Exhibit 10.1


 


EXECUTION VERSION


 


INCREASE
AGREEMENT 


 


THIS INCREASE
AGREEMENT (this “Agreement”) dated as of July 18, 2018 (the “Agreement”), is executed
by each of the existing Revolving Lenders under (and as defined in) the Credit Agreement (as defined below) a signatory hereto
(the “Increasing Lenders”), PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative
Agent”), AGREE REALTY CORPORATION, a Maryland corporation (the “Parent”), and AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (the “Borrower”).


 


WHEREAS, the Borrower,
the Parent, the lenders from time to time party thereto, the Administrative Agent, and the other parties thereto have entered into
that certain Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 15, 2016 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”; terms used herein but not defined
herein shall have the meanings set forth in the Credit Agreement);


 


WHEREAS, pursuant to
Section 2.16 of the Credit Agreement, the Borrower has requested that the aggregate amount of the Commitments (as defined
in the Credit Agreement) be increased; and


 


WHEREAS, each Increasing
Lender is willing to increase the amount of such Increasing Lender’s Commitment on the terms set forth herein; and


 


NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties
hereto hereby agree as follows:


 


Section 1.


 


(a)          Commitment
Increases. Upon the effectiveness of this Agreement, the Borrower, the Parent and each Increasing Lender acknowledge and agree
that the amount of such Increasing Lender’s Commitment shall be increased by the amount set forth for such Increasing Lender
on Schedule I hereto as such Lender’s “Commitment Increase”.


 


(b)          Reallocation.
Pursuant to Section 2.16(c) of the Credit Agreement and in connection with the increase of the Commitments under Section 1(a),
on the Increase Amount Date each Increasing Lender shall purchase from each Revolving Lender that is not an Increasing Lender its
Applicable Revolving Percentage (determined with respect to the Revolving Lenders’ respective Commitments after giving effect
to the increase of Commitments under Section 1(a)) of any outstanding Revolving Loans, by making available to the Administrative
Agent for the account of such other Revolving Lender, in same day funds, an amount equal to the portion of the outstanding principal
amount of such Revolving Loans to be purchased by such Increasing Lender. The Borrower shall pay to the Revolving Lenders amounts
payable, if any, to such Revolving Lenders under Section 3.05 of the Credit Agreement as a result of any resulting prepayment
of any such Revolving Loans.


 


Section 2. Conditions
Precedent. The effectiveness of this Agreement, including without limitation, the increases of the Commitments under Section 1(a),
is subject to receipt by the Administrative Agent of each of the following, each in form and substance satisfactory to the Administrative
Agent (the date such conditions are satisfied, the “Increase Amount Date”):


 


(a)          a
counterpart of this Agreement duly executed by the Borrower, the Parent, the Administrative Agent, and each of the Increasing Lenders;


 




     


     


    

 


(b)          Revolving
Notes executed by the Borrower, payable to each Increasing Lender requesting a Revolving Note, in the amount of such Increasing
Lender’s aggregate Commitment (after giving effect to the increase contemplated hereby);


 


(c)          a
Guarantor Acknowledgement substantially in the form of Exhibit A attached hereto, executed by each Guarantor;


 


(d)          (i)
copies of the Organization Documents of each Loan Party, certified (x) as of a recent date by the appropriate governmental official,
each dated as of the Increase Amount Date or a recent date prior thereto and (y) by its secretary or assistant secretary as being
in full force and effect without modification or amendment; provided, that to the extent such Organization Documents have
previously been delivered to the Administrative Agent, the certification by such secretary or assistant secretary shall certify
that such Organization Documents are in full force and effect and have not been modified or amended since the such date the same
were delivered to the Administrative Agent; (ii) signature and incumbency certificates of the officers of each Loan Party
executing this Agreement and each other agreement executed in connection therewith to which it is a party; (iii) resolutions of
the board of directors or similar governing body of each Loan Party approving and authorizing the execution, delivery and performance
of this Agreement and each other agreement executed in connection therewith to which it is a party, certified as of the Increase
Amount Date by its secretary or assistant secretary as being in full force and effect without modification or amendment; and (iv)
a good standing certificate from each Loan Party’s jurisdiction of incorporation, organization or formation and each other
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification,
except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;


 


(e)          an
opinion of counsel to the Loan Parties, and addressed to the Administrative Agent and the Lenders, covering such matters as reasonably
requested by the Required Lenders, in form and content similar to the opinion provided to the Administrative Agent and the Lenders
pursuant to Section 5.01(a)(v) of the Credit Agreement or such other form acceptable to the Administrative Agent;


 


(f)          evidence
that all fees, expenses and reimbursement amounts due and payable to the Administrative Agent and the Increasing Lenders have been
paid; and


 


(g)          such
other documents, instruments and agreements as the Administrative Agent may reasonably request.


 


Section 3. Representations
and Warranties of Loan Parties. Each Loan Party represents and warrants that (x) no Default or Event of Default shall
be in existence on the Increased Amount Date, either before or immediately after giving effect to the increases in the Commitments
effected hereby, or would result from the application of the proceeds thereof, and (y) the representations and warranties
of each Loan Party contained in Article VI of the Credit Agreement or any other Loan Document, or which are contained in any document
furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as
of the date of the Increase Amount Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct as of such earlier date.


 


Section 4. Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK OTHER THAN THE
CHOICE OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).


 




    	 	- 2 -	 



     


    

 


Section 5. Counterparts.
This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same
agreement.


 


Section 6. Headings.
Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.


 


Section 7. Amendments;
Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by each of the Increasing
Lenders, the Administrative Agent, the Parent and the Borrower.


 


Section 8. Expenses.
The Borrower shall reimburse the Administrative Agent upon demand for all costs and expenses (including attorneys’ fees)
incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Agreement and the other
agreements and documents executed and delivered in connection herewith.


 


Section 9. Benefits.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
This Agreement is a Loan Document.


 


[Signatures on Next Page]


 




    	 	- 3 -	 



     


    

 


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


 


	 	PNC BANK, NATIONAL ASSOCIATION, 
	 	as Administrative Agent and as an Increasing Lender


 


	 	By:	/s/  David C. Drouillard
	 	 	Name: David C. Drouillard
	 	 	Title: Senior Vice President


 


[Signatures Continued on Next Page]


 




     


     


    

 


[Signature Page to
Increase Agreement for Agree Limited Partnership]


 


	 	CITIBANK, N.A., as an Increasing Lender


 


	 	By:	/s/ Christopher J. Albano
	 	 	Name:	 Christopher J. Albano
	 	 	Title:	Authorized Signatory 


 






    	 



     


    

 





[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

                    as an Increasing Lender

	 	 	 
	 	By:	/s/ Matthew Kuhn
	 	 	Name:	Matthew Kuhn
	 	 	Title:	Vice President



 









    	 



     


    







 


[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	CITIZENS BANK, N.A., 

                    as an Increasing Lender

	 	 	 
	 	By:	/s/  Kerri B. Colwell
	 	 	Name:	 Kerri B. Colwell
	 	 	Title:	 Senior Vice President


 






    	 



     


    

 







[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	REGIONS BANK,

                    as an Increasing Lender

	 	 	 
	 	By:	/s/  T. Barrett Vawter
	 	 	Name:	 T. Barrett Vawter
	 	 	Title:	 Vice President


 









    	 



     


    

 





 


[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	SUNTRUST BANK,

                    as an Increasing Lender

	 	 	 
	 	By:	/s/  Ryan Almond
	 	 	Name:	 Ryan Almond
	 	 	Title:	 Group Vice President


 









    	 



     


    

 





[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	U.S. BANK NATIONAL ASSOCIATION,

                    as an Increasing Lender

	 	 	 
	 	By:	/s/  Curt M. Steiner
	 	 	Name:	 Curt M. Steiner
	 	 	Title:	 Senior Vice President


 












    	 



     


    

 





[Signature Page to Increase Agreement for
Agree Limited Partnership]


 





	 	RAYMOND JAMES BANK, N.A.,

                    as an Increasing Lender

	 	 	 
	 	By:	/s/  Matt Stein
	 	 	Name:	 Matt Stein
	 	 	Title:	 Senior Vice President


 
















     


     


    

 


[Signature Page to Increase Agreement
for Agree Limited Partnership]


 


	 	Acknowledged and Accepted as of the date first written above.
	 	 
	 	Agree Realty Corporation a Maryland 

corporation, as the Parent 


 


	 	By:	/s/ Joel
    N. Agree
	 	 	Name: 	Joel N. Agree
	 	 	Title:   	President and Chief Executive Officer


 


	 	AGREE LIMITED PARTNERSHIP, a Delaware limited

partnership, as the Borrower


 


	 	By:	Agree Realty Corporation, 
	 	a Maryland corporation, its sole general partner


 


	 	By:	/s/ Joel
    N. Agree
	 	 	Name:	Joel N. Agree
	 	 	Title:	President and Chief Executive Officer


 




     


     


    

 


SCHEDULE I


 


Commitment Increases


 


	Increasing Lender	 	Commitment
 Increase	 
	PNC Bank, National Association	 	$	14,700,000	 
	Citibank, N.A.	 	$	14,700,000	 
	Wells Fargo Bank, National Association	 	$	14,700,000	 
	Regions Bank	 	$	6,900,000	 
	SunTrust Bank	 	$	6,900,000	 
	U.S. Bank National Association	 	$	6,900,000	 
	Citizens Bank, N.A.	 	$	6,900,000	 
	Raymond James, N.A.	 	$	3,300,000	 
	Total	 	$	75,000,000	 



 




    	 	A-1	 



     


    

 


EXHIBIT A


 


FORM OF GUARANTOR ACKNOWLEDGEMENT


 


THIS GUARANTOR ACKNOWLEDGEMENT
dated as of July 18, 2018 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”)
in favor of PNC Bank, National Association, as Administrative Agent (the “Administrative
Agent”), and each “Lender” a party to the Credit Agreement referred to below (the “Lenders”).


 


WHEREAS, AGREE REALTY
CORPORATION, a Maryland corporation (the “Parent”), AGREE LIMITED PARTNERSHIP, a Delaware limited partnership
(the “Borrower”), the Lenders, the Administrative Agent and certain other parties have entered into that certain
Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 15, 2016 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”);


 


WHEREAS, each of the
Guarantors is a party to that certain Amended and Restated Guaranty dated as of December 15, 2016 (as amended, restated, supplemented
or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things,
the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Guaranty;


 


WHEREAS, the Borrower,
the Parent, the Administrative Agent and certain Revolving Lenders (as defined in the Credit Agreement) are to enter into an Increase
Agreement (the “Agreement”), to provide for increases in the amount of such Revolving Lenders’ respective
Commitments (as defined in the Credit Agreement) on the terms and conditions contained therein; and


 


WHEREAS, it is a condition
precedent to the effectiveness of the Agreement that the Guarantors execute and deliver this Acknowledgement.


 


NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree as follows:


 


Section 1. Reaffirmation.
Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees
that the transactions contemplated by the Agreement shall not in any way affect the validity and enforceability of the Guaranty,
or reduce, impair or discharge the obligations of such Guarantor thereunder.


 


Section 2. Governing
Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK OTHER THAN
THE CHOICE OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).


 


Section 3. Counterparts.
This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.


 


[Signatures on Next Page]


 




    	 	A-1	 



     


    

 


IN WITNESS WHEREOF,
each Guarantor has duly executed and delivered this Guarantor Acknowledgement as of the date and year first written above.


 


	 	THE GUARANTORS:
	 	 
	 	AGREE REALTY CORPORATION,
	 	a Maryland corporation


 


	 	By:	 
	 	Name:	Joel N. Agree
	 	Title:	President and Chief Executive Officer


 


	SUBSIDIARY GUARANTORS:	AGREE 17-92, LLC,
	 	a Florida limited liability company
	 	AGREE 117 MISSION, LLC,
	 	a Michigan limited liability company
	 	AGREE 1031, LLC,
	 	a Delaware limited liability company
	 	AGREE 2016, LLC,
	 	a Delaware limited liability company
	 	AGREE ALCOA TN LLC,
	 	a Tennessee limited liability company
	 	AGREE ALLENTOWN PA LLC,
	 	a Pennsylvania limited liability company
	 	AGREE ALTOONA, PA, LLC,
	 	a Delaware limited liability company
	 	AGREE AMERICUS GA, LLC,
	 	a Delaware limited liability company
	 	AGREE ANDERSON SC LLC,
	 	a Delaware limited liability company
	 	AGREE ANN ARBOR MI, LLC,
	 	a Delaware limited liability company
	 	AGREE ANN ARBOR STATE STREET, LLC,
	 	a Michigan limited liability company
	 	AGREE ANTIOCH, LLC,
	 	an Illinois limited liability company
	 	AGREE APOPKA FL, LLC,
	 	a Delaware limited liability company





	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By:	 
	 	 	Joel N. Agree
	 	Its:	President and Chief Executive Officer


 




    	 	A-2	 



     


    

 


	 	AGREE APPLETON WI, LLC,
	 	a Delaware limited liability company
	 	AGREE ARLINGTON TX LLC,
	 	a Texas limited liability company
	 	AGREE ATCHISON, LLC,
	 	a Kansas limited liability company
	 	AGREE ATLANTIC BEACH, LLC,
	 	a Delaware limited liability company
	 	AGREE BALTIMORE MD, LLC,
	 	a Delaware limited liability company
	 	AGREE BATON ROUGE LA LLC,
	 	a Louisiana limited liability company
	 	AGREE BELTON MO LLC,
	 	a Delaware limited liability company 
	 	AGREE BELVIDERE IL, LLC,
	 	an Illinois limited liability company
	 	AGREE BERWYN IL LLC,
	 	an Illinois limited liability company
	 	AGREE BLOOMINGTON MN, LLC,
	 	a Delaware limited liability company
	 	AGREE BRENHAM TX, LLC,
	 	a Delaware limited liability company
	 	AGREE BRIGHTON, LLC,
	 	a Delaware limited liability company
	 	AGREE BROOKLYN OH LLC,
	 	an Ohio limited liability company
	 	AGREE BT, LLC,
	 	a Delaware limited liability company
	 	AGREE BUFFALO CENTER IA, LLC,
	 	a Delaware limited liability company
	 	AGREE BURLINGTON, LLC,
	 	a Delaware limited liability company
	 	AGREE CANNON STATION LLC,
	 	a Delaware limited liability company
	 	AGREE CEDAR PARK TX, LLC,
	 	a Delaware limited liability company
	 	AGREE CENTER POINT BIRMINGHAM AL LLC, an 

Alabama limited liability company
	 	AGREE CHANDLER, LLC,
	 	an Arizona limited liability company





	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By:	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer


 




    	 	A-3	 



     


    

 


	 	AGREE CHARLOTTE POPLAR, LLC,
	 	a North Carolina limited liability company
	 	AGREE CHICAGO KEDZIE, LLC,
	 	an Illinois limited liability company
	 	AGREE COCHRAN GA, LLC,
	 	a Georgia limited liability company
	 	AGREE COLUMBIA SC, LLC,
	 	a Delaware limited liability company
	 	AGREE CONCORD, LLC,
	 	a North Carolina limited liability company
	 	AGREE CRYSTAL RIVER FL, LLC,
	 	a Delaware limited liability company
	 	AGREE CW, LLC,
	 	a Delaware limited liability company
	 	AGREE DANIEL MORGAN AVE SPARTANBURG SC LLC, a

South Carolina limited liability company
	 	AGREE DAVENPORT IA, LLC, 
	 	a Delaware limited liability company
	 	AGREE DES MOINES IA, LLC,
	 	a Delaware limited liability company
	 	AGREE DORAVILLE GA, LLC,
	 	a Delaware limited liability company
	 	AGREE DT JACKSONVILLE NC, LLC,
	 	a Delaware limited liability company
	 	AGREE EAST PALATKA, LLC,
	 	a Florida limited liability company
	 	AGREE EDMOND OK, LLC,
	 	a Delaware limited liability company
	 	AGREE EVERGREEN CO, LLC,
	 	a Delaware limited liability company
	 	AGREE FACILITY NO. I, L.L.C,
	 	a Delaware limited liability company
	 	AGREE FOREST MS LLC,
	 	a Mississippi limited liability company
	 	AGREE FOREST VA LLC,
	 	a Virginia limited liability company
	 	AGREE FORT MILL SC, LLC,
	 	a South Carolina limited liability company
	 	AGREE FORT WORTH TX, LLC,
	 	a Delaware limited liability company





	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer


 




    	 	A-4	 



     


    

 


	 	AGREE FUQUAY-VARINA, LLC,
	 	a North Carolina limited liability company
	 	AGREE GRAND CHUTE WI LLC,
	 	a Delaware limited liability company
	 	AGREE GRAND FORKS, LLC,
	 	a North Dakota limited liability company
	 	AGREE GRANDVIEW HEIGHTS OH, LLC,
	 	a Delaware limited liability company
	 	AGREE HARLINGEN LLC,
	 	a Texas limited liability company
	 	AGREE HAZARD KY, LLC,
	 	a Delaware limited liability company
	 	AGREE HOLLY SPRINGS MS, LLC,
	 	a Delaware limited liability company
	 	AGREE HOPKINSVILLE KY, LLC,
	 	a Delaware limited liability company
	 	AGREE INDIANAPOLIS GLENDALE LLC,
	 	a Delaware limited liability company
	 	AGREE INDIANAPOLIS IN II, LLC,
	 	a Delaware limited liability company
	 	AGREE JACKSON MS, LLC,
	 	a Delaware limited liability company
	 	AGREE JACKSONVILLE NC, LLC, 
	 	a North Carolina limited liability company
	 	AGREE JOHNSTOWN, LLC,
	 	an Ohio limited liability company
	 	AGREE JOPLIN MO LLC,
	 	a Missouri limited liability company
	 	AGREE JUNCTION CITY KS LLC,
	 	a Delaware limited liability company
	 	AGREE K&G JOPLIN MO, LLC,
	 	a Delaware limited liability company
	 	AGREE KIRKLAND WA, LLC,
	 	a Delaware limited liability company
	 	AGREE LAKE IN THE HILLS, LLC,
	 	an Illinois limited liability company
	 	AGREE LAKE ZURICH IL, LLC,
	 	an Illinois limited liability company











	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner 







	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer





	 	AGREE LEBANON VA, LLC,
	 	a Virginia limited liability company



 


 




    	 	A-5	 



     


    

 


	 	AGREE LEJUNE SPRINGFIELD IL, LLC,
	 	an Illinois limited liability company
	 	AGREE LIGONIER PA LLC,
	 	a Pennsylvania limited liability company
	 	AGREE LOWELL AR, LLC,
	 	a Delaware limited liability company
	 	AGREE LYONS GA, LLC,
	 	a Georgia limited liability company
	 	AGREE MADISONVILLE TX LLC,
	 	a Texas limited liability company
	 	AGREE MAGNOLIA KNOXVILLE TN LLC,
	 	a Tennessee limited liability company
	 	AGREE MANCHESTER LLC,
	 	a Connecticut limited liability company
	 	AGREE MANSFIELD, LLC,
	 	a Connecticut limited liability company
	 	AGREE MARSHALL MI OUTLOT, LLC,
	 	a Delaware limited liability company
	 	AGREE MCKINNEY TX LLC,
	 	a Texas limited liability company
	 	AGREE MEMPHIS GETWELL, LLC,
	 	a Tennessee limited liability company
	 	AGREE MILLSBORO DE, LLC,
	 	a Delaware limited liability company
	 	AGREE MINNEAPOLIS CLINTON AVE, LLC,
	 	a Minnesota limited liability company
	 	AGREE MINOT ND, LLC,
	 	a Delaware limited liability company
	 	AGREE MONTGOMERY AL LLC,
	 	an Alabama limited liability company
	 	AGREE MORROW GA, LLC,
	 	a Georgia limited liability company
	 	AGREE MT. DORA FL, LLC,
	 	a Delaware limited liability company
	 	AGREE NASHUA NH, LLC,
	 	a Delaware limited liability company
	 	AGREE NEW LENOX, LLC,
	 	an Illinois limited liability company
	 	AGREE NEW LENOX 2, LLC,
	 	an Illinois limited liability company





	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer


 




    	 	A-6	 



     


    

 


	 	AGREE NORTH LAS VEGAS, LLC,
	 	a Nevada limited liability company
	 	AGREE NOVI MI LLC,
	 	a Michigan limited liability company
	 	AGREE ORANGE & MCCOY, LLC,
	 	a Florida limited liability company
	 	AGREE OXFORD COMMONS AL, LLC,
	 	a Delaware limited liability company
	 	AGREE PALAFOX PENSACOLA FL, LLC,
	 	a Delaware limited liability company
	 	AGREE PENSACOLA LLC,
	 	a Florida limited liability company
	 	AGREE PENSACOLA NINE MILE LLC,
	 	a Florida limited liability company
	 	AGREE PINELLAS PARK, LLC,
	 	a Florida limited liability company
	 	AGREE PLAINFIELD LLC,
	 	a Michigan limited liability company
	 	AGREE POINCIANA, LLC,
	 	a Florida limited liability company
	 	AGREE PORT ORANGE FL, LLC,
	 	a Delaware limited liability company
	 	AGREE PORT ST. JOHN, LLC,
	 	a Delaware limited liability company
	 	AGREE PORTLAND ME, LLC,
	 	a Delaware limited liability company
	 	AGREE PORTLAND OR, LLC,
	 	an Delaware limited liability company
	 	AGREE PROVO UT, LLC,
	 	a Delaware limited liability company
	 	AGREE RAPID CITY SD, LLC,
	 	a South Dakota limited liability company
	 	AGREE RICHMOND VA, LLC,
	 	a Delaware limited liability company
	 	AGREE ROCHESTER NY LLC,
	 	a New York limited liability company
	 	AGREE ROCKFORD IL, LLC,
	 	a Delaware limited liability company






	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer






	 	AGREE RT AMITE LA, LLC,
	 	a Delaware limited liability company



 


 




    	 	A-7	 



     


    

 


	 	AGREE RT ARLINGTON TX, LLC,
	 	a Delaware limited liability company
	 	AGREE RT GULFPORT MS, LLC,
	 	a Delaware limited liability company
	 	AGREE RT JACKSON MS, LLC,
	 	a Delaware limited liability company
	 	AGREE RT PORT RICHEY FL, LLC,
	 	a Delaware limited liability company
	 	AGREE RT VILLA RICA GA, LLC,
	 	a Delaware limited liability company
	 	AGREE SALEM OR LLC,
	 	a Delaware limited liability company
	 	AGREE SARASOTA FL, LLC,
	 	a Delaware limited liability company
	 	AGREE SOUTHFIELD, LLC,
	 	a Michigan limited liability company
	 	AGREE SPARTANBURG SC, LLC,
	 	a South Carolina limited liability company
	 	AGREE SPRINGFIELD IL, LLC,
	 	an Illinois limited liability company
	 	AGREE SPRINGFIELD MO, LLC,
	 	a Delaware limited liability company
	 	AGREE SPRINGFIELD OH LLC,
	 	a Delaware limited liability company
	 	AGREE ST PETERSBURG, LLC,
	 	a Florida limited liability company
	 	AGREE ST. AUGUSTINE SHORES, LLC,
	 	a Delaware limited liability company
	 	AGREE ST. JOSEPH MO, LLC,
	 	a Missouri limited liability company
	 	AGREE STATHAM GA, LLC,
	 	a Georgia limited liability company
	 	AGREE STORES, LLC,
	 	a Delaware limited liability company
	 	AGREE SUN VALLEY NV LLC,
	 	a Nevada limited liability company
	 	AGREE SUNNYVALE CA, LLC,
	 	a Delaware limited liability company






	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer




	 	AGREE TERRE HAUTE IN LLC,
	 	a Delaware limited liability company



 


 




    	 	A-8	 



     


    

 


	 	AGREE TK, LLC,
	 	a Delaware limited liability company
	 	AGREE TOPEKA KS LLC,
	 	a Delaware limited liability company
	 	AGREE TRI-STATE LEASE, LLC,
	 	a Delaware limited liability company
	 	AGREE UPLAND CA, LLC,
	 	a Delaware limited liability company
	 	AGREE VENICE, LLC,
	 	a Florida limited liability company
	 	AGREE VERO BEACH FL, LLC,
	 	a Delaware limited liability company
	 	AGREE W 63RD CHICAGO IL, LLC,
	 	a Delaware limited liability company
	 	AGREE WHEATON IL, LLC,
	 	a Delaware limited liability company
	 	AGREE WHITTIER CA, LLC,
	 	a Delaware limited liability company
	 	AGREE WICHITA, LLC,
	 	a Kansas limited liability company
	 	AGREE WICHITA FALLS TX LLC,
	 	a Texas limited liability company
	 	AGREE WOODSTOCK IL, LLC,
	 	a Delaware limited liability company
	 	INDIANAPOLIS STORE NO. 16, L.L.C.,
	 	a Delaware limited liability company
	 	LUNACORP, LLC,
	 	a Delaware limited liability company
	 	MT. PLEASANT OUTLOT I, LLC,
	 	a Michigan limited liability company
	 	MT. PLEASANT SHOPPING CENTER L.L.C.,
	 	a Michigan limited liability company
	 	PHARM NASHVILLE IN, LLC,
	 	a Delaware limited liability company





	 	By:	Agree Limited Partnership,
	 	 	a Delaware limited partnership
	 	Its:   	Sole Member





	 	By:	Agree Realty Corporation,
	 	 	a Maryland corporation
	 	Its:	Sole General Partner





	 	By: 	 
	 	 	Joel N. Agree
	 	Its: 	President and Chief Executive Officer


 




    	 	A-9