Exhibit 10.5

 

EXECUTION VERSION

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P.

 

FIRST AMENDMENT

 

Dated as of December 18, 2014

 

to

 

NOTE PURCHASE AGREEMENT

 

Dated as of April 16, 2014

 

Re:  $50,000,000 4.98% Senior Guaranteed Notes,

Series A, due October 1, 2024

$50,000,000 4.98% Senior Guaranteed Notes,

Series B, due July 1, 2026

 

 

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FIRST AMENDMENT TO NOTE PURCHASE AGREEMENT

 

THIS FIRST AMENDMENT dated as of December 18, 2014 (the or this “First
Amendment”) to the Note Purchase Agreement dated as of April 16, 2014 (the “Note
Purchase Agreement”) is between STAG Industrial Operating Partnership, L.P., a
Delaware limited partnership (the “Company”), and each of the institutions
listed on Schedule B to the Note Purchase Agreement (collectively, the
“Noteholders”) party hereto.

 

RECITALS:

 

A. The Company and each of the Noteholders have heretofore entered into the Note
Purchase Agreement.  The Company has heretofore issued the (i) $50,000,000
aggregate principal amount of its 4.98% Senior Guaranteed Notes, Series A, due
October 1, 2024 (the “Series A Notes”) and (ii) $50,000,000 aggregate principal
amount of its 4.98% Senior Guaranteed Notes, Series B, due July 1, 2026 (the
“Series B Notes” and together with the Series A Notes, the “Notes”) pursuant to
the Note Purchase Agreement.

 

B.       The Company and the Noteholders party hereto now desire to amend the
Note Purchase Agreement in the respects, but only in the respects, hereinafter
set forth.

 

C.       Capitalized terms used herein shall have the respective meanings
ascribed thereto in the Note Purchase Agreement unless herein defined or the
context shall otherwise require.

 

D. All requirements of law have been fully complied with and all other acts and
things necessary to make this First Amendment a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been
done or performed.

 

NOW, THEREFORE, the Company and the Noteholders party hereto, in consideration
of good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, do hereby agree as follows:

 

SECTION 1.                                             AMENDMENTS.

 

Section 1.1.      Section 7.4 of the Note Purchase Agreement shall be and is
hereby amended by inserting the words “or contemporaneously” before the words
“written notice” contained in the first proviso.

 

Section 1.2.      Section 9.7(b) of the Note Purchase Agreement shall be and is
hereby amended by replacing the words “such documents as Issuer may reasonably
request to evidence such a release” with “a release substantially in the form of
Schedule 9.7 hereto”.

 

Section 1.3.      Schedule 9.7 attached hereto as Exhibit A shall be added as
new Schedule 9.7 to the Note Purchase Agreement in numerical order.

 

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Section 1.4.      Section 10.2(a) of the Note Purchase Agreement shall be and is
hereby amended by replacing each reference to the words “corporation or limited
liability company” with the words “corporation, limited liability company or
limited partnership”.

 

Section 1.5.      Section 10.2 of the Note Purchase Agreement shall be and is
hereby amended by replacing the reference to “successor corporation or limited
liability company” in the last full paragraph with “successor corporation,
limited liability company or limited partnership”.

 

Section 1.6.      Section 10.6(i)(b) of the Note Purchase Agreement shall be and
is hereby amended by deleting the reference to “forty-five percent (45%)” and
replacing it with “forty percent (40%)”.

 

Section 1.7.      Section 10.6(i) of the Note Purchase Agreement shall be and is
hereby amended by inserting the following subclause after Section 10.6(i)(d):

 

“(e)         Minimum Unsecured Interest Coverage Ratio.  As of the last day of
any fiscal quarter, the Unsecured Interest Coverage Ratio shall not be less than
or equal to one hundred and seventy-five percent (175%).”

 

Section 1.8.      Section 10.6(ii)(b) of the Note Purchase Agreement shall be
and is hereby amended by inserting the words “or equal to” after the words “to
be less than”.

 

Section 1.9.      Section 10.6(ii) of the Note Purchase Agreement shall be and
is hereby amended by inserting the following provision after the second
reference to the Primary Credit Facility in the paragraph beginning
“Notwithstanding the foregoing,”:

 

“provided, further, that in the event that any fee is paid to any party under
the Primary Credit Facility solely to effectuate any such amendment or
modification, the holders of the Notes shall have received an equivalent fee on
a pro rata basis prior to or concurrently with the effectiveness of any such
amendment or modification.  “Equivalent fee” means an amount equal to the
percentage determined by dividing the fee paid under the Primary Credit Facility
by the principal outstanding amount under the Primary Credit Facility multiplied
by the aggregate outstanding principal amount of the Notes.”

 

Section 1.10.      Section 10.8(f) of the Note Purchase Agreement shall be and
is hereby amended by deleting the reference to “not to at any time exceed
twenty-five (25%) of Total Asset Value”.

 

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Section 1.11.      Section 10.8(g) of the Note Purchase Agreement shall be and
is hereby amended by deleting the reference to “not to at any time exceed
fifteen percent (15%) of Total Asset Value”.

 

Section 1.12.      Section 10.8(h) of the Note Purchase Agreement shall be and
is hereby amended by deleting the reference to “not to at any time exceed ten
percent (10%) of Total Asset Value”.

 

Section 1.13.      Section 10.8 of the Note Purchase Agreement shall be and is
hereby amended by deleting the reference to “provided, that the aggregate
Investments of the types described in clauses (f) through (h) above shall not at
any time exceed thirty percent (30%) of Total Asset Value”.

 

Section 1.14.      The definition of Acceptable Ground Lease in Schedule A to
the Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Acceptable Ground Lease” means a ground lease with respect to an Acceptable
Property executed by a Subsidiary Guarantor, as lessee, that (i) has a remaining
lease term (including extension or renewal rights) of at least thirty-five (35)
years, calculated as of the date the Subsidiary Guarantor acquired such
Acceptable Property and for which approval has been obtained, to the extent any
approval is required under any Material Credit Facility, or (ii) has a bargain
purchase option (as defined in accordance with GAAP).”

 

Section 1.15.      The definition of Adjusted NOI in Schedule A to the Note
Purchase Agreement shall be amended in its entirety to read as follows:

 

““Adjusted NOI” means, with respect to any Property for the Current Reporting
Quarter, annualized, an amount equal to (a) the aggregate gross revenues
(excluding non-cash revenues) from the operations of such Property during such
period, minus (b) the sum of (i) all expenses and other proper charges incurred
in connection with the operation of such Property during such period (including
real estate taxes, but excluding any property and asset management fees, debt
service charges, income taxes, depreciation, amortization and other non-cash
expenses and excluding capital expenditures), (ii) a management fee equal to the
greater of (A) two percent (2%) of the aggregate gross base rental revenues
(excluding non-cash revenues) from the operations of such Property during such
period and (B) actual property management fees paid, and (iii) a replacement
reserve of $0.10 per square foot (excluding any Property acquired during the
Current Reporting Quarter).  Adjusted NOI shall exclude the amount of any
revenues and expenses from any Dark Property.  Adjusted

 

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NOI shall be increased, without duplication, by (i) annualized rental revenues
(excluding non-cash revenues) net of associated expenses from any new lease
which went into effect with the tenant taking occupancy (or any lease with
respect to any Property acquired during the Current Reporting Quarter) and the
Issuer is recognizing revenue from such tenant in accordance with GAAP during
such Current Reporting Quarter, and (ii) annualized gross base rental revenues
(excluding non-cash revenues) for the first monthly base rental payment for any
lease in a free rent period and Issuer is recognizing revenue from such tenant
in accordance with GAAP during such Current Reporting Quarter.”

 

Section 1.16.      The definition of Consolidated EBITDA in Schedule A to the
Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Consolidated EBITDA” means, for the Parent, the Issuer and their Subsidiaries,
for any period, an amount equal to (a) Consolidated Net Income, plus (b) the sum
of the following (without duplication and to the extent reflected as a charge in
the statement of such Consolidated Net Income for such period): (i) income tax
expense; (ii) interest expense, amortization or write-off of debt discount and
debt issuance costs and commissions, discounts and other fees and charges
associated with Indebtedness; (iii) depreciation and amortization expense;
(iv) amortization of intangibles (including goodwill) and organization costs;
(v) any extraordinary, unusual or non-recurring expenses or losses (including,
whether or not otherwise includable as a separate item in the statement of such
Consolidated Net Income for such period, losses on sales of assets outside of
the ordinary course of business), including property acquisition costs; (vi) any
other non-cash charges, and (vii) all commissions, guaranty fees, discounts and
other fees and charges owed by such Person with respect to letters of credit and
bankers’ acceptance financing and net costs of such Person under Swap Contracts
in respect of interest rates to the extent such net costs are allocable to such
period in accordance with GAAP; minus (c) the sum of the following (to the
extent included in the statement of such Consolidated Net Income for such
period): (i) interest income (except to the extent deducted in determining such
Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring
income or gains (including, whether or not otherwise includable as a separate
item in the statement of such Consolidated Net Income for such period, gains on
the sales of assets outside of the ordinary course of business); and (iii) any
other non-cash income.”

 

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Section 1.17.      The definition of Restricted Payment in Schedule A to the
Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Restricted Payment” means any dividend or other distribution (whether in cash,
Equity Interests or other property) with respect to any preferred stock of the
Company or any Subsidiary, or any payment (whether in cash, Equity Interests or
other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, cancellation or termination
of any such preferred stock.”

 

Section 1.18.      The definition of Secured Indebtedness in Schedule A to the
Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Secured Indebtedness” means (without duplication), with respect to a Person as
of any given date, the aggregate principal amount of all Indebtedness of such
Person or its subsidiaries outstanding at such date and that is secured by a
Lien, and including the Companies’ Share of all Indebtedness of Unconsolidated
Affiliates that is secured by a Lien, but excluding, for the avoidance of doubt,
any net obligations under any Swap Contract that is secured by a Lien, all
Unsecured Indebtedness and all Indebtedness hereunder, and provided further that
the obligations under any revolving credit agreement that are otherwise not
secured shall not constitute Secured Indebtedness due to the existence of cash
collateral security requirements in connection with customary defaulting lender
provisions.”

 

Section 1.19.      The definition of Senior Financial Officer in Schedule A to
the Note Purchase Agreement shall be amended by replacing the reference to the
words “treasurer or comptroller” with the words “treasurer, comptroller or
controller”.

 

Section 1.20.      The definition of Swap Contract in Schedule A to the Note
Purchase Agreement shall be amended in its entirety to read as follows:

 

““Swap Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter

 

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into any of the foregoing), whether or not any such transaction is governed by
or subject to any master agreement, (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of,
or governed by, any form of master agreement published by the International
Swaps and Derivatives Association, Inc., any International Foreign Exchange
Master Agreement, or any other master agreement (any such master agreement,
together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement and (c) any obligation to
pay or perform under any agreement, contract or transaction that constitutes a
“swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.”

 

Section 1.21.      The definition of Total Asset Value in Schedule A to the Note
Purchase Agreement shall be amended in its entirety to read as follows:

 

““Total Asset Value” means, for the Companies, on a consolidated basis, as on
any date, the sum of (a) an amount equal to (i) aggregate Adjusted NOI with
respect to all Properties (without duplication from the assets in clauses
(b) through (g) below) for the fiscal quarter most recently ended, annualized
divided by (ii) the Capitalization Rate, plus (b) 75% of the Book Value of any
Dark Property for the first 12 months (provided that no Dark Property shall be
included in the calculation of Total Asset Value for a period greater than 12
months), plus (c) the acquisition cost of Construction in Progress and the costs
of improvements thereon and renovations thereof, plus (d) cash and cash
equivalents (including restricted cash) on such date, plus (e) the Companies’
Share of the foregoing items and components attributable to Unconsolidated
Affiliates, plus (f) an amount equal to the Book Value (adjusted in accordance
with GAAP to reflect any default or other impairment of such loan) of mortgage
loans, construction loans, capital improvement loans, and other loans, in each
case owned by a Issuer, plus (g) fifty percent (50%) of the Book Value of any
undeveloped land.

 

Notwithstanding the foregoing, for purposes of determining Total Asset Value, to
the extent the amount of Total Asset Value attributable to (a) the amount under
clause (b) above would exceed 10% of Total Asset Value, such excess shall be
excluded, (b) the amount under clause (c) and (g) above would exceed 15% of
Total Asset Value, such excess shall be excluded, (c) the amount under clause
(e) above would exceed 30% of Total Asset Value, such excess shall be excluded,
(d) the amount under clause (f) above would exceed 15% of Total Asset Value,
such excess shall be

 

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excluded, and (e) the amount under clauses (b), (c), (e), (f) and (g) above
would exceed 30% of Total Asset Value, such excess shall be excluded.  So long
as no Default or Event of Default has occurred and is then continuing, if any of
the percentages set forth in the immediately preceding sentence are subsequently
amended or modified in the Primary Credit Facility, such amendment or
modification shall be deemed incorporated by reference into this Agreement,
mutatis mutandi, as if set forth fully in this Agreement, effective beginning on
the date on which such amendment or modification is effective in the Primary
Credit Facility, provided, that in the event that any fee is paid to any party
under the Primary Credit Facility solely to effectuate any such amendment or
modification, the holders of the Notes shall have received an equivalent fee on
a pro rata basis prior to or concurrently with the effectiveness of any such
amendment or modification.  “Equivalent fee” means an amount equal to the
percentage determined by dividing the fee paid under the Primary Credit Facility
by the principal outstanding amount under the Primary Credit Facility multiplied
by the aggregate outstanding principal amount of the Notes.”

 

Section 1.22.      The definition of Total Funded Debt in Schedule A to the Note
Purchase Agreement shall be and is hereby amended by deleting the reference to
“intra-company” and replacing it with “intercompany”.

 

Section 1.23.      The definition of Unencumbered Asset Value in Schedule A to
the Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Unencumbered Asset Value” means without duplication, the sum of, for each
Unencumbered Property owned for the Current Reporting Quarter, (i) an amount
equal to (x) the Adjusted NOI attributable to such Unencumbered Property for
such Current Reporting Quarter multiplied by (y) four (4), divided by (ii) the
Capitalization Rate.”

 

Section 1.24.      The definition of Unencumbered Property in Schedule A to the
Note Purchase Agreement shall be amended in its entirety to read as follows:

 

““Unencumbered Property” means any Property owned by the Issuer, the Parent or
any of their Subsidiaries which is free and clear of any Liens other than those
existing as of the date of the Agreement and permitted by Section 10.5 and meet
the requirements of (1) subsections (i), (ii) and (iii) of the definition of
Acceptable Property and provided that (2) (a) no Material Title Defect with
respect to such Unencumbered Property shall exist and

 

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(b) such Unencumbered Property shall have reasonably satisfactory access to
public utilities.”

 

Section 1.25.      The following shall be added as new definitions in
alphabetical order to Schedule A of the Note Purchase Agreement:

 

““Book Value” means all land, building, improvements, leasing commissions and
deferred leasing intangibles less accumulated depreciation and amortization.”

 

““Current Reporting Quarter” means the most recent fiscal quarter for which
quarterly financial statements have been delivered to the holders of the Notes
pursuant to Section 7.1.”

 

““Dark Property” means any Property as to which (i) all leases have terminated
or (ii) the Company is not recognizing revenue from any tenants in accordance
with GAAP as of the last day of the Current Reporting Quarter.”

 

““Equity Issuances” means all common and preferred equity issuances.”

 

““Unencumbered Adjusted NOI” means, for any period, the aggregate Adjusted NOI
of all Unencumbered Properties for such period.”

 

““Unsecured Interest Coverage Ratio” means, as of any date of determination, the
quotient (expressed as a percentage) of (a) Unencumbered Adjusted NOI to
(b) Unsecured Interest Expense.

 

““Unsecured Interest Expense” means, with respect to any period, Consolidated
Interest Expense of the Parent and its Subsidiaries for such period attributable
to Unsecured Indebtedness of the Parent and its Subsidiaries.”

 

SECTION 2.                                             REPRESENTATIONS AND
WARRANTIES OF THE COMPANY.

 

Section 2.1.      To induce the Noteholders to execute and deliver this First
Amendment (which representations shall survive the execution and delivery of
this First Amendment), the Company represents and warrants to the Noteholders
that:

 

Section 2.2.      The Company is a corporation, limited liability company or
partnership, as the case may be, duly organized, legally existing, and in good
standing or equivalent status under the laws of its jurisdiction of
organization, and is duly qualified as a foreign corporation and in

 

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good standing in all other jurisdictions wherein the nature of its business or
its assets make such qualification necessary;

 

Section 2.3.      The Company’s execution and delivery of this First Amendment
and performance of its obligations hereunder: (a) are and will be within its
powers; (b) are duly authorized by the Company; (c) are not and will not be in
contravention of any law, statute, rule or regulation, the terms of any of the
Company’s organization documents, nor of any indenture, agreement or undertaking
to which the Company or any of its properties are bound; (d) do not require any
consent or approval (including governmental) which has not been given; and
(e) will not result in the imposition of liens, charges or encumbrances on any
of its properties or assets;

 

Section 2.4.      This First Amendment, when duly executed and delivered, will
constitute the legal, valid and binding obligation of the Company, enforceable
in accordance with its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable
principles relating to or limiting creditors’ rights generally;

 

Section 2.5.      The Note Agreement, the Affiliate Guaranties and the Notes, as
amended by this First Amendment, constitute the legal, valid and binding
obligations, contracts and agreements of the Company and each Affiliate
Guarantor, respectively, party thereto, enforceable against it in accordance
with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to
or limiting creditors’ rights generally;

 

Section 2.6.      As of the date hereof and after giving effect to this First
Amendment, no Default or Event of Default has occurred which is continuing;

 

SECTION 3.                                             CONDITIONS TO
EFFECTIVENESS OF THIS FIRST AMENDMENT.

 

This First Amendment shall not become effective until, and shall become
effective when, each and every one of the following conditions shall have been
satisfied:

 

(i)         executed counterparts of this First Amendment, duly executed by the
Company and the Noteholders holding more than 50% in aggregate principal amount
of Notes, as required under the Note Agreement shall have been delivered to the
Noteholders;

 

(ii)         the Noteholders shall have received a copy of the resolutions of
the Board of Directors or similar governing body of the Company authorizing the
execution, delivery and performance by the Company of its obligations under this
First Amendment, certified by its Secretary or an Assistant Secretary;

 

(iii)         the representations and warranties of the Company set forth in
Section 2 hereof are true and correct on and with respect to the date hereof and
the Company shall have delivered a certificate to such effect; and

 

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(iv) all proceedings taken in connection with the transactions contemplated by
this First Amendment, and all documents necessary to the consummation thereof,
shall be reasonably satisfactory in form and substance to the Noteholders and
their counsel, and the Noteholders shall have received a copy (executed or
certified as may be appropriate) of all such documents or proceedings taken in
connection with the consummation of said transactions.

 

SECTION 4.                                             MISCELLANEOUS.

 

Section 4.1.      This First Amendment shall be construed in connection with and
as part of the Note Purchase Agreement and except as modified and expressly
amended by this First Amendment, all terms, conditions and covenants contained
in the Note Purchase Agreement and the Notes are hereby ratified and shall be
and remain in full force and effect.

 

Section 4.2.      Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this
First Amendment may refer to the Note Purchase Agreement without making specific
reference to this First Amendment but nevertheless all such references shall
include this First Amendment unless the context otherwise requires.

 

Section 4.3.      The descriptive headings of the various Sections or parts of
this First Amendment are for convenience only and shall not affect the meaning
or construction of any of the provisions hereof.

 

Section 4.4.      This First Amendment shall be governed by and construed in
accordance with New York law.

 

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Section 4.5.      The execution hereof by you shall constitute a contract
between us for the uses and purposes hereinabove set forth, and this First
Amendment may be executed in any number of counterparts, each executed
counterpart constituting an original, but all together only one agreement.

 

 

STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

 

 

 

 

By:

STAG Industrial GP, LLC, a Delaware limited liability company, its General
Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Vice President

 

 

 

 

 

STAG INDUSTRIAL, INC., a Maryland corporation

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Executive Vice President, Chief

 

 

 

Financial Officer and Treasurer

 

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Each of the undersigned hereby confirms and agrees that the Affiliate Guaranty
to which it is a party is, and shall continue to be, in full force and effect
and is hereby ratified and confirmed in all respects, except that on and after
the Effective Date each reference therein to the Note Purchase Agreement shall
refer to the Note Purchase Agreement after giving effect to this First
Amendment.  Without limiting the foregoing, each such Guarantor waives all
defenses, claims, counterclaims, rights of recoupment or set-off with respect to
any of such Guarantor’s obligations under its Affiliate Guaranty.

 

 

STAG INDUSTRIAL HOLDINGS, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG INVESTMENTS HOLDINGS III, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG INVESTMENTS HOLDINGS IV, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG GI INVESTMENTS HOLDINGS, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

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STAG III ALBION, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III APPLETON, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III ARLINGTON, L.P., a Delaware limited partnership

 

 

 

 

 

 

 

 

 

By:

STIR Investments GP III, LLC

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III BOARDMAN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

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STAG III CANTON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III CHESTERFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III CINCINNATI, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III DAYTON, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG III DAYTONA BEACH, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

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STAG III ELKHART, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III FAIRFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III FARMINGTON, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III HOLLAND 2, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III HOLLAND, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

15

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STAG III JACKSON, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III JEFFERSON, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III LEWISTON, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III MALDEN, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III MARYLAND BORROWER, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

16

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STAG III MASON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III MAYVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III MILWAUKEE 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III MILWAUKEE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

17

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STAG III NEWARK, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III PENSACOLA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III POCATELLO, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III RAPID CITY, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

18

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STAG III ROUND ROCK, L.P., a Delaware limited partnership

 

 

 

 

 

 

 

By:

STIR Investments GP III, LLC

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III SERGEANT BLUFF, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III SPARKS, LLC, a Maryland limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III ST. LOUIS, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

19

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STAG III TWINSBURG, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG III YOUNGSTOWN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV ALEXANDRIA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

20

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STAG ARLINGTON 2, L.P., a Delaware limited partnership

 

 

 

 

 

 

 

By:

STAG TX GP 2, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG ATLANTA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG AVON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV BELFAST, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

21

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STAG BUFFALO, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV CHEEKTOWAGA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG CHIPPEWA FALLS, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV DANVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG EDGEFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

22

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STAG FRANKLIN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG HUNTERSVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STIR INVESTMENTS GP III, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STIR INVESTMENTS GP IV, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

23

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STAG LANSING 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV LEXINGTON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV NEWTON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG ORLANDO, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG PINEVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

24

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STAG IV PITTSBURGH 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG PORTLAND 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG READING, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG ROGERS 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

25

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STAG IV RURAL HALL, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV SEVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SIMPSONVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SMITHFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SOUTH BEND, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

26

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STAG SPARTANBURG, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV SUN PRAIRIE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG TX GP 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IV WACO, L.P., a Delaware limited partnership

 

 

 

 

 

 

 

By:

STIR Investments GP IV, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

27

--------------------------------------------------------------------------------

 

 

STAG MEBANE 1, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG MEBANE 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG DALLAS, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG BUENA VISTA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG CHICOPEE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

28

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STAG DE PERE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG DUNCAN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG GURNEE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG HARRISONBURG, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG KANSAS CITY 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

29

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STAG MONTGOMERY, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG GI NEW JERSEY, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SMYRNA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG STATHAM, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG TOLEDO, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

30

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STAG WOODSTOCK, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG ORANGEBURG, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG COLUMBIA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG DEKALB, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

31

--------------------------------------------------------------------------------

 

 

STAG GOLDEN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG HOUSTON 2, L.P., a Delaware limited partnership

 

 

 

 

 

 

 

By:

STAG TX GP 2, LLC

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG IDAHO FALLS, LLC,

 

a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG LONDONDERRY, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

32

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STAG MARION 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG MISHAWAKA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG OCALA, LLC, a Delaware limited liability company

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SOUTHFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG SOUTHFIELD 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

33

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STAG MT. PROSPECT, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG WILLIAMSPORT, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG BELVIDERE I, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG BELVIDERE II, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

34

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STAG BELVIDERE III, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG BELVIDERE IV, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG BELVIDERE V, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG BELVIDERE VI, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

35

--------------------------------------------------------------------------------

 

 

STAG BELVIDERE VII, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

STAG BELVIDERE VIII, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG BELVIDERE IX, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG KENTWOOD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG MARSHALL, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

36

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STAG NASHVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG CATOOSA, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG NEW BERLIN, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG HAMPSTEAD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG NEW HOPE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

37

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STAG SPRINGFIELD, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG ORLANDO 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG NORTH JACKSON 2, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG MEBANE 3, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG SHANNON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

38

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STAG LANSING 4, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG SOUTH HOLLAND, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG SAUK VILLAGE, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG HARVARD, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG MASCOT, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

39

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STAG JANESVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG ALLENTOWN, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG NASHUA, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG STRONGSVILLE, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG SAVANNAH, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

40

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STAG COLUMBUS, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG WEST CHESTER, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG CALHOUN, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG HEBRON, LLC, a Delaware limited liability company

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

41

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STIR INVESTMENTS GP, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG PORTAGE, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG HOUSTON 3, LP, a Delaware limited partnership

 

 

 

By:

STAG TX GP 2, LLC

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG JACKSON, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

42

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STAG GARLAND, LP, a Delaware limited partnership

 

 

 

 

 

By:

STAG TX GP 2, LLC

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG EL PASO, LP, a Delaware limited partnership

 

 

 

By:

STIR INVESTMENTS GP, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG EAST TROY, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG EL PASO 1, LP, a Delaware limited partnership

 

 

 

 

 

By:

STAG TX GP 2, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

43

--------------------------------------------------------------------------------

 

 

STAG EL PASO 2, LP, a Delaware limited partnership

 

 

 

 

 

By:

STAG TX GP 2, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG EL PASO 3, LP, a Delaware limited partnership

 

 

 

By:

STAG TX GP 2, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG EL PASO 4, LP, a Delaware limited partnership

 

 

 

 

 

By:

STAG TX GP 2, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG New Berlin 2, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

44

--------------------------------------------------------------------------------

 

 

STAG Jefferson City, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG SAVAGE, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Charlotte 3, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Charlotte 4, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Mountain Home, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

45

--------------------------------------------------------------------------------

 

 

STAG Chester, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Mechanicsburg 1, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Mechanicsburg 2, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Mechanicsburg 3, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Mason 3, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

46

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STAG Longmont, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Lenexa, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Reno, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Fort Wayne, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Murfreesboro, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

47

--------------------------------------------------------------------------------

 

 

STAG Gurnee 2, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Germantown, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Elizabethtown, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Camarillo 1, LP, a Delaware limited partnership

 

 

 

By:

STAG CA GP, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

48

--------------------------------------------------------------------------------

 

 

STAG Camarillo 2, LP, a Delaware limited partnership

 

 

 

 

 

By:

STAG CA GP, LLC,

 

 

Its General Partner

 

 

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG CA GP, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Conyers 1, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

 

 

 

 

 

 

 

 

STAG Winston-Salem, LLC, a Delaware limited liability company

 

 

 

 

 

By:

/s/ Geoffrey G. Jervis

 

 

Name:

Geoffrey G. Jervis

 

 

Title:

Authorized Officer

 

49

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

MINNESOTA LIFE INSURANCE COMPANY

 

 

AMERICAN REPUBLIC INSURANCE COMPANY

 

 

UNITED INSURANCE COMPANY OF AMERICA

 

 

THE MUTUAL SAVINGS LIFE INSURANCE COMPANY

 

 

CATHOLIC UNITED FINANCIAL

 

 

CATHOLIC LIFE INSURANCE UNION

 

 

COLORADO BANKERS LIFE INSURANCE COMPANY

 

 

FARM BUREAU LIFE INSURANCE COMPANY OF MICHIGAN

 

 

FIDELITY LIFE ASSOCIATION

 

 

DEARBORN NATIONAL LIFE INSURANCE COMPANY

 

 

GREAT WESTERN INSURANCE COMPANY

 

 

MTL INSURANCE COMPANY

 

 

TRUSTMARK INSURANCE COMPANY

 

 

VANTIS LIFE INSURANCE COMPANY

 

 

 

 

 

By:

Advantus Capital Management, Inc.

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

50

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA

 

 

 

 

 

 

 

 

By:

/s/ Brian F. Landry

 

 

 

Name:

Brian F. Landry

 

 

 

Title:

Assistant Treasurer

 

51

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

AXA EQUITABLE LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

 

By:

/s/ Amy Judd

 

 

 

Name:

Amy Judd

 

 

 

Title:

Investment Officer

 

52

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

 

 

MONY LIFE INSURANCE COMPANY OF AMERICA

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

53

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

 

 

 

 

 

 

 

 

By:

/s/ Barry Scheinholtz

 

 

 

Name:

Barry Scheinholtz

 

 

 

Title:

Senior Director

 

 

 

 

 

 

 

 

THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.

 

 

 

 

 

 

 

 

By:

/s/ Barry Scheinholtz

 

 

 

Name:

Barry Scheinholtz

 

 

 

Title:

Senior Director

 

54

--------------------------------------------------------------------------------

 

This Agreement is hereby accepted and agreed to as of the date hereof.

 

 

 

 

 

 

 

PRIMA MORTGAGE INVESTMENT TRUST, LLC

 

 

 

 

 

 

 

 

By:

Prima Capital Advisors LLC, as authorized agent

 

 

 

 

 

 

 

 

 

 

By:

/s/ Nilesh Patel

 

 

 

Name:

Nilesh Patel

 

 

 

Title:

Managing Director

 

55

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EXHIBIT A

[SEE ATTACHED.]

 

--------------------------------------------------------------------------------

 

SCHEDULE 9.7

 

[FORM OF] GUARANTOR RELEASE

 

[DATE]

 

Reference is made to the Note Purchase Agreement, dated as of April 16, 2014 (as
from time to time amended, the “Note Purchase Agreement”), among STAG
Industrial, Inc., STAG Industrial Operating Partnership L.P. and the respective
Purchasers named therein.  Capitalized terms used herein, but not defined
herein, shall have the meanings ascribed to them in the Note Purchase Agreement.

 

Solely in reliance upon the Officer’s Certificate received from the Issuer
pursuant to Section 9.7(b) of the Note Purchase Agreement, the undersigned
Purchase hereby confirms, pursuant to Section 9.7(b) of the Note Purchase
Agreement, the release of [INSERT NAME(S) OF RELEASED GUARANTORS] as Guarantors
under the Note Purchase Agreement.

 

In witness whereof, the undersigned Purchaser has executed this Guarantor
Release as of the date first set forth above.

 

 

[INSERT PURCHASER

 

SIGNATURE BLOCK]

 

--------------------------------------------------------------------------------