AMENDED AND RESTATED BYLAWS



                                       OF



                             DELPHI PROPERTIES, INC.

             (Incorporated under the Laws of the State of Maryland)











                           As of [_________ ___, 2003]



















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                                TABLE OF CONTENTS



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                                    ARTICLE I



                    OFFICES AND RECORDS; CERTAIN DEFINITIONS



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Section 1.1 Maryland Office..............................................................................1

Section 1.2 Other Offices................................................................................1

Section 1.3 Books and Records............................................................................1

Section 1.4 Certain Definitions..........................................................................1



                                   ARTICLE II



                             ACTION BY STOCKHOLDERS



Section 2.1 Annual Meetings..............................................................................1

Section 2.2 Special Meetings.............................................................................2

Section 2.3 Place of Meetings............................................................................2

Section 2.4 Notice of Meetings...........................................................................2

Section 2.5 Quorum and Adjournment.......................................................................2

Section 2.6 Proxies......................................................................................3

Section 2.7 Notice of Stockholder Nominations and Other Proposed Stockholder Action......................3

Section 2.8 Organization and Conduct; Inspectors.........................................................6

Section 2.9 Vote Required for Stockholder Action.........................................................7

Section 2.10 Control Share Acquisition Act...............................................................8



                                   ARTICLE III



                               BOARD OF DIRECTORS



Section 3.1 General Powers...............................................................................8

Section 3.2 Number and Tenures of Directors..............................................................8

Section 3.3 Annual and Regular Meetings..................................................................8

Section 3.4 Special Meetings.............................................................................8

Section 3.5 Notice of Meetings...........................................................................9

Section 3.6 Action by Written Consent In Lieu of a Meeting...............................................9

Section 3.7 Telephonic Participation in Meetings.........................................................9

Section 3.8 Quorum; Vote Required for Action.............................................................9

Section 3.9 Vacancies...................................................................................10

Section 3.10 Board Approval Policies....................................................................10

Section 3.11 Committees of the Board of Directors.......................................................10

Section 3.12 Minutes of the Board of Directors and Certain Other Records................................12

Section 3.13 Compensation...............................................................................12

Section 3.14 Loss of Deposits...........................................................................12

Section 3.15 Surety Bonds...............................................................................12

Section 3.16 Certain Rights of Directors, Officers, Employees and Agents................................12

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                                   ARTICLE IV



                                    OFFICERS



Section 4.1 Officers....................................................................................13

Section 4.2 Election and Term of Office.................................................................13

Section 4.3 Chairman of the Board; Chief Executive Officer; Vice Chairmen of the Board..................13

Section 4.4 President...................................................................................14

Section 4.5 Vice Presidents.............................................................................14

Section 4.6 Treasurer; Assistant Treasurers.............................................................14

Section 4.7 General Counsel; Assistant General Counsel..................................................15

Section 4.8 Secretary; Assistant Secretaries............................................................15

Section 4.9 Agents......................................................................................16

Section 4.10 Removal....................................................................................16

Section 4.11 Vacancies..................................................................................16



                                    ARTICLE V



                     INDEMNIFICATION AND ADVANCE OF EXPENSES



                                   ARTICLE VI



                        STOCK CERTIFICATES AND TRANSFERS



Section 6.1 Stock Certificates..........................................................................17

Section 6.2 Lost, Stolen or Destroyed Certificates......................................................17

Section 6.3 Reliance....................................................................................17



                                   ARTICLE VII



                            CONTRACTS, PROXIES, ETC.



Section 7.1 Contracts...................................................................................18

Section 7.2 Checks and Drafts...........................................................................18

Section 7.3 Deposits....................................................................................18

Section 7.4 Proxies.....................................................................................18



                                  ARTICLE VIII



                            MISCELLANEOUS PROVISIONS



Section 8.1 Fiscal Year.................................................................................19

Section 8.2 Distributions...............................................................................19

Section 8.3 Contingencies...............................................................................19

Section 8.4 Seal; Affixing Seal.........................................................................19

Section 8.5 Waiver of Notice............................................................................19

Section 8.6 Annual Audit................................................................................20

Section 8.7 Resignations................................................................................20

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