno needforliquidityin theundersigned’s investments;(v) theundersignedmaintains theundersigned’sprincipal residence at the addresspreviouslydisclosed to Seller; (vi) all investmentsin and commitments tonon-liquid investments are, and after thepurchaseofthePurchased Interest willbe, reasonablein relation totheundersigned’snet worth andcurrentneeds; and (vii) anyfinancial information thatis providedbytheundersigned,orissubsequentlysubmittedbytheundersigned attherequestofSeller,does orwill accuratelyreflecttheundersigned’sfinancial conditionwithrespecttowhich theundersigneddoesnot anticipateanymaterial adversechange.

6.18.        UnderstandsthatnofederalorstateagencyincludingtheSecuritiesandExchangeCommissionorthesecuritiescommissionorauthoritiesofanyotherstatehasapprovedordisapprovedtheInterests,passeduponorendorsedthemeritsoftheOfferingortheaccuracyoradequacyoftheMemorandum,ormadeanyfindingordeterminationas tothefairnessofthe Interestsforpublicinvestment.

6.19.        AcknowledgesthatSellerhastheunconditionalrighttoacceptorrejectanyoffertopurchasetheInterests.

6.20.        UnderstandsthatthePurchasedInterestisbeingofferedandsoldinrelianceonspecific exemptionsfromtheregistrationrequirementsoffederalandstatelaws andthatSellerisrelyingupon thetruthand accuracyoftherepresentations,warranties,agreements, acknowledgments andunderstandingssetforthherein andin thePurchaserQuestionnaireinorder todeterminethesuitabilityof theundersigned topurchase thePurchasedInterest.

6.21.         Represents,warrantsandagreesthat, iftheundersignedisacquiringthePurchaseInterest inafiduciarycapacity,(i)theaboverepresentations,warranties,agreements,acknowledgmentsandunderstandingsshallbedeemedtohavebeenmadeonbehalfofthepersonorpersonsforwhosebenefitsuchPurchasedInterestisbeingacquired,(ii)thenameofsuchpersonorpersonsisindicatedbelowtheBuyer’sname,and(iii)such further informationas Sellerdeemsappropriateshallbefurnishedregardingsuchpersonorpersons.

6.22.        RepresentsandwarrantsthatthePurchaserQuestionnairedeliveredtoSelleristrueand completeandagreesthatSellermayrelyonthetruthandaccuracyoftheinformationforpurposesof assuringSeller thatitmayrelyon theexemptionsfromtheregistrationrequirementsoftheSecuritiesActaffordedbySection4(2)of theSecuritiesAct andRegulationDpromulgatedundertheSecuritiesAct,andof anyapplicablestatestatutesor regulations;and,further,agreesthatSellermaypresentsuchinformationtosuchpartiesas theydeemappropriateif calledupon toverifytheinformationprovidedor toestablishtheavailabilityofanexemptionfrom registrationunder Section4(2)of the SecuritiesAct,Regulation Doranystatesecuritiesstatutesor regulationsor if the contents are relevanttoanyissueinany action,suitorproceedingbywhichit isormaybebound.

6.23.        Acknowledgesandagreesthatcounsel,includingspecial taxcounsel,toSeller,the Sponsor,theManager,andtheirAffiliatesdonotrepresent,andshallnotbedeemedunderapplicablecodesofprofessional responsibility, tohave representedor tobe representing, anyor allof theBuyers in anywayin connectionwiththepurchaseofthePurchased Interest andtheenteringintoof therelatedTransactionDocuments.

6.24.        Represents andwarrantsthatithasnotdealtwithanyfinder,real estatebroker orrealtor inconnectionwiththisAgreement.

6.25.        Agrees toindemnify,defend andholdharmless Seller,theSponsor, theManager,sales agents,solicitingdealers andeach oftheir respectivetrustees,members,managers,shareholders,officers,directors,employees, consultants, affiliates andadvisors (the“IndemnifiedParties”)ofandfrom anyandalldamages, losses, liabilities,costs andexpenses (including reasonable attorneys’feesand costs)thattheymayincurby reasonoftheuntruthorinaccuracyof anyofthe representations, warranties,covenantsoragreements containedhereinorinanyotherdocument theundersignedhas furnished to anyoftheforegoingin connection withthis transaction. In addition, if anypersonshall assert a claim to afinder’sfeeor real estatebrokerage commissionon accountof allegedemployment as afinderor real estatebroker throughorunder theundersigned in connection with this Agreement,the undersignedshall indemnify andhold the IndemnifiedPartiesharmlessfromand against anysuch claim.This indemnification includes,but isnot limited to, anydamages, losses, liabilities, costs and expenses (including reasonable attorneys’fees and costs) incurredby the IndemnifiedPartiesdefending against anyallegedviolationoffederalorstatesecurities laws, which isbaseduponorrelatedto anyuntruthorinaccuracyof anyof the representations, warrantiesoragreements containedhereinor inanyotherdocumentstheundersignedhasfurnished to anyof theforegoing in connection withthis transaction, and against anyfailureof the transaction tosatisfyany Section1031requirementsinconnection with theundersigned’sexchangeundersuchprovisions.

6.26.         AcknowledgesandagreesthatthatifrequestedbytheSeller,theundersignedwillexecute anddeliver theBadActorAddendumattachedasAddendum Ahereto, togetherwiththeIrrevocable Proxyattached asExhibit Athereto,andiftheundersigned isanentity,theundersignedwill haveeachof itsbeneficialownerswhobyvirtueofownershipthereofwouldowntwentypercent(20%)ormoreoftheInterests,asdeterminedbytheSeller, executeanddeliver aBadActorAddendum.Theundersignedunderstandsthatif theSellerrequests that theundersigned execute anddeliver aBadActorAddendum,such execution anddeliveryshallbe a condition to itspurchaseofthePurchasedInterest.

7.    SurvivalofRepresentations.TherepresentationsandwarrantiesofBuyersetforthinSection6shallsurvive theClosingDateorterminationofthisAgreementandintheeventofaTransfer DistributionandtheissuanceofLLCmembershipunitsincompletesatisfactionoftheInterests,theserepresentationsandwarrantiesshallbedeemedgiven asofthedatethereof.

8. GeneralProvisions.

8.1.          Interpretation.Theusehereinof(i)onegenderincludesthemasculineandthefeminine,(ii)thesingularnumberincludes theplural,wheneverthecontextsorequires,and(iii)thewords“I”and“me”include“we” and“us”ifBuyerismorethanoneperson.CaptionsinthisAgreementareinsertedforconvenienceofreferenceonly anddonotdefine,describe,orlimitthe scopeorthe intentofthisAgreementoranyofthetermshereof. Allexhibits referred toherein and attachedhereto are incorporatedby reference.This AgreementtogetherwiththeotherTransactionDocuments contain theentireagreementbetweenthepartiesrelatingtothetransactions contemplatedhereby, and allprioror contemporaneous agreements,understandings, representations,andstatements,oralorwritten, aremergedherein.

8.2.           Modification.Nomodification,waiver,amendment,discharge,orchangeof thisAgreementshallbevalidunlessthesameisinwriting andsignedby theparty againstwhichthe enforcementthereof isormaybesought.

8.3.           Cooperation.BuyerandSelleracknowledgethatitmaybenecessarytoexecutedocumentsother thanthosespecificallyreferredtohereinto completetheacquisitionofthePurchased Interestsasprovidedherein.BuyerandSelleragreetocooperatewitheachotheringoodfaithbyexecutingsuchotherdocumentsortakingsuchother action asmaybe reasonablynecessary to complete this transactionin accordance withtheparties’intent evidenced inthisAgreement.

8.4.           Assignment.BuyershallnotassignitsrightsunderthisAgreementexcepttoAccommodatorwithoutfirstobtaining Seller’swritten consent,which consentmaybewithheld in Seller’ssole and absolutediscretion. Nosuch assignmentshalloperate to release the assignor from theobligation toperform allobligationsofBuyerhereunder.Sellershallhavetheabsoluteright to assignits rights andobligationsunderthisAgreement.

8.5.          Notices.Unlessotherwisespecificallyprovidedherein,allnotices,demandsorother communicationsgivenhereundershallbeinwritingandshallbeaddressedasfollows:

IftoSeller,to:

URLippincott,DST
c/oUnitedRealty

60BroadStreet,34thFloor
NewYork,NY10004
Phone:(212)388.6800

Fax:(212)202-5063

Attention:JacobFrydman

IftoBuyer,totheaddresslistedunderBuyer’snameonthe signaturepagetothisAgreement.

EitherpartymaychangesuchaddressbywrittennoticetoEscrowAgentandtheotherparty.Unlessotherwisespecificallyprovided forherein,allnotices,payments,demandsorothercommunicationsgivenhereundershallbe deemedtohavebeendulygivenandreceived: (i)uponpersonal delivery,or(ii)asof thethird business day aftermailingbyUnitedStatesregistered orcertifiedmail, returnreceiptrequested,postageprepaid,addressedas setforthabove,or (iii)theimmediatelysucceedingBusiness Day afterdepositwith Federal Expressorothersimilarovernightdeliverysystem.

8.6.          PeriodsofTime.AlltimeperiodsreferredtointhisAgreementincludeallSaturdays,SundaysandstateorUnitedStatesholidays,unlessBusinessDaysarespecified,providedthatifthedateorlastdate toperform any actorgiveanynoticewithrespect tothis Agreementfallson a Saturday,Sundayorstateornationalholiday,such actornoticemaybetimelyperformedorgivenonthenextsucceedingBusinessDay.

8.7.           Counterparts.ThisAgreementmaybeexecutedincounterparts,allofwhichwhentakentogethershallbedeemedfullyexecutedoriginals.

8.8.         Attorneys’ Fees.Ifeitherparty commences litigationforthejudicial interpretation, enforcement, termination, cancellation,or rescissionhereof,orfordamages (including liquidateddamages)for thebreachhereof against theotherparty, then,in addition to anyor allother reliefawarded insuch litigation, thesubstantiallyprevailingparty thereinshallbe entitled to ajudgmentagainsttheotherfor anamount equal to reasonable attorneys’feesand court andothercostsincurred.

8.9.           JointandSeveralLiability. Ifanypartyconsistsofmorethanonepersonorentity,theliabilityof eachsuchpersonorentitysigningthisAgreementshallbejointandseveral.

8.10.        ChoiceofLaw.ThisAgreementshallbeconstruedandenforcedinaccordancewiththe internal lawsoftheStateofDelaware,without regardtoitsconflictsoflaws principles.All actions arisingoutofor relatingtothisAgreementshall beheardand determinedexclusivelybyacourtofcompetentjurisdictionlocatedin NewYork,NY,andeachpartyheretoexpresslyandirrevocablyconsents andsubmits topersonaljurisdictiontherein.Thepartiesherebyknowingly,voluntarily, andintentionallywaiveanyright to a trialbyjurywith respect to any litigationarisingoutoforrelatingto this Agreement.

8.11.          Time.TimeisoftheessencewithrespecttoalldatessetforthinthisAgreement.

8.12.         ThirdPartyBeneficiaries.BuyerandSellerdonotintendtobenefitanyparty(including anyotherBeneficialOwner),otherthantheIndemnifiedParties,thatisnotaparty tothisAgreementandnosuchpartyshallbedeemedtobe a thirdpartybeneficiaryofthisAgreementor anyprovisionhereof.

8.13.          Severability.Ifanyterm, covenant, condition,provisionor agreementhereincontainedisheldto beinvalid,void or otherwise unenforceable byanycourtofcompetentjurisdiction,suchfactshall innoway affectthevalidityorenforceabilityoftheotherportionsofthisAgreement.

8.14.         BindingAgreement.Subject to anylimitation onassignmentsetforthherein, all termsof thisAgreementshallbebindingupon,inuretothebenefitofandbeenforceablebythepartieshereto andtheir respectivelegalrepresentatives,successorsandassigns.

8.15.         ACCEPTANCEORREJECTIONOFBUYER’SOFFER.THISAGREEMENTDOES NOTCONSTITUTEANOFFEROFANYKINDBYSELLERANDSHALLNOTBIND SELLERUNLESSDULY EXECUTEDAND DELIVEREDBY SELLER.TO SUBMITANOFFERTOPURCHASE AN INTEREST,BUYERSHALLCOMPLYWITHTHEREQUIREMENTSOFSECTIONS1AND2.SELLERSHALLHAVETHIRTY (30) DAYSTO EITHER ACCEPT ORREJECTBUYER’S OFFER. IF SELLER DOESNOT ACCEPTBUYER’S OFFERWITHIN SUCH30-DAYPERIOD,THE OFFER SHALLBE DEEMEDREJECTED.

8.16.         WaiverandRelease.Buyerhereby waivesallclaimsitmight haveagainstLenderforany loss,costsordamages,includinganytaxconsequencesarisingfromorrelatingtotheorganizationstructureor constitutionof Sellerand toBuyer’s acquisitionofan Interest.

[SIGNATUREPAGEFOLLOWS]

INWITNESSWHEREOF,thisAgreementhasbeen executed asoftheEffective Date.

SELLER:			BUYER:
URLIPPINCOTT, DST,aDelawarestatutory trust
By:	URLIPPINCOTT MANAGER, LLC
			By:
Its:	Manager
			Name:
By:
Name:
Its:			Its:
Dated:		,2015	Dated:	,2015

By:
Name:
Its:
Dated:	,2015

DIRECT DEPOSIT FORM

Please directdistributions: (Selectone.) 

☐	VIAMAILTO:MAILINGADDRESSOFRECORD
☐	VIA MAIL TO BANK OR BROKERAGE ACCOUNT: (Complete #1 through #4 in below box.)
☐	VIA ELECTRONIC DEPOSIT (ACH) TO: (Complete #1 through #5 and attach a voided check.)

1.
	Name of Bank, Brokerage Firm or Individual
2.
	Mailing Address
3.
	City, State, Zip Code
4.
	Account Number
5.
	Bank ABA Number
	☐  Checking     ☐  Savings

Electronic Deposit (ACH) Authorization - I (we) authorize the Seller’s manager and signatory trustee (the “Manager”), to deposit distributions from my (our) interest in the Seller to my (our) account indicated blow at the depository financial institution (hereinafter, the “Depository”) indicated above. I (we) acknowledge that the origination of ACH transactions to my (our) account must comply with the provisions of U.S. law. I (we) further authorize the Manager to debit my (our) account noted below in the event that the Manager erroneously deposits additional funds to which I (we) am (are) not entitled, provided that such debit shall not exceed the original amount of the erroneous deposit. In the event that I (we) withdraw funds erroneously deposited into my (our) account before the Manager reverses such deposit, I (we) agree that the Manager has the right to retain any future distributions to which I (we) am (are) entitled until the erroneously deposited amounts are recovered by the Manager. This authorization is to remain in full force and effect until the Manager has received written notification from me (or either of us) of its termination in such time and in such manner as to afford the Manager and the Depository a reasonable opportunity to act on it, or until the Manager has sent me written notice of termination of this authorization.

The signature(s) of all investors of record are required.
Signature of Investor	Signature of Co-Investor (if applicable)