By entering the Cowley Real Estate Partners’ ("Cowley Real Estate Partners" or "We," "Us," or "Our") website (the "Site"), you accept and agree to follow the terms and conditions described in this User Agreement.  This User Agreement is a binding agreement between you and Cowley Real Estate Partners, and governs your access and use of the Site, which includes any information, data, tools, products, services and other content (together, "Content") available on or through the Site.  You may contact Cowley Real Estate Partners at the address provided below with questions about the terms and conditions of this User Agreement. 

PLEASE READ THIS USER AGREEMENT CAREFULLY BEFORE ENTERING THE SITE. EACH TIME YOU ENTER THE SITE, YOUR USE INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THIS USER AGREEMENT IN ITS THEN CURRENT FORM.  IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS STATED IN THIS USER AGREEMENT, PLEASE EXIT THE SITE. 1. Limited License to Use the Site The Site is owned by Cowley Real Estate Partners and its affiliates.  The Site is protected by one or more copyrights, patents, database rights, trademarks, servicemarks and/or other intellectual property and proprietary rights that are owned by Cowley Real Estate Partners, its affiliates and/or third parties. Cowley Real Estate Partners grants you a limited right to use the Site only for your own private, non-commercial informational purposes only, and to print pages from the Site only in connection with that use.  You may not modify, distribute, transmit, perform, reproduce, publish, license, create derivative works from, transfer or sell any text, graphics, logos and other source-identifying symbols, designs, icons, images, or other information, software or code obtained from the Site.  You are prohibited from removing any copyright, trademark or other proprietary notice or legend contained on (or printed from) the Site or on any printed pages.  In addition, you are prohibited from decomposing, decompiling, reverse engineering, disassembling or otherwise deconstructing all or any portion of the Site. Any data that you transmit to the Site (including without limitation personally identifiable information) becomes the property of Cowley Real Estate Partners and may be used by Cowley Real Estate Partners for any lawful purpose without restriction, subject to the Privacy Policy set forth below. All materials at the Site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices.  Any disclaimers, restrictions or disclosures apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download. Your continuing right to use the Site is subject to your agreement to abide by this User Agreement in its entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site.  At any time and for any reason we may revoke your right to use all or any portion of the Site. 2. No Reliance All content provided on this Site is for informational purposes only. Any estimates, projections or predictions on this Site are intended to be forward-looking statements.  Although Cowley Real Estate Partners believes that the expectations in such forward-looking statements are reasonable, it can give no assurance that any forward-looking statements will prove to be correct.  Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected.  Cowley Real Estate Partners expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based. No statements contained on this Site should be construed as a guarantee or assurance of future performance or future results.  Cowley Real Estate Partners's past performance is not indicative of future results. There are various risks you assume when reviewing the content on this Site. Dated content speaks only as of the date indicated.  We may modify the content on this Site at any time and without notice to you. We make reasonable efforts to provide accurate content, but at times we may not promptly update or correct the Site even if we are aware that it is inaccurate, outdated or otherwise inappropriate.  In addition, we do not endorse the opinions of, or warrant the accuracy of facts or other content contributed by, any third party. You agree that we are not liable for any action you take or decision you make in reliance on any content on the Site. Nothing on the Site is intended to be, and you should not consider anything on the Site to be, investment, accounting, tax or legal advice.  You are encouraged to discuss information that you learn from the Site with your financial, legal or tax advisors and others with whom you share investment decisions. 3. Your Representations and Warranties You represent and warrant that you have full authority and all rights necessary to enter into and fully perform all of your obligations pursuant to this User Agreement; You represent and warrant that you have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of this User Agreement. 4. Passwords Certain portions of this Site are password protected and the content of such areas are subject to the confidentiality provisions of the respective Cowley Real Estate Partners fund documents.  By entering those portions of the Site you are agreeing to be bound by the confidentiality provisions of the respective fund documents. If you are provided a password by Cowley Real Estate Partners, you must keep your password confidential. You may not disclose your password to any third party without obtaining the express approval of Cowley Real Estate Partners. You accept full responsibility for any use of your password. You agree to notify Cowley Real Estate Partners immediately of any actual or suspected loss, theft or unauthorized use of your password. Without limiting the generality of any other disclaimers in this User Agreement, Cowley Real Estate Partners is not responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions regarding maintaining the security and confidentiality of your password. 5. Privacy Policy Cowley Real Estate Partners believes that protecting the privacy of current, former and prospective investors and clients and their personal information is of the utmost importance and we are fully committed to maintaining the privacy of such information in our possession. We collect nonpublic personal information about current and prospective investors and clients from the following sources: information we receive from current and prospective investors and clients on managed account agreements or subscription documents and related forms (for example, name, address, social security number, birth date, assets, income, investment experience); and information about investor's and client’s transactions with Cowley Real Estate Partners and its affiliates.  Cowley Real Estate Partners may use nonpublic personal information for its own internal purposes or on behalf of its affiliates as permitted by law or regulation. In general, we restrict access of current, former, and prospective investors' and clients’ nonpublic personal information to our personnel, our affiliates and their personnel, our service providers, our outside counsel, and our outside auditors who need to know that information in order to ensure compliance with applicable laws and regulations or provide products or services to our investors. We maintain physical, electronic and procedural controls in keeping with Federal standards to safeguard the nonpublic personal information about current, former and prospective investors and clients that is in our possession. If, at any time in the future, it is necessary to disclose any of a investor's or client’s personal information in a way that is inconsistent with this policy, we will give advance notice of the proposed change so that the investor or client will have the opportunity to "opt out" of such disclosure. This website uses "cookies," which may automatically collect certain information and data. "Cookies" are small pieces of data sent to your computer browser from our web server and stored on your computer's hard drive. The data identifies you as a unique user and facilitates your ongoing access to and use of this website. Cookies also help us diagnose problems with our server and the Site. If you have any questions or comments about our privacy policy, please feel free to contact us at the address indicated below. 6. Third Party Links Cowley Real Estate Partners is not responsible for information on any third party website that is referred in, or accessible or connected by hyperlink to, the Site. If you access any third party website through the Site or otherwise, you do so at your own risk. Hyperlinks to or from the Site do not constitute third party endorsement of, sponsorship by or affiliation with us. 7. No Warranty COWLEY REAL ESTATE PARTNERS DISCLAIMS ALL WARRANTIES WITH RESPECT TO THE SITE THAT THE LAW ALLOWS IT TO DISCLAIM. THE SITE IS PROVIDED "AS IS" AND "AS AVAILABLE." WE DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS. WITHOUT LIMITING OUR GENERAL DISCLAIMER, WE DO NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING OR SPEED OF DELIVERY OF THE SITE OR ANY PART OF THE CONTENT. COWLEY REAL ESTATE PARTNERS'S LIABILITY WITH RESPECT TO THE SITE IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW.8. Limitation of Liability IN NO EVENT SHALL COWLEY REAL ESTATE PARTNERS, ITS AFFILIATES, OR THEIR OFFICERS, DIRECTORS, PRINCIPALS, AGENTS AND EMPLOYEES BE LIABLE FOR ANY CLAIMS, LIABILITIES, LOSSES, COSTS OR DAMAGES, INCLUDING INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE THE SITE OR WITH ANY DELAY OR TECHNICAL PROBLEMS IN USING THE SITE, OR ANY INFORMATION AND MATERIALS OBTAINED THROUGH THE SITE, OR OTHERWISE ARISING OUT OF THE USE OF THE SITE; IN ANY CASE WHETHER BASED ON THEORIES ARISING IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.  SUCH LIMITATIONS APPLY EVEN IF COWLEY REAL ESTATE PARTNERS, ITS AFFILIATES, OR ANY OF THEIR OFFICERS, DIRECTORS, PRINCIPALS, AGENTS OR EMPLOYEES HAVE BEEN ADVISED OF THE POSSIBILITY OF DAMAGES.  SOME STATES LIMIT THE APPLICABILITY OF DISCLAIMERS OR LIMITATIONS OF LIABILITY, IN WHICH CASE SUCH LIMITATIONS SHALL APPLY ONLY TO THE EXTENT LEGALLY ENFORCEABLE IN THE APPLICABLE JURISDICTION. 9. Breach and Indemnification You will be responsible for any liability to Cowley Real Estate Partners that arises out of your breach of this User Agreement or your use of the Site. You agree to indemnify, defend and hold harmless Cowley Real Estate Partners and its affiliates, agents, employees and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including reasonable attorneys' fees) that arise from or relate to: your use of the Site, your breach of this User Agreement or any representation, warranty or covenant made by you in this User Agreement, your violation of any applicable law, statute, ordinance, regulation or of any third party's rights, or claims asserted by third parties which, if proven, would place you in breach of representations, warranties, covenants or other provisions contained in this User Agreement. 10. Updates to the Site and Modifications to the User Agreement You acknowledge that Cowley Real Estate Partners may update the Site and its contents, and may modify the terms of this User Agreement at any time and without notice to you.  Modifications will be effective immediately upon posting unless we indicate otherwise.  You agree to review periodically the terms of this User Agreement. By entering the Site you agree to and fully accept this User Agreement in its then current form each time you enter the Site.11. General This User Agreement shall be governed by and construed under the laws of the state of California, without regard to its choice of law rules.  Any legal action brought hereunder shall be brought exclusively in the courts in Los Angeles, California, and it is agreed that such courts shall have jurisdiction over the parties to this agreement and any dispute arising hereunder. Cowley Real Estate Partners may monitor and record activity on the Site and respond as we deem appropriate. Any notice to Cowley Real Estate Partners shall be to info@cowleyrep.com. If any provision of this User Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision shall no longer be held to be invalid or unenforceable, and this User Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question.  Any such modification, invalidity or uneforceability shall be strictly limited both to such provision and to such jurisdiction.