Document:

Escrow Agreement

 Exhibit 4.5 
  

September 11, 2003 
  
 SouthTrust Bank 
 Corporate Trust Department 
 79 West Paces Ferry Road, N.W. 
 Atlanta, Georgia 30305 
  
 Attn: Virginia Petty 
  
 Re: Wells Real Estate Investment Trust II, Inc. Escrow Agreement 
  
 Ladies and Gentlemen: 
  
 Wells Real Estate Investment Trust II, Inc., a Maryland corporation, (the “Company”) the issuer for an offering of
up to 600,000,000 shares of Common Stock, par value $.01 per share (the “Shares”), pursuant to a registration statement originally filed on Form S-11 with the Securities and Exchange Commission on July 15, 2003, File No. 333-107066. Wells
Investment Securities, Inc., a Georgia corporation (the “Dealer Manager”), will act as Dealer Manager for the offering of the Shares. The Company will sell a minimum of 250,000 Shares at a price of $10.00 per Share, for a total minimum
capital raised of $2,500,000 (the “Required Capital”). The Company hereby appoints SouthTrust Bank, a state banking institution organized and existing under the laws of the State of Alabama (“Escrow Agent”), as escrow agent for
purposes of holding the proceeds from the sale of the Shares, and the Company shall deposit with Escrow Agent such proceeds to be held by Escrow Agent on the terms and conditions hereinafter set forth below: 
  
 1. Persons subscribing to purchase the Shares will be instructed by the
Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks (hereinafter called “instruments of payment”) payable to the order of, or funds wired in favor of, “Wells Real Estate Investment Trust II,
Inc.” Within one business day after receipt of instruments of payment from the offering, the Dealer Manager will send to Escrow Agent: (a) each subscriber’s name, address, tax identification number, number of Shares purchased and purchase
price remitted, and (b) the instruments of payment from such subscribers for deposit into the deposit account entitled “SouthTrust Bank, as Escrow Agent for Wells Real Estate Investment Trust II, Inc.” (the “Escrow Account”),
which deposit shall occur within one business day after Escrow Agent receives such materials. 
  
 2. The aforesaid instruments of payment are to be promptly processed for collection by Escrow Agent following deposit by the Dealer Manager into the Escrow Account. The proceeds thereof are to be held in the Escrow
Account until such funds are either returned to the subscribers in accordance with paragraph 3 hereof or otherwise disbursed in accordance with paragraph 6 hereof. In the event any of the instruments of payment are returned to Escrow Agent for
nonpayment prior to receipt by Escrow Agent of the Required Capital, Escrow Agent shall promptly notify the Dealer Manager in writing of such nonpayment, and Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment
as well as any interest earned on the investment represented by such payment and return to the Dealer Manager the returned item. 

 3. In the event that at the close of business on the date exactly one year after the SEC grants an
effective order under Section 8(a) of the Securities Act of 1933, as amended (the “Expiration Date”), which date will be communicated to the Escrow Agent in writing as soon as possible after determination, Escrow Agent is not in receipt of
evidence of subscriptions accepted on or before such date, and instruments of payment dated not later than that date (or actual wired funds), for the purchase of Shares providing for total purchase proceeds that at least equal the Required Capital,
Escrow Agent shall promptly notify the Company that such instruments of payment have not been received by Escrow Agent. Thereafter, Escrow Agent agrees to use its best efforts to obtain an executed IRS Form W-9 from each subscriber. Promptly
following the Expiration Date, and in any event no later than the next business day after the Expiration Date or as soon as possible thereafter, Escrow Agent shall promptly return by check the funds deposited in the Escrow Account, or shall return
the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each subscriber at the address given to the Company. Included in the remittance shall be a proportionate
share of the income earned in the account allocable to each subscriber’s investment in accordance with the terms and conditions specified in paragraph 7 hereof, except that in the case of subscribers who have not provided to Escrow Agent an
executed Form W-9, Escrow Agent shall withhold a portion of the earnings attributable to those subscribers at the applicable rate in accordance with Section 3406 of the Internal Revenue Code of 1986, as amended. Notwithstanding the foregoing, Escrow
Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent. 
  
 In the event that the Company rejects any subscription for which Escrow Agent has already collected funds, Escrow Agent shall promptly issue a refund
check to the rejected subscriber. If the Company rejects any subscription for which Escrow Agent has not yet collected funds but have submitted the subscriber’s check for collection, Escrow Agent shall promptly issue a check in the amount of
the subscriber’s check to the rejected subscriber after Escrow Agent has cleared such funds. If Escrow Agent has not yet submitted a rejected subscriber’s check for collection, Escrow Agent shall promptly remit the subscriber’s check
directly to the subscriber. 
  
 4. Following receipt by Escrow
Agent of instruments of payment (or wired funds) of the Required Capital prior to the time provided in paragraph 3 hereinabove, Escrow Agent shall notify the Company in writing within one business day when such funds have been deposited in the
Escrow Account and collected through normal banking channels. 
  
 5. Prior to the disbursement of funds deposited in the Escrow Account in accordance with the provisions of paragraph 3 or 6 hereof, Escrow Agent shall invest all of the funds deposited in the Escrow Account in “Short-term
Investments” (as defined below) and Escrow Agent is further authorized and Escrow Agent agrees to reinvest all earnings and interest derived therefrom in any of the Short-term Investments specified below. In the absence of written direction
from the Company, funds deposited in the Escrow Account will be invested in the SouthTrust U.S. Treasury Money Market Fund. In the event that instruments of payment are returned to Escrow Agent for nonpayment, Escrow Agent is authorized to debit the
Escrow Account in accordance with paragraph 2 hereof. 
  
 “Short-term Investments” include obligations of, or obligations guaranteed by, the United States government or bank money-market accounts or certificates of deposit of national or state banks that have deposits insured by the
Federal Deposit Insurance Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such funds, including, without limitation, such certificates or instruments of the Escrow Agent, which mature on or
before the Expiration Date, unless such instrument cannot be readily sold or otherwise disposed of for cash by the Expiration Date without any dissipation of the offering proceeds invested. 
  
 The following securities are not permissible investments:

  

	 	(a)	 	corporate equity or debt securities; 

  

	 	(b)	 	repurchase agreements; 

  

	 	(c)	 	bankers’ acceptances; 

  

	 	(d)	 	commercial paper; and 

  

	 	(e)	 	municipal securities. 

  

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 6. All disbursements from the Escrow Account, except for disbursements under the provisions of paragraph
3 hereof, shall be made by Escrow Agent only pursuant to the provisions of this paragraph 6. Except for disbursements authorized upon court order, Escrow Agent shall hold all funds in the Escrow Account until (i) the date checks for Required Capital
have cleared normal banking channels after receipt by Escrow Agent of the Required Capital, and (ii) receipt of letter instructions from the Company directing disbursements of such funds to the Company. Notwithstanding the foregoing, all
subscriptions received from New York and Pennsylvania residents must be retained by Escrow Agent until such time as the Company raises a total of $2,500,000. In disbursing such funds, Escrow Agent is authorized to rely solely upon such letter
instructions which Escrow Agent receives from the Company whether or not such instructions are correct, true or authentic; provided that, if in Escrow Agent’s opinion such letter instructions from the Company are unclear, Escrow Agent is
authorized to rely upon the legal counsel to the Company in distributing such funds to the effect that distribution of the funds is authorized by the letter instructions of the Company and that distribution of the funds in that manner is authorized
by and in compliance with such letter. However, Escrow Agent shall not be required to disburse any funds attributable to instruments of payment which have not been collected by Escrow Agent, provided that Escrow Agent shall use its best efforts to
promptly collect such funds after receipt of disbursement instructions from the Company in accordance with this paragraph, and shall disburse such funds in compliance with the disbursement instructions from the Company. 
  
 7. In the event the offering of Shares terminates prior to receipt of the
Required Capital, income earned on subscription proceeds deposited in the Escrow Account (“Gross Escrow Income”) minus the reasonable expenses of the Escrow Agent (“Net Escrow Income”) shall be remitted to subscribers in
compliance with paragraph 3. Each subscriber’s pro rata portion of Net Escrow Income shall be determined by the Company as follows: The total amount of Net Escrow Income shall be multiplied by a fraction, the numerator of which is determined by
multiplying the number of Shares purchased by said subscriber times the number of days said subscriber’s proceeds are invested prior to termination of the offering, and the denominator of which is the total of the numerators for all such
subscribers. Notwithstanding the foregoing, (i) escrow expenses may be deducted from the Escrow Account only to the extent of Gross Escrow Income, and the Company shall reimburse Escrow Agent any reasonable expenses in excess of such amount, and
(ii) Maine, Missouri, Ohio and Pennsylvania residents will be paid their pro rata portion of income earned on subscription proceeds deposited in the Escrow Account without any deductions for escrow expenses. Escrow Agent shall promptly notify the
Company of the amount of Net Escrow Income which subscribers who are Maine, Missouri, Ohio or Pennsylvania residents would have received if escrow expenses were not deducted from Gross Escrow Income, and the Company shall reimburse Escrow Agent for
such pro rata escrow expenses attributable to subscribers who are Maine, Missouri, Ohio or Pennsylvania residents. Escrow Agent shall promptly remit all such Net Escrow Income in accordance with paragraph 3. 
  
 8. As compensation for serving as Escrow Agent hereunder, Escrow Agent shall
receive a fee, as set forth on Schedule A attached hereto. 
  
 9.
In performing any of Escrow Agent’s duties hereunder, Escrow Agent shall not incur any liability to anyone for any damages, losses or expenses, except for willful default, breach of trust, or gross negligence, and accordingly Escrow Agent shall
not incur any such liability with respect to any action taken or omitted (1) in good faith upon advice of Escrow Agent’s counsel given with respect to any questions relating to Escrow Agent’s duties and responsibilities under this Escrow
Agreement, or (2) in reliance upon any instrument, including any written instrument or instruction provided for in this Escrow Agreement, not only as to its due execution and validity and effectiveness of its provisions but also as to the truth and
accuracy of information contained therein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform to the provisions of this Escrow Agreement. 
  
 10. The Company hereby agrees to indemnify and hold Escrow Agent harmless
against any and all losses, claims, damages, liabilities and expenses, including the reasonable cost of attorneys’ fees and expenses and disbursements, that may be imposed on Escrow Agent or incurred by Escrow Agent in connection with Escrow
Agent’s acceptance of appointment as the Escrow Agent hereunder, or the performance of Escrow Agent’s duties hereunder, including any litigation arising from this Escrow Agreement or involving the subject matter hereof, except where such
losses, claims, damages, liabilities and expenses result from willful default, breach of trust or gross negligence. 
  

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 11. In the event of a dispute between the parties hereto sufficient in Escrow Agent’s discretion to
justify doing so, Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in Escrow Agent hands under this Escrow Agreement, together with such legal pleadings as Escrow
Agent deems appropriate, and thereupon be discharged from all further duties and liabilities under this Escrow Agreement. In the event of any uncertainty as to Escrow Agent’s duties hereunder, Escrow Agent may refuse to act under the provisions
of this Escrow Agreement pending order of a court of competent jurisdiction and Escrow Agent shall have no liability to the Company or to any other person as a result of such action. Any such legal action may be brought in such court as Escrow Agent
shall determine to have jurisdiction thereof. The filing of any such legal proceedings shall not deprive Escrow Agent of compensation earned prior to such filing. 
  
 12. All written notices and letters required hereunder to Escrow Agent shall only be effective if delivered personally or by
certified mail, return receipt requested to SouthTrust Bank, Corporate Trust Department, 79 West Paces Ferry Road, N.W., Atlanta, Georgia, 30305, Attn: Virginia Petty. All written notices and letters required hereunder to the Company or the Dealer
Manager shall only be effective if delivered personally or by certified mail, return receipt requested to Leo F. Wells, III, 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092. 
  
 13. This Escrow Agreement shall be governed by the laws of the State of Georgia as to both interpretation and performance.

  
 14. The provisions of this Escrow Agreement shall be binding
upon the legal representatives, heirs, successors and assigns of the parties hereto. 
  
 15. The Company hereby acknowledges that Escrow Agent is serving as escrow agent only for the limited purposes herein set forth, and hereby agrees that it will not represent or imply that Escrow Agent, by serving as
escrow agent hereunder or otherwise, has investigated the desirabilities or advisability of investment in the Company, or has approved, endorsed or passed upon the merits of the Shares or the Company. The Company further agrees to instruct the
Dealer Manager, and each of its representatives, and any other representative who may offer Shares to persons from time to time, that they shall not represent or imply that Escrow Agent has investigated the desirability or advisability of investment
in the Company, or has approved, endorsed or passed upon the merits of the Shares or the Company, nor shall they use Escrow Agent’s name in any manner whatsoever in connection with the offer or sale of the Shares other than by acknowledgment
that Escrow Agent has agreed to serve as escrow agent for the limited purposes herein set forth. 
  
 16. This Escrow Agreement and any amendment hereto may be executed by the parties hereto in one or more counterparts, each of which shall be deemed to be
an original. 
  
 17. In the event that Escrow Agent receives
instruments of payment (or wired funds) after the Required Capital has been received and the proceeds of the Escrow Account have been distributed to the Company, Escrow Agent is hereby authorized to deposit such instruments of payment to any deposit
account as directed by the Company. The application of said funds into a deposit account directed by the Company shall be a full acquittance to Escrow Agent and Escrow Agent shall not be responsible for the application of said funds. 
  
 18. Escrow Agent shall be bound only by the terms of this Escrow Agreement
and shall not be bound or incur any liability with respect to any other agreements or understanding between any other parties, whether or not the Escrow Agent has knowledge of any such agreements or understandings. 
  
 19. Indemnification provisions set forth herein shall survive the termination
of this Escrow Agreement. 
  
 20. Upon acceptance and distribution
of the Required Capital, this Escrow Agreement shall terminate and Escrow Agent shall have no further responsibility or liability with regard to the terms of this Escrow Agreement. 
  
 21. Escrow Agent has no responsibility for accepting, rejecting or approving subscriptions. 
  

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 22. This Escrow Agreement shall not be modified, revoked, released or terminated unless reduced to
writing and signed by all parties hereto, subject to the following paragraph. 
  
 Should, at any time, any attempt be made to modify this Escrow Agreement in a manner that would increase the duties and responsibilities of Escrow Agent or to modify this Escrow Agreement in any manner which Escrow
Agent shall deem undesirable, or at any other time, Escrow Agent may resign by notifying the Company in writing, by certified mail, and until (i) the acceptance by a successor escrow agent as shall be appointed by the Company; or (ii) thirty (30)
days following the date upon which notice was mailed, whichever occurs sooner, Escrow Agent’s only remaining obligation shall be to perform its duties hereunder in accordance with the terms of the Escrow Agreement. 
  
 23. Escrow Agent may resign at any time from its obligations under this
Escrow Agreement by providing written notice to the Company. Such resignation shall be effective on the date specified in such notice which shall be not less than thirty (30) days after such written notice has been given. Escrow Agent shall have no
responsibility for the appointment of a successor escrow agent. Unless otherwise provided in this Escrow Agreement, final termination of this Escrow Agreement shall occur on the date that all funds held in the Escrow Account are distributed either
(a) to the Company pursuant to paragraph 6 hereof, or (b) to subscribers pursuant to paragraphs 3 and 7 hereof. 
  
 24. Escrow Agent may be removed for cause by the Company by written notice to the Escrow Agent effective on the date specified in such notice. The removal
of Escrow Agent shall not deprive Escrow Agent of its compensation earned prior to such removal. 
  
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 Agreed to as of the 11th day of September, 2003. 
  

	 	 	 	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC.
 A Maryland Corporation

					
	 Attest:
	 	     /S/ DOUGLAS P. WILLIAMS

	 	 	 	 By:
	 	     /S/ LEO F. WELLS

	 	 	 Douglas P. Williams
 Assistant Secretary
	 	 	 	 	 	         Leo F. Wells, III
         President

					
	 	 	 	 	 	 	 By:
	 	     /S/ LEO F. WELLS

	 	 	 	 	 	 	 	 	         Leo F. Wells, III
         General Partner

				
	 	 	 	 	 	 	 WELLS INVESTMENT SECURITIES, INC.
 A Georgia Corporation

					
	 Attest:
	 	     /S/ DOUGLAS P. WILLIAMS

	 	 	 	 By:
	 	     /S/ LEO F. WELLS

	 	 	 Douglas P. Williams
 Assistant Secretary
	 	 	 	 	 	         Leo F. Wells, III
         President

				
	 	 	 	 	 	 	 The terms and conditions contained above are hereby accepted and agreed to by:
  
 SOUTHTRUST BANK
 Escrow Agent

					
	 Attest:
	 	     /S/ THOMAS E. CLOWER

	 	 	 	 By:
	 	     /S/ VIRGINIA PETTY

	 Name:
	 	 Thomas E. Clower

	 	 	 	 	 	         Virginia Petty
         Vice President and Trust Officer

	 Title:
	 	 Vice President and Trust Officer

	 	 	 	 	 	 

  

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 SCHEDULE A TO 
 ESCROW AGREEMENT FOR 
 WELLS REAL ESTATE INVESTMENT TRUST II, INC. 
  
 Schedule of Fees - Escrow Agency 
 SouthTrust Bank 
  

	 Acceptance fee
	  	$250.00	  	 (Due upon execution of Escrow Agreement)

	 Annual Administration fee
	  	$1,250.00	  	 (Due upon execution of Escrow Agreement)

			
	 Preparation of receipts,
	  	$2.50 each	  	 
	 Return of subscription price to investors
	  	$25.00 each	  	 
	 Each disbursement of funds over one per qtr -
	  	$10.00	  	 

  
 Charges for filing reports or
information as may be required by Internal Revenue Service regulations or for the performance of any services not contemplated at the time of opening the account, or not of a routine administrative nature, or not specifically covered in this
schedule, will be determined by appraisal. 
  
 The above transaction charges and
actual out-of-pocket expenses such as counsel fees and expenses, cost of special checks, postage, insurance, telephone, telegraph, etc. will be billed at cost. 
  

 7Advisory Agreement

 Exhibit 10.1 
  
 ADVISORY AGREEMENT 
  
 THIS ADVISORY AGREEMENT, dated as of September         , 2003, is between WELLS REAL ESTATE INVESTMENT
TRUST II, INC., a Maryland corporation (the “Company”), and WELLS CAPITAL, INC., a Georgia corporation (the “Advisor”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-11 (no. 333-107066) (the “Registration
Statement”) covering the issuance of common stock, and the Company may subsequently issue additional shares of common stock (collectively, the “Shares”); 
  
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by
the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Code (as defined below); 
  
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities available to the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company all as provided herein; and 
  
 WHEREAS, the Advisor is willing to undertake to render such services, subject
to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

  

	1.	 	Definitions. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 

 
 Acquisition Expenses. Any and all expenses incurred by the
Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition or development of any Property, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs
of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance premiums. 
  
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees
or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with purchase, development or construction of any Property, including, without limitation, real estate commissions, acquisition fees, finder’s fees,
selection fees, nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. 
  

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 Adjusted Cost. The sum of (a) the actual amount invested on behalf of the Company in the
Properties plus (b) with respect to Joint Ventures, the actual amount invested on behalf of the Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated by the
Joint Venture (in all cases excluding from the calculation thereof amounts relating to Vacant Properties), until such time as Advisor may estimate the value of all interests the Company holds in Properties or Joint Ventures for ERISA reporting
purposes; and after such time, “Adjusted Cost” means the lesser of (1) sum of (x) the actual amount invested on behalf of the Company in the Properties plus (y) with respect to Joint Ventures, the actual amount invested on behalf of the
Company in the Joint Ventures plus the Company’s allocable share of capital improvements made by the Joint Venture from cash flows generated by the Joint Venture (in all cases excluding from the calculation thereof amounts relating to Vacant
Properties), or (2) the aggregate value of the Company’s interest in the Properties and Joint Ventures as established in connection with the most recent estimated valuation to assist ERISA fiduciaries in fulfilling their annual valuation and
reporting responsibilities. 
  
 Advisor. Wells Capital,
Inc., a Georgia corporation, any successor advisor to the Company, or any Person(s) to which Wells Capital, Inc. or any successor advisor subcontracts substantially all of its functions. 
  
 Affiliate or Affiliated. An Affiliate of another Person includes only the following: (i) any Person directly or
indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other
Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with
power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the
entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity. 
  
 Appraised Value. Value according to an appraisal made by an
Independent Appraiser. 
  
 Articles of Incorporation. The
Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 
  
 Asset Management Fee. The Asset Management Fee payable to the Advisor as defined in Section 8(a). 
  
 Asset Management Fee Ceiling. The ceiling on the Asset Management Fee
as defined in Section 8(a). 
  
 Average Invested Assets.
For a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties and Loans secured by 

  

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real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of
each month during such period. 
  
 Board of Directors or
Board. The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
  
 Bylaws. The bylaws of the Company, as the same are in effect from time
to time. 
  
 Capped O&O Expenses. All Organizational
and Offering Expenses other than selling commissions, the dealer manager fee and the reimbursed due diligence costs of participating dealers, as described under “Plan of Distribution” in the Registration Statement. 
  
 Cash from Financings. Net cash proceeds realized by the Company from
the financing of Property or from the refinancing of any Company indebtedness. 
  
 Cash from Sales. Net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. Cash from Sales
shall not include Cash from Financings. 
  
 Cash from Sales and
Financings. The total sum of Cash from Sales and Cash from Financings. 
  
 Ceiling Excess. The extent to which the Asset Management Fee Ceiling exceeds the sum of the three previous monthly Asset Management Fee payments, as defined in Section 8(a). 
  
 Code. Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time. 
  
 Company. Wells Real Estate
Investment Trust II, Inc., a corporation organized under the laws of the State of Maryland. 
  
 Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the
property. 
  
 Conflicts Committee. “Conflicts
Committee” shall have the meaning set forth in the Articles of Incorporation. 
  
 Contract Sales Price. The total consideration received by the Company for the sale of a Property. 
  
 Cumulative Return. For the period for which the calculation is being made, the percentage resulting from dividing (A) the total Distributions paid
on each Distribution date during such period (without regard to Distributions paid out of Cash from Sales and Financings), 

  

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by (B) the product of (i) the average Invested Capital for such period (calculated on a daily basis), and (ii) the number of days elapsed during such period.

  
 Director. A member of the Board of Directors of the
Company. 
  
 Disposition Fee. The Disposition Fee as
defined in Paragraph 8(c). 
  
 Distributions. Any
distributions of money or other property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
  
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced selling commissions or dealer manager fees are paid shall be deemed to be the amount paid by
others purchasing Shares in the Offering who paid such fees; therefore, all purchasers of Shares in the Offering covered by the Registration Statement shall be deemed to have paid $10.00 per Share. 
  
 Independent Appraiser. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser
of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be
conclusive evidence of such qualification. 
  
 Invested
Capital. The amount calculated by multiplying the total number of Shares purchased by stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company
to repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
  
 Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on behalf of the Company, any Properties. 
  
 Listing. The listing of the Shares on a national securities exchange
or over-the-counter market. 
  
 NASAA Guidelines. The NASAA
Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
  
 Net Asset Value. The excess of (i) the aggregate of the Adjusted Cost over (ii) the aggregate outstanding debt of the Company and the Partnership (excluding debt borrowed for purposes other than acquiring or
refinancing Properties). 
  
 Net Income. For any period,
the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating
total 

  

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allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
  
 Net Sales Proceeds. In the case of a transaction described in clause
(i) (A) of the definition of Sale, the proceeds of any such transaction less the amount of all real estate commissions and closing costs paid by the Company. In the case of a transaction described in clause (i) (B) of such definition, Net Sales
Proceeds means the proceeds of any such transaction less the amount of any legal and other selling expenses incurred in connection with such transaction. In the case of a transaction described in clause (i) (C) of such definition, Net Sales Proceeds
means the proceeds of any such transaction actually distributed to the Company from the joint venture. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or
series of transactions less all amounts generated thereby and reinvested in one or more Properties within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal and other selling expenses incurred by or
allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall not include any reserves established by the Company in its sole discretion. 
  
 Offering. Any offering of Shares that is registered with the SEC,
excluding Shares offered under any employee benefit plan. 
  
 Operating Expenses. All costs and expenses incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company business, including fees
paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax
incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees
paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real
estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
  
 Organization and Offering Expenses. All expenses incurred by and to be paid from the assets of the Company in
connection with and in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including
fees of the underwriters’ attorneys); expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses
of qualification of the sale of the securities under Federal and State laws, including taxes and fees, accountants’ and attorneys’ fees. Notwithstanding the breadth of this definition, the Company does not intend to pay the salaries of
employees of the Advisor or its Affiliates while engaged in sales activities, nor does it intend to pay the fees of the dealer manager’s attorneys, as such amounts are expected to be paid by the dealer manager. 
  

 5 

 Partnership. Wells Operating Partnership II, L.P., a Delaware limited partnership formed to own
and operate properties on behalf of the Company. 
  
 Person. An individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes
described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a
group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
  
 Property or Properties. Any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly.

  
 Property Manager. Any entity that has been retained to
perform and carry out at one or more of the Properties property management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the
costs for which are passed through to and ultimately paid by the tenant at such Property. 
  
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code. 
  
 Sale or Sales. (i) Any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or
relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds
or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any joint venture in which it is a
co-venturer or partner; or (C) any joint venture in which the Company or the Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with
respect to any Property which gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or
series of transactions are reinvested in one or more Properties within 180 days thereafter. 
  
 Shares. “Shares” has the meaning set forth in the preamble. 
  
 Stockholders. The registered holders of the Shares. 
  
 Stockholders’ 8% Return. As of each date, an aggregate amount equal to an 8% Cumulative Return.  
  
 Subordinated Incentive Fee. The fee payable to the Advisor under
certain circumstances if the Shares are listed on a national securities exchange or over-the-counter market as defined in Paragraph 8(e). 
  

 6 

 Subordinated Performance Fee Due Upon Termination. Subordinated Performance Fee Due Upon
Termination means a fee equal to (1) 10% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus total
Distributions through the Termination Date exceeds (b) the sum of Invested Capital, plus Distributions attributable to Net Sales Proceeds, plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8%
Return from inception through the termination date less (2) any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. 
  
 Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds as defined in Paragraph 8(d). 
  
 Termination Date. The date of termination of the Agreement.

  
 Vacant Property. A Property that has been economically
vacant for (i) the period from acquisition until the applicable measurement date, if less than six months or (ii) at least six months as of the applicable date of measurement. 
  
 2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any 12-month period, total Operating
Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 
  
 2. Appointment. The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms
and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
  
 3. Duties and Authority of the Advisor. The Advisor undertakes to use its reasonable efforts (1) to present to the Company potential investment opportunities to provide a continuing and suitable
investment program consistent with (i) the investment objectives and policies of the Company as determined and adopted from time to time by the Board and (ii) the investment allocation method described at Section 11(b) of this agreement and (2) to
manage, administer, promote, maintain, and improve the Properties on an overall portfolio basis in a diligent manner. The services of the Advisor are to be of scope and quality not less than those generally performed by professional asset managers
of other similar property portfolios. The Advisor shall make available the full benefit of the judgment, experience and advice of the members of the Advisor’s organization and staff with respect to the duties it will perform under this
Agreement. The Advisor shall also obtain Property Managers, which may include Affiliates of the Advisor, to manage, promote, and lease the Properties. To facilitate the Advisor’s performance of these undertakings, but subject to the
restrictions included in Paragraphs 4 and 7 and to the continuing and exclusive authority of the Board over the management of the Company and the Partnership, the Company hereby delegates to the Advisor the authority to, and the Advisor hereby
agrees to, either directly or by engaging an Affiliate: 
  
 (a)
serve as the Company’s investment and financial advisor and provide research and economic and statistical data in connection with the Company’s assets and investment policies; 
  

 7 

 (b) provide the daily management of the Company and perform and supervise the various administrative
functions reasonably necessary for the management of the Company; 
  
 (c) maintain and preserve the books and records of the Company, including a stock ledger reflecting a record of the Stockholders and their ownership of the Company’s Shares and acting as transfer agent for the Company’s Shares and
maintaining the accounting and other record-keeping functions at the Property and Company levels; 
  
 (d) investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper
performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents
for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not’ limited to entering into contracts in the name of the Company with any of the foregoing; 
  
 (e) consult with the officers and the Board of the Company and assist the
Board in the formulation and implementation of the Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and
policies of the Company and in connection with any borrowings proposed to be undertaken by the Company; 
  
 (f) oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property
expenses and maintenance; 
  
 (g) conduct periodic on-site
property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the related Property Manager of its duties; 
  
 (h) review, analyze and comment upon the operating budgets, capital budgets
and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 
  
 (i) review and analyze on-going financial information pertaining to each Property and the overall portfolio of Properties; 
  
 (j) formulate and oversee the implementation of strategies for the
administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and disposition of Properties on an overall portfolio basis; 
  
 (k) subject to the provisions of Paragraphs 3(l) and 4 hereof, (i) locate, analyze and select potential investments in
Properties, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment in Properties will be made; (iii) make investments in Properties on behalf of the Company or the Partnership in compliance with the
investment objectives and policies of the Company; (iv) arrange for financing and refinancing and make 

  

 8 

 
other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in,
Property; (v) enter into leases and service contracts for Property, including oversight of Affiliated companies that perform property management services for the Company; (vi) oversee non-affiliated property managers and other non-affiliated Persons
who perform services for the Company; and (vii) to the extent necessary, perform all other operational functions for the maintenance and administration of such Property; 
  
 (l) obtain the prior approval of the Board for any and all investments in Properties (as well as any financing acquired by
the Company or the Partnership in connection with such investment); 
  
 (m) if a transaction requires approval by the Board of Directors, deliver to the Board of Directors all documents required by them to properly evaluate the proposed investment in the Property; 
  
 (n) negotiate on behalf of the Company with banks or lenders for loans to be
made to the Company, and negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of Shares and other securities or obtain loans for the Company, but in no event in such a way so that the Advisor
shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company; 
  
 (o) obtain reports (which may be prepared by the Advisor or its Affiliates),
where appropriate, concerning the value of investments or contemplated investments of the Company in Properties; 
  
 (p) from time to time, or at any time reasonably requested by the Board, provide information or make reports to the Board related to its performance of
services to the Company under this Agreement; 
  
 (q) from time to
time, or at any time reasonably requested by the Board, make reports to the Board of the investment opportunities it has presented to other Advisor-sponsored programs or that it has pursued directly or through an Affiliate; 
  
 (r) provide the Company with all necessary cash management services;

  
 (s) deliver to or maintain on behalf of the Company copies of
all appraisals obtained in connection with the investments in Properties; 
  
 (t) notify the Board of all proposed material transactions before they are completed; and 
  
 (u) do all things necessary to assure its ability to render the services described in this Agreement. 
  
 4. Modification or Revocation of Authority of Advisor. The
Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Paragraph 3, provided however, that such modification or revocation shall be effective upon 

  

 9 

 
receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by
the Advisor of such notification. 
  
 5. Bank
Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such
account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate
accountings of such collections and payments to the Board and to the auditors of the Company. 
  
 6. Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and authorized
agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company. 
  
 7. Limitations on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor
shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c)
violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, or (d) the Articles of Incorporation or Bylaws, except if such action shall be
ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and
stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Board or stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or
officers of the Advisor’s Affiliates except as provided in Paragraphs 18 and 19 of this Agreement. 
  
 8. Fees. 
  
 (a) Asset Management Fee. Subject to the overall limitations contained below in this Section 8(a), commencing on the date hereof, the Advisor shall
be paid for the asset management services included in the services described in Section 3 a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.5% of the Adjusted Cost calculated on the last day of each
preceding month. Notwithstanding the foregoing, the aggregate Asset Management Fee payable to Advisor pursuant to this Section 8(a) shall not exceed 0.7% of Net Asset Value, calculated on a quarterly basis as of the last day of each quarter (the
“Asset Management Fee Ceiling”). To the extent the Asset Management Fee Ceiling exceeds the sum of the three previous monthly Asset Management Fee payments (such amount the “Ceiling Excess”), each next succeeding monthly payment
of the Asset Management Fee will be applied against the 
  

 10 

 Ceiling Excess until the Ceiling Excess is eliminated, but in no event will the Advisor be required to make a cash
payment on account of any Ceiling Excess. 
  
 (b) Acquisition
Fees. The Advisor may receive, as compensation for services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Acquisition Fees in an amount equal to 3.5% of Gross
Proceeds, payable by the Company upon the Company’s receipt of Gross Proceeds; provided that upon termination of this Agreement, the Advisor will be obligated to reimburse the Company for any Acquisition Fee that has not been allocated to the
purchase price of Company Properties as provided for in Section 8.7 of the Articles of Incorporation. 
  
 (c) Disposition Fee. If the Advisor or an Affiliate provides a substantial amount of the services (as determined by the Conflicts Committee) in
connection with the Sale of one or more Properties, the Advisor or such Affiliate shall receive at closing a Disposition Fee equal to 3.0% of the sales price of such Property or Properties. The Disposition Fee may be paid in addition to real estate
commissions paid to non-Affiliates, provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate
Contract Sales Price of each Property or (ii) the Competitive Real Estate Commission for each Property. 
  
 (d) Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to
10% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum of the Stockholders’ 8% Return and 100% of Invested Capital. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to
the Advisor. 
  
 (e) Subordinated Incentive Fee. Upon
Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 10.0% of the amount by which (i) the market value of the outstanding stock of the Company, measured by taking the average closing price or average of bid
and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders from the
Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8% Return
from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the
amount of any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. 
  
 (f) Changes to Fee Structure. In the event of Listing, the Company and
the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
  

 11 

 9. Expenses. 
  
 (a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Paragraph 8 hereof, the
Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as the dealer manager) in connection with the services it provides to the Company
pursuant to this Agreement, including, but not limited to: 
  
 (i) the Organization and Offering Expenses; provided, however, that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) Capped O&O
Expenses borne by the Company exceed 2.0% of the Gross Proceeds raised in a completed offering and (ii) Organization and Offering Expenses borne by the Company exceed 15% of the Gross Proceeds raised in a completed Offering; 
  
 (ii) Acquisition Fees and Acquisition Expenses payable to
unaffiliated Persons incurred in connection with the selection and acquisition of Properties; 
  
 (iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor; 
  
 (iv) interest and other costs for borrowed money, including
discounts, points and other similar fees; 
  
 (v)
taxes and assessments on income or Property and taxes as an expense of doing business; 
  
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board; 
  
 (vii) expenses of managing and operating Properties owned by
the Company, whether payable to an Affiliate of the Company or a non-affiliated Person; 
  
 (viii) all expenses in connection with payments to the Board and meetings of the Board and Stockholders; 
  
 (ix) expenses associated with Listing or with the issuance
and distribution of securities other than the Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
  
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the
Company to the Stockholders; 
  
 (xi) expenses of
organizing, redomesticating merging, liquidating or dissolving the Company or of amending the Articles of Incorporation or the Bylaws; 
  

 12 

 (xii) expenses of maintaining communications with Stockholders, including the cost of
preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
  
 (xiii) administrative service expenses, including all costs and expenses incurred by Advisor in fulfilling its duties hereunder. Such
costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are engaged in the management, administration, operations, and marketing of the Company, including taxes, insurance and
benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder; and 
  
 (xiv) audit, accounting and legal fees. 
  
 No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the extent that such personnel perform services in connection with services for
which the Advisor receives the Acquisition Fee or the Disposition Fee. 
  
 (b) Other Services. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company other than set forth in Paragraph 3, such services shall be separately compensated at such
rates and in such amounts as are agreed by the Advisor and the Conflicts Committee, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
  
 (c) Timing of and Limitations on Reimbursements. 
  
 (i) Expenses incurred by the Advisor on behalf of the
Company and payable pursuant to this Paragraph 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the
Company within 45 days after the end of each quarter. 
  
 (ii) Notwithstanding anything else in this Section 9 to the contrary, the expenses enumerated in this Section 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in an Offering. 
  
 (iii) The Company shall not reimburse the Advisor at the end
of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the
“2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors which the Conflicts Committee deems sufficient. If the Conflicts Committee does not
approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then within 60 days after the end of any fiscal
quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall send to the stockholders a written disclosure of such fact,

  

 13 

 
together with an explanation of the factors the Conflicts Committee considered in determining that such excess expenses were justified. The Company will
ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation
in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
  
 10. Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of the Company which bond shall
insure the Company from losses of up to $10,000,000 per occurrence and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 
  
 11. Other Activities of the Advisor. 
  
 (a) General. Nothing herein contained shall prevent
the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor
shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm,
individual, trust or association. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other
partnership, corporation, firm, individual, trust or association. 
  
 (b) Policy with Respect to Allocation of Investment Opportunities. Before the Advisor presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored
program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other program than for the Company based on factors such as the following: the investment objectives and criteria of each program;
the cash requirements and anticipated cash flow of each program; the size of the investment opportunity; the effect of the acquisition on diversification of each program’s investments by type of commercial property, geographic area and tenant
base; the estimated income tax effects of the purchase on each entity; the policies of each program relating to leverage; the funds of each entity available for investment and the length of time such funds have been available for investment. In the
event that an investment opportunity becomes available that is, in the sole discretion of the Advisor, equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the investment
opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will
promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed 

  

 14 

 
provided (1) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the
reasonable allocation of investment opportunities among such programs. The Advisor shall provide the Conflicts Committee with any information reasonably requested so that the Conflicts Committee can insure that the allocation of investment
opportunities is applied fairly. Nothing herein shall be deemed to prevent the Advisor or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the
Advisor is fulfilling its obligation to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company. 
  
 12. Relationship of Advisor and Company. The Company and the Advisor are not partners or joint venturers with
each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
  
 13. Representations and Warranties. 
  
 (a) Of the Company. To induce the Advisor to enter into this Agreement, the Company hereby represents and warrants that: 
  
 (i) The Company is a corporation, duly organized, validly
existing and in good standing under the laws of the State of Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement.

  
 (ii) The Company’s execution, delivery
and performance of this Agreement has been duly authorized. This Agreement constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this
Agreement and its fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of
any lien, security interest, charge or encumbrance upon the assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any
authorization, consent, approval, exception or other action by or notice to any court or administrative or governmental body pursuant to, the Articles of Incorporation or Bylaws or any law, statute, rule or regulation to which the Company is
subject, or any agreement, instrument, order, judgment or decree by which the Company is bound, in any such case in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this
Agreement. 
  
 (b) Of the Advisor. To induce Company to
enter into this Agreement, the Advisor represents and warrants that : 
  
 (i) The Advisor is a corporation, duly organized, validly existing and in good standing under the laws of the State of Georgia with all requisite corporate power and 

  

 15 

 
authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 
  
 (ii) The Advisor’s execution, delivery and performance
of this Agreement has been duly authorized. This Agreement constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Agreement and its
fulfillment of and compliance with the respective terms hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security
interest, charge or encumbrance upon the Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent,
approval, exemption or other action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of incorporation or bylaws, or any law, statute, rule or regulation to which the Advisor is subject, or any
agreement, instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Agreement. 

 
 (iii) The Advisor has received copies of the Articles of
Incorporation, Bylaws, and the Registration Statement and of the Partnership’s limited partnership agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. Advisor warrants that
it will use reasonable care to avoid any act or omission that would conflict with the terms of the Articles of Incorporation, Bylaws, the Registration Statement, or the Partnership’s limited partnership agreement in the absence of the express
direction of the Conflicts Committee. 
  
 14. Term;
Termination of Agreement. This Agreement shall continue in force until the first anniversary of the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. The Company, acting through
the Board, will evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
  
 15. Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or
penalty, by either party (by majority of the Conflicts Committee or a majority of the Board of Directors of the Advisor, as the case may be). The provisions of Sections 1, 6, 7, and 17 through 29 survive termination of this Agreement. 
  
 16. Assignment to an Affiliate. This Agreement may be assigned
by the Advisor to an Affiliate with the approval of a majority of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not
be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case
such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 
  

 16 

 17. Payments to and Duties of Advisor upon Termination. Payments to the Advisor pursuant to
this Section 17 shall be subject to the 2%/25% Guidelines to the extent applicable. 
  
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such
termination the following: 
  
 (i) all unpaid
reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.; and 
  
 (ii) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be
paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 
  
 (b) The Advisor shall promptly upon termination: 
  
 (i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for its expenses to which it is then entitled; 
  
 (ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held
by it, covering the period following the date of the last accounting furnished to the Board; 
  
 (iii) deliver to the Board all assets, including Properties, and documents of the Company then in the custody of the Advisor; and

  
 (iv) cooperate with the Company to provide an
orderly management transition. 
  
 18. Indemnification by
the Company. The Company shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of
their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the
laws of the State of Maryland or the Articles of Incorporation. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Paragraph 18 for any activity which the Advisor shall be
required to indemnify or hold harmless the Company pursuant to Paragraph 19. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
  
 19. Indemnification by Advisor. The Advisor shall indemnify and
hold harmless the Company from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully
reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties. 
  

20. Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other
method of giving such notice, report or other 

  

 17 

 
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered
by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

	 To the Board and to the Company:
	  	Wells Real Estate Investment Trust II, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Norcross, Georgia 30092
		
	 To the Advisor:
	  	Wells Capital, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Norcross, Georgia 30092

  
 Either party may at
any time give notice in writing to the other party of a change in its address for the purposes of this Paragraph 20. 
  
 21. Modification. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in
writing signed by both parties hereto, or their respective successors or assignees. 
  
 22. Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for
any reason any other or others of them may be invalid or unenforceable in whole or in part. 
  
 23. Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Georgia. 
  
 24. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto
with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.
The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
  
 25. Indulgences, Not Waivers. Neither the failure nor any delay
on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise
of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
  
 26. Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
  

 18 

 27. Titles Not to Affect Interpretation. The titles of paragraphs and subparagraphs
contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  
 28. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear
the signatures of all of the parties reflected hereon as the signatories. 
  
 29. Name. Wells Capital, Inc. has a proprietary interest in the name “Wells.” Accordingly, and in recognition of this right, if at any time the Company ceases to retain Wells Capital, Inc. or
an Affiliate thereof to perform the services of Advisor, the Company will, promptly after receipt of written request from Wells Capital, Inc., cease to conduct business under or use the name “Wells” or any derivative thereof and the
Company shall use its best efforts to change the name of the Company to a name that does not contain the name “Wells” or any other word or words that might, in the sole discretion of the Advisor, be susceptible of indication of some form
of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or
otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Wells” as a part of their name, all without the need for any consent (and without the
right to object thereto) by the Company or its Board. 
  
 [Signatures appear on next page.] 
  

 19 

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

	 WELLS REAL ESTATE INVESTMENT TRUST II, INC.

	
	 By:                                      
                                        
                                  

	 Name:  Douglas P. Williams

	 Title:  Executive Vice President

	
	 WELLS CAPITAL, INC.

	
	 By:                                      
                                        
                                  

	 Name:  Leo F. Wells III

	 Title:  President

  

 20

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