<SEC-DOCUMENT>0001144204-17-023219.txt : 20170428
<SEC-HEADER>0001144204-17-023219.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170428161626
ACCESSION NUMBER:		0001144204-17-023219
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20170428
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		17795763

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v465372_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Date of Report (Date
of earliest event reported): April 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal"><U>AGREE
REALTY CORPORATION</U></FONT><BR>
<FONT STYLE="font-weight: normal; font-style: normal">(Exact name of registrant as specified in its Charter)</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

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    <TD STYLE="width: 31%; padding: 0 0 1pt; text-align: center"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal"><U>Maryland</U></FONT></P>
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="width: 4%; padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0 0 1pt; text-decoration: underline; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal"><U>1-12928</U></FONT></TD>
    <TD STYLE="width: 4%; padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0 0 1pt; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal"><U>38-3148187</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">(State or other jurisdiction </FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">(Commission</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">of incorporation)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">File Number)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font-weight: bold; font-style: italic"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;&nbsp;&nbsp;Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 65%; padding: 0; text-align: center; text-indent: 0"><U>370 E. Long Lake Rd., Bloomfield Hills, Michigan</U></TD>
    <TD STYLE="width: 35%; padding: 0; text-align: center; text-indent: 0"><U>48304</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(Address of principal executive offices)</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Registrant's telephone number, including
area code <U>&#9;(248) 737-4190&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not applicable </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&#9;Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 8.01</B></TD><TD><B>Other Events.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 28, 2017,
Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;) and Agree Limited Partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;),
for which the Company is the sole general partner, entered into an Equity Distribution Agreement (the &ldquo;<U>Raymond James Agreement</U>&rdquo;)
with Raymond James &amp; Associates, Inc. (&ldquo;<U>Raymond James</U>&rdquo;), as agent and/or principal, an Equity Distribution
Agreement (the &ldquo;<U>Baird Agreement</U>&rdquo;) with Robert W. Baird &amp; Co. Incorporated (&ldquo;<U>Baird</U>&rdquo;),
as agent and/or principal, an Equity Distribution Agreement (the &ldquo;<U>Citigroup Agreement</U>&rdquo;) with Citigroup Global
Markets Inc. (&ldquo;<U>Citigroup</U>&rdquo;), as agent and/or principal, an Equity Distribution Agreement (the &ldquo;<U>Jefferies
Agreement</U>&rdquo;) with Jefferies LLC (&ldquo;<U>Jefferies</U>&rdquo;), as agent and/or principal, an Equity Distribution Agreement
(the &ldquo;<U>Stifel Agreement</U>&rdquo;) with Stifel, Nicolaus &amp; Company, Incorporated (&ldquo;Stifel&rdquo;), as agent
and/or principal, an Equity Distribution Agreement (the &ldquo;<U>Sun Trust Agreement</U>&rdquo;) with Sun Trust Robinson Humphrey,
Inc. (&ldquo;<U>Sun Trust</U>&rdquo;), as agent and/or principal, and an Equity Distribution Agreement (the &ldquo;<U>Wells Fargo
Agreement</U>&rdquo; and, together with the Raymond James Agreement, the Baird Agreement, the Citigroup Agreement, the Jefferies
Agreement, the Stifel Agreement and the Sun Trust Agreement, the &ldquo;<U>Equity Distribution Agreements</U>&rdquo;) with Wells
Fargo Securities, LLC (&ldquo;<U>Wells Fargo</U>&rdquo; and, together with Raymond James, Baird, Citigroup, Jefferies, Stifel and
Sun Trust, the &ldquo;<U>Managers</U>&rdquo;), as agent and/or principal, pursuant to which the Company may issue and sell from
time to time through the Managers shares of the Company&rsquo;s common stock, par value $0.0001 per share, having an aggregate
offering price of up to $200,000,000 (the &ldquo;<U>Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of the Shares,
if any, will be made in negotiated transactions, which may include block trades, or in transactions that are deemed to be &ldquo;at
the market&rdquo; offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including sales made directly
on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. Under each Equity Distribution
Agreement, the applicable Manager is entitled to compensation of up to 2.0% of the gross sales price per share for any Shares sold
through such Manager as the Company&rsquo;s agent. Subject to the terms and conditions of the Equity Distribution Agreements, each
Manager will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell any Shares
to be offered by the Company at market prevailing prices up to the amount specified by the Company. The offering of Shares pursuant
to the Equity Distribution Agreements will terminate upon the earlier of (a) the sale of all the Shares subject to the Equity Distribution
Agreements or (b) the termination of all of the Equity Distribution Agreements by the Managers or the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares will be
issued pursuant to the Company&rsquo;s registration statement on Form S-3 (File No. 333-201420), which was declared effective by
the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on March 27, 2015, and a prospectus supplement dated
April 28, 2017, filed by the Company with the Commission. This Current Report on Form 8-K does not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of Shares in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the material terms of the Equity Distribution Agreements and the transactions contemplated thereby does not purport to be complete
and is qualified in its entirety by reference to the full text of the form of Equity Distribution Agreement by and among the Company,
the Operating Partnership and each Manager, which is filed as Exhibit 1.1 to this report and incorporated herein by reference.
The Equity Distribution Agreements with the other Managers listed above are substantially identical in all material respects except
as to the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in; text-align: left"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-bottom: 0; text-indent: 0"><U>Exhibit Number</U></TD>
    <TD STYLE="width: 85%; padding-right: 0; padding-left: 0; text-decoration: underline; padding-bottom: 0; text-indent: 0"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">1.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-bottom: 0; text-indent: 0">Form of Equity Distribution Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">5.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-bottom: 0; text-indent: 0">Opinion of Ballard Spahr LLP regarding the legality of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">23.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-bottom: 0; text-indent: 0">Consent of Ballard Spahr LLP (included in Exhibit 5.1)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">AGREE REALTY CORPORATION</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Date:&nbsp;&nbsp;April 28, 2017</TD>
    <TD STYLE="padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/ MATTHEW PARTRIDGE</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Matthew Partridge, Chief Financial Officer <BR>
and Secretary</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT INDEX</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 15%; padding: 0; text-decoration: underline; text-indent: 0"><U>Exhibit Number</U></TD>
    <TD STYLE="width: 85%; padding: 0; text-decoration: underline; text-indent: 0"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">1.1</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Form of Equity Distribution Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">5.1</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Opinion of Ballard Spahr LLP regarding the legality of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">23.1</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Consent of Ballard Spahr LLP (included in Exhibit 5.1)</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v465372_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">AGREE REALTY CORPORATION &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Shares of Common Stock &nbsp; &nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Par Value $0.0001 Per Share) &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Dated: April 28, 2017</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table of Contents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; padding: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-decoration: underline; text-align: right; text-indent: 0"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 1.&nbsp;&nbsp;Description of Securities.</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 2.&nbsp;&nbsp;Placements</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 3.&nbsp;&nbsp;Sale of Placement Securities by the Manager</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 4.&nbsp;&nbsp;Suspension of Sales</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 5.&nbsp;&nbsp;Representations and Warranties</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 6.&nbsp;&nbsp;Sale and Delivery to the Manager; Settlement</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 7.&nbsp;&nbsp;Covenants of the Company and the Operating Partnership</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 8.&nbsp;&nbsp;Payment of Expenses</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 9.&nbsp;&nbsp;Conditions of the Manager&rsquo;s Obligations</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 10.&nbsp;&nbsp;Indemnification</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 11.&nbsp;&nbsp;Contribution</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 12.&nbsp;&nbsp;Representations, Warranties and Agreements to Survive Delivery</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 13.&nbsp;&nbsp;Termination of Agreement</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 14.&nbsp;&nbsp;Notices</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 15.&nbsp;&nbsp;Parties</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 16.&nbsp;&nbsp;Adjustments for Share Splits</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 17.&nbsp;&nbsp;Governing Law and Time</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 18.&nbsp;&nbsp;Effect of Headings</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 19.&nbsp;&nbsp;Research Analyst Independence</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 20.&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 21.&nbsp;&nbsp;Permitted Free Writing Prospectuses</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 22.&nbsp;&nbsp;Absence of Fiduciary Relationship</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 23.&nbsp;&nbsp;Consent to Jurisdiction</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">41</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 95%">SECTION 24.&nbsp;&nbsp;Partial Unenforceability</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0; width: 5%">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 25.&nbsp;&nbsp;Waiver of Jury Trial</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 26.&nbsp;&nbsp;Counterparts</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">SECTION 27.&nbsp;&nbsp;Amendments and Waivers</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">42</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;A&#9;&ndash;&#9;Form
of Placement Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;B&#9;&ndash;&#9;Authorized
Individuals for Placement Notices and Acceptances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;C&#9;&ndash;&#9;Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;D&#9;&ndash;&#9;Officers&rsquo;
Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;E&#9;&ndash;&#9;Form
of Corporate Opinion of Honigman Miller Schwartz and Cohn LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;F&#9;&ndash;&#9;Form
of Tax Opinion of Honigman Miller Schwartz and Cohn LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;G&#9;&ndash;&#9;Form
of Opinion of Ballard Spahr LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1.25in">Exhibit&nbsp;H&#9;&ndash;&#9;Permitted
Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule I&#9;&ndash; List of Subsidiaries and Joint Ventures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule II&#9;&ndash; Material Agreements&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Agree Realty Corporation<BR>
(a Maryland corporation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock<BR>
<BR>
(Par Value $.0001 Per Share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>EQUITY DISTRIBUTION
AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agree Realty Corporation,
a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;), of which the Company is the sole general partner, each confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &ldquo;<U>Manager</U>&rdquo;),
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1. <U>Description
of Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company
and the Operating Partnership agrees that, from time to time during the term of this Agreement, on the terms and subject to the
conditions set forth herein, the Company may issue and sell through the Manager, acting as agent and/or principal, shares (the
&ldquo;<U>Securities</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Stock</U>&rdquo;),
having an aggregate offering price of up to $200,000,000 (the &ldquo;<U>Maximum Amount</U>&rdquo;). Notwithstanding anything to
the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section&nbsp;1 regarding
the aggregate offering price of the Securities issued and sold under this Agreement shall be the sole responsibility of the Company,
and the Manager shall have no obligation in connection with such compliance. The issuance and sale of the Securities through the
Manager will be effected pursuant to the Registration Statement (as defined below) that was filed by the Company under the Securities
Act of 1933, as amended (collectively with the rules and regulations of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
thereunder, the &ldquo;<U>Securities Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed,
in accordance with the provisions of the Securities Act, with the Commission a shelf registration statement on Form S-3 (File No.&nbsp;333-201420),
as amended on March 5, 2015, including a base prospectus, relating to certain securities, including the Securities to be issued
from time to time by the Company, which shelf registration statement, including any amendments thereto, was declared effective
by the Commission under the Securities Act and which incorporates by reference documents that the Company has filed or will file
in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;). The Company has prepared a prospectus supplement specifically
relating to the Securities (the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the base prospectus included as part of such registration
statement. The Company will furnish to the Manager, for use by the Manager, copies of the base prospectus included as part of such
registration statement, as supplemented by the Prospectus Supplement, relating to the Securities. Except where the context otherwise
requires, such registration statement, on each date and time that such registration statement and any post-effective amendment
thereto became or becomes effective, including all documents filed as part thereof or incorporated by reference therein, and including
any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule&nbsp;424(b)
of the Securities Act or deemed to be a part of such registration statement pursuant to Rule&nbsp;430B of the Securities Act (the
&ldquo;<U>Rule 430B Information</U>&rdquo;), is herein called the &ldquo;<U>Registration Statement</U>.&rdquo; The base prospectus
included in the Registration Statement, including all documents incorporated therein by reference, as it may be supplemented by
the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the
Company with the Commission pursuant to Rule&nbsp;424(b) of the Securities Act, is herein called the &ldquo;<U>Prospectus</U>.&rdquo;
The Company may file one or more additional registration statements (which shall be the Registration Statement) from time to time
that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be the Prospectus
Supplement), with respect to the Securities. Any reference herein to the Registration Statement, the Prospectus or any amendment
or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein, and any reference
herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement
or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the
Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to
the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will contribute
the Net Proceeds (as defined in Section&nbsp;6(b)) from the sale of the Securities from time to time pursuant to this Agreement
to the Operating Partnership, and in exchange therefor, at each Settlement Date (as defined in Section&nbsp;6(b)), the Operating
Partnership will issue to the Company units of limited partnership interest in the Operating Partnership (&ldquo;<U>OP Units</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the
Operating Partnership have also entered into separate equity distribution agreements (collectively, the &ldquo;<U>Alternative Distribution
Agreements</U>&rdquo;), dated as of even date herewith, with [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (collectively,
the &ldquo;<U>Alternative Managers</U>&rdquo;). The aggregate offering price of the Securities that may be sold pursuant to this
Agreement and the Alternative Distribution Agreements shall not exceed the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2. <U>Placements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time that the
Company wishes to issue and sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify the Manager
by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which
it desires the Securities to be sold, which shall at a minimum include the number of Securities to be issued (the &ldquo;<U>Placement
Securities</U>&rdquo;), the time period during which sales are requested to be made, any limitation on the number of Securities
that may be sold in any one day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;),
a form of which containing such minimum sales parameters necessary is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice
shall originate from any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other
individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Manager set forth
on <U>Exhibit&nbsp;B</U>, as such <U>Exhibit&nbsp;B</U> may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Manager wishes
to accept such proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion)
or, following discussion with the Company, wishes to accept amended terms, the Manager will, prior to 4:30 p.m. (New York City
Time) on the business day following the business day on which such Placement Notice is delivered to the Manager, issue to the Company
a notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company
and the Manager set forth on <U>Exhibit&nbsp;B</U>) setting forth the terms that the Manager is willing to accept. Where the terms
provided in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding
on the Company or the Manager until the Company delivers to the Manager an acceptance by email (or other method mutually agreed
to in writing by the parties) of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;), which
email shall be addressed to all of the individuals from the Company and the Manager set forth on <U>Exhibit&nbsp;B</U>. The Placement
Notice (as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Manager&rsquo;s
acceptance of the terms of the Placement Notice or upon receipt by the Manager of the Company&rsquo;s Acceptance, as the case may
be, unless and until (i) the entire amount of the Placement Securities has been sold, (ii) in accordance with the notice requirements
set forth in the second sentence of this paragraph, the Company terminates the Placement Notice, (iii) the Company issues a subsequent
Placement Notice with parameters superseding those on the earlier dated Placement Notice, (iv) this Agreement has been terminated
under the provisions of Section&nbsp;13 or (v) either party shall have suspended the sale of the Placement Securities in accordance
with Section&nbsp;4 below. The amount of any commission, discount or other compensation to be paid by the Company to the Manager,
when the Manager is acting as agent, in connection with the sale of the Placement Securities shall be determined in accordance
with the terms set forth in <U>Exhibit&nbsp;C</U>. The amount of any commission, discount or other compensation to be paid by the
Company to the Manager, when the Manager is acting as principal, in connection with the sale of the Placement Securities shall
be as separately agreed among the parties hereto at the time of any such sales. It is expressly acknowledged and agreed that neither
the Company nor the Manager will have any obligation whatsoever with respect to a Placement or any Placement Securities unless
and until the Company delivers a Placement Notice to the Manager and either (i) the Manager accepts the terms of such Placement
Notice or (ii) where the terms of such Placement Notice are amended, the Company accepts such amended terms by means of an Acceptance
pursuant to the terms set forth above, and then only upon the terms specified in the Placement Notice (as amended by the corresponding
Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement
Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding
Acceptance, if applicable) will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3. <U>Sale
of Placement Securities by the Manager</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section&nbsp;6(a), the Manager, for the period specified in the Placement Notice (as amended by the corresponding Acceptance,
if applicable), will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the
Placement Securities at market prevailing prices up to the amount specified, and otherwise in accordance with the terms of such
Placement Notice (as amended by the corresponding Acceptance, if applicable). The Manager will provide written confirmation to
the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has
made sales of Placement Securities hereunder setting forth the number of Placement Securities sold on such day, the compensation
payable by the Company to the Manager pursuant to Section&nbsp;2 with respect to such sales, and the Net Proceeds payable to the
Company, with an itemization of the deductions made by the Manager (as set forth in Section&nbsp;6(b)) from the gross proceeds
that it receives from such sales. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if
applicable), the Manager may sell Placement Securities by any method permitted by law deemed to be an &ldquo;at the market&rdquo;
offering as defined in Rule&nbsp;415 under the Securities Act, including without limitation sales made directly on the New York
Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;), on any other existing trading market for the Common Stock or to or through a market
maker. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), the Manager may
also sell Placement Securities by any other method permitted by law, including but not limited to privately negotiated transactions.
For the purposes hereof, &ldquo;<U>Trading Day</U>&rdquo; means any day on which the shares of Common Stock are purchased and sold
on the principal market on which the Common Stock is listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4. <U>Suspension
of Sales</U>. The Company or the Manager may, upon notice to the other party in writing (including by email correspondence to each
of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>),
suspend any sale of Placement Securities; <U>provided</U>, <U>however</U>, that such suspension shall not affect or impair either
party&rsquo;s obligations with respect to any Placement Securities sold hereunder prior to the receipt of such notice or any Placement
Securities sold under the Alternative Distribution Agreements. Each of the parties agrees that no such notice under this Section&nbsp;4
shall be effective against the other unless it is made to one of the individuals named on <U>Exhibit&nbsp;B</U> hereto, as such
Exhibit may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5. <U>Representations
and Warranties</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties of the Company and the Operating Partnership</I>. The Company and the Operating Partnership, jointly and severally,
represent, warrant and covenant to the Manager as of the date hereof and as of each Representation Date (as defined below) on which
a certificate is required to be delivered pursuant to Section&nbsp;7(o) of this Agreement, as of each Applicable Time and as of
each Settlement Date, and agrees with the Manager, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement and Prospectuses</U>. The Company and the transactions contemplated by this Agreement meet the requirements for using
Form S-3 under the Securities Act pursuant to the standards for such form as currently in effect and as in effect immediately prior
to October 21, 1992 and the Securities have been and remain eligible for registration by the Company on such shelf registration
statement. The Registration Statement was declared effective by the Commission on March 27, 2015. No stop order suspending the
effectiveness of the Registration Statement is in effect, and no proceedings or examination under Section&nbsp;8(d) or 8(e) of
the Securities Act are pending before or, to the Company&rsquo;s knowledge, threatened by the Commission. The Company is not the
subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Securities. The Registration
Statement meets the requirements set forth in Rule 415(a)(1)(x) and complies in all other material respects with such Rule. The
Company has not received from the Commission any notice objecting to the use of the shelf registration statement form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each of the
Registration Statement and any post-effective amendment thereto, at the time of its effectiveness, at each deemed effective date
with respect to the Manager pursuant to Rule 430B(f)(2) under the Securities Act and as of each Settlement Date, complied and will
comply in all material respects at the time it became effective and at each Applicable Time with the requirements of the Securities
Act. Each preliminary prospectus (including the prospectus filed as part of the Registration Statement as originally filed or as
part of any amendment or supplement thereto), any supplement or any prospectus wrapper prepared in connection therewith, and the
Prospectus complied in all material respects at the time it was filed and at each Applicable Time with the Securities Act. Each
preliminary prospectus and the Prospectus delivered to the Manager for use in connection with the offering of any Securities was
identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted
by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus
and any Issuer Free Writing Prospectus (the &ldquo;<U>Incorporated Documents</U>&rdquo;), when they became effective or at the
time they were or hereafter are filed with the Commission, as the case may be, complied, comply and will comply in all material
respects with the requirements of the Exchange Act and, when read together with the other information in the Registration Statement,
the Prospectus or such Issuer Free Writing Prospectus when considered together with the Prospectus, as the case may be, (a)&nbsp;at
the time the Registration Statement became effective, (b) with respect to any offering of Placement Securities,&nbsp;at the earlier
of the time the Prospectus was first used and the date and time of the first contract of sale of such Placement Securities, and
(c)&nbsp;at each relevant Settlement Date, did not and will not include an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accurate
Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at the times they became effective, at each deemed
effective date with respect to the Manager pursuant to Rule 430B(f)(2) under the Securities Act, at each Applicable Time and at
each Settlement Date, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Neither the
Prospectus (nor any one or more Issuer Free Writing Prospectuses when considered together with the Prospectus) nor any amendment
or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of filing with the Commission pursuant
to Rule 424(b) under the Securities Act, at each Applicable Time or at any Settlement Date, included, includes or will include
an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The representations
and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment
thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus
wrapper)), made in reliance upon and in conformity with written information furnished to the Company by the Manager expressly for
use therein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuer
Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus including any document incorporated or deemed incorporated by reference therein, and any
preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
and Description of Securities</U>. The Securities to be sold through the Manager, as principal or agent, have been duly and validly
authorized and conform in all material respects to the description thereof contained in the Registration Statement and the Prospectus
and, when issued and delivered pursuant to this Agreement, will be fully paid and non-assessable free and clear of any pledge,
lien, encumbrance, security interest or other claim, and the issuance and sale of the Securities by the Company is not subject
to preemptive or other similar rights arising by operation of law, under the articles of incorporation, by-laws or other organizational
documents of the Company or under any agreement to which the Company or any one of its subsidiaries is a party; no person has a
right of participation or first refusal with respect to the sale of the Securities by the Company. The form of certificate for
the Securities will be in valid and sufficient form in compliance with Maryland law and the NYSE requirements.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>.
As of the date of this Agreement, 26,219,680 shares of Common Stock of the Company are issued and outstanding; all of the outstanding
shares of Common Stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable, and
are free of any preemptive or similar rights. Except as disclosed in the Registration Statement and the Prospectus (or any amendment
or supplement thereto), there are no outstanding (i) securities or obligations of the Company or any of its subsidiaries convertible
into or exchangeable for any equity interests of the Company or any such subsidiary, (ii) warrants, rights or options to subscribe
for or purchase from the Company or any such subsidiary any such equity interests or any such convertible or exchangeable securities
or obligations or (iii) obligations of the Company or any such subsidiary to issue any equity interests, any such convertible or
exchangeable securities or obligation, or any such warrants, rights or options. Except as disclosed in the Registration Statement
and the Prospectus (or any amendment or supplement thereto), there are no persons with registration or other similar rights to
have any equity or debt securities, including securities which are convertible into or exchangeable for equity securities, registered
pursuant to the Registration Statement or otherwise registered by the Company under the Securities Act (other than those that have
been waived).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing of the Company</U>. Each of the Company and the Operating Partnership is a corporation and limited partnership, respectively,
duly organized, validly existing and in good standing under the laws of the state of its formation, with full corporate or partnership
power, as applicable, and authority to own, lease and operate its properties and to conduct its business as described in the Registration
Statement and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good standing, in each
jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification,
except where the failure to so register or qualify would not reasonably be expected to have a material adverse effect on the condition
(financial or other), prospects, earnings, business, properties, net worth or results of operations of the Company and its subsidiaries
taken as a whole, whether or not arising from transactions in the ordinary course of business (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing of the Subsidiaries</U>. Each of the direct and indirect subsidiaries of the Company (other than the Operating Partnership)
is a corporation, limited liability company, limited partnership or trust, as applicable, duly organized, validly existing and
in good standing under the laws of the state of its formation, as set forth on Schedule I hereto, except where the failure to be
in good standing would not result in a Material Adverse Effect, with full corporate, limited liability company, partnership or
trust power, as applicable, and authority to own, lease and operate its properties and to conduct its business as described in
the Registration Statement and the Prospectus, and each is duly registered and qualified to conduct its business, and is in good
standing, in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration
or qualification, except where the failure to so register or qualify or be in good standing would not reasonably be expected to
have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business
in Cuba</U>. None of the Company, the Operating Partnership or any of its subsidiaries does any business in Cuba.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
Other than as set forth on <U>Schedule&nbsp;I</U> hereto, the Company has no subsidiary or subsidiaries and does not control, directly
or indirectly, any corporation, partnership, joint venture, association or other business association. The issued shares of capital
stock of each of the Company&rsquo;s subsidiaries (including the Operating Partnership) have been duly authorized and validly issued,
are fully paid and non-assessable and are owned legally and beneficially by the Company free and clear of any security interests,
liens, encumbrances, equities or claims, except as disclosed in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Significant
Subsidiaries</U>. The &ldquo;significant subsidiaries&rdquo; of the Company as defined in Section 1-02(w) of Regulation S-X under
the Securities Act are set forth in Schedule I hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Proceedings</U>. There are no legal or governmental actions, suits, inquiries, investigations or proceedings pending or, to
the knowledge of the Company, threatened, against the Company, the Operating Partnership or any of their subsidiaries, or to which
the Company, the Operating Partnership or any properties of the Company, the Operating Partnership or any of their subsidiaries
is subject, that (A)&nbsp;are required to be described in the Registration Statement or the Prospectus but are not described as
required; (B)&nbsp;could reasonably be expected to have a Material Adverse Effect on the performance of this Agreement or the consummation
of any of the transactions contemplated hereby; or (C)&nbsp;could reasonably be expected to have a Material Adverse Effect, except
as set forth in or contemplated in the Registration Statement and the Prospectus (exclusive of any supplement thereto). There are
no statutes, regulations, off-balance sheet transactions, contingencies or agreements, contracts, indentures, leases or other instruments
or documents of a character that are required to be described in the Registration Statement or the Prospectus or to be filed or
incorporated by reference as an exhibit to the Registration Statement or any Incorporated Document that are not described, filed
or incorporated as required by the Securities Act or the Exchange Act. The statements in the Registration Statement and the Prospectus
under the heading &ldquo;Material Federal Income Tax Considerations&rdquo; and &ldquo;Additional Material Federal Income Tax Considerations&rdquo;
fairly summarize the matters therein described.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Violation, Defaults and Conflicts</U>. None of the Company, the Operating Partnership or any of their subsidiaries is: (A)&nbsp;in
violation of (i)&nbsp;its respective articles of incorporation, partnership agreement, operating agreement or by-laws (or analogous
governing instruments), (ii)&nbsp;any law, ordinance, administrative or governmental rule or regulation applicable to the Company,
the Operating Partnership or any of their subsidiaries, except in the case of clause (ii), which violation would not reasonably
be expected to have a Material Adverse Effect, or (iii)&nbsp;any decree of any court or governmental agency or body having jurisdiction
over the Company or its subsidiaries; or (B)&nbsp;except as disclosed in the Registration Statement and the Prospectus (or any
amendment or supplement thereto), in default in any material respect in the performance of any obligation, agreement, condition
or covenant (financial or otherwise) contained in any bond, debenture, note or any other evidence of indebtedness or in any Material
Agreement (as defined below), indenture, lease or other instrument to which the Company, the Operating Partnership or any of their
subsidiaries is a party or by which the Company, the Operating Partnership or any of their subsidiaries or any of their respective
properties may be bound, and, to the Company&rsquo;s knowledge, no such default is expected. All agreements, contracts or other
arrangements that are material to the Company and the Operating Partnership are set forth on <U>Schedule II</U> of this Agreement
(the &ldquo;<U>Material Agreements</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Properties</U>.
A) As of the date of this Agreement, the Company owns either directly or indirectly through its subsidiaries, 379 properties (the
&ldquo;<U>Properties</U>&rdquo;). To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their
subsidiaries is in violation of any municipal, state or federal law, rule or regulation concerning any of their Properties, which
violation would reasonably be expected to have a Material Adverse Effect; (B) to the Company&rsquo;s knowledge, each of the Properties
complies with all applicable zoning laws, ordinances and regulations in all material respects and, if and to the extent there is
a failure to comply, such failure does not materially impair the value of any of such Properties and will not result in a forfeiture
or reversion of title thereof; (C) none of the Company, the Operating Partnership or any of their subsidiaries has received from
any governmental authority any written notice of any condemnation of, or zoning change affecting any of, the Properties, and the
Company does not know of any such condemnation or zoning change which is threatened and which if consummated would reasonably be
expected to have a Material Adverse Effect; (D) the leases under which the Company or any of its subsidiaries leases the Properties
as lessor (the &ldquo;<U>Leases</U>&rdquo;) are in full force and effect and have been entered into in the ordinary course of business
of such entity, except as would not reasonably be expected to have a Material Adverse Effect; (E) the Company and each of its subsidiaries
has complied with its respective obligations under the Leases in all material respects and the Company does not know of any default
by any other party to the Leases which, alone or together with other such defaults, would reasonably be expected to have a Material
Adverse Effect; and (F) all liens, charges, encumbrances, claims or restrictions on or affecting the assets (including the Properties)
of the Company and its subsidiaries that are required to be disclosed in the Registration Statement and the Prospectus are disclosed
therein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Conflicts</U>. Neither the issuance and sale of the Securities, the execution, delivery or performance of this Agreement by
the Company or the Operating Partnership, nor the consummation by the Company or the Operating Partnership of the transactions
contemplated hereby (including the application of the proceeds from the sale of the Securities as described in the Registration
Statement and the Prospectus): (A)&nbsp;requires any consent, approval, authorization or other order of, or registration or filing
with, any court, regulatory body, administrative agency or other governmental body, agency or official (except such as may be required
for the registration of the Securities under the Securities Act, the listing of the Securities on the NYSE and compliance with
the securities or blue sky laws of various jurisdictions), or conflicts or will conflict with or constitutes or will constitute
a breach or violation of, or a default under, the articles of incorporation, or by-laws (or analogous governing documents) of the
Company, the Operating Partnership or any of their subsidiaries; or (B)&nbsp;(i) conflicts or will conflict with or constitutes
or will constitute a breach of, or a default under, any agreement, indenture, lease or other instrument to which the Company, the
Operating Partnership or any of their subsidiaries is a party or by which the Company or the Operating Partnership or any properties
of the Company or the Operating Partnership or any of their subsidiaries may be bound, except as would not reasonably be expected
to have a Material Adverse Effect, or (ii) violates or will violate any statute, law, regulation or filing or judgment, injunction,
order or decree applicable to the Company, the Operating Partnership or any of their subsidiaries or any properties of the Company,
the Operating Partnership or any of their subsidiaries, or (iii) will result in the creation or imposition of any lien, charge
or encumbrance upon any property or assets of the Company, the Operating Partnership or any of their subsidiaries pursuant to the
terms of any agreement or instrument to which the Company, the Operating Partnership or any of their subsidiaries is a party or
by which the Company, the Operating Partnership or any of their subsidiaries may be bound, or to which any property or assets of
the Company, the Operating Partnership or any of their subsidiaries is subject.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Accountants</U>. To the Company&rsquo;s knowledge, Grant Thornton LLP, who together with Baker Tilly Virchow Krause, LLP collectively
have certified or shall certify the financial statements and schedules included or incorporated by reference in the Registration
Statement and the Prospectus (or any amendment or supplement thereto), is and was, as of the date of this Agreement and during
the periods covered by the financial statements on which Grant Thornton LLP reported, an independent registered public accounting
firm with respect to the Company as required by the Securities Act and the Exchange Act and the applicable published rules and
regulations thereunder and by the Public Company Accounting Oversight Board (&ldquo;<U>PCAOB</U>&rdquo;). To the Company&rsquo;s
knowledge, Baker Tilly Virchow Krause, LLP was, during the periods covered by the financial statements on which Baker Tilly Virchow
Krause, LLP reported, an independent registered public accounting firm with respect to the Company as required by the Securities
Act and the Exchange Act and the applicable published rules and regulations thereunder and by the PCAOB.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements; Non-GAAP Financial Measures</U>. The historical financial statements, together with related schedules and notes, included
or incorporated by reference in the Registration Statement and the Prospectus (and any amendment or supplement thereto), present
fairly in all material respects the financial position, results of operations and changes in financial position of the Company
and its subsidiaries on the basis stated in the Registration Statement and the Incorporated Documents at the respective dates or
for the respective periods to which they apply. Such statements and related schedules and notes have been prepared in accordance
with generally accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein.
The other historical financial and statistical information and data included or incorporated by reference in the Registration Statement
and the Prospectus (and any amendment or supplement thereto) are accurately presented and prepared on a basis consistent with the
audited financial statements, included or incorporated in the Registration Statement and the Prospectus, and the books and records
of the Company and its subsidiaries. The financial statements of the businesses or properties acquired or proposed to be acquired,
if any, included in, or incorporated by reference into, the Registration Statement or the Prospectus present fairly in all material
respects the information set forth therein, have been prepared in conformity with generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;)
applied on a consistent basis and otherwise have been prepared in accordance with the applicable financial statement requirements
of Rule 3-05 or Rule 3-14 of Regulation S-X with respect to real estate operations acquired or to be acquired. The pro forma financial
statements and other pro forma financial information included, or incorporated by reference in, the Registration Statement and
the Prospectus include assumptions that provide a reasonable basis for presenting the significant effects directly attributable
to the transactions and events described therein, the related pro forma adjustments give appropriate effect to those assumptions,
and the pro forma adjustments reflect the proper application of those adjustments to the historical financial statement amounts
in the pro forma financial statements included in the Registration Statement and the Prospectus. The pro forma financial statements
included in the Registration Statement and the Prospectus comply as to form in all material respects with the applicable accounting
requirements of Regulation S-X under the Securities Act. The Company has filed with the Commission all financial statements, together
with related schedules and notes, required to be filed pursuant to the Securities Act. Any disclosures contained or incorporated
in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by
the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K under
the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language incorporated by reference
in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been
prepared in accordance in all material respects with the Commission&rsquo;s rules and guidelines applicable thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Power</U>. The Company has the corporate power to issue, sell and deliver the Securities as provided herein; the execution and
delivery of, and the performance by the Company of its obligations under, this Agreement have been duly and validly authorized
by the Company, and this Agreement has been duly executed and delivered by the Company and constitutes the valid and legally binding
agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors&rsquo; rights generally and by general principles
of equity and to the extent that rights to indemnity and contribution hereunder may be limited by federal or state securities laws;
the execution and delivery of, and the performance by the Operating Partnership of its obligations under, this Agreement have been
duly and validly authorized by the Operating Partnership, and this Agreement has been duly executed and delivered by the Operating
Partnership and constitutes the valid and legally binding agreement of the Operating Partnership, enforceable against the Operating
Partnership in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors&rsquo; rights generally and by general principles of equity and to the extent that rights to indemnity
and contribution hereunder may be limited by federal or state securities laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement and the Prospectus (or any amendment
or supplement thereto), subsequent to the respective dates as of which such information is given in the Registration Statement
and the Prospectus (or any amendment or supplement thereto), (A) none of the Company, the Operating Partnership or any of their
subsidiaries has incurred any liability or obligation (financial or other), direct or contingent, or entered into any transaction
(including any off-balance sheet activities or transactions), not in the ordinary course of business, that is material to the Company
and its subsidiaries, as a whole; (B) there has not been any material change in the capital stock, or partnership interests, as
the case may be, or material increase in the short-term debt or long-term debt (including any off-balance sheet activities or transactions),
of either of the Company or the Operating Partnership or the occurrence of or any development which may reasonably be expected
to result in a Material Adverse Effect; and (C) except for regular quarterly dividends on the Common Stock in amounts per share
that are consistent with the past practice, there has been no dividend or distribution of any kind declared, paid or made by the
Company on any class of its capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to Property</U>. The Company, the Operating Partnership and each of their subsidiaries has good and marketable title to all property
(real and personal) described in the Registration Statement and the Prospectus as being owned by each of them (including the Properties),
free and clear of all liens, claims, security interests or other encumbrances that would materially and adversely affect the value
thereof or materially interfere with the use made or presently contemplated to be made thereof by them as described in the Registration
Statement and the Prospectus, except such as are described in the Registration Statement and the Prospectus, or in any document
filed as an exhibit to the Registration Statement, and each property described in the Registration Statement and the Prospectus
as being held under lease by the Company or any of its subsidiaries is held by it under a valid, subsisting and enforceable lease.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Free Writing Prospectus</U>. Neither the Company nor any of its subsidiaries has distributed or will distribute any offering material
in connection with the offering and sale of the Securities to be sold hereunder by the Manager as principal or agent for the Company,
other than the Prospectus and any Permitted Free Writing Prospectus (as defined in Section 21) reviewed and consented to by the
Manager.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Manipulation</U>. None of the Company, the Operating Partnership or any of their subsidiaries, nor any of the officers, directors
or partners thereof has taken, nor will any of them take, directly or indirectly, any action resulting in a violation of Regulation
M under the Exchange Act or designed to cause or result in, or which has constituted or which reasonably might be expected to constitute,
the stabilization or manipulation of the price of the Securities or facilitation of the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prior
Written Communications</U>. Any offer that is a written communication relating to the Securities made prior to the initial filing
of the Registration Statement by the Company or any person acting on its behalf (within the meaning, for this paragraph only, of
Rule 163(c) of the Securities Act) has been filed with the Commission in accordance with the exemption provided by Rule 163 of
the Securities Act and otherwise complied with the requirements of Rule 163 of the Securities Act, including without limitation
the legending requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession
of Licenses and Permits</U>. The Company, the Operating Partnership and each of their subsidiaries possess all certificates, permits,
licenses, franchises and authorizations of governmental or regulatory authorities (the &ldquo;<U>permits</U>&rdquo;) as are necessary
to own their respective properties and to conduct their respective businesses in the manner described in the Registration Statement
and the Prospectus, where such failure to possess could have, individually or in the aggregate, a Material Adverse Effect, subject
to such qualifications as may be set forth in the Registration Statement and the Prospectus. The Company, the Operating Partnership
and each of their subsidiaries has fulfilled and performed all of their respective material obligations with respect to such permits,
and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or which
would result in any other material impairment of the rights of the holder of any such permit, subject in each case to such qualification
as may be set forth in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
Controls and Procedures; Internal Controls</U>. The Company, the Operating Partnership and each of their subsidiaries have established
and maintain disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act
is recorded, processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules and forms and
is accumulated and communicated to the Company&rsquo;s management, including its chief executive officer and chief financial officer,
or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure; and the Company,
the Operating Partnership and each of their subsidiaries maintain a system of internal control over financial reporting sufficient
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles and which includes policies and procedures that (i)
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions
of the assets of the Company, the Operating Partnership and each of their subsidiaries, (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles and that receipts and expenditures of the Company, the Operating Partnership and each of their subsidiaries are being
made only in accordance with the authorization of management, (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisitions, use or dispositions of assets that could have a material effect on the financial statements,
and (iv) provide reasonable assurance that the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects
and is prepared in accordance with the Commission&rsquo;s rules and guidelines applicable thereto. The Company&rsquo;s disclosure
controls and procedures have been evaluated for effectiveness as of the end of the period covered by the Company&rsquo;s most recently
filed periodic report on Form 10-Q or 10-K, as the case may be, which precedes the date of the Prospectus and were effective in
all material respects to perform the functions for which they were established. Based on the most recent evaluation of its internal
control over financial reporting, the Company was not aware of (i) any material weaknesses in the design or operation of internal
control over financial reporting, except as disclosed in the Registration Statement and the Prospectus, or (ii) any fraud, whether
or not material, that involves management or other employees who have a significant role in the Company&rsquo;s internal control
over financial reporting. There has been no change in the Company&rsquo;s internal control over financial reporting that has occurred
during its most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the
Company&rsquo;s internal control over financial reporting, except as disclosed in the Registration Statement Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sarbanes-Oxley
Act</U>. There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers, in their
capacities as such, to comply with any provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection
therewith, including, without limitation, Section 402 related to loans to insiders and Sections 302 and 906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">27)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Funds</U>. To the Company&rsquo;s knowledge, none of the Company, the Operating Partnership or any of their subsidiaries nor
any employee or agent of the Company, the Operating Partnership or any of their subsidiaries has made any payment of funds of the
Company or its subsidiaries or received or retained any funds in violation of any law, rule or regulation, which payment, receipt
or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">28)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Corrupt Practices </U>Act. None of the Company, the Operating Partnership or any of their subsidiaries nor, to the knowledge of
the Company, any director, officer, agent, employee or affiliate of the Company, the Operating Partnership or any of their subsidiaries
is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt
Practices Act of 1977, as amended, and the rules and regulations thereunder (the &ldquo;<U>FCPA</U>&rdquo;), including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer,
payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any &ldquo;foreign official&rdquo; (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, the Operating
Partnership, their subsidiaries and, to the knowledge of the Company, their affiliates have conducted their businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">29)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Money
Laundering </U>Laws. The operations of the Company, the Operating Partnership and their subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes
and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;) and no action, suit or proceeding by
or before any court or governmental agency, authority or body or any arbitrator involving the Company, the Operating Partnership
or any of their subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">30)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflict with OFAC Laws</U>. None of the Company, the Operating Partnership, or any of their subsidiaries or, to the knowledge
of the Company, any director, officer, agent, employee, affiliate or representative of the Company, the Operating Partnership or
any of their subsidiaries is an individual or entity (&ldquo;Person&rdquo;) currently the subject or target of any sanctions administered
or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury&rsquo;s Office
of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United Nations Security Council (&ldquo;<U>UNSC</U>&rdquo;), the European
Union, Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;),
nor is the Company located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will
not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such
proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or
in any country or territory, that, at the time of such funding, is the subject of Sanctions or in any other manner that will result
in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor
or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">31)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Labor Dispute</U>. No labor problem or dispute with the employees of the Company and/or any of its subsidiaries or, to the Company&rsquo;s
knowledge, any of the Company&rsquo;s or its subsidiaries&rsquo; principal suppliers, contractors or customers, exists, is threatened
or imminent that could result in a Material Adverse Effect. To the Company&rsquo;s knowledge, no labor problem or dispute with
the Company&rsquo;s or its subsidiaries&rsquo; tenants exists, is threatened or imminent that could result in a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">32)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Returns</U>. Each of the Company, the Operating Partnership and their subsidiaries has timely filed all foreign, federal, state
and local tax returns that are required to be filed, which returns are complete and correct, or has requested extensions thereof
(except in any case in which the failure to so file timely would not reasonably be expected to have a Material Adverse Effect and
except as set forth in the Registration Statement and the Prospectus) and has paid all material taxes required to be paid by it
and any material other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable,
except for any such assessment, fine or penalty that is currently being contested in good faith. The Company has made appropriate
provisions in the Company&rsquo;s financial statements that are incorporated by reference into the Registration Statement (or otherwise
described in the Registration Statement and the Prospectus) in respect of all federal, state, local and foreign income and franchise
taxes for all current or prior periods as to which the tax liability of the Company, the Operating Partnership and their subsidiaries
has not been finally determined, except to the extent of any inadequacy that would not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">33)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights</U>. No holder of any security of the Company or the Operating Partnership has any right to require registration of the
Securities or any other security of the Company or the Operating Partnership because of the filing of the Registration Statement
or consummation of the transactions contemplated by this Agreement, which right has not been waived in connection with the transactions
contemplated by this Agreement. The holders of outstanding shares of capital stock of the Company and the Operating Partnership
are not entitled to preemptive or other rights to subscribe for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">34)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession
of Intellectual Property</U>. The Company, the Operating Partnership and their subsidiaries own or possess all patents, trademarks,
trademark registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, trade secrets
and rights described in the Registration Statement and the Prospectus as being owned by them or necessary for the conduct of their
respective businesses. The Company is not aware of any claim to the contrary or any challenge by any other person to the rights
of the Company, the Operating Partnership and their subsidiaries with respect to the foregoing that would reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">35)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>. Neither the Company nor any subsidiary is now, and after sale of the Securities to be sold by the Company hereunder
and the application of the net proceeds from such sale as described in the Registration Statement and the Prospectus under the
caption &ldquo;Use of Proceeds,&rdquo; will be, an &ldquo;investment company&rdquo; within the meaning of the Investment Company
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">36)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Laws</U>. To the Company&rsquo;s knowledge, the Company, the Operating Partnership, their subsidiaries, the Properties and the
operations conducted thereon comply and heretofore have complied with all applicable Environmental Laws, and no expenditures are
required to maintain or achieve such compliance, except as disclosed in environmental site assessment reports obtained by the Company
on or before the date hereof in connection with the purchase of any of the Properties or in a written summary maintained by the
Company of the status of ongoing environmental projects at the Properties, each of which have been directly provided to the Manager
or its counsel (collectively, the &ldquo;<U>Environmental Reports</U>&rdquo;) and except for those circumstances that have not
had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or as disclosed in
the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the
Company, the Operating Partnership or any of their subsidiaries has at any time and, to the Company&rsquo;s knowledge, no other
party has at any time, handled, buried, stored, retained, refined, transported, processed, manufactured, generated, produced, spilled,
allowed to seep, leak, escape or leach, or be pumped, poured, emitted, emptied, discharged, injected, dumped, transferred or otherwise
disposed of or dealt with, Hazardous Materials (as defined below) on, to, under or from the Properties, except as disclosed in
Environmental Reports, the Registration Statement and the Prospectus and except for those circumstances that have not had or would
reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or any of their subsidiaries
intends to use the Properties or any subsequently acquired properties for the purpose of handling, burying, storing, retaining,
refining, transporting, processing, manufacturing, generating, producing, spilling, seeping, leaking, escaping, leaching, pumping,
pouring, emitting, emptying, discharging, injecting, dumping, transferring or otherwise disposing of or dealing with Hazardous
Materials; <I>provided</I>, <I>however</I>, the tenants of the Company and the Operating Partnership may use Properties for their
intended purpose, which may involve the handling, storing and transporting of Hazardous Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, no seepage, leak, escape, leach, discharge, injection, release, emission, spill, pumping, pouring, emptying or dumping
of Hazardous Materials into any surface water, groundwater, soil, air or other media on or adjacent to the Properties has occurred,
is occurring or is reasonably expected to occur, except as is disclosed in the Environmental Reports or the Registration Statement
and the Prospectus, and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">None of the
Company, the Operating Partnership or any of their subsidiaries has received written notice from any Governmental Authority or
other person of, or has knowledge of, any occurrence or circumstance which, with notice, passage of time, or failure to act, would
give rise to any claim against the Company, the Operating Partnership or any of their subsidiaries under or pursuant to any Environmental
Law or under common law pertaining to Hazardous Materials on or originating from the existing Properties or any act or omission
of any party with respect to the existing Properties, except as disclosed in the Environmental Reports, or the Registration Statement
and the Prospectus and except for those circumstances that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">To the Company&rsquo;s
knowledge, none of the Properties is included or proposed for inclusion on any federal, state, or local lists of sites which require
or might require environmental cleanup, including, but not limited to, the National Priorities List or CERCLIS List issued pursuant
to CERCLA (as defined below) by the United States Environmental Protection Agency or any analogous state list, except as is disclosed
in the Environmental Reports, the Registration Statement and the Prospectus and except for those circumstances that would not reasonably
be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the ordinary
course of its business, the Company periodically reviews the effect of Environmental Laws on the business, operations and properties
of the Company and its subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including,
without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental
Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third
parties). On the basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not,
singly or in the aggregate, reasonably be expected to have a Material Adverse Effect, whether or not arising from transactions
in the ordinary course of business, except as set forth in or contemplated in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
&ldquo;<U>Hazardous Material</U>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, hazardous or toxic substances, or related materials, asbestos, polychlorinated biphenyls (&ldquo;<U>PCBs</U>&rdquo;),
petroleum products and by-products and substances defined or listed as &ldquo;hazardous substances,&rdquo; &ldquo;toxic substances,&rdquo;
&ldquo;hazardous waste,&rdquo; or &ldquo;hazardous materials&rdquo; in any Federal, state or local Environmental Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used herein,
&ldquo;<U>Environmental Law</U>&rdquo; shall mean all laws, common law duties, regulations or ordinances (including any orders
or agreements) of any Federal, state or local governmental authority having or claiming jurisdiction over any of the Properties
(a &ldquo;<U>Governmental Authority</U>&rdquo;) that are designed or intended to protect the public health and the environment
or to regulate the handling of Hazardous Materials, including, without limitation, the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, as amended (42 U.S.C. Section&nbsp;9601 et seq.) (&ldquo;<U>CERCLA</U>&rdquo;), the Hazardous Material
Transportation Act, as amended (49 U.S.C. Section&nbsp;1801 et seq.), the Resource Conservation and Recovery Act, as amended (42
U.S.C. Section&nbsp;6901 et seq.), the Federal Water Pollution Control Act, as amended (33 U.S.C. Section&nbsp;1251 et seq.), and
the Clean Air Act, as amended (42 U.S.C. Section&nbsp;7401 et seq.), and any and all analogous state or local laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">37)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REIT
Qualification</U>. Commencing with its taxable year ended December 31, 1994, the Company has been organized and operated in conformity
with the requirements for qualification and taxation as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) under the Internal
Revenue Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<U>Code</U>&rdquo;),
and the Company&rsquo;s current and proposed method of operations as described in the Registration Statement and the Prospectus
will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year
ending December 31, 2017 and thereafter. No transaction or other event has occurred, and none of the Company, the Operating Partnership,
or any of their subsidiaries has taken any action, that would reasonably be expected to cause the Company to not be able to qualify
as a REIT for its taxable year ending December 31, 2017 or future taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">38)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
The Company, the Operating Partnership and each of their subsidiaries is insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and
the value of their properties. All policies of insurance and fidelity or surety bonds insuring the Company, the Operating Partnership
or any of their subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect.
The Company, the Operating Partnership and each of their subsidiaries are in compliance with the terms of such policies and instruments
in all material respects and there are no claims by the Company, the Operating Partnership or any of their subsidiaries under any
such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause,
except as would not reasonably be expected to have a Material Adverse Effect. None of the Company, the Operating Partnership or
any of their subsidiaries has been refused any insurance coverage sought or applied for, and the Company does not have any reason
to believe that the Company, the Operating Partnership and each of their subsidiaries will not be able to renew its respective
existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue their respective businesses at a cost that would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">39)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title&nbsp;Insurance</U>.
The Company, the Operating Partnership and their subsidiaries have title insurance on each of the Properties owned in fee simple
in amounts at least equal to the cost of acquisition of such property; with respect to an uninsured loss on any of the Properties,
the title insurance shortfall would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">40)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U>.
Except as disclosed in the Registration Statement and the Prospectus (or pursuant to the terms of the indebtedness described therein),
no subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making
any other distribution on such subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances to such subsidiary
from the Company or from transferring any of such subsidiary&rsquo;s assets or property to the Company or any other subsidiary
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">41)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
Taxes</U>. There are no transfer taxes or other similar fees or charges under Federal law or the laws of any state, or any political
subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the
Company or sale by the Company of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">42)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits</U>. Each of the Company and its subsidiaries has fulfilled its obligations, if any, under the minimum funding standards
of Section&nbsp;302 of the United States Employee Retirement Income Security Act of 1974 (&ldquo;<U>ERISA</U>&rdquo;) and the regulations
and published interpretations thereunder with respect to each &ldquo;plan&rdquo; (as defined in Section&nbsp;3(3) of ERISA and
such regulations and published interpretations) in which employees of the Company and its subsidiaries are eligible to participate.
Each such plan is in compliance in all material respects with the presently applicable provisions of ERISA and such regulations
and published interpretations. Neither the Company nor any of its subsidiaries has incurred any unpaid liability to the Pension
Benefit Guaranty Corporation (other than for the payment of premiums in the ordinary course) or to any such plan under Title IV
of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">43)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Equity Awards</U>. To the knowledge of the Company, no stock options awards granted by the Company have been retroactively granted,
or the exercise or purchase price of any stock option award determined retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">44)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized
Capital Stock</U>. The Company&rsquo;s authorized capitalization is as set forth in the Registration Statement and the Prospectus;
the capital stock of the Company conforms in all material respects to the description thereof contained in the Registration Statement
and the Prospectus; the outstanding shares of Common Stock of the Company have been duly and validly authorized and issued in compliance
with all Federal and state securities laws, and are fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">45)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NYSE</U>.
The outstanding shares of Common Stock and the Securities to be sold by the Company from time to time hereunder have been approved
for listing, subject only to official notice of issuance, on the NYSE, and are registered pursuant to Section&nbsp;12(b) of the
Exchange Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of
the Securities under the Exchange Act or delisting any such securities from the NYSE, nor has the Company received any notification
that the Commission or the NYSE is contemplating terminating such registration or listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">46)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Statistical
and Market-Related Data</U>. The statistical and market related data included in the Registration Statement and the Prospectus
are based on or derived from sources the Company believes to be reliable and accurate as of the respective dates of such documents,
and the Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">47)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Directors</U>. Each of the independent directors (or independent director nominees, once appointed, if applicable) named in the
Registration Statement and Prospectus satisfies the independence standards established by NYSE and, with respect to members of
the Company&rsquo;s audit committee, the enhanced independence standards contained in Rule 10A-3(b)(1) promulgated by the Commission
under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">48)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Further Requirements</U>. The Company is not required to register as a &ldquo;broker&rdquo; or &ldquo;dealer&rdquo; in accordance
with the provisions of the rules and the Exchange Act and does not, directly or indirectly through one or more intermediaries,
control or have any other association with (within the meaning of Article I of the Bylaws of the Financial Industry Regulatory
Authority (&ldquo;<U>FINRA</U>&rdquo;)) any member firm of FINRA. No relationship, direct or indirect, exists between or among
the Company, on the one hand, and the directors, officers or stockholders of the Company, on the other hand, which is required
by the rules of FINRA to be described in the Registration Statement and the Prospectus, which is not so described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">49)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lending
Relationships</U>. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company nor any of its
subsidiaries has any material lending or similar relationship with the Manager or any bank or other lending institution affiliated
with the Manager; and (ii) the Company does not intend to use any of the proceeds from the sale of the Securities by the Company
hereunder to reduce or retire the balance of any loan or credit facility extended by any affiliate of the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">50)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Finder&rsquo;s Fee</U>. Except for the discounts and commissions payable by the Company to the Manager and each of the Alternative
Managers in connection with the offering of the Securities contemplated herein or as otherwise disclosed in the Registration Statement
and the Prospectus, the Company has not incurred any liability for any brokerage commission, finder&rsquo;s fees or similar payments
in connection with the offering of the Securities contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">51)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actively
Traded Security</U>. The shares of Common Stock are &ldquo;actively traded securities&rdquo; excepted from the requirements of
Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">52)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proprietary
Trading by the Manager</U>. The Company acknowledges and agrees that the Manager has informed the Company that the Manager may,
to the extent permitted under the Securities Act and the Exchange Act, purchase and sell the Common Stock for its own account while
this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis pursuant to this Agreement,
except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding Acceptance, if applicable);
provided, that no such purchase or sales shall take place while a Placement Notice is in effect (except (i) as agreed by the Manager
in the Placement Notice (as amended by the corresponding Acceptance, if applicable) or (ii) to the extent the Manager may engage
in sales of Placement Securities purchased or deemed purchased from the Company as a &ldquo;riskless principal&rdquo; or in a similar
capacity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers&rsquo;
Certificates</I>. Any certificate signed by any officer of the Company or any authorized representative of the Operating Partnership
and delivered to the Manager or to counsel for the Manager shall be deemed a representation and warranty by the Company or the
Operating Partnership, as the case may be, to the Manager as to the matters covered thereby as of the date or dates indicated on
such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 6. <U>Sale
and Delivery to the Manager; Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale
of Placement Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon the Manager&rsquo;s acceptance of the terms of a Placement Notice or upon receipt by the Manager of an Acceptance,
as the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended, or otherwise
terminated in accordance with the terms of this Agreement, the Manager, for the period specified in the Placement Notice (as amended
by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal trading
and sales practices to sell such Placement Securities at market prevailing prices up to the amount specified, and otherwise in
accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company
and the Operating Partnership acknowledges and agrees that (i) there can be no assurance that the Manager will be successful in
selling Placement Securities, (ii) the Manager will incur no liability or obligation to the Company, the Operating Partnership
or any other person or entity if it does not sell Placement Securities for any reason other than a failure by the Manager to use
its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities as
required under this Section&nbsp;6 and (iii) the Manager shall be under no obligation to purchase Securities on a principal basis
pursuant to this Agreement, except as otherwise agreed by the Manager in the Placement Notice (as amended by the corresponding
Acceptance, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement
of Placement Securities</I>. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable), settlement for sales of Placement Securities will occur on the third (3<SUP>rd</SUP>) Trading Day (or such earlier
day as is industry practice for regular-way trading) following the date on which such sales are made (each, a &ldquo;<U>Settlement
Date</U>&rdquo;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities
sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be equal to the aggregate offering price received by the Manager at which such
Placement Securities were sold, after deduction for (i) the Manager&rsquo;s commission, discount or other compensation for such
sales payable by the Company pursuant to Section&nbsp;2 hereof, (ii) any other amounts due and payable by the Company to the Manager
hereunder pursuant to Section&nbsp;8(a) hereof, and (iii) any transaction fees imposed by any governmental or self-regulatory organization
in respect of such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of Placement Securities</I>. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Securities being sold by crediting the Manager&rsquo;s or its designee&rsquo;s account (provided the Manager
shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties
hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement
Date, the Manager will deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the
Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver
Placement Securities on a Settlement Date, the Company agrees that in addition to and in no way limiting the rights and obligations
set forth in Section&nbsp;10(a) and Section&nbsp;11 hereto, it will (i) hold the Manager harmless against any loss, liability,
claim, damage, or expense whatsoever (including reasonable legal fees and expenses), as incurred, arising out of or in connection
with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Manager any commission, discount, or
other compensation to which it would otherwise have been entitled absent such default. If the Manager breaches this Agreement by
failing to deliver the applicable Net Proceeds on any Settlement Date for Placement Securities delivered by the Company, the Manager
will pay the Company interest based on the effective overnight federal funds rate until such proceeds, together with interest,
have been fully paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Denominations;
Registration</I>. The Securities shall be in such denominations and registered in such names as the Manager may request in writing
at least one full business day before the Settlement Date. The Company shall deliver the Securities, if any, through the facilities
of The Depository Trust Company unless the Manager shall otherwise instruct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations
on Offering Size</I>. Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving
effect to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed
the lesser of (A) together with all sales of Securities under this Agreement and each of the Alternative Distribution Agreements,
the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement, and (C) the
amount authorized from time to time to be issued and sold under this Agreement by the Company and notified to the Manager in writing.
Under no circumstances shall the Company cause or request the offer or sale of any Securities pursuant to this Agreement at a price
lower than the minimum price authorized from time to time by the Company and notified to the Manager in writing. Further, under
no circumstances shall the aggregate offering price of Securities sold pursuant to this Agreement and the Alternative Distribution
Agreements, including any separate underwriting or similar agreement covering principal transactions described in Section&nbsp;1
of this Agreement and the Alternative Distribution Agreements, exceed the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations
on Managers</I>. The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities shall
only be effected by or through only the Manager or an Alternative Manager on any single given day, but in no event more than one,
and the Company shall in no event request that the Manager and one or more of the Alternative Managers sell Securities on the same
day; <U>provided</U>, <U>however</U>, that (a) the foregoing limitation shall not apply to (i) exercise of any option, warrant,
right or any conversion privilege set forth in the instrument governing such security or (ii) sales solely to employees or security
holders of the Company or its subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such
persons, and (b) such limitation shall not apply on any day during which no sales are made pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer or sale of, any Securities
and, by notice to the Manager given by telephone (confirmed promptly by facsimile transmission or email), shall cancel any instructions
for the offer or sale of any Securities, and the Manager shall not be obligated to offer or sell any Securities, (i) during any
period in which the Company is, or reasonably could be deemed to be, in possession of material non-public information, (ii) at
any time during the period commencing on the 10th business day prior to the date (each, an &ldquo;<U>Announcement Date</U>&rdquo;)
on which the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results
of operations (each, an &ldquo;<U>Earnings Announcement</U>&rdquo;), or (iii) except as provided in Section&nbsp;6(h) below, at
any time from and including the Announcement Date through and including the time that the Company files (a &ldquo;<U>Filing Time</U>&rdquo;)
a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes consolidated financial statements as of and for
the same period or periods, as the case may be, covered by such Earnings Announcement; provided that, unless otherwise agreed between
the Company and the Manager, for purposes of (ii) above, such period shall be deemed to end at the relevant Filing Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company wishes to offer, sell or deliver Securities at any time during the period from and including an Announcement Date through
and including the time that is 24 hours after the corresponding Filing Time, the Company shall (i) prepare and deliver to the Manager
(with a copy to its counsel) a Current Report on Form 8-K which shall include substantially the same financial and related information
as was set forth in the relevant Earnings Announcement (other than any earnings projections, similar forward-looking data and officers&rsquo;
quotations) (each, an &ldquo;<U>Earnings 8-K</U>&rdquo;), in form and substance reasonably satisfactory to the Manager, (ii) provide
the Manager with the officers&rsquo; certificate, opinions/letters of counsel and accountants&rsquo; letter called for by Sections&nbsp;7(o),
(p), (q), (r) and (s) hereof; respectively, (iii) afford the Manager the opportunity to conduct a due diligence review in accordance
with Section&nbsp;7(m) hereof and (iv) file such Earnings 8-K with the Commission, then the provisions of clause (ii) of Section&nbsp;6(g)
shall not be applicable for the period from and after the time at which the foregoing conditions shall have been satisfied (or,
if later, the time that is 24 hours after the time that the relevant Earnings Announcement was first publicly released) through
and including the Filing Time of the relevant Quarterly Report on Form 10-Q or Annual Report on Form 10-K under the Exchange Act,
as the case may be. For purposes of clarity, the parties hereto agree that (A) the delivery of any officers&rsquo; certificate,
opinions/letters of counsel and accountants&rsquo; letter pursuant to this Section&nbsp;6(h) shall not relieve the Company from
any of its obligations under this Agreement with respect to any Quarterly Report on Form 10-Q or Annual Report on Form 10-K, as
the case may be, including, without limitation, the obligation to deliver officers&rsquo; certificates, opinions/letters of counsel
and accountants&rsquo; letters as provided in Section&nbsp;7 hereof and (B) other than as set forth in this Section&nbsp;6(h),
this Section&nbsp;6(h) shall in no way affect or limit the operation of the provisions of clauses (i) and (iii) of Section&nbsp;6(g),
which shall have independent application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 7. <U>Covenants
of the Company and the Operating Partnership</U>. Each of the Company and the Operating Partnership jointly and severally covenants
with the Manager as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration
Statement Amendments</I>. After the date of this Agreement and during any period in which a Prospectus relating to any Placement
Securities is required to be delivered under the Securities Act (including in circumstances where such requirement may be satisfied
pursuant to Rule&nbsp;172 under the Securities Act), (i) the Company will promptly notify the Manager of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference therein, has been filed with the Commission
and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the Commission
or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional
information; (ii) the Company will prepare and file with the Commission, promptly upon the Manager&rsquo;s request, any amendments
or supplements to the Registration Statement or Prospectus that, in the Manager&rsquo;s reasonable opinion, may be necessary or
advisable in connection with the distribution of the Placement Securities by the Managers (<U>provided</U>, <U>however</U>, that
the failure of the Managers to make such request shall not relieve the Company of any obligation or liability hereunder, or affect
the Manager&rsquo;s right to rely on the representations and warranties made by the Company and the Operating Partnership in this
Agreement); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than
documents incorporated by reference into the Registration Statement, relating to the Placement Securities or a security convertible
into the Placement Securities unless a copy thereof has been submitted to the Manager within a reasonable period of time before
the filing and the Manager has not reasonably objected thereto (<U>provided</U><I>, </I><U>however</U>, that the failure of the
Manager to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Manager&rsquo;s
right to rely on the representations and warranties made by the Company and the Operating Partnership in this Agreement) and the
Company will furnish to the Manager at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated
by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company
will cause each amendment or supplement to the Prospectus, other than documents incorporated by reference into the Registration
Statement, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b) under the Securities
Act (without reliance on Rule&nbsp;424(b)(8)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice
of Commission Stop Orders</I>. The Company will advise the Manager, promptly after it receives notice or obtains knowledge thereof,
of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension
of the qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption
from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination
pursuant to Section&nbsp;8(e) of the Securities Act concerning the Registration Statement or if the Company becomes the subject
of a proceeding under Section 8A of the Securities Act in connection with the offering of the Securities. The Company will use
its commercially reasonable efforts to prevent the issuance of any stop order, the suspension of any qualification of the Securities
for offering or sale and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued
or any such suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery
of Registration Statement and Prospectus</I>. The Company will furnish to the Manager and its counsel (at the expense of the Company),
on or before their respective due dates, copies of the Registration Statement, the Prospectus (including all documents incorporated
by reference therein) and all amendments and supplements to the Registration Statement or Prospectus, and any Issuer Free Writing
Prospectuses, that are filed with the Commission during any period in which a Prospectus relating to the Placement Securities is
required to be delivered under the Securities Act, in such quantities and at such locations as the Manager may from time to time
reasonably request; <U>provided</U>, <U>however</U>, that the Company shall not be required to furnish any document (other than
the Prospectus) to the Manager to the extent such document is available on EDGAR. The copies of the Registration Statement and
the Prospectus and any supplements or amendments thereto furnished to the Manager will be identical to the electronically transmitted
copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Continued
Compliance with Securities Laws</I>. If at any time when a Prospectus is required by the Securities Act or the Exchange Act to
be delivered in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule&nbsp;172),
any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Manager
or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue
statement of a material fact of omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) amend or supplement the Prospectus in order that the Prospectus will not include any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light
of the circumstances existing at the time it is delivered to a purchaser, or (iii) amend the Registration Statement or amend or
supplement the Prospectus in order to comply with the requirements of the Securities Act, the Company will promptly notify the
Manager to suspend the offering of Placement Securities during such period and the Company will promptly prepare and file with
the Commission such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration
Statement or the Prospectus comply with such requirements, and the Company will furnish to the Manager such number of copies of
such amendment or supplement as the Manager may reasonably request. If at any time following issuance of an Issuer Free Writing
Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted,
conflicts or would conflict with the information contained in the Registration Statement or the Prospectus or included, includes
or would include an untrue statement of a material fact or omitted, omits or would omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, prevailing at that subsequent time,
not misleading, the Company will promptly notify the Manager to suspend the offering of Placement Securities during such period
and the Company will, subject to Section&nbsp;7(a) hereof, promptly amend or supplement, at its own expense, such Issuer Free Writing
Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blue
Sky and Other Qualifications</I>. The Company will use its best efforts, in cooperation with the Manager, to qualify the Placement
Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable securities
laws of such states and other jurisdictions (domestic or foreign) as the Manager may designate and to maintain such qualifications
and exemptions in effect for so long as required for the distribution of the Placement Securities (but in no event for less than
one year from the date of this Agreement); <U>provided</U>, <U>however</U>, that the Company shall not be obligated to file any
general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in
which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not
otherwise so subject. In each jurisdiction in which the Placement Securities have been so qualified or exempt, the Company will
file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption,
as the case may be, in effect for so long as required for the distribution of the Placement Securities (but in no event for less
than one year from the date of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rule&nbsp;158</I>.
The Company will make generally available to its securityholders as soon as practicable an earnings statement for the purposes
of, and to provide to the Manager the benefits contemplated by, the last paragraph of Section&nbsp;11(a) of the Securities Act
and Rule 158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use
of Proceeds</I>. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale of the Securities
in the manner specified in the Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing</I>.
During any period in which the Prospectus relating to the Placement Securities is required to be delivered by the Manager under
the Securities Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable efforts
to cause the Placement Securities to be listed on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Filings
with the NYSE</I>. The Company will timely file with the NYSE all material documents and notices required by the NYSE of companies
that have or will issue securities that are traded on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reporting
Requirements</I>. The Company, during any period when the Prospectus is required to be delivered under the Securities Act and the
Exchange Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities
Act), will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required
by the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice
of Other Sales</I>. During the pendency of any Placement Notice (as amended by the corresponding Acceptance, if applicable) given
hereunder, the Company shall provide the Manager notice as promptly as reasonably possible (and, in any event, at least two (2)
business days) before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares
of Common Stock (other than Placement Securities offered pursuant to the provisions of this Agreement or the Alternative Distribution
Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire shares
of Common Stock; <U>provided</U>, that such notice shall not be required in connection with the (i) issuance, grant or sale of
Common Stock, options to purchase shares of Common Stock or shares of Common Stock issuable upon the exercise of options or other
equity awards pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement described in the Prospectus,
including shares of Common Stock issuable upon redemption of OP Units, (ii) the issuance of securities in connection with an acquisition,
merger or sale or purchase of assets described in the Prospectus, or (iii) the issuance or sale of shares of Common Stock pursuant
to any dividend reinvestment plan that the Company may adopt from time to time, provided the implementation of such is disclosed
to the Manager in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement
Notice or sell Placement Securities, advise the Manager promptly after it shall have received notice or obtained knowledge thereof,
of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided to the Manager pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Due
Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by the Manager or its
agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior officers, during regular business hours and at the Company&rsquo;s principal offices, as the Manager
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure
of Sales</I>. The Company will disclose in its Quarterly Reports on Form 10-Q and in its Annual Report on Form 10-K in respect
of any quarter in which sales of Placement Securities were made under this Agreement, the number of Placement Securities sold through
the Manager, the Net Proceeds to the Company and the compensation payable by the Company to the Manager with respect to such quarter
the Placement Securities sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation
Dates; Certificates</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement, each
time Securities are delivered to the Manager as principal on a Settlement Date and each time the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">files the Prospectus relating to the Securities or amends or supplements the Registration Statement
or the Prospectus relating to the Securities by means of a post-effective amendment, sticker, or supplement but not by means of
incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">files an Annual Report on Form 10-K under the Exchange Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">files a Quarterly Report on Form 10-Q under the Exchange Act; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">files a Current Report on Form 8-K containing amended financial information (other than an Earnings
Announcement, to &ldquo;furnish&rdquo; information pursuant to Item 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant
to Item 8.01 of Form 8-K relating to the reclassifications of certain properties as discontinued operations in accordance with
Statement of Financial Accounting Standards No.&nbsp;144) under the Exchange Act (each such date of filing of one or more of the
documents referred to in clauses (1)(i) through (iv) and any time of request pursuant to this Section&nbsp;7(o) shall be a &ldquo;<U>Representation
Date</U>&rdquo;),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company shall furnish the Manager with
a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U> as promptly as possible and in no event later than three (3)
Trading Days of any Representation Date. The requirement to provide a certificate under this Section&nbsp;7(o) shall be waived
for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding Acceptance, if applicable)
is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder
(which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; <U>provided</U><I>,
</I><U>however</U>, that such waiver shall not apply for any Representation Date on which the Company files its annual report on
Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Securities following a Representation
Date when the Company relied on such waiver and did not provide the Manager with a certificate under this Section&nbsp;7(o), then
before the Company delivers the Placement Notice or the Manager sells any Placement Securities, the Company shall provide the Manager
with a certificate, in the form attached hereto as <U>Exhibit&nbsp;D</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for Company and the Operating Partnership</I>. On or prior to the date that the first Securities are sold pursuant to
the terms of this Agreement and each time Securities are delivered to the Manager as principal on a Settlement Date, as promptly
as possible and in no event later than three (3) Trading Days of each Representation Date with respect to which the Company is
obligated to deliver a certificate in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the
Company shall cause to be furnished to the Manager the written opinion and 10b-5 statement of Honigman Miller Schwartz and Cohn
LLP, counsel for the Company and the Operating Partnership, or other counsel satisfactory to the Manager, in form and substance
satisfactory to the Manager and its counsel, dated the date that the opinion and 10b-5 statement is required to be delivered, substantially
similar to the form attached hereto as <U>Exhibit&nbsp;E</U>, modified, as necessary, to relate to the Registration Statement and
the Prospectus as then amended or supplemented; <U>provided</U><I>, </I><U>however</U>, that in lieu of such opinions for subsequent
Representation Dates, any such counsel may furnish the Manager with a letter (a &ldquo;<U>Reliance Letter</U>&rdquo;) to the effect
that the Manager may rely on a prior opinion delivered under this Section&nbsp;7(p) to the same extent as if it were dated the
date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the
Prospectus as amended or supplemented at such Representation Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Tax Counsel</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and each
time Securities are delivered to the Manager as principal on a Settlement Date, as promptly as possible and in no event later than
three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the
form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Company shall cause to be furnished to the
Manager a written opinion of Honigman Miller Schwartz and Cohn LLP, tax counsel for the Company and the Operating Partnership,
or other counsel satisfactory to the Manager, in form and substance satisfactory to the Manager and its counsel, dated the date
that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;F</U>, modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; <U>provided</U><I>, </I><U>however</U>,
that in lieu of such opinions for subsequent Representation Dates, any such counsel may furnish the Manager with a Reliance Letter
to the effect that the Manager may rely on a prior opinion delivered under this Section&nbsp;7(q) to the same extent as if it were
dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement
and the Prospectus as amended or supplemented at such Representation Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maryland
Counsel Legal Opinion</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and
each time Securities are delivered to the Manager as principal on a Settlement Date, as promptly as possible and in no event later
than three (3)&nbsp;Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate
in the form attached hereto as <U>Exhibit&nbsp;D</U> for which no waiver is applicable, the Manager shall have received the favorable
opinion of Ballard Spahr LLP, Maryland counsel for the Company dated the date that the opinion is required to be delivered, substantially
similar to the form attached hereto as <U>Exhibit&nbsp;G</U>, modified, as necessary, to relate to the Registration Statement and
the Prospectus as then amended or supplemented; <U>provided</U><I>, </I><U>however</U>, that in lieu of such opinions for subsequent
Representation Dates, any such counsel may furnish the Manager with a Reliance Letter to the effect that the Manager may rely on
a prior opinion delivered under this Section&nbsp;7(q) to the same extent as if it were dated the date of such letter (except that
statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented
at such Representation Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Comfort
Letters</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and each time Securities
are delivered to the Manager as principal on a Settlement Date, as promptly as possible and in no event later than three (3) Trading
Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto
as <U>Exhibit D</U> for which no waiver is applicable, the Company shall cause its independent accountants to furnish the Manager
a letter (collective, the &ldquo;<U>Comfort Letters</U>&rdquo;), dated the date the Comfort Letters are delivered, in form and
substance satisfactory to the Manager, (i) confirming that they are an independent registered public accounting firm within the
meaning of the Securities Act, the Exchange Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such
firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo;
to underwriters in connection with registered public offerings (the first such letters, the &ldquo;<U>Initial Comfort Letters</U>&rdquo;)
and (iii) updating the Initial Comfort Letters with any information that would have been included in the Initial Comfort Letters
had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended
and supplemented to the date of such letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Market
Activities</I>. Neither the Company nor the Operating Partnership will, directly or indirectly, (i) take any action designed to
cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Securities or (ii) sell, bid for, or purchase the
Securities to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Securities
to be issued and sold pursuant to this Agreement other than the Manager; <U>provided</U><I>, </I><U>however</U>, that the Company
may bid for and purchase shares of its Common Stock in accordance with Rule&nbsp;10b-18 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Laws</I>. The Company, the Operating Partnership and each of their subsidiaries shall maintain, or cause to be maintained,
all material environmental permits, licenses and other authorizations required by federal, state and local law in order to conduct
their businesses as described in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or
cause their businesses to be conducted, in substantial compliance with such permits, licenses and authorizations and with applicable
Environmental Laws, except where the failure to maintain or be in compliance with such permits, licenses and authorizations could
not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities
Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities
Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings
in, the Placement Securities as contemplated by the provisions hereof and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance
in writing by the Company and the Manager in its capacity as principal or agent hereunder, the Company (including its agents and
representatives, other than the Manager in its capacity as such) will not, directly or indirectly, make, use, prepare, authorize,
approve or refer to any free writing prospectus relating to the Securities to be sold by the Manager as principal or agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation
M</I>. If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the
Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Manager, and sales
of the Placement Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied
in the judgment of each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualification
and Taxation as a REIT</I>. The Company will use its best efforts to continue to qualify for taxation as a REIT under the Code
and will not take any action to revoke or otherwise terminate the Company&rsquo;s REIT election, unless the Company&rsquo;s board
of directors determines in good faith that it is no longer in the best interests of the Company and its stockholders to be so qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Renewal
of Registration Statement</I>. The date of this Agreement is not more than three years subsequent to the initial effective date
of the Registration Statement (the &ldquo;Renewal Date&rdquo;). If, immediately prior to the Renewal Date, this Agreement has not
terminated and a prospectus is required to be delivered or made available by the Manager under the Securities Act or the Exchange
Act in connection with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it has not already done
so, a new shelf registration statement or, if applicable, an automatic shelf registration statement relating to such Securities,
and, if such registration statement is not an automatic shelf registration statement, will use its best efforts to cause such registration
statement to be declared effective within 180&nbsp;days after the Renewal Date, and will take all other reasonable actions necessary
or appropriate to permit the public offer and sale of such Securities to continue as contemplated in the expired registration statement
relating to such Securities. References herein to the &ldquo;Registration Statement&rdquo; shall include such new shelf registration
statement or automatic shelf registration statement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)&#9;<I>Rights to
Refuse Purchase</I>. If, to the knowledge of the Company, all filings required by Rule 424 under the Securities Act in connection
with the offering of the Securities shall not have been made or the representations and warranties of the Company and the Operating
Partnership in Section&nbsp;5 hereof shall not be true and correct on any applicable Settlement Date, the Company will offer to
any person who has agreed to purchase Securities from the Company as a result of an offer to purchase solicited by the Manager
the right to refuse to purchase and pay for such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 8. <U>Payment
of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Expenses</I>.
The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each
amendment and supplement thereto, (ii)&nbsp;the preparation, issuance and delivery of the certificates for the Placement Securities
to the Manager, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable
upon the sale, issuance or delivery of the Placement Securities to the Manager, (iii)&nbsp;the fees and disbursements of the counsel,
accountants and other advisors to the Company, (iv)&nbsp;the qualification or exemption of the Placement Securities under securities
laws in accordance with the provisions of Section&nbsp;7(e) hereof, including filing fees and the reasonable fees and disbursements
of counsel for the Manager in connection therewith and in connection with the preparation of a state securities law or &ldquo;blue
sky&rdquo; survey and any supplements thereto, (v)&nbsp;the printing and delivery to the Manager of copies of any Permitted Free
Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery
of any of the foregoing by the Manager to investors, (vi)&nbsp;the fees and expenses of the custodian and the transfer agent and
registrar for the Securities, (vii)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of counsel to the
Manager in connection with, the review by FINRA of the terms of the sale of the Securities and (viii)&nbsp;the fees and expenses
incurred in connection with the listing of the Placement Securities on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Agreement</I>. If this Agreement is terminated by the Manager in accordance with the provisions of Section&nbsp;9 or Section&nbsp;13(a)(i)
or (iii) (with respect to the first clause only) hereof, the Company shall reimburse the Manager and the Alternative Managers for
all reasonable out of pocket expenses, including reasonable fees and disbursements of counsel incurred by the Manager and the Alternative
Managers in connection with the transactions contemplated by this Agreement and the Alternative Distribution Agreements, unless
Securities having an aggregate offering price of <B>$</B>20,000,000 or more have previously been offered and sold under this Agreement
and/or the Alternative Distribution Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9. <U>Conditions
of the Manager&rsquo;s Obligations</U>. The obligations of the Manager hereunder with respect to a Placement will be subject to
the continuing accuracy and completeness of the representations and warranties of the Company and the Operating Partnership contained
in this Agreement or in certificates of any officer of the Company, the Operating Partnership or any of their subsidiaries delivered
pursuant to the provisions hereof, to the performance by the Company and the Operating Partnership of their covenants and other
obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness
of Registration Statement; Payment of Filing Fee</I>. The Registration Statement shall have become effective and shall be available
for (i) all sales of Placement Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance,
if applicable) and (ii) the sale of all Placement Securities contemplated to be issued by any Placement Notice (as amended by the
corresponding Acceptance, if applicable). The Company shall have paid the required Commission filing fees relating to the Securities
within the time required by Rule&nbsp;456(b)(1)(i) of the Securities Act without regard to the proviso therein and otherwise in
accordance with Rules 456(b) and 457(r) of the Securities Act (including, if applicable, by updating the &ldquo;Calculation of
Registration Fee&rdquo; table in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement
or on the cover page of the Prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Material Notices</I>. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of
its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments
or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or
state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of
any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Placement Securities for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration
Statement or the Prospectus, or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, related
Prospectus, or any Issuer Free Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will
not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading and, that in the case of the Prospectus and any Issuer Free Writing
Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Misstatement or Material Omission</I>. The Manager shall not have advised the Company that the Registration Statement or Prospectus,
or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains a material untrue statement of fact or
omits to state a material fact that is required to be stated therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Material
Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there
shall not have been any material adverse change to the condition, financial or otherwise, or in the properties, earnings, business
affairs or business prospects of the Company, the Operating Partnership and each of their subsidiaries considered as one enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for Company and the Operating Partnership</I>. The Manager shall have received the favorable opinions of Honigman Miller
Schwartz and Cohn LLP, required to be delivered pursuant to Section&nbsp;7(p) on the date on which such delivery of such opinion
is required pursuant to Section&nbsp;7(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Tax counsel for Company and the Operating Partnership</I>. The Manager shall have received the favorable opinions of Honigman
Miller Schwartz and Cohn LLP, tax counsel for the Company and the Operating Partnership, required to be delivered pursuant to Section&nbsp;7(q)
on the date on which such delivery of such opinion is required pursuant to Section&nbsp;7(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Maryland Counsel for Company</I>. The Manager shall have received the favorable opinions of the Company&rsquo;s Maryland Counsel,
required to be delivered pursuant to Section 7(r) on the date on which such delivery of such opinion is required pursuant to Section
7(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel for the Manager</I>. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement
and each time Securities are delivered to the Manager as principal on the Settlement Date, as promptly as possible and in no event
later than three (3) Trading Days of each Representation Date with respect to which no waiver is applicable, the Manager shall
have received the favorable opinion of Hunton &amp; Williams LLP, counsel for the Manager, dated the date the opinion is required
to be delivered, in customary form and substance satisfactory to the Manager, and the Company shall have furnished to such counsel
such documents as they reasonably request for the purpose of enabling them to pass upon such matters. In rendering such opinion,
Hunton &amp; Williams LLP may rely as to matter involving the laws of the State of Maryland upon the opinion of Ballard Spahr LLP
referred to in Section 7(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation
Certificate</I>. The Manager shall have received the certificate required to be delivered pursuant to Section&nbsp;7(o) on the
date on which delivery of such certificate is required pursuant to Section&nbsp;7(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accountants&rsquo;
Comfort Letters</I>. The Manager shall have received the Comfort Letters required to be delivered pursuant Section 7(t) on the
date on which such delivery of such Comfort Letters are required pursuant to Section 7(t).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Approval
of Listing</I>. The Placement Securities shall have been approved for listing on the NYSE, subject only to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Documents</I>. On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(o), counsel for
the Manager shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling
them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of
the representations or warranties, or the fulfillment of any of the conditions, herein contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities
Act Filings Made</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior
to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing
by Rule&nbsp;424.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
of Agreement</I>. If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Manager by notice to the Company, and such termination shall be without liability of any
party to any other party except as provided in Section&nbsp;8 hereof and except that, in the case of any termination of this Agreement,
Sections&nbsp;5, 10, 11, 12 and 21 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10. <U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
by the Company</I>. The Company and the Operating Partnership, jointly and severally, agree to indemnify and hold harmless the
Manager and each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act and any director, officer, employee or affiliate thereof as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading,
or arising out of any untrue statement or alleged untrue statement of a material fact included in any Issuer Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section&nbsp;10(d) below) any such settlement is effected with the written consent of the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Manager), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>provided</U>, <U>however</U>, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by the Manager expressly for use in the Registration Statement (or any amendment thereto), or in any Issuer Free
Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
by the Manager</I>. The Manager agrees to indemnify and hold harmless the Company and the Operating Partnership, the Company&rsquo;s
directors, each of the Company&rsquo;s officers who signed the Registration Statement, and each person, if any, who controls the
Company or the Operating Partnership within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
to the same extent as the foregoing indemnity from the Company and the Operating Partnership to the Sales Agents contained in subsection&nbsp;(a)
of this Section&nbsp;10, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by
the Manager expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Actions
against Parties; Notification.</I> Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In the case of parties indemnified pursuant to Section&nbsp;10(a) above, counsel to the indemnified parties shall be
selected by the Manager, and, in the case of parties indemnified pursuant to Section&nbsp;10(b) above, counsel to the indemnified
parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action;
<U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than
one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any
one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the
entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section&nbsp;10
or Section&nbsp;11 hereof (whether or not the indemnified parties are actual or potential parties thereto, unless (x) such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party and (y) the indemnifying party confirms in writing its indemnification obligations
hereunder with respect to such settlement, compromise or judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement
without Consent if Failure to Reimburse</I>. If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section&nbsp;10(a)(ii) effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party
shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)
such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11. <U>Contribution</U>.
If the indemnification provided for in Section&nbsp;10 hereof is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses reasonably incurred by
such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by
the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, from the offering of the Securities
pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause&nbsp;(i) is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause&nbsp;(i) above but also the relative
fault of the Company and the Operating Partnership, on the one hand, and of the Manager, on the other hand, in connection with
the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits
received by the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, in connection with
the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total
net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company,
on the one hand, and the total commissions received by the Manager, on the other hand, bear to the aggregate public offering price
of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault
of the Company and the Operating Partnership, on the one hand, and the Manager, on the other hand, shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Company and the Operating Partnership, on the one hand, or by the
Manager, on the other hand, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Operating
Partnership and the Manager agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;11 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section&nbsp;11. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by
an indemnified party and referred to above in this Section&nbsp;11 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section&nbsp;11, the Manager shall not be required to contribute any amount in excess of the amount by which
the total price at which the Securities sold by it pursuant to this Agreement exceeds the amount of any damages which the Manager
has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of
fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Section&nbsp;11, each person, if any who controls the Manager within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act and the Manager&rsquo;s affiliates and selling agents shall have the same rights to contribution as the
Manager, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person,
if any, who controls the Company and the Operating Partnership within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act shall have the same rights to contribution as the Company or the Operating Partnership, subject in each
case to the preceding two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Section&nbsp;11, the Company and the Operating Partnership shall be deemed one party, jointly and severally liable for any obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 12. <U>Representations,
Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained in this Agreement or
in certificates of officers of the Company, the Operating Partnership or each of their subsidiaries submitted pursuant hereto,
shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Manager or controlling
person, or by or on behalf of the Company or the Operating Partnership, and shall survive delivery of the Securities to the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 13. <U>Termination
of Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination;
General</I>. The Manager may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (i)&nbsp;if
there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus,
any material adverse change in the condition, financial or otherwise, or in the properties, earnings, business affairs or business
prospects of the Company, the Operating Partnership and each of their subsidiaries, whether or not arising in the ordinary course
of business, or (ii)&nbsp;if there has occurred any material adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation thereof, any acts of terrorism involving the United
States or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the sole judgment of the Manager,
impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if
trading in the Placement Securities has been suspended or materially limited by the Commission or the NYSE, or if trading generally
on the NYSE Amex, the NYSE or the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices for
trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission,
FINRA or any other governmental authority, or a material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States, or (iv)&nbsp;if a banking moratorium has been declared by either Federal or New York
authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
by the Company</I>. Subject to Section&nbsp;13(f) hereof, the Company shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
by the Manager</I>. Subject to Section&nbsp;13(f) hereof, the Manager shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Automatic
Termination</I>. Unless earlier terminated pursuant to this Section&nbsp;13, this Agreement shall automatically terminate upon
the issuance and sale of Placement Securities through the Manager on the terms and subject to the conditions set forth herein with
an aggregate sale price equal to the Maximum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Continued
Force and Effect</I>. This Agreement shall remain in full force and effect unless terminated pursuant to Sections&nbsp;13(a), (b),
(c), or (d) above or otherwise by mutual agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effectiveness
of Termination</I>. Any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>,
<U>however</U>, that such termination shall not be effective until the close of business on the date of receipt of such notice
by the Manager or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of
Placement Securities, such Placement Securities shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section&nbsp;13, such termination shall be without liability of any party to any
other party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;5,
Section&nbsp;10, Section&nbsp;11, Section&nbsp;12, and Section&nbsp;21 hereof shall survive such termination and remain in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 14. <U>Notices</U>.
Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Manager shall
be directed to the Manager at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;];
notices to the Company and the Operating Partnership shall be directed to it at 70 E. Long Lake Road, Bloomfield Hills, Michigan
48304, (facsimile: 248-737-9110), Attention: Matthew Partridge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 15. <U>Parties</U>.
This Agreement shall inure to the benefit of and be binding upon the Manager, the Company, the Operating Partnership and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm
or corporation, other than the Manager, the Company, the Operating Partnership and their respective successors and the controlling
persons and officers, directors, employees or affiliates referred to in Sections&nbsp;10 and 11 and their heirs and legal representatives,
any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement
and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Manager, the Company, the
Operating Partnership and their respective successors, and said controlling persons and officers, directors, employees or affiliates
and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities
from the Manager shall be deemed to be a successor by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 16. <U>Adjustments
for Share Splits</U>. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any share split, share dividend or similar event effected with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 17. <U>Governing
Law and Time</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ITS CHOICE OF LAW PROVISIONS. UNLESS OTHERWISE EXPLICITLY PROVIDED, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 18. <U>Effect
of Headings</U>. The Section and Exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 19. <U>Research
Analyst Independence</U>. The Company acknowledges that (a) the Manager&rsquo;s research analysts and research departments are
required to be independent from their respective investment banking divisions and are subject to certain regulations and internal
policies and (b) the Manager&rsquo;s research analysts may hold views and make statements or investment recommendations and/or
publish research reports with respect to the Company, the value of the Common Stock and/or the offering that differ from the views
of their respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law,
any claims that it may have against the Manger with respect to any conflict of interest that may arise from the fact that the views
expressed by the Manager&rsquo;s independent research analysts and research departments may be different from or inconsistent with
the views or advice communicated to the Company by the Manager&rsquo;s investment banking division. The Company acknowledges that
the Manager is a full service securities firm and as such, from time to time, subject to applicable securities laws, may effect
transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities
of the companies that are the subject of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 20. <U>Definitions</U>.
As used in this Agreement, the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Time</U>&rdquo; means the time of each sale of any Securities or any securities pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Company Act</U>&rdquo; means the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer Free
Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating to
the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i) whether or not required to be filed
with the Commission, or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of
the Securities or of the offering that does not reflect the final terms, and all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U>
hereto, in each case in the form furnished (electronically or otherwise) to the Manager for use in connection with the offering
of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule 158</U>,&rdquo;
&ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule 415</U>,&rdquo; &ldquo;<U>Rule&nbsp;424(b)</U>,&rdquo;
&ldquo;<U>Rule&nbsp;430B</U>,&rdquo; and &ldquo;<U>Rule&nbsp;433</U>&rdquo; refer to such rules under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sarbanes-Oxley
Act</U>&rdquo; means the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or
&ldquo;stated&rdquo; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information that is incorporated by reference in the
Registration Statement or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule&nbsp;433, are not required to be filed with the Commission)
shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to
&ldquo;supplements&rdquo; to the Prospectus shall include, without limitation, any supplements, &ldquo;wrappers&rdquo; or similar
materials prepared in connection with any offering, sale or private placement of any Placement Securities by the Manager outside
of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 21. <U>Permitted
Free Writing Prospectuses</U>. Each of the Company and the Operating Partnership represents, warrants and agrees that, unless it
obtains the prior consent of the Manager, and the Manager represents, warrants and agrees that, unless it obtains the prior consent
of the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing
Prospectus, or that would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405 under the Securities
Act, required to be filed with the Commission. Any such free writing prospectus consented to by the Manager or by the Company,
as the case may be, is herein referred to as a &ldquo;Permitted Free Writing Prospectus.&rdquo; The Company represents and warrants
that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule&nbsp;433 under the Securities Act, and has complied and will comply with the requirements of Rule&nbsp;433 applicable
to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.
For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit&nbsp;H hereto
are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 22. <U>Absence
of Fiduciary Relationship</U>. Each of the Company and the Operating Partnership, severally and not jointly, acknowledges and agrees
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection with
each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship
among the Company, the Operating Partnership or any of their respective affiliates, stockholders (or other equity holders), creditors
or employees or any other party, on the one hand, and the Manager, on the other hand, has been or will be created in respect of
any of the transactions contemplated by this Agreement, irrespective of whether or not the Manager has advised or is advising the
Company and/or the Operating Partnership on other matters, and the Manager has no obligation to the Company or the Operating Partnership
with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
public offering price of the Securities set forth in this Agreement was not established by the Manager;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this
Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
is aware that the Manager and its respective affiliates are engaged in a broad range of transactions which may involve interests
that differ from those of the Company and the Operating Partnership and the Manager has no obligation to disclose such interests
and transactions to the Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Manager and its respective affiliates may engage in trading in the Common Stock for their own account or for the account of its
clients at the same time as sales of the Placement Securities occur pursuant to this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
waives, to the fullest extent permitted by law, any claims it may have against the Manager for breach of fiduciary duty or alleged
breach of fiduciary duty and agrees that the Manager shall not have any liability (whether direct or indirect, in contract, tort
or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or
in right of it or the Company, the Operating Partnership, employees or creditors of the Company or the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 23. <U>Consent
to Jurisdiction</U>. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby shall be instituted in (i) the federal courts of the United States of America located in the City and County of New York,
Borough of Manhattan or (ii) the courts of the State of New York located in the City and County of New York, Borough of Manhattan
(collectively, the &ldquo;Specified Courts&rdquo;), and each party irrevocably submits to the exclusive jurisdiction (except for
proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive)
of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&rsquo;s
address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court.
The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding
in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such
suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 24. <U>Partial
Unenforceability</U>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect
the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and
only such minor changes) as are necessary to make it valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 25. <U>Waiver
of Jury Trial</U>. The Company, the Operating Partnership and the Manager hereby irrevocably waive, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 26. <U>Counterparts</U>.
This Agreement may be signed in one or more counterparts, each of which shall constitute an original, and all of which together
shall constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 27. <U>Amendments
and Waivers</U>. Any provision or requirement of this Agreement may be waived or amended in any respect by a writing signed by
the parties hereto. No waiver or amendment shall be enforceable against any party hereto unless in writing and signed by the party
against which such waiver is claimed. A waiver of any provision or requirement of this Agreement shall not constitute a waiver
of any other term and shall not affect the other provisions of this Agreement. A waiver of a provision or requirement of this Agreement
will apply only to the specific circumstances cited therein and will not prevent a party from subsequently requiring compliance
with the waived provision or requirement in other circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature Page Follows]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among the Manager, the Operating Partnership and the Company
in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGREE LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 13.5pt; text-indent: -13.5pt">CONFIRMED AND ACCEPTED,
as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">By&nbsp;&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5in 0pt 0">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 46; Options: NewSection -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>FORM OF PLACEMENT
NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; padding: 0; text-indent: 0">From:&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject: Equity Distribution&mdash;Placement Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the terms
and subject to the conditions contained in the Equity Distribution Agreement among Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;),
Agree Limited Partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;) and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
(the &ldquo;<U>Manager</U>&rdquo;), dated April 28, 2017 (the &ldquo;<U>Agreement</U>&rdquo;), the Company hereby requests that
the Manager sell up to [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of the Company&rsquo;s shares of common
stock, par value $.0001 per share, at a minimum market price of $[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company hereby
confirms that, as of the date of this Placement Notice, neither the Prospectus, nor any Issuer Free Writing Prospectus, when taken
together with the Prospectus, includes an untrue statement of a material fact or omits to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADDITIONAL SALES PARAMETERS MAY BE ADDED,
SUCH AS THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE, SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH
SALES ARE TO BE MADE BY <FONT STYLE="text-transform: uppercase">the Manager,</FONT> AND/OR THE CAPACITY IN WHICH <FONT STYLE="text-transform: uppercase">the
Manager</FONT> MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AUTHORIZED
INDIVIDUALS FOR PLACEMENT NOTICES AND ACCEPTANCES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Agree Realty Corporation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Name</U></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><U>Email</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT C&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>COMPENSATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Manager shall
be paid compensation at a mutually agreed rate, not to exceed 2.0% of the gross sales price of Securities pursuant to the terms
of this Agreement.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT D&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>OFFICERS&rsquo;
CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, Joey
Agree and Matthew Partridge, the duly qualified and elected Chief Executive Officer and President, and Chief Financial Officer,
Secretary and Executive Vice President, respectively, of Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;),
do hereby certify on behalf of the Company, for itself and in its capacity as sole member of the general partner of Agree Limited
Partnership, a Delaware limited partnership (the &ldquo;Operating Partnership&rdquo;), pursuant to Section&nbsp;7(o) of those certain
Equity Distribution Agreements dated April 28, 2017 (the &ldquo;Agreements&rdquo;), among the Company, the Operating Partnership
and each of Raymond James &amp; Associates, Inc., Robert W. Baird &amp; Co. Incorporated, Citigroup Global Markets Inc., Jefferies
LLC, Stifel, Nicolaus &amp; Company, Incorporated, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC (collectively,
the &ldquo;Managers&rdquo;), that to the knowledge of the undersigned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) The representations
and warranties of the Company and the Operating Partnership in Section&nbsp;5 of the Agreements are true and correct on and as
of the date hereof with the same force and effect as if expressly made on and as of the date hereof, except for those representations
and warranties that speak solely as of a specific date and which were true and correct as of such date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) The Company and
the Operating Partnership have each complied in all material respects with all agreements and satisfied all conditions on their
part to be performed or satisfied pursuant to the Agreements at or prior to the date hereof (other than those conditions waived
by the Manager);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) Since the respective
dates of which information is given in the Prospectus, there has been no material adverse effect on the condition (financial or
otherwise), prospects, earnings, business, properties, net worth or results of operations of the Company and its subsidiaries taken
as a whole, whether or not arising from transactions in the ordinary course of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv) No stop order
suspending the effectiveness of the Registration Statement or order suspending or preventing the use of the Prospectus has been
issued by any governmental agency or authority and no proceedings for that purpose have been instituted or are pending or, to the
knowledge of the undersigned, are contemplated by any governmental agency or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to them in the Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures on following page</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned have executed this Officers&rsquo; Certificate as of the ____ day of ____________, _____.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0">By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; text-indent: 0">Joey Agree</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Executive Officer and President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-indent: 0">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name: </TD>
    <TD STYLE="padding: 0; text-indent: 0">Matthew Partridge</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title: </TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Financial Officer, Secretary and Executive Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>FORM OF OPINION
OF Honigman Miller Schwartz and Cohn, LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>TO BE DELIVERED
PURSUANT TO SECTION&nbsp;7(p)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>FORM OF TAX
OPINION OF <FONT STYLE="text-transform: none">HONIGMAN MILLER SCHWARTZ AND COHN, </FONT>LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>TO BE DELIVERED
PURSUANT TO SECTION&nbsp;7(q)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>FORM OF OPINION
OF BALLARD SPAHR LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>TO BE DELIVERED
PURSUANT TO SECTION&nbsp;7(r)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>ISSUER FREE
WRITING PROSPECTUSES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>LIST
OF SUBSIDIARIES AND JOINT VENTURES</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agree Realty Corporation, through its operating
partnership, Agree Limited Partnership, is the sole member of the following limited liability companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="width: 37%; padding: 0; text-decoration: underline; text-indent: 0"><B><U>Subsidiary</U></B></TD>
    <TD STYLE="width: 30%; padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Jurisdiction of</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Organization</U></B></P></TD>
    <TD STYLE="width: 33%; padding: 0; text-decoration: underline; text-indent: 0"><B><U>Foreign Qualification</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Center Point Birmingham AL LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Alabama</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Montgomery AL LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Chandler, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Rancho Cordova I</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">California</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Rancho Cordova II</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">California</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Roseville CA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">California</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Manchester CT, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Connecticut</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Mansfield, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Connecticut</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree 1031, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Tennessee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree 103-Middleburg Jacksonville, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree 2016, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Alabama, Michigan, Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Altoona PA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pennsylvania</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Anderson SC LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Ann Arbor Jackson, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Apopka FL, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Archer Chicago IL, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Atlantic Beach, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Belton MO LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Missouri</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Berkeley Solano, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Brenham TX, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Brighton, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Buffalo Center IA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Iowa</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Burlington LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Washington</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Cannon Station LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Cedar Park TX, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Charlotte County, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Columbia SC LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree CW, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kentucky, Texas</TD></TR>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Davenport IA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Iowa</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Development, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Egg Harbor NJ, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">New Jersey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Evergreen CO, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Colorado</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Grandview Heights OH, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Ohio</TD></TR>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Hazard KY, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kentucky</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Holdings I, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Holly Springs MS, LLC</TD>
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<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
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<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Kirkland WA, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Washington</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Leawood, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kansas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Littleton CO LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Colorado</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Lowell, LLC</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD></TR>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
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<TR STYLE="vertical-align: top">
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    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Whittier CA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">California</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Indianapolis Store No. 16, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Indiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Lawrence Store No. 203, L.L.C.</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kansas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Lunacorp, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Virginia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree 17-92, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Boynton, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree East Palatka, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Fort Walton Beach, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Orange &amp; McCoy, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Pensacola LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Pensacola Nine Mile LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Pinellas Park, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Poinciana LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree St Petersburg LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Tallahassee, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Venice, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Florida</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Cochran GA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Lyons GA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Marietta, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Morrow GA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Statham GA, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Georgia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Antioch, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Belvidere IL LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Berwyn IL LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding: 0; text-align: justify; text-indent: 0">Agree Chicago Kedzie, LLC</TD>
    <TD STYLE="width: 30%; padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="width: 33%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Lake in the Hills, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Lake Zurich IL, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Lejune Springfield IL, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree New Lenox 2 LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree New Lenox, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Spring Grove, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Springfield IL LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Illinois</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Indianapolis, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Indiana</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Atchison, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kansas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Wichita, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Kansas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Baton Rouge LA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Louisiana</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Mall of Louisiana, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Louisiana</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Wawa Baltimore, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Maryland</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">2355 Jackson Avenue, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree 117 Mission, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Ann Arbor State Street, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Beecher LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Bristol &amp; Fenton Project, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Corunna LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Elkhart, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Missouri</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree M-59 LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Madison AL LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Alabama</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Novi MI LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Plainfield, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Indiana</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Realty South-East, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Shelby, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Southfield LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Walker, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Mt. Pleasant Shopping Center, L.L.C.</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Mt. Pleasant Outlot I, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Michigan</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0">Agree Minneapolis
Clinton Ave, LLC</P></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Minnesota</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Forest MS LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Mississippi</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Joplin MO LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Missouri</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree St. Joseph MO, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Missouri</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding: 0; text-align: justify; text-indent: 0">Agree North Las Vegas, LLC</TD>
    <TD STYLE="width: 30%; padding: 0; text-align: justify; text-indent: 0">Nevada</TD>
    <TD STYLE="width: 33%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Sun Valley NV LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Nevada</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Rochester NY LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">New York</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Charlotte Poplar, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Concord, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Fuquay Varina LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Jacksonville NC, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Wilmington, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Grand Forks LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">North Dakota</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Brooklyn OH LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Ohio</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Johnstown, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Ohio</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Allentown PA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pennsylvania</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Ligonier PA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pennsylvania</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Montgomeryville PA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pennsylvania</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Daniel Morgan Ave Spartanburg LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Fort Mill SC, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Greenville SC, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Spartanburg SC LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Carolina</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Rapid City SD, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">South Dakota</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Alcoa TN LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Tennessee</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Magnolia Knoxville TN LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Tennessee</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Memphis Getwell, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Tennessee</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Arlington TX LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Dallas Forest Drive, LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Harlingen LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Madisonville TX LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree McKinney TX LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Wichita Falls TX LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Texas</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Agree Forest VA LLC</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Virginia</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Agree Lebanon VA LLC</TD>
    <TD STYLE="padding: 0; text-indent: 0">Virginia</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding: 0; text-decoration: underline; text-indent: 0"><B><U>Significant Subsidiary</U></B></TD>
    <TD STYLE="width: 33%; padding: 0; text-indent: 0"><B>Jurisdiction of <U>Organization</U></B></TD>
    <TD STYLE="width: 33%; padding: 0; text-decoration: underline; text-indent: 0"><B><U>Foreign Qualification</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Agree Limited Partnership</TD>
    <TD STYLE="padding: 0; text-indent: 0">Delaware</TD>
    <TD STYLE="padding: 0; text-indent: 0">Alabama, Arkansas, Arizona,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">California, Colorado,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Connecticut, Florida,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Georgia, Illinois, Indiana,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Iowa, Kansas, Kentucky,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Louisiana, Maryland,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Michigan, Minnesota,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Mississippi, Missouri,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Montana, Nebraska, Nevada,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">New Hampshire, New Jersey,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">New Mexico, New York,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">North Carolina, North</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Dakota, Ohio, Oklahoma,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Pennsylvania, South Carolina,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Tennessee, Texas, Utah,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Virginia, West Virginia,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Wisconsin</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Joint Ventures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SCHEDULE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>MATERIAL
AGREEMENTS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Rights Agreement, dated as of December 7, 1998, by and between Agree Realty Corporation, a Maryland
corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking association, as successor
rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Second Amendment to Rights Agreement, dated as of December 8, 2008, by and between Agree Realty
Corporation, a Maryland corporation, and Computershare Trust Company, N.A., f/k/a EquiServe Trust Company, N.A., a national banking
association, as successor rights agent to BankBoston, N.A., a national banking association</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and among the Agree Realty
Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership, dated
as of April 22, 1994, as amended, by and among the Agree Realty Corporation, Richard Agree, Edward Rosenberg and Joel Weiner</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Second Amendment to First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership, dated as of March 20, 2013</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">The First Amendment dated December 15, 2016 to the Term Loan Agreement dated July 1, 2016, among
Agree Limited Partnership, Capital One and the other lenders party thereto</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Richard Agree</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Amended Employment Agreement, dated July 1, 2014, by and between the Company and Joey Agree</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated April 5, 2010 between Agree Limited Partnership and Laith
Hermiz</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Letter Agreement of Employment dated November 4, 2015 between Agree Limited Partnership and Matthew
M.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Agree Realty Corporation Profit Sharing Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">Agree Realty Corporation 2014 Omnibus Incentive Plan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify">Form of Restricted Stock Agreement under the Agree Realty Corporation 2014 Omnibus Incentive</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify">Agree Realty Corporation 2017 Executive Incentive Plan, dated February 16, 2017</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify">Note Purchase Agreement, by Agree Limited Partnership dated May 28, 2015</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify">Note Purchase and Guarantee Agreement, dated July 28, 2016, by and among Agree Realty Corporation,
Agree Limited Partnership, Teachers Insurance and Annuity Association of America, The Guardian Life Insurance Company of America
and Advantus Capital Management, Inc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify">First Amended and Restated Credit Agreement, dated as of December 15, 2016, among Agree Limited
Partnership, as the Borrower, Agree Realty Corporation, as the parent REIT and a guarantor, certain subsidiaries of the Borrower,
as guarantors, PNC Bank, National Association and the other lenders party thereto</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD STYLE="text-align: justify">The Term Loan Agreement dated July 1, 2016, among Agree Limited Partnership, Capital One and the
other lenders party thereto</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 30px; width: 186px"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 75px; width: 184px"> &nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in; text-align: right">April 28, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">70 East Long Lake Rd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bloomfield Hills, Michigan 48304 &nbsp;</P>

<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Issuance and Sale
of shares of common stock, par value $0.0001 per share, of the Company (&ldquo;Common Stock&rdquo;) having an aggregate offering
price of up to $200,000,000 (the &ldquo;Shares&rdquo;) to be issued and sold from time to time pursuant to (i) the Equity Distribution
Agreement, dated as of April 28, 2017 (the &ldquo;Raymond James Equity Distribution Agreement&rdquo;), by and among the Company,
Agree Limited Partnership, a Delaware limited partnership of which the Company acts as the general partner (the &ldquo;Operating
Partnership&rdquo;), and Raymond James &amp; Associates, Inc. (&ldquo;Raymond James&rdquo;), as agent and/or principal, (ii) the
Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;Baird Equity Distribution Agreement&rdquo;), by and among
the Company, the Operating Partnership and Robert W. Baird &amp; Co. Incorporated (&ldquo;Baird&rdquo;), as agent and/or principal,
(iii) the Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;Citigroup Equity Distribution Agreement&rdquo;),
by and among the Company, the Operating Partnership and Citigroup Global Markets Inc. (&ldquo;Citigroup&rdquo;), as agent and/or
principal, (iv) the Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;SunTrust Equity Distribution Agreement&rdquo;),
by and among the Company, the Operating Partnership and SunTrust Robinson Humphrey, Inc. (&ldquo;SunTrust&rdquo;), as agent and/or
principal, (v) the Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;Jefferies Equity Distribution Agreement),
by and among the Company, the Operating Partnership and Jefferies LLC (&ldquo;Jefferies&rdquo;), as agent and/or principal, (vi)
the Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;Stifel Equity Distribution Agreement), by and among the
Company, the Operating Partnership and Stifel, Nicolaus &amp; Company, Incorporated (&ldquo;Stifel&rdquo;), as agent and/or principal,
and (vii) the Equity Distribution Agreement, dated as of April 28, 2017 (the &ldquo;Wells Fargo Equity Distribution Agreement&rdquo;,
and together with the Raymond James Equity Distribution Agreement, the Baird Equity Distribution Agreement, the Citigroup Equity
Distribution Agreement, the SunTrust Equity Distribution Agreement, the Jefferies Equity Distribution Agreement and the Stifel
Equity Distribution Agreement, collectively, the &ldquo;Equity Distribution Agreements&rdquo;), by and among the Company, the Operating
Partnership and Wells Fargo Securities, LLC (&ldquo;Wells Fargo&rdquo; and together with Raymond James, Baird, Citigroup, SunTrust,
Jefferies and Stifel, collectively, the &ldquo;Managers&rdquo;), as agent and/or principal, and pursuant to a Registration Statement
on Form S-3 (Registration No. 333-201420) originally filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on January 9, 2015, as amended (the &ldquo;Registration Statement&rdquo;)&#9;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We have acted as Maryland
corporate counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended
(the &ldquo;Act&rdquo;), by the Company pursuant to the Registration Statement. You have requested our opinion with respect to
the matters set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BALLARD SPAHR LLP</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In our capacity as Maryland
corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (collectively, the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with
the State Department of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December 15, 1993, Articles of Amendment
filed with the Department on April 7, 1994, two Articles Supplementary filed with the Department on December 8, 2008, Articles
Supplementary filed with the Department on September 21, 2012, Articles of Amendment filed with the Department on May 8, 2013,
two Articles Supplementary filed with the Department on July 31, 2013, Articles of Amendment filed with the Department on May 5,
2015 and Articles of Amendment filed with the Department on May 3, 2016;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Bylaws of the Company adopted as of November 8, 2006, as amended and restated by the Amended and Restated Bylaws
of the Company, adopted as of May 8, 2013 (the &ldquo;Bylaws&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>resolutions adopted by the Board of Directors of the Company on or as of December 6, 2016, which, among other things,
authorized the issuance of the Shares (together, the &ldquo;Directors&rsquo; Resolutions&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially
the form filed with the Commission pursuant to the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>a fully executed copy of each of the Equity Distribution Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>a certificate of Joey Agree, President and Chief Executive Officer of the Company, and Matthew Partridge, Executive
Vice President, Chief Financial Officer and Secretary of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;),
to the effect that, among other things, the Charter, the Bylaws and the Directors&rsquo; Resolutions are true, correct and complete,
have not been rescinded or modified and are in full force and effect on the date of the Officers&rsquo; Certificate and certifying
as to the form, approval, execution and delivery of the Equity Distribution Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>a status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated
and existing under the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render
this opinion, subject to the limitations, assumptions and qualifications noted below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In reaching the opinions
set forth below, we have assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>each person executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do
so;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>each natural person executing any of the Documents is legally competent to do so;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>any of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified
or photostatic copies conform to the original documents; all signatures on all of the Documents are genuine; all public records
reviewed or relied upon by us or on our behalf are true and complete; all statements and information contained in the Documents
are true and complete; there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of
any provision of any of the Documents by action or omission of the parties or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and
as of the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Company has not, and is not required to be, registered under the Investment Company Act of 1940;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>none of the Shares will be issued or transferred in violation of the provisions of Article Ninth of the Charter relating
to restrictions on ownership and transfer of shares of stock of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>none of the Shares will be issued and sold to an Interested Stockholder of the Company or an Affiliate thereof, all
as defined in Subtitle 6 of Title 3 of the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;), in violation of Section 3-602
of the MGCL;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the aggregate offering price of all of the Shares issued and sold pursuant to the Equity Distribution Agreements
will not exceed $200,000,000, and the aggregate number of Shares issued and sold pursuant to the Equity Distribution Agreements
will not exceed the maximum number authorized for issuance and sale in the Directors&rsquo; Resolutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the price per share to be received by the Company for each Share issued and sold pursuant to the Equity Distribution
Agreements will be determined in accordance with, and will not be less than the minimum price per share set forth in, the Directors&rsquo;
Resolutions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>upon each issuance of any of the Shares subsequent to the date hereof, the total number of shares of Common Stock
of the Company issued and outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of
shares of Common Stock that the Company is authorized to issue under its Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BALLARD SPAHR LLP</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agree Realty Corporation</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Based on the foregoing,
and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Maryland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shares have been duly authorized for issuance by all necessary corporate action on the part of the Company and, when
issued and delivered by the Company in exchange for payment therefor in accordance with the Directors&rsquo; Resolutions and the
applicable Equity Distribution Agreement, such Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The foregoing opinions
are limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law.
We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws
of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which
our opinions are expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not
express any opinion on such matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This opinion letter is
issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and
brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date
hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change
the opinions expressed herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We consent to your filing
this opinion as an exhibit to the Company&rsquo;s Current Report on Form 8-K relating to the Shares, which is incorporated by reference
in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities
commissioners for the various states of the United States for registration of the Shares. We also consent to the identification
of our firm as Maryland corporate counsel to the Company in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;.
In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Ballard Spahr LLP</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;<BR>
<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
