EX-10.3



 EXHIBIT 10.3 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this 15th day of August, 2014 by and among Hines Securities, Inc., a Delaware corporation (the “Dealer Manager”), Hines Global REIT II, Inc., a Maryland corporation (the
“Company”), and UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”). 

RECITALS 
 WHERE
AS, the Company proposes to offer and sell up to $2.0 billion of its Class A shares and Class T shares of common stock (collectively, the “Shares”), on a best-efforts basis (excluding the shares of its common stock to
be offered and sold pursuant to the Company’s distribution reinvestment plan), (the “Offering”) to investors pursuant to the Company’s Registration statement on Form S-11 (File No. 333-191106), as amended from time to
time (the “Offering Document”). The initial offering price of Class A shares will be $10.00 per share and the initial offering price of the Class T shares will be $9.47 per share. 

WHERE AS, the Dealer Manager has been engaged by the Company to offer and sell the Shares on a best efforts basis through a network of
participating broker-dealers (the “Dealers”). 
 WHERE AS, the Company has agreed that the subscription price
paid by subscribers for shares will be refunded to such subscribers if at least $2.0 million of gross offering proceeds (the “Minimum Offering”) has not been raised within one year from the date the Offering Document becomes
effective with the Securities and Exchange Commission (the “Closing Date”). 
 WHERE AS, the Dealer Manager and the
Company desire to establish an escrow account (the “Escrow Account”), as further described herein in which funds received from subscribers will be deposited into an interest-bearing account entitled “UMB Bank, N.A., as Escrow
Agent for Hines Global REIT II, Inc.” and the Company desires that UMB Bank, N.A. act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity. 

WHERE AS, deposits received from residents of the commonwealth of Pennsylvania (the “Pennsylvania Subscribers”) will
remain in the Escrow Account until the conditions of Section 3 hereof have been met. 
 WHERE AS, deposits received from
residents of the state of Washington (the “Washington Subscribers”) will remain in the Escrow Account until the conditions of Section 4 hereof have been met. 

WHERE AS, the Escrow Agent has engaged DST Systems (the “Transfer Agent”) to examine for “good order” and to
act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting, the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of
the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Transfer Agent’s possession as the agent of the Escrow Agent. 







 WHERE AS, in order to subscribe for Shares during the Escrow Period (as defined below), a
subscriber must deliver the full amount of its subscription: (i) by check, draft or money order made payable to the order of UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc., in U.S. dollars or (ii) by draft, wire transfer of
immediately available funds in U.S. dollars, made payable as provided in Section 12(2). 
 AGREEMENT

 NOW, THEREFORE, the Dealer Manager, the Company and the Escrow Agent agree to the terms of this Agreement as follows: 

1. Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares pursuant to the Offering Document, the
Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.” The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania
Subscribers and the Washington Subscribers in a manner in which they may be separately accounted for by the records of the Transfer Agent so that the requirements set forth in Section 3 of this Agreement with respect to Pennsylvania Subscribers
and Section 4 of this Agreement with respect to Washington Subscribers can be satisfied. This Agreement shall be effective on the date on which the Offering Document becomes effective. Except as otherwise set forth herein for the Pennsylvania
Subscribers and the Washington Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of (i) the date upon which the Escrow Agent receives confirmation from the Company and
the Dealer Manager that the Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the termination of the Offering by the Company prior to the receipt of the Minimum Offering (the “Escrow Period”). 

2. Operation of the Escrow. 
 (a)
Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank,
N.A., as Escrow Agent for Hines Global REIT II, Inc.” Any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its
receipt. Checks received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit in accordance with the following procedures. Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory
review is conducted at the same location at which subscription documents and checks are initially received from subscribers, checks will be transmitted by the end of the next business day following receipt of the subscription documents and checks by
the Dealer to the Escrow Agent until the Minimum Offering has been achieved, with respect to subscribers other than Pennsylvania Subscribers and Washington Subscribers (“Non-Pennsylvania/Washington Subscribers”), or until the
Pennsylvania Minimum Offering (as defined in Section 3 hereof) has been achieved, with respect to Pennsylvania Subscribers or until the Washington Minimum Offering (as defined in Section 4) has been achieved, with respect to Washington
Subscribers. After the Minimum Offering has been achieved, in the case of Non- Pennsylvania/Washington Subscribers, or after the Pennsylvania Minimum Offering has been achieved, in the case of Pennsylvania Subscribers, or after the Washington
Minimum Offering has been achieved, in the case of Washington Subscribers, such subscription documents and checks will be transmitted by the end of the next business day following receipt of the subscription documents and such checks by the Dealer
to the Company or to such other account or agent as directed by the Company. Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is 

  
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conducted at a different location (the “Final Review Office”), subscription documents and checks will be transmitted to the Final Review Office by the end of the next business
day following receipt of the subscription documents and checks by the Dealer. The Final Review Office will transmit such subscription documents and checks by the end of the next business day following receipt by the Final Review Office to the Escrow
Agent until the Minimum Offering has been achieved, with respect to Non- Pennsylvania/Washington Subscribers, or until the Pennsylvania Minimum Offering has been achieved, with respect to Pennsylvania Subscribers or until the Washington Minimum
Offering has been achieved, with respect to the Washington Subscribers. After the Minimum Offering has been achieved, with respect to Non- Pennsylvania/Washington Subscribers, or after the Pennsylvania Minimum Offering has been achieved, with
respect to Pennsylvania Subscribers or after the Washington Minimum Offering has been achieved, with respect to Washington Subscribers, such subscription documents and checks will be transmitted by the end of the next business day following receipt
by the Final Review Office to the Company or to such other account or agent as directed by the Company. 
 Dealers shall deliver checks and
completed subscription documents via overnight courier to the Escrow Agent at the address as provided for in Section 12(2), and wire payments shall be transmitted directly to the Escrow Account. Deposits shall be held in the Escrow Account
until such funds are disbursed in accordance with this Agreement. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the
instruments of payment are returned to the Escrow Agent for nonpayment prior to raising the Minimum Offering, with respect to Non- Pennsylvania/Washington Subscribers, or prior to raising the Pennsylvania Minimum Offering, with respect to
Pennsylvania Subscribers, or prior to raising the Washington Minimum Offering, with respect to Washington Subscribers, the Escrow Agent shall promptly notify the Transfer Agent and the Company in writing via mail, email or facsimile of such
nonpayment, and the Escrow Agent is authorized to debit the Escrow Account in the amount of such returned payment and the Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. The Transfer Agent will
maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the subscriber’s name and address, (ii) the subscriber’s social security number, (iii) the number of
Shares purchased by such subscriber, and (iv) the amount paid by such subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any funds received into the Escrow Account. 

(b) Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers and the Washington
Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written
direction provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver such funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Washington Subscribers, which cannot be released
until the conditions of Section 3 and Section 4, respectively, have been met). Thereafter, the Escrow Agent shall release funds and any interest or other income earned thereon from the Escrow Account as directed by the Company pursuant to
written instruction that the Company shall provide to the Escrow Agent from time to time. 
 (c) If the Company has not raised the Minimum
Offering on or prior to the Closing Date, the Transfer Agent shall provide the Escrow Agent the information needed to return the funds in the Escrow Account, together with any interest thereon, to each respective subscriber, and the Escrow Agent
shall promptly create and dispatch checks and 

  
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wires drawn on the Escrow Account to return the full amount of the funds deposited in the Escrow Account, together with their pro rata share of any interest thereon, to the respective
subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. Any amounts previously paid hereunder will be reimbursed by the Escrow Agent to such party after applying the interest to any escrow
fees and expenses that are or will be due under this Agreement as of the Closing Date. The subscription payments returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors. 

3. Distribution of the Funds from Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be distributed in
compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 and Section 4 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania
Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account)
equal or exceed $100,000,000 (the “Pennsylvania Minimum Offering”), whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Pennsylvania Subscribers received by the Escrow Agent
for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

(b) If the Company has not received total subscriptions of at least $100,000,000 within 120 days of the date the Company first receives a
subscription from a Pennsylvania Subscriber (the “Pennsylvania Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the
right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the fund deposited in the Escrow Account on behalf of the Pennsylvania Subscriber. 

(c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the
notification and payment procedure set forth in Section 3(b) above with respect to the Pennsylvania Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow
Period shall include a pro rata share of any interest earned thereon after the Pennsylvania Initial Escrow Period, until 

  
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the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed $100,000,000 and the
disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance
with the provisions hereof. 
 If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal
or exceed $100,000,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant
to instructions made by the Company, upon which the Escrow Agent may conclusively rely. 
 4. Distribution of the Funds from Washington Subscribers.

 Notwithstanding anything to the contrary herein, disbursements of funds contributed by Washington Subscribers may only be distributed in
compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Washington Subscribers into the
Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed
$20,000,000 (the “Washington Minimum Offering”), whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Washington Subscribers received by the Escrow Agent for accepted
subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

If, upon termination of the Offering, the Company has not received and accepted total subscriptions that equal or exceed $20,000,000, all
funds in the Escrow Account that were contributed by Washington Subscribers will be promptly returned in full to such Washington Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the
Company, upon which the Escrow Agent may conclusively rely. 
 5. Funds in the Escrow Account. Upon receipt of funds from subscribers, the Escrow
Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested at the direction of the Company. Unless otherwise directed by the Company, the Escrow Agent is hereby directed
to invest all funds received under this Agreement in UMB Bank Money Market Special, a UMB Bank interest-bearing money market deposit account. The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any
distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Notwithstanding the foregoing, all such funds shall not be invested in anything other than “Short Term
Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. Interest, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement. The Escrow
Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activity in such account since the last report. 

6. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no
implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow
Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by
reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 

7. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable
in any manner for the sufficiency, correctness, genuineness or validity of this Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for any action taken or omitted by it, or any action suffered by it
to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by
the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution 

  
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and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is reasonably believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by any of its officers or employees unless it shall be proved that the Escrow Agent was grossly
negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms
hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the event of any dispute or question as to
the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such counsel. 

The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company, for the
sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall
the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Agreement. 

In the event that the Escrow Agent shall become involved in any arbitration or litigation relating to the funds in the Escrow Account, it is authorized to
comply with any decision reached through such arbitration or litigation. 
 The Company, hereby agrees to indemnify the Escrow Agent for, and to hold it
harmless against any loss, liability or expense incurred in connection herewith without gross negligence, recklessness or willful misconduct on the part of the Escrow Agent, including without limitation reasonable and documented legal or other fees
arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for
interpleader. The Escrow Agent shall not be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing,
except that it shall not be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of
the Escrow Agent. 
 8. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as
set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow
Agent under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

  
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 9. Security Interests. No party to this Agreement shall grant a security interest in any monies or other
property deposited with the Escrow Agent under this Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

10. Dispute. In the event of any disagreement between the undersigned or the person or persons named in the instructions contained in this Agreement,
or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled to refuse to comply with any demand or claim, as
long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the undersigned or to any person
named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall have been fully and finally
adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been adjusted by agreement and the Escrow Agent shall have been notified
thereof in writing, signed by all the interested parties. 
 11. Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for
any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to take effect; upon the effective date
of such resignation or removal: 
 (a) All cash and other payments and all other property then held by the Escrow Agent
hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate. 

(b) If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall,
nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions
of a final order or judgment of a court of competent jurisdiction. 
 (c) Further, if no such successor escrow agent has been
designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this
Agreement. 
 12. Notices. All notices, demands and requests required or permitted to be given under the provisions hereof must be in writing and
shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or certified mail, with return receipt requested, or by overnight
courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this paragraph: 

 

			
	 (1) If to Company:
	  	 Hines Global REIT II, Inc.

		  	 2800 Post Oak Boulevard

		  	 Suite 5000

		  	 Houston, Texas 77056-6118



  
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	 (2) If to the Escrow Agent:
	  	UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust & Escrow Services
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number:
		  	Account Name: UMB Bank, N.A. as Escrow Agent for Hines Global REIT II, Inc.
		
		  	Checks Payable Information:
		  	UMB Bank, N.A., as Escrow Agent for Hines Global REIT II, Inc.
		  	 Attention: Lara Stevens, Corporate Trust
 1010
Grand Boulevard, 4th Floor
 Mail Stop 1020409

Kansas City, Missouri 64106

		
	(3) If to Dealer Manager:	  	Hines Securities, Inc.
		  	Suite 4700
		  	2800 Post Oak Boulevard
		  	Houston, Texas 77056-6118

 13. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Texas
without regard to the principles of conflicts of law. 
 14. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties hereto. 
 15. Modification. This Agreement may be amended, modified or terminated at any time
by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 16. Assignability. This Agreement shall not be assigned by the
Escrow Agent without the Company’s prior written consent. 

  
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 17. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of
such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 18. Headings. The
section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

19. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and
undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or
remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then
to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 20.
Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Escrow Agent or its agent shall be responsible for all tax reporting under this Escrow Agreement at the direction of the Company. The Company shall provide to
Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time, including Exhibit B. The Escrow
Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each
subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 
 21. Miscellaneous. This Agreement shall not be
construed against the party preparing it, and shall be construed without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it
shall be deemed their joint work product, and each and every provision of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted
against any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 

22. Third Party Beneficiaries. The Transfer Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or
obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the Transfer Agent and any party hereto. 
 23.
Termination of the Escrow Agreement. This Escrow Agreement, except for Sections 7 and 11 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final
termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow
Account or (b) to a successor escrow agent upon written instructions from the Company. 

  
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 24. Relationship of Parties. The Dealer Manager, the Company and the Escrow Agent are unaffiliated
parties, and this Agreement does not create any partnership or joint venture among them. This Agreement may be filed as an exhibit to the Offering Document and the Escrow Agent consents to being named in any such Offering Document (including
exhibits and amendments thereto) in connection with the Offering. 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed by their duly authorized representatives as of the date first written hereinabove: 
  

			
	 DEALER MANAGER:
  

HINES SECURITIES, INC.

		
	By:	 	/s/ Frank Apollo
	Name:	 	Frank Apollo
	Title:	 	Chief Operating Officer


  

			
	 COMPANY:
  

HINES GLOBAL REIT II, INC.

		
	By:	 	/s/ J. Shea Morgenroth
	Name:	 	J. Shea Morgenroth
	Title:	 	Chief Accounting Officer


  

			
	 ESCROW AGENT:
  

UMB BANK, N.A.

		
	By:	 	/s/ Lara L. Stevens
	Name:	 	Lara L. Stevens
	Title:	 	Vice President



  
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 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review document, establish accounts, and
Set up recon file/feeds with DST
	  	$1,750
		
	 Annual Fee
	  	
	 Annual Escrow Agent
	  	$2,000
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$35 each
	 Daily BAI File to DST
	  	$2.50 per Bus Day
	 Daily Wire Ripping to DST
	  	$10.00 per Bus Day
	 Web Exchange Access
	  	$60 per month
	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

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

  
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 EXHIBIT B 

CERTIFICATE AS TO AUTHORIZED SIGNATURES 
 The
specimen signatures shown below are the specimen signatures of the individuals who have been designated as Authorized Representatives of Hines Global REIT II, Inc. and are authorized to initiate and approve transactions of all types for the
above-mentioned account on behalf of Hines Global REIT II, Inc.: 
  

					
	Name/Title	 		 	Signature
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 
			
	 	 		 	
			
	 	 		 	 


  
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