Document:

<PAGE>
                                                                   EXHIBIT 10-50

                              Focus on the Future

                                                               {DTE ENERGY LOGO]

YOUR FY2003 DTE ENERGY
                               ANNUAL & LONG-TERM
                               INCENTIVE PROGRAMS

                                   [PICTURE]

                                                     EXECUTIVE COMPENSATION 2003
<PAGE>
FOCUS ON THE FUTURE

YOUR FY2003 ANNUAL INCENTIVE PLAN AND DTE ENERGY STOCK INCENTIVE PLAN

As the rules in our industry continue to change, your role as a senior executive
is more critical than ever and it is your ability to drive performance and
deliver results that will contribute to the future success of our business.
That is why we are pleased to offer you the Annual and Stock Incentive Plans
that allow you to celebrate the achievement of our annual and long-term
business goals.

These plans and business goals are consistent with DTE Energy's strategic
direction to be a performance-based company and help align shareholder and
employee interests.

EXECUTIVE COMPENSATION 2003
<PAGE>
A LOOK INSIDE...

This booklet was designed to serve as a handy and practical resource to help
you understand the FY2003 Annual Incentive Plan and Stock Incentive Plan.

ANNUAL INCENTIVE PLAN........PAGE 2

DTE ENERGY COMPANY
STOCK INCENTIVE PLAN.........PAGE 4

Portions of this document (page 4 to page 9) constitute part of a prospectus
covering shares that have been registered under the Securities Act of 1933.

                                             EXECUTIVE COMPENSATION 2003  PAGE 1
<PAGE>
FY2003 ANNUAL AND STOCK INCENTIVE PLANS

The FY2003 Annual and Stock Incentive Plans continue to focus on the key
elements of our success, including:

-   Earnings Per Share Growth and Total Shareholder Return

-   Cash contribution

-   Customer Satisfaction

-   Diversity Placement

-   Safety

-   Employee Satisfaction/Engagement

By striving to excel in these and other measures, we not only earn rewards, but
also build a stronger company for tomorrow.

ELIGIBILITY

Participation in the plans is extended to key employees of DTE Energy and its
subsidiaries as named by the DTE Energy Board of Directors, a committee of the
Board, or the Chief Executive Officer (CEO).

THE ANNUAL INCENTIVE PLAN

The Annual Incentive Plan (AIP) is intended to reward you for the results that
have an impact on our annual success. It is paid in cash, or may be deferred
through the Executive Deferred Compensation Plan. Awards are based on the
achievement of corporate targets and are modified to reflect personal
performance.

An executive who has participated in another company or affiliate plan is not
eligible for AIP unless documented and approved by the vice president of Human
Resources.

TARGET AWARD LEVEL

Each executive within the organization is assigned a target annual incentive
award based on analysis of the competitive marketplace. The executive to whom
you report should communicate your target to you. Targets are expressed as a
percentage of actual base pay.

EXAMPLE:

An executive holds the position of vice president and will be paid $200,000 for
FY2003. The annual incentive target for his position is 35% of base salary,
which equates to a target award of $70,000.

PAYOUT RANGE

Payouts under the Plan range from 0% to 200% of the target level.

EXAMPLE:

In this same executive's case, this would mean an award potential of as much as
70% or $140,000. Payouts may range down to 0% if minimum performance objectives
are not met.

INDIVIDUAL PERFORMANCE MODIFIER

In addition to achievement against the plan's measures, individual performance
has an impact on your award. The amount earned under the company-wide
calculation will be adjusted down to 0% or up to 125% of the award, based on an
assessment of your performance during the period and Board approval.

Special rules apply to participants where compensation is governed by Section
162(m) of the Internal Revenue Code.

EXAMPLE:

Let's say that an executive earns a target bonus award of $70,000 based on
corporate results, and her individual performance has been exceptional. Unless
governed by Section 162(m), her award may be adjusted by 125%, resulting in an
Annual Incentive payment recommendation to the Board of $87,500 for the year.

ANNUAL INCENTIVE PLAN AWARD PERIOD

Awards in the Annual Incentive Plan will be based on 2003 results. Evaluation
of results and award payout will take place in early 2004.

To be eligible for a payout under this plan, the employee must be in an
executive position on or before November 2, 2003.

Executives who leave due to retirement, disability or death will be eligible
for an award payout on a pro-rated basis. Executives who leave for any other
reason prior to date of payout do not qualify for an award payout.

New hires are eligible for an award payout on a pro-rated basis.

PAGE 2  EXECUTIVE COMPENSATION 2003
<PAGE>
ANNUAL CORPORATE MEASURES

The performance measures, weightings and payout percentages established with
respect to the Annual Incentive Plan are reflected below. If actual performance
is between the threshold and target or between the target and maximum, the
results will be interpolated and the final award will be adjusted accordingly.

                                  [PIE CHART]

DIVERSITY PLACEMENT
(10% WEIGHTING)
Placements of minorities and women in Career Levels 3 to 7 (or equivalent
including vice presidents) across the entire DTE Energy enterprise will be
measured in determining our progress toward becoming more diverse in leadership
roles. Both new hires and promotions count towards goals in this category.

CUSTOMER SATISFACTION
(10% WEIGHTING)
Customer Satisfaction will be measured using Detroit Edison and MichCon
residential and commercial customer surveys. The results will be based on the
weighted-average of gas and electric, residential, unassigned business, and
assigned customer surveys.

CASH CONTRIBUTION
(20% WEIGHTING)
Cash Contribution is defined as cash generated from operations, capital
expenditures and asset sales including ITC. Excludes growth capital and
dividends.

EARNINGS PER SHARE GROWTH
(50% WEIGHTING)
Earnings Per Share (EPS) equals net income of DTE Energy divided by the average
common shares outstanding. EPS growth is a key measure of growth in actual
shareholder return. For 2003, the EPS growth target is on an "as reported" all
inclusive basis, and represents a strategic level of EPS growth over actual
2002 EPS levels. EPS targets exclude the impact of ITC sale and the cumulative
earnings impact of accounting changes. Adjustments may be considered if there
are changes in our equity structure (such as a stock buy-back program) or
unplanned accounting changes.

SAFETY
(10% WEIGHTING)
Safety is defined as the OSHA Recordable Frequency Rate which is a standard
measure of safety performance used nationwide. The rate utilizes the number of
injuries requiring treatment beyond first aid and the number of man-hours
worked.

                                             EXECUTIVE COMPENSATION 2003  PAGE 3
<PAGE>
ANNUAL CORPORATE MEASURES & TARGETS

<TABLE>
<CAPTION>
GOALS & WEIGHTS                        THRESHOLD        TARGET          MAXIMUM
                                       50% PAYOUT     100% PAYOUT     200% PAYOUT
----------------------------------------------------------------------------------
<S>                                   <C>             <C>            <C>
EARNINGS PER SHARE GROWTH (50%)          $3.83           $3.95           $4.10
   EPS GROWTH*                            0.0%            3.1%            7.0%

CASH CONTRIBUTION (20%)**             $500 million    $800 million    $900 million

CUSTOMER SATISFACTION (10%)**             80%             83%              86%

SAFETY (10%)**
   # of OSHA Recordable Incidents         5.6             4.9              3.8
      (per 100 employees)

DIVERSITY PLACEMENTS (10%)**
          Minorities (5%)                 22%             25%              26%
          Women (5%)                      25%             28%              30%
----------------------------------------------------------------------------------
</TABLE>
* EPS growth over actual 2002 EPS.
**  -  Payout capped at threshold until the EPS threshold is achieved.
    -  Payout limited to the EPS percentage achievement (or less, based on
       performance) for EPS performance between threshold and target.
    -  No cap on payout once target EPS is achieved.

DTE ENERGY COMPANY
STOCK INCENTIVE PLAN

While the Annual Incentive Plan looks at short-term results, the DTE Energy
Company Stock Incentive Plan (the "Stock Plan") motivates and rewards you for
making decisions and taking actions that will bring the Company success well
into the future. DTE Energy's Special Committee on Compensation (the
"Committee") administers the Stock Plan. One of the key objectives of the Stock
Plan is to tie your financial success to that of DTE Energy shareholders. Grants
from the Stock Plan increase in value as the price of DTE Energy stock
increases. For 2003 your Stock Plan grant is comprised of three components:

-   Non-Qualified Stock Options

-   Performance Shares

-   Restricted Stock

The actual number of units granted to you is detailed in your 2003 Grant
Agreement provided separately. To qualify for a stock-plan grant, you must be in
an executive position on the date of the grant unless approved by the CEO.

Following are detailed descriptions of each of the three components of your
grant.

NON-QUALIFIED STOCK OPTIONS

Stock options allow you to benefit from increases in DTE Energy's common stock
price. Your options allow you to purchase DTE Energy shares in the future at a
price set on the grant date, even if the shares are trading for more at the
time you purchase them.

PAGE 4  EXECUTIVE COMPENSATION 2003
<PAGE>
Your options will vest and become exercisable over a three-year period as
indicated in your 2003 Grant Agreement.

You must contact the Corporate Secretary to receive clearance before you
exercise any options.

GRANT TERM AND VESTING

Unless your employment terminates earlier, these options are in effect for 10
years from the grant date. Generally, if your employment terminates before your
options have vested or are exercised, the following guidelines will apply;
however, the Committee retains the authority to take any other action it deems
appropriate in its sole discretion:

-    RETIREMENT (DEFINED AS AGE 55 OR OLDER WITH 10 OR MORE YEARS OF SERVICE) OR
     DISABILITY: Your options will continue to vest and be exercisable in
     accordance with the original terms of this grant.

-    DEATH: Your options will continue to vest and will be exercisable by your
     designated beneficiary or estate for three years from the date of your
     death, but not beyond the original term of this grant.

-    OTHER TERMINATION: Your options that have vested as of your last day of
     employment will be exercisable for 90-days from such date, but not beyond
     the original term of this grant. Any unvested options on the date of your
     termination will be forfeited. However, vested options may be terminated
     and forfeited in the event that conduct materially harmful to the Company
     has occurred. Transfers among the Company and its subsidiaries are not
     treated as a termination.

STOCK OPTION EXERCISE

Morgan Stanley currently administers the DTE Energy stock option program and
its current toll-free customer service number is 888.414.4578. If this is your
first stock option grant, you will receive a letter of introduction from Morgan
Stanley before the first exercise date. This correspondence will include your
personal identification number (PIN) for exercising options via Interactive
Voice Response. You may exercise your vested stock options in one of the
following three ways:

-    CASH: An exercise with cash requires you to write a check for the full
     amount of the exercise price based on the number of shares you wish to
     purchase.

-    CASHLESS ORDER: A cashless exercise does not require you to  send money to
     exercise your options. Morgan Stanley exercises all or a portion of your
     options on your behalf at the option price, then sells the resulting shares
     at the market or limit price. Proceeds from the sale are used to pay the
     cost of the exercise, the commission, other fees and applicable withholding
     taxes. The remainder is paid to you. Certain officers are not eligible for
     the company's cashless order exercise program. Please contact the Corporate
     Secretary's office to check your eligibility.

-    STOCK SWAP: Also known as a "stock-for-stock" exercise. A stock swap
     exercise is one in which non-forfeitable, unrestricted shares of DTE Energy
     common stock are delivered in lieu of cash to pay for the exercise of stock
     options. If the shares were acquired from DTE Energy, the shares must be
     owned for more than six months prior to the date of exercise.

You are responsible for paying the transaction fees for each transaction
involving an exercise of your stock options. The fees will be deducted from
your net proceeds from the exercise.

                                             EXECUTIVE COMPENSATION 2003  PAGE 5
<PAGE>
PERFORMANCE SHARES

Your 2003 Grant Agreement specifies a target number of Performance Shares. Each
Performance Share represents one share of DTE Energy common stock. Your
Performance Share payment, if any, can equal a multiple from zero to two times
your target number of shares, based on DTE Energy's performance as compared
against the goals established by the Committee for the three-fiscal-year cycle
that began on January 1, 2003.

The three performance objectives, weightings, and payout percentages
established with respect to the 2003 grant are reflected in the following
table. If actual performance is between the threshold and target or between the
target and maximum, the Committee will interpolate the results and adjust the
payment accordingly.

-    EARNINGS PER SHARE GROWTH (35% WEIGHTING): Three-year average annual
     earnings per share growth is defined as growth in EPS compared against 2002
     actual results. The target awarded is based on an average growth rate of 4%
     over 2002 actual results.

-    TOTAL SHAREHOLDER RETURN (50% WEIGHTING): Total Shareholder Return is a
     relative measure of DTE Energy's three-year total shareholder return versus
     the return of the companies comprising the Standard & Poor's Utility
     Industry Index. The average December stock price for base and final result
     calculations will be utilized.

-    EMPLOYEE SATISFACTION/ENGAGEMENT (15% WEIGHTING): Employee Satisfaction is
     a relative measure of DTE Energy's level of employee satisfaction compared
     to Gallup's database or that of a similar survey.

<Table>
<Caption>
PERFORMANCE SHARES
-----------------------------------------------------------------------------------------------------
OBJECTIVE                          WEIGHT    THRESHOLD            TARGET             MAXIMUM
                                             50% PAYOUT           100% PAYOUT        200% PAYOUT
-----------------------------------------------------------------------------------------------------
<S>                                <C>       <C>                  <C>                <C>
EARNINGS PER SHARE GROWTH          35%       2%                   4%                 8%

TOTAL SHAREHOLDER RETURN           50%       25th Percentile      50th Percentile    90th Percentile

EMPLOYEE SATISFACTION/ENGAGEMENT   15%       30th Percentile      50th Percentile    75th Percentile
</Table>

PAGE 6  EXECUTIVE COMPENSATION 2003
<PAGE>
GRANT TERM AND VESTING

Unless your employment terminates earlier, your right to a Performance Share
payment vests on December 31, 2005. Generally, if your employment terminates
before your Performance Shares have vested, the following guidelines will apply;
however, the Committee retains the authority to take any other action it deems
appropriate in its sole discretion:

-    RETIREMENT (DEFINED AS AGE 55 OR OLDER WITH 10 OR MORE YEARS OF SERVICE),
     DEATH, OR DISABILITY: You, or your designated beneficiary, will retain the
     rights to a pro-rated number of Performance Shares based on the number of
     months worked during the performance period. The payment, if any, will
     occur at the same time as all other participants based on the pro-rated
     number of shares and actual results during the entire performance period.

-    OTHER TERMINATION: Your rights to any payment will be forfeited on the date
     of your termination. Transfers among the Company and its subsidiaries are
     not treated as a termination.

PAYMENT OF PERFORMANCE SHARE AWARD

Once your Performance Share Award has vested and the payout calculations
confirmed by the Committee, it will be settled in such manner (cash, stock
certificates, or some combination of the two) as determined by the
Committee pursuant to the Stock Plan. Fractional shares will not be issued but
instead will be settled in cash.

SHAREHOLDER RIGHTS

You have no rights as a shareholder until the Performance Share Award is earned
and then only to the extent that Common Stock is actually distributed. You will,
however, receive an amount equal to the dividends payable on the number of
shares of Common Stock represented by your grant, as DTE Energy dividends are
paid.

RESTRICTED STOCK

The shares of Restricted Stock detailed in your 2003 Grant Agreement are shares
of DTE Energy common stock that were purchased in the open market or are
original issue shares. Such shares are represented by a certificate or
certificates registered in the your name, that are endorsed with an appropriate
legend referring to the restrictions set forth below and held by the Company or
its duly authorized representative.

SHAREHOLDER RIGHTS

Upon the date of grant, you have all of the rights of a shareholder with
respect to the shares of Restricted Stock covered by your Grant Agreement;
including the right to vote the shares of Restricted Stock and receive any
dividends that may be paid thereon. Such shares may not be transferred prior to
vesting. Any additional shares of Common Stock or other securities that you may
become entitled to receive pursuant to a stock dividend, stock split,
combination of shares, recapitalization, merger, consolidation, separation or
reorganization, or any other change in the capital structure of the Company
shall be subject to the same vesting and transferability restrictions as the
shares of Restricted Stock covered by your Grant Agreement.

GRANT TERM AND POST-EMPLOYMENT VESTING

Unless your employment terminates earlier, your right to receive unrestricted
shares vests three years from the date of grant. Generally, if your employment
terminates before your Restricted Stock has vested, the following guidelines
will apply; however, the Committee retains the authority to take any other
action it deems appropriate in its sole discretion:

                                            EXECUTIVE COMPENSATION 2003  PAGE 7
<PAGE>
-    RETIREMENT (DEFINED AS AGE 55 OR OLDER WITH 10 OR MORE YEARS OF SERVICE),
     DEATH, OR DISABILITY: You, or your designated beneficiary, will retain the
     rights to a pro-rated number of shares of Restricted Stock based on the
     number of months worked during the restriction period. Restrictions are
     lifted and stock distributed after retirement, death or disability.

-    OTHER TERMINATION: Generally, your rights to any shares will be forfeited
     on the date of your termination. Transfers among the Company and its
     subsidiaries are not treated as a termination.

ITEMS COMMON TO ALL STOCK GRANT TYPES

BENEFICIARY DESIGNATION

You may name any beneficiary to inherit the right to these grants according to
the applicable terms. Each designation will revoke all prior designations and
will be effective only when filed with Human Resources.

DISABILITY

Disability means separation from employment due to complete inability (due to
sickness or injury) to perform any and every duty pertaining to an occupation
for which the participant is qualified and which has been offered to the
participant at a rate of remuneration not less than his or her then existing
regular monthly basic compensation.

TRANSFERABILITY

Except as provided for separately, these grants are nontransferable and are
subject to risk of forfeiture. You may not sell, transfer, pledge, exchange, or
otherwise dispose of these grants or the right to receive cash or Common Stock
thereunder except in the event of your death. If you have a valid beneficiary
designation on file with Human Resources, your rights under these grants will
pass to your designated beneficiary. Otherwise, your rights under these grants
will pass to the beneficiary designated in your will or, if your will does not
designate a beneficiary or you do not have a will, your rights under these
grants will pass to your estate. The Committee, in its sole discretion, may
waive the restrictions on transferability with respect to all or a portion of
the shares subject to these grants.

NO RIGHT TO CONTINUED EMPLOYMENT

Neither the Grant Agreement nor this booklet confers upon you any right with
respect to continuance of employment by the Company or a Subsidiary; nor shall
it interfere in any way with the right of the Company or a Subsidiary to
terminate your employment at any time.

PARTICIPANT BOUND BY PLAN

You acknowledge that a copy of the DTE Energy Company 2001 Stock Incentive Plan
has been made available to you and you agree to be bound by all the terms and
provisions thereof. All references herein to the Stock Plan shall mean the
Stock Plan as in effect on the date of grant.

RELATION TO OTHER BENEFITS

Grants under the Stock Plan are not considered compensation for purposes of the
Company's qualified and non-qualified savings plans, the Company's qualified and
non-qualified retirement plans, insurance, or any other Company-sponsored
qualified or non-qualified employee benefit program.

PAGE 8  EXECUTIVE COMPENSATION 2003
<PAGE>
TAXES

The Company is required to withhold any applicable federal, state, local or
foreign tax in connection with the vesting, payment or exercise of your
long-term grants. It shall be a condition to such vesting or payment that you
pay all such taxes. You may elect that all or any part of such withholding
requirement be satisfied by:

1. a cash payment to the Company,

2. transfer to the Company of non-forfeitable, unrestricted shares of Common
   Stock (which have a Fair Market Value on the date of payment or exercise
   equal to the withholding obligation and, if the shares were acquired from
   the Company, which have been held for more than six months),

3. authorizing the Company to withhold a portion of the shares otherwise payable
   in settlement which have a Fair Market Value on the date of payment or
   exercise equal to the minimum statutory withholding, or

4. a combination of such methods.

Under the tax laws, any gain (the amount by which the stock price at the time of
exercise exceeds the exercise price) resulting from the exercise of a
non-qualified stock option results in taxable compensation. This compensation is
taxable at ordinary income tax rates. Likewise, the value of restricted stock on
the vesting date and the value of payment under a Performance Share award are
taxed as compensation at ordinary income tax rates.

This booklet provides information related to the 2003 DTE Energy Annual and
Stock programs. It does not contain all of the rules and governing terms
included in the plan documents that may be applicable to you. If there are any
differences between the information in this booklet and the plan documents, the
plan documents will govern.

                                             EXECUTIVE COMPENSATION 2003  PAGE 9

<PAGE>
                              Focus on the Future

                                                           [DTE ENERGY LOGO]

                                                             dteenergy.com

                                                     EXECUTIVE COMPENSATION 2003<PAGE>
                                                                   EXHIBIT 10.1

                                                          Obligor No. 0184735387
                                                                      ----------

                               AMENDMENT AGREEMENT
                   Amendment No. 6 to Business Loan Agreement

         THIS AGREEMENT is made as of April 30, 2003, by and between STANDARD
FEDERAL BANK N.A., a national banking association formerly known as Michigan
National Bank (the "Bank"), AGREE LIMITED PARTNERSHIP, a Delaware limited
partnership ("Borrower"), and AGREE REALTY CORPORATION, a Maryland corporation
("Guarantor").

         RECITALS:

     A. Borrower and the Bank entered into a Business Loan Agreement, dated
September 30, 1996, as amended by First Amendment dated October 1, 1997, a
Second Amendment dated October 19, 1998, a Third Amendment dated December 19,
1999, a Fourth Amendment dated February 11, 2001 and a Fifth Amendment dated
April 30, 2002 (the "Loan Agreement"), pursuant to which the Bank has extended
to the Borrower a Line of Credit, as evidenced by a Seventh Amended and Restated
Promissory Note (Line of Credit), dated April 30, 2002, in the principal amount
of $5,000,000.00 (the "Note"), secured by various Second Mortgages, Assignments
of Leases and Rents, Security Agreements and Fixture Financing Statements, and
Deed of Trusts dated May and June, 1996 (the "Mortgages"), and various Second
Assignments of Leases and Rents, dated May and June, 1996 (the "Assignments"),
and supported by an Amended and Restated Guaranty, executed by the Guarantor,
dated September 30, 1996 (the "Guaranty"). The foregoing documents and any other
documents and instruments executed in conjunction therewith are herein referred
to collectively as the "Loan Documents".

     B. The Borrower has requested a modification to certain of the terms and
provisions of the Loan Documents and the Bank and Guarantor are agreeable
thereto, on the terms and conditions herein provided.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained
and of other good and valuable consideration the receipt and sufficiency whereof
are hereby acknowledged, Borrower, Guarantor and the Bank hereby agree as
follows:

     1. The Borrower hereby warrants and represents:

        a. The Borrower is a Delaware limited partnership duly organized and
     validly existing under the laws of the State of Michigan. All of the
     general partners of the Borrower have approved of the Borrower executing
     and delivering this Amendment Agreement and the Borrower has duly
     authorized and validly executed and delivered this Amendment Agreement.

        b. This Amendment Agreement and the Loan Agreement (as hereby amended)
     are valid and enforceable according to their terms and do not conflict with
     or violate Borrower's organizational documents or any agreement or
     covenants to which Borrower is a party. There are no defenses to or offsets
     against Borrower's obligations under the Loan Agreement, the Note or the
     other Loan Documents.

        c. The Mortgages are valid and enforceable in accordance with their
     terms. The Bank holds valid and perfected mortgage interests in the real
     property described in the Mortgages and Borrower is aware of no claims or
     interests in such property prior or paramount to the Bank's, except for
     liens or encumbrances described in the Mortgages.

        d. The Assignments are valid and enforceable in accordance with their
     terms. The Bank holds valid and perfected assignments of leases and rents
     covering the real property described in the

                                       1
<PAGE>

     Assignments and Borrower is aware of no claims or interests in such
     property prior or paramount to the Bank's, except for liens or encumbrances
     described in the Assignments.

        e. The Guaranty is valid and enforceable in accordance with its terms
     and the Guarantor presently has no valid and existing defense to liability
     thereunder.

     2. The Loan Agreement is hereby amended in the following respects only:

        a. The MATURITY DATE and LOAN DATE set forth in Section I of the Loan
     Agreement are changed to read "April 30, 2004" and "April 30, 2003,"
     respectively.

        b. Section B of the Loan Agreement is hereby deleted in its entirety and
     replaced by the following new Section B.:

        B. BOOKS AND REPORTS.

            1.  ANNUAL CPA FINANCIAL STATEMENTS. Within 120 days after the end
                of each fiscal YEAR, Borrower shall furnish to Bank, in form
                acceptable to Bank, consolidated audited financial statements,
                of Borrower and Guarantor, for the fiscal period prepared by an
                independent certified public accountant acceptable to the Bank.

            2.  QUARTERLY CPA FINANCIAL STATEMENTS. With 60 days after the end
                of each fiscal QUARTER, Borrower shall furnish to Bank, in form
                acceptable to Bank, consolidated financial statements, of
                Borrower and Guarantor, for the fiscal period prepared by an
                independent certified public accountant acceptable to the Bank.

            3.  GUARANTOR SEC INFORMATION. (a) Within 60 days after the end of
                each fiscal quarter, Borrower shall cause Guarantor to furnish
                to Bank a copy of its current quarterly 10-Q report, and (b)
                within 120 days after the end of each fiscal YEAR, Borrower
                shall cause Guarantor to furnish to Bank a copy of its current
                annual 10-K report

            4.  OPERATING STATEMENTS AND RENT ROLLS. Within 60 days after the
                end of each fiscal QUARTER, furnish to Bank, in form acceptable
                to the Bank, detailed operating statements and rent rolls for
                the properties which secure the Line of Credit (the
                "Properties"), identifying each tenant of the Properties, the
                space leased, the rental payable by each tenant, and such other
                information and data as the Bank may reasonably require.

     c. The following new items 27 and 28 are hereby added to the list of
        Related Documents contained in Section V. A. of the Loan Agreement:

            27. Second Open-End Mortgage, Assignment of Leases and Rents,
                Security Agreement and Fixture Financing Statement, dated
                ______________________, for Borders and TGI Friday's,
                Monroeville, Pa.

            28. Second Open-End Mortgage, Assignment of Leases and Rents,
                Security Agreement and Fixture Financing Statement, dated
                ______________________, for Borders #2, Columbus, OH.

                                       2
<PAGE>

     3. Simultaneously with the execution of this Amendment Agreement, the
Borrower shall execute and deliver to the Bank a renewal Promissory Note (Line
of Credit) to evidence a renewal of the line of credit evidenced by the Note.

     4. Simultaneously with the execution of this Amendment Agreement, the
Borrower shall execute and deliver to the Bank a second open-end mortgage on
certain real property located at 200 Mall Boulevard (Borders) and 240 Mall
Boulevard (TGI Friday's), Monroeville, PA, as additional security for the Note.

     5. Simultaneously with the execution of this Amendment Agreement, the
Borrower shall execute and deliver to the Bank a second open-end mortgage on
certain real property located at 4545 Kenny Road, Columbus, OH, as additional
security for the Note.

     6. Guarantor acknowledges and consents to the amendments to the Loan
Documents herein provided and agrees that the Guaranty shall continue and remain
in full force and effect with respect to the Loan Documents as herein amended.

     7. Except as amended herein and in any other amendments executed in
conjunction herewith, the Loan Documents shall remain in full force and effect.

     IN WITNESS WHEREOF the parties hereto have executed this agreement as of
the date stated in the first paragraph above.

Witness:                                BORROWER:

                                        AGREE LIMITED PARTNERSHIP, a Delaware
                                        limited partnership

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

                                              By: /s/ Richard Agree
---------------------------------                 --------------------------
                                                    Richard A. Agree

                                              Its: President
                                                  --------------------------

                                        31850 Northwestern Highway
                                        ------------------------------------
                                        Address

                                        Farmington Hills, MI 48334
                                        ------------------------------------

                                       3
<PAGE>

                                        GUARANTOR:

                                        AGREE REALTY CORPORATION, a
                                        Maryland corporation

                                        By: /s/  Richard Agree
---------------------------------           ---------------------------------
                                               Richard A. Agree

                                        Its: President
                                             --------------------------------

                                        BANK:

                                        Standard Federal Bank N.A., a national
                                        banking association

                                        By:/s/ Carol Ann Arvan
                                           ---------------------------------
                                               Carol Ann Arvan

                                        Its: First Vice President
                                            --------------------------------

                                       4

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