Document:

EXHIBIT 10.8

                           WARRANT PURCHASE AGREEMENT
                                       OF
                         FIDELITY DIVIDEND CAPITAL INC.

         This Warrant Purchase Agreement (the "Agreement") is made by and
between Fidelity Dividend Capital Inc., a Maryland corporation (the "Company"),
and _____________________________ (the "Warrant holder").

         The Company hereby agrees to issue and sell, and the Warrant holder
agrees to purchase, for the total purchase price of $________, warrants as
hereinafter described (the "Soliciting Dealer Warrants") to purchase up to an
aggregate of 1,000,000 Shares (subject to adjustment pursuant to Section 8
hereof) of the Company's common stock, $.001 par value (the "Shares"). The
Soliciting Dealer Warrants are being purchased in connection with a public
offering of an aggregate of 29,000,000 Shares (the "Offering"), pursuant to that
certain Dealer Manager Agreement (the "Dealer Manager Agreement"), dated
__________ , 2004 between the Company and the Warrant holder as the Dealer
Manager and as the representative of the Soliciting Dealers who may receive
warrants.

         The issuance of the Soliciting Dealer Warrants shall be made in
book-entry form only, provided that the Company shall have the right in its
discretion to begin issuing certificates evidencing the Soliciting Dealer
Warrants at any time.

         In consideration of the foregoing and for the purpose of defining the
terms and provisions of the Soliciting Dealer Warrants and the respective rights
and obligations thereunder, the Company and the Warrant holder, for value
received, hereby agree as follows:

1. FORM AND TRANSFERABILITY OF SOLICITING DEALER WARRANTS.

         A. REGISTRATION. The Soliciting Dealer Warrant(s) shall be registered
on the books of the Company (and upon issuance of certificates evidencing such
Soliciting Dealer Warrants, shall be numbered) when issued.

         B. FORM OF SOLICITING DEALER WARRANTS. In the event the Company elects
to issue certificates representing Dealer Warrants, then such certificates shall
be substantially as set forth in Exhibit "A" attached hereto and incorporated
herein. The price per Share (the "Warrant Price") and the number of Shares
issuable upon exercise of the Soliciting Dealer Warrants are subject to
adjustment upon the occurrence of certain events, all as hereinafter provided.
The Soliciting Dealer Warrants shall be dated as of the date of execution
thereof by the Company either upon initial issuance or upon division, exchange,
substitution or transfer.

         C. TRANSFER. The Soliciting Dealer Warrants shall be transferable only
on the books of the Company maintained at its principal office or that of its
designated transfer agent, if designated, upon delivery thereof duly endorsed by
the Warrant holder or by its duly authorized attorney or representative, or
accompanied by proper evidence of succession, assignment or authority to
transfer. Upon any registration of transfer, the Company shall execute and
deliver a new Soliciting Dealer Warrant to the person entitled thereto.
Assignments or transfers shall be made pursuant to the form of Assignment
attached as Exhibit "C" hereto.

         D. LIMITATIONS ON TRANSFER OF SOLICITING DEALER WARRANTS. The
Soliciting Dealer Warrants shall not be sold, transferred, assigned, exchanged
or hypothecated by the Warrant holder for a period of one year following the
effective date of the offering of the Company's shares of common stock, except
to: (i) one or more persons, each of whom on the date of transfer is an officer
and director or partner

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of a Warrant holder or an officer and director or partner of a successor to a
Warrant holder as provided in clause (iv) of this Subsection; (ii) a partnership
or partnerships, all of the partners of which are a Warrant holder and one or
more persons, each of whom on the date of transfer is an officer and director of
a Warrant holder or an officer and director or partner of a successor to a
Warrant holder; (iii) broker-dealers which have executed, and are not then in
default of, the Soliciting Dealer Agreement regarding the Offering (the "Selling
Group") and one or more persons, each of whom on the date of transfer is an
officer and director or partner of a member of the Selling Group or an officer
and director or partner of a successor to a member of the Selling Group; (iv) a
successor to a Warrant holder or a successor to a member of the Selling Group
through merger or consolidation; (v) a purchaser of all or substantially all of
a Warrant holder's or Selling Group members' assets; or (vi) by will, pursuant
to the laws of descent and distribution, or by operation of law; provided,
however, that any securities transferred pursuant to clauses (i) through (vi) of
this Subsection D shall remain subject to the transfer restrictions specified
herein for the remainder of the initially applicable one year time period. The
Soliciting Dealer Warrant may be divided or combined, upon written request to
the Company by the Warrant holder, into a certificate or certificates
representing the right to purchase the same aggregate number of shares.

                  Unless the context indicates otherwise, the term "Warrant
holder" shall include any transferee of the Soliciting Dealer Warrant pursuant
to this Subsection D, and the term "Warrant" shall include any and all
Soliciting Dealer Warrants outstanding pursuant to this Agreement, including
those evidenced by a certificate or certificates issued upon division, exchange,
substitution or transfer pursuant to this Agreement.

         E. EXCHANGE OR ASSIGNMENT OF SOLICITING DEALER WARRANT. Any Soliciting
Dealer Warrant certificate may be exchanged without expense for another
certificate or certificates entitling the Warrant holder to purchase a like
aggregate number of Shares as the certificate or certificates surrendered then
entitled such Warrant holder to purchase. Any Warrant holder desiring to
exchange a Soliciting Dealer Warrant certificate shall make such request in
writing delivered to the Company, and shall surrender, properly endorsed, the
certificate evidencing the Soliciting Dealer Warrant to be so exchanged.
Thereupon, the Company shall execute and deliver to the person entitled thereto
a new Soliciting Dealer Warrant certificate as so requested.

                  Any Warrant holder desiring to assign a Soliciting Dealer
Warrant shall make such request in writing delivered to the Company, and shall
surrender, properly endorsed, the certificate evidencing the Soliciting Dealer
Warrant to be so assigned, with an instrument of assignment duly executed
accompanied by proper evidence of assignment, succession or authority to
transfer, and funds sufficient to pay any transfer tax, whereupon the Company
shall, without charge, execute and deliver a new Soliciting Dealer Warrant
certificate in the name of the assignee named in such instrument of assignment
and the original Soliciting Dealer Warrant certificate shall promptly be
cancelled.

2. TERMS AND EXERCISE OF SOLICITING DEALER WARRANTS.

         A. EXERCISE PERIOD. Subject to the terms of this Agreement, the Warrant
holder shall have the right to purchase one Share from the Company at a price of
$12 (120% of the initial public offering price per Share) during the time period
beginning one year from the effective date of the Offering and ending on the
date five years after the effective date of the Offering (the "Exercise
Period"), or if any such date is a day on which banking institutions are
authorized by law to close, then on the next succeeding day which shall not be
such a day, to purchase from the Company up to the number of fully paid and
non-assessable Shares which the Warrant holder may at the time be entitled to
purchase pursuant to the Soliciting Dealer Warrant.

         B. METHOD OF EXERCISE. The Soliciting Dealer Warrant shall be exercised
by surrender to the Company, at its principal office in Queensbury, New York or
at the office of the Company's stock transfer agent, if any, or at such other
address as the Company may designate by notice in writing to the Warrant holder
at the address of the Warrant holder appearing on the books of the Company, of
the certificate

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evidencing the Soliciting Dealer Warrant to be exercised, together with the
form of Election to Purchase, included as Exhibit "B" hereto, duly completed and
signed, and upon payment to the Company of the Warrant Price (as determined in
accordance with the provisions of Sections 7 and 8 hereof) for the number of
Shares with respect to which such Soliciting Dealer Warrant is then exercised
together with all taxes applicable upon such exercise. Payment of the aggregate
Warrant Price shall be made in cash or by certified check or cashier's check,
payable to the order of the Company. A Soliciting Dealer Warrant may not be
exercised if the Shares to be issued upon the exercise of the Soliciting Dealer
Warrant have not been registered (or be exempt from registration) in the state
of residence of the holder of the Soliciting Dealer Warrant or if a Prospectus
required under the laws of such state cannot be delivered to the buyer on behalf
of the Company. In addition, holders of Soliciting Dealer Warrants may not
exercise the Soliciting Dealer Warrant to the extent such exercise will cause
them to exceed the ownership limits set forth in the Company's Articles of
Incorporation, as amended. If any Soliciting Dealer Warrant has not been
exercised by the end of the Exercise Period, it will terminate and the Warrant
holder will have no further rights thereunder.

         C. PARTIAL EXERCISE. The Soliciting Dealer Warrants shall be
exercisable, at the election of the Warrant holder during the Exercise Period,
either in full or from time to time in part and, in the event that the
Soliciting Dealer Warrant is exercised with respect to less than all of the
Shares specified therein at any time prior to the completion of the Exercise
Period, a new certificate evidencing the remaining Soliciting Dealer Warrants
shall be issued by the Company.

         D. SHARE ISSUANCE UPON EXERCISE. Upon such surrender of the Soliciting
Dealer Warrant certificate and payment of such Warrant Price as described above,
the Company shall issue and cause to be delivered to the Warrant holder in such
name or names as the Warrant holder may designate in writing, a certificate or
certificates for the number of full Shares so purchased upon the exercise of the
Soliciting Dealer Warrant, together with cash, as provided in Section 9 hereof,
with respect to any fractional Shares otherwise issuable upon such surrender.
Such certificate or certificates shall be deemed to have been issued and any
person so designated to be named therein shall be deemed to have become a holder
of such Shares as of the close of business on the date of the surrender of the
Soliciting Dealer Warrant and payment of the Warrant Price (as hereinafter
defined), notwithstanding that the certificates representing such Shares shall
not actually have been delivered or that the stock transfer books of the Company
shall then be closed.

3. MUTILATED OR MISSING SOLICITING DEALER WARRANT.

         In case the certificate or certificates evidencing the Soliciting
Dealer Warrant shall be mutilated, lost, stolen or destroyed, the Company shall,
at the request of the Warrant holder, issue and deliver in exchange and
substitution for and upon cancellation of the mutilated certificate of
certificates, or in lieu of and in substitution for the certificate or
certificates lost, stolen or destroyed, a new Soliciting Dealer Warrant
certificate or certificates of like tenor and date and representing an
equivalent right or interest, but only upon receipt of evidence satisfactory to
the Company of such loss, theft or destruction of such Soliciting Dealer
Warrant, and of reasonable bond of indemnity, if requested, also satisfactory in
form and amount and at the applicant's cost.

4. RESERVATION OF SHARES.

         There has been reserved, and the Company shall at all times keep
reserved so long as the Soliciting Dealer Warrant remains outstanding, out of
its authorized Common Stock, such number of Shares as shall be subject to
purchase under the Soliciting Dealer Warrant.

5. LEGEND ON SOLICITING DEALER WARRANT SHARES.

         Each certificate for Shares initially issued upon exercise of the
Soliciting Dealer Warrant, unless at the time of exercise such Shares are
registered with the Securities and Exchange Commission (the "Commission"), under
the Securities Act of 1933, as amended (the "Act"), shall bear the following
legend:

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         NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES SHALL BE
MADE EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED.

         Any certificate issued at any time in exchange or substitution for any
certificate bearing such legend (except a new certificate issued upon completion
of a public distribution pursuant to a registration statement under the Act of
the securities represented thereby) shall also bear the above legend unless, in
the opinion of such counsel as shall be reasonably approved by the Company, the
securities represented thereby need no longer be subject to such restrictions.

6. PAYMENT OF TAXES.

         The Company shall pay all documentary stamp taxes, if any, attributable
to the initial issuance of the Shares; provided, however, that the Company shall
not be required to pay any tax or taxes which may be payable with respect to any
secondary transfer of the Soliciting Dealer Warrant or the Shares.

7. WARRANT PRICE.

         The price per Share at which Shares shall be purchasable on the
exercise of the Soliciting Dealer Warrant shall be $12 (the "Warrant Price").

8. ADJUSTMENT OF WARRANT PRICE AND NUMBER OF SHARES.

         The number and kind of securities purchasable upon the exercise of the
Soliciting Dealer Warrant and the Warrant Price shall be subject to adjustment
from time to time upon the happening of certain events, as follows:

         A. In case the Company shall (i) pay a dividend in Common Stock or make
a distribution in Common Stock, (ii) subdivide its outstanding Common Stock,
(iii) combine its outstanding Common Stock into a smaller number of shares of
Common Stock, or (iv) issue by reclassification of its Common Stock other
securities of the Company, the number and kind of securities purchasable upon
the exercise of the Soliciting Dealer Warrant immediately prior thereto shall be
adjusted so that the Warrant holder shall be entitled to receive the number and
kind of securities of the Company which it would have owned or would have been
entitled to receive after the happening of any of the events described above had
the Soliciting Dealer Warrant been exercised immediately prior to the happening
of such event or any record date with respect thereto. Any adjustment made
pursuant to this Subsection A shall become effective on the effective date of
such event retroactive to the record date, if any, for such event.

         B. No adjustment in the number of securities purchasable hereunder
shall be required unless such adjustment would require an increase or decrease
of at least one percent (1%) in the number of securities (calculated to the
nearest full Share thereof) then purchasable upon the exercise of the Soliciting
Dealer Warrant or, if the Soliciting Dealer Warrant is not then exercisable, the
number of securities purchasable upon the exercise of the Soliciting Dealer
Warrant on the first date thereafter that the Soliciting Dealer Warrant becomes
exercisable; provided, however, that any adjustment which by reason of this
Subsection B is not required to be made immediately shall be carried forward and
taken into account in any subsequent adjustment.

         C. Whenever the number of Shares purchasable upon the exercise of the
Soliciting Dealer Warrant is adjusted as herein provided, the Warrant Price
shall be adjusted by multiplying such Warrant Price immediately prior to such
adjustment by a fraction, of which the numerator shall be the number of Shares
purchasable upon the exercise of the Soliciting Dealer Warrant immediately prior
to such adjustment, and of which the denominator shall be the number of Shares
so purchasable immediately thereafter.

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         D. For the purpose of this Section 8, the term "Common Stock" shall
mean (i) the class of stock designated as the Common Stock of the Company at the
date of this Agreement; or (ii) any other class of stock resulting from
successive changes or reclassification of such common Stock consisting solely of
changes in par value. In the event that at any time, as a result of an
adjustment made pursuant to this Section 8, the Warrant holder shall become
entitled to purchase any shares of the Company other than Common Stock,
thereafter the number of such other shares so purchasable upon the exercise of
the Soliciting Dealer Warrant and the Warrant Price shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the Shares contained in this
Section 8.

         E. Whenever the number of Shares and/or securities purchasable upon the
exercise of the Soliciting Dealer Warrant or the Warrant Price is adjusted as
herein provided, the Company shall cause to be promptly mailed to the Warrant
holder by first class mail, postage prepaid, notice of such adjustment setting
forth the number of Shares and/or securities purchasable upon the exercise of
the Soliciting Dealer Warrant or the Warrant Price after such adjustment, a
brief statement of the facts requiring such adjustment and the computation by
which such adjustment was made.

         F. In case of any reclassification, capital reclassification, capital
reorganization or other change in the outstanding shares of Common Stock of the
Company (other than a change in par value or as a result of an issuance of
Common Stock by way of dividend or other distribution, or of a subdivision or
combination of the Common Stock), or in case of any consolidation or merger of
the Company with or into another corporation or entity (other than a merger with
a subsidiary in which merger the Company is the continuing corporation and which
does not result in any reclassification, capital reorganization or other change
in the outstanding shares of Common Stock of the Company) as a result of which
the holders of the Company's Common Stock become holders of other shares of
securities of the Company or of another corporation or entity, or such holders
receive cash or other assets, or in case of any sale or conveyance to another
corporation of the property, assets or business of the Company as an entirety or
substantially as an entirety, the Company or such successor or purchasing
corporation, as the case may be, shall execute with the Warrant holder an
agreement that the Warrant holder shall have the right thereafter upon payment
for the Warrant Price in effect immediately prior to such action to purchase
upon the exercise of the Soliciting Dealer Warrant the kind and number of
securities and property which it would have owned or have been entitled to have
received after the happening of such reclassification, capital reorganization,
change in the outstanding shares of shares of Common Stock of the Company,
consolidation, merger, sale or conveyance had the Soliciting Dealer Warrant been
exercised immediately prior to such action.

         The agreement referred to in this Subsection F shall provide for
adjustments, which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 8. The provisions of this Subsection F
shall similarly apply to successive reclassification, capital reorganizations,
changes in the outstanding shares of Common Stock of the Company,
consolidations, mergers, sales or conveyances.

         G. Except as provided in this Section 8, no adjustment with respect to
any dividends shall be made during the term of the Soliciting Dealer Warrant or
upon the exercise of the Soliciting Dealer Warrant.

         H. No adjustments shall be made in connection with the public sale and
issuance of the Shares pursuant to the Dealer Manager Agreement or the sale or
issuance of Shares upon the exercise of the Soliciting Dealer Warrant.

        I. Irrespective of any adjustments in the Warrant Price or the number or
kind of securities purchasable upon the exercise of the Soliciting Dealer
Warrant, the Soliciting Dealer Warrant certificate or certificates theretofore
or thereafter issued may continue to express the same price or number or kind of
securities stated in the Soliciting Dealer Warrant initially issuable pursuant
to this Agreement.

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9. FRACTIONAL INTEREST.

         The Company shall not be required to issue fractional Shares or
securities upon the exercise of the Soliciting Dealer Warrant. If any such
fractional Share would, except for the provisions of this Section 9, be issuable
upon the exercise of the Soliciting Dealer Warrant (or specified portion
thereof), the Company may, at its election, pay an amount in cash equal to the
then current market price multiplied by such fraction. For purposes of this
Agreement, the term "current market price" shall mean: (a) if the Shares are
traded in the over-the-counter market and not on the Nasdaq National Market
("NNM") or on any national securities exchange, the average between the per
share closing bid and asked prices of the Shares for the 30 consecutive trading
days immediately preceding the date in question, as reported by the NNM or an
equivalent generally accepted reporting service; or (b) if the Shares are traded
on the NNM or on a national securities exchange, the average for the 30
consecutive trading days immediately preceding the date in question of the daily
per share closing prices of the Shares on the NNM or on the principal national
stock exchange on which it is listed, as the case may be. The closing price
referred to in clause (b) above shall be the last reported sales price or, in
case no such reported sale takes place on such day, the average of the reported
closing bid and asked prices on the NNM or on the principal national securities
exchange on which the Shares are then listed, as the case may be. If the Shares
are not publicly traded, then the "current market price" shall mean $10 for the
first three years following the termination of the Offering.

10. NO RIGHTS AS STOCKHOLDER; NOTICES OF WARRANTHOLDER.

         Nothing contained in this Agreement or in the Soliciting Dealer Warrant
shall be construed as conferring upon the Warrant holder or its transferee any
rights as a stockholder of the Company, either at law or in equity, including
the right to vote, receive dividends, consent or notices as a stockholder with
respect to any meeting of stockholders for the election of directors of the
Company or for any other matter.

11.      REGISTRATION OF SOLICITING DEALER WARRANTS AND SHARES PURCHASABLE
         THEREUNDER.

         The Shares purchasable under the Soliciting Dealer Warrants are being
registered as part of the Offering. The Company undertakes to make additional
filings with the Commission to the extent required to keep the Shares registered
through the Exercise Period.

12.      INDEMNIFICATION.

         In the event of the filing of any registration statement with respect
to the Soliciting Dealer Warrants or the Shares pursuant to Section 11 above,
the Company and the Warrant holder (and/or selling Warrant holder or such holder
of Shares, as the case may be), shall agree to indemnify and hold harmless the
other to the same extent and in the same manner as provided in the Dealer
Manager Agreement.

13.       CONTRIBUTION.

         In order to provide for just and equitable contribution under the Act
in any case in which: (a) the Warrant holder or any holder of Shares makes a
claim for indemnification pursuant to Section 12 hereof, but it is judicially
determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last
right to appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that the express provisions of Section 12 hereof
provide for indemnification in such case; or (b) contribution under the Act may
be required on the part of the Warrant holder or any holder of Shares, the
Company and the Warrant holder, or such holder of Shares, shall agree to
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (which shall, for all purposes of this Agreement, including, but
not limited to, all costs of defense and investigation and all attorneys' fees),
in either such case (after contribution from others) on the basis of relative
fault as well as any other relevant equitable considerations in the same manner
as provided by the parties in the Dealer Manager Agreement.

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14.      NOTICES.

         Any notice given pursuant to this Agreement by the Company or by the
Warrant holder shall be in writing and shall be deemed to have been duly given
if delivered or mailed by certified mail, return receipt requested:

                           (a) If to the Warrant holder, addressed to:

                                    (Name of Broker-Dealor)

                                    (Address of Broker-Dealor)

                           (b) If to the Company, addressed to:

                                    Fidelity Dividend Capital Inc.
                                    Suite 52-A, Smoke Ridge Rd.
                                    Queensbury, New York 12804

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

15. PARTIES IN INTEREST.

         Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company, the Warrant holder and, to the extent
expressed, any holder of Shares, any person controlling the Company or the
Warrant holder or any holder of Shares, directors of the Company, nominees for
directors (if any) named in the Prospectus, or officers of the Company who have
signed the registration statement, any legal or equitable right, remedy or claim
under this Agreement, and this Agreement shall be for the sole an exclusive
benefit of the aforementioned parties.

16.      SUCCESSORS.

         All the covenants and provisions of this Agreement by or for the
benefit of the parties listed in Section 15 above shall bind and inure to the
benefit of their respective executors, administrators, successors and assigns
hereunder; provided, however, that the rights of the Warrant holder or holder of
Shares shall be assignable only to those persons and entities specified in
Section 1, Subsection D thereof, in which event such assignee shall be bound by
each of the terms and conditions of this Agreement.

17. MERGER OR CONSOLIDATION OF THE COMPANY.

         The Company shall not merge or consolidate with or into any other
corporation or sell all or substantially all of its property to another
corporation, unless it complies with the provisions of Section 8, Subsection F
thereof.

18. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

         All statements contained in any schedule, exhibit, certificate or other
instrument delivered by or on behalf of the parties hereto, or in connection
with the transactions contemplated by this Agreement, shall be deemed to be
representations and warranties hereunder. Notwithstanding any investigations
made by or on behalf of the parties to this Agreement, all representations,
warranties and agreements made by the parties to this Agreement or pursuant
hereto shall survive.

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19. CHOICE OF LAW.

         This Agreement and the rights of the parties hereunder shall be
governed by and construed in accordance with the laws of the State of Delaware,
including all matters of construction, validity, performance and enforcement,
and without giving effect to the principles of conflict of laws; provided,
however, that causes of action for violations of federal or state securities
laws shall not be governed by this Section.

20.      JURISDICTION.

         The parties submit to the jurisdiction of the Courts of the State of
Delaware or a Federal Court impaneled in the State of Delaware for the
resolution of all legal disputes arising under the terms of this Agreement.

21. ENTIRE AGREEMENT.

         Except as provided herein, this Agreement, including exhibits, contains
the entire agreement of the parties, and supersedes all existing negotiations,
representations or agreements and all other oral, written or other
communications between them concerning the subject matter of this Agreement.

22.      SEVERABILITY.

         If any provision of this Agreement is unenforceable, invalid or
violates applicable law, such provision shall be deemed stricken and shall not
affect the enforceability of any other provisions of this Agreement.

23.      CAPTIONS.

         The captions in this Agreement are inserted only as a matter of
convenience and for reference and shall not be deemed to define, limit, enlarge
or describe the scope of this Agreement or the relationship of the parties, and
shall not affect this Agreement or the construction of any provisions herein.

24.      COUNTERPARTS.

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

         IN WITNESS WHEREOF, the parties have caused this Warrant Purchase
Agreement to be duly executed as of __________________, 2004.

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                           Fidelity Dividend Capital Inc.

                           By:
                                -----------------------

                            Name: Dennis P. Sweenor

                             Title: President

                               By:
                                     ---------------------

                                Name: William T. Frattalone

                                Title: Executive Vice-President

                                     (Name of Broker-Dealor)

                                 By:
                                      -------------------------

                                  Name:

                                   Title:

                                      -9-
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                                    EXHIBIT A

            NO SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THIS WARRANT OR
THE SHARES PURCHASABLE HEREUNDER SHALL BE MADE EXCEPT PURSUANT TO REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED. TRANSFER
OF THIS WARRANT IS ALSO RESTRICTED BY THAT CERTAIN WARRANT PURCHASE AGREEMENT
DATED AS OF ___________________, 2004, A COPY OF WHICH IS AVAILABLE FROM THE
ISSUER.

         WARRANT TO PURCHASE SHARES OF COMMON STOCK OF FIDELITY DIVIDEND CAPITAL
INC.

                       Certificate No. ___________________

Exercisable commencing on ______________, 2004 Void after 5:00 P.M. Eastern
Standard Time on _______, 2004 (the "Exercise Closing Date").

         THIS CERTIFIES that, for value received, __________________________
(the "Warrant holder"), or registered assign, is entitled, subject to the terms
and conditions set forth in this Warrant (the "Warrant"), to purchase from
Fidelity Dividend Capital Inc., a Maryland corporation (the "Company" and the
"Issuer"), ________________ fully paid and non-assessable Shares of common stock
of the Company (the "Shares") at any time during the period commencing on
______________, 200__ and continuing up to 5:00 P.M. eastern standard time on
_____________, 200__, at $12 per Share, and is subject to all the terms thereof,
including the limitations on transferability as set forth in that certain
Warrant Purchase Agreement between ____________________________ and the Company
dated _____________, 2004.

         THIS WARRANT may be exercised by the holder thereof, in whole or in
part, by the presentation and surrender of this Warrant with the form of
Election to Purchase duly executed, with signature(s) guaranteed, at the
principal office of the Company (or at such other address as the Company may
designate by notice to the holder hereof at the address of such holder appearing
on the books of the Company), and upon payment to the Company of the purchase
price in cash or by certified check or bank cashier's check. The Shares so
purchased shall be deemed to be issued to the holder hereof as the record owner
of such Shares as of the close of business on the date on which this Warrant
shall have been surrendered and payment made for such Shares. The Shares so
purchased shall be registered to the holder (and, if requested, certificates
issued) promptly after this Warrant shall have been so exercised and unless this
Warrant has expired or has been exercised, in full, a new Warrant identical in
form, but representing the number of Shares with respect to which this Warrant
shall not have been exercised, shall also be issued to the holder hereof.

         NOTHING CONTAINED herein shall be construed to confer upon the holder
of this Warrant, as such, any of the rights as a Stockholder of the Company.

                           Fidelity Dividend Capital Inc.

                           By:
                                ------------------------

                            Name:

                             Title:

                                      -10-
<PAGE>

                         FIDELITY DIVIDEND CAPITAL INC.
                              ELECTION TO PURCHASE
                            SOLICITING DEALER WARRANT

Fidelity Dividend Capital Inc.
Suite 52-A, Smoke Ridge Rd.
Queensbury, New York 12804

         The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the attached Soliciting Dealer Warrant (the "Warrant")
to purchase thereunder _______ shares of the common stock of Fidelity Dividend
Capital Inc. (the "Shares") pursuant to the terms and provisions of the attached
Warrant and hereby tenders $______________ ($12.00 per Share) in payment of the
actual exercise price thereof, and requests that the Shares be issued in the
name of

         (please print name, address and SSN or TIN of stockholder below):

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

and, if the number of Shares specified above is not the total possible number of
Shares purchasable pursuant to the attached Warrant, that a new Warrant
certificate for the balance of the Shares purchasable under the attached Warrant
certificate be registered in the name of the undersigned Warrant holder or his
assignee as indicated below and delivered at the address stated below:
Dated:___________ , 200___

Name of Warrant holder or Assignee:
                                  ----------------------------------------------
                                            (Please Print)
Address:
        ------------------------------------------------------------------------

Signature:
          ----------------------------------------------------------------------

                                      -11-
<PAGE>

                         FIDELITY DIVIDEND CAPITAL INC.
                      SOLICITING DEALER WARRANT ASSIGNMENT

(To be signed only upon assignment of the Warrant)

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, transfers
and conveys unto:

         (please print name, address and SSN or TIN of assignee below):

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

         ------------------------------------------

the attached Soliciting Dealer Warrant No. ____ (the "Warrant"), to purchase
Shares of common stock of Fidelity Dividend Capital Inc. (the "Company"), hereby
irrevocably constituting and appointing the Company and/or its transfer agent as
its attorney to transfer said Warrant on the books of the Company, with full
power of substitution. Dated:__________, 200__

                           ----------------------------------------
                           Signature of Registered Holder

                           ----------------------------------------
                           Name of Registered Holder - Please Print

Signature Guaranteed:

---------------------------

Note: The above signature must correspond with the name as written upon the face
of the attached Warrant certificate in every particular respect, without
alteration, enlargement or any change whatever, unless this Warrant has
previously been duly assigned.

                                      -12-
<PAGE>EXHIBIT 10.9

                               ADVISORY AGREEMENT
                                       OF
                         FIDELITY DIVIDEND CAPITAL INC.

                                TABLE OF CONTENTS

1.  DEFINITIONS................................................................1

2.  APPOINTMENT................................................................8

3.  DUTIES OF THE ADVISOR......................................................8

4.  AUTHORITY OF ADVISOR......................................................10

5.  BANK ACCOUNTS.............................................................11

6.  RECORDS; ACCESS...........................................................11

7.  LIMITATIONS ON ACTIVITIES.................................................11

8.  RELATIONSHIP WITH DIRECTORS...............................................11

9.  FEES......................................................................11

10. EXPENSES..................................................................14

11. OTHER SERVICES............................................................15

12. FIDELITY BOND.............................................................16

13. REIMBURSEMENT TO THE ADVISOR..............................................16

14. OTHER ACTIVITIES OF THE ADVISOR...........................................16

15. RELATIONSHIP OF ADVISOR AND COMPANY.......................................17

16. TERM; TERMINATION OF AGREEMENT............................................17

17. TERMINATION BY EITHER PARTY...............................................17

18. ASSIGNMENT TO AN AFFILIATE................................................17

19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION........................18

20. INDEMNIFICATION BY THE COMPANY............................................18

21. INDEMNIFICATION BY ADVISOR................................................18

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (Continued)

22. NOTICES...................................................................19

23. MODIFICATION..............................................................19

24. SEVERABILITY..............................................................19

25. CONSTRUCTION..............................................................19

26. ENTIRE AGREEMENT..........................................................19

27. INDULGENCES, NOT WAIVERS..................................................19

28. GENDER....................................................................20

29. TITLES NOT TO AFFECT INTERPRETATION.......................................20

30. EXECUTION IN COUNTERPARTS.................................................20

31. INITIAL INVESTMENT........................................................20

                                       ii

<PAGE>

                               ADVISORY AGREEMENT

         THIS ADVISORY AGREEMENT, dated as of __________, 2004, is between
Fidelity Dividend Capital Inc., a Maryland corporation (the "Company"), and
Fidelity Dividend Capital Advisors LLC, Delaware limited liability company (the
"Advisor").

                                   WITNESSETH

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-11 covering a public offering of
shares of its common stock ("Shares") and the Company may subsequently issue
securities other than such Shares ("Securities") or otherwise raise additional
capital;

         WHEREAS, the Company intends to qualify as a REIT (as defined below),
and to invest its funds in investments permitted by the terms of the
Registration Statement and Sections 856 through 860 of the Code (as defined
below);

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

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

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

          1. DEFINITIONS. As used in this Advisory Agreement (the" Agreement"),
the following terms have the definitions hereinafter indicated:

         ACQUISITION EXPENSES. Any and all expenses, exclusive of Acquisition
Fees, incurred by the Company, the Advisor, or any Affiliate of either in
connection with the selection or acquisition of any Property, whether or not
acquired, including, without limitation, legal fees and expenses, travel and
Communications expenses, costs of appraisals, nonrefundable option payments on
property not acquired, accounting fees and expenses, and title insurance.

         ACQUISITION FEES. Any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any person or entity to any other person or entity
(including any fees or commissions paid by or to any Affiliate of the Company or
the Advisor) in connection with making or investing in mortgage loans and the
Selection or acquisition of any Property, including, without limitation, real
estate commissions, acquisition fees, finder's fees, selection fees,
nonrecurring management fees, consulting fees, loan fees, points, or any other
fees or commissions of a similar nature.

         ADVISOR. Fidelity Dividend Capital Advisors LLC, a Delaware limited
liability company, any successor advisor to the Company, or any person or entity
to which Fidelity Dividend Capital Advisors LLC or any successor advisor
subcontracts substantially all of its functions.

      AFFILIATE OR AFFILIATED. As to any individual, corporation, partnership,
trust or other association, (i) any Person or entity, directly or indirectly,
through one or more intermediaries controlling, controlled by, or Under common
control with such other person or entity; (ii) any Person or entity, directly or
indirectly owning or controlling ten percent (10%) or more of the outstanding
voting securities of such other person

                                      -1-
<PAGE>

or entity; (iii) any officer, director, partner, or trustee of such other
person or entity; (iv) any Person ten percent (10%) or more of whose outstanding
voting securities are directly or indirectly owned, controlled, or held, with
power to vote, by such other person; and (v) if such other person or entity is
an officer, director, partner, or trustee of a Person or entity, the Person or
entity for which such Person or entity acts in any such capacity.

         APPRAISED VALUE. Value according to an appraisal made by an Independent
Appraiser.

         ARTICLES OF INCORPORATION. The Articles of Incorporation of the
Company, as amended from time to time.

        AVERAGE INVESTED ASSETS. For a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or
indirectly, in Properties and loans made by the Company which are secured by
real estate before reserves for depreciation or bad debts or other similar
non-cash reserves, computed by taking the average of such values at the end of
each month during such period.

         BOARD OF DIRECTORS OR BOARD. The persons holding such office, as of any
particular time, under the Articles of Incorporation of the Company, whether
they are the Directors named therein or additional or successor Directors.

         BYLAWS. The bylaws of the Company, as the same are in effect from time
to time.

         CASH FROM FINANCINGS. Net cash proceeds realized by the Company from
the financing of Company Property or from the refinancing of any Company
indebtedness.

         CASH FROM SALES. Net cash proceeds realized by the Company from the
sale, exchange or other disposition of any of its assets after deduction of all
expenses incurred in connection therewith. Cash from Sales shall not include
Cash from Financings.

         CASH FROM SALES AND FINANCINGS. The total sum of Cash from Sales and
Cash from Financings.

         CAUSE. With respect to the termination of this Agreement, fraud,
criminal conduct, willful misconduct or willful or negligent breach of fiduciary
duty by the Advisor, breach of this Agreement, a default by the Sponsor under
the guarantee by the Sponsor to the Company or the bankruptcy of the Sponsor.

         CHANGE OF CONTROL. A change of control of the Company of such a nature
that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act
of 1934, as amended, as enacted and in force on the date hereof (the "Exchange
Act"), whether or not the Company is then subject to such reporting
requirements; provided, however, that, without limitation, a change of control
shall be deemed to have occurred if: (i) any "person" (within the meaning of
Section 13(d) of the Exchange Act) is or becomes the "beneficial owner" (as that
term is defined in Rule 13d-3, as enacted and in force on the date hereof, under
the Exchange Act) of securities of the Company representing 8.5% or more of the
combined voting power of the Company's securities then outstanding; (ii) there
occurs a merger, consolidation or other reorganization of the Company which is
not approved by the Board of Directors of the Company; (iii) there occurs a
sale, exchange, transfer or other disposition of substantially all of the assets
of the Company to another entity, which disposition is not approved by the Board
of Directors of the Company; or (iv) there occurs a contested proxy solicitation
of the Stockholders of the Company that results in the contesting party electing
Candidates to a majority of the Board of Directors' positions next up for
election.

                                      -2-
<PAGE>

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

         FIDELITY DIVIDEND CAPITAL INC., a corporation organized under the laws
of the State of Maryland.

         COMPANY PROPERTY. Any and all property, real, personal or otherwise,
tangible or intangible, which is transferred or conveyed to the Company
(including all rents, income, profits and gains there from), and which is owned
or held by, or for the account of, the Company.

         COMPETITIVE REAL ESTATE COMMISSION. A real estate or brokerage
commission for the purchase or sale of property, which is reasonable, customary,
and competitive in light of the size, type, and location of the property. The
total of all real estate commissions paid by the Company to all Persons
(including the Subordinated Disposition Fee payable to the Advisor) in
connection with any Sale of one or more of the Company's Properties shall not
exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six
Percent of the gross sales price of the Property or Properties.

         CONTRACT PURCHASE PRICE. The amount actually paid or allocated (as of
the date of purchase) to the purchase, development, construction or improvement
of property, exclusive of Acquisition Fees and Acquisition Expenses.

         CONTRACT SALES PRICE. The total consideration received by the Company
for the sale of a Company Property.

         CUMULATIVE RETURN. For the period for which the calculation is being
made, the percentage resulting from dividing (A) the total Distributions paid on
each Distribution date during such period (without regard to Distributions paid
out of Cash from Sales and Financings), by (B) the product of (i) the average
Invested Capital for such period (calculated on a daily basis), and (ii) the
number of years (including fractions thereof) elapsed during such period.

         DEALER MANAGER.________________, or such other Person or entity
selected by the Board of Directors to act as the dealer manager for the
Offering. ____________________is a member of the National Association of
Securities Dealers, Inc.

         DEALER MANAGER FEE. Up to 2.5% of Gross Proceeds payable to the Dealer
Manager for serving as the dealer manager of the Offering.

         DIRECTOR. A member of the Board of Directors of the Company.

         DISTRIBUTIONS. Any distributions of money or other property by the
Company to owners of Shares, including distributions that may constitute a
return of capital for federal income tax purposes.

         EQUITY INTEREST. The stock of or other interests in, or warrants or
other rights to purchase the stock of or other interests in, any entity that has
borrowed money from the Company or that is a tenant of the Company or that is a
parent or controlling Person of any such borrower or tenant.

         EQUITY SHARES. Transferable shares of beneficial interest of the
Company of any class or series, including common shares or preferred shares.

         FINAL CLOSING DATE. The last date on which purchasers of Shares offered
pursuant to the Prospectus is issued such Shares.

                                      -3-
<PAGE>

         GOOD REASON. With respect to the termination of this Agreement, (i) any
failure to obtain a satisfactory agreement from any successor to the Company to
assume and agree to perform the Company's obligations under this Agreement; or
(ii) any material breach of this Agreement of any nature whatsoever by the
Company.

         GROSS PROCEEDS. The aggregate purchase price of all Shares sold for the
account of the Company through the Offering, without deduction for Selling
Commissions, volume discounts, the marketing support and due diligence expense
reimbursement fee or Organization and Offering Expenses. For the purpose of
Computing Gross Proceeds, the purchase price of any Share for which reduced
Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where
net proceeds to the Company are not reduced) shall be deemed to be $10.00.

         INDEPENDENT APPRAISER. A qualified appraiser of real estate as
determined by the Board. Membership in a nationally recognized appraisal society
such as the American Institute of Real Estate Appraisers ("M.A.I.") or the
Society of Real Estate Appraisers ("S.R.E.A.") shall be conclusive evidence of
such qualification.

         INDEPENDENT DIRECTOR. A Director who is not and within the last two
years has not been directly or indirectly associated with the Advisor by virtue
of (i) ownership of an interest in the Advisor or its Affiliates, (ii)
employment by the Advisor or its Affiliates, (iii) service as an officer or
director of the Advisor or its Affiliates, (iv) performance of services, other
than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts advised by the Advisor, or (vi)
maintenance of a material business or professional relationship with the Advisor
or any of its Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor and
Affiliates exceeds 5% of either the Director's annual gross revenue during
Either of the last two years or the Director's net worth on a fair market value
basis. An indirect relationship shall include circumstances in which a
Director's spouse, parents, children, siblings, mothers- or fathers-in-law,
sons- or daughters-in-law, or brothers- or sisters-in-law is or has been
associated with the Advisor, any of its Affiliates, or the Company.

         INDEPENDENT EXPERT. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Directors and
who is engaged to a substantial extent in the business of rendering opinions
regarding the value of assets of the type held by the Company.

         INVESTED CAPITAL. The amount calculated by multiplying the total number
of Shares purchased by stockholders by the issue price, reduced by the portion
of any Distribution that is attributable to Net Sales Proceeds and by any
amounts paid by the Company to repurchase Shares pursuant to the Company's plan
for redemption of Shares.

         JOINT VENTURES. The joint venture or partnership arrangements (other
than Fidelity Dividend Capital Operating Partnership LP) in which the Company is
a co-venture or general partner which are established to acquire Properties.

         LISTING. The listing of the Shares of the Company on a national
securities exchange or over-the-counter market.

        NET INCOME. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to
reserves for depreciation, bad debts or other similar non-cash reserves;
provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain from the sale of
the Company's assets.

         NET SALES PROCEEDS. In the case of a transaction described in clause
(A) of the definition of Sale, the proceeds of any such transaction less the
amount of all real estate commissions and closing costs paid by the Operating
Partnership. In the case of a transaction described in clause (B) of such
definition, Net Sales Proceeds means the proceeds of any such transaction less
the amount of any legal and other selling

                                      -4-
<PAGE>

expenses incurred by the Operating Partnership in connection with such
transaction. In the case of a transaction described in clause (C) of such
definition, Net Sales Proceeds means the proceeds of any such transaction
actually distributed to the Operating Partnership from the Joint Venture less
any expenses incurred by the Operating Partnership in connection with such
transaction. In the case of a transaction described in clause (D) of the
definition of Sale, Net Sales Proceeds means the proceeds of such transaction or
series of transactions less the amount of all commissions and closing costs paid
by the Operating Partnership. In the case of transactions described in clause
(E) of such definition, Net Sales Proceeds means the proceeds of any such
transaction less the amount of all selling costs and other expenses incurred by
the Operating Partnership in connection with such transaction. Net Sales
Proceeds shall also include, in the case of any lease of a Property consisting
of a building only, any amounts that the Company determines, in its discretion,
to be economically equivalent to proceeds of a Sale. Net Sales Proceeds shall
not include any amounts used to repay outstanding indebtedness secured by the
asset disposed of in the sale.

         OFFERING. The initial public offering of Shares pursuant to the
Prospectus.

         OPERATING EXPENSES. All costs and expenses incurred by the Company, as
determined under generally accepted accounting principles, which in any way are
related to the operation of the Company or to Company business, including
advisory fees, but excluding (i) the expenses of raising capital such as
Organizational and Offering Expenses, the Dealer Manager Fee, Selling
Commissions, legal, audit, accounting, underwriting, brokerage, listing,
registration, and other fees, printing and other such expenses and tax incurred
in connection with the issuance, distribution, transfer, registration and
Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash
expenditures such as depreciation, amortization and bad loan reserves, (v) the
Property Management Fee and (vi) Acquisition Fees and Acquisition Expenses, real
estate commissions on the sale of property, and other expenses connected with
the acquisition, and ownership of real estate interests, mortgage loans or other
property (such as the costs of foreclosure, insurance premiums, legal services,
maintenance, repair and improvement of property).

         OPERATING PARTNERSHIP. Fidelity Dividend Capital Operating Partnership
LP, the limited partnership through which the Company will own the Properties.

         OP UNIT. Units of limited partnership interest in the Operating
Partnership.

         ORGANIZATIONAL AND OFFERING EXPENSES. Any and all costs and expenses,
other than Selling Commissions and the 2.5% Dealer Manager Fee and due diligence
expense reimbursement fee, incurred by the Advisor or any Affiliate in
connection with the formation, qualification and registration of the Company and
the marketing and distribution of Shares, including, without limitation, the
following: total underwriting and brokerage discounts and commissions (including
fees of the underwriters' attorneys); legal, accounting and escrow fees;
printing, amending, supplementing, mailing and distribution costs; Salaries of
employees while engaged in registering, marketing and wholesaling the Shares;
filing, registration and qualification fees and taxes; telegraph and telephone
costs; and all advertising and marketing expenses, including the costs related
to investor and broker-dealer sales meetings. The Organizational and Offering
Expenses paid by the Company in connection with formation of the Company will
not exceed 3% of the Gross Proceeds raised in connection with such Offering.

      PERMITTED AFFILIATE. Any Affiliate of the Advisor other than an Affiliate
that is a property management company engaged to manage any Properties or other
assets owned directly or indirectly by the Company.

 PERSON. An individual, corporation, partnership, trust, joint venture, Limited
Liability Company or other entity.

                                      -5-
<PAGE>

         PROPERTY OR PROPERTIES. (i) The real properties, including the
buildings located thereon, or (ii) the real properties only, or (iii) the
buildings only, which are acquired by the Company or the Operating Partnership,
either directly or through joint venture arrangements or other partnerships.

         PROPERTY MANAGEMENT FEE. Fees paid to a property management company
(which may be an Affiliate of the Advisor) in consideration for the management
and leasing of Properties.

         PROSPECTUS. "Prospectus" has the meaning set forth in Section 2(10) of
the Securities Act of 1933, as amended (the "Securities Act"), including a
preliminary Prospectus, an offering circular as described in Rule 256 of the
General Rules and Regulations under the Securities Act or, in the case of an
intrastate offering, any document by whatever name known, utilized for the
purpose of offering and selling securities to the public.

         REAL ESTATE ASSET VALUE. The amount actually paid or allocated to the
purchase, development, construction or improvement of a Property, exclusive of
Acquisition Fees and Acquisition Expenses.

         REGISTRATION STATEMENT. The Registration Statement filed on Form S-11
with respect to the Offering, of which the Prospectus is a part.

         REIT. A "real estate investment trust" under Sections 856 through 860
of the Code.

         SALE OR SALES. Any transaction or series of transactions whereby: (A)
the Operating Partnership sells, grants, transfers, conveys, or relinquishes its
ownership of any Property or portion thereof, including the lease of any
Property consisting of the building only, and including any event with respect
to any Property which gives rise to a significant amount of insurance proceeds
or condemnation awards; (B) the Operating Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the
Interest of the Operating Partnership in any Joint Venture in which it is a
co-venturer or partner; (C) any Joint Venture in which the Operating Partnership
is a co-venturer or partner sells, grants, transfers, conveys, or relinquishes
its ownership of any Property or portion thereof, including any event with
respect to any Property which gives rise to insurance claims or condemnation
awards; (D) the Operating Partnership sells, grants, conveys, or relinquishes
its interest in any asset, or portion thereof, including any event with respect
to any asset which gives rise to a significant amount of insurance proceeds or
similar awards; or (E) the Operating Partnership sells or otherwise disposes of
or distributes all of its assets in liquidation of the Operating Partnership.

         SECURITIES. Any Equity Shares, Excess Shares, as such term is defined
in the Company's Articles of Incorporation, any other stock, shares or other
evidences of equity or beneficial or other interests, voting trust certificates,
bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as "securities" or any certificates of interest, shares or
participations in, temporary or interim certificates for, receipts for,
Guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire, any of the foregoing.

         SELLING COMMISSIONS. Up to 7% of Gross Proceeds payable to the Dealer
Manager or Soliciting Dealers with respect to Securities sold by them.

         SHARES. The shares of the common stock of the Company to be sold in the
Offering.

         SOLICITING DEALERS. Broker-dealers who are members of the National
Association of Securities Dealers, Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed participating broker or
other agreements with the Dealer Manager to sell Shares.

                                      -6-
<PAGE>

         SPONSOR. Any Person directly or indirectly instrumental in organizing,
wholly or in part, the Company or any Person who will control, manage or
participate in the management of the Company, and any Affiliate of such Person.
Not included is any Person whose only relationship with the Company is that of
an independent property manager of Company assets, and whose only compensation
is as such. Sponsor does not include wholly independent third parties such as
attorneys, accountants, and underwriters whose only compensation is for
professional services.

         STOCKHOLDERS. The registered holders of the Company's Shares.

         STOCKHOLDERS' 7% RETURN. As of each date, an aggregate amount equal to
a 7% cumulative, noncompounded, annual return on Invested Capital.

         TERMINATION DATE. The date of termination of the Agreement.

         TERMINATION EVENT. The termination or non-renewal of this Agreement (i)
in connection with a merger, sale of assets or transaction involving the Company
pursuant to which a majority of the Directors then in office are replaced or
removed, (ii) by the Advisor for Good Reason or (iii) by the Company other than
for Cause.

         TOTAL PROPERTY COST. With regard to any Company Property, an amount
equal to the sum of the Real Estate Asset Value of such Property plus the
Acquisition Fees paid in connection with such Property.

         2%/25% GUIDELINES. The requirement pursuant to the guidelines of the
North American Securities Administrators Association, Inc. that, in any 12 month
period, total Operating Expenses not exceed the greater of 2% of the Company's
Average Invested Assets during such 12 month period or 25% of the Company's Net
Income over the same 12 month period.

         VALUATION. An estimate of value of the assets of the Company as
determined by an Independent Expert.

         2. APPOINTMENT. The Company hereby appoints the Advisor to serve as its
advisor on the terms and conditions set forth in this Agreement, and the Advisor
hereby accepts such appointment.

         3. DUTIES OF THE ADVISOR. The Advisor undertakes to use its best
efforts to present to the Company potential investment opportunities and to
provide a continuing and suitable investment program consistent with the
investment objectives and policies of the Company as determined and adopted from
time to time by the Directors. In performance of this undertaking, subject to
the supervision of the Directors and consistent with the provisions of the
Registration Statement, Articles of Incorporation and Bylaws of the Company, the
Advisor shall, either directly or by engaging a Permitted Affiliate:

                  a. serve as the Company's investment and financial advisor and
provide research and economic and statistical data in connection with the
Company's assets and investment policies;

                  b. provide the daily management of the Company and perform and
supervise the various administrative functions reasonably necessary for the
management of the Company;

                  c. investigate, select, and, on behalf of the Company, engage
and conduct business with such Persons as the Advisor deems necessary to the
proper performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents,
banks, builders, developers, property owners, mortgagors, and any and all agents
for any of the foregoing, including Affiliates of the Advisor, and Persons
acting in any other capacity deemed by

                                      -7-
<PAGE>

the Advisor necessary or desirable for the performance of any of the foregoing
services, including but not limited to entering into contracts in the name of
the Company with any of the foregoing;

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

                  e. subject to the provisions of Paragraphs 3(g) and 4 hereof,
(i) locate, analyze and select potential investments in Properties, (ii)
structure and negotiate the terms and conditions of transactions pursuant to
which investment in Properties will be made; (iii) make investments in
Properties on behalf of the Company in compliance with the investment objectives
and policies of the Company; (iv) arrange for financing and refinancing and make
other changes in the asset or capital structure of, and dispose of, reinvest the
proceeds from the sale of, or otherwise deal with the investments in, Property;
and (v) enter into leases and service contracts for Company Property and, to the
extent necessary, perform all other operational functions for the maintenance
and administration of such Company Property;

                  f. provide the Directors with periodic reports regarding
prospective investments in Properties;

                  g. obtain the prior approval of the Directors for any and all
investments in Properties;

                  h. negotiate on behalf of the Company with banks or lenders
for loans to be made to the Company, and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares
and Securities or obtain loans for the Company, but in no event in such a way so
that the Advisor shall be acting as broker-dealer or underwriter; and provided,
further, that any fees and costs payable to third parties incurred by the
Advisor in connection with the foregoing shall be the responsibility of the
Company;

          i. obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties;

               j. from time to time, or at any time reasonably requested by the
Directors, make reports to the Directors of its performance of services to the
Company under this Agreement;

               k. provide the Company with all necessary cash management
services;

               l. do all things necessary to assure its ability to render the
services described in this Agreement;

              m. deliver to or maintain on behalf of the Company copies of all
appraisals obtained in connection with the investments in Properties; and

               n. notify the Board of all proposed material transactions before
they are completed.

         4. AUTHORITY OF ADVISOR.

                  a. Pursuant to the terms of this Agreement (including the
restrictions included in this Paragraph 4 and in Paragraph 7), and subject to
the continuing and exclusive authority of the Directors over the management of
the Company, the Directors hereby delegate to the Advisor the authority to (1)
locate, analyze and select investment opportunities, (2) structure the terms and
conditions of transactions pursuant to which investments will be made or
acquired for the Company, (3) acquire Properties in compliance with the
investment objectives and policies of the Company, (4) arrange for financing or
refinancing Property, (5) enter into leases and service contracts for the
Company's Property, (6) oversee Affiliated and non-Affiliated property managers
who perform services for the Company; and (7) manage accounting and other
record-keeping functions for the Company.

                                      -8-
<PAGE>

                  b. Notwithstanding the foregoing, any investment in
Properties, including any acquisition of Property by the Company (as well as any
financing acquired by the Company in connection with such acquisition), will
require the prior approval of the Directors

                  c. The Directors may, at any time upon the giving of notice to
the Advisor, modify or revoke the authority set forth in this Paragraph 4. If
and to the extent the Directors so modify or revoke the authority contained
herein, the Advisor shall henceforth submit to the Directors for prior approval
such proposed transactions involving investments in Property as thereafter
require prior approval, provided however, that such modification or revocation
shall be effective upon receipt by the Advisor and shall not be applicable to
investment transactions to which the Advisor has committed the Company prior to
the date of receipt by the Advisor of such notification.

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

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

         7. LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to the
contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the
status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, as amended, or (c) violate any law, rule,
regulation or statement of policy of any governmental body or agency having
jurisdiction over the Company, its Shares or its Securities, or otherwise not be
permitted by the Articles of Incorporation or Bylaws of the Company, except if
such action shall be ordered by the Directors, in which case the Advisor shall
notify promptly the Directors of the Advisor's judgment of the potential impact
of such action and shall refrain from taking such action until it receives
further clarification or instructions from the Directors. In such event the
Advisor shall have no liability for acting in accordance with the specific
instructions of the Directors so given. Notwithstanding the foregoing, the
Advisor, its directors, officers, employees and stockholders, and stockholders,
directors and officers of the Advisor's Affiliates shall not be liable to the
Company or to the Directors or stockholders for any act or omission by the
Advisor, its directors, officers or employees, or stockholders, directors or
officers of the Advisor's Affiliates taken or omitted to be taken in the
performance of their duties under this Agreement except as provided in
Paragraphs 20 and 21 of this Agreement.

        8. RELATIONSHIP WITH DIRECTORS. Subject to paragraph 7 of this Agreement
and to restrictions advisable with respect to the qualification of the Company
as a REIT, directors, officers and employees of the Advisor or an Affiliate of
the Advisor, or directors, officers or stockholders of any director, officer or
corporate parent of an Affiliate may serve as a Director and as officers of the
Company, except that no director, officer or employee of the Advisor or its
Affiliates who also is a Director or officer of the Company shall receive any
compensation from the Company for serving as a Director or officer other than
reasonable reimbursement for travel and related expenses incurred in attending
meetings of the Directors.

                                      -9-
<PAGE>

      9.       FEES.

                  a. Acquisition Fees. The Advisor shall receive as compensation
for services rendered in connection with the investigation, selection and
acquisition (by purchase, investment or exchange) of Property an Acquisition Fee
payable by the Company. The Acquisition Fees shall be reduced to the extent
that, and, if necessary to limit, the total compensation paid to all persons
involved in the acquisition of any Property to the amount customarily charged in
arm's-length transactions by other persons or entities rendering similar
services as an ongoing public activity in the same geographical location and for
comparable types of Properties and to the extent that other acquisition fees,
finder's fees, real estate commissions, or other similar fees or commissions are
paid by any person in connection with the transaction. The total Acquisition
Fees paid to the Advisor or its Affiliates shall not exceed 3% of the Contract
Purchase Price of all Properties acquired by the Company. Acquisition Fees shall
be payable on the acquisition of a specific property or the acquisition of a
portfolio of properties through a purchase of assets, merger or similar
transaction. However, the total of all Acquisition Fees and Acquisition Expenses
payable with respect to any Property shall not exceed 6% of the Contract
Purchase Price of such Property unless fees in excess of such amount are
approved by a majority of the Directors not interested in such transaction and
by a majority of the Directors not interested in such transaction.

                  b. Subordinated Disposition Fee. If the Advisor or an
Affiliate provides a substantial amount of the services in connection with the
Sale of one or more Properties, the Advisor or an Affiliate shall receive a
Subordinated Disposition Fee equal to the lesser of (i) one-half of a
Competitive Real Estate Commission or (ii) 3% of the sales price of such
Property or Properties. The Subordinated Disposition Fee will be paid only if
Stockholders have received total Distributions in an amount equal to the sum of
their aggregate Invested Capital and their aggregate Stockholders' 7% Return. To
the extent that Subordinated Disposition Fees are not paid by the Company on a
current basis due to the foregoing limitation, the unpaid fees will be accrued
and paid at such time as the subordination conditions have been satisfied. The
Subordinated Disposition Fee may be paid in addition to real estate commissions
paid to non-Affiliates, provided that the total real estate commissions paid to
all Persons by the Company shall not exceed an amount equal to the lesser of (i)
6% of the Contract Sales Price of a Property or (ii) the Competitive Real Estate
Commission. In the event this Agreement is terminated prior to such time as the
Stockholders have received total Distributions in an amount equal to 100% of
Invested Capital plus an amount sufficient to pay the Stockholders' 7% Return
through the Termination Date, an appraisal of the Properties then owned by the
Company shall be made and the Subordinated Disposition Fee on Properties
previously sold will be deemed earned if the Appraised Value of the Properties
then owned by the Company plus total Distributions received prior to the
Termination Date equals 100% of Invested Capital plus an amount sufficient to
pay the Stockholders' 7% Return through the Termination Date. Upon Listing, if
the Advisor has accrued but not been paid such Subordinated Disposition Fee,
then for purposes of determining whether the subordination conditions have been
satisfied, Stockholders will be deemed to have received a Distribution in the
amount equal to the product of the total number of Shares outstanding and the
average closing price of the Shares over a period, beginning 180 days after
Listing, of 30 days during which the Shares are traded.

                  c. Operating Partnership Interests. The Advisor will make a
capital contribution of $20,000 to the Operating Partnership in exchange for OP
Units. In determining the fair market value of the assets of the Operating
Partnership, (i) in connection with a Termination Event, the Company shall
obtain an appraisal of the properties of the Operating Partnership and (ii) in
connection with the Listing, the Company shall make such determination taking
into account the market value of the Company's listed Shares based upon the
average closing price, or average of bid and asked prices, as the case may be,
during a period of 30 days during which such Shares are traded beginning 180
days after the Listing.

                  d. Loans from Affiliates. If any loans are made to the Company
by an Affiliate of the Advisor, the maximum amount of interest that may be
charged by such Affiliate shall be the lesser of (i) 1% above the prime rate of
interest charged from time to time by the principal bank then used by the
Company and

                                      -10-
<PAGE>

(ii) the rate that would be charged to the Company by unrelated lending
institutions on comparable loans for the same purpose. The terms of any such
loans shall be no less favorable than the terms available between non-Affiliated
Persons for similar commercial loans.

          e. Changes to Fee Structure. In the event of Listing, the Company and
the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity. A majority of the Directors must
approve the new fee structure negotiated with the Advisor. In negotiating a new
fee structure, the Directors shall consider all of the factors they deem
relevant, including, but not limited to: (i) the amount of the advisory fee in
relation to the asset value, composition and profitability of the Company's
portfolio; (ii) the success of the Advisor in generating opportunities that meet
the investment objectives of the Company; (iii) the rates charged to other REITs
and to investors other than REITs by advisors performing the same or similar
services; (iv) additional revenues realized by the Advisor and its Affiliates
through their relationship with the Company, including loan administration,
underwriting or broker commissions, servicing, engineering, inspection and other
fees, whether paid by the REIT or by others with whom the REIT does business;
(v) the quality and extent of service and advice furnished by the Advisor; (vi)
the performance of the investment portfolio of the REIT, including income,
conversion or appreciation of capital, and number and frequency of problem
investments; and (vii) the quality of the Property portfolio of the Company in
relationship to the investments generated by the Advisor for its own account.
The new fee structure can be no more favorable to the Advisor than the current
fee structure.

                  f. Exclusion of Certain Transactions. In the event the Company
shall propose to enter into any transaction in which an officer or director of
the Company, the Advisor, or any Affiliate of the Company or the Advisor has a
direct or indirect interest, then (i) such transaction shall be approved by a
majority of the Board of Directors and also by a majority of the Directors and
(ii) any commissions or remuneration received by any such persons in connection
with such transaction shall be deducted from the fees payable under this
Agreement.

         10.      EXPENSES.

                  a. In addition to the compensation paid to the Advisor
pursuant to Paragraph 9 hereof, the Company shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor in connection
with the services it provides to the Company pursuant to this Agreement,
including, but not limited to:

                           i. the Company's Organizational and Offering
Expenses; provided, however, that within 60 days after the end of the month in
which the Offering terminates, the Advisor shall reimburse the Company for any
Organizational and Offering Expenses reimbursement received by the Advisor
pursuant to this Paragraph 10, to the extent that such reimbursement exceeds 3%
of the Gross Proceeds or, at the option of the Company, such excess shall be
subtracted from the next reimbursement of expense to be made by the Company
pursuant to this paragraph 10. The Advisor shall be responsible for the payment
of all the Company's Organizational and Offering Expenses in excess of 3% of the
Gross Proceeds;

                           ii. Acquisition Expenses incurred in connection with
the selection and acquisition of Properties at the lesser of the actual cost or
90% of the competitive rate charged by unaffiliated persons providing similar
goods and services in the same geographic location;

                           iii. the actual cost of goods and services used by
the Company and obtained from entities not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the
purchase and sale of securities;

                           iv. interest and other costs for borrowed money,
including discounts, points and other similar fees;

                                      -11-
<PAGE>

                           v. taxes and assessments on income of the Company or
Properties;

                           vi. costs associated with insurance required in
connection with the business of the Company or by the Directors;

                           vii. expenses of managing and operating Properties
owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person.

                           viii. all expenses in connection with payments to the
Directors and meetings of the Directors and Stockholders;

                           ix. expenses associated with Listing or with the
issuance and distribution of Shares and Securities, such as selling commissions
and fees, advertising expenses, taxes, legal and accounting fees, Listing and
registration fees, and other Organization and Offering Expenses;

                           x. expenses connected with payments of Distributions
in cash or otherwise made or caused to be made by the Company to the
Stockholders;

                           xi. expenses of organizing, revising, amending,
converting, modifying, or terminating the Company or the Articles of
Incorporation;

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

                           xiii. administrative service expenses (including
personnel costs; provided, however, that no reimbursement shall be made for
costs of personnel to the extent that such personnel perform services in
transactions for which the Advisor receives a separate fee); and

                           xiv. audit, accounting and legal fees.

                  b. Expenses incurred by the Advisor on behalf of the Company
and payable pursuant to this Paragraph 10 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the
expenses of the Company during each quarter, and shall deliver such statement to
the Company within 45 days after the end of each quarter.

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

          12. FIDELITY BOND. The Advisor shall maintain a fidelity bond for the
benefit of the Company which bond shall insure the Company from losses of up to
$200,000 per occurrence and shall be of the type customarily purchased by
entities performing services similar to those provided to the Company by the
Advisor.

         13. REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the
Advisor at the end of any fiscal quarter Operating Expenses that, in the four
consecutive fiscal quarters then ended (the "Expense Year") exceed (the "Excess
Amount") the greater of 2% of Average Invested Assets or 25% of Net Income (the
"2%/25% Guidelines") for such year. Any Excess Amount paid to the Advisor during
a fiscal quarter shall be repaid to the Company or, at the option of the
Company, subtracted from the Operating Expenses reimbursed during the subsequent
fiscal quarter. If there is an Excess Amount in any

                                      -12-
<PAGE>

Expense Year and the Independent Directors determine that such excess was
justified, based on unusual and nonrecurring factors which they deem sufficient,
the Excess Amount may be carried over and included in Operating Expenses in
subsequent Expense Years, and reimbursed to the Advisor in one or more of such
years, provided that Operating Expenses in any Expense Year, including any
Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines.
Within 60 days after the end of any fiscal quarter of the Company for which
total Operating Expenses for the Expense Year exceed the 2%/25% Guidelines,
there shall be sent to the stockholders a written disclosure of such fact,
together with an explanation of the factors the Independent Directors considered
in determining that such excess expenses were justified. Such determination
shall be reflected in the minutes of the meetings of the Board of Directors. The
Company will not reimburse the Advisor or its Affiliates for services for which
the Advisor or its Affiliates are entitled to compensation in the form of a
separate fee. All figures used in the foregoing computation shall be determined
in accordance with generally accepted accounting principles applied on a
consistent basis.

         14. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall
prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and
the management of other programs advised, sponsored or organized by the Advisor
or its Affiliates; nor shall this Agreement limit or restrict the right of any
director, officer, employee, or stockholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association. The Advisor
may, with respect to any investment in which the Company is a participant, also
render advice and service to each and every other participant therein. The
Advisor shall report to the Directors the existence of any condition or
circumstance, existing or anticipated, of which it has knowledge, which creates
or could create a conflict of interest between the Advisor's obligations to the
Company and its obligations to or its interest in any other partnership,
corporation, firm, individual, trust or association. The Advisor or its
Affiliates shall promptly disclose to the Directors knowledge of such condition
or circumstance. If the Sponsor, Advisor, Director or Affiliates thereof have
sponsored other investment programs with similar investment objectives which
have investment funds available at the same time as the Company, it shall be the
duty of the Directors to adopt the method set forth in the Registration
Statement or another reasonable method by which properties are to be allocated
to the competing investment entities and to use their best efforts to apply such
method fairly to the Company.

         The Advisor shall be required to use its best efforts to present a
continuing and suitable investment program to the Company which is consistent
with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated generally to present
any particular investment opportunity to the Company even if the opportunity is
of character which, if presented to the Company, could be taken by the Company.

         The Advisor or its Affiliates may make such an investment in a property
only after (i) such investment has been offered to the Company and all public
partnerships and other investment entities Affiliated with the Company with
funds available for such investment and (ii) such investment is found to be
unsuitable for investment by the Company, such partnerships and investment
entities.

        In the event that the Advisor or its Affiliates is presented with a
potential investment which might be made by the Company and by another
investment entity which the Advisor or its Affiliates advises or manages, the
Advisor shall consider the investment portfolio of each entity, cash flow of
each entity, the effect of the acquisition on the diversification of each
entity's portfolio, rental payments during any renewal period, the estimated
income tax effects of the purchase on each entity, the policies of each entity
relating to leverage, the funds of each entity available for investment and the
length of time such funds have been available for investment. In the event that
an investment opportunity becomes available which the Advisor determines is
suitable for the Company based on the criteria set forth above, then the
investment

                                      -13-
<PAGE>

opportunity shall be offered to the Company. The Advisor may consider the
property for its own investment only if such property is deemed inappropriate
for any investment entity, which is advised or managed by the Advisor, including
the Company.

         15. RELATIONSHIP OF ADVISOR AND COMPANY. The Company and the Advisor
are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them.

         16. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in
force for a period of three years from the date hereof, subject to an unlimited
number of successive three-year renewals upon mutual consent of the parties. It
is the duty of the Directors to evaluate the performance of the Advisor annually
before renewing the Agreement, and each such renewal shall be for a term of no
more than three years.

         17. TERMINATION BY EITHER PARTY. This Agreement may be terminated upon
60 days written notice with Cause and without penalty, by either party (by a
majority of the Directors of the Company or a majority of the Board of Directors
of the Advisor, as the case may be).

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

         19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments to the
Advisor of unpaid expense reimbursements pursuant to this Section 19 shall be
subject to the 2%/25% Guidelines to the extent applicable.

                  a. After the Termination Date, the Advisor shall not be
entitled to compensation for further services hereunder except it shall be
entitled to receive from the Company within 30 days after the effective date of
such termination all unpaid reimbursements of expenses and all earned but unpaid
fees payable to the Advisor prior to termination of this Agreement.

                  b. The Advisor shall promptly upon termination:

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

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

                  iii. deliver to the Directors all assets, including
                  Properties, and documents of the Company then in the custody
                  of the Advisor; and

                  iv. cooperate with the Company to provide an orderly
                  management transition.

                                      -14-
<PAGE>

         20. INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and
hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys' fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by
insurance, subject to any limitations imposed by the laws of the State of
Maryland or the Articles of Incorporation of the Company. Notwithstanding the
foregoing, the Advisor shall not be entitled to indemnification or be held
harmless pursuant to this paragraph 20 for any activity which the Advisor shall
be required to indemnify or hold harmless the Company pursuant to paragraph 21.
Any indemnification of the Advisor may be made only out of the net assets of the
Company and not from Stockholders.

         21. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold
harmless the Company from contract or other liability, claims, damages, taxes or
losses and related expenses including attorneys' fees, to the extent that such
liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor's bad faith,
fraud, willful misfeasance, misconduct, negligence or reckless disregard of its
duties, but the Advisor shall not be held responsible for any action of the
Board of Directors in following or declining to follow any advice or
recommendation given by the Advisor.

         22. NOTICES. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws, or accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein:

         To the Directors and to the Company:

                                      Fidelity Dividend Capital Inc.
                                      Suite 52-A
                                      Smoke Ridge Rd.
                                      Queensbury, N.Y. 12804
         To the Advisor:
                                      Fidelity Dividend Capital Advisors LLC
                                      Suite 52-A
                                      Smoke Ridge Rd.
                                      Queensbury, N.Y. 12804

         Either party may at any time give notice in writing to the other party
of a change in its address for the purposes of this Paragraph 22.

         23. MODIFICATION. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in
writing signed by both parties hereto, or their respective successors or
assignees.

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

25.           CONSTRUCTION. The provisions of this Agreement shall be construed
              and interpreted in accordance with the laws of the State of
              Delaware.

                                      -15-
<PAGE>

         26. ENTIRE AGREEMENT. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

         27. INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on the
part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

         28. GENDER. Words used herein regardless of the number and gender
specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the
context requires.

         29. TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

         30. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the
signatories.

         31. INITIAL INVESTMENT. The Advisor has made a capital contribution of
$20,000 to the Operating Partnership in exchange for OP Units. The Advisor may
not sell any of the OP Units while the Advisor acts in such advisory capacity to
the Company, provided, that such OP Units may be transferred to Affiliates of
the Advisor. The restrictions included above shall not apply to any other
Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote
any Shares it now owns, or hereafter acquires, in any vote for the election of
Directors or any vote regarding the approval or termination of any contract with
the Advisor or any of its Affiliates.

         IN WITNESS WHEREOF, the parties hereto have executed this Advisory
Agreement as of the date and year first above written.

                                      -16-
<PAGE>

         FIDELITY DIVIDEND CAPITAL INC.

                                   By:
                                         --------------------
                                   Name:
                                              ------------------

                                   Title: President

                                   By:
                                         --------------------
                                   Name:
                                              ------------------

                                   Title: Executive Vice-President

          FIDELITY DIVIDEND CAPITAL ADVISORS, LLC

                                   By:
                                         --------------------
                                   Name:
                                              ------------------

                                   Title: President

                                   By:
                                         --------------------
                                   Name:
                                              ------------------

                                   Title: Executive Vice-President

                                      -17-
<PAGE>

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