---



##### 



TABLE OF CONTENTS
 ARTICLE 1.
    
    DEFINITIONS
    
    
    1Section 1.1
    
    Definitions
    
    
    1Section 1.2
    
    Accounting Terms and Determinations; Covenant Calculations
    
    
    22Section 1.3
    
    Subsidiaries
    
    
    22Section 1.4
    
    Interpretation Generally; Times
    
    
    22ARTICLE 2.
    
    CREDIT FACILITY
    
    
    22Section 2.1
    
    Making of Revolving Loan
    
    
    22Section 2.2
    
    Requests for Borrowings
    
    
    23Section 2.3
    
    Funding
    
    
    23Section 2.4
    
    Continuation
    
    
    23Section 2.5
    
    Conversion
    
    
    24Section 2.6
    
    Interest Rate
    
    
    24Section 2.7
    
    Special Provisions for LIBOR Loans
    
    
    24Section 2.8
    
    Capital Adequacy
    
    
    26Section 2.9
    
    Repayment of Loans
    
    
    27Section 2.10
    
    Voluntary Reductions of the Commitment
    
    
    28Section 2.11
    
    Credit Sweep Account
    
    
    28Section 2.12
    
    Funds Transfer Disbursements
    
    
    29Section 2.13
    
    Revolving Note
    
    
    30Section 2.14
    
    Letters of Credit
    
    
    30ARTICLE 3.
    
    GENERAL LOAN PROVISIONS
    
    
    33Section 3.1
    
    Fees
    
    
    33Section 3.2
    
    Computation of Interest and Fees
    
    
    34Section 3.3
    
    Limitation of Interest
    
    
    34Section 3.4
    
    Statements of Account
    
    
    36Section 3.5
    
    Lenders Reliance
    
    
    36ARTICLE 4.
    
    UNENCUMBERED POOL PROPERTIES
    
    
    36Section 4.1
    
    Acceptance of Unencumbered Pool Properties
    
    
    36Section 4.2
    
    Termination of Designation as Unencumbered Pool Property
    
    
    37Section 4.3
    
    Additional Requirements of Unencumbered Pool Properties
    
    
    38ARTICLE 5.
    
    CONDITIONS
    
    
    38Section 5.1
    
    Conditions Precedent to Effectiveness
    
    
    38Section 5.2
    
    Conditions Precedent to Loans and Issuance of Letters of Credit
    
    
    40ARTICLE 6.
    
    REPRESENTATIONS AND WARRANTIES
    
    
    40Section 6.1
    
    Existence and Power
    
    
    40Section 6.2
    
    Ownership Structure
    
    
    41Section 6.3
    
    Authorization of Agreement, Revolving Notes, Loan Documents and Borrowings
    
    
    41Section 6.4
    
    Compliance of Agreement, Revolving
Notes, Loan Documents and Borrowing with Laws, etc.
    
    
    41
 ii




---



##### 



TABLE OF CONTENTS
 Section 6.5
    
    Compliance with Law; Governmental Approvals
    
    
    41Section 6.6
    
    Indebtedness and Guarantees
    
    
    42Section 6.7
    
    Property Management Agreements and Other Major Agreements
    
    
    42Section 6.8
    
    Absence of Defaults
    
    
    42Section 6.9
    
    Financial Information
    
    
    42Section 6.10
    
    Litigation
    
    
    42Section 6.11
    
    ERISA
    
    
    43Section 6.12
    
    Taxes
    
    
    43Section 6.13
    
    Investment Company Act; Public Utility Holding Company Act
    
    
    43Section 6.14
    
    Full Disclosure
    
    
    43Section 6.15
    
    Insurance
    
    
    44Section 6.16
    
    Not Plan Assets
    
    
    44Section 6.17
    
    Title and Liens
    
    
    44Section 6.18
    
    Unencumbered Pool Properties
    
    
    44Section 6.19
    
    Margin Stock
    
    
    44Section 6.20
    
    Solvency
    
    
    44Section 6.21
    
    Tax Shelter Regulations
    
    
    44ARTICLE 7.
    
    COVENANTS
    
    
    45Section 7.1
    
    Information
    
    
    45Section 7.2
    
    Payment of Obligations
    
    
    47Section 7.3
    
    Maintenance of Property; Insurance
    
    
    48Section 7.4
    
    Conduct of Business; Maintenance of Existence; Qualification; Amendment of Declaration of Trust
    
    
    48Section 7.5
    
    Compliance with Laws
    
    
    49Section 7.6
    
    Inspection of Property, Books and Records
    
    
    49Section 7.7
    
    Consolidations, Mergers, Acquisitions and Sales of Assets
    
    
    49Section 7.8
    
    Use of Proceeds and Letters of Credit
    
    
    49Section 7.9
    
    Major Agreements
    
    
    50Section 7.10
    
    Major Construction
    
    
    50Section 7.11
    
    Material Events
    
    
    50Section 7.12
    
    ERISA
    
    
    50Section 7.13
    
    ERISA Exemptions
    
    
    50Section 7.14
    
    Negative Pledge
    
    
    51Section 7.15
    
    Listing Status and REIT Status
    
    
    51Section 7.16
    
    Agreements with Affiliates
    
    
    51Section 7.17
    
    New Subsidiaries
    
    
    51Section 7.18
    
    Management
    
    
    52Section 7.19
    
    Concentrations
    
    
    52Section 7.20
    
    No Further Unsecured Indebtedness
    
    
    52Section 7.21
    
    Interest Rate Hedge
    
    
    53ARTICLE 8.
    
    FINANCIAL COVENANTS
    
    
    53Section 8.1
    
    Minimum Tangible Net Worth
    
    
    53
 iii




---



##### 



TABLE OF CONTENTS
 Section 8.2
    
    Ratio of Total Liabilities to Gross Asset Value
    
    
    53Section 8.3
    
    Distributions
    
    
    53Section 8.4
    
    Ratio of EBITDA to Fixed Charges
    
    
    53Section 8.5
    
    Permitted Investments
    
    
    54Section 8.6
    
    Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense
    
    
    54Section 8.7
    
    Ratio of Secured Indebtedness to Gross Asset Value
    
    
    54Section 8.8
    
    Maximum Loan Availability
    
    
    55Section 8.9
    
    Share Repurchases
    
    
    55Section 8.10
    
    Dividend Restrictions
    
    
    55ARTICLE 9.
    
    DEFAULTS
    
    
    55Section 9.1
    
    Events of Default
    
    
    55Section 9.2
    
    Remedies Upon an Event of Default
    
    
    57Section 9.3
    
    Additional Remedies Upon Certain Default
    
    
    57Section 9.4
    
    Collateral Account
    
    
    57ARTICLE 10.
    
    MISCELLANEOUS
    
    
    58Section 10.1
    
    Notices
    
    
    58Section 10.2
    
    No Waivers
    
    
    59Section 10.3
    
    Expenses
    
    
    60Section 10.4
    
    Stamp, Intangible and Recording Taxes
    
    
    61Section 10.5
    
    Loan Sales and Participations; Disclosure of Information
    
    
    61Section 10.6
    
    Indemnification
    
    
    61Section 10.7
    
    Successors and Assigns
    
    
    62Section 10.8
    
    Governing Law
    
    
    62Section 10.9
    
    Litigation
    
    
    62Section 10.10
    
    Counterparts; Integration
    
    
    63Section 10.11
    
    Invalid Provisions
    
    
    63Section 10.12
    
    Mandatory Disclosures
    
    
    63Section 10.13
    
    Limitation of Liability of
Trustees, Etc.
    
    
    64Section 10.14
    
    ENTIRE AGREEMENT
    
    
    64Section 10.15
    
    Confidentiality
    
    
    64Section 10.16
    
    USA Patriot Act Notice. Compliance
    
    
    65Section 10.17
    
    Release and Waiver of Claims
    
    
    65Section 10.18
    
    Legal Opinion
    
    
    65
 EXHIBITS
 A
    
    
    
    Form of GuarantyB
    
    
    
    Form of Revolving NoteC
    
    
    
    Form of Notice of BorrowingD
    
    
    
    Form of Notice of ContinuationE
    
    
    
    Form of Notice of ConversionF
    
    
    
    Form of Opinion
 iv




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##### 



TABLE OF CONTENTS
 G
    
    
    
    Form of Encumbered Pool CertificateH
    
    
    
    Form of Eligibility CertificateI
    
    
    
    Transfer Authorization Designation
 SCHEDULES
 Schedule 2.14(a)
    
    
    
    Outstanding Letters of CreditSchedule 4.1
    
    
    
    Unencumbered Pool Properties as of Agreement DateSchedule 6.2
    
    
    
    Ownership StructureSchedule 6.6
    
    
    
    Indebtedness and GuarantiesSchedule 6.7
    
    
    
    Property Management Agreements and Other Major AgreementsSchedule 6.15
    
    
    
    Insurance
 v




---



##### 



AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT
     
 Definitions
  Adjusted LIBO Rate plus
 Adjusted LIBO Rate = Applicable Margin
    
    +
    
    LIBO Rate(1 − Reserve Percentage)
 AFC Inc.
 Affiliate




---



##### 



Applicable Law
 Applicable Management Fee Percentage
 Applicable Margin
 Chart A
 Ratio of Total Liabilities to
    
    Applicable Margin for
    
    Applicable Margin forLevel
    
    Gross Asset Value
    
    LIBOR Loans
    
    Base Rate Loans1
    
    
    Less than or equal to .55 to 1.00
    
    
    2.50
    %
    
    
    2.50
    %2
    
    
    Greater than .55 to 1.00 but
less than or equal to 0.60 to
1.00
    
    
    2.75
    %
    
    
    2.75
    %3
    
    
    Greater than 0.60 to 1.00 but
less than or equal to 0.64 to
1.00
    
    
    3.00
    %
    
    
    3.00
    %
  Base Rate
 Base Rate Loan
 2




---



##### 



Business Day
 Capital Expenditures Reserve
 Capitalized Lease Obligation
 Carlsons Restaurants (TGI Fridays)
 Collateral Account
 Commitment minus
     Compliance Certificate
 Consequential Loss
 3




---



##### 



Contingent Obligation
 Continue Continuation Continued
 Convert Conversion Converted
 Courtyard at Post Oak
 CVS Pharmacies
 Daily LIBO Rate plus Daily Rate
 Daily LIBO Rate = Applicable Margin
    
    +
    
    Daily Rate(1 − Reserve Percentage)
  Darden (Smokey Bones)
 4




---



##### 



Default
 Derivatives Contract
 Derivatives Termination Value
 Development Property
 Dollars $
 EBITDA
 5




---



##### 



Effective Date
 Effective Rate provided however provided further however
 Eligible Property
 6




---



##### 



Eligible Subsidiary
 Eligibility Certificate
 Environmental Laws
 Equity Interest
 ERISA
 ERISA Group
 ERISA Plan
 Event of Default
 7




---



##### 



Executive Investment Summary
 Federal Funds Rate
 FIRREA
 Fixed Charges plus plus plus
 410 and Blanco  Citibank
 Funds from Operations
 GAAP
 8




---



##### 



Golden Corral
 Governmental Approvals
 Governmental Authority
 Gross Asset Value plus plus plus plus plus plus plus
 9




---



##### 



Maximum Intra-CompanyTime Period
    
    A/R AmountFrom the Effective Date through December 31, 2008
    
    $
    7,500,000.00From January 1, 2009 through March 31, 2009
    
    $
    5,000,000.00From April 1, 2009 through June 30, 2009
    
    $
    2,500,000.00From July 1, 2009 to October 30, 2009
    
    $
    1,000,000.00
 Guarantee
 Guarantor
 Guaranty
 Hazardous Substances
 IHOP Topeka
 10




---



##### 



Indebtedness
 Intangible Assets
 Interest Expense
 Interest Period
 11




---



##### 



Interest Rate Hedge
 Internal Revenue Code
 Investment
 Issuing Bank
 Issuing Bank Fees
 L/C Commitment Amount
 Lending Office th
 Letter of Credit
 Letter of Credit Documents
 Letter of Credit Liabilities
 LIBO Rate
 12




---



##### 



LIBOR Loan
 Lien
 Loan
 Loan Documents
 Loan Party
 MacArthur Pads
 Major Agreements
 Materially Adverse Effect
 13




---



##### 



Maximum Dividends Per Share
 Maximum Lawful Rate Section 3.2(b)
 Maximum Loan Availability
 Mortgage
 Net Operating Income
 Non-ERISA Plan
 Notice of Borrowing
 Notice of Continuation
 Notice of Conversion
 14




---



##### 



Obligations
 Occupancy Rate
 Off Balance Sheet Liabilities
 Operating Property Value
 Ownership Share
 15




---



##### 



PBGC
 Permitted Distributions
 Calendar Quarter
    
    Applicable Distribution PercentageQuarter ending December 31, 2008
    
    150%Quarter ending March 31, 2009
    
    100%Quarter ending June 30, 2009
    
    100%Quarter ending September 30, 2009
    
    100%
 Permitted Liens
 Person
 Plan
 16




---



##### 



Prime Rate
 Property
 Property Management Agreements
 Property Manager
 Regulations T, U and X
 Reimbursement Obligation
 REIT
 Reserve Percentage
 Reserved Construction Loan
 17




---



##### 



Restricted Payment
 Revolving Credit Termination Date
 Revolving Loan
 Revolving Note
 Secured Indebtedness
 Share
 Solvent
 Special Purpose Subsidiary
 Stated Amount
 Subsidiary
 18




---



##### 



Substantial Amount
 Tangible Net Worth plus minus
 Total Budgeted Costs
 Total Liabilities
 19




---



##### 



Type
 Unconsolidated Affiliate
 Unencumbered Net Operating Income
 20




---



##### 



Unencumbered Pool Certificate
 Unencumbered Pool Properties
 Unencumbered Pool Value
     Unsecured Indebtedness
 Unsecured Interest Expense
 Unused Fee
 Uptown Plaza
 Woodlands Plaza
 Woodlands Ring Road
 21




---



##### 



Accounting Terms and Determinations; Covenant Calculations
  Subsidiaries
  Interpretation Generally; Times
  
 Making of Revolving Loan
   22




---



##### 



Requests for Borrowings
  Funding
  Continuation
  23




---



##### 



Conversion
  Interest Rate
   Special Provisions for LIBOR Loans
   24




---



##### 



25




---



##### 



Capital Adequacy
  26




---



##### 



st
 Repayment of Loans
     27




---



##### 



Voluntary Reductions of the Commitment
  Credit Sweep Account
  28




---



##### 



Funds Transfer Disbursements
  29




---



##### 



Revolving Note
  Letters of Credit
    30




---



##### 



31




---



##### 



32




---



##### 



Fees
     33




---



##### 



Computation of Interest and Fees
  Limitation of Interest
  34




---



##### 



Maximum Lawful Rate Charges Related Indebtedness
  35




---



##### 



Stated
Rate
 Statements of Account
  Lenders Reliance
  
 Acceptance of Unencumbered Pool Properties
     36




---



##### 



Termination of Designation as Unencumbered Pool Property
    37




---



##### 



Additional Requirements of Unencumbered Pool Properties
       
 Conditions Precedent to Effectiveness
     38




---



##### 



39




---



##### 



Conditions Precedent to Loans and Issuance of Letters of Credit
        
  Existence and Power
  40




---



##### 



Ownership Structure
  Authorization of Agreement, Revolving Notes, Loan Documents and
Borrowings
  Compliance of Agreement, Revolving Notes, Loan Documents and Borrowing with
Laws, etc
  Compliance with Law; Governmental Approvals
  41




---



##### 



Indebtedness and Guarantees
  Property Management Agreements and Other Major Agreements
  Absence of Defaults
  Financial Information
  Litigation
  42




---



##### 



ERISA
  Taxes
   Investment Company Act; Public Utility Holding Company Act
  Full Disclosure
  43




---



##### 



Insurance
  Not Plan Assets
  Title and Liens
  Unencumbered Pool Properties
  Margin Stock
  Solvency
  Tax Shelter Regulations
  44




---



##### 



Information
     45




---



##### 



46




---



##### 



Payment of Obligations
   47




---



##### 



Maintenance of Property; Insurance
   Conduct of Business; Maintenance of Existence; Qualification; Amendment of
Declaration of Trust
     48




---



##### 



Compliance with Laws
  Inspection of Property, Books and Records
  Consolidations, Mergers, Acquisitions and Sales of Assets
  Use of Proceeds and Letters of Credit
  49




---



##### 



Major Agreements
  Major Construction
  Material Events
  ERISA
  ERISA Exemptions
  50




---



##### 



Negative Pledge
  Listing Status and REIT Status
  Agreements with Affiliates
  New Subsidiaries
    51




---



##### 



Management
  Concentrations
  No Further Unsecured Indebtedness
  52




---



##### 



Interest Rate Hedge
  
  Minimum Tangible Net Worth
 plus
 Ratio of Total Liabilities to Gross Asset Value
  Distributions
  Ratio of EBITDA to Fixed Charges
  53




---



##### 



Permitted Investments
         Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense
  Ratio of Secured Indebtedness to Gross Asset Value
  54




---



##### 



Maximum Loan Availability
  Share Repurchases
  Dividend Restrictions
  
 Events of Default
       55




---



##### 



56




---



##### 



Remedies Upon an Event of Default
  Additional Remedies Upon Certain Default
  Collateral Account
    57




---



##### 



Notices
   
 58




---



##### 



th
  
  No Waivers
  59




---



##### 



Expenses
         60




---



##### 



Stamp, Intangible and Recording Taxes
  Loan Sales and Participations; Disclosure of Information
  Indemnification
  61




---



##### 



Successors and Assigns
  Governing Law
  Litigation
  62




---



##### 



Counterparts; Integration
  Invalid Provisions
  Mandatory Disclosures
  63




---



##### 



Limitation of Liability of Trustees, Etc
  ENTIRE AGREEMENT
  Confidentiality
  64




---



##### 



USA Patriot Act Notice. Compliance
  Release and Waiver of Claims
  Legal Opinion
 th th
 65




---



##### 



BORROWER:
AmREIT,
a Texas Real Estate Investment TrustBy:Name:
    Chad C. BraunTitle:
    Vice President[Signatures Continued on Next Page] 66




---



##### 



GUARANTORS:
AMREIT OPERATING CORPORATION,
a Texas corporationBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAMREIT REALTY INVESTMENT
CORPORATION, a Texas
corporationBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAMREIT CONSTRUCTION COMPANY, LLC,
a Texas limited liability companyBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAMREIT SECURITIES COMPANY,
a Texas corporationBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAMREIT CONSTRUCTION MANAGEMENT, LLC, a Delaware
limited liability companyBy:Name:
    Chad C. BraunTitle:
    Vice President[Signatures Continued on Next Page] 67




---



##### 



LENDER:
WELLS FARGO BANK, NATIONAL
ASSOCIATIONBy:Name:
    Timothy P. WilliamsonTitle:
    Senior Vice President 68




---



##### 



FORM OF GUARANTY
     Guaranty
 Guaranty of Payment and Not of Collection
 Form of Guaranty
Exhibit A
Page A-1




---



##### 



Guaranty Absolute
        Form of Guaranty
Exhibit A
Page A-2




---



##### 



Action with Respect to Guaranteed Obligations
 Representations and Warranties
 Covenants
 Waiver
 Inability to Accelerate Loan
 Reinstatement of Guaranteed Obligations
 Form of Guaranty
Exhibit A
Page A-3




---



##### 



Subrogation
 Payments Free and Clear
 Subordination
 Avoidance Provisions
 Form of Guaranty
Exhibit A
Page A-4




---



##### 



Information
 Governing Law
 WAIVER OF JURY TRIAL
   Form of Guaranty
Exhibit A
Page A-5




---



##### 



Loan Accounts
 Waiver of Remedies
 Termination
 Successors and Assigns
 Form of Guaranty
Exhibit A
Page A-6




---



##### 



JOINT AND SEVERAL OBLIGATIONS
 Amendments
 Payments
 Notices
 Severability
 Headings
 Definitions
   Form of Guaranty
Exhibit A
Page A-7




---



##### 



ENTIRE AGREEMENT
  Form of Guaranty
Exhibit A
Page A-8




---



##### 



AMREIT OPERATING CORPORATION,
a Texas corporationBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAddress for Notices:
8 Greenway Plaza, Suite 1000
Houston, Texas 77046
Attention: Chad C. Braun
Telecopier: (713) 860-4924
Telephone: (713) 860-4932
AMREIT REALTY INVESTMENT
CORPORATION,
a Texas corporationBy:Name:
    Chad C. BraunTitle:
    Vice PresidentAddress for Notices:
8 Greenway Plaza, Suite 1000
Houston, Texas 77046
Attention: Chad C. Braun
Telecopier: (713) 860-4924
Telephone: (713) 860-4932 Form of Guaranty
Exhibit A
Page A-9




---



##### 



Accession to Guaranty
  Form of Guaranty
Exhibit A
Page A-10




---



##### 



GOVERNING LAW
 Definitions
 ENTIRE AGREEMENT
  Form of Guaranty
Exhibit A
Page A-11




---



##### 



[NEW GUARANTOR]By:NameTitle:ATTEST:By:NameTitle:Address for Notices:Attention:Telecopier:
    (___)Telephone:
    (___) Accepted:
WELLS FARGO BANK, NATIONAL
ASSOCIATION, as LenderBy:Name:Title: Form of Guaranty
Exhibit A
Page A-12




---



##### 



FORM OF REVOLVING NOTE
 $35,000,000.00
    
    Houston, Texas
    
    November 21, 2008
 th
    Form of Revolving Note
Exhibit B
Page B-1




---



##### 



Form of Revolving Note
Exhibit B
Page B-2




---



##### 



AmREIT,
a Texas Real Estate Investment TrustBy:Name:
    Chad C. BraunTitle:
    Vice President Form of Revolving Note
Exhibit B
Page B-3




---



##### 



FORM OF NOTICE OF BORROWING
  th
   1.
    
    Pursuant to Section 2.2 of the Credit Agreement, the Borrower hereby
requests that the Lender makes a Loan to the Borrower in an amount equal to
$_____________________.2.
    
    The Borrower requests that the Loan be made available to the Borrower
on _____________________, 200___.3.
    
    The Borrower hereby requests that the requested Loan be of the
following Type:[Check one box only]o Base Rate Loano LIBOR Loan, with an initial Interest Period for a duration of:
 [Check one box only]
    
    o one montho three monthso six months
 4.
    
    The proceeds of the Loan will be used for the following:
  Form of Notice of Borrowing
Exhibit C
Page C-1




---



##### 



AmREIT,a Texas Real Estate Investment TrustBy:Name:Title:
 Form of Notice of Borrowing
Exhibit C
Page C-2




---



##### 



FORM OF NOTICE OF CONTINUATION
  th
    1.
    
    The requested date of such Continuation is _____________________, 200___.2.
    
    The aggregate principal amount of the LIBOR Loan subject to the
requested Continuation is $________________ and the portion of such principal
amount subject to such Continuation is $_____________________.3.
    
    The current Interest Period of the Loan subject to such Continuation
ends on _____________________, 200___.4.
    
    The duration of the Interest Period for the Loan or portion thereof
subject to such Continuation is:
 [Check one box only]
    
    o one montho three monthso six months
   Form of Notice of Continuation
Exhibit D
Page D-1




---



##### 



AmREIT,a Texas Real Estate Investment TrustBy:Name:Title:
 Form of Notice of Continuation
Exhibit D
Page D-2




---



##### 



FORM OF NOTICE OF CONVERSION
  th
    1.
    
    The requested date of such Conversion is _____________________, 200___.2.
    
    The Type of Loan to be Converted pursuant hereto is currently:
 [Check one box only]
    
    o Base Rate Loano LIBOR Loan
 3.
    
    The aggregate principal amount of the Loan subject to the requested
Conversion is $__________________ and the portion of such principal amount subject
to such Conversion is $_____________________.4.
    
    The amount of such Loan to be so Converted is to be converted into a
Loan of the following Type:
 [Check one box only]
    
    o Base Rate Loano LIBOR Loan, with an initial Interest
Period for a duration of:[Check one box only]
    
    o one montho three monthso six months
 Form of Notice of Conversion
Exhibit E
Page E-1




---



##### 



AmREIT,a Texas Real Estate Investment TrustBy:Name:Title:
 Form of Notice of Conversion
Exhibit E
Page E-2




---



##### 



FORM OF OPINION
  
 Re:
    
    $35,000,000.00 Revolving Credit Facility
    I. Documents Reviewed
 Documents ReviewedLoan Documents
 1.
    
    Agreement;2.
    
    Promissory Note, dated as of November 21, 2008, executed by
Borrower and payable to the order of Lender in the maximum principal amount of
$35,000,000.00; and3.
    
    Guaranty executed by Guarantors dated as of November 21, 2008.
 Documents ReviewedOther Documents Examined
 1.
    
    [LIST ALL ORGANIZATIONAL DOCUMENTS, CERTIFICATES AND
RESOLUTIONS]
 Form of Opinion
Exhibit F
Page F-1




---



##### 



II. Qualifications to Factual Examination;
Reliance on Local Counsel
  III. Assumptions
  IV. Opinions
   [RECITE ORGANIZATION, EXISTENCE AND GOOD STANDING OPINIONS FOR EACH GUARANTOR]
    Form of Opinion
Exhibit F
Page F-2




---



##### 



V. Enforceability Limitations
      Very truly yours,By: Form of Opinion
Exhibit F
Page F-3




---



##### 



FORM OF UNENCUMBERED POOL CERTIFICATE
     Name:Title:
    
    Chief Financial Officer of AmREIT,

a Texas Real Estate Investment Trust
 Form Of Unencumbered Pool Certificate
Exhibit G
Page G-1




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##### 



FORM OF ELIGIBILITY CERTIFICATE
          Form of Eligibility Certificate
Exhibit H
Page H-1




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##### 



Name:Printed:Title:
    Chief Financial Officer of AmREIT,
a Texas Real Estate Investment Trust Form of Eligibility Certificate
Exhibit H
Page H-2




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##### 



Schedule 1
TO ELIGIBILITY CERTIFICATE
 (A)
    
    Property Description [For each Property]1.
    
    Property Name:2.
    
    Owner: [If not Borrower, set forth capital structure of the owner]3.
    
    Location: [Including City, State, County and address]4.
    
    Environmental Information:
 a.
    
    Date Phase I
prepared:b.
    
    The Phase I was prepared by:
 5.
    
    Summary of Existing Tenants: [Including Rent Rolls in detail satisfactory to Lender]
 Form of Eligibility Certificate
Exhibit H
Page H-3




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##### 



TRANSFER AUTHORIZER DESIGNATION  (For Disbursement of Loan Proceeds by Funds Transfer)
 o NEW
    
    o REPLACE PREVIOUS DESIGNATION
    
    o ADDo CHANGE
    
    o DELETE LINE NUMBER
  Maximum WireName
    
    Title
    
    Amount11.
    
    H. Kerr Taylor
    
    
    
    $35,000,000.002.
    
    Chad Braun
    
    
    
    $35,000,000.003.4.5.
 Beneficiary Bank and Account Holder Information
 1.Transfer Funds to (Receiving Party Account Name):Receiving Party Account Number:Receiving Bank Name, City and State:
    
    Receiving Bank Routing (ABA) NumberMaximum Transfer Amount:Further Credit Information/Instructions:2.Transfer Funds to (Receiving Party Account Name):Receiving Party Account Number:Receiving Bank Name, City and State:
    
    Receiving Bank Routing (ABA) NumberMaximum Transfer Amount:
 
 1
    
    Maximum Wire Amount may not exceed the Loan Amount. Form of Transfer Authorizer Designation
Exhibit I
Page I-1




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##### 



Further Credit Information/Instructions:3Transfer Funds to (Receiving Party Account Name):Receiving Party Account Number:Receiving Bank Name, City and State:
    
    Receiving Bank Routing (ABA) NumberMaximum Transfer Amount:Further Credit Information/Instructions:
   
 By:Name:Title:
 Form of Transfer Authorizer Designation
Exhibit I
Page I-2




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OUTSTANDING LETTERS OF CREDIT
  Schedule 2.14(a)
Outstanding Letters of Credit
Page 1




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##### 



UNENCUMBERED
POOL PROPERTIES AS OF AGREEMENT DATE
 Date
    
    Square
    
    LeaseProperty
    
    City
    
    State
    
    Acquired
    
    Footage
    
    ExpirationFee1
    
    
    MacArthur Pads  Eye masters
    
    Irving
    
    TX
    
    Dec-05
    
    
    4,000
    
    
    Dec-091
    
    
    MacArthur Pads  Deli Management
    
    Irving
    
    TX
    
    Dec-05
    
    
    4,540
    
    
    Dec-091
    
    
    MacArthur Pads  Mattress Giant
    
    Irving
    
    TX
    
    Dec-05
    
    
    5,000
    
    
    Feb-101
    
    
    MacArthur Pads  Mens Warehouse
    
    Irving
    
    TX
    
    Dec-05
    
    
    6,660
    
    
    Feb-101
    
    
    MacArthur Pads  Nextel
    
    Irving
    
    TX
    
    Dec-05
    
    
    4,213
    
    
    Feb-101
    
    
    MacArthur Pads  Pier One
    
    Irving
    
    TX
    
    Dec-05
    
    
    9,028
    
    
    Feb-101
    
    
    MacArthur Pads  Signature Nails
    
    Irving
    
    TX
    
    Dec-05
    
    
    1,604
    
    
    Mar-111
    
    
    MacArthur Pads  Smoothie King
    
    Irving
    
    TX
    
    Dec-05
    
    
    1,422
    
    
    Dec-131
    
    
    MacArthur Pads  Sports Clips
    
    Irving
    
    TX
    
    Dec-05
    
    
    1,275
    
    
    Nov-091
    
    

MacArthur
Pads  Up in Smoke
    
    Irving
    
    TX
    
    Dec-05
    
    
    1,273
    
    
    Dec-092
    
    
    AFC, Inc.
    
    Atlanta
    
    GA
    
    Jul-02
    
    
    2,583
    
    
    Jul-143
    
    
    Carlson Restaurants  TGI Fridays
    
    Houston
    
    TX
    
    Dec-03
    
    
    8,500
    
    
    Jan-134
    
    
    Golden Corral #1
    
    Houston
    
    TX
    
    Aug-92
    
    
    12,000
    
    
    Nov-125
    
    
    Golden Corral #2
    
    Humble
    
    TX
    
    Mar-93
    
    
    12,000
    
    
    Mar-136
    
    
    IHOP Corporation
    
    Topeka
    
    KS
    
    Sep-99
    
    
    4,500
    
    
    Jul-247
    
    

CVS  Uptown Plaza
    
    Houston
    
    TX
    
    Sep-02
    
    
    12,000
    
    
    Aug-258
    
    
    Woodlands Plaza  Kinkos
    
    The Woodlands
    
    TX
    
    Jan-03
    
    
    2,750
    
    
    Mar-138
    
    
    Woodlands Plaza  DiMassis
    
    The Woodlands
    
    TX
    
    Nov-02
    
    
    4,329
    
    
    Jan-138
    
    
    Woodlands Plaza  Rug Gallery
    
    The Woodlands
    
    TX
    
    Feb-04
    
    
    9,977
    
    
    Feb-119
    
    

Uptown Plaza  The Grotto
    
    Houston
    
    TX
    
    Dec-03
    
    
    8,000
    
    
    Sep-129
    
    
    Uptown Plaza  Nextel
    
    Houston
    
    TX
    
    Dec-03
    
    
    1,600
    
    
    Mar-099
    
    
    Uptown Plaza  Vanessa Riley
    
    Houston
    
    TX
    
    Dec-03
    
    
    1,600
    
    
    Sep-08
 Schedule 4.1
Unencumbered Pool Properties as of Agreement Date
Page 1




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##### 



Date
    
    Square
    
    LeaseProperty
    
    City
    
    State
    
    Acquired
    
    Footage
    
    Expiration9
    
    
    Uptown Plaza  EG Geller
    
    Houston
    
    TX
    
    Dec-03
    
    
    1,600
    
    
    Nov-149
    
    
    Uptown Plaza  Omaha Steaks
    
    Houston
    
    TX
    
    Nov-04
    
    
    1,600
    
    
    Nov-149
    
    
    Uptown Plaza  Judith Anne Jewels
    
    Houston
    
    TX
    
    Mar-07
    
    
    1,600
    
    
    Jun-1210
    
    

Courtyard
at Post Oak  Verizon/Washington
Mutual
    
    Houston
    
    TX
    
    Jun-04
    
    
    4,013
    
    
    Nov-0910
    
    
    Courtyard at Post Oak  Ninfas
    
    Houston
    
    TX
    
    Jun-04
    
    
    7,606
    
    
    Nov-0910
    
    
    Courtyard at Post Oak  Desert Gallery
    
    Houston
    
    TX
    
    Jun-04
    
    
    1,978
    
    
    Aug-13Ground11
    
    
    CVS  Westheimer & Yorktown
    
    Houston
    
    TX
    
    Jan-03
    
    
    13,824
    
    
    Dec-2312
    
    
    Dardin (Smokey Bones)
    
    Peach Tree City
    
    GA
    
    Dec-98
    
    
    6,867
    
    
    Dec-l313
    
    
    410 and Blanco  Citibank
    
    San Antonio
    
    TX
    
    Dec-04
    
    
    4,439
    
    
    Jan-2114
    
    
    Woodlands Ring Road  Bank of America
    
    The Woodlands
    
    TX
    
    Feb-07
    
    
    4,251
    
    
    Jul-1514
    
    
    Woodlands Ring Road  Circuit City
    
    The Woodlands
    
    TX
    
    Feb-07
    
    
    34,233
    
    
    Dec-1714
    
    
    Woodlands Ring Road  Landrys
    
    Tbe Woodlands
    
    TX
    
    Feb-07
    
    
    13,497
    
    
    Sep-2514
    
    

Woodlands
Ring Road  Brinker (Macaroni Grill)
    
    The Woodlands
    
    TX
    
    Feb-07
    
    
    7,825
    
    
    Oct-0914
    
    
    Woodlands Ring Road  TGI Fridays
    
    The Woodlands
    
    TX
    
    Feb-07
    
    
    6,543
    
    
    Oct-0915
    
    
    Carlson Restaurant  TGI Fridays
    
    Hanover
    
    MD
    
    Sep-03
    
    
    8,500
    
    
    Sep-23
 Schedule 4.1
Unencumbered Pool Properties as of Agreement Date
Page 2




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##### 



OWNERSHIP STRUCTURE
  Schedule 6.2Ownership
Structure
Page 1




---



##### 



Schedule 6.2
Ownership Structure Page 2




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##### 



AmREIT
Organizational Chart with Related Subsidiaries
 
 Schedule 6.2
Ownership Structure Page 3




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##### 



Schedule 6.2
Ownership Structure Page 4




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##### 



INDEBTEDNESS
AND GUARANTEES
 AmREIT
Debt Information
 Amount
    
    AmountOutstanding
    
    Outstanding
    
    
    
    
    
    Annual DebtDescription
    
    9-30-2008
    
    12-31-2007
    
    Interest Rate
    
    Service
    
    Maturity DateMacArthur Park
    
    $
    13,410
    
    
    $
    13,410
    
    
    
    6.17
    %
    
    $
    827
    
    
    
    12/1/20082008
Maturities
    
    $
    13,410
    
    
    $
    13,410Credit Facility
    
    $
    27,880
    
    
    $
    30,439
    
    
    
    4.29
    %
    
    $
    1,195
    
    
    
    10/30/2009Commerce & Zarzamora
    
    $
    2,644
    
    
    $
    
    
    
    
    5.50
    %
    
    $
    145
    
    
    
    9/4/20092009
Maturities
    
    
    30,524
    
    
    
    30.439Sugarland IHOP
    
    $
    1,075
    
    
    $
    1,110
    
    
    
    8.25
    %
    
    $
    138
    
    
    
    3/1/2011Sugar Land Plaza
    
    
    2,236
    
    
    
    2,258
    
    
    
    7.60
    %
    
    
    203
    
    
    
    11/1/20112011
Maturities
    
    $
    3,311
    
    
    $
    3.368AAA CTL Notes (3)
    
    $
    12,447
    
    
    $
    12,811
    
    
    
    7.72% - 7.89
    %
    
    $
    1,110
    
    
    
    04/2012-08/20125115 Buffalo Spdwy.
    
    
    2,674
    
    
    
    2,699
    
    
    
    7.58
    %
    
    
    241
    
    
    
    5/11/20122012
Maturities
    
    $
    15,121
    
    
    $
    15,510Cinco Ranch
    
    $
    8,048
    
    
    $
    8,158
    
    
    
    5.60
    %
    
    $
    601
    
    
    
    7/10/2013Plaza in the Park
    
    
    17,010
    
    
    
    17,243
    
    
    
    5.60
    %
    
    
    1,270
    
    
    
    7/10/20132013
Maturities
    
    $
    25,058
    
    
    $
    25,401Uptown Park
    
    $
    49,000
    
    
    $
    49,000
    
    
    
    5.37
    %
    
    $
    2,631
    
    
    
    6/1/20152015
Maturities
    
    $
    49,000
    
    
    $
    49.000Southbank  Riverwalk
    
    $
    20,000
    
    
    $
    20,000
    
    
    
    5.91
    %
    
    $
    1,182
    
    
    
    6/1/20162016
Maturities
    
    $
    20,000
    
    
    $
    20,000Bakery Square
    
    $
    3,492
    
    
    $
    3,704
    
    
    
    8.00
    %
    
    $
    571
    
    
    
    2/10/2017Uptown Plaza Dallas
    
    $
    19,900
    
    
    $
    19,900
    
    
    
    5.64
    %
    
    $
    783
    
    
    
    4/1/20172017
Maturities
    
    $
    23,392
    
    
    $
    23,604Total
Maturities (2)
    
    $
    179,816
    
    
    $
    180,732
 
 (1)
    
    Our revolving credit facility is a variable-rate debt instrument, and its outstanding balance fluctuates throughout the year based on our liquidity needs. Annual Debt Service
on this debt instrument assumes that the amount outstanding and the interest rate as of September 30, 2008 remain constant through maturity.(2)
    
    Total maturities above are $460 thousand and $639 thousand less than total debt as reported in our consolidated financial
statements as of September 30, 2008 and December 31, 2007, respectively, due to the premium recorded on above-market debt assumed in conjunction with certain of our
property acquisitions.(3)
    
    The associated assets are held for sale as of September 30, 2008 and December 31, 2007. Schedule 6.6
Indebtedness & Guaranties Page 1




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##### 



PROPERTY MANAGEMENT AGREEMENTS  AND OTHER MAJOR AGREEMENTS
  1.
    
    Uptown Plaza  Houston, TX  April 1, 2004  AmREIT2.
    
    Lake Woodlands Plaza  April 1, 2004  AmREIT3.
    
    The Courtyard  June 15, 2004  AmREIT4.
    
    MacArthur Pad Sites  April 12, 2006  AmREIT MacArthur Pad Sites, LP5.
    
    All AmREIT Properties  April 19, 2006  AmREIT
 Schedule 6.7
Property Management Agreementsand Other Major AgreementsPage
1




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##### 



INSURANCE
 
 COVER NOTE/COVERAGE
    
    POLICY NO.
    
    INSURING COMPANY
    
    LIMIT/VALUE
    
    POLICY TERM
    
    PremiumsGeneral Liability
    
    61 UENTW5600
    
    Hartford Fire Insurance Co.
    
    $     1,000,000   Each Occurrence
    
    4/19/2008 - 4/19/2009
    
    $
    130,144$     2,000,000   General Aggregate$        300,100   Fire Damage Liability$            10,00   Medical Expense Limit (Any one person)Employee Benefits Liability:$     1,000,000   Each Claim$     1,000,000   AggregateBusiness Auto Coverage (Non-Owned & Hired Only)
    
    61 UEN TW6600
    
    Twin City Fire Insurance Co.
    
    $     1,000,000   Each Accident
    
    4/19/2008 - 4/19/2009
    
    $
    658$             ACV   Physical DamagePhysical Damage Deductible:$            1,000   Comp. /Coll.Workers Compensation
    
    61WERW6451
    
    Hartford Underwriters Ins. Co.
    
    Statutory WC
    
    4/19/2008 - 4/19/2009
    
    $
    20,602$      1,000,000   Bodily Injury by Accident  Each Accident$      1,000,000   Bodily Injury by Disease  Policy Limit$      1,000,000   Bodily Injury by Disease  Each EmployeeUmbrella Liability
    
    UUO (09) 53273162
    
    Ohio Casuality Insurance Co.
    
    $    26,000,000   Each occurrence Limit, except:
    
    4/19/2008 - 4/19/2009
    
    $
    33,897$    26,000,000   General Aggregate LimitExcess Liability (25 x 25)
    
    Q104200284
    
    St. Paul Fire  & Marine Ins Co.
    
    $    26,000,000   Each Occurrence Limit, except:
    
    4/19/2008 - 4/19/2009
    
    $
    25,250$    25,000,000   General Aggregate LimitExcess Liability (25 x 50)
    
    L2099905018
    
    St. Paul fire & Marine Ins Co.
    
    $    25,000,000   Each Occurrence Limit, except:
    
    4/19/2008 - 4/19/2009
    
    $
    25,250$    25,000,000   General Aggregate LimitProperty
    
    MAUD37129938
    
    ACE
    
    $200,0000,000   Loss Limit
    
    4/19/2008 - 4/19/2009
    
    $
    297,764Equipment Breakdown:$    75,000,000   Combined Property Damage, Loss of Income and Additional Expense$         250,000   Expediting Expense$         250,000   Hazardous Substance$         250,000   Perishable GoodsSUBLIMITS:$    25,000,000   Per Occurrence in the aggregate for Earthquake (excl. California)$    25,000,000   Per Occurrence in the aggregate for Flood (excl. zone A & B)$      2,500,000   Flood zone A & B$         500,000   Expediting Expense$      1,000,000   Accounts Receivable$         300,000   Valuable Papers and Records
 This summary is merely descriptive in nature and should be used
for reference purposes only. This summary does not amend, extend or after the
coverage afforded by the referenced polices.




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##### 



COVER NOTE/COVERAGE
    
    POLICY NO.
    
    INSURING COMPANY
    
    LIMIT/VALUE
    
    POLICY TERM
    
    PremiumsProperty continued
    
    
    
    
    
    $    7,000,000   Demolition/Increased Cost of Construction$      500,000   Contingent Loss of Business Income or Extra Expense$      100,000   Personal Property In Transit$      100,000   Professional Fees$   1,000,000   Unintentional Errors & Omissions$   2,000,000   Newly Acquired Property (90 days)$   1,000,000   Ingress/Egress - not to exceed 30 days$ 75,000,000   Boiler & MachineryStandard Extensions:$      100,000   Plants, Trees, or Shrubs$        25,000   Inventory & Appraisal$      100,000   Expediting Expense$      100,000   Pollution Clean-Up (Aggregate)$        25,000   Computer
Virus & Denial of Access Extension$        50,000   Fungus Cleanup ExpenseDeductibles:$        10,000   Policy Deductible, COMBINED except$        50,000   Flood & Earthquake (excl. California)Named Windstorm:2%
TIV at Each Location - minimum of  $100K - if property is within 30
miles of the coast1%
TIV at Each Location - minimum of $100K - if property is greater than
30 miles of the coastEquipment Breakdown:$        10,000   Property Damage24
hours    Time Element24
hours    Service InterruptionPollution Legal Liability
    
    37312388
    
    Chubb Custom
    
    $    5,000,000   per occurrence limit
    
    12/19/07 - 12/19/12
    
    $
    168,977Insurance Co/Chubb
    
    $    5,000,000   aggregate limit& Son Inc.Fiduciary Liability
    
    68025770
    
    Federal Insurance
    
    $    1,000,000   Each Loss
    
    4/19/08 - 4/19/09
    
    $
    2,500Company/Chubb & Son
    
    $    1,000,000   Policy LimitInc.
    
    $           1,000   DeductibleCommercial Crime
    
    81911327
    
    Federal Insurance
    
    $    1,000,000   Employee Dishonesty
    
    4/19/08 - 4/19/09
    
    $
    7,631Company/Chubb &
    
    $    1,000,000   Each - Other Crime CoveragesSon Inc.
    
    $        25,000   Deductible
 This summary is merely descriptive in nature and should be used
for reference purposes only. This summary does not amend, extend or after the
coverage afforded by the referenced polices.




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##### 



COVER NOTE/COVERAGE
    
    POLICY NO.
    
    INSURING COMPANY
    
    LIMIT/VALUE
    
    POLICY TERM
    
    PremiumsEmployment Practices
Liability
    
    EPG0006677
    
    RLI Insurance Company
    
    $    1,000,000   Policy Aggregate
    
    4/19/08 - 4/18/09
    
    $
    7,600$         25,000   Deductible   Indemnifiable Claims$                  0   Deductible    Non-lndemnifiable ClaimsDirectors
& Officers Liability - REITPlus
    
    9626948
    
    Illinois National Ins. Co./ AIG
    
    $    2,000,000   Policy Aggregate Limit
    
    12/10/07 - 12/20/08
    
    $
    46,211$       250,000   DeductibleExcess
Directors & Officers Liability  Side A  - REITPIus
    
    1415382
    
    Illinois National Ins. Co./ AIG
    
    $    5,000,000   Excess of
    
    12/10/07 - 12/10/08
    
    $
    81,931$    2,000,000   Primary
 This summary is merely descriptive in nature and should be used
for reference purposes only. This summary does not amend, extend or after the
coverage afforded by the referenced polices.