Document:

EX-10.19

 EXHIBIT 10.19 

SECOND AMENDMENT TO TERM LOAN AGREEMENT 

THIS SECOND AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”) dated as of December 23, 2016, by and among BROADSTONE NET
LEASE, LLC (the “Borrower”), BROADSTONE NET LEASE, INC. (the “Parent”), each of the Lenders party hereto and SUNTRUST BANK, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Borrower, the Parent, the Lenders, the Administrative Agent and certain other parties have entered into that certain Term Loan
Agreement dated as of November 6, 2015 (as amended including by that certain First Amendment to Term Loan Agreement dated as of June 30, 2016, by and among the Borrower, the Parent, certain Lenders party thereto, the Administrative Agent
and the other parties thereto, and as in effect immediately prior to the effectiveness of this Amendment, the “Term Loan Agreement”); 

WHEREAS, the parties hereto desire to amend certain provisions of the Term Loan Agreement on the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto hereby agree as follows: 
 Section 1. Specific Amendments to Term Loan Agreement. Upon the effectiveness of this
Amendment, the parties hereto agree that the Term Loan Agreement shall be amended as follows: 
 (a) The Term Loan Agreement is amended by
amending and restating the definition of “LIBOR” contained in Section 1.1. thereof in its entirety as follows: 

“LIBOR” means, for any Interest Period with respect to a LIBOR Loan, the rate per annum equal to (a) the
London interbank offered rate for deposits in U.S. Dollars appearing on Reuters screen page LIBOR 01 (or on any successor or substitute page of such service or any successor to such service, or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, with a maturity comparable to such Interest Period or
(b) if such rate is not available as provided in clause (a) at any such time for any reason, then such rate shall instead be the interest rate per annum, as determined by the Administrative Agent, to be the arithmetic average of the rates
per annum at which deposits in U. S. Dollars in an amount equal to the amount of such LIBOR Loan are offered by major banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time), two Business Days prior
to the first day of such Interest Period; provided, in each case, that if the rate determined as provided above would be less than zero, then such rate shall be deemed to be zero for purposes of this Agreement if and only if the aggregate amount of
the outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness consisting of term loans bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps at any time
during such Interest Period. 

 (b) The Term Loan Agreement is further amended by adding the following definition to
Section 1.1. thereof in the appropriate alphabetical location: 
 “Qualifying Swap” means any interest
rate swap transaction that (i) trades floating rate interest for fixed rate interest, (ii) was entered into as a hedge against fluctuations in interest rates in respect of Borrower’s Indebtedness that bears interest at a rate based on
LIBOR, and (iii) the parties to such interest rate swap transaction have not elected the “Zero Interest Rate Method” in the International Swaps and Derivatives Association master agreement governing such interest rate swap
transaction. 
 (c) The Term Loan Agreement is further amended by restating Section 9.3. thereof in its entirety as follows: 

Section 9.3. Compliance Certificate. 

At the time the financial statements are furnished pursuant to Sections 9.1. and 9.2., a certificate substantially in the
form of Exhibit G (a “Compliance Certificate”) executed on behalf of the Parent by a Financial Officer of the Parent (a) setting forth a reasonably detailed list of all Eligible Properties which the Borrower has included in
calculations of Total Unencumbered Eligible Property Value for the fiscal period covered by such Compliance Certificate; (b) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case may
be, the calculations required to establish whether the Parent was in compliance with the covenants contained in Section 10.1.; (c) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case
may be, (i) all of Borrower’s Qualifying Swaps and the notional amounts thereof, (ii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness consisting of
term loans bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps, (iii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and
Borrower’s other Indebtedness bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps, together with the amount of such excess during any such period; and (d) stating that no
Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Parent and/or the Borrower with respect to such event, condition or
failure. 
 (d) Exhibit G to the Term Loan Agreement is amended by amending and restating paragraph 2 thereof in its entirety as follows:

 2. Schedule 1 attached hereto accurately and completely (a) sets forth reasonably detailed calculations required
to establish compliance with Section 10.1. of the Credit Agreement and (b) setting forth in reasonable detail (i) all of Borrower’s Qualifying Swaps and the notional amounts thereof, (ii) each period, if any, during which
the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness consisting of term loans bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps,
(iii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s
Qualifying Swaps, together with the amount of such excess during any such period. 
 Section 2. Conditions Precedent. The
effectiveness of this Amendment, is subject to receipt by the Administrative Agent of the following, each in form and substance satisfactory to the Administrative Agent: 

(a) a counterpart of this Amendment duly executed by the Borrower, the Parent, the Administrative Agent and the Requisite Lenders; 

  
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 (b) a Guarantor Acknowledgement substantially in the form of Exhibit A attached hereto, executed
by each Guarantor; 
 (c) evidence that all fees, expenses and reimbursement amounts due and payable to the Administrative Agent have been
paid; and 
 (d) such other documents, instruments and agreements as the Administrative Agent may reasonably request. 

Section 3. Representations. Each of the Parent and the Borrower represents and warrants to the Administrative Agent and the
Lenders that: 
 (a) Authorization. This Amendment has been duly authorized by all necessary limited liability company action of the
Borrower and all corporate action of the Parent, and the Parent has the requisite power and authority to execute and deliver on behalf of itself and the Borrower this Amendment. Each of the Borrower and the Parent has the requisite power and
authority to perform this Amendment and the Term Loan Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and delivered by the Borrower and the Parent and each of this Amendment
and the Term Loan Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower and the Parent enforceable against the Borrower and the Parent in accordance with their respective terms except as (i) the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the availability of equitable remedies for the enforcement of certain obligations (other than the payment of
principal) contained herein or therein and as may be limited by equitable principles generally. 
 (b) Compliance with Laws, etc. The
execution and delivery by the Borrower and the Parent of this Amendment and the performance by the Borrower and the Parent of this Amendment and the Term Loan Agreement, as amended by this Amendment, in accordance with their respective terms, do not
and will not, by the passage of time, the giving of notice or otherwise: (i) require any Governmental Approvals or violate any Applicable Laws (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party;
(ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Parent, the Borrower or any other Loan Party, or any material indenture, agreement or other instrument to which the Parent, the Borrower
or any other Loan Party is a party or by which it or any of its respective properties are bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the
Parent, the Borrower or any other Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 

(c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof, nor will exist immediately after
giving effect to this Amendment. 
 Section 4. Reaffirmation of Representations by Borrower and Parent. The representations and
warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty 

  
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qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual
circumstances specifically and expressly permitted under the Term Loan Agreement. 
 Section 5. Certain References. Each
reference to the Term Loan Agreement in any of the Loan Documents shall be deemed to be a reference to the Term Loan Agreement as amended by this Amendment. 

Section 6. Expenses. The Borrower shall reimburse the Administrative Agent upon demand for all reasonable, documented out-of-pocket costs and expenses (including reasonable attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution
of this Amendment and the other agreements and documents executed and delivered in connection herewith. 
 Section 7. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 9. Effect. Except as expressly herein
amended, the terms and conditions of the Term Loan Agreement and the other Loan Documents remain in full force and effect. The amendments contained in Section 1 hereof shall be deemed to have prospective application only from the date this
Amendment becomes effective. The Term Loan Agreement, as herein amended, is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the rights, powers or remedies available to the
Administrative Agent or the Lenders under the Term Loan Agreement, as herein amended, or any other Loan Document. 
 Section 10.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. Signatures hereto delivered by facsimile
transmission, emailed .pdf file or other similar forms of electronic transmission shall be deemed original signatures, which hereby may be relied upon by all parties and shall be binding on the respective signor. 

Section 11. Loan Documents. This Amendment and the executed Guarantor Acknowledgement substantially in the form attached hereto as
Exhibit A shall be deemed to be “Loan Documents” for all purposes under the Term Loan Agreement and the other Loan Documents. 

Section 12. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given
them in the Term Loan Agreement, as amended by this Amendment. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Term Loan Agreement
to be executed as of the date first above written. 
  

					
	THE BORROWER:
	
	BROADSTONE NET LEASE, LLC

 
					
		
	By:	 	Broadstone Net Lease, Inc.,
		 	a Maryland corporation,
		 	Managing Member
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	Chief Financial Officer

 
					
	
	 BROADSTONE NET LEASE, INC.,
 a
Maryland corporation

 
					
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	Chief Financial Officer

  
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 [Signature Page to Second Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

 
					
	THE ADMINISTRATIVE AGENT AND THE LENDERS:
	
	SUNTRUST BANK, as Administrative Agent and as a Lender

 
					
		
	By:	 	 /s/ Francine Glandt

		 	Name:	 	Francine Glandt
		 	Title:	 	Senior Vice President

  
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	JPMORGAN CHASE BANK, N.A., as a Lender

 
					
		
	By:	 	 /s/ Elizabeth Johnson

		 	Name:	 	Elizabeth Johnson
		 	Title:	 	Executive Vice President

  
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	MANUFACTURERS AND TRADERS TRUST COMPANY, as a Lender

 
					
		
	By:	 	 /s/ Lisa Plescia

		 	Name:	 	Lisa Plescia
		 	Title:	 	Vice President

  
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	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

 
					
		
	By:	 	 /s/ Fredrick H. Denecke

		 	Name:	 	Fredrick H. Denecke
		 	Title:	 	Senior Vice President

  
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	KEYBANK NATIONAL ASSOCIATION, as a Lender

 
					
		
	By:	 	 /s/ Jason Weaver

		 	Name:	 	Jason Weaver
		 	Title:	 	Senior Vice President

  
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	PNC BANK, NATIONAL ASSOCIATION, as a Lender

 
					
		
	By:	 	 /s/ Gregory J. Fedorko

		 	Name:	 	Gregory J. Fedorko
		 	Title:	 	Vice President

  
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 [Signature Page to Second Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

 
					
	BANK OF MONTREAL, as a Lender

 
					
		
	By:	 	 /s/ Gwendolyn Gatz

		 	Name:	 	Gwendolyn Gatz
		 	Title:	 	Vice President

  
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	FIRST TENNESSEE BANK, N.A., as a Lender

 
					
		
	By:	 	 /s/ Greg Cullum

		 	Name:	 	Greg Cullum
		 	Title:	 	Senior Vice President

  
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Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

 EXHIBIT A 

FORM OF GUARANTOR ACKNOWLEDGEMENT 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of December 23, 2016 (this “Acknowledgement”) executed by each of the undersigned (the
“Guarantors”) in favor of SunTrust Bank, as Administrative Agent (the “Administrative Agent”) and each “Lender” a party to the Term Loan Agreement referred to below (the “Lenders”). 

WHEREAS, Broadstone Net Lease, LLC (the “Borrower”), Broadstone Net Lease, Inc. (the “Parent”), the Lenders, the
Administrative Agent and certain other parties have entered into that certain Term Loan Agreement dated as of November 6, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”);

 WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of November 6, 2015 (as amended, restated, supplemented
or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Term Loan Agreement on the terms and conditions contained in the Guaranty; 

WHEREAS, the Borrower, the Parent, the Administrative Agent and certain of the Lenders are to enter into the Second Amendment to Term Loan
Agreement dated as of the date hereof (the “Second Amendment”), to amend the Term Loan Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Second Amendment that the Guarantors execute and deliver this
Acknowledgement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing
obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Second Amendment, shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or
discharge the obligations of such Guarantor thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be
an original and shall be binding upon all parties, their successors and assigns. Signatures hereto delivered by facsimile transmission, emailed .pdf file or other similar forms of electronic transmission shall be deemed original signatures, which
hereby may be relied upon by all parties and shall be binding on the respective signor. 
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 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement
as of the date and year first written above. 
  

			
	THE GUARANTORS:
	
	BROADSTONE NET LEASE, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

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	BROADSTONE 2020EX TEXAS, LLC,
	a New York limited liability company
	BROADSTONE AI MICHIGAN, LLC,
	a New York limited liability company
	BROADSTONE APLB MINNESOTA, LLC,
	a New York limited liability company
	BROADSTONE APLB SARASOTA, LLC,
	a New York limited liability company
	BROADSTONE APLB VIRGINIA, LLC,
	a New York limited liability company
	BROADSTONE ASDCW TEXAS, LLC,
	a New York limited liability company
	BROADSTONE BFW MINNESOTA, LLC,
	a New York limited liability company
	BROADSTONE BK EMPORIA, LLC,
	a New York limited liability company
	BROADSTONE BK VIRGINIA, LLC,
	a New York limited liability company
	BROADSTONE BNR ARIZONA, LLC,
	a New York limited liability company
	BROADSTONE CABLE, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
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 [Signature Page to Guarantor Acknowledgement for Second Amendment to Credit Agreement 

for Broadstone Net Lease LLC] 

 
					
	BROADSTONE CFW TEXAS, LLC,
	a New York limited liability company
	BROADSTONE EA OHIO, LLC,
	a New York limited liability company
	BROADSTONE EO BIRMINGHAM I, LLC,
	a New York limited liability company
	BROADSTONE EO BIRMINGHAM II, LLC,
	a New York limited liability company
	BROADSTONE EWD ILLINOIS, LLC,
	a New York limited liability company
	BROADSTONE FDT WISCONSIN, LLC,
	a New York limited liability company
	BROADSTONE FILTER, LLC,
	a New York limited liability company
	BROADSTONE FMFP TEXAS B2, LLC,
	a New York limited liability company
	BROADSTONE FMFP TEXAS B3, LLC,
	a New York limited liability company
	BROADSTONE GCSC FLORIDA, LLC,
	a New York limited liability company
	BROADSTONE KNG OKLAHOMA, LLC,
	a New York limited liability company
	BROADSTONE LGC NORTHEAST, LLC,
	a New York limited liability company
	BROADSTONE MCW WISCONSIN, LLC,
	a New York limited liability company
	BROADSTONE MD OKLAHOMA, LLC,
	a New York limited liability company
	BROADSTONE MED FLORIDA, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
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 [Signature Page to Guarantor Acknowledgement for Second Amendment to Credit Agreement 

for Broadstone Net Lease LLC] 

 
					
	BROADSTONE NDC FAYETTEVILLE, LLC,
	a New York limited liability company
	BROADSTONE NI NORTH CAROLINA, LLC,
	a New York limited liability company
	BROADSTONE PCSC TEXAS, LLC,
	a New York limited liability company
	BROADSTONE PY CINCINNATI, LLC,
	a New York limited liability company
	BROADSTONE RM MISSOURI, LLC,
	a New York limited liability company
	BROADSTONE ROLLER, LLC,
	a New York limited liability company
	BROADSTONE SOE RALEIGH, LLC,
	a New York limited liability company
	BROADSTONE SNC OK TX, LLC,
	a New York limited liability company
	BROADSTONE TA TENNESSEE, LLC,
	a New York limited liability company
	BROADSTONE TB JACKSONVILLE, LLC,
	a New York limited liability company
	BROADSTONE TB SOUTHEAST, LLC,
	a New York limited liability company
	BROADSTONE TB TN, LLC,
	a Delaware limited liability company
	BROADSTONE TR FLORIDA, LLC,
	a New York limited liability company
	BROADSTONE IELC TEXAS, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
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for Broadstone Net Lease LLC] 

 
					
	BROADSTONE WI ALABAMA, LLC,
	a New York limited liability company
	BROADSTONE WI APPALACHIA, LLC,
	a New York limited liability company
	BROADSTONE WI EAST, LLC,
	a New York limited liability company
	GRC LI TX, LLC,
	a Delaware limited liability company
	TB TAMPA REAL ESTATE, LLC,
	a New York limited liability company
	BROADSTONE SC ILLINOIS, LLC,
	a New York limited liability company
	BROADSTONE SNI EAST, LLC,
	a New York limited liability company
	BROADSTONE RA CALIFORNIA, LLC,
	a New York limited liability company
	BROADSTONE PC MICHIGAN, LLC,
	a New York limited liability company
	BROADSTONE DHCP VA AL, LLC,
	a New York limited liability company
	BROADSTONE GC KENTUCKY, LLC,
	a New York limited liability company
	BROADSTONE WI GREAT PLAINS, LLC,
	a New York limited liability company
	BROADSTONE SNI GREENWICH, LLC,
	a New York limited liability company
	BROADSTONE BW TEXAS, LLC,
	a New York limited liability company
	BROADSTONE SF MINNESOTA, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
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for Broadstone Net Lease LLC] 

 
					
	BROADSTONE BEC TEXAS, LLC,
	a New York limited liability company
	BROADSTONE OP OHIO, LLC,
	a New York limited liability company
	BROADSTONE IS HOUSTON, LLC,
	a New York limited liability company
	BROADSTONE SPS UTAH, LLC,
	a New York limited liability company
	BROADSTONE NSC TEXAS, LLC,
	a New York limited liability company
	BROADSTONE HLC MIDWEST, LLC,
	a New York limited liability company
	BROADSTONE PP ARKANSAS, LLC,
	a New York limited liability company
	BROADSTONE BT SOUTH, LLC,
	a New York limited liability company
	BROADSTONE MHH MICHIGAN, LLC,
	a New York limited liability company
	BROADSTONE PEARL, LLC,
	a New York limited liability company
	BROADSTONE APLB SC, LLC,
	a New York limited liability company
	BROADSTONE APLB UTAH, LLC,
	a New York limited liability company
	BROADSTONE BFC MARYLAND, LLC,
	a New York limited liability company
	BROADSTONE AC WISCONSIN, LLC,
	a New York limited liability company
	BROADSTONE STI MINNESOTA, LLC,
	a New York limited liability company
	BROADSTONE APM FLORIDA, LLC,
	a New York limited liability company
	BROADSTONE MFEC FLORIDA, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 [Signature Page to Guarantor Acknowledgement for Second Amendment to Credit Agreement 

for Broadstone Net Lease LLC] 

 
					
	BROADSTONE TB NORTHWEST, LLC,
	a New York limited liability company
	NWR REALTY LLC,
	a Washington limited liability company
	BROADSTONE CI WEST, LLC,
	a New York limited liability company
	BROADSTONE CC PORTFOLIO, LLC,
	a New York limited liability company
	BROADSTONE BEF PORTFOLIO, LLC,
	a New York limited liability company
	BROADSTONE BW ARKANSAS, LLC,
	a New York limited liability company
	BROADSTONE BW WINGS SOUTH, LLC,
	a New York limited liability company
	BROADSTONE FHS TEXAS, LLC,
	a New York limited liability company
	BROADSTONE JFR PORTFOLIO, LLC,
	a New York limited liability company
	BROADSTONE KINSTON, LLC,
	a New York limited liability company
	BROADSTONE ASH ARKANSAS, LLC,
	a New York limited liability company
	BROADSTONE APLB WISCONSIN, LLC,
	a New York limited liability company
	BROADSTONE RL PORTFOLIO, LLC,
	a New York limited liability company
	BROADSTONE BW APPALACHIA, LLC,
	a New York limited liability company
	BROADSTONE FC PORTAGE, LLC,
	a New York limited liability company
	BROADSTONE MV PORTFOLIO, LLC,
	a New York limited liability company
	BROADSTONE NIC PENNSYLVANIA, LLC,
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
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 [Signature Page to Guarantor Acknowledgement for Second Amendment to Credit Agreement 

for Broadstone Net Lease LLC] 

 
					
	BROADSTONE PEARL VIRGINIA, LLC
	a New York limited liability company
	BROADSTONE RCS TEXAS, LLC
	a New York limited liability company
	BROADSTONE RTC PORTFOLIO, LLC
	a New York limited liability company
	BROADSTONE SSH CALIFORNIA, LLC
	a New York limited liability company
	BROADSTONE TB OZARKS, LLC
	a New York limited liability company
	BROADSTONE FP, LLC
	a New York limited liability company
	BROADSTONE BB PORTFOLIO, LLC
	a New York limited liability company
	BROADSTONE CHR ILLINOIS, LLC
	a New York limited liability company
	BROADSTONE RENAL TENNESSEE, LLC
	a New York limited liability company
	BROADSTONE PEARL FL TX, LLC
	a New York limited liability company
	BROADSTONE STS CALIFORNIA, LLC
	a New York limited liability company
	BROADSTONE TS PORTFOLIO, LLC
	a New York limited liability company
		
	By:	 	Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to
Guarantor Acknowledgement for Second Amendment to Credit Agreement 
 for Broadstone Net Lease LLC]EX-10.20

 EXHIBIT 10.20 

GUARANTY 
 THIS GUARANTY dated as
of October 2, 2012 (this “Guaranty”), executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I
hereto (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of MANUFACTURERS AND TRADERS TRUST COMPANY, in its capacity as Administrative Agent
(together with its successors and assigns, the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of October 2, 2012 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among Broadstone Net Lease, LLC, a New York limited liability company (the “Borrower”), Broadstone Net Lease, Inc., a Maryland corporation, the financial institutions party thereto
and their assignees under Section 13.6. thereof (the “Lenders”), and the Administrative Agent, for its benefit and the benefit of the Lenders (the Administrative Agent and the Lenders, each individually a “Guarantied
Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the Credit Agreement, the
Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their
respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions
contained herein; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Administrative Agent
and the Lenders making, and continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and
performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness, liabilities, obligations, covenants and
duties owing by the Borrower to the Administrative Agent or any Guarantied Party under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans and the payment
of all interest, Fees, charges, attorneys’ fees and other amounts payable to the Administrative Agent or any Guarantied Party thereunder (including, to the extent permitted by Applicable Law, interest, Fees and other amounts that would accrue
and become due after the filing of a case or other proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such amounts are allowed or allowable in
whole or in part in such case or proceeding); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all other Obligations; and (d) all 

  
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expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Administrative Agent or any of the Guarantied Parties in the enforcement of
any of the foregoing or any obligation of such Guarantor hereunder. 
 Section 2. Guaranty of Payment and Not of Collection.
This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Administrative Agent or the Guarantied Parties shall be obligated or required before enforcing this Guaranty
against any Guarantor: (a) to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person
in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or
seek to enforce or realize upon any collateral security, if any, held by the Administrative Agent or any Guarantied Party which may secure any of the Guarantied Obligations. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with
the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the Guarantied Parties with respect thereto. The
liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated
or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a)    (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations,
(ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any
other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in
respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied
Obligations or any assignment or transfer of any of the foregoing; 
 (b)    any lack of validity or enforceability of
the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

(c)    any furnishing to the Administrative Agent or the Guarantied Parties of any security for the Guarantied
Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral, if any, securing any of the Obligations; 

(d)    any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any
other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party; 

(e)    any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like
proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

  
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 (f)    any act or failure to act by the Borrower, any other Loan Party or any
other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 

(g)    any nonperfection or impairment of any security interest or other Lien, if any, on any collateral securing in any
way any of the Guarantied Obligations; 
 (h)    any application of sums paid by the Borrower, any other Guarantor or
any other Person with respect to the liabilities of the Borrower to the Administrative Agent or the Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 

(i)    any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 

(j)    any defense, set-off, claim or counterclaim (other than indefeasible
payment and performance in full) which may at any time be available to or be asserted by the Borrower, any other Loan Party or any other Person against the Administrative Agent or any of the Guarantied Parties; 

(k)    any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party; 

(l)    any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any
other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 

(m)    any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor
hereunder (other than indefeasible payment and performance in full). 
 Section 4. Action with Respect to Guarantied
Obligations. The Administrative Agent and the Guarantied Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all
actions described in Section 3. of this Guaranty and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of
the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise
deal with all, or any part, of any collateral, if any, securing any of the Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or
refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Administrative Agent and the
Guarantied Parties shall elect. 
 Section 5. Representations and Warranties. Each Guarantor hereby makes to the Administrative
Agent and the Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in
full. 
 Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to
comply with under the terms of the Credit Agreement or any of the other Loan Documents. 

  
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 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law,
hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such
Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to
Accelerate Loan. If the Administrative Agent and/or the Guarantied Parties are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise,
the Administrative Agent and/or the Guarantied Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the Administrative Agent or any of the Guarantied
Parties for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such Guarantied Party repays all or part of said amount by reason of (a) any
judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such Guarantied Party with any such claimant (including the
Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of
the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such Guarantied Party for the amounts so repaid or
recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such Guarantied Party. 

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such Guarantor
shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim or cause
of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full.
If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Administrative Agent and the Guarantied
Parties and shall forthwith pay such amount to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the
Administrative Agent as collateral security for any Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All
sums payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding
whatsoever (including any Taxes), and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Administrative Agent and the Guarantied Parties such
additional amount as will result in the receipt by the Administrative Agent and the Guarantied Parties of the full amount payable hereunder had such deduction or withholding not occurred or been required. 

Section 12. Set-off. In addition to any rights now or hereafter granted under any of the
other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, each Lender and any of their respective Affiliates, at any

  
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time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an
Affiliate of a Lender subject to receipt of the prior written consent of the Administrative Agent exercised in its reasonable discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited
to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender, or any Affiliate of the Administrative Agent or such Lender, to or
for the credit or the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 

Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the Administrative Agent and
the Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower (collectively, the “Junior
Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or securities, by setoff or
otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the Guarantied Parties that in
any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Administrative Agent and the Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and
(b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or
unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance
Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable
hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations
of such Guarantor to the Administrative Agent and the Guarantied Parties), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the Guarantied Parties
hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as
against the Administrative Agent and the Guarantied Parties that would not otherwise be available to such Person under the Avoidance Provisions. 

Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial
condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs
hereunder, and agrees that neither the Administrative Agent nor any of the Guarantied Parties shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
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 SECTION 17. WAIVER OF JURY TRIAL. 

(a)    EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE
AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT
AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER
LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 

(b)    EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR
PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK, NEW YORK, THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND
ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING
ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE
DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

  
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 (c)    THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH
THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY. 

Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain books and accounts setting forth the amounts of
principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the
entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent or any Lender to maintain such books and accounts shall not in
any way relieve or discharge any Guarantor of any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or
failure on the part of the Administrative Agent or any of the Guarantied Parties in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by
the Administrative Agent or any of the Guarantied Parties of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 

Section 20. Termination. This Guaranty shall remain in full force and effect with respect to each Guarantor until the indefeasible
payment in full of the Guarantied Obligations and any other Obligation, the termination or expiration of all of the Lenders’ and Administrative Agent’s obligations to make loans or other financial accommodations to the Borrower, and the
termination or cancellation of the Credit Agreement in accordance with its terms. 
 Section 21. Successors and Assigns. Each
reference herein to the Administrative Agent or the Guarantied Parties shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the
provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders may, in accordance with the
applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without
releasing, discharging or modifying any Guarantor’s obligations hereunder. Subject to Section 13.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the Administrative Agent or any Lender to any Assignee or
Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or obligations hereunder to any Person without the prior written
consent of the Administrative Agent and all Guarantied Parties and any such assignment or other transfer to which the Administrative Agent and all of the Guarantied Parties have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

  
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 Section 23. Amendments. This Guaranty may not be amended except in a writing signed
by the Requisite Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Administrative Agent and each Guarantor. 

Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately
available funds to the Administrative Agent at the Principal Office, not later than 2:00 p.m. on the date of demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile
transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its respective address for notices provided for in the Credit
Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received;
(ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of
this Guaranty. 
 Section 28. Limitation of Liability. Neither the Administrative Agent nor any of the Guarantied Parties, nor
any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any of the Guarantied Parties, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them
upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the
transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any of the Guarantied Parties or any of the Administrative
Agent’s or of any Guarantied Parties’, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or
any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
 Section 29.
Electronic Delivery of Certain Information. Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 9.5. of the Credit Agreement. 

Section 30. Right of Contribution. The Guarantors hereby agree as among themselves that, if any Guarantor shall make an Excess
Payment, such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share of such Excess Payment. The payment obligations of any Guarantor under this Section shall be
subordinate and subject in right of payment to the Obligations until such time as the Obligations have been indefeasibly paid and performed in full and the Term Loan Commitments and Revolving Commitments have expired or terminated, and none of the
Guarantors shall exercise any right or remedy under this Section against any other Guarantor until such Obligations have been indefeasibly paid and performed in full and the Commitments have expired or terminated. Subject to Section 10 of this
Guaranty, this Section shall not be deemed to affect any right of subrogation, indemnity, reimbursement or contribution that any 

  
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Guarantor may have under Applicable Law against the Borrower in respect of any payment of Guarantied Obligations. Notwithstanding the foregoing, all rights of contribution against any Guarantor
shall terminate from and after such time, if ever, that such Guarantor shall cease to be a Guarantor in accordance with the applicable provisions of the Loan Documents. 

Section 31. Definitions. (a) For the purposes of this Guaranty: 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time, and
any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 

“Contribution Share” means, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio
(expressed as a percentage) as of the date of such Excess Payment of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of
the Loan Parties other than the maker of such Excess Payment exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties) of
the Loan Parties other than the maker of such Excess Payment; provided, however, that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor
subsequent to the date of any such Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for
such Guarantor in connection with such Excess Payment. 
 “Excess Payment” means the amount paid by any Guarantor in excess
of its Ratable Share of any Guarantied Obligations. 
 “Proceeding” means any of the following: (i) a voluntary or
involuntary case concerning any Guarantor shall be commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial
part of the property of any Guarantor; (iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating to any Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is
entered by a court of competent jurisdiction; (vi) any Guarantor makes a general assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts
generally as they become due; (viii) any Guarantor shall call a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to,
approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 

“Ratable Share” means, for any Guarantor in respect of any payment of Guarantied Obligations, the ratio (expressed as a
percentage) as of the date of such payment of Guarantied Obligations of (i) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor
(including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (ii) the amount by which the aggregate present fair salable value of all assets and other properties of
all of the Loan Parties 

  
 9 

 
exceeds the amount of all of the debts and liabilities (including contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Loan Parties hereunder)
of the Loan Parties; provided, however, that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of Guarantied Obligations, any Guarantor that became a Guarantor subsequent to the date of any
such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment.

 (b)    Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit
Agreement. 
 [Signature on Next Page] 

  
 10 

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

					
	BROADSTONE NET LEASE, INC.
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	President and Chief Financial Officer

  

	
	Address for Notices:
	
	c/o Broadstone Net Lease, LLC
	530 Clinton Square
	Rochester, New York 14604
	Attn: Chief Financial Officer
	Telecopy Number: (585) 760-8378
	Telephone Number: (585) 287-6500

  
 11 

 [Signature Page to Broadstone Guaranty-continued] 

 

  

			
	 BROADSTONE 2020EX TEXAS, LLC, a New York limited liability company

BROADSTONE APLB BRUNSWICK, LLC, a New York limited liability company

BROADSTONE APLB MINNESOTA, LLC, a New York limited liability company

BROADSTONE APLB SARASOTA,LLC, a New York limited liability company

BROADSTONE BFW MINNESOTA, LLC, a New York limited liability company

BROADSTONE BK EMPORIA, LLC, a New York limited liability company

BROADSTONE BK VIRGINIA, LLC, a New York limited liability company

BROADSTONE BPC OHIO, LLC, a New York limited liability company

BROADSTONE BPC PITTSBURGH, LLC, a New York limited liability company

BROADSTONE CABLE, LLC, a New York limited liability company

BROADSTONE CFW TEXAS, LLC, a New York limited liability company

BROADSTONE DQ VIRGINIA, LLC, a New York limited liability company

							
		
		 	By: Broadstone Net Lease, LLC, a New York limited liability company, its sole member
		
		 	By: Broadstone Net Lease, Inc. a Maryland corporation, its managing member

  

									
		 		 	By:	 	 /s/ Christopher J. Czarnecki

		 		 		 	Name:	 	Christopher J. Czarnecki
		 		 		 	Title:	 	President and Chief Financial Officer

					
	
	Address for Notices:
	
	 c/o Broadstone Net Lease, LLC 530 Clinton Square

Rochester, New York 14604
 Attn: Chief Financial Officer

Telecopy Number: (585) 760-8378

Telephone Number: (585) 287-6500

  
 [Signatures Continued on
Next Page] 
  
 12 

 [Signature Page to Broadstone Guaranty-continued] 

 

			
	 BROADSTONE EA OHIO, LLC, a New York limited liability company

BROADSTONE EO BIRMINGHAM I, LLC, a New York limited liability company

BROADSTONE EO BIRMINGHAM II, LLC, a New York limited liability company

BROADSTONE FILTER, LLC, a New York limited liability company

BROADSTONE FMFP TEXAS B2, LLC, a New York limited liability company

BROADSTONE FMFP TEXAS B3, LLC, a New York limited liability company

BROADSTONE JLC MISSOURI, LLC, a New York limited liability company

BROADSTONE MD OKLAHOMA, LLC, a New York limited liability company

BROADSTONE NDC FAYETTEVILLE, LLC, a New York limited liability company

BROADSTONE PCSC TEXAS, LLC, a New York limited liability company

BROADSTONE PJ RLY, LLC, a New York limited liability company

	
	By: Broadstone Net Lease, LLC, a New York limited liability company, its sole member
	
	By: Broadstone Net Lease, Inc. a Maryland corporation, its managing member

									
			
		 	By:	 	 /s/ Christopher J. Czarnecki

		 		 	Name:	 	Christopher J. Czarnecki
		 		 	Title:	 	President and Chief Financial Officer

	
	 Address for Notices:

	
	 c/o Broadstone Net Lease, LLC 530 Clinton Square

	 Rochester, New York 14604 Attn: Chief Financial Officer

	 Telecopy Number: (585) 760-8378

	 Telephone Number: (585) 287-6500

  
 [Signatures Continued on
Next Page] 
  
 13 

 [Signature Page to Broadstone Guaranty-continued] 

 

			
	BROADSTONE RM MISSOURI, LLC, a New York limited liability company
	BROADSTONE SEC NORTH CAROLINA, LLC, a New York limited liability company
	BROADSTONE SOE RALEIGH, LLC, a New York limited liability company
	BROADSTONE TA TENNESSEE, LLC, a New York limited liability company
	BROADSTONE TB JACKSONVILLE, LLC, a New York limited liability company
	BROADSTONE TB SOUTHEAST, LLC, a New York limited liability company
	BROADSTONE TB TN, LLC, a Delaware limited liability company
	BROADSTONE TR FLORIDA, LLC, a New York limited liability company
	BROADSTONE TSGA KENTUCKY, LLC, a New York limited liability company
	BROADSTONE WI APPALACHIA, LLC, a New York limited liability company
	GRC LI TX, LLC, a Delaware limited liability company
		
		 	By: Broadstone Net Lease, LLC, a New York limited liability company, its sole member
		
		 	By: Broadstone Net Lease, Inc. a Maryland corporation, its managing member

									
				
		 		 	By:	 	 /s/ Christopher J. Czarnecki

		 		 		 	Name:	 	Christopher J. Czarnecki
		 		 		 	Title:	 	President and Chief Financial Officer

  

	
	Address for Notices:
	
	c/o Broadstone Net Lease, LLC 530 Clinton Square
	Rochester, New York 14604
	Attn: Chief Financial Officer
	Telecopy Number: (585) 760-8378
	Telephone Number: (585) 287-6500

  

 ANNEX I 

FORM OF ACCESSION AGREEMENT 

THIS ACCESSION AGREEMENT dated as of             , 20
    , executed and delivered by                     , a
                     (the “New Guarantor”), in favor of MANUFACTURERS AND TRADERS TRUST COMPANY, in its capacity as
Administrative Agent (together with its successors and assigns, the “Administrative Agent”) for the Lenders under that certain Credit Agreement dated as of October 2, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Broadstone Net Lease, LLC, a New York limited liability company (the “Borrower”), Broadstone Net Lease, Inc., a Maryland corporation, the financial
institutions party thereto and their assignees under Section 13.6 thereof (the “Lenders”), and the Administrative Agent, for its benefit and the benefit of the Lenders (the Administrative Agent and the Lenders, each
individually a “Guarantied Party” and collectively, the “Guarantied Parties”). 
 WHEREAS, pursuant to the
Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, the Borrower, the New Guarantor, and the existing Guarantors, though separate legal entities, are mutually dependent on each other in
the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 

WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions
contained herein; and 
 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Administrative
Agent and the Lenders continuing to make such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the New Guarantor, the New Guarantor agrees as follows: 

Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under that certain Guaranty
dated as of October 2, 2012 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Subsidiary of the Borrower a party thereto in favor of the Administrative Agent and the
Guarantied Parties and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing, the
New Guarantor hereby: 
 (a)    irrevocably and unconditionally guarantees the due and punctual payment and performance
when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

  
 A-1 

 (b)    makes to the Administrative Agent and the Guarantied Parties as of the
date hereof each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 

(c)    consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions.
Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 

[Signatures on Next Page] 

  
 A-2 

 IN WITNESS WHEREOF, the New Guarantor has caused this Accession Agreement to be duly executed and
delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW GUARANTOR]
		
	By:	 	                                   
                                         
    
		 	Name:	 	                                     
                               
		 	Title:	 	                                     
                               
	
	Address for Notices:
	
	c/o                                   
                                         
     
	                                    
                                         
         
	                                    
                                         
         
	Attn:                                   
                                         
  
	Telecopy Number:                                
                        
	Telephone Number:                                
                      

  

					
	Accepted:
	
	MANUFACTURERS AND
	TRADERS TRUST COMPANY, as
	Administrative Agent
		
	By:	 	  

		 	Name:	 	                                     
                                       
		 	Title:	 	  

  
 A-3

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