Document:

Dividend Capital Diversified Property Fund Inc. POS AM

Exhibit 10.24

 

FINAL FORM

  

GUARANTY

 

THIS GUARANTY
(this “Guaranty”) is made as of [●], [●] by DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP
LP, a Delaware limited partnership, having an address at 518 17th Avenue, 17th Floor, Denver, Colorado 80202 (“Guarantor”).

 

RECITALS

 

A.   DCX [●]
MASTER TENANT LLC, a Delaware limited liability company, is the tenant (“Tenant” which term shall be deemed
to include the named Tenant and its successors and assigns) under that certain Master Lease (as the same may be amended, modified
or supplemented from time to time, the “Lease”) dated as of the date of this Guaranty with the persons listed
on Schedule 2 of the Lease, as landlord, (collectively, “Landlord” which term shall be deemed to include
each such named Landlord and its successors and assigns) covering that certain premises located in [●], as more particularly
described in the Lease (the “Demised Premises”); capitalized terms used herein and not otherwise defined herein
have the meanings ascribed thereto in the Lease.

 

B.   Guarantor agrees
to guarantee to Landlord certain obligations of Tenant.

 

NOW THEREFORE,
in consideration of the mutual covenants and conditions contained in this Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby agrees as follows:

 

1.    Guarantor
hereby unconditionally and irrevocably guarantees to Landlord (a) the payment in full (and not merely of collection) of all amounts
due under the Lease including, without limitation, Fixed Rent, additional rent, and other amounts due thereunder; (b) the full
and timely performance and observance of all of the terms, covenants, conditions and agreements provided to be performed and/or
observed by Tenant under the Lease; and (c) the payment of all costs and expenses incurred by Landlord in connection with the enforcement
of any of the provisions of this Guaranty or the Lease, or the attempted collection of any amounts due hereunder or thereunder,
provided, that such enforcement or attempted collection shall have been commenced within twelve (12) months from the Expiration
Date (collectively, the “Guaranteed Obligations”). If Tenant shall fail to duly and punctually pay any such
amount, Guarantor shall forthwith pay or perform or observe the same on demand.

 

2.     Guarantor
expressly agrees that Landlord may, without notice to or further assent from Guarantor and without in any way releasing, affecting
or impairing the obligations and liabilities of Guarantor hereunder: (a) waive compliance with or any default under or grant any
other indulgence with respect to the Lease; (b) modify, amend or change any provisions of the Lease; (c) make advances for the
purposes of performing any term or covenant contained in the Lease, with respect to which Tenant is or shall be in default; (d)
convey, assign or otherwise transfer all or any portion of its interest in the Improvements, the Lease or this Guaranty; (e) consent
to the assignment or other transfer of Tenant’s interest under the Lease provided Guarantor is released in writing by Landlord
from its obligations hereunder from and after the date of the assignment of the Lease; (f) grant extensions or renewals of the
Lease and/or effect any release, compromise or settlement in connection therewith; (g) agree to the substitution, exchange, release
or other disposition of all or any part of the Demised Premises under the Lease; and (h) deal in all respects with Tenant as if
this Guaranty were not in effect.

 

3.     The
obligations of Guarantor under this Guaranty shall be absolute and unconditional, irrespective of the genuineness, validity, regularity
or enforceability of the Lease or any provision therein or security given therefore or in connection therewith or any other circumstances
which might otherwise constitute a legal or equitable discharge of a surety of Guarantor. Notwithstanding anything herein contained
to the contrary, the liability of Guarantor under this Guaranty shall be primary, direct and immediate, and not conditional or
contingent upon pursuit by Landlord of any remedies it may have against Tenant and/or any other party, with respect to the Lease,
whether pursuant to the terms thereof, by law or pursuant to any other security agreement or guaranty.

 

4.     The
obligations of Guarantor hereunder shall not be released by Landlord’s receipt, application or release of any security given
for the performance and observance of covenants and conditions in the Lease contained on Tenant’s part to be performed or
observed.

 

     

     

    

 

5.     The
liability of Guarantor hereunder shall in no way be affected by (a) the release or discharge of Tenant in any creditors’
receivership, bankruptcy or other proceedings; (b) the impairment, limitation or modification of the liability of Tenant or the
estate of Tenant in bankruptcy, or of any remedy for the enforcement of Tenant’s said liability under the Lease, resulting
from the operation of any present or future provision of the bankruptcy act or other statute or from the decision in any court;
(c) the rejection or disaffirmance of the Lease in any such proceedings; (d) except as expressly provided herein, the assignment
or transfer of the Lease by Tenant; (e) any disability or other defense of Tenant; or (f) the cessation from any cause whatsoever
of the liability of Tenant.

 

6.     Guarantor
hereby expressly waives: (a) presentment and demand for payment and protest of nonpayment; (b) notices of acceptance of this Guaranty
and of presentment, demand and protest; (c) all indulgences under any notice of default; (d) demand for observance, performance
or enforcement of any terms and provisions of this Guaranty or the Lease; and (e) all other notices (other than notices of default)
and demands otherwise required by law which Guarantor may lawfully waive. Guarantor also waives, but only if and to the extent
that Guarantor may lawfully do so, trial by jury in any action brought on or with respect to this Guaranty.

 

7.     No
delay on the part of Landlord in exercising any rights hereunder or failure to exercise the same shall operate as a waiver of such
rights; no notice to or demand on the undersigned shall be deemed to be a waiver of the obligations of the undersigned or of the
right of Landlord to take further action without notice or demand as provided herein; nor in any event shall any modification or
waiver of the provisions of this Guaranty be effective unless in writing, nor shall any such waiver be applicable except in the
specific instance for which given.

 

8.     Each
of the following events shall be an immediate event of default under this Guaranty:

 

8.1.          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (a) liquidation, reorganization or
other relief in respect of Guarantor or its debts, or of a substantial part of its assets, under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (b) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for Guarantor for a substantial part of its assets, and, in any such case, such proceeding
or petition shall continue undismissed for ninety (90) days or an order or decree approving or ordering any of the foregoing shall
be entered;

 

8.2.          Guarantor
shall (a) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (b) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 8.2(a), (c)
apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Guarantor
or for a substantial part of its assets, (d) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (e) make a general assignment for the benefit of creditors or (f) take any action for the purpose of effecting
any of the foregoing; or

 

8.3.          Guarantor
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due.

 

9.     Guarantor
agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Tenant’s assets securing payment
of any claims by Guarantor shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges
or other encumbrances upon Tenant’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances
in favor of Guarantor presently exist or are hereafter created or attach.

 

10.   Any
part of the Guaranteed Obligations required to be paid when due, whether at demand, acceleration or otherwise, shall be paid by
Guarantor in lawful money of the United States of America within the time and in the manner set forth in the Lease.

 

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11.   Arbitration.

 

11.1.        Any
dispute, claim or controversy arising out of or relating to this Guaranty or breach, termination, enforcement, interpretation or
validity thereof, including the determination of the scope or applicability of this Guaranty to arbitrate, shall be determined
by arbitration in Denver, Colorado, before a sole arbitrator. The arbitration shall be administered by JAMS pursuant to its Streamlined
Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction. The arbitrator shall,
in the award, allocate all of the costs of the arbitration (and the mediation, if applicable), including the fees of the arbitrator
and the reasonable attorneys’ fees of the prevailing party, against the party who did not prevail.

 

11.2.        Anything
to the contrary therein notwithstanding, the provisions of Section 11.1 shall not apply with respect to any application
made by any party hereto for injunctive relief under this Guaranty.

 

12.   Governing
Law. This Guaranty shall be governed by and construed in accordance with the laws of Colorado without regard to principles
of conflict of laws. The parties hereby: (a) submit to personal jurisdiction in Colorado for the enforcement of this Guaranty;
and (b) waive any and all personal rights under the law of any state or the District of Columbia to object to jurisdiction within
Colorado for the purposes of litigation to enforce this Guaranty. Guarantor agrees that in any action or proceeding brought under
this Guaranty, Guarantor shall waive trial by jury.

 

13.   Notices.
Any notice to be given or other document or payment to be delivered by any party to any other party hereunder may be delivered
by (a) depositing the same with the United States Postal Service, addressed to the party to be notified, postage prepaid, registered
or certified mail with return receipt requested, (b) delivering the same in person to such party via a hand delivery service, Federal
Express or any other courier service that provides a return receipt showing the date of actual delivery of same to the addressee
thereof, or (c) facsimile transmission with confirmation of receipt to the party sending same, if a copy is deposited with the
United States Postal Service as provided in subpart (a) above, and addressed to the party for whom intended, as follows:

 

	 	If to Guarantor:	
        Dividend Capital Total
        Realty Operating Partnership LP

        518 17th Street, 17th Floor

        Denver, Colorado 80202

        Attention:          Joshua Widoff

        Facsimile:          (303) 869-4602

        Telephone:        (303) 597-0483

         

	 	With a copy to:	
        Bryan Cave LLP 

        1700 Lincoln Street, Suite 4100 

        Denver, Colorado 80203 

        Attention:          Robert Bach 

        Facsimile:          (303) 335-3736 

        Telephone:        (303)
866-0236

         

	 	If to Landlord:	
        DCX [●] Manager LLC, as Manager

c/o Dividend Capital Total Realty Operating Partnership LP

518 17th Street, 17th Floor

Denver, Colorado 80202

Attention:          M. Kirk Scott 

        Facsimile:          (303) 577-9797 

        Telephone:        (303) 339-3609

         

	 	With a copy to:	
        Bryan Cave LLP 

        1700 Lincoln Street, Suite 4100 

        Denver, Colorado 80203 

        Attention:          Robert Bach 

        Facsimile:          (303) 335-3736 

        Telephone:        (303)
866-0236 

         

 

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Either party may, by notice given to the
other party, designate a new address to which notices, demands and requests shall be sent and, thereafter, any of the foregoing
shall be sent to the address most recently designated by such party. Notice shall be conclusively presumed to have been received
by a party on the date the notice is shown as received on a registered or certified mail return receipt, Federal Express or courier
return receipt or fax confirmation of receipt.

 

14.   Entire
Agreement. This Guaranty sets forth the entire agreement between the parties. Any prior conversations or writings are merged
herein and extinguished. No subsequent amendment to this Guaranty shall be binding upon Landlord or Guarantor unless reduced to
writing and signed by Landlord and Guarantor.

 

15.   Assigns.
Guarantor, in its sole and absolute discretion, may freely assign its rights and obligations under this Agreement. Subject to the
terms and conditions of this Guaranty, the covenants, conditions and agreements contained in this Guaranty shall bind and inure
to the benefit of Landlord and Guarantor and their respective successors, assigns and legal representatives (including any Fee
Mortgagee(s)). Guarantor hereby acknowledges that Landlord shall have the absolute right to transfer one or more undivided interests
in the Demised Premises, in which event such transferee shall be deemed to be a “Landlord” hereunder. Notwithstanding
anything to the contrary herein, any beneficiary pursuant to this Guaranty shall have no right to assign its interest hereunder.

 

16.   Severability.
If any portion of this Guaranty shall become illegal, null or void or against public policy, for any reason, or shall be held by
any court of competent jurisdiction to be illegal, null or void or against public policy (a) the remaining portions of this Guaranty
shall not be affected thereby and shall remain in full force and effect to the fullest extent permissible by law and (b) in lieu
of such invalid and unenforceable provision, there will be added automatically as a part of this Guaranty a provision as similar
in terms to the invalid or unenforceable provision as may be possible and be valid and enforceable.

 

17.   Captions.
Captions or titles of the sections, paragraphs and subparagraphs of this Guaranty are inserted solely for convenience of reference
and shall not constitute a part of this Guaranty, nor shall they affect its meaning, construction or effect.

 

18.   Attorneys’
Fees. If either party institutes an action or proceeding against the other party relating to the provisions of this Guaranty,
then the non-prevailing party in such action or proceeding shall reimburse the prevailing party for its actual attorneys’
fees, and all fees, costs and expenses incurred on any appeal or in collection of any judgment.

  

[Signatures Follow
on Next Page]

 

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IN WITNESS WHEREOF,
Guarantor has duly executed this Guaranty as of the day and year first above written.

 

	 	DIVIDEND CAPITAL TOTAL REALTY OPERATING PARTNERSHIP LP, a Delaware limited partnership
	 	 	 
	 	By: Dividend Capital Diversified Property Fund, Inc., a Maryland corporation, its general partner
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

[Signature Page to Guaranty ([●])]Dividend Capital Diversified Property Fund Inc. POS AM

Exhibit 10.25

 

DEALER
MANAGER AGREEMENT

 

March
2, 2016

 

Dividend Capital
Securities LLC

518 17th Street, 17th Floor

Denver, CO 80202

 

Dividend
Capital Exchange LLC, a Delaware limited liability company (the “Company”), is offering for sale from time to time,
either directly or through wholly-owned subsidiaries, in one or more private placements (each, a “Private Placement,”
and collectively, the “Private Placements”) of beneficial interests in specific Delaware statutory trusts (each, an
“Interest” and, collectively, the “Interests”) reflecting an indirect ownership of up to $500,000,000
of Interests, pursuant to the Confidential Program Description Memorandum, dated as of March 2, 2016 (as may be amended or supplemented
from time to time, the “Memorandum”). The Company is a wholly-owned subsidiary of Dividend Capital Total Realty Operating
Partnership LP, a Delaware limited partnership (the “Operating Partnership”). The Operating Partnership is the entity
through which Dividend Capital Diversified Property Fund Inc., a Maryland corporation (“Dividend Capital Diversified Property
Fund” or “DPF”), its general partner, conducts substantially all of its business and owns substantially all
of its assets. An Interest is an interest in a master Delaware statutory trust that will beneficially own either (i) a series
of Delaware statutory trusts, each of which will hold one commercial property (each, a “Property” and collectively,
the “Properties”); or (ii) a Property directly. Information regarding each Property in which Interests will be offered
will be included in a property-specific supplement (the “Property Supplement”) to the Memorandum. Each Private Placement
is intended to be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
The Private Placements will be made only to “accredited investors,” as that term is defined in Rule 501(a) of Regulation
D (“Regulation D”) promulgated under the Securities Act (“Accredited Investors”).

 

The
required minimum net equity investment per investor for a particular Property will be set forth in the Property Supplement relating
to that Property (such investment, the “Equity Amount”). However, the Company retains the right, in its sole discretion,
to increase or reduce this minimum net equity investment requirement with respect to any investor or any Property.

 

Terms
not defined herein shall have the same meaning as in the Memorandum.

 

In
connection herewith, the Company hereby agrees with you, Dividend Capital Securities LLC (the “Dealer Manager”), as
follows:

 

1.     Representations
and Warranties of the Company. The Company represents and warrants to the Dealer Manager that:

 

a.     The
Private Placements have not been and will not be registered with the Securities and Exchange Commission (the “Commission”).
The Interests are to be offered and sold in reliance upon an exemption from the registration requirements of Section 5 of the
Securities Act. The Company will use its best efforts to conduct the Private Placements in compliance with the requirements of
Regulation D and will file all appropriate notices of the Private Placements with the Commission.

 

    	 

    	 

    

 

b.     The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with
all requisite power and authority to conduct its business as described in the Memorandum.

 

c.     Neither
the Memorandum (as amended or supplemented, if applicable) nor the prospectus relating to a public offering from time to time
of the Class A, Class W and Class I shares of common stock of DPF (such prospectus, as the same may be supplemented or amended
from time to time, and including the documents incorporated by reference therein, is referred to herein as the “DPF Prospectus”))
(as amended or supplemented, if applicable), each as of its date (or as of the date of any such amendment or supplement, if applicable),
contains any untrue statement of material fact or omits to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however,
that the foregoing provisions of this Section 1c. will not extend to such statements contained in or omitted from the Memorandum
or DPF Prospectus which are based upon information furnished by the Dealer Manager in writing to the Company specifically for
inclusion therein.

 

d.     This
Agreement has been duly authorized, executed and delivered by the Company, and assuming due authorization, execution and delivery
of this Agreement by the Dealer Manager, will constitute a valid and legally binding agreement of the Company enforceable against
the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar
laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability and
except that rights to indemnity and contribution hereunder may be limited by applicable law and public policy.

 

e.     No
consent, approval, authorization or other order of any governmental authority is required in connection with the execution or
delivery by the Company of this Agreement or the sale by the Company of Interests, except such as have already been obtained or
as may be required under the Securities Act or applicable state securities laws.

 

f.     There
are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against the Company at law or in
equity or before or by any Federal or state commission, regulatory body or administrative agency or other governmental body, domestic
or foreign, which could reasonably be expected to have a material adverse effect on the business or property of the Company and
its subsidiaries, taken as a whole.

 

g.     The
execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms
of this Agreement by the Company will not conflict with or constitute a default under (i) its organizational documents, (ii) any
indenture, mortgage, deed of trust or lease to which the Company or any of its subsidiaries is a party or by which it or any of
them may be bound, or to which any of the property or assets of the Company or any of its subsidiaries is subject, or (iii) any
rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having
jurisdiction over the Company or any subsidiary or any of their assets, properties or operations, except in the case of clause
(ii) or (iii) for such conflicts or defaults that would not individually or in the aggregate have a material adverse effect on
the condition (financial or otherwise), business, properties or results of operations of the Company and its subsidiaries taken
as a whole.

 

h.     The
Company has full legal right, power and authority to enter into this Agreement and to perform the Private Placement transactions
contemplated hereby.

 

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i.     At
the time of the offer of any Interests, such Interests will be exempt from registration in each state that the Dealer Manager
has notified the Company in advance in writing that the Dealer Manager plans to offer the Interests, unless the Company has notified
the Dealer Manager in writing that the Interests are not eligible to be sold.

 

j.     Neither
the Company nor any of its predecessors or affiliates have, to the best of its knowledge, offered or sold any Interests or any
other securities the offer or sale of which would be deemed to be “integrated” by the Commission or the courts under
the standards of existing judicial interpretations or rules or regulations under the Securities Act with offers or sales of the
Interests proposed to be made pursuant hereto or for the purpose of determining whether a public offering of the Interests had
been made.

 

k.    None
of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company
participating in the Private Placements, any beneficial owner (as that term is defined under Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) of 20% or more of the Company’s outstanding voting equity securities,
calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of sale (each, a “Company Covered Person”
and, together, “Company Covered Persons”) is subject to any of the “Bad
Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company
has exercised, and during the term of the Private Placements will continue to exercise, reasonable care to determine whether any
Company Covered Person, any Dealer Manager Covered Person (as defined in Section 4m. below) and any Dealer Covered Person (as
defined in Section 4n. below) is subject to a Disqualification Event. The Company will immediately comply, to the extent applicable,
with its disclosure obligations under Rule 506(e), and will immediately effect the preparation of an amended or supplemented Memorandum
that will contain any such required disclosure and will, at no expense to the Dealer Manager, promptly furnish the Dealer Manager
with such number of printed copies of such amended or supplemented Memorandum containing any such required disclosure, including
any exhibits thereto, as the Dealer Manager may reasonably request.

 

l.     The
Company is not aware of any person (other than any Company Covered Person, Dealer Manager Covered Person or Dealer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of any Interests.

 

m.   With
respect to each Company Covered Person, the Company has established procedures reasonably designed to ensure that the Company
receives notice from each such Company Covered Person of (i) any Disqualification Event relating to that Company Covered Person,
and (ii) any event that would, with the passage of time, become a Disqualification Event relating to that Company Covered Person.

 

n.    The
representations and warranties in Sections 1k. through 1m. are and shall be continuing representations and warranties throughout
the term of the Private Placements. The Company will promptly notify the Dealer Manager in writing upon becoming aware of any
fact which makes any such representation or warranty untrue.

 

2.     Covenants
of the Company. The Company covenants and agrees with the Dealer Manager that:

 

a.     It
will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of serially numbered copies of the Memorandum,
including all amendments, supplements and exhibits thereto, as the Dealer Manager may reasonably request for the purposes contemplated
by federal and state securities laws. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager
as many copies of the following documents as the Dealer Manager may reasonably request: (a) this Agreement; (b) Property Supplements;
(c) the DPF Prospectus and (d) any other printed sales literature or other materials the use of which has been approved in writing
by the Company.

 

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b.     If
at any time during a Private Placement, any event occurs as a result of which, in the opinion of the Company, the Memorandum or
DPF Prospectus would include an untrue statement of a material fact or, in light of the circumstances under which they were made,
omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly notify the
Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will effect or cause the
effect of the preparation of an amended or supplemented Memorandum or DPF Prospectus, as applicable, which will correct such statement
or omission and will furnish to the Dealer Manager such number of copies of such amended or supplemented Memorandum or DPF Prospectus,
as applicable, as the Dealer Manager may reasonably request.

 

c.     The
Company will not conduct the Private Placements or offer or sell any of the Interests by means of any form of general solicitation
or general advertising within the meaning of Rule 502(c) of Regulation D.

 

d.     The
Company will cause to be prepared, executed and timely filed with the Commission such notices on Form D as are required by Rule
503 of Regulation D and will take all action necessary to comply with Rule 503 of Regulation D

 

e.     The
Company will notify the Dealer Manager in writing, promptly upon the occurrence of (i) any Disqualification Event relating to
any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to
any Company Covered Person.

 

3.     Representations
and Warranties of the Dealer Manager.

 

The
Dealer Manager represents and warrants to the Company that:

 

a.     The
Dealer Manager is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Colorado, with all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder.

 

b.     This
Agreement has been duly authorized, executed and delivered by the Dealer Manager, and assuming due authorization, execution and
delivery of this Agreement by the Company, will constitute a valid and legally binding agreement of the Dealer Manager enforceable
against the Dealer Manager in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency
or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability
and except that rights to indemnity and contribution hereunder may be limited by applicable law and public policy.

 

c.     The
execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms
of this Agreement by the Dealer Manager will not conflict with or constitute a default under (i) its organizational documents,
(ii) any indenture, mortgage, deed of trust or lease to which the Dealer Manager or any of its subsidiaries is a party or by which
it or any of them may be bound, or to which any of the property or assets of the Dealer Manager or any of its subsidiaries is
subject, or (iii) any rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic
or foreign, having jurisdiction over the Dealer Manager or any subsidiary or any of their assets, properties or operations, except
in the case of clause (ii) or (iii) for such conflicts or defaults that would not individually or in the aggregate have a material
adverse effect on the condition (financial or otherwise), business, properties or results of operations of the Dealer Manager
and its subsidiaries taken as a whole.

 

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d.     The
Dealer Manager is, and during the term of this Agreement will be, duly registered as a broker-dealer pursuant to the provisions
of the Exchange Act, a broker-dealer duly registered as such in the State of Colorado, a member in good standing of the Financial
Industry Regulatory Authority, Inc. ( “FINRA”), and a broker or dealer duly registered as such in those states where
the Dealer Manager is required to be registered in order to carry out the Private Placements contemplated by the Memorandum and
the Property Supplements. The Dealer Manager is in compliance with all applicable rules and regulations to which it is subject,
including without limitation, those under the Exchange Act and the Rules promulgated by FINRA.

 

e.     The
information under the caption “Private Placement” in the Memorandum and all other information furnished to the Company
by the Dealer Manager in writing expressly for use in the Memorandum, or any amendment or supplement thereto, does not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading.

 

4.     Covenants
of the Dealer Manager.

 

The
Dealer Manager will conduct the Private Placements in compliance with (i) the private placement procedures set forth in the Memorandum
of Private Placement Procedures attached hereto as Exhibit “B” (the “Private Placement Procedures”);
(ii) the private placement procedures set forth in the Memorandum and the Property Supplements; (iii) the requirements of the
Securities Act, including without limitation, Regulation D; (iv) the requirements of the Exchange Act; (v) all applicable state
securities laws; and (vi) the Rules promulgated by FINRA. The Dealer Manager covenants and agrees with the Company that:

 

a.     During
the course of a Private Placement, the Dealer Manager will not make any untrue statement of a material fact or omit to state a
material fact required to be stated or necessary to make any statement, in light of the circumstances under which it was made,
not misleading concerning the Private Placement or any matters set forth in or contemplated by the Memorandum or the Property
Supplement.

 

b.     The
Dealer Manager will not conduct a Private Placement or offer or sell the Interests by means of:

 

(i)         any
advertisement, article, notice or other communication mentioning the Private Placement, Interests or Property published in any
newspaper, magazine or similar medium, cold mass mailings, broadcast over television, radio or the internet, or an e-mail message
sent to a large number of previously unknown persons;

 

(ii)        any
seminar or meeting, the attendees of which have been invited by any general solicitation or general advertising; or

 

(iii)       any
letter, circular, notice or other written communication constituting a form of general solicitation or general advertising.

 

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c.     The
Dealer Manager will only use sales materials (other than the Memorandum) the use of which in connection with a Private Placement
has been approved by the Company in writing, and will not provide any such materials to any offeree unless such materials were
accompanied or preceded by the Memorandum.

 

d.     The
Dealer Manager will notify the Company in advance in writing of the states in which it or a Dealer plans to offer the Interests.
If the Company advises the Dealer Manager in writing that the Interests are not eligible to be sold pursuant to an exemption from
registration in, or if the Company (in its sole discretion) otherwise elects not to offer the Interests in, one or more states,
the Dealer Manager will immediately cease and desist from offering Interests to persons in such states.

 

e.     During
the course of a Private Placement and prior to the sale of Interests, the Dealer Manager will provide each offeree with a copy
of the Memorandum and a copy of the applicable Property Supplement for the Property relating to such offer.

 

f.     Until
the termination of the Private Placement, if the Dealer Manager has been provided with a supplement or amendment to the Memorandum
or a Property Supplement, the Dealer Manager will promptly distribute such supplement or amendment to persons who previously received
a copy of the Memorandum or Property Supplement from it and who it believes continue to be interested in participating in such
Private Placement and will include such supplement or amendment in all deliveries of the Memorandum and Property Supplement after
receipt of any such supplement or amendment.

 

g.     The
Dealer Manager will not make any oral or written representations on behalf of the Company other than those contained in the Memorandum
or DPF Prospectus unless the making of such representations has been approved by the Company in writing, nor will the Dealer Manager
act as an agent of the Company or for the Company in any other capacity except as expressly set forth herein.

 

h.     The
Dealer Manager will not execute any transaction in which a subscriber invests in the Interests in a discretionary account without
prior written approval of the transaction by the subscriber.

 

i.     Except
for the Selected Dealer Agreements, no agreement will be made by the Dealer Manager with any person permitting the resale, repurchase
or distribution of any Interests.

 

j.     The
Dealer Manager will not accept, and will not be required to accept, any checks or funds representing an equity investment by a
subscriber in the Interests. Any checks or funds are to be transmitted by subscribers directly to the escrow agent in accordance
with the procedures set forth in the escrow agreement in the form attached hereto as Exhibit “C” (the
“Escrow Agreement”).

 

k.     The
Dealer Manager will furnish to the Company upon request a complete list of all persons and entities who have received a Memorandum
and such parties’ addresses.

 

l.     The
Dealer Manager will comply with all applicable federal and state laws and regulations relating to the collection, maintenance
and disclosure of non-public information provided by prospective investors in connection with their proposed investment in the
Interests.

 

m.    The
Dealer Manager represents that neither it, nor any of its directors, executive officers, general partners, managing members or
other officers participating in the offering of Interests, nor any of the directors, executive officers or other officers participating
in the offering of Interests of any such general partner or managing member, nor any other officers, employees or associated persons
of the Dealer Manager or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration
for solicitation of purchasers in connection with the sale of any Interests (each, a “Dealer Manager Covered Person”
and, together, “Dealer Manager Covered Persons”), is subject to any Disqualification Event except for a Disqualification
Event (i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to
the Company prior to the date hereof.

 

    	6

    	 

    

 

n.     In
its agreements with the Dealers, the Dealer Manager will require the Dealers to represent that neither the Dealer, nor any of
its directors, executive officers, general partners, managing members or other officers participating in the offering of Interests,
nor any of the directors, executive officers or other officers participating in the offering of Interests of any such general
partner or managing member, nor any other officers, employees or associated persons of the Dealer or any such general partner
or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of any Interests (each, a “Dealer Covered Person” and, together, “Dealer Covered Persons”),
is subject to any Disqualification Event except for a Disqualification Event (i) contemplated by Rule 506(d)(2) of the Securities
Act and (ii) a description of which has been furnished in writing to the Dealer Manager prior to the date of the Selected Dealer
Agreement between the Dealer Manager and such Dealer.

 

o.     The
Dealer Manager represents that it is not aware of any person (other than any Company Covered Person, Dealer Manager Covered Person
or Dealer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in
connection with the sale of any Interests. The Dealer Manager will notify the Company of any agreement entered into between the
Dealer Manager and any such person in connection with such sale.

 

p.     The
representations, warranties and covenants in Sections 4m. through 4o. above are and shall be continuing representations, warranties
and covenants throughout the term of the Private Placements. The Dealer Manager will notify the Company in writing promptly upon
the occurrence of (i) any Disqualification Event relating to any Dealer Manager Covered Person not previously disclosed to the
Company in accordance with Section 4m. above, and (ii) any event that would, with the passage of time, become a Disqualification
Event relating to any Dealer Manager Covered Person.

 

q.     In
its agreements with the Dealers, the Dealer Manager will require that the Dealers notify the Dealer Manager in writing promptly
upon the occurrence of (i) any Disqualification Event relating to any Dealer Covered Person not previously disclosed to the Dealer
Manager, and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Dealer Covered
Person. The Dealer Manager will notify the Company in writing promptly upon receiving notification from any Dealer of the occurrence
of any such event described in this paragraph.

 

r.     The
Dealer Manager acknowledges that, with respect to each Dealer Manager Covered Person and Dealer Covered Person, the Company is
relying upon the representations, covenants and agreements of the Dealer Manager set forth in this Section 4 and the representations,
covenants and agreements of the Dealers referred to in this Section 4 as procedures reasonably designed to ensure that the Company
receives notice from each such Dealer Manager Covered Person or Dealer Covered Person of (i) any Disqualification Event relating
to that Dealer Manager Covered Person or Dealer Covered Person, and (ii) any event that would, with the passage of time, become
a Disqualification Event relating to that Dealer Manager Covered Person or Dealer Covered Person.

 

s.     The
Dealer Manager will provide, and in its agreements with the Dealers will require the Dealers to provide, such certifications,
documentation, and other information reasonably requested by the Company from time to time which the Company deems to be necessary
or advisable to carry out the exercise of reasonable care under Rule 506(d) and (e) under the Securities Act in connection with
the Private Placements.

 

    	7

    	 

    

 

5.     Purchase,
Sale and Delivery of Interests.

 

On
the basis of the covenants, representations and warranties herein contained and subject to the terms and conditions herein set
forth:

 

a.     The
Company hereby appoints the Dealer Manager as its agent and primary distributor for the purpose of conducting the Private Placements
and soliciting subscriptions for Interests reflecting an indirect ownership of up to $500,000,000 of Interests in accordance with
the terms of the Private Placement Procedures, the Memorandum, the Property Supplements and this Agreement, and the Dealer Manager
agrees to use its best efforts to solicit such subscriptions. The Dealer Manager may, however, discharge its responsibilities
under this Agreement by forming a group of securities dealers (referred to herein as “Dealers”) who are members of
FINRA acceptable to the Company, to conduct the Private Placements and solicit subscribers for Interests. The Dealer Manager will
enter into a Selected Dealer Agreement in substantially the form attached to this Agreement as Exhibit “A” (the “Selected Dealer Agreement”) with each such Dealer. Each Selected Dealer Agreement will require the applicable
Dealer to represent and warrant, for the benefit of the Company, that it will conduct the Private Placements in the manner set
forth in Sections 3 and 4 of this Agreement, including the Private Placement Procedures attached as Exhibit “B” hereto. The Dealer Manager will have no authority to appoint any person or other entity as an agent or sub-agent of the
Dealer Manager or the Company in connection with the Private Placements, except to appoint Dealers acceptable to the Company pursuant
to the Selected Dealer Agreements. The subscriptions shall be evidenced by the completion and execution by each prospective subscriber
and acceptance by the Company of a Purchase Agreement for the Interests. It is understood that no subscription shall be regarded
as effective unless and until accepted by the Company or one of its agents on behalf of the Company, and the Company reserves
the right in its sole discretion for any reason to refuse any subscription to participate in a Private Placement from any person
at any time.

 

b.     Promptly
after receiving written notification from the Company to commence a Private Placement, the Dealer Manager and the Dealers shall
commence the offering of Interests to Accredited Investors, in jurisdictions in which the Company has qualified for an exemption
from registration or in which the Private Placement is otherwise permitted. The Dealer Manager and the Dealers will suspend or
terminate offering Interests upon request of the Company at any time and will resume offering Interests upon any subsequent request
of the Company.

 

c.     Except
as provided in the section entitled “Private Placement” in the Memorandum or in the Property Supplement, as compensation
for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager selling commissions
in the amount of up to 5% of the Equity Amount, plus a dealer manager fee in the amount of up to 1.5% of the Equity Amount relating
to transactions consummated pursuant to the Private Placement.

 

d.     The
Company will not be liable or responsible to any Dealer for direct payment of commissions to such Dealer, it being the sole and
exclusive responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the above, at its discretion,
the Company may act as agent of the Dealer Manager by making direct payment of commissions to such Dealers without incurring any
liability therefor.

 

    	8

    	 

    

 

e.     The
selling commission may be reduced to zero by the Dealer Manager in connection with certain categories of sales, including sales
through investment advisors or banks acting as trustees or fiduciaries and sales to our affiliates. Certain Dealers may also agree
to reduce the selling commission to less than 5% for certain purchasers. If the selling commission is reduced, the purchase price
will also be reduced by the “Reduced Commission Discount” which is defined as: 1 minus the ratio of (1) 92% divided
by (2) 92% plus the percentage points that the commission is reduced. For example, if a Dealer wanted to reduce its commission
from 5% to 3% and the purchase price was $100,000, then the Reduced Commission Discount would equal approximately 2.13% and the
reduced purchase price would equal $97,872.34 for that purchaser.

 

f.     In
addition to the other items of underwriting compensation set forth in this Section 5, the Company shall reimburse the Dealer Manager
or Dividend Capital Total Advisors LLC (the “Advisor”) for certain costs and expenses incurred by such entities incident
to the Private Placements, to the extent permitted pursuant to prevailing rules and regulations of FINRA, including expenses,
fees and taxes incurred in connection with: (a) customary travel, lodging, meals and reasonable entertainment expenses incurred
in connection with the Private Placements; (b) costs and expenses of conducting educational conferences and seminars, attending
broker-dealer sponsored conferences, or educational conferences sponsored by the Company; (c) customary promotional items; and
(d) legal fees of the Dealer Manager.

 

g.     In
addition to reimbursement as provided under Section 5.f, the Company shall also reimburse the Dealer Manager for reasonable bona
fide due diligence expenses incurred by any Dealer. The Dealer Manager shall obtain from any Dealer and provide to the Company
a detailed and itemized invoice for any such due diligence expenses.

 

h.     The
Company reserves the right, in its sole discretion, to refuse to accept any or all subscriptions for Interests tendered by the
Dealer Manager or its Dealers, and/or to terminate a Private Placement of Interests at any time prior to the scheduled termination
date of a Private Placement. In the event that a Private Placement is terminated for any reason prior to its completion and the
purchase of the Interests as contemplated in the Memorandum, the Dealer Manager will be entitled to no compensation in connection
with its offering or sale of the offered Interests.

 

i.     A
Private Placement of Interests will be at the offering prices and upon all the terms and conditions set forth in the Memorandum
and the Property Supplements and the exhibits and any supplements thereto.

 

6.     Indemnification.

 

a.     Subject
to the conditions set forth below, the Company agrees to indemnify and hold harmless the Dealer Manager, the Dealers and their
respective affiliates, directors, officers, employees and agents and each person, if any, who controls the Dealer Manager or
Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each and collectively, a “DM
Related Party”), from and against any and all losses, claims, damages and liabilities (including, without limitation, legal
fees and other reasonable expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees
and expenses are incurred) (collectively, “Claims”), caused by, arising out of or based upon:

 

(i)          any
untrue statement or alleged untrue statement of a material fact contained in the Memorandum (or any amendment or supplement thereto),
a Property Supplement or the DPF Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state
therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that the Company shall not be responsible for any Claims relating
to this Section 6.a. to the extent that (A) such Claims are attributable to the failure of the Dealer Manager or a Dealer to deliver
to a purchaser an updated or supplemented Memorandum, Property Supplement or DPF Prospectus that corrects such untrue statement(s)
or omission(s); or (B) such Claims arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
or omission made by the Dealer Manager, a Dealer or any other agents of the Dealer Manager, or made in reliance upon and in conformity
with any information furnished to the Company in writing by such Dealer Manager or a Dealer;

 

    	9

    	 

    

 

(ii)        the
failure of the Company to comply (through no failure of a DM Related Party) with any of the applicable provisions of the Securities
Act, the Exchange Act, the rules and regulations promulgated under the Securities Act and the Exchange Act (including, without
limitation, Rule 506 of Regulation D) or any other applicable state securities laws, rules or regulations (other than as a result
of breach of this Agreement or non-compliance with applicable securities laws, rules or regulations or the Private Placement Procedures
by the Dealer Manager or any Dealer); or

 

(iii)       the
material breach by the Company (through no failure of an DM Related Party) of any term, condition, representation, warranty or
covenant of the Company set forth in this Agreement.

 

b.   
Subject to the conditions set forth below, the Dealer Manager agrees to indemnify and hold harmless the Company and its affiliates,
directors, officers, employees and agents and each person, if any, who controls the Company within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act (each and collectively, a “Company Related Party”), from and
against any and all Claims, caused by, arising out of or based upon:

 

(i)         any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
furnished to the Company in writing by the Dealer Manager expressly for use in the Memorandum or any amendment or supplement thereto
or a Property Supplement;

 

(ii)        any
offers or sales in violation of the private placement procedures set forth in the Private Placement Procedures by the Dealer Manager
or its representatives, employees or agents (other than a Dealer);

 

(iii)       any
unauthorized use of sales materials or unauthorized verbal or written representations in connection with the Private Placement
made by the Dealer Manager or its representatives, employees or agents (other than a Dealer) in violation of the Securities Act,
or any other applicable federal or state securities laws and regulations;

 

(iv)       the
Dealer Manager’s failure to comply (through no failure of a Company Related Party) with any of the applicable provisions
of the Securities Act, the Exchange Act, the rules and regulations promulgated under the Securities Act and the Exchange Act (including
without limitation Rule 506 of Regulation D) or any other applicable state securities laws, rules or regulations;

 

(v)        the
material breach by the Dealer Manager of any term, condition, representation, warranty or covenant of the Dealer Manager set forth
in this Agreement; and

 

(vi)       the
failure of the Dealer Manager to maintain its status as a registered broker-dealer in accordance with the rules and regulations
of the FINRA and any applicable state broker-dealer registration requirements or the violation by the Dealer Manager or any of
its principals, managers, members, directors, officers, employees or agents of any requirements, rules or regulations of the FINRA
or any other state laws, rules or regulations governing the licensing of or acting as a securities broker-dealer.

 

    	10

    	 

    

 

c.     Promptly
after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this Section 6, notify in writing the indemnifying
party of the commencement thereof; the omission so to notify the indemnifying party will relieve it from liability under this
Section 6 only in the event and to the extent the failure to provide such notice adversely affects the ability to defend such
action. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement
thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly
notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying
party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to paragraph d. of
this Section 6) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying
party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought.
Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action
effected without the consent of such indemnifying party.

 

d.     The
indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided,
however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection
with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding
that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims
or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to
reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which
such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for
which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record
representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed
by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law
firm.

 

e.     If
the indemnification provided for in paragraphs a. and b. above is unavailable to an indemnified party or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect both the relative benefits
received by the indemnified party or parties on the one hand and indemnifying party or parties on the other hand, from the Private
Placement and the relative fault of the indemnified party or parties on the one hand and the indemnifying party or parties on
the other hand in connection with the statements, omissions, representations, violations, actions or failures to act that resulted
in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. 

 

f.     The
Company and the Dealer Manager agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph e. above. The amount paid or payable by an indemnified party as a result of the losses, claims, damages
and liabilities referred to in paragraph e. above shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses incurred by such indemnified party in connection with any such action or claim. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Dealer Manager’s and Dealers’ obligations to contribute
pursuant to this Section 6 are several in proportion to their respective obligations hereunder and under any Selected Dealer Agreement
and not joint.

 

    	11

    	 

    

 

g.     The
remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies that may otherwise be available
to any indemnified party at law or in equity.

 

h.     A
successor of any of the parties to this Agreement shall be entitled to the benefits of the indemnity agreements contained in this
Section 6.

 

7.     Arbitration.
Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any
federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered
in accordance with the then current rules of the American Arbitration Association (“AAA”). Any matter to be
settled by arbitration shall be submitted to the AAA in Denver, Colorado and the parties agree to abide by all awards rendered
in such proceedings. The parties shall attempt to designate one arbitrator from the AAA, but if they are unable to do so, then
the AAA shall designate an arbitrator. Any arbitrator selected by the parties or the AAA shall be a qualified Person with no less
than ten (10) years of experience as a business appraiser and who has experience with complex real estate disputes. The arbitration
shall be final and binding, and enforceable in any court of competent jurisdiction. All awards may be filed with the clerk of
one or more courts, state or federal having jurisdiction over the party against whom such award is rendered or his or her property,
as a basis of judgment and of the issuance of execution for its collection.

 

8.     Survival
of Provisions. The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in
this Agreement shall remain operative and in full force and effect regardless of (a) any termination of this Agreement, (b) any
investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer
or by or on behalf of the Company or any person controlling the Company, and (c) the acceptance of any subscription for the Interests.

 

9.     Notice.
All notices will be in writing and will be duly given to the Dealer Manager when mailed to Dividend Capital Securities LLC, 518
17th Street, 17th Floor, Denver, Colorado 80202, Attn: Charles Murray, and to the Company when mailed to
Dividend Capital Exchange LLC, 518 17th Floor, Denver, Colorado 80202, Attn: M. Kirk Scott.

 

10.   Costs
of Compliance and Private Placement. The Dealer Manager will pay all of its own costs and expenses necessary for the Dealer
Manager to remain in compliance with any applicable federal, state or FINRA laws, rules or regulations in order to participate
in the Private Placement as a broker/dealer. The Company agrees to pay all other expenses incident to the performance of its obligations
hereunder, including all expenses incident to filings with federal and state regulatory authorities and to the exemption of the
Interests under federal and state securities laws, including fees and disbursements of the Company’s counsel, and all costs
of reproduction and distribution of the Memorandum, Property Supplements and any amendment or supplement thereto.

 

11.   Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

    	12

    	 

    

 

12.     Severability.
If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible the remainder
of this Agreement shall be considered valid and operative and effect shall be given to the intent manifested by the portion held
invalid or inoperative.

 

13.     Delay.
Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege
under this Agreement shall operate as a waiver thereof, nor shall a 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 subsequent occurrence.

 

14.     Counterparts.
This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original
contract, but all counterparts, when taken together, shall constitute one and the same Agreement.

 

15.     Third
Party Beneficiaries; Successors; Assignment; Amendment.

 

a.     This
Agreement shall inure to the benefit of and be binding upon the Dealer Manager, the Company, each Dealer who enters into a Selected
Dealer Agreement with the Dealer Manager and their respective successors. Nothing in this Agreement is intended or shall be construed
to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.

 

b.     Subject
to the prior written consent of the Company, which consent shall not be unreasonably withheld, the Dealer Manager may assign its
rights and obligations under this Agreement to a registered broker-dealer that is a member in good standing of the FINRA.

 

c.     This
Agreement may be amended by the written agreement of the Dealer Manager and the Company.

 

16.     Term.
Any party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice.

 

******

 

    	13

    	 

    

 

If
the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for
that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 	 	 	 
	 	 	DIVIDEND CAPITAL EXCHANGE LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	 	 	 	 	By:     DCTRT LEASING CORP., a Delaware corporation, its sole member
	 	 	 	 	 
	 	 	 	 	By:     Dividend Capital Total Realty Operating Partnership LP, a Delaware limited partnership, its sole stockholder
	 	 	 	 	 
	 	 	 	 	By:     Dividend Capital Diversified Property Fund Inc., a Maryland corporation, its general partner
	 	 	 	 	 
	 	 	By: 	/s/ M. Kirk Scott	 
	 	 	 	Name: M. Kirk Scott
	 	 	 	Title: Chief Financial Officer
	 	 	 	 
	Accepted and agreed to as of the date first above written:	 	 	 
	 	 	 	 
	DIVIDEND CAPITAL SECURITIES LLC,	 	 	 
	a Colorado limited liability company	 	 	 
	 	 	 	 
	By: 	/s/ Charles Murray	 	 	 
	 	Name: Charles Murray	 	 	 
	 	Title:   President	 	 	 

 

    	14

    	 

    

 

EXHIBIT
“A”

 

Form
of Selected Dealer Agreement

 

    	 

    	 

    

 

EXHIBIT “B”

 

Memorandum
of Private Placement Procedures

 

Dividend
Capital Securities LLC (the “Dealer Manager”) is acting as Dealer Manager on behalf of Dividend Capital Exchange LLC,
a Delaware limited liability company (the “Company”), in connection with one or more
private placements (each, a “Private Placement,” and collectively, the “Private Placements”) that are
offered for sale from time to time, either directly or through wholly-owned subsidiaries, of beneficial interests in specific
Delaware statutory trusts (the “Interests”) reflecting an indirect ownership of up to $500,000,000 of Interests. An
Interest is an interest in a master Delaware statutory trust that will beneficially own either (i) a series of Delaware statutory
trusts, each of which will hold one commercial property (each, a “Property” and collectively, the “Properties”);
or (ii) a Property directly. Each Private Placement is intended to be exempt from the registration requirements of the Securities
Act of 1933, as amended (the “Securities Act”). The Private Placement will be made only to “accredited investors,”
as that term is defined in Rule 501(a) of Regulation D (“Regulation D”) promulgated under the Securities Act (referred
to herein as “Accredited Investors”), pursuant to the Confidential Program Description Memorandum, dated as of March
2, 2016, which, together with all exhibits thereto and as amended or supplemented from time to time, is referred to herein as
the “Memorandum,” a copy of which will be delivered to each offeree. Information regarding each Property in which
Interests will be offered will be included in a property-specific supplement (the “Property Supplement”) to the Memorandum.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Memorandum.

 

In
order to ensure that the Private Placements are made in conformity with applicable federal and state securities laws, the Dealer
Manager will observe the private placement procedures set forth below, which will be varied or modified only in writing by the
Company. The Dealer Manager will also take such steps as are necessary to ensure that the Dealers and their agents and employees
will observe the private placement procedures contained herein. Compliance with the Federal and state securities laws is the responsibility
of each person participating in the Private Placement.

 

Exemption
from the registration requirements of the Securities Act and from the “blue sky” laws of most states is available
only if the Private Placement does not involve a “general solicitation” and only if the Private Placement is made
in conformance with the safe harbor provisions of Regulation D.

 

A
specifically appointed supervisor of the Dealer Manager (the “Designated Supervisor”) will review each prospective
offeree’s qualifications before permitting an offer. Only (i) the Dealer Manager and (ii) registered representatives of
a Dealer (either or both of which are hereinafter referred to as the “Registered Representative”) may make offers
to persons who have been pre-qualified.

 

1.          Prospective
Offerees. Offers may be made only to investors who are Accredited Investors. In addition, prospective offerees may not be
contacted through any form of general solicitation or advertising. Marketing materials furnished by the Company or the Dealer
Manager and marked “for broker-dealer use only” shall not be furnished to prospective offerees, and marketing materials
intended for distribution to prospective offerees shall not be delivered to any offeree unless such materials were accompanied
or preceded by the Memorandum. The Interests with respect to a Private Placement may be offered during a period commencing on
the date specified in the Property Supplement and continuing until the termination date for such Private Placement set forth in
the Property Supplement.

 

    	 

    	 

    

 

2.          Certification
of Registered Representative. Before a Memorandum and Property Supplement is delivered to an offeree and an offer is made,
the “Registered Representative Certification” section of each prospective offeree’s Investor Questionnaire (the
“Certification”) must be executed by the Registered Representative. The Certification will constitute a representation
to the Dealer Manager, the Dealer and the Company that (i) the offeree was not contacted through any form of general solicitation
and has a pre-existing relationship with the Dealer; and (ii) based upon the offeree’s execution and delivery of
such Investor Questionnaire and any other information in the Registered Representative’s files or otherwise presented by
the offeree, the offeree is an Accredited Investor, participation in the Private Placement would be a suitable investment for
the offeree, and the offeree has such financial and business experience (either alone or together with his advisor) as to be able
to understand and appreciate the risks and merits of participating in the Private Placement.

 

3.          Indications
of Interest. The Certification must be based on the Investor Questionnaire executed by such prospective offeree, information
in the Registered Representative’s files (and procedures necessary to update such information) and upon knowledge of the
prospective offeree and current information supplied by or otherwise available concerning such prospective offeree. If a prospective
offeree satisfies the requirements of paragraph 1 above, the Registered Representative may seek to determine orally whether a
prospective offeree is likely to be interested in participating in the Private Placement prior to receiving a completed Investor
Questionnaire. However, indications of interest may be solicited if, but only if, such solicitations do not become so precise
and detailed as to constitute “offers,” including, but not limited to, those forms of offers prohibited by Section
10 of this Memorandum of Private Placement Procedures. The point at which solicitations of indications of interest become so precise
as to constitute “offers” cannot be defined with precision. However, if a prospective offeree’s interest cannot
be ascertained without making specific disclosures regarding the transaction structures described in the Memorandum, such offeree
shall not be allowed to participate in the Private Placement.

 

4.          Review
of Investor Questionnaires. Each Investor Questionnaire will be reviewed by the Designated Supervisor. If the Designated Supervisor
determines that (i) a prospective offeree qualifies as an Accredited Investor and (ii) participation in the Private Placement
would be suitable for the prospective offeree, the Designated Supervisor may permit Interests to be offered to the prospective
offeree through the delivery of a Memorandum and Property Supplement.

 

5.          Delivery
of Memorandum and Marketing Materials. If the Designated Supervisor elects to permit Interests to be offered to a prospective
offeree, the Designated Supervisor shall write the offeree’s name on the Memorandum and deliver that copy of the Memorandum,
together with copies of a Property Supplement relating to the Property with respect to which Interests are being offering, the
DPF Prospectus and the Investor Application (together, the “Exhibits”), to the Registered Representative for delivery
to such offeree. That copy of the Memorandum must be delivered only to the named offeree and may not be duplicated or furnished
to any other person. In addition, only marketing materials (other than the Memorandum) the use of which in connection with the
Private Placement has been approved by the Company in writing shall be delivered to prospective offerees, and such marketing materials
shall only be provided to prospective offerees when accompanied or preceded by the Memorandum.

 

    	 

    	 

    

 

6.          Control
Numbers. The Designated Supervisor shall keep a log or other written record of every copy of the Memorandum furnished to any
person (including copies of the Memorandum furnished to Registered Representatives for their information, copies furnished to
offerees, copies furnished to advisors of offerees and copies furnished to regulatory or administrative authorities). The records
or logs so maintained must indicate (a) the number of each copy, (b) the name and address of the person to whom such copy was
furnished, and (c) the capacity in which such person received the copy of the Memorandum. If, for any reason, such copy is not
delivered to the person for whom it was intended, or is returned, the Designated Supervisor should be notified and, upon receipt
of such notice, that fact should be entered in such log. A Memorandum not delivered to the person for whom it is intended, or
returned, may not be reassigned or delivered to any other offeree. A copy of the log will be made available for review by the
Company.

 

7.          State
Securities Law Procedures. Prior to sending a copy of the Memorandum and/or the Property Supplement to any offeree, the Dealer
Manager must have notified the Company in writing as to the state of residence of such offeree to ensure compliance with the securities
laws of such state. If there is any question, uncertainty, qualification or limitation upon the making of any such offer, such
offer shall be made only after the Designated Supervisor has reviewed the matter with the Company.

 

8.          Prospecting.
This Private Placement is inappropriate for and shall not be used for any form of prospecting (see Sections 1 and 2 above). In
addition, the Staff of the Securities and Exchange Commission has indicated that it believes furnishing copies of a private placement
memorandum (or a description of the terms of a security to be privately placed) to lawyers, accountants or other professionals
and asking such lawyers, accountants or other professionals to call an offering to the attention of their clients who might be
interested or to otherwise facilitate the offering (the “Financial Intermediaries”) may constitute a “general
solicitation.” Thus, the use of Financial Intermediaries in this manner is inconsistent with a private placement under Regulation
D. Accordingly, no person shall initiate contact with a Financial Intermediary, other than a Registered Representative, for the
purpose of soliciting, directly or indirectly, an offer to participate in the Private Placement.

 

9.          Prohibited
Disclosures. Offers will be made only by the Memorandum, the Property Supplements and any other material expressly approved
by the Dealer Manager and the Company and only after the procedures set forth in Sections 1 through 8 above have been satisfied.

 

10.        Advertising
and Seminars. Offers may be made only through direct contact with an offeree with whom a Registered Representative has a pre-existing
relationship. No representative of the Dealer Manager, a Dealer or the Company may discuss a Private Placement with any member
of the press or the radio or television media. No advertisement relating, directly or indirectly, to a Private Placement, including
tombstone advertisements prior to termination of such Private Placement, may be published. Letters, circulars, notices, postings
on websites, memoranda, including tombstone advertisements prior to such termination, or other written communications to customers
announcing or describing a Private Placement or inviting inquiries concerning a Private Placement or similar investments are strictly
prohibited. Seminars or meetings (other than those approved by the Designated Supervisor, in consultation with the Company) relating
to a Private Placement are strictly prohibited.

 

    	 

    	 

    

 

11.          How
to Subscribe. All prospective offerees must execute and deliver an Investor Questionnaire prior to the receipt of a Memorandum
or Property Supplement. The Investor Questionnaire should be completed by offerees in as much detail as possible since it substantiates
the Certification and is relied on by the Designated Supervisor and the Company in determining that offerees are Accredited Investors
and are otherwise suitable to participate in the Private Placement. The Exhibits furnished to offerees with the Memorandum will
include the Investor Application. If an offeree completes and returns the Investor Application and it is approved, the offeree
will receive the Purchase Agreement and other closing documents. If an offeree elects to participate in a Private Placement, the
Registered Representative should review the “Private Placement” section of the Memorandum and the more detailed information
in the Investor Application and ensure that the appropriate documents are completed in their entirety and the required Deposit
is paid by the offeree. Under no circumstances should any Registered Representative alter in any respect subscription documents
that have been signed and delivered by an offeree. Any subscription document that is incomplete or incorrectly completed should
be returned to the prospective investor for completion or revision. All documents must be exactly in the form in which they are
delivered to the prospective investor or they will be rejected.

 

12.          Approval
of Subscribers. No offeree’s subscription may be accepted until the Designated Supervisor and the Company have reviewed
such offeree’s Investor Questionnaire and Investor Application, have determined that such documents have been completed
properly and have determined that there is a reasonable basis for belief that such offeree is an Accredited Investor and that
such offeree meets any other applicable suitability standards. No sale of an Interest shall be regarded as effective unless and
until a subscription for such Interest has been formally accepted by the Company.

 

13.          Rejections.
The Designated Supervisor and the Company each may determine, in its sole and absolute discretion, not to accept the subscription
of any person, without regard to whether it appears that from such person’s Investor Questionnaire and Investor Application
that such person is an Accredited Investor and/or meets any or all other applicable standards.

 

14.          Questions.
If questions arise regarding a Private Placement, a Registered Representative or the Dealer Manager should be consulted.

 

    	 

    	 

    

 

EXHIBIT “C”

 

Escrow
Agreement

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