Common use of Notice of Exchange Clause in Contracts

Notice of Exchange. The undersigned Limited Partner hereby irrevocably (i) exchanges Partnership Units in Lightstone Value Plus REIT LP, in accordance with the terms of the Exchange Rights Agreement, dated as of , 200 (the “Exchange Rights Agreement”), and the Exchange Right referred to therein; (ii) surrenders such Partnership Units and all right, title and interest therein; and (iii) directs that the Cash Amount or REIT Stock Amount (as determined by the Company) deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Stock is to be delivered, such REIT Stock will be registered or placed in the name(s) and at the address(es) specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear, other than any encumbrance arising pursuant to the Partnership Agreement, of the rights or interests of any other person or entity; (b) has the full right, power, and authority to exchange and surrender such Partnership Units as provided herein; and (c) has obtained the consent or approval of all persons or entities, if any, (other than consent or approval that may be required of the Company or the Operating Partnership) having the right to consent or approve such exchange and surrender on the part of the undersigned. The undersigned hereby makes the representations and warranties contained in Section 3.3 of the Exchange Rights Agreement as if such representations and warranties had been set forth in full in this Notice of Exchange. Dated: Name of Limited Partner (Please Print) Signature guaranteed by: (Signature of Limited Partner) (Street Address) (City) (State) (Zip Code) If REIT Stock is to be issued, issue to: Name: Exhibit D Certificate of Limited Partnership

Notice of Exchange. The undersigned Limited Partner hereby irrevocably (i) exchanges Partnership Units in Lightstone Value Plus REIT II LP, in accordance with the terms of the Exchange Rights Agreement, dated as of , 200 (the ““ Exchange Rights Agreement”), and the Exchange Right referred to therein; (ii) surrenders such Partnership Units and all right, title and interest therein; and (iii) directs that the Cash Amount or REIT Stock Amount (as determined by the Company) deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Stock is to be delivered, such REIT Stock will be registered or placed in the name(s) and at the address(es) specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear, other than any encumbrance arising pursuant to the Partnership Agreement, of the rights or interests of any other person or entity; (b) has the full right, power, and authority to exchange and surrender such Partnership Units as provided herein; and (c) has obtained the consent or approval of all persons or entities, if any, (other than consent or approval that may be required of the Company or the Operating Partnership) having the right to consent or approve such exchange and surrender on the part of the undersigned. The undersigned hereby makes the representations and warranties contained in Section 3.3 of the Exchange Rights Agreement as if such representations and warranties had been set forth in full in this Notice of Exchange. Dated: ________________________________ Name of Limited Partner (Please Print) Signature guaranteed by: (Signature of Limited Partner) (Street Address) (City) (State) (Zip Code) If REIT Stock is to be issued, issue to: Name: _____________________ Exhibit D Certificate of Limited Partnership

Notice of Exchange. The undersigned Limited Partner hereby irrevocably (i) exchanges Partnership Units in Lightstone Value Plus REIT Independence Realty Operating Partnership, LP, in accordance with the terms of the Exchange Rights Agreement, dated as of September 17, 200 2015 (the “Exchange Rights Agreement”), and the Exchange Right referred to therein; (ii) surrenders such Partnership Units and all right, title and interest therein; and (iii) directs that the Cash Amount or REIT Stock Amount (as determined by the Company) deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Stock is to be delivered, such REIT Stock will be registered or placed in the name(s) and at the address(es) specified below. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Exchange Rights Agreement. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear, other than any encumbrance arising pursuant to the Partnership Agreement, of the rights or interests of any other person or entity; (b) has the full right, power, and authority to exchange and surrender such Partnership Units as provided herein; and (c) has obtained the consent or approval of all persons or entities, if any, (other than consent or approval that may be required of the Company or the Operating Partnership) having the right to consent or approve such exchange and surrender on the part of the undersigned. The undersigned hereby makes the representations and warranties contained in Section 3.3 of the Exchange Rights Agreement as if such representations and warranties had been set forth in full in this Notice of Exchange. Dated: Name of Limited Partner (Please Print) Signature guaranteed by: (Signature of Limited Partner) (Street Address) (City) (State) (Zip Code) If REIT Stock is to be issued, issue to: Name: Exhibit D Certificate of Limited Partnership)