EXHIBIT 10.1


Aegon Loan Nos. 10518144, 10518145, 

10518146,
10518147, 10518148, 10518149, 

10518150, 10518151, 10518152, 10518153, 

10518154, 10518155, 10518156, 10518157, 

10518158, 10518159,
10518160 and 10518161

Aggregate Principal Amount: $78,000,000


Loan Agreement


THIS LOAN AGREEMENT (the “Agreement”)
is made as of this 10th day of July, 2018 (the “Effective Date”), by and between Transamerica Life Insurance
Company, an Iowa corporation having an office c/o AEGON USA Realty Advisors, LLC, 4333 Edgewood Road, N.E., Cedar Rapids, Iowa
52499-5443 (together with its successors and assigns, the “Lender”), and Plymouth
MWG 13040 South Pulaski LLC, Plymouth MWG 11601 South Central LLC, Plymouth MWG 6000 West 73rd LLC, Plymouth MWG 6510 West 73rd
LLC, Plymouth MWG 6558 West 73rd LLC, Plymouth MWG 6751 South Sayre LLC, Plymouth MWG 7200 South Mason LLC, Plymouth MWG 1445 Greenleaf
LLC, Plymouth MWG 1796 Sherwin LLC, Plymouth 3 West College LLC, Plymouth 1600 Fleetwood LLC, Plymouth South McLean LLC, Plymouth
MWG 28160 North Keith LLC, Plymouth MWG 13970 West Laurel LLC, Plymouth MWG 3841 Swanson LLC, Plymouth MWG 525 West Marquette LLC,
Plymouth MWG 5110 South 6th LLC, and Plymouth MWG 1750 South Lincoln LLC,
each a limited liability company organized under Delaware law (each, a “Borrower” and, collectively, the “Borrowers”),
each with an address at Plymouth Industrial REIT, Inc., 260 Franklin Street, 7th Floor, Boston, Massachusetts 02110.


		1.	RECITALS



		(a)	Under the terms of a commercial Loan Application/Commitment
dated April 18, 2018 (the “Commitment”), AEGON USA Realty Advisors, LLC
(“Aegon”), as agent for Lender, agreed to fund a portfolio of commercial mortgage loans in the aggregate principal
amount of $78,000,000 (the “Loan”).



		(b)	The Loan is evidenced by secured promissory notes (each, a “Note” and, collectively,
the “Notes”). Each Note is made by one of the Borrowers, and the combined original principal balances of the
Notes are equal to the amount of the Loan.



		(c)	Each Note is primarily secured by a Mortgage, Security Agreement and Fixture Filing or other security
instrument of even date herewith (each, a “Mortgage” and, collectively, the “Mortgages”),
encumbering or conveying as security for the applicable Note one or more parcels of Land (each, a “Parcel” and
collectively, the “Real Property”). For servicing purposes, each of the Notes has a separate “Loan Number”
which appears in the footer of all of the documents relating primarily to that Borrower, its Note, and its related Parcel.



		(d)	In order to realize the benefits of the Loan, each of the Borrowers desires to guarantee the obligations
of all of the other Borrowers with respect to the Loan.



		(e)	Under the Commitment, the Lender has agreed to the amount, interest rate, maturity, and other provisions
of the Loan on the express condition that the Borrowers enter into a loan agreement evidencing the willingness of each of them
for the Parcel owned by such Borrower to serve as collateral for the Loan as a whole in the event that any Borrower defaults in
its obligations under any of the





    1 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

documents entered into in connection with
the Loan, including this Agreement (the “Loan Documents”).


		2.	AGREEMENT



To complete the transactions contemplated by
the Commitment, to induce the Lender to make the Loan, and in consideration of the sum of ten dollars ($10.00) and other valuable
consideration, the receipt and sufficiency of which are acknowledged, the Borrowers and the Lender hereby enter into this Agreement
on the terms that follow. Capitalized terms used but not defined in this Agreement shall have the definitions given them in the
applicable Notes, Mortgages, or other Loan Documents.


		3.	DEFINITIONS



“Borrower” and “Borrowers”
have the meaning set forth in Section 1.


“Business
Day” means any day when state and federal banks are open for business in New York, New York.


“Indebtedness”
means all sums that are owed or become due pursuant to the terms of the Notes or other Loan Documents, or any other communications
or writings by or between the Borrowers and the Lender relating to the Loan, including scheduled principal payments, scheduled
interest payments, default interest, late charges, prepayment premiums, accelerated or matured principal balances, advances, collection
costs (including reasonable attorneys’ fees), reasonable attorneys’ fees and costs in enforcing or protecting the Notes,
the Mortgages, or any of the other Loan Documents in any bankruptcy proceeding, receivership costs and all other financial obligations
of the Borrowers incurred in connection with the Loan.


“Mortgage” and “Mortgages”
have the meaning set forth in Section 1.


“Mortgage
Taxes” means the mortgage recording, transfer or other taxes to be paid upon recordation of the Mortgages.


“Note” and “Notes”
have the meaning set forth in Section 1.


“Notice”
means a notice given in accordance with the provisions of Subsection 8.1.


“Parcel”
has the meaning set forth in Section 1.


		4.	BORROWERS’ AGREEMENTS



		4.1	Representations and Warranties



Each Borrower represents and warrants to
the Lender that (a) it is not the subject of any bankruptcy court filing, insolvency proceeding, receivership, composition or assignment
for the benefit of creditors, (b) it is adequately capitalized and has the ability to pay its debts as they become due, (c) it
is solvent and will not be rendered insolvent as a result of its obligations under this Agreement or the other Loan Documents,
(d) it has received reasonably equivalent value in exchange for encumbering its Parcel to secure its obligations under this Agreement
and the other Loan Documents, (e) it is an affiliate of the other Borrowers and will receive a direct and material benefit from
the making of the Loan to the such Borrower and the other Borrowers, and (f) the benefits derived by such Borrower from this Agreement
and the other Loan Documents are equivalent to the burdens imposed upon such Borrower and its Parcel by this Agreement and the
other Loan Documents, notwithstanding that such Borrower’s Note and the other Notes may be of differing amounts.




    2 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

		4.2	Loan Allocation



The Borrowers consent to the allocation
of the amount of the Loan among the Notes as follows:


	Loan Number	Borrower	Note Original Balance
	10518144	Plymouth MWG 13040 South Pulaski LLC	$7,305,000.00
	10518145	Plymouth MWG 11601 South Central LLC	$5,100,000.00
	10518146	Plymouth MWG 6000 West 73rd LLC	$3,970,000.00
	10518147	Plymouth MWG 6510 West 73rd LLC	$6,360,000.00
	10518148	Plymouth MWG 6558 West 73rd LLC	$5,730,000.00
	10518149	Plymouth MWG 6751 South Sayre LLC	$5,415,000.00
	10518150	Plymouth MWG 7200 South Mason LLC	$5,605,000.00
	10518151	Plymouth MWG 1445 Greenleaf LLC	$4,470,000.00
	10518152	Plymouth MWG 1796 Sherwin LLC	$2,675,000.00
	10518153	Plymouth 3 West College LLC	$1,575,000.00
	10518154	Plymouth 1600 Fleetwood LLC	$8,185,000.00
	10518155	Plymouth South McLean LLC	$2,620,000.00
	10518156	Plymouth MWG 28160 North Keith LLC	$2,600,000.00
	10518157	Plymouth MWG 13970 West Laurel LLC	$2,335,000.00
	10518158	Plymouth MWG 3841 Swanson LLC	$2,575,000.00
	10518159	Plymouth MWG 525 West Marquette LLC	$2,895,000.00
	10518160	Plymouth MWG 5110 South 6th LLC	$1,470,000.00
	10518161	Plymouth MWG 1750 South Lincoln LLC	$7,115,000.00
	 	Total	$78,000,000


This allocation is made solely for the
purpose of determining the amount of the recordation, transfer or mortgage taxes to be paid upon the recordation of the Mortgages,
and shall not limit the extent or priority of the lien or security interest created by the Mortgages. If any Legal Requirement
requires that additional Mortgage Taxes be paid in order to ensure that the lien or security interest created by any Mortgage extend
to the full amount of the Loan, the Borrowers shall pay the additional Mortgage Taxes.


		4.3	Cross Default



Any “Default” as defined under
any of the Loan Documents entered into by any Borrower shall constitute a default (a “Default”) under the terms
of this Agreement and the other Loan Documents. Any Default under this Agreement shall constitute a “Default” under
each of the Notes and the other Loan Documents entered into by any Borrower.




    3 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

		4.4	Cross Guarantees



Each of the Borrowers (the “Guaranteeing
Borrower”) hereby unconditionally guarantees to the Lender that all payment obligations of the other Borrowers, including,
without limitation, all principal, interest and other amounts due under the Loan Documents, will be paid in the amounts, at the
times and in the manner set forth in the Loan Documents, and that all of the terms, covenants and conditions required in the Loan
Documents to be kept, observed or performed by each other Borrower will be performed at the time and in the manner set forth in
the Loan Documents. The payment and performance obligations set forth in this paragraph are collectively referred to as the “Guaranteed
Obligations.” If a Borrower is released from its Obligations under the Loan in connection with a Release or a Substitution
in accordance with the terms of this Agreement, such Borrower shall be released from the Guaranteed Obligations.


The guarantee of each of the Borrowers
set forth in this Agreement is irrevocable, absolute and unconditional, and is one of payment and not just collection, and is subject
only to the occurrence of a Default under the Loan Documents.


In any enforcement action against the Guaranteeing
Borrower, Guaranteeing Borrower shall not assert or exercise against the Lender any right of setoff, recoupment, or counterclaim,
whether such right is independent of, or derives from, the Borrower whose Default has given rise the enforcement action (the “Defaulting
Borrower”).


No modification, limitation or discharge
of any of the liabilities or obligations of the Defaulting Borrower or any other Borrower, arising out of, or by virtue of, any
bankruptcy or similar proceeding for relief of debtors under federal or state law initiated by or against the Defaulting Borrower
or any other Borrower shall modify, limit, reduce, impair, discharge, or otherwise affect the liability of the Guaranteeing Borrower
in any manner whatsoever, and the guarantee of the Agreement shall continue in full force and effect, notwithstanding any such
proceeding.


The Guaranteeing Borrower waives any right
to require the Lender to: (i) proceed against the Defaulting Borrower or any other guarantor, (ii) proceed against any collateral,
(iii) pursue any other remedy in the Lender’s power whatsoever, or (iv) notify the Guaranteeing Borrower of any default by
the Defaulting Borrower in the payment of any amounts due under the Loan Documents or in the performance of any agreement of the
Defaulting Borrower under the Loan Documents.


The Guaranteeing Borrower waives any defense
arising by reason of any of the following: (i) any disability or any counterclaim or right of set-off or other defense of the Defaulting
Borrower or any other Borrower, (ii) any lack of authority of the Defaulting Borrower or any other Borrower with respect to the
Loan Documents, (iii) the invalidity, illegality or lack of enforceability of the Loan Documents or any provision thereof from
any cause whatsoever, including any action or inaction by the Lender, (iv) the failure of the Lender to perfect or maintain perfection
of any security interest in any collateral, (v) the cessation from any cause whatsoever of the liability of the Defaulting Borrower
or any other Borrower, (vi) that the Loan Documents shall be void or voidable as against the Defaulting Borrower, any other Borrower
or any of the Defaulting Borrower’s or any other Borrower’s creditors, including a trustee in bankruptcy of the Defaulting
Borrower or any other Borrower, by reason of any fact or circumstance, (vii) the delay or failure of the Lender to exercise any
of its rights and remedies against the Defaulting Borrower, any other Borrower or any collateral or security for the Loan Documents
or this Agreement, (viii) any event or circumstance that might otherwise constitute a legal or equitable discharge of the Guaranteeing
Borrower’s obligations hereunder; provided, however, that the Guaranteeing Borrower does not waive any defense arising from
the due performance by the Defaulting




    4 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

Borrower of the terms and conditions of
the Loan Documents, (ix) all errors and omissions in connection with the Lender’s administration of all indebtedness guaranteed
by this Agreement, except errors and omissions resulting from the Lender’s acts of bad faith, gross negligence or willful
misconduct, (x) any right or claim of right to cause a marshaling of the assets of the Defaulting Borrower or any other Borrower,
(xi) any act or omission of the Lender (except acts or omissions resulting from the Lender’s bad faith, gross negligence
or willful misconduct) that changes the scope of the Guaranteeing Borrower’s or any other Borrower’s risk hereunder,
and (xii) all other notices and demands otherwise required by law which the Guaranteeing Borrower may lawfully waive.


Until the payment of all amounts due under
the Loan Documents and the performance of all of the terms, covenants and conditions therein required to be kept, observed or performed
by the other Borrowers, the Guaranteeing Borrower waives (i) any right to enforce any remedy that the Lender now has or may hereafter
have against the other Borrowers, and (ii) any benefit of, and any right to participate in, any security now or hereafter held
by the Lender.


The Guaranteeing Borrower waives all rights
of subrogation against the Defaulting Borrower or any other Borrower, for the express purpose that the Guaranteeing Borrower shall
not be deemed a “creditor” of the Defaulting Borrower or any other Borrower under applicable bankruptcy law with respect
to the Defaulting Borrower’s or any other Borrower’s obligations to the Lender.


The Guaranteeing Borrower waives all presentments,
demands for performance, notices of nonperformance, protests, notices of dishonor, and notices of acceptances of this Agreement.


The Guaranteeing Borrower waives the benefit
of any statute of limitations affecting its liability hereunder or the enforcement thereof.


The Guaranteeing Borrower hereby subordinates
the payment and the time of payment of all indebtedness and obligations of the other Borrowers to the Guaranteeing Borrower of
every kind and nature whatsoever whether now in existence or hereafter entered into (the “Subordinated
Indebtedness”) to the payment of all obligations of the Guaranteeing Borrower under this Agreement. At such time
as there is a Default, the Guaranteeing Borrower shall not receive any payment or distribution on account of, or accept any collateral
or security for, or bring any action to collect, the Subordinated Indebtedness. The Guaranteeing Borrower shall not assign, transfer,
pledge or dispose of the Subordinated Indebtedness while this Agreement is in effect.


If the Guaranteeing Borrower does receive
any such payment or distribution, whether voluntary or involuntary, and whether or not under any state or federal bankruptcy or
other insolvency proceedings, after a Default, then the Guaranteeing Borrower agrees and directs that any such payment or distribution
shall be paid or delivered directly to the Lender for application to the obligations of the Guaranteeing Borrower under this Agreement
(whether due or not and in such order and manner as the Lender may elect). If any such payment or distribution is received by the
Guaranteeing Borrower after a Default, the Guaranteeing Borrower will deliver the same to the Lender, and until so delivered, the
same shall be held in trust by the Guaranteeing Borrower as property of the Lender. As further assurance of the authorization herein
given, the Guaranteeing Borrower agrees to execute and deliver to the Lender any power of attorney, assignment, endorsement, or
other instrument as may be requested by the Lender to enable the Lender to enforce any claims upon the Subordinated Indebtedness
and to collect and receive any payment or distribution with respect to the Subordinated Indebtedness. The Guaranteeing Borrower
hereby irrevocably authorizes and empowers the Lender to demand, sue for, collect and receive every such payment or distribution
on account of the Subordinated Indebtedness and to file claims and take such other proceedings in the name of the Lender or in
the name of the Guaranteeing




    5 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

Borrower as the Lender may deem necessary
or advisable to carry out the provisions of this Agreement.


To secure the performance by the Guaranteeing
Borrower of the provisions of this Agreement, Guaranteeing Borrower assigns, pledges and grants to the Lender a security interest
in, and lien on, the Subordinated Indebtedness, all proceeds thereof and all and any security and collateral therefor. Upon the
request of the Lender, the Guaranteeing Borrower shall endorse, assign and deliver to the Lender all notes, instruments and agreements
evidencing, securing, guaranteeing or made in connection with the Subordinated Indebtedness.


		4.5	Payment of Monthly installments of Principal and Interest



The Borrowers agree to pay, or cause to
be paid, monthly installments of principal and interest on the Loan through separate payments on each of the Notes.


		4.6	Default



It shall be a “Default” of
the Borrowers under this Agreement if the obligation of any Borrower to pay any of the Indebtedness becomes subject to a claim
that collateralization of such Borrower’s Parcel secured by the related Mortgage or any of the related Loan Documents constitutes
a fraudulent conveyance or transfer, or otherwise becomes subject to avoidance under any fraudulent transfer law, in either case,
including Section 548 of Title 11 of the United States Code or any applicable provisions of comparable laws of the State of Delaware,
the State of Illinois or the State of Wisconsin, unless a motion for the dismissal of the petition or proceeding or other action
is filed within twenty (20) days and results in its dismissal within sixty (60) days of the filing of the petition or proceeding
or other action.


		5.	SEPARATE IDENTITY COVENANTS



		5.1	Organizational Documents.



Each Borrower covenants and agrees not
to modify or amend its organizational documents in any way which would conflict with, or would modify or eliminate that such Borrower
observe, the requirements of Subsection 6.5 (Bankruptcy Remote Entity) of the Mortgage.


		5.2	Inspection



Lender and its agents, upon not less than
two Business Days’ notice, shall have the right from time to time to inspect the books and records of any Borrower (or all
of them) during business hours at its principal office in order to verify whether or not such Borrower is complying with the provisions
of Section 5.1.


		6.	PREPAYMENTS, RELEASES AND TRANSFERS



		6.1	Prepayments



The Borrowers shall have the collective
right to voluntarily prepay the Loan in whole or in part only by remitting to the Lender an amount sufficient to reduce the principal
balance of the Loan by $500,000 or more. Any such voluntary prepayment shall be applied to the Notes pro rata based on their outstanding
principal balances at the time of the prepayment, and shall be subject to the provisions of the Notes requiring the payment of
prepayment premiums in respect of prepayments. The required monthly payment amounts on the Notes shall be re-amortized based on
their reduced principal balances and then-remaining amortization schedules.




    6 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

		6.2	Release of a Parcel



The Borrowers may cause from time to time
the release of a Parcel as security for the Loan (a “Release”). The Lender’s obligation to release a Parcel
is subject to the following conditions:


		(a)	The Release shall not occur if it such Release would cause the total number of Releases, measured
by the number of Parcels released, to exceed three (3).



		(b)	No Default beyond any applicable cure period shall
exist under the Loan, nor shall any act, omission or circumstance exist which, following notice and absence of a cure, would become
a Default under the Loan.



		(c)	The Borrowers shall have requested the Release
in writing no less than thirty (30) days prior to the date of the proposed Release.



		(d)	At the time of the Release, the Lender shall receive from the Borrowers a prepayment of the Loan
calculated in accordance with this Subsection 6.2(d) (the “Release Amount”). With respect to the Parcel being
released, the Release Amount shall equal (A) the amount which would be required to prepay the related Note in full in accordance
with Section 7 of such Note, including the prepayment premium calculated on the voluntarily prepaid principal amount of such Note,
multiplied by (B) one hundred fifteen percent (115%) (the “Payoff Amount”). The portion of the Payoff Amount
which exceeds the amounts then due and owning under the related Note (including any applicable prepayment premium) shall be applied
to the remaining Notes, pro rata, based on their respective principal balances, as a voluntary partial principal prepayment
and a prepayment premium on such applied amount calculated in accordance with Section 7 of each remaining Note. Following any such
paydown of the remaining Notes, payments under each remaining Note shall be re-amortized by the Lender based on such Note’s
then-remaining amortization schedule.



		(e)	The Borrowers shall pay all costs and expenses in connection with any such Release, whether or
not it is carried out, including without limitation (i) an administrative fee of Five Thousand Dollars ($5,000) payable to the
Lender, (ii) the Lender’s reasonable attorneys’ fees and expenses, and (iii) title endorsement premiums and recording
fees, if any.



Upon satisfaction of
the foregoing conditions, the Lender shall prepare an instrument of release of the lien of the applicable Mortgage and all other
documentation of a ministerial or administrative nature that is necessary to be delivered by the Lender in connection with such
Release.


		6.3	Substitution of a Parcel



The Borrowers may cause from time to time
the release of a Parcel as security for the Loan and a simultaneous substitution of another commercial property satisfactory to
the Lender (the “Substituted Parcel”) as collateral for the Loan (a “Substitution”). The
Lender’s obligation to consent to a Substitution is subject to the following conditions:


		(a)	The Substitution shall not occur if it such Substitution would cause the total number of Substitutions,
measured by the number of Parcels substituted, to exceed three (3).



		(b)	No Default shall exist under the Loan, nor shall
any act, omission or circumstance exist which, following notice and absence of a cure, would become





    7 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

a Default under the Loan (unless the Lender
determines, in its reasonable discretion, that the cure of such a potential Default is being diligently pursued and is likely to
be achieved).


		(c)	The Borrowers shall have requested the Release
in writing no less than seventy-five (75) days prior to the date of the proposed Substitution; provided, however, that the Lender
shall use commercially reasonably efforts to close the Substitution no later than sixty (60) days following the date that the Lender
has received from the Borrowers all information and funds necessary to order third-party reports required to underwrite the proposed
Substitution.



		(d)	The market value of the Substituted Parcel shall not be less than one hundred fifteen percent (115%)
of the market value of the Parcel being released, as determined by the Lender based on new appraisals of the Parcel being released
and the Substituted Parcel, as determined under the procedure described in Section 13 of the Commitment.



		(e)	The Lender shall receive satisfactory customary diligence related to the Substituted Parcel, including
without limitation leases, operating and occupancy statements, and tenant estoppels and subordination, non-disturbance and attornment
agreements.



		(f)	The Lender shall receive satisfactory insurance documentation demonstrating that the Substituted
Parcel is insured with insurance that complies with the requirements of the Loan Documents.



		(g)	The Lender shall receive satisfactory engineering and environmental reports for the Substituted
Parcel delivered by third-party vendors satisfactory to the Lender.



		(h)	In addition to a lender’s title insurance policy, zoning report and survey satisfactory the
Lender related to the Substituted Parcel, the Lender shall receive a “tie-in” or similar endorsement, together with
a “first loss” endorsement, each satisfactory to the Lender, to each title insurance policy insuring the lien of the
Mortgages on the date of the Substitution with respect to the title insurance policy insuring the lien of the mortgage encumbering
the Substituted Parcel.



		(i)	The Lender shall receive certified organizational documents and a good standing certificate satisfactory
to the Lender for the owner of the Substituted Parcel (the “Substitution Borrower”), and the Substitution Borrower
shall authorize, execute and deliver loan documents related to the Substituted Parcel substantially similar to the Loan Documents
executed by the Borrower who owns the Parcel being substituted (including without limitation a mortgage and assignment of leases
and rents encumbering the Substituted Parcel and a UCC-1 financing statement perfecting the Lender’s interest in the personal
property of the Substitution Borrower) and shall be in compliance with the representations, warranties and covenants contained
in such Loan Documents (including without limitation Subsections 6.5 and 6.27 of the Mortgage). The Substitution Borrower shall
ratify and become a party to this Agreement (including without limitation Subsections 4.3 and 4.4) and any other Loan Documents
as requested by the Lender.



		(j)	The Carveout Obligor shall authorize, execute and deliver an environmental indemnity and a carveout
agreement and guarantee related to the Substituted





    8 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

Parcel and the Substitution Borrower substantially
similar to those executed by the Carveout Obligor for the Parcel and Borrower being released.


		(k)	The Lender shall receive a satisfactory legal opinion relating to substantially similar corporate
and enforceability matters as were contained in the legal opinions received by the Lender related to the Loan Documents on the
date of this Agreement.



		(l)	If the Substituted Parcel is subject to a property management agreement, such property management
agreement and property manager shall be in compliance with the requirements of the Loan Documents, and such property manager shall
authorize, execute and deliver an assignment and subordination of management agreement substantially similar to those delivered
in connection with the origination of the Loan.



		(m)	The Borrowers shall pay (i) to the Lender (as its sole compensation for its underwriting and closing
efforts) a fee of one percent (1%) of the value of the Substituted Property and (ii) all costs and expenses in connection with
any such Substitution, whether or not it is carried out, including without limitation (A) the Lender’s reasonable attorneys’
fees and expenses, (B) appraisal, environmental and engineering costs, and (iv) title endorsement premiums and recording fees.



The Lender may base its
consent concerning the Substitution or any of the above specified deliveries based solely on its own economic interests and on
the marginal effect of the Substitution on the Loan and on the Lender’s investment portfolio. In doing so, the Lender may
only consider any factor (A) reasonably related to the quality of the proposed Substituted Property as collateral, including, without
limitation, market value, cash flow, projected capital requirements, tenant quality, location, condition of title, quality and
expected life of the improvements, and the environmental condition of the property and (B) related to the effect of the Substitution
on the Lender’s overall portfolio, including, without limitation, asset types, investment concentrations in markets or submarkets,
and tenant credit exposures. The closing of the Substitution shall be carried out in accordance with the Lender’s then-current
mortgage loan origination practices.


Upon satisfaction of
the foregoing conditions, the Lender shall prepare an instrument of release of the lien of the applicable Mortgage and all other
documentation of a ministerial or administrative nature that is necessary to be delivered by the Lender in connection with such
Substitution.


		6.4	Transfers



		(a)	Permitted Transfer to an Approved Purchaser



No Borrower may exercise its rights under
Subsection 14.1 of its related Mortgage unless all of the Real Property is sold simultaneously either (A) to a single New Borrower
pursuant to a permitted assumption under Subsection 14.1 of all of the Mortgages, or (B) to multiple New Borrowers pursuant to
a permitted assumption and a fully cross-defaulted, cross-collateralized transaction.


		(b)	Permitted Transfers of Certain Passive Interests



No Borrower may exercise its rights under
Subsection 14.2 of its related Mortgage unless, following the exercise of such rights, all of the Borrowers continue to share the
same structure of ultimate beneficial ownership and Legal Control following the transfers.




    9 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

		7.	ELECTION OF REMEDIES



In the event of Default, the Lender need not
resort first to its remedies under the Loan Documents executed by the Borrower that has executed the Note or the Loan Documents
from which the Default arises. The Lender may instead exercise its remedies for Default under any of the Loan Documents executed
by any other Borrower, at its sole and absolute discretion.


		8.	MISCELLANEOUS



		8.1	Applicable Law



This Agreement shall be interpreted, construed,
applied, and enforced according to, and will be governed by, the laws of the State of New York, without regard to any choice of
law principles which, but for this provision, would require the application of the law of another jurisdiction and regardless of
where executed or delivered, where payable or paid, where any cause of action accrues in connection with this transaction, where
any action or other proceeding involving this Agreement is instituted or pending, and whether the laws of the State of New York
otherwise would apply the laws of another jurisdiction.


		8.2	Notices



In order for any demand, consent, approval
or other communication to be effective under the terms of this Agreement, “Notice” must be provided under the terms
of this Subsection. All Notices must be in writing. Notices may be (a) delivered by hand, (b) transmitted by electronic mail (with
a duplicate copy sent by first class mail, postage prepaid), (c) sent by certified or registered mail, postage prepaid, return
receipt requested, or (d) sent by reputable overnight courier service, delivery charges prepaid. Notices shall be addressed as
set forth below:


If to Lender:


Transamerica Insurance Company

c/o AEGON USA Realty Advisors, LLC

4333 Edgewood Road, N.E.

Cedar Rapids, Iowa 52499-5443

Attn: Mortgage Loan Department

Reference: Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154,
10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161

E-Mail Address: AAMServicing@aegonusa.com


If to the Borrower:


Plymouth MWG 13040 South Pulaski LLC, Plymouth
MWG 11601 South Central LLC, Plymouth MWG 6000 West 73rd LLC, Plymouth MWG 6510 West 73rd LLC, Plymouth MWG 6558 West 73rd LLC,
Plymouth MWG 6751 South Sayre LLC, Plymouth MWG 7200 South Mason LLC, Plymouth MWG 1445 Greenleaf LLC, Plymouth MWG 1796 Sherwin
LLC, Plymouth 3 West College LLC, Plymouth 1600 Fleetwood LLC, Plymouth South McLean LLC, Plymouth MWG 28160 North Keith LLC, Plymouth
MWG 13970 West Laurel LLC, Plymouth MWG 3841 Swanson LLC, Plymouth MWG 525 West Marquette LLC, Plymouth MWG 5110 South 6th LLC,
and Plymouth MWG 1750 South Lincoln LLC

c/o Plymouth Industrial REIT, Inc.

260 Franklin Street, Suite 700

Boston, Massachusetts 02110

Attn: Pendleton P. White, Jr.






    10 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

E-Mail Address: pen.white@plymouthrei.com



with a copy to:



Brown Rudnick LLP

One Financial Center

Boston, Massachusetts 02111

Attn: Kevin Joyce, Esq.

E-Mail Address: kjoyce@brownrudnick.com


Notices delivered by hand or by overnight
courier shall be deemed given when actually received or when refused by their intended recipient. Notices sent by electronic mail
will be deemed delivered when a legible copy has been received (provided receipt has been verified by telephone confirmation or
one of the other permitted means of giving Notices under this Subsection). Mailed Notices shall be deemed given on the date of
the first attempted delivery (whether or not actually received). Either the Lender or the Borrower may change the address for Notice
by giving at least fifteen Business Days’ prior Notice of such change to the other party or parties.


		8.3	No Partnership



Nothing contained in the Loan Documents
is intended to create any partnership, joint venture or association between the Borrowers and the Lender, or in any way make the
Lender a co-principal with one, any or all of the Borrowers with reference to the Real Property.


		8.4	Successors and Assigns



The terms, covenants, conditions and warranties
contained herein and the powers granted hereby shall run with the land, shall inure to the benefit of and bind the parties hereto
and their respective heirs, executors, administrators, successors and assigns, and all tenants, sub-tenants and assigns of same,
and all occupants and subsequent owners of the Real Property.


		8.5	Severability



In the event that any one or more of the
provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part, or in any
respect, or in the event that any one or more of the provisions of this Agreement shall operate, or would prospectively operate,
to invalidate this Agreement, then, and in any such event, such provision or provisions only shall be deemed to be null and void
and of no force or effect, and shall not affect any other provision of this Agreement which other provisions shall remain operative
and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby.


		8.6	Amendment



This Agreement may be amended, revised,
waived, discharged, released or terminated only by a written instrument or instruments executed by the party against which enforcement
of the amendment, revision, waiver, discharge, release or termination is asserted. Any alleged amendment, revision, waiver, discharge,
release or termination that is not so documented shall be null and void.


		8.7	Sole Benefit



This Agreement and the other Loan Documents
have been executed for the sole benefit of the Borrowers and the Lender. No other party shall have rights thereunder or be entitled
to assume that the parties thereto will insist upon strict performance of their mutual obligations hereunder,




    11 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

any of which may be waived from time to
time. Neither any Borrower nor any other Obligor shall have any right to assign any of its rights under this Agreement or the Loan
Documents to any party whatsoever.


		8.8	Interpretation



		(a)	Headings and General Application



The section, subsection, paragraph and subparagraph
headings of this Agreement are provided for convenience of reference only and shall in no way affect, modify or define, or be used
in construing, the text of the sections, subsections, paragraphs or subparagraphs. If the text requires, words used in the singular
shall be read as including the plural, and pronouns of any gender shall include all genders.


		(b)	Sole Discretion



The Lender may take any action or decide
any matter under the terms of this Agreement or of any other Loan Document (including any consent, approval, acceptance, option,
election or authorization) in its sole and absolute discretion, for any reason or for no reason, unless the related Loan Document
contains specific language to the contrary. Any approval or consent which the Lender might withhold may be conditioned in any way.


		(c)	Result of Negotiations



This Agreement results from negotiations
between the Borrowers and the Lender and from their mutual efforts. Therefore, it shall be so construed, and not as though it had
been prepared solely by the Lender.


		(d)	Reference to Particulars



The scope of a general statement made in
this Agreement or in any other Loan Document shall not be construed as having been reduced through the inclusion of references
to particular items that would be included within the statement’s scope. Therefore, unless the relevant provision of a Loan
Document contains specific language to the contrary, the term “include” shall mean “include, but shall not be
limited to” and the term “including” shall mean “including, without limitation.”


		8.9	Counterparts



This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original but all of which taken together shall constitute one and the same
agreement.


		8.10	Adjustment of Obligations



If any Borrower’s obligation to pay
the Indebtedness becomes subject to avoidance under any fraudulent transfer law, including Section 548 of Title 11 of the United
States Code or any applicable provisions of comparable laws of the State of Delaware, the State of Illinois or the State of Wisconsin,
then the Indebtedness for which such Borrower will be liable and the amount of the Indebtedness for which its Parcel will constitute
security will be limited to the largest amount that would not be subject to avoidance as a fraudulent transfer or conveyance under
such fraudulent transfer laws. Further, at any time at the Lender’s sole option, the Lender may record among the applicable
land records a complete or partial termination of any Mortgage evidencing the Lender’s election to treat such Mortgage as
null and void with respect to one or more or all of the Parcels (a “Terminated Parcel”). Each Borrower, at the
Lender’s request, must join in any such termination or partial termination, and each Borrower hereby irrevocably appoints
the




    12 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

Lender as such Borrower’s agent and
attorney-in-fact to execute, deliver and record such termination or partial termination in such Borrower’s name. Following
any such termination or partial termination, the Lender may enforce any Mortgage in accordance with its respective terms as if
the Mortgage had never been executed and delivered as to any Terminated Parcel.


THE REMAINDER OF THIS PAGE
HAS INTENTIONALLY BEEN LEFT BLANK




    13 

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed as of the date first above written.


 


LENDER:


TRANSAMERICA LIFE INSURANCE COMPANY, an
Iowa corporation


 


 


	 	By:	/s/ Stephen Noonan
	 	 	Name: Stephen Noonan
	 	 	Title: Authorized Signatory


 


 


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Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

BORROWERS:


PLYMOUTH 3 WEST COLLEGE LLC, a Delaware
limited liability company


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.              

Name: Pendleton P. White, Jr.

Title: President


 


PLYMOUTH 1600 FLEETWOOD LLC, a Delaware
limited liability company


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.              

Name: Pendleton P. White, Jr.

Title: President


 


PLYMOUTH SOUTH MCLEAN LLC, a Delaware limited
liability company


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.              

Name: Pendleton P. White, Jr.

Title: President


 


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Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

PLYMOUTH MWG 13040 SOUTH PULASKI LLC, a
Delaware limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


 


PLYMOUTH MWG 11601 SOUTH CENTRAL LLC, a
Delaware limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


 


PLYMOUTH MWG 6000 WEST 73RD LLC, a Delaware
limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


 




    

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

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PLYMOUTH MWG 6510 WEST 73RD LLC, a Delaware
limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


 


PLYMOUTH MWG 6558 WEST 73RD LLC, a Delaware
limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


PLYMOUTH MWG 6751 SOUTH SAYRE LLC, a Delaware
limited liability company


By:       PLYMOUTH
MWG HOLDINGS LLC, a Delaware limited liability company, its manager


By:       PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership, its manager


By:       PLYMOUTH
INDUSTRIAL REIT, INC., a Maryland corporation, its general partner


 


By:       /s/
Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President


 




    

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

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Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

PLYMOUTH MWG 7200 SOUTH MASON LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


PLYMOUTH MWG 1445 GREENLEAF LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


PLYMOUTH MWG 1796 SHERWIN LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


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Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

PLYMOUTH MWG 28160 NORTH KEITH LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


PLYMOUTH MWG 13970 WEST LAUREL LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


PLYMOUTH MWG 3841 SWANSON LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


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Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161



     

    

PLYMOUTH MWG 525 WEST MARQUETTE LLC, a
Delaware limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



 


PLYMOUTH MWG 5110 SOUTH 6TH LLC, a Delaware
limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President



PLYMOUTH MWG 1750 SOUTH LINCOLN LLC, a
Delaware limited liability company


		By:	PLYMOUTH MWG HOLDINGS LLC, a Delaware limited liability company, its manager



		By:	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership, its manager



		By:	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation, its general partner



 


		By:	/s/ Pendleton P. White, Jr.       

Name: Pendleton P. White, Jr.

Title: President





    

Loan Agreement
Plymouth Chicago Portfolio, Alsip, Bedford Park, Elk Grove, Des Plaines, Arlington Heights, Elgin, Lake Forest, Gurnee and Freeport. Illinois and Oak Creek and Milwaukee, Wisconsin
 AEGON Loan Nos. 10518144, 10518145, 10518146, 10518147, 10518148, 10518149, 10518150, 10518151, 10518152, 10518153, 10518154, 10518155, 10518156, 10518157, 10518158, 10518159, 10518160 and 10518161