EX-10.3



 Exhibit 10.3 
 AMENDED AND RESTATED 
 ESCROW AGREEMENT 

UMB Bank, N.A. 
 1010 Grand
Blvd., 4th Floor 

Mail Stop: 1020409 
 Kansas City, MO 64106

  

	 	Re:	RREEF Property Trust, Inc.  

 Ladies and
Gentlemen: 
 RREEF PROPERTY TRUST, INC., a Maryland corporation (the “Company”), will issue in a public offering (the
“Offering”) shares of its common stock (the “Stock”) pursuant to a registration statement on Form S-11 filed by the Company with the Securities and Exchange Commission. SC Distributors, LLC, a Delaware limited
liability company (the “Dealer Manager”), will act as dealer manager for the offering of the Stock. The Company is entering into this agreement, which amends and restates that escrow agreement between the parties hereto dated
December 21, 2012, to set forth the terms on which UMB BANK, N.A. (the “Escrow Agent”) will, except as otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of the Stock in the Offering
until such time as: (i) the Company has received subscriptions for at least $10,000,000 in shares of Stock in the Offering, including subscriptions received from the Company’s sponsor, its affiliates and the Company’s directors and
officers but excluding subscriptions received from residents of Pennsylvania (the “Required Capital”); and (ii) in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania Subscribers”),
the Company has received subscriptions for Stock resulting in total minimum capital raised of $75,000,000 (the “Pennsylvania Required Capital”). 
 The Company hereby appoints UMB Bank, N.A. as Escrow Agent for purposes of holding the proceeds from the subscriptions for the Stock, on the terms and conditions hereinafter set forth: 

1. Until such time as the Company has received subscriptions for Stock resulting in total minimum capital raised equal to the Required Capital and such
funds are disbursed from the Escrow Account (as defined below) in accordance with paragraph 3(a) hereof, persons subscribing to purchase the Stock (the “Subscribers”) will be instructed by the Dealer Manager or any soliciting
dealers to remit the purchase price in the form of checks, drafts, wires, Automated Clearing House (ACH) or money orders (hereinafter “instruments of payment”) payable to the order of “UMB Bank, N.A., as Escrow Agent for
RREEF Property Trust, Inc.” or a recognizable contraction or abbreviation thereof, including but not limited to, “UMB Bank, N.A., f/b/o RPT.” After subscriptions are received resulting in total minimum capital raised equal to the
Required Capital and such funds are disbursed from the Escrow Account in accordance with paragraph 3(a) hereof, subscriptions shall continue to be so submitted unless otherwise instructed by the Dealer Manager or the Company. Any checks, drafts or
money orders received made payable to a party other than the Escrow Agent (or after the Required Capital is received, made payable by a Subscriber other than a Pennsylvania Subscriber to a party other than the party designated by the Dealer Manager)
shall be returned promptly to the soliciting dealer who submitted the check, draft or money order. If a participating broker-dealer conducts its internal supervisory procedures at the location where subscription documents and checks are initially
received, the participating broker-dealer shall conduct its suitability review of the transaction and if the transaction is suitable and the paperwork is in good order forward (i) the subscription documents to the Company or its agent and
(ii) the checks to the Escrow Agent by the 







 
end of the next business day following receipt of the subscription documents and the check, prior to the receipt of the Required Capital. If a participating broker-dealer’s internal
supervisory procedures are to be performed at a different location (the “Final Review Office”), the subscription documents and check must be transmitted to the Final Review Office by noon of the next business day following receipt
by the participating broker-dealer of the subscription documents and check. The Final Review Office shall, by the end of the next business day following receipt by the Final Review Office of the subscription documents and check, conduct its
suitability review of the transaction and if the transaction is suitable and the paperwork is in good order forward (i) the subscription documents to the Company or its agent and (ii) the checks to the Escrow Agent, prior to the receipt of
the Required Capital. Within one (1) business day after receipt of instruments of payment by Escrow Agent from the Offering, the Dealer Manager or the Company will send to the Escrow Agent each Subscriber’s name, address, number of shares
purchased, and the Escrow Agent will deposit the instruments of payment from such Subscribers into an interest-bearing deposit account entitled “Escrow Account for the Benefit of Subscribers for Common Stock of RREEF Property Trust, Inc.”
(the “Escrow Account”), which deposit shall occur within one (1) business day after the Escrow Agent’s receipt of the instrument of payment, until such Escrow Account has closed pursuant to paragraph 3(a) hereof. The
Escrow Agent agrees to maintain the funds contributed by the Pennsylvania Subscribers in a manner in which they may be separately accounted for on the records of the Escrow Agent so that the requirements of paragraph 3 of this Agreement can be met.
The Escrow Account will be established and maintained in such a way as to permit the interest income calculations described in paragraph 7. The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting
for Pennsylvania subscription proceeds in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the Company or its agents in this regard. 
 2. The Escrow Agent agrees to promptly process for collection the instruments of payment upon deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed
in accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Escrow Agent, the Company, the Dealer Manager, any soliciting dealer or any
of their respective affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of the Required Capital or, in connection with subscriptions from Pennsylvania Subscribers, the Pennsylvania
Required Capital, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing via mail, email or facsimile of such nonpayment, and is authorized to debit the Escrow Account in the amount of such returned payment as well as
any interest earned on the amount of such payment. 
 3.(a)(i) Subject to the provisions of subparagraphs 3(b)-3(g) below, once the collected
funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow Agent shall promptly notify the Company and, upon receiving written instruction from the Company, (A) promptly disburse to the Company, by
check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Stock less any funds received from Pennsylvania Subscribers, and (B) within five business days after the first business day of the
succeeding month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph 3(g). After such time the Escrow Account shall remain open and the Company shall continue to cause subscriptions for the Stock to be
deposited therein until the Company informs the Escrow Agent in writing to cease depositing subscriptions received from Subscribers other than Pennsylvania Subscribers, and thereafter any subscription documents and instruments of payment received by
the Escrow Agent from Subscribers other than Pennsylvania Subscribers shall be forwarded directly to the Company. For purposes of this Agreement, the term “collected funds” shall mean all funds received by the Escrow Agent that have
cleared normal banking channels and are in the form of cash or cash equivalent. After the satisfaction of the aforementioned provisions of this paragraph 3(a)(i), in the event the Company receives subscriptions made payable to the Escrow Agent
(other than subscriptions from Pennsylvania Subscribers), such 

  
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subscription proceeds may continue to be received in this account generally, but to the extent such proceeds shall not be subject to escrow due to the satisfaction of the aforementioned
provisions of this paragraph 3(a)(i), such proceeds are not subject to this Escrow Agreement and at the instruction of the Company to the Escrow Agent shall be transferred from the Escrow Account or deposited directly into, as the case may be, a
commercial deposit account in the name of the Company (the “Deposit Account”) that has been previously established by the Company, unless otherwise directed by the Company. The Company hereby covenants and agrees that it shall
do all things necessary in order to establish the Deposit Account, which, if established with the Escrow Agent, shall be subject to the Escrow Agent’s usual account guidelines and regulations, prior to its use. No provisions of this Escrow
Agreement shall apply to the Deposit Account. 
 (ii) regardless of any release of funds from the Escrow Account from
Subscribers other than Pennsylvania Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to forward instruments of payment received from Pennsylvania Subscribers for deposit into the Escrow Account to the Escrow Agent
until such time as the Company notifies the Escrow Agent in writing that total subscription proceeds (including the amount then in the Escrow Account from Pennsylvania Subscribers) equal or exceed the Pennsylvania Required Capital. Promptly after
receipt by the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH or wire transfer, the funds then in the Escrow Account representing the gross purchase price for the Stock from Pennsylvania
Subscribers, and (B) within five business days after the first business day of the succeeding month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph 3(g). Following such disbursements, the Escrow
Agent shall close the Escrow Account, and thereafter any instruments of payment received by the Escrow Agent from Pennsylvania Subscribers shall not be subject to this Escrow Agreement and shall be deposited directly into the Deposit Account, as
instructed in writing by the Company pursuant to subparagraph 3(a)(i) above. 
 (b) On the date that is one year following
commencement of the Offering (the “Expiration Date”), the Escrow Agent shall promptly notify the Company if it is not in receipt of evidence of deposits for the purchase of Stock providing for aggregate offering proceeds that equal
or exceed the Required Capital. Within ten days following the date of such notice, the Escrow Agent shall promptly return directly to each Subscriber the collected funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier
disbursed in accordance with paragraph 3(c)), or shall return the instruments of payment delivered, but not yet processed for collection prior to such time, in either case, together with interest income (which interest shall be paid within five
business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7 for each Subscriber at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall
be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not received an executed IRS Form W-9 at such time for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in accordance with the
provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income on subscription proceeds (determined in accordance with paragraph 7) attributable to
each Subscriber for whom the Escrow Agent does not possess an executed IRS Form W-9. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected funds represented by such payments. 

(c) Notwithstanding subparagraphs 3(a) and 3(b) above, if the Escrow Agent is not in receipt of instruments of payment accepted on or
before the close of business on such date that is 120 days after the effective date of the Offering (the Company will notify the Escrow Agent of the effective date of the Offering) (the “Initial Escrow Period”), and instruments of
payment dated not later than that date, for the purchase of Stock providing for total purchase proceeds that equal or exceed the Pennsylvania Required Capital, the Escrow Agent shall promptly notify the Company. Thereafter, the Company shall send to


  
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each Pennsylvania Subscriber by certified mail for receipt within ten (10) calendar days after the end of the Initial Escrow Period a notification in the form of Exhibit A. If, pursuant to
such notification, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) calendar days after receipt of the notification (the “Request Period”), the Escrow Agent shall, within fifteen
(15) calendar days after receipt of such request, refund directly to each Pennsylvania Subscriber the collected funds deposited in the Escrow Account on behalf of such Pennsylvania Subscriber or shall return the instruments of payment
delivered, but not yet processed for collection prior to such time, to the address provided by the Dealer Manager or the Company or their respective agents to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, together with
interest income (which interest shall be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7. Notwithstanding the above, if the Escrow Agent has not received an
executed IRS Form W-9 for such Pennsylvania Subscriber, the Escrow Agent shall thereupon remit an amount to such Pennsylvania Subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required
by the Internal Revenue Code, as then in effect, from any interest income earned on subscription proceeds (determined in accordance with paragraph 7) attributable to such Pennsylvania Subscriber. However, the Escrow Agent shall not be required to
remit such payments until the Escrow Agent has collected funds represented by such payments. 
 (d) The subscription funds of
Pennsylvania Subscribers who do not request the return of their subscription funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (a “Successive Escrow Period”), each commencing
automatically upon the termination of the prior Initial Escrow Period or Successive Escrow Period, as applicable, and the Company and Escrow Agent shall follow the notification and payment procedure set forth in subparagraph 3(c) above with respect
to the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest of (i) the Expiration Date (if the Company has not received the Required Capital on or before the Expiration Date), (ii) the receipt and
acceptance by the Company of subscriptions for the purchase of Stock with total purchase proceeds that equal or exceed the Pennsylvania Required Capital and the disbursement of the funds from Pennsylvania Subscribers from the Escrow Account on the
terms specified herein, or (iii) all funds held in the Escrow Account from Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 

(e) In the event that, prior to the Expiration Date, a Subscriber notifies the Company or the Dealer Manager that the Subscriber has
elected to withdraw his or her subscription for Stock, the Company or the Dealer Manager, as the case may be, shall notify the Escrow Agent of the Subscriber’s election. Promptly following its receipt of such notice, the Escrow Agent shall
return directly to such Subscriber the collected funds deposited in the Escrow Account on behalf of such Subscriber, or shall return the instruments of payment delivered, but not yet processed for collection prior to such time, in either case,
together with interest income (which interest shall be paid within five business days after the first business day of the succeeding month) in the amounts calculated pursuant to paragraph 7 for each such Subscriber at the address provided by the
Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not received an executed IRS Form W-9 at such time for any such Subscriber, the
Escrow Agent shall remit an amount to such Subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any interest income earned on
subscription proceeds (determined in accordance with paragraph 7) attributable to such Subscriber. However, the Escrow Agent shall not be required to remit such payments until the Escrow Agent has collected funds represented by such payments.

 (f) If the Company rejects any subscription for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the
written request of the Company, promptly issue a refund to the rejected Subscriber at the address provided by the Dealer Manager or the Company, which the Escrow Agent shall 

  
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be entitled to rely upon. If the Company rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the Subscriber’s check for collection, the Escrow
Agent shall promptly return the funds in the amount of the Subscriber’s check to the rejected Subscriber, at the address provided by the Dealer Manager or the Company or their respective agents, which the Escrow Agent shall be entitled to rely
upon, after such funds have been collected. If the Escrow Agent has not yet submitted a rejected Subscriber’s check for collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the Subscriber. 

(g) At any time after funds are disbursed upon the Company’s acceptance of subscriptions pursuant to subparagraph 3(a) above, on the
fifth business day following the first business day of the next succeeding month following the date of such acceptance, the Escrow Agent shall promptly provide directly to the Company the amount of the interest payable to the Company. However, the
Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected the funds represented by such payments. 
 In the event that instruments of payment are returned for nonpayment, the Escrow Agent is authorized to debit the Escrow Account in accordance with paragraph 2 hereof. 

4. The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) which include, without
limitation, if such amounts are not available to the Company at least daily pursuant to the “Web Exchange” program, the account balance in the Escrow Account, the account balance of the funds in the Escrow Account from Pennsylvania
Subscribers, and the activity in the Escrow Account and, separately, the activity involving Pennsylvania Subscribers since the last report. The Escrow Agent will provide access to its “Web Exchange” program to allow the Company to view
account balances for the Escrow Account and the funds in the Escrow Account from Pennsylvania Subscribers at any time. 
 5. Prior to the
disbursement of funds deposited in the Escrow Account in accordance with the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well as earnings and interest derived therefrom in a bank money-market
account; provided, however, that if the costs to the Company for the making of such investment are reasonably expected to exceed the anticipated interest earnings from such investment, the funds and interest thereon shall remain in the Escrow
Account until the balance in the Escrow Account reaches the minimum amount necessary for the anticipated interest earnings from such investment to exceed the costs to the Company for the making of such investment, as determined by the Company based
upon applicable interest rates. 
 The following securities are not permissible investments: 

(a) money market funds; 
 (b) corporate equity or debt securities; 
 (c) repurchase agreements; 

(d) bankers’ acceptances; 
 (e) commercial paper; and 
 (f) municipal securities. 

  
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 It is hereby expressly agreed and stipulated by the parties hereto that the Escrow Agent shall not be
required to exercise any discretion hereunder and shall have no investment or management responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide investment recommendations or investment advice to the parties
hereto. It is the intention of the parties hereto that the Escrow Agent shall never be required to use, advance or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights
and powers hereunder. 
 6. The Escrow Agent is entitled to rely upon written instructions received from the Company or the Dealer Manager or
their respective agents, unless the Escrow Agent has actual knowledge that such instructions are not valid or genuine; provided that, if in the Escrow Agent’s opinion, any instructions from the Company or the Dealer Manager or their respective
agents are unclear, the Escrow Agent may request clarification from the Company or the Dealer Manager or their respective agents, as applicable, prior to taking any action, and if such instructions continue to be unclear, the Escrow Agent may rely
upon written instructions from the Company’s legal counsel in distributing or continuing to hold any funds. However, the Escrow Agent shall not be required to disburse any funds attributable to instruments of payment that have not been
processed for collection, until such funds are collected and then shall disburse such funds in compliance with the disbursement instructions from the Company or the Dealer Manager or their respective agents. 

7. If (a) the Offering terminates prior to receipt of the Required Capital, (b) one or more Pennsylvania Subscribers elects to have his or her
subscription returned in accordance with paragraph 3, or (c) one or more Subscribers elects to have his or her subscription returned in accordance with paragraph 3(e), interest income earned in the Escrow Account on subscription proceeds
deposited in the Escrow Account (the “Escrow Income”) shall be remitted to the applicable Subscribers at the addresses provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to
rely upon, in accordance with paragraph 3 and without any deductions for escrow expenses. The Company shall reimburse the Escrow Agent for all escrow expenses. If the Escrow Agent remits interest income pursuant to this Agreement, the Escrow Agent
shall be responsible for any necessary federal tax reporting associated with such income; provided, however, that the Escrow Agent shall not be responsible for any other tax reporting associated with this Agreement. The Escrow Agent shall remit all
such Escrow Income in accordance with paragraph 3. If the Company chooses to leave the Escrow Account open to Subscribers other than Pennsylvania Subscribers after receiving the Required Capital, then it shall make regular acceptances of such
subscriptions therein, but no less frequently than monthly, and the Escrow Income from the last such acceptance shall be calculated and remitted to the Company pursuant to the provisions of paragraph 3(g). 

8. The Escrow Agent shall receive compensation from the Company as set forth in Exhibit B attached hereto, which such Exhibit B is hereby
incorporated by reference. 
 9. In performing any of its duties hereunder, the Escrow Agent shall not incur any liability to anyone for any
damages, losses, or expenses, except for willful misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with respect to any action taken or omitted (a) in good faith upon advice of the
Escrow Agent’s counsel given with respect to any questions relating to the Escrow Agent duties and responsibilities under this Agreement, or (b) in reliance upon any instrument, including any written instrument or instruction provided for
in this Agreement, not only as to its due execution and validity and effectiveness of its provisions but also as to the truth and accuracy of information contained therein, which the Escrow Agent shall in good faith believe to be genuine, to have
been signed or presented by a proper person or persons and to conform to the provisions of this Agreement. 

  
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 10. The Company hereby agrees to indemnify and hold the Escrow Agent harmless against any and all losses,
claims, damages, liabilities, and expenses, including reasonable attorneys’ fees and disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance of appointment as the Escrow Agent hereunder, or the
performance of the duties hereunder, including any litigation arising from this Agreement or involving the subject matter hereof, except where such losses, claims, damages, liabilities, and expenses result from willful misconduct, breach of trust,
or gross negligence. 
 11. In the event of a dispute between the parties hereto sufficient in the Escrow Agent’s discretion to justify
doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under this Agreement, together with such legal pleadings as deemed appropriate, and
thereupon be discharged from all further duties and liabilities under this Agreement. In the event of any uncertainty as to the duties hereunder, the Escrow Agent may refuse to act under the provisions of this Agreement pending order of a court of
competent jurisdiction and shall have no liability to the Company or to any other person as a result of such action. Any such legal action may be brought in such court, as the Escrow Agent shall determine to have jurisdiction thereof. The filing of
any such legal proceedings shall not deprive the Escrow Agent of its compensation earned prior to such filing. 
 12. All communications and
notices required or permitted by this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by messenger or by overnight delivery service or when received via telecopy or other electronic transmission, in
all cases addressed to the person for whom it is intended at such person’s address set forth below or to such other address as a party shall have designated by notice in writing to the other party in the manner provided by this paragraph:

  

	 	(a)	if to the Company: 

 RREEF Property Trust, Inc. 
 345 Park Avenue,
24th Floor 

New York, NY 10154 
 Attention: Julianna S. Ingersoll 
  

	 	(b)	if to the Dealer Manager: 

 SC Distributors, LLC 
 610 Newport Center Drive, Suite 350

 Newport Beach, CA 92660 

Attention: Investor Services 
  

	 	(c)	if to the Escrow Agent: 

 UMB Bank, N.A. 
 Corporate Trust Department M/S 1020409 

1010 Grand Blvd., 4th Floor 
 Mail Stop: 1020409 
 Kansas City, MO 64106 

Attention: Lara Stevens 
 Each party hereto may, from time to time, change the address to which notices to it are to be delivered or mailed hereunder by notice in accordance herewith to the other parties. 

  
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 13. This Agreement shall be governed by the laws of the State of New York as to both interpretation and
performance without regard to the conflict of laws rules thereof. 
 14. The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto. 
 15. The Company and the Dealer Manager hereby acknowledge that UMB Bank, N.A.
is serving as Escrow Agent only for the limited purposes herein set forth, and hereby agree that they will not represent or imply that, by serving as Escrow Agent hereunder or otherwise, the Escrow Agent has investigated the desirability or
advisability of investment in the Company or has approved, endorsed, or passed upon the merits of the Stock or the Company, nor shall they use the name of the Escrow Agent in any manner whatsoever in connection with the offer or sale of the Stock
other than by acknowledgment that UMB Bank, N.A. has agreed to serve as Escrow Agent for the limited purposes herein set forth. 
 16. This
Agreement and any amendment hereto may be executed by the parties hereto in one or more counterparts, each of which shall be deemed to be an original. 
 17. Except as otherwise required for subscription funds received from Pennsylvania Subscribers as provided herein, in the event that the Dealer Manager receives instruments of payment after the Required
Capital has been received and the proceeds of the Escrow Account have been distributed to the Company, the Escrow Agent is hereby authorized to deposit such instruments of payment within one (1) business day to any deposit account as directed
by the Company or to forward such funds directly to the Company if directed by the Company. The application of said funds into a deposit account or to forward such funds directly to the Company, in either case directed by the Company shall be a full
acquittance to the Escrow Agent, who shall not be responsible for the application of said funds thereafter. 
 18. The Escrow Agent shall be
bound only by the terms of this Escrow Agreement and shall not be bound by or incur any liability with respect to any other agreements or understanding between any other parties, whether or not the Escrow Agent has knowledge of any such agreements
or understandings. 
 19. Indemnification provisions set forth herein shall survive the termination of this Agreement. 

20. In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable,
said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect. 
 21. Unless otherwise provided in this Agreement, final termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company
or to Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon written instructions from the Company. 

22. Neither the Escrow Agent, nor its agents, shall have responsibility for accepting, rejecting, or approving subscriptions. The Escrow Agent, or its
agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Company shall provide a copy of each subscription check in
order that the Escrow Agent, or its agent, may perform such OFAC search. 
 23. The Escrow Agent represents that it has implemented an
anti-money laundering compliance program in accordance with applicable law, rules and regulations, including the USA PATRIOT Act (the “AML Rules”). The Escrow Agent further represents that it is currently in compliance with all AML


  
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Rules and hereby covenants to remain in compliance with such requirements. The Escrow Agent shall, upon request by the Company, provide a certification to the Company that, as of the date of such
certification affirms that its AML Program then in effect is consistent with and in compliance with the then applicable AML Rules. 
 24. This
Agreement shall not be modified, revoked, released, or terminated unless reduced to writing and signed by all parties hereto, subject to the following paragraph. 
 If, at any time, any attempt is made to modify this Agreement in a manner that would increase the duties and responsibilities of the Escrow Agent or to modify this Agreement in any manner which the Escrow
Agent shall deem undesirable, or at any other time, the Escrow Agent may resign by providing written notice to the Company and until (a) the acceptance by a successor escrow agent as shall be appointed by the Company; or (b) thirty
(30) days after such written notice has been given, whichever occurs sooner, the Escrow Agent’s only remaining obligation shall be to perform its duties hereunder in accordance with the terms of the Agreement. 

25. The Escrow Agent may resign at any time from its obligations under this Escrow Agreement by providing written notice to the Company. Such resignation
shall be effective on the date specified in such notice, which shall be not less than thirty (30) days after such written notice has been given. The Escrow Agent shall have no responsibility for the appointment of a successor escrow agent.

 26. The Escrow Agent may be removed with or without cause by the Company by written notice to the Escrow Agent effective on the date
specified in such written notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of its compensation earned prior to such removal. 
 27. The Company shall provide to the Escrow Agent any documentation and information reasonably requested by the Escrow Agent for it to comply with the USA PATRIOT Act of 2001, as amended from time to
time. 
 28. If any state securities administrator requires the Company to cause the Escrow Agent to notify such administrator when the Escrow
Agent releases the funds in the Escrow Account to the Company, the Company shall notify the Escrow Agent of such requirement, and provide the Escrow Agent with the contact information for such administrator. The Escrow Agent agrees to notify
such administrator in writing when the Escrow Agent releases the funds in the Escrow Account to the Company. The Escrow Agent agrees to permit state securities administrators to inspect the Escrow Agent’s records related to the Escrow
Account at any reasonable time at the location where the records are located, and to copy any records that are inspected.

[Signature page follows] 

  
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 Agreed to as of this 28th day of December, 2012. 

 

			
	RREEF PROPERTY TRUST, INC.
		
	By:	 	 /s/ JAMES N. CARBONE

		 	James N. Carbone
		 	Chief Executive Officer
	
	SC DISTRIBUTORS, LLC
		
	By:	 	 /s/ PATRICK J. MILLER

		 	Patrick J. Miller
		 	President


 The terms and conditions contained above are hereby accepted and agreed to by: 

UMB Bank, N.A. as Escrow Agent 
  

			
	By:	 	 /s/ LARA L. STEVENS

	Name:	 	Lara L. Stevens
	Title:	 	Vice President


  
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 EXHIBIT A 
 [Form of Notice to Pennsylvania Subscribers] 
 You have tendered a subscription to purchase shares
of common stock of RREEF Property Trust, Inc. (the “Company”). Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept subscriptions from
Pennsylvania residents until an aggregate of $75,000,000 of gross offering proceeds have been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120 days
during the offering period Pennsylvania subscribers may request that their subscriptions be returned. 
 If you wish to continue your
subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required. 
 If you wish to terminate
your subscription for the Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank, N.A. 
 I hereby terminate my prior subscription to purchase shares of common stock of RREEF Property Trust, Inc. and request the return of my subscription funds. I certify to RREEF Property Trust, Inc. that I am
a resident of Pennsylvania. 
  

			
	Signature:  	 	 
		
	Name:	 	 
		 	(please print)
		
	Date:	 	 


 Please send the subscription refund to: 

 
  

 
  







 EXHIBIT B 
 ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review documents, establish accounts, and
	  	$3,250
	 Set up BAI file with DST Systems
	  	
		
	 Annual Fee
	  	
	 Annual Escrow Agent
	  	$3,000
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$15 each
	 Daily Recon File to DST
	  	$2.50 per Bus Day
	 Web Exchange Access
	  	 $15 per month ($0 if set up
 under DST’s Web Exchange
 access)

	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

 Acceptance fee and first year’s annual Escrow Agent fee will be payable at the initiation of the escrow. Thereafter,
transactional fees will be billed quarterly in arrears. Other fees and expenses will be billed as incurred. 
 Fees specified are for the
regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse
claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the
regular staff) such as, but not limited to, travel, telephone, facsimile, supplies, legal fees, and accounting fees, will be reimbursable.