<SEC-DOCUMENT>0001144204-18-015886.txt : 20180320
<SEC-HEADER>0001144204-18-015886.hdr.sgml : 20180320
<ACCEPTANCE-DATETIME>20180320163341
ACCESSION NUMBER:		0001144204-18-015886
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180319
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180320
DATE AS OF CHANGE:		20180320

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:		18702224

	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>tv488970_8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</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">Date of report (Date of earliest event reported):
March 19, 2018</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"><FONT STYLE="font-size: 14pt"><B>AGREE
REALTY CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</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>Maryland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction of incorporation)</P>

<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: 50%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1-12928</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission file number)<BR>
        <BR>
        </P></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>38-3148187</B></FONT><BR>
<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>70 E. Long Lake Road</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bloomfield Hills, MI</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><BR>
<FONT STYLE="font-size: 10pt"><B>48304</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code) <B>(248) 737-4190</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"><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; text-align: center">&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 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<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: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<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">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<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">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<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-top: 0pt; margin-bottom: 0pt">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-top: 0pt; margin-bottom: 0pt">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-family: Wingdings">&uml;</FONT> &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">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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<FONT STYLE="font-family: Wingdings">&uml;</FONT> &nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


<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: 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously disclosed in a Current Report on Form 8-K filed
by Agree Realty Corporation (the &ldquo;Company&rdquo;), a Maryland corporation, with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) on March 19, 2018, the Company entered into a forward sale agreement (the &ldquo;Forward Sale Agreement&rdquo;)
with Citibank, N.A., and (ii) the Company and Agree Limited Partnership (the &ldquo;Operating Partnership&rdquo;), a Delaware limited
partnership, for which the Company is the sole general partner,&nbsp;entered into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) by and among the Company, the Operating Partnership and Citigroup Global Markets Inc., as representative of the
several underwriters named therein (collectively, the &ldquo;Underwriters&rdquo;) and in its capacity as an agent of Citibank,
N.A., as forward counterparty, relating to the issuance and sale of up to 3,450,000 shares of the Company&rsquo;s common stock,
$0.0001 par value per share (the &ldquo;Common Stock&rdquo;), at a public offering price of $48.00 per share, including an option
to purchase up to 450,000 additional shares of Common Stock.</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">On March 16, 2018, the Underwriters exercised the option in
full to purchase 450,000 additional shares (the &ldquo;Option Shares&rdquo;) of Common Stock, and on March 19, 2018, the Company
entered into an amendment (the &ldquo;Amendment&rdquo;) to the Forward Sale Agreement relating to the exercise of the underwriters&rsquo;
option to purchase additional shares. The sale of the Option Shares closed on March 20, 2018.</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">The Option Shares were offered pursuant to the Company&rsquo;s
registration statement on Form S-3 (File No. 333-218476) which became effective upon filing with the SEC on June 2, 2017. A copy of the Amendment, Forward Sale Agreement and Underwriting Agreement are filed herewith as Exhibits
1.1, 1.2 and 1.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.&nbsp; The summary
set forth above is qualified in its entirety by reference to Exhibits 1.1, 1.2 and 1.3.</P>

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

<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: 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">&nbsp;</P>

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

<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: 10%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 90%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></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"><A HREF="tv488970_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488970_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amendment to Forward Sale Agreement, dated as of March 19, 2018 between the Company and Citibank, N.A.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex1-1.htm" STYLE="-sec-extract: exhibit">1.2</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex1-1.htm" STYLE="-sec-extract: exhibit">Forward Sale Agreement, dated as of March 13, 2018 between the Company and Citibank,
    N.A.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex1-2.htm" STYLE="-sec-extract: exhibit">1.3</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex1-2.htm" STYLE="-sec-extract: exhibit">Underwriting Agreement, dated as of March 13, 2018 by and among the Company, the
    Operating Partnership and Citigroup Global Markets Inc.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Ballard Spahr LLP regarding legality of the Shares.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488970_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">8.1</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488970_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Honigman Miller Schwartz and Cohn LLP as to certain tax matters.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418015632/tv488677_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Ballard Spahr LLP (included in Exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488970_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="tv488970_ex8-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent of Honigman Miller Schwartz and Cohn LLP (included in Exhibit 8.1).</FONT></A></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">* Incorporated by reference to our Current Report on Form
8-K filed with the Securities and Exchange Commission on March 19, 2018.</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><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-align: justify; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&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-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>AGREE REALTY CORPORATION</B></FONT></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; width: 50%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; width: 4%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; width: 5%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; width: 31%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; width: 10%; 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>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Clayton R. Thelen</FONT></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"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Clayton R. Thelen</FONT></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"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 20, 2018</P>

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



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

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tv488970_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0; text-align: right"><B><BR>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B><IMG SRC="image_001.jpg" ALT="">&nbsp;</B></P>

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

<P STYLE="margin: 0"></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: 0.5in; text-align: left">Date:</TD><TD STYLE="text-align: justify">March 16, 2018</TD>
</TR></TABLE>

<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: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">Agree Realty Corporation</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">70 E. Long Lake Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Bloomfield Hills, Michigan 48304</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: 0.5in; text-align: left">From:</TD><TD STYLE="text-align: justify">Citibank, N.A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">390 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Telephone: (212) 723-3850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Email: adam.muchnick@citi.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Re:&#9;Amendment to Registered Forward
Transaction </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">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: 0in">The purpose of this letter
agreement (the &ldquo;<B>Amendment</B>&rdquo;) is to amend certain terms and conditions of the letter agreement between Citibank,
N.A. (&ldquo;<B>Dealer</B>&rdquo;) and Agree Realty Corporation (&ldquo;<B>Counterparty</B>&rdquo;), dated as of March 13, 2018
(the &ldquo;<B>Confirmation</B>&rdquo;), as provided below. Capitalized terms used but not otherwise defined herein shall have
the meanings given to such terms in the Confirmation.</P>

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The &ldquo;General Terms&rdquo; section of the Confirmation is hereby amended as follows:</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 2(v) of this Amendment, the reference to &ldquo;3,000,000 Shares&rdquo; in the
&ldquo;Number of Shares&rdquo; definition shall be replaced by &ldquo;3,450,000 Shares&rdquo;.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The definition of &ldquo;Forward Price&rdquo; shall be amended by inserting the following at the
end of clause (b): &ldquo;; <I>provided</I>, <I>further</I>, that in respect of any Borrowed Additional Shares (as defined in the
Underwriting Agreement), the Forward Price shall be adjusted by the Calculation Agent at the Date of Delivery for such Borrowed
Additional Shares to account for the fact that the application of the Daily Rate under this clause (b) shall not apply prior to
such Date of Delivery with respect to the related Additional Number of Shares.&rdquo;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The following definitions are added after the definition of &ldquo;Forward Price&rdquo;:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 39%; padding-bottom: 0; padding-left: 0.75in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additional Number of Shares:</FONT></TD>
    <TD STYLE="width: 61%; padding-bottom: 0; padding-left: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Borrowed Additional Shares (as defined in the Underwriting Agreement) that the Underwriters (as defined in the Underwriting Agreement) have purchased from Dealer, or its affiliate, as forward seller, pursuant to Section&nbsp;1 of the Underwriting Agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-left: 0.75in; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-left: 0.75in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Date of Delivery:</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The time of purchase of the Additional Number of Shares as determined under the Underwriting Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The effectiveness of this Amendment on the Date of Delivery shall be subject to the satisfaction
or waiver by Dealer of the following conditions: (i) the condition that the representations and warranties of Counterparty contained
in the Underwriting Agreement and any certificate delivered pursuant thereto by Counterparty are true and correct as of the Date
of Delivery as if made on the Date of Delivery, (ii) the condition that Counterparty has performed all of the obligations required
to be performed by it under the Underwriting Agreement on or prior to the Date of Delivery, (iii) all of the conditions set forth
or referenced in Section 8 of the Underwriting Agreement, (iv) the Underwriting Agreement remains in effect and has not terminated
pursuant to Section 10 of the Underwriting Agreement, and (v) the condition that, as determined by Dealer in good faith and a commercially
reasonable manner, neither of the following has occurred: (A) Dealer is unable to borrow and deliver for sale a number of Shares
equal to the Additional Number of Shares, or (B) in Dealer&rsquo;s commercially reasonable judgment either it is impracticable
to do so or Dealer would incur a stock loan cost (excluding, for the avoidance of doubt, the federal funds rate component payable
by the relevant stock lender to the Dealer) of more than a rate equal to 200 basis points per annum to do so (in which event the
Confirmation shall be effective but the Additional Number of Shares for this Transaction shall be the number of Shares Dealer is
required to deliver in accordance with Section 2 of the Underwriting Agreement and the number referenced in Section 1(a) of this
Amendment shall be reduced accordingly).</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Each party hereby reaffirms on the date hereof the representations contained or incorporated by
reference in the Confirmation (with any references therein to the &ldquo;Trade Date&rdquo; deemed references to the date of this
Amendment).</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Confirmation, this Amendment and any provisions of the Underwriting Agreement referred to herein
and therein constitute the entire agreement and understanding of the parties with respect to their subject matter and terms of
the Transaction and supersede all prior or contemporaneous written and oral communication with respect thereto. No amendment, modification
or waiver in respect of this Amendment will be effective unless in writing (including a writing evidenced by a facsimile transmission)
and executed by each of the parties. This Amendment may be executed in counterparts (including by facsimile transmission), each
of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The Confirmation, as modified herein, shall continue in full force and effect. All references to
the Confirmation in the Confirmation or any document related thereto shall for all purposes constitute references to the Confirmation
as amended hereby.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">This Amendment and any claim, controversy or dispute arising under or relating to this Amendment
shall be governed by the laws of the State of New York without reference to the conflict of laws provisions thereof. The parties
hereto irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the United States Court for
the Southern District of New York in connection with all matters relating hereto and waive any objection to the laying of venue
in, and any claim of inconvenient forum with respect to, these courts.</TD></TR></TABLE>

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

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

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

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0; text-align: justify">Please confirm your agreement
to be bound by the terms stated herein by executing the copy of this Amendment enclosed for that purpose and returning it to us.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0pt 0.5in; 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="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Yours sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">CITIBANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-weight: bold; font-style: italic; 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"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ James Heathcote</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Name: </FONT>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">James Heathcote</FONT></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"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Authorized Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">[Signature Page to Amendment to Citi</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registered Forward Transaction</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Confirmation]</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Confirmed as of the date first above written:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">AGREE
REALTY CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 5%; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Clayton Thelen</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Clayton Thelen</FONT></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"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">CFO</FONT></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; text-align: right"><B>&nbsp;</B></P>



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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">[Signature Page to Amendment to Citi</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registered Forward Transaction</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Confirmation]</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>tv488970_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: left; font-size: 10pt; font-weight: bold; text-indent: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 72px; width: 237px"></TD>
    <TD STYLE="vertical-align: top; width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-indent: 0">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(313) 465-7000</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax: (313) 465-8000</P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">honigman.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></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-align: center">March 20, 2018</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">390 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</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">As Forward Counterparty (as defined in the Underwriting Agreement)</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">Citigroup Global Markets Inc. (as agent
for Citibank, N.A.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</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">As Forward Seller (as defined in the Underwriting
Agreement)</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">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</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">As representative of the several Underwriters</P>

<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">&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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B><U>Certain U.S. Federal Income Tax Matters</U></B></TD>
</TR></TABLE>

<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">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: 0.5in">We have acted as counsel
to 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;), in connection with the Underwriting Agreement, dated March
13, 2018, by and among Citigroup Global Markets Inc., as Representative of the several Underwriters listed in Schedule I attached
thereto, Citigroup Global Markets Inc., in its capacity as agent for Citibank, N.A., the Company and the Operating Partnership
(the &ldquo;<U>Underwriting Agreement</U>&rdquo;), and the public offering (the &ldquo;<U>Offering</U>&rdquo;) of 3,450,000 shares
of the Company&rsquo;s common stock, par value $0.0001 per share (the &ldquo;<U>Common Shares</U>&rdquo;), including 450,000 Common
Shares issuable pursuant to the 30-day option granted to the Underwriters. This opinion letter is provided to you at the request
of the Company and the Operating Partnership pursuant to Section 8(c) of the Underwriting Agreement. Except as otherwise indicated,
capitalized terms used in this opinion letter are defined as set forth in the Underwriting 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">&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: justify; text-indent: 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <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"><FONT STYLE="font-size: 8pt; font-weight: normal"><I>Detroit
        &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR>
</TABLE>
<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-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 20, 2018</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 2</TD></TR>
</TABLE>
<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">&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also acted
as counsel to the Company in connection with the preparation of the section captioned &ldquo;Material Federal Income Tax Considerations&rdquo;
in the Prospectus (as defined below).</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">In rendering the opinions
stated below, we have examined and, with your consent, relied upon the following documents:</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="padding-right: 0.5in">the Company&rsquo;s Articles of Incorporation, as amended;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the Registration Statement on Form S-3 filed on June 2, 2017 (the &ldquo;<U>Registration
Statement</U>&rdquo;), the prospectus filed as part of the Registration Statement (the &ldquo;<U>Base Prospectus</U>&rdquo;), and
the prospectus supplement filed on March 13, 2018 (together with the Base Prospectus, the &ldquo;<U>Prospectus</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the Limited Partnership Agreement of the Operating Partnership, as amended
to the date hereof;</TD></TR></TABLE>

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

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">a letter of even date to us from Clay Thelen, Chief Financial Officer of
the Company, containing certain written representations of the Company (&ldquo;<U>Certificate of Representations</U>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">the tax opinion issued by Hunton &amp; Williams LLP, dated November 27, 2013,
regarding the Company&rsquo;s qualification as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) for U.S. federal income
tax purposes (the &ldquo;<U>Prior REIT Opinion</U>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">such other records, certificates and documents as we have deemed necessary
or appropriate for purposes of rendering the opinions set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; 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 our examination
of the foregoing documents, we have assumed, with your consent and without independent investigation, that:</P>

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">each of the documents referred to above has been duly authorized, executed, and delivered; is authentic,
if an original, or is accurate, if a copy; has not been amended; and the signatures on each original document are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<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: 39pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify">where any such document required execution by a person, the person who executed the document had
proper authority and capacity;</TD></TR></TABLE>

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">all representations and statements set forth in such documents are and will be true and correct;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <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"><FONT STYLE="font-size: 8pt; font-weight: normal"><I>Detroit
        &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 20, 2018</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 3</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

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

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">where any such document imposes obligations on a person or entity, such obligations have been or
will be performed or satisfied in accordance with their terms;</TD></TR></TABLE>

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(v)</TD><TD STYLE="text-align: justify">the Company is a corporation validly existing and in good standing under the laws of the State
of Maryland;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<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: 39pt"></TD><TD STYLE="width: 36pt">(vi)</TD><TD STYLE="text-align: justify">the Company has the requisite corporate power and authority, under Maryland law, to own and lease
the properties owned and leased by it and to carry on its business as is now being conducted by it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75pt; text-align: justify">&nbsp;</P>

<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: 39pt"></TD><TD STYLE="width: 36pt">(vii)</TD><TD STYLE="text-align: justify">during its taxable year ending December 31, 2018, and future taxable years, the Company will operate
in a manner that will make the representations contained in the Certificate of Representations true for such years, without regard
to any qualifications as to knowledge or belief;</TD></TR></TABLE>

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(viii)</TD><TD STYLE="text-align: justify">the Company will not make any amendments to its organizational documents after the date of this
opinion that would adversely affect the Company&rsquo;s qualification as a REIT for any taxable year; and</TD></TR></TABLE>

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

<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: 39pt"></TD><TD STYLE="width: 36pt">(ix)</TD><TD STYLE="text-align: justify">no action will be taken by the Company after the date hereof that would have the effect of altering
the facts upon which the opinions set forth below are based.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not independently
verified all of the representations, facts or assumptions set forth in such documents or any other documents. We consequently have
assumed that the information presented in such documents or otherwise furnished to us accurately and completely describes all facts
stated therein. In connection with the opinions rendered below, we have assumed the correctness of the Prior REIT Opinion with
respect to all periods prior to January 1, 2013, subject only to our limited independent investigation with respect to the periods
before January 1, 2013. We also have relied upon the correctness, without regard to any qualification as to knowledge or belief,
of the factual representations and covenants contained in the Certificate of Representations and the factual matters discussed
in the Prospectus that relate to the Company&rsquo;s status as a REIT. Where the factual representations in the Certificate of
Representations involve terms defined in the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), the Treasury
regulations thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published rulings of the Internal Revenue Service (the &ldquo;<U>Service</U>&rdquo;),
or other relevant authority, we have reviewed with the individual making such representations the relevant provisions of the Code,
the applicable Regulations, the published rulings of the Service, and other relevant authority. We are not aware of any facts that
are inconsistent with the representations contained in the Certificate of Representations. It should be noted, however, that the
Code, Regulations, judicial decisions, and administrative interpretations are subject to change at any time and, in some circumstances,
with retroactive effect. We can give no assurance, therefore, that legislative enactments, administrative changes or court decisions
may not be forthcoming that would modify or supersede the opinions stated herein. In addition, there can be no assurance that positions
contrary to our opinions will not be taken by the Service, or that a court considering the issues will not hold contrary to such
opinions. The Service has not issued Regulations or administrative interpretations with respect to various provisions of the Code
relating to REIT qualification. No assurance can be given that the law will not change in a way that will prevent the Company from
qualifying as a REIT.</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">&nbsp;</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>

<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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <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"><FONT STYLE="font-size: 8pt; font-weight: normal"><I>Detroit
        &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 20, 2018</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 4</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the opinions
set forth below represent our conclusions based upon the documents, facts, assumptions and representations referred to above. Any
material amendments to such documents or changes in any significant facts after the date hereof, or inaccuracy of such assumptions
or representations, could affect the opinions stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 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">We express no opinion
as to the laws of any jurisdiction other than the federal income tax laws of the United States of America to the extent specifically
referred to herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 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">Based on the documents
and assumptions set forth above, the representations and covenants set forth in the Certificate of Representations, and the factual
matters discussed in the Prospectus under the caption &ldquo;Material Federal Income Tax Considerations&rdquo; (which are incorporated
herein by reference), we are of the opinion 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 0pt 1in; text-align: justify; text-indent: 0.5in">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 qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code for its taxable years ended
December 31, 2010 through December 31, 2017, and the Company&rsquo;s current and proposed method of operation will enable it to
continue to qualify as a REIT under the Code for its taxable year ending December 31, 2018 and thereafter; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">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 description of the law and the legal conclusions contained in the Prospectus under the caption &ldquo;Material Federal
Income Tax Considerations&rdquo; is correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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">We will not review
on a continuing basis the Company&rsquo;s compliance with the documents or assumptions set forth above, or the representations
set forth in the Certificate of Representations. Accordingly, no assurance can be given that the actual results of the Company&rsquo;s
operations for any given taxable year will satisfy the requirements for qualification and taxation as a REIT. Although we have
made such inquiries and performed such investigations as we have deemed necessary to fulfill our professional responsibilities
as counsel, we have not undertaken an independent investigation of all the facts referred to in this opinion letter or the Certificate
of Representations. In particular, we note that the Company has engaged in transactions in connection with which we have not provided
legal advice and which we may not have reviewed.</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 foregoing opinions
are limited to the U.S. federal income tax matters addressed herein, and no other opinions are rendered with respect to other U.S.
federal tax matters or to any issues arising under the tax laws of any other country, or any state or locality. We undertake no
obligation to update the opinions expressed herein after the date of this opinion 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">&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: justify; text-indent: 0.5in"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <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"><FONT STYLE="font-size: 8pt; font-weight: normal"><I>Detroit
        &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></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: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 34px; width: 230px"></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0; font-size: 10pt; text-align: left; text-indent: 0">March 20, 2018</TD>
    <TD STYLE="padding: 0; text-align: right; font-size: 10pt; text-indent: 0">Page 5</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">&nbsp;</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>

<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 0; text-align: justify; text-indent: 0.5in">Other than as expressly
stated above, we express no opinion as to any other U.S. federal income tax issue or matter relating to the Company. This opinion
is expressed as of the date hereof, and we disclaim any undertaking to advise you of any subsequent changes of matters stated,
represented, covenanted, or assumed herein or any subsequent changes in applicable law. This opinion is issued to you in connection
with the Offering and may not be used or relied upon by any other person or for any other purpose without our express written consent.</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">&nbsp;</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 0.5in 0pt 4.5in; text-align: justify">Very truly yours,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 4.5in; text-align: justify"><B>/s/ HONIGMAN MILLER SCHWARTZ
AND COHN LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2290 First National Building &middot;
        660 Woodward Avenue &#8729; Detroit, Michigan 48226-3506</B></P>
        <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"><FONT STYLE="font-size: 8pt; font-weight: normal"><I>Detroit
        &#8729; Ann Arbor &#8729; Bloomfield Hills &#8729; Chicago &#8729; Grand Rapids &#8729; Kalamazoo &#8729; Lansing</I></FONT></P></TD></TR>
</TABLE>
<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"></P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !/ '8# 2(  A$! Q$!_\0
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B3L&<X8(>:[;PZCQZ) KJRMCD$8K3VC.<"EHN 4444@/_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( .T# 2(  A$! Q$!_\0
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MW$]SX6NG O;#)(AY_0<_*W;.#UY]2@\)74'B"?6AXFU1KB>)87B=83%L4DJ
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-%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  B .8# 2(  A$! Q$!_\0
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M_9DGDCC*KT!"L,@8'Y4 <I\#_P#DDNC_ .]/_P"CGKJ?M+W^L3/;1QW,-EF
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MQ&L?VN+:,:AY!MS.!AC'N#;3ZC(S[?C0!<HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
..*** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
