Exhibit 10.2



SECOND AMENDED AND RESTATED



ADVISORY AGREEMENT



BY AND AMONG



AMERICAN REALTY CAPITAL HEALTHCARE TRUST,
INC.,



American
Realty CapitalHEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.,



AND



American
Realty CapitalHEALTHCARE ADVISORS, LLC



Dated as of November 12, 2012















TABLE OF CONTENTS



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|--- | --------------------------------------------------------------------------------------- | ----
|    |                                                                                         |     
|1.  | DEFINITIONS.                                                                            | 1   
|    |                                                                                         |     
|2.  | APPOINTMENT.                                                                            | 6   
|    |                                                                                         |     
|3.  | DUTIES OF THE ADVISOR.                                                                  | 6   
|    |                                                                                         |     
|4.  | AUTHORITY OF ADVISOR.                                                                   | 7   
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|5.  | FIDUCIARY RELATIONSHIP.                                                                 | 8   
|    |                                                                                         |     
|6.  | NO PARTNERSHIP OR JOINT VENTURE.                                                        | 8   
|    |                                                                                         |     
|7.  | BANK ACCOUNTS.                                                                          | 8   
|    |                                                                                         |     
|8.  | RECORDS; ACCESS.                                                                        | 8   
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|9.  | LIMITATIONS ON ACTIVITIES.                                                              | 8   
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|10. | FEES.                                                                                   | 8   
|    |                                                                                         |     
|11. | EXPENSES.                                                                               | 10  
|    |                                                                                         |     
|12. | OTHER SERVICES.                                                                         | 11  
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|13. | REIMBURSEMENT TO THE ADVISOR.                                                           | 11  
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|14. | OTHER ACTIVITIES OF THE ADVISOR                                                         | 11  
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|15. | THE AMERICAN REALTY CAPITAL NAME                                                        | 12  
|    |                                                                                         |     
|16. | TERM OF AGREEMENT                                                                       | 12  
|    |                                                                                         |     
|17. | TERMINATION BY THE PARTIES                                                              | 12  
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|18. | ASSIGNMENT TO AN AFFILIATE                                                              | 12  
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|19. | PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION                                      | 12  
|    |                                                                                         |     
|20. | INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT. | 13  
|    |                                                                                         |     
|21. | INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP                            | 13  
|    |                                                                                         |     
|22. | INDEMNIFICATION BY ADVISOR                                                              | 14  















TABLE OF CONTENTS

(continued)



|    |                           | Page
|--- | ------------------------- | ----
|    |                           |     
|23. | NOTICES                   | 14  
|    |                           |     
|24. | MODIFICATION              | 15  
|    |                           |     
|25. | SEVERABILITY              | 15  
|    |                           |     
|26. | GOVERNING LAW             | 15  
|    |                           |     
|27. | ENTIRE AGREEMENT          | 15  
|    |                           |     
|28. | NO WAIVER                 | 15  
|    |                           |     
|29. | PRONOUNS AND PLURALS      | 15  
|    |                           |     
|30. | HEADINGS                  | 15  
|    |                           |     
|31. | EXECUTION IN COUNTERPARTS | 15  















ADVISORY AGREEMENT



THIS SECOND AMENDED AND RESTATED ADVISORY
AGREEMENT (this “Agreement”), dated as of November 12, 2012, is entered into among American Realty Capital Healthcare
Trust, Inc., a Maryland corporation (the “ Company ”), American Realty Capital Healthcare Trust Operating Partnership,
L.P., a Delaware limited partnership (the “Operating Partnership”), and American Realty Capital Healthcare Advisors,
LLC, a Delaware limited liability company.



WITNESSETH



WHEREAS, the Company is a Maryland corporation
created in accordance with Maryland General Corporation Law and intends to qualify as a REIT;



WHEREAS, the Company is the general partner
of the Operating Partnership;





WHEREAS, the Company and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
of the Board of Directors of the Company, all as provided herein;



WHEREAS, the Advisor is willing to render
such services, subject to the supervision of the Board of Directors of the Company, on the terms and subject to the conditions
hereinafter set forth;



WHEREAS, the Company, the Operating Partnership
and the Advisor entered into that certain Amended and Restated Advisory Agreement (the “Amended Advisory Agreement”),
dated as of July 31, 2012; and



WHEREAS, the Company, the Operating Partnership
and the Advisor desire to amend and restate the Amended Advisory Agreement;



NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows:



1.           
DEFINITIONS.   As used in this Agreement, the following terms have the definitions set forth below:



“ Acquisition Expenses”
means any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor or any
of their Affiliates in connection with the selection, evaluation, acquisition, origination, making or development of any Investments,
whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, brokerage
fees, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance
premiums and the costs of performing due diligence.



“Acquisition Fee”
means the fee payable to the Advisor or its Affiliates pursuant to Section 10(a).



“Advisor” means
American Realty Capital Healthcare Advisors, LLC, a Delaware limited liability company, any successor advisor to the Company and
the Operating Partnership, or any Person to which American Realty Capital Healthcare Advisors, LLC or any successor advisor subcontracts
substantially all its functions.  Notwithstanding the foregoing, a Person hired or retained by American Realty Capital
Healthcare Advisors, LLC to perform property management and related services for the Company or the Operating Partnership that
is not hired or retained to perform substantially all the functions of American Realty Capital Healthcare Advisors, LLC with respect
to the Company and the Operating Partnership as a whole shall not be deemed to be an Advisor.



“ Affiliate ”
or “ Affiliated ” means with respect to any Person, (i) any other Person directly or indirectly
owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such
Person; (ii) any other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held, with the power to vote, by such Person; (iii) any other Person directly or indirectly controlling,
controlled by or under common control with such Person; (iv) any executive officer, director, trustee or general partner of
such Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.  For
purposes of this definition, the terms “controls,” “is controlled by,” or “is under common control
with” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of an entity, whether through ownership or voting rights, by contract or otherwise.





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“Agreement” has
the meaning set forth in the preamble, and such term shall include any amendment or supplement hereto from time to time.



“Amended Advisory Agreement”
has the meaning set forth in the recitals.



“Articles of Incorporation”
means the charter of the Company, as the same may be amended from time to time.



“Asset Management Fee”
means the fee payable to the Advisor or its Affiliates pursuant to Section 10(d).



“ Average Invested Assets
” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly
or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average
of such values at the end of each month during such period.  For an equity interest owned in a Joint Venture, the calculation
of Average Invested Assets shall take into consideration the underlying Joint Venture’s aggregate book value for the equity
interest.



“Board of Directors”
or “Board” means the Board of Directors of the Company.



“By-laws” means
the by-laws of the Company, as amended and as the same are in effect from time to time.



“ Cause” means
(i) fraud, criminal conduct, willful misconduct or illegal or negligent breach of fiduciary duty by the Advisor, or (ii) if any
of the following events occur:  (A) the Advisor shall breach any material provision of this Agreement, and after written
notice of such breach, shall not cure such default within thirty (30) days or have begun action within thirty (30) days to cure
the default which shall be completed with reasonable diligence; (B) the Advisor shall be adjudged bankrupt or insolvent by a court
of competent jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator,
or trustee of the Advisor, for all or substantially all its property by reason of the foregoing, or if a court of competent jurisdiction
approves any petition filed against the Advisor for reorganization, and such adjudication or order shall remain in force or unstayed
for a period of thirty (30) days; or (C) the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition
seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall consent to
the appointment of a receiver for itself or for all or substantially all its property, or shall make a general assignment for the
benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they become due.



“ Change of Control
” means a change of control of the Company of a nature that would be required to be reported in response to the disclosure
requirements of Schedule 14A of Regulation 14A promulgated under the Exchange Act, as enacted and in force on the date hereof,
whether or not the Company is then subject to such reporting requirements; provided, however , that, without limitation,
a Change of Control shall be deemed to have occurred if:  (i) any “person” (within the meaning of Section
13(d) of the Exchange Act, as enacted and in force on the date hereof) is or becomes the “beneficial owner” (as that
term is defined in Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act) of securities of the Company
representing 9.8% or more of the combined voting power of the Company’s securities then outstanding; (ii) there occurs a
merger, consolidation or other reorganization of the Company which is not approved by the Board of Directors; (iii) there occurs
a sale, exchange, transfer or other disposition of substantially all the assets of the Company to another Person, which disposition
is not approved by the Board of Directors; or (iv) there occurs a contested proxy solicitation of the Stockholders that results
in the contesting party electing candidates to a majority of the Board of Directors’ positions next up for election.



“Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto.  Reference to any provision
of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time.



“Company” has
the meaning set forth in the preamble.



“Competitive Real Estate Commission”
means a real estate or brokerage commission for the purchase or sale of an asset which is reasonable, customary and competitive
in light of the size, type and location of the asset.



“Contract Purchase Price”
has the meaning set forth in the Articles of Incorporation.





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“Contract Sales Price”
means the total consideration received by the Company for the sale of an Investment.



“Dealer Manager”
means Realty Capital Securities, LLC, or such other Person selected by the Board of Directors to act as the dealer manager for
the Offering.



“Dealer Manager Fee”
means three percent (3.0%) of Gross Proceeds from the sale of Shares in a Primary Offering, payable to the Dealer Manager for serving
as the dealer manager of such Primary Offering.



“Director” means
a member of the Board of Directors.



“Distributions”
means any distributions of money or other property by the Company to Stockholders, including distributions that may constitute
a return of capital for U.S. federal income tax purposes.



“Excess Amount” has
the meaning set forth in Section 13.



“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto. Reference to any provision
of the Exchange Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision
thereto, as interpreted by any applicable regulations as in effect from time to time.



“Expense Year”
has the meaning set forth in Section 13.



“Financing Coordination Fee” means
the fee payable to the Advisor or its Affiliates pursuant to Section 10(d).



“FINRA” means
the Financial Industry Regulatory Authority, Inc.



“GAAP” means United
States generally accepted accounting principles, consistently applied.



“ Good Reason ”
means:  (i) any failure to obtain a satisfactory agreement from any successor to the Company or the Operating Partnership
to assume and agree to perform obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever
by the Company or the Operating Partnership.



“Gross Proceeds”
means the aggregate purchase price of all Shares sold for the account of the Company through an Offering, without deduction for
Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering
Expenses.  For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Selling Commissions
are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be
the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction.



“Indemnitee” has
the meaning set forth in Section 21.



“Independent Director”
has the meaning set forth in the Articles of Incorporation.



“Investments”
means any investments by the Company or the Operating Partnership, directly or indirectly, in Real Estate Assets, Real Estate Related
Loans or any other asset.



“Joint Ventures ”
means the joint venture or partnership or other similar arrangements (other than between the Company and the Operating Partnership)
in which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer, member or partner, which are established
to own Investments.



“Listing”
means (i) the listing of the Shares on a national securities exchange or (ii) the receipt by the Stockholders of securities
that are listed on a national securities exchange in exchange for Shares in a merger or any other type of transaction.



“Loans” means
any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters
of credit or similar instruments, including mortgages and mezzanine loans.





3







“Losses” has the
meaning set forth in Section 21.



“Management Agreement”
means the Property Management and Leasing Agreement, dated as of February 18, 2011, among the Company, the Operating Partnership
and American Realty Capital Healthcare Properties, LLC, as the same may be amended from time to time.



“NAREIT FFO” means
funds from operations (“FFO”), consistent with the standards established by the White Paper on FFO approved
by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), as revised
in February 2004 and as modified by NAREIT from time to time.



“NASAA REIT Guidelines”
means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association on May 7, 2007, as the same may be amended from time to time.



“Net Income” means,
for any period, the Company’s total revenues applicable to such period, less the total expenses applicable to such period
other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the
sale of the Company’s assets.



“Notice” has the
meaning set forth in Section 23.



“Offering” means
the public offering of Shares pursuant to a Prospectus.



“Operating
Partnership” has the meaning set forth in the preamble.



“Operating Partnership Agreement”
means the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of November 12, 2012, among
the Company, American Realty Capital Healthcare Special Limited Partnership, LLC and the Advisor, as the same may be amended from
time to time.



“OP Units” means
units of limited partnership interest in the Operating Partnership.



“Organization and Offering Expenses”
means all expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection with
an Offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, charges
of the Advisor for administrative services related to the issuance of Shares in an Offering, reimbursement of the Advisor for costs
in connection with preparing supplemental sales materials, the cost of bona fide training and education meetings held by the Company
(primarily the travel, meal and lodging costs of the registered representatives of broker-dealers), attendance and sponsorship
fees and cost reimbursement for employees of the Company’s Affiliates to attend retail seminars conducted by broker-dealers
and, in special cases, reimbursement to soliciting broker-dealers for technology costs associated with an Offering, costs and expenses
related to such technology costs, and costs and expenses associated with facilitation of the marketing of the Shares and the ownership
of Shares by such broker-dealer’s customers. The definition of “Organization and Offering Expenses” set forth
above is intended to encompass all, but only, those expenses which are required to be treated as Organization and Offering Expenses
under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expenses of the Company which
is not a part of Organization and Offering Expenses under the NASAA REIT Guidelines shall not be treated as part of Organization
and Offering Expenses for purposes hereof.



“Person” means
an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise), trust,
bank or other entity, or any government or any agency or political subdivision of a government.



“Primary Offering”
means the portion of an Offering other than the Shares offered pursuant to the Company’s distribution reinvestment plan.



“Property Disposition Fee”
means the fee payable to the Advisor pursuant to Section 10(c) .



“Prospectus” means
a final prospectus of the Company filed pursuant to Rule 424(b) of the Securities Act, as the same may be amended or supplemented
from time to time (including each final prospectus of the Company that may be so filed after the initial prospectus of the Company).





4







“Real Estate Assets”
means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold
interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.



“Real Estate Related Loans”
means any investments in mortgage loans and other types of real estate related debt financing, including, mezzanine loans, bridge
loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations
in such loans, by the Company or the Operating Partnership, directly, through one or more subsidiaries or through a Joint Venture.



“Real Property”
means real property owned from time to time by the Company or the Operating Partnership, directly, through one or more subsidiaries
or through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings
only, or (iv) such investments the Board or the Advisor designate as Real Property to the extent such investments could be
classified as Real Property.



“REIT” means a
“real estate investment trust” under Sections 856 through 860 of the Code.



“Sale” or “Sales”
means any transaction or series of transactions whereby:  (i) the Company or the Operating Partnership directly
or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes
its direct or indirect ownership of any Real Estate Assets, Real Estate Related Loans or other Investment or portion thereof, including
the lease of any Real Estate Assets consisting of a building only, and including any event with respect to any Real Estate Assets
that gives rise to a significant amount of insurance proceeds or condemnation awards; (ii) the Company or the Operating Partnership
directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes
its ownership of all or substantially all the direct or indirect interest of the Company or the Operating Partnership in any Joint
Venture in which it is a co-venturer, member or partner; (iii) any Joint Venture directly or indirectly (except as described
in other subsections of this definition) in which the Company or the Operating Partnership as a co-venturer, member or partner
sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of any Real Estate Assets or portion thereof,
including any event with respect to any Real Estate Assets which gives rise to insurance claims or condemnation awards; or (iv) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells,
grants, conveys or relinquishes its direct or indirect interest in any Real Estate Related Loans or portion thereof (including
with respect to any Real Estate Related Loan, all payments thereunder or in satisfaction thereof other than regularly scheduled
interest payments) and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (v) the
Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells,
grants, transfers, conveys, or relinquishes its direct or indirect ownership of any other asset not previously described in this
definition or any portion thereof, but not including any transaction or series of transactions specified in clauses (i) through
(v) above in which the proceeds of such transaction or series of transactions are reinvested by the Company in one or more
assets within 180 days thereafter.



“Securities Act”
means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision
thereto, as interpreted by any applicable regulations as in effect from time to time.



“Selling Commission”
means seven percent (7.0%) of Gross Proceeds from the sale of Shares in a Primary Offering payable to the Dealer Manager and reallowable
to Soliciting Dealers with respect to Shares sold by them.



“Shares” means
the shares of the Company’s common stock, par value $0.01 per share.



“Soliciting Dealers”
means broker-dealers who are members of FINRA, or that are exempt from broker-dealer registration, and who, in either case, have
executed soliciting dealer or other agreements with the Dealer Manager to sell Shares.



“Sponsor” means
American Realty Capital V, LLC, a Delaware limited liability company.



“Stockholders”
means the registered holders of the Shares.



“Subordinated Participation
Interest” means a profits interest in the Operating Partnership designated as a Class B Unit in accordance with the
terms of the Operating Partnership Agreement.



“Termination Date”
means the date of termination of this Agreement.





5







“ Total Operating Expenses”
of a Person means the aggregate of all costs and expenses paid or incurred by such Person, but excluding Organization and Offering
Expenses, interest payments, taxes, non-cash expenditures, any Acquisitions Fees, Acquisition Expenses or Financing Coordination
Fees.  The definition of “Total Operating Expenses” set forth above is intended to encompass all, but only,
those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines.  As a result,
and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under
the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof.



“2%/25% Guidelines”
has the meaning set forth in Section 13.



2.           
APPOINTMENT.   The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor to
perform the services set forth herein on the terms and subject to the conditions set forth in this Agreement and subject to the
supervision of the Board, and the Advisor hereby accepts such appointment.



3.           
DUTIES OF THE ADVISOR.   The Advisor will use its reasonable best efforts to present to the Company and the Operating
Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the
investment objectives and policies of the Company as determined and adopted from time to time by the Board.  In performance
of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation,
By-laws and the Operating Partnership Agreement, the Advisor, directly or indirectly, will:



(a)           serve
as the Company’s and the Operating Partnership’s investment and financial advisor;



(b)           provide
the daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions
necessary for the day-to-day management of the operations of the Company and the Operating Partnership;



(c)           investigate,
select and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise the performance
of such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (including consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries,
custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, property managers,
real estate management companies, real estate operating companies, securities investment advisors, mortgagors, the registrar and
the transfer agent and any and all agents for any of the foregoing), including Affiliates of the Advisor and Persons acting in
any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services (including
entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing);



(d)           consult
with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken
by the Company or the Operating Partnership;



(e)           subject
to the provisions of Section 4 , (i) participate in formulating an investment strategy and asset allocation framework;
(ii) locate, analyze and select potential Investments; (iii) structure and negotiate the terms and conditions of transactions
pursuant to which acquisitions and dispositions of Investments will be made; (iv) provide research, economic and statistical
data, identify, review and recommend acquisitions and dispositions of Investments to the Board and make Investments on behalf of
the Company and the Operating Partnership in compliance with the investment objectives and policies of the Company; (v) arrange
for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds
from the sale of, or otherwise deal with, Investments; (vi) enter into leases and service contracts for Real Estate Assets
and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Estate
Assets; (vii) actively oversee and manage Investments for purposes of meeting the Company’s investment objectives and
reviewing and analyzing financial information for each of the Investments and the overall portfolio; (viii) select Joint Venture
partners, structure corresponding agreements and oversee and monitor these relationships; (ix) oversee, supervise and evaluate
Affiliated and non-Affiliated property managers who perform services for the Company or the Operating Partnership; (x) oversee
Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed
under this Agreement; (xi) manage accounting and other record-keeping functions for the Company and the Operating Partnership,
including reviewing and analyzing the capital and operating budgets for the Real Estate Assets and generating an annual budget
for the Company; (xii) recommend various liquidity events to the Board when appropriate; and (xiii) source and structure
Real Estate Related Loans;





6







(f)           upon
request, provide the Board with periodic reports regarding prospective investments;



(g)           make
investments in, and dispositions of, Investments within the discretionary limits and authority as granted by the Board;



(h)           negotiate
on behalf of the Company and the Operating Partnership with banks or other lenders for Loans to be made to the Company, the Operating
Partnership or any of their subsidiaries, and negotiate with investment banking firms and broker-dealers on behalf of the Company,
the Operating Partnership or any of their subsidiaries, or negotiate private sales of Shares or obtain Loans for the Company, the
Operating Partnership or any of their subsidiaries, but in no event in such a manner so that the Advisor shall be acting as broker-dealer
or underwriter; provided , however , that any fees and costs payable to third parties incurred by the Advisor in
connection with the foregoing shall be the responsibility of the Company, the Operating Partnership or any of their subsidiaries;



(i)           obtain
reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value
of Investments or contemplated investments of the Company and the Operating Partnership;



(j)           from
time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to the
Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving
the Advisor or any of its Affiliates;



(k)           provide
the Company and the Operating Partnership with all necessary cash management services;



(l)           deliver
to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any Real Estate
Assets as may be required to be obtained by the Board;



(m)           notify
the Board of all proposed material transactions before they are completed;



(n)           effect
any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board;



(o)           perform
investor-relations and Stockholder communications functions for the Company;



(p)           render
such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions herein;



(q)           maintain
the Company’s accounting and other records and assist the Company in filing all reports required to be filed by it with the
Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies; and



(r)           do
all things reasonably necessary to assure its ability to render the services described in this Agreement.



Notwithstanding the foregoing or anything
else that may be to the contrary in this Agreement, the Advisor may delegate any of the foregoing duties to any Person so long
as the Advisor or its Affiliate remains responsible for the performance of the duties set forth in this Section 3.



4.           
AUTHORITY OF ADVISOR.



(a)           Pursuant
to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 9),
and subject to the continuing and exclusive authority of the Board over the supervision of the Company, the Company, acting on
the authority of the Board of Directors, hereby delegates to the Advisor the authority to perform the services described in Section 3.



(b)           Notwithstanding
anything herein to the contrary, all Investments will require the prior approval of the Board, any particular Directors specified
by the Board or any committee of the Board specified by the Board, as the case may be.





7







(c)           If
a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents
and other information reasonably required by them to evaluate properly the proposed transaction.



(d)           The
Board may, at any time upon the giving of Notice to the Advisor, modify or revoke the authority set forth in this Section 4;
provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be
applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior to the
date of receipt by the Advisor of such notification.



5.           
FIDUCIARY RELATIONSHIP.   The Advisor, as a result of its relationship with the Company and the Operating Partnership
pursuant to this Agreement, stands in a fiduciary relationship with the Stockholders and the partners in the Operating Partnership.



6.           
NO PARTNERSHIP OR JOINT VENTURE.   Except as provided in Section 10(h), the parties to this Agreement are
not partners or joint venturers with each other and nothing herein shall be construed to make them partners or joint venturers
or impose any liability as such on either of them.



7.           
BANK ACCOUNTS.   The Advisor may establish and maintain one or more bank accounts in the name of the Company or the
Operating Partnership and may collect and deposit into any such account or accounts, and disburse from any such account or accounts,
any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided
that no funds shall be commingled with the funds of the Advisor; and, upon request, the Advisor shall render appropriate accountings
of such collections and payments to the Board and to the auditors of the Company.



8.           
RECORDS; ACCESS.   The Advisor shall maintain appropriate records of all its activities hereunder and make such records
available for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time and from time
to time.  The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating
Partnership.



9.           
LIMITATIONS ON ACTIVITIES   Notwithstanding anything herein to the contrary, the Advisor shall refrain from taking
any action which, in its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect
the status of the Company as a REIT, unless the Board has determined that REIT qualification is not in the best interests of the
Company and its Stockholders, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended,
or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over
the Company, the Operating Partnership or the Shares, or otherwise not be permitted by the Articles of Incorporation or By-laws,
except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s
judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification
or instructions from the Board.  In such event, the Advisor shall have no liability for acting in accordance with the
specific instructions of the Board so given.



10.
FEES.



(a)           
Acquisition Fees; Acquisition Expenses.   Subject to Section 10(b), the Company shall pay an Acquisition
Fee to the Advisor or its Affiliates as compensation for services rendered in connection with the investigation, selection and
acquisition (by purchase, investment or exchange) of Investments. If the Advisor is terminated without Cause pursuant to Section
17(a), the Advisor or its Affiliates shall be entitled to an Acquisition Fee for any Investments acquired after the Termination
Date for which a contract to acquire any such Investment had been entered into at or prior to the Termination Date. The total
Acquisition Fee payable to the Advisor or its Affiliates shall equal one percent (1.0%) of the purchase price of Real Estate Assets
and one percent (1.0%) of the amount advanced for Real Estate Related Loans or other Investments (other than Real Estate Assets),
along with reimbursement of Acquisition Expenses.  The purchase price of the Real Estate Assets shall equal the
amount paid or allocated to the purchase, development or improvement of the Real Estate Assets inclusive of expenses related thereto
and the amount of debt associated with such Investment.  The purchase price allocable for an Investment held through
a Joint Venture shall equal the product of (i) the purchase price of, or the amount advanced for, the Investment, as applicable,
and (ii) the direct or indirect ownership percentage in the Joint Venture held directly or indirectly by the Company or the
Operating Partnership.  For purposes of this Section 10(a), “ownership percentage” shall be the percentage
of capital stock, membership interests, partnership interests or other equity interests held by the Company or the Operating Partnership,
without regard to classification of such equity interests.  The Company shall pay to the Advisor or its Affiliates the
Acquisition Fee promptly upon the closing of the Investment.  In addition, if during the period ending two years after
the close of the initial Offering, the Company sells an Investment and then reinvests in other Investments, the Company will pay
to the Advisor or its Affiliates one percent (1.0%) of the purchase price of Real Estate Assets and one percent (1.0%) of the amount
advanced for Real Estate Related Loans or other Investments (other than Real Estate Assets), along with reimbursement of acquisition
expenses.





8







(b)           
Limitation on Total Acquisition Fees, Financing Coordination Fees and Acquisition Expenses.   The total
of all “Acquisition Fees” (as defined in the Articles of Incorporation), Financing Coordination Fees and Acquisition
Expenses payable in connection with any Investment or any reinvestment shall not exceed four and one-half percent (4.5%)
of the Contract Purchase Price of the Investment acquired or four and one-half percent (4.5%) of the amount advanced for an Investment;
provided, however, that once all the proceeds from the initial Offering have been fully invested, the total of all Acquisition
Fees and Financing Coordination Fees shall not exceed one and one-half percent (1.5%) of the Contract Purchase Price of all the
Investments acquired.



(c)           
Property Disposition Fee.   In connection with a Sale of a Real Estate Asset in which the Advisor or any
Affiliate of the Advisor provides a substantial amount of services, as determined by the Independent Directors, the Company shall
pay to the Advisor or its assignees a Property Disposition Fee equal to the lesser of (i) two percent (2.0%) of the Contract Sales
Price of such Real Estate Asset and (ii) one-half of the total brokerage commission paid if a brokerage commission or other disposition
fee is paid to a non-Affiliate broker in addition to the Property Disposition Fee paid to the Advisor or its assignees; provided,
however, that in no event may the Property Disposition Fee paid to the Advisor, its Affiliates and non-Affiliates exceed the
lesser of six percent (6.0%) of the Contract Sales Price and a Competitive Real Estate Commission.





(d)           
Asset Management Fee.  The Company shall pay an Asset Management Fee to the Advisor or its assignees
as compensation for services rendered in connection with the management of the Company’s assets up to and including September
30, 2012 in an amount equal to 0.75% per annum of Average Invested Assets; provided, however, that the Asset Management Fee shall
be reduced by any amounts payable as an Oversight Fee (as defined in the Management Agreement), such that the aggregate of the
Asset Management Fee and the Oversight Fee does not exceed 0.75% per annum of Average Invested Assets. The Asset Management Fee
is payable on the first business day of each month for the respective current month in the amount of 0.0625% of Average Invested
Assets as of such date.  The Asset Management Fee will be reduced to the extent that NAREIT FFO, as adjusted, during the
six months ending on the last day of the calendar quarter immediately preceding the date that such Asset Management Fee is payable,
is less than :  (i) for the period up to and including June 30, 2012, the Distributions paid with respect to such six month
period and (ii) for the period from July 1, 2012 up to and including September 30, 2012, the Distributions declared with respect
to such six month period. For purposes of this determination, NAREIT FFO, as adjusted, is NAREIT FFO adjusted to (i) include acquisition
fees and related expenses which is deducted in computing NAREIT FFO; and (ii) include non-cash restricted stock grant amortization,
if any, which is deducted in computing NAREIT FFO.



(e)           
Financing Coordination Fee. The Company shall pay a Financing Coordination Fee to the Advisor or its
assignees in connection with the financing of any Investment, assumption of any Loans with respect to any Investment or refinancing
of any Loan in an amount equal to one percent (1.0%) of the amount made available and/or outstanding under any such Loan, including
any assumed Loan.  The Advisor may reallow some of or all this Financing Coordination Fee to reimburse third parties
with whom it may subcontract to procure any such Loan.



(f)           
Payment of Fees. In connection with the Acquisition Fee, Property Disposition Fee and Financing Coordination
Fee, the Company shall pay such fees to the Advisor or its assignees in cash, in Shares, or a combination of both, the form of
payment to be determined in the sole discretion of the Advisor. The Asset Management Fee shall be payable, at the discretion of
the Board of Directors, up to and including September 30, 2012, in cash, Shares or grants of restricted Shares, or any combination
thereof. For the purposes of the payment of any fees in Shares, (i) if at the applicable time an Offering is underway, each Share
shall be valued at the per-share offering price of the Shares in such Offering minus the maximum Selling Commissions and Dealer
Manager Fee allowed in such Offering; and (ii) at all other times, each Share shall be valued by the Board in good faith (A) at
the estimated value thereof, calculated in accordance with the provisions of NASD Rule 2340(c)(1) (or any successor or similar
FINRA rule), or (B) if no such rule shall then exist, at the fair market value thereof; provided, however, that in the case of
Asset Management Fees payable in grants of restricted Shares, each Share shall be valued in accordance with the provisions of the
equity incentive plan of the Company pursuant to which such grants are to be made.



(g)         
   Exclusion of Certain Transactions.



(i)           
If the Company or the Operating Partnership shall propose to enter into any transaction in which the Advisor, any Affiliate of
the Advisor or any of the Advisor’s directors or officers has a direct or indirect interest, then such transaction shall
be approved by a majority of the Board not otherwise interested in such transaction, including a majority of the Independent Directors.





9







(ii)           If
the Board elects to internalize any management services provided by the Advisor, neither the Company nor the Operating
Partnership shall pay any compensation or other remuneration to the Advisor or its Affiliates in connection with the internalization
transaction. For the avoidance of doubt, any compensation paid or payable by the Company to employees of the Company in connection
with their employment by the Company (which employees were formerly employed by the Advisor or any of their Affiliates) shall not
be deemed to be compensation or other remuneration in connection with any internalization transaction for purposes of the immediately
preceding sentence. This provision shall not limit any other consideration or distributions that the Company may pay the Advisor
in accordance with this Agreement or any other agreement. This provision shall in no way obligate the Advisor to facilitate an
internalization transaction with the Advisor or any of its Affiliates.



(h)	          Subordinated Participation
Interests. The Company shall cause the Operating Partnership to periodically issue Subordinated Participation Interests
in the Operating Partnership to the Advisor or its assignees, pursuant to the terms and conditions contained in the Operating Partnership
Agreement, in connection with the Advisor’s (or its assignees’) management of the Operating Partnership’s assets
commencing on October 1, 2012.



11.        
  EXPENSES.



(a)           In
addition to the compensation paid to the Advisor pursuant to Section 10, the Company or the Operating Partnership shall
pay directly or reimburse the Advisor for all the expenses paid or incurred by the Advisor or its Affiliates in connection with
the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, the following:



(i)             Organization
and Offering Expenses, including third-party due diligence fees related to the Primary Offering, as set forth in detailed and itemized
invoices; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would cause
the total amount of Organization and Offering Expenses paid by the Company and the Operating Partnership to exceed one and one-half
percent (1.5%) of the Gross Proceeds raised in all Primary Offerings;



(ii)           Acquisition
Expenses subject to the limitation set forth in Section 10(b) ;



(iii)           the
actual cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;



(iv)           interest
and other costs for Loans, including discounts, points and other similar fees;



(v)           taxes
and assessments on income of the Company or Investments;



(vi)          costs
associated with insurance required in connection with the business of the Company or by the Board;



(vii)         expenses
of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated
Person;



(viii)           all
expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;



(ix)          
 expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares, such as selling commissions
and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees;



(x)           expenses
connected with payments of Distributions;



(xi)           expenses
of organizing, revising, amending, converting, modifying or terminating the Company, the Operating Partnership or any subsidiary
thereof or the Articles of Incorporation, By-laws or governing documents of the Operating Partnership or any subsidiary of the
Company or the Operating Partnership;



(xii)          expenses
of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities;





10







(xiii)         administrative
service expenses, including all costs and expenses incurred by the Advisor or its Affiliates in fulfilling its duties hereunder,
including reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services;
provided , however , that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates
to the extent that such employees perform services for which the Advisor receives a separate fee; and



(xiv)          audit,
accounting and legal fees.



(b)           Commencing
upon the earlier to occur of (i) the fifth fiscal quarter after the Company makes its first Investment and (ii) six (6) months
after the commencement of the initial Offering, expenses incurred by the Advisor on behalf of the Company and the Operating Partnership
or in connection with the services provided by the Advisor hereunder and payable pursuant to this Section 11 shall
be reimbursed, no less than monthly, to the Advisor.



12.         
OTHER SERVICES.  Should the Board request that the Advisor or any director, officer or employee thereof
render services for the Company and the Operating Partnership other than set forth in Section 3 , such services shall
be separately compensated at such customary rates and in such customary amounts as are agreed upon by the Advisor and the Board,
including a majority of the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall
not be deemed to be services pursuant to the terms of this Agreement.



13.         
REIMBURSEMENT TO THE ADVISOR.  The Company shall not reimburse the Advisor at the end of any fiscal quarter
in which Total Operating Expenses incurred by the Advisor for the four (4) consecutive fiscal quarters then ended (the “Expense
Year”) exceed (the “Excess Amount”) the greater of two percent (2%) of Average Invested Assets or
twenty-five percent (25%) of Net Income (the “2%/25% Guidelines”) for such year.  Any Excess Amount
paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the
Total Operating Expenses reimbursed during the subsequent fiscal quarter.  If there is an Excess Amount in any Expense
Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they
deem sufficient, then the Excess Amount may be carried over and included in Total Operating Expenses in subsequent Expense Years
and reimbursed to the Advisor in one or more of such years, provided that there shall be sent to the Stockholders a written disclosure
of such fact, together with an explanation of the factors the Independent Directors considered in determining that such excess
expenses were justified.  Such determination shall be reflected in the minutes of the meetings of the Board.  All
figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis.



14.         
OTHER ACTIVITIES OF THE ADVISOR. Except as set forth in this Section 14 , nothing herein contained shall
prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including the rendering of
advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Sponsor
or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee or
stockholder of the Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of
any kind to any other Person and earn fees for rendering such services; provided, however , that the Advisor must devote
sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement.  The
Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every
other participant therein, and earn fees for rendering such advice and service.  Specifically, it is contemplated that
the Company may enter into Joint Ventures or other similar co-investment arrangements with certain Persons, and pursuant to the
agreements governing such Joint Ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons,
in which case the Advisor will earn fees for rendering such advice and service.



The Advisor shall report to the Board the
existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other
Person.  If the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment
objectives which have investment funds available at the same time as the Company, the Advisor shall inform the Board of the method
to be applied by the Advisor in allocating investment opportunities among the Company and competing investment entities and shall
provide regular updates to the Board of the investment opportunities provided by the Advisor to competing programs in order for
the Board (including the Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their reasonable
best efforts to apply such method fairly to the Company.





11







15.         
THE AMERICAN REALTY CAPITAL NAME.   The Advisor and its Affiliates have or may have a proprietary interest in the
names “American Realty Capital,” “ARC” and “AR Capital.”  The Advisor hereby grants
to the Company, to the extent of any proprietary interest the Advisor may have in any of the names “American Realty Capital,”
“ARC” and “AR Capital,” a non-transferable, non-assignable, non-exclusive, royalty-free right and license
to use the names “American Realty Capital,” “ARC” and “AR Capital” during the term of this
Agreement. The Company agrees that the Advisor and its Affiliates will have the right to approve of any use by the Company of the
names “American Realty Capital,” “ARC” and “AR Capital,” such approval not to be unreasonably
withheld or delayed. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or
one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request
from the Advisor, cease to conduct business under or use the names “American Realty Capital,” “ARC” and
“AR Capital” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries
to a name that does not contain the names “American Realty Capital,” “ARC” and “AR Capital”
or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to
any trademarks, servicemarks or other marks necessary to remove any references to the words “American Realty Capital,”
“ARC” and “AR Capital.” Consistent with the foregoing, it is specifically recognized that the Advisor or
one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment
vehicles (including vehicles for investment in real estate) and financial and service organizations having any of the names “American
Realty Capital,” “ARC” and “AR Capital” as a part of their name, all without the need for any consent
(and without the right to object thereto) by the Company.  Neither the Advisor nor any of its Affiliates makes any representation
or warranty, express or implied, with respect to the names “American Realty Capital,” “ARC” and “AR
Capital” licensed hereunder or the use thereof (including without limitation as to whether the use of the names “American
Realty Capital,” “ARC” and “AR Capital” will be free from infringement of the intellectual property
rights of third parties.  Notwithstanding the preceding, the Advisor represents and warrants that it is not aware of
any pending claims or litigation or of any claims threatened in writing regarding the use or ownership of the names “American
Realty Capital,” “ARC” and “AR Capital.”



16.         
TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof.  Thereafter,
the term may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties.



17.         
TERMINATION BY THE PARTIES. This Agreement may be terminated upon sixty (60) days’ prior written notice
(a) by the Independent Directors of the Company or the Advisor, without Cause and without penalty, (b) by the Advisor for Good
Reason, or (c) by the Advisor upon a Change of Control; provided, that termination of this Agreement with Cause shall be
upon forty-five (45) days’ prior written notice.  The provisions of Sections 15 and 19 through
31 (inclusive) of this Agreement shall survive any expiration or earlier termination of this Agreement.



18.         
ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of
a majority of the Directors (including a majority of the Independent Directors).  The Advisor may assign any rights to
receive fees or other payments under this Agreement to any Person without obtaining the approval of the Directors.  This
Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case
of an assignment by the Company or the Operating Partnership to a Person which is a successor to all the assets, rights and obligations
of the Company or the Operating Partnership, in which case such successor Person shall be bound hereunder and by the terms of said
assignment in the same manner as the Company or the Operating Partnership, as applicable, is bound by this Agreement.



19.         
PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.



(a)            
Amounts Owed .   After the Termination Date, the Advisor shall be entitled to receive from the Company
or the Operating Partnership within thirty (30) days after the effective date of such termination all amounts then accrued
and owing to the Advisor, including all its interest in the Company’s income, losses, distributions and capital by payment
of an amount equal to the then-present fair market value of the Advisor’s interest, subject to the 2%/25% Guidelines to the
extent applicable.



(b)           
Advisor’s Duties.  The Advisor shall promptly upon termination of this Agreement:



(i)           pay
over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it
is then entitled;



(ii)          deliver
to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by
it, covering the period following the date of the last accounting furnished to the Board;





12







(iii)         deliver
to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody
of the Advisor; and



(iv)         cooperate
with the Company and the Operating Partnership to provide an orderly management transition.



20.         INCORPORATION
OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT.   To the extent that the Articles of Incorporation
or the Operating Partnership Agreement as in effect on the date hereof impose obligations or restrictions on the Advisor or grant
the Advisor certain rights which are not set forth in this Agreement, the Advisor shall abide by such obligations or restrictions
and such rights shall inure to the benefit of the Advisor with the same force and effect as if they were set forth herein.



21.         
INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP.



(a)           The
Company and the Operating Partnership, jointly and severally, shall indemnify and hold harmless the Advisor and its Affiliates,
as well as their respective officers, directors, equity holders, members, partners, stockholders, other equity holders and employees
(collectively, the “ Indemnitees ,” and each, an “ Indemnitee ”), from and against all losses,
claims, damages, losses, joint or several, expenses (including reasonable attorneys’ fees and other legal fees and expenses),
judgments, fines, settlements, and other amounts (collectively, “Losses”) arising in the performance of their
duties hereunder, including reasonable attorneys’ fees, to the extent such Losses are not fully reimbursed by insurance,
and to the extent that such indemnification would not be inconsistent with the laws of the State of New York, the Articles of Incorporation
or the provisions of Section II.G of the NASAA REIT Guidelines.  Notwithstanding the foregoing, the Company and
the Operating Partnership shall not provide for indemnification of an Indemnitee for any Loss suffered by such Indemnitee, nor
shall they provide that an Indemnitee be held harmless for any Loss suffered by the Company and the Operating Partnership, unless
all the following conditions are met:



(i)           the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest
of the Company and the Operating Partnership;



(ii)          the
Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;



(iii)         such
Loss was not the result of negligence or willful misconduct by the Indemnitee; and



(iv)        such
indemnification or agreement to hold harmless is not recoverable from the Stockholders.



(b)           Notwithstanding
the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating Partnership for any Losses arising from
or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions
are met:



(i)           there
has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee;



(ii)         the
related claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or



(iii)         a
court of competent jurisdiction approves a settlement of the related claim against the Indemnitee and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
in which securities of the Company or the Operating Partnership were offered or sold as to indemnification for violation of securities
laws.



(c)           In
addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for legal expenses
and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all the
following conditions are satisfied:





13







(i)           the
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the
Operating Partnership;



(ii)          the
legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder acting in
such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and



(iii)         the
Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is ultimately found not to be entitled to indemnification in a final,
non-appealable judgment of a court if competent jurisdiction.



22.         
INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership
from Losses, to the extent that such Losses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s
bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard of its duties; provided,
however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any
advice or recommendation given by the Advisor.



23.         
NOTICES. Any notice, report or other communication (each a “ Notice ”) required or permitted
to be given hereunder shall be in writing unless some other method of giving such Notice is required by the Articles of Incorporation,
the By-laws, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail
to the addresses set forth below:

|                |  |                                               
|--------------- |  | ----------------------------------------------
|To the Company: |  | American Realty Capital Healthcare Trust, Inc.
|                |  | 405 Park Avenue                               
|                |  | New York, New York 10022                      
|                |  | Attention:  Nicholas S. Schorsch,             
|                |  | Chief Executive Officer                       
|                |  |                                               
|                |  | with a copy to:                               
|                |  |                                               
|                |  | Proskauer Rose LLP                            
|                |  | Eleven Times Square                           
|                |  | New York, New York 10036                      
|                |  | Attention:  Peter M. Fass, Esq.               
|                |  | Attention:  James P. Gerkis, Esq.             



|To the Operating Partnership: |  | American Realty Capital Healthcare Trust Operating Partnership, L.P.
|----------------------------- |  | --------------------------------------------------------------------
|                              |  | 405 Park Avenue                                                     
|                              |  | New York, New York 10022                                            
|                              |  | Attention:  Nicholas S. Schorsch                                    
|                              |  |                                                                     
|                              |  | with a copy to:                                                     
|                              |  |                                                                     
|                              |  | Proskauer Rose LLP                                                  
|                              |  | Eleven Times Square                                                 
|                              |  | New York, New York 10036                                            
|                              |  | Attention:  Peter M. Fass, Esq.                                     
|                              |  | Attention:  James P. Gerkis, Esq.                                   
|                              |  |                                                                     
|To the Advisor:               |  | American Realty Capital Healthcare Advisors, LLC                    
|                              |  | 405 Park Avenue                                                     
|                              |  | New York, New York 10022                                            
|                              |  | Attention:  Nicholas S. Schorsch                                    
|                              |  |                                                                     
|                              |  | with a copy to:                                                     
|                              |  |                                                                     
|                              |  | Proskauer Rose LLP                                                  
|                              |  | Eleven Times Square                                                 
|                              |  | New York, New York 10036                                            
|                              |  | Attention:  Peter M. Fass, Esq.                                     
|                              |  | Attention:  James P. Gerkis, Esq.                                   
|                              |  |                                                                     





14







Any party may at any time give Notice in writing to the other
parties of a change in its address for the purposes of this Section 23 .



24.         
MODIFICATION. This Agreement shall not be amended, supplemented, terminated, or discharged, in whole or in part,
except by an instrument in writing signed by the parties hereto, or their respective successors or assignees.



25.         
SEVERABILITY. The provisions of this Agreement are independent of and severable from each other, and no provision
shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may
be invalid or unenforceable in whole or in part.



26.         GOVERNING
LAW.  The provisions of this Agreement shall be construed and interpreted in accordance with the laws of
the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof.



27.         
ENTIRE AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with
respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and
conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.  The
express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.



28.         
NO WAIVER. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or
privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or
privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver.



29.         PRONOUNS
AND PLURALS.   Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.



30.         
HEADINGS. The titles of sections and subsections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.



31.         
EXECUTION IN COUNTERPARTS. This Agreement may be executed (including by facsimile transmission) with counterpart
signature pages or in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument.



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IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first written above.

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|AMERICAN REALTY CAPITAL Healthcare Trust, INC.                      
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|By:                                                                 
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|American Realty Capital Healthcare Trust OPERATING PARTNERSHIP, L.P.
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|By:                                                                 
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|By:                                                                 
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|American Realty Capital Healthcare ADVISORS, LLC                    
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|By:                                                                 
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