Document:

Exhibit 10.3

 

Execution Version

 

AMENDED AND RESTATED LEASING AGREEMENT

 

THIS AMENDED AND RESTATED
LEASING AGREEMENT (this “Leasing Agreement”) is made as of September 6, 2016 by and between AMERICAN FINANCE
TRUST, INC., a Maryland corporation (the “Company”) and AMERICAN FINANCE PROPERTIES, LLC, a Delaware limited
liability company (the “Leasing Agent”). Capitalized terms used herein but not defined shall have the meanings
ascribed to them in the Amended and Restated Property Management Agreement, dated the date hereof, by and between the Leasing Agent
and the Company (the “Property Management Agreement”).

 

WHEREAS, pursuant to
that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of the date hereof, by and among
the Company, Genie Acquisition, LLC (“Merger Sub”), American Realty Capital Operating Partnership V, L.P., American
Realty Capital – Retail Centers of America, Inc. (“RCA”) and American Realty Capital Retail Operating
Partnership, L.P. (“RCA OP”), (i) RCA was merged with and into Merger Sub, with Merger Sub being the surviving
entity in the merger and (ii) RCA OP was merged with and into American Finance Operating Partnership, L.P. (the “Company
OP”), with the Company OP being the surviving entity in the merger;

 

WHEREAS, the RCA and
American Realty Capital Retail Advisor, LLC (the “Former Leasing Agent”) entered into that certain Leasing Agreement,
dated as of March 17, 2011 (the “Original Leasing Agreement”); and

 

WHEREAS, in accordance
with Section 9.3 of the Original Leasing Agreement and in connection with the Merger Agreement, the Former Leasing Agent assigned
the Original Leasing Agreement to the Leasing Agent with the effectiveness of such assignment conditioned on, subject to, and only
at, the Effective Time (as defined in the Merger Agreement, and such date being the “Effective Date”), and in
the event that Closing (as defined in the Merger Agreement) does not occur or the Merger Agreement is terminated in accordance
with its terms, then the assignment of the Original Leasing Agreement shall not take effect and shall be void ab initio;

 

WHEREAS, in accordance
with Section 9.2 of the Original Leasing Agreement and in connection with the Merger Agreement, the Company and the Leasing Agent
desire to amend and restate the Original Leasing Agreement as set forth in this Leasing Agreement with the effectiveness of such
amendment and restatement conditioned on, subject to, and only at, the Effective Time, and in the event that Closing (as defined
in the Merger Agreement) does not occur or the Merger Agreement is terminated in accordance with its terms, then this Leasing Agreement
shall not take effect and the Original Leasing Agreement shall continue in full force and effect.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound hereby, do agree as follows:

 

		1.	Engagement.

 

		1.1	Engagement. The Company hereby engages and retains the Leasing Agent to act as the sole
and exclusive real estate broker in connection with the leasing of the Owners’ Properties on the terms of this Leasing Agreement,
and the Leasing Agent accepts such engagement and agrees to perform such service on such terms; it being understood, that, the
Leasing Agent may engage a third party (together with any Affiliate of such third party or other third party retained in accordance
with a leasing agreement between the Leasing Agent and such third party, each a “Sub-Agent”) as the Leasing
Agent deems necessary or desirable without the consent of the Company, and may delegate all or a portion of the services to be
provided hereunder to such Sub-Agent. Any fees payable to a Sub-Agent (i) shall be the responsibility of the Leasing Agent
out of payments received from the Company and (ii) may, at the instruction of the Leasing Agent, be deducted from the Operating
Account or the fees payable hereunder and paid by the Owner to such Sub-Agent, or be paid directly by the Leasing Agent to such
Sub-Agent, in the Leasing Agent’s sole discretion or as required pursuant to a leasing agreement between the Leasing Agent
and a Sub-Agent. The Company agrees to fully cooperate with the Leasing Agent, each Sub-Agent and their agents and Cooperating
Brokers (as defined below) with respect to the Leasing Agent’s efforts in leasing the Properties and to refer to the Leasing
Agent all inquiries of anyone interested in any Property and to conduct all negotiations through the Leasing Agent. The Company
further agrees to furnish the Leasing Agent such information concerning the Properties as the Leasing Agent may reasonably request
from time to time as a result of inquiries by prospective tenants.

 

     

     

    

  

		1.2	Leasing. This Leasing Agreement relates to leasing only.

 

		2.	Term. The initial term of this Leasing Agreement shall commence on the Effective Date, shall
continue in full force and effect through October 1, 2018, and shall be automatically renewed for an unlimited number of successive
one (1) year periods thereafter, subject to earlier termination as hereinafter provided. The term of this Leasing Agreement may
be extended for such additional periods of time as the parties agree to in writing.

 

		3.	Leasing.

 

		3.1	Leasing Fees. The Company will pay to the Leasing Agent a leasing fee (the “Leasing
Fee”) in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same
geographic location of the applicable Property for the Leasing Agent’s or a Sub-Agent’s, as applicable, services in
leasing the Properties to third parties, which shall include taking into account the participation of Cooperating Brokers (as defined
below), if applicable, and be determined based on evidence of comparable fees provided by the Leasing Agent and shall include taking
into account the participation of Cooperating Brokers (as defined below), if applicable, and be subject to consent of the Owner,
such consent not to be unreasonably withheld. Commissions shall be fully earned as of the date the lease is executed and shall
be paid by the Company, or in the sole discretion of the Leasing Agent, by the Owner, on such date or, if customary for such geographic
area then as follows: one half (1/2) of the commission shall be due upon execution of the lease by the Owner and tenant and one
half (1/2) of the commission shall be due upon the earlier of (i) tenant’s opening for business at the premises, or
(ii) the rent commencement date under the lease.

 

		3.2	During Term. The Company shall pay the Leasing Agent the Leasing Fee, if, during the term
of this Leasing Agreement, a third party tenant is procured by the Leasing Agent or a Sub-Agent, and if such tenant and the Owner
enter into a written lease covering all or part of the Property and if such lease is fully executed by the Owner and such tenant.

 

		3.3	After Expiration of Term. The Company shall pay the Leasing Agent the Leasing Fee if, within
one hundred eighty (180) days after the expiration of the term or earlier termination of this Leasing Agreement, the Owner enters
into a written lease covering all or part of the Property with any person or entity (including any to-be-established entity and/or
single purpose entity affiliated with said person or entity) to whom the Leasing Agent or a Sub-Agent has submitted the Property
prior to the expiration of the term of this Leasing Agreement or earlier termination of this Leasing Agreement in an effort to
lease the Property (the “Prospective Tenants”) and such lease is fully executed by the Owner and the Prospective
Tenant, provided the name of the Prospective Tenant is contained on the list described below. The Leasing Agent or a Sub-Agent
shall, as a condition precedent to its rights and the Company’s obligations under this Section 3.3, submit a
written list of the Prospective Tenants containing full and complete names, addresses, telephone numbers and primary contact persons
to the Company no later than ten (10) days following the expiration of the term of this Leasing Agreement or earlier termination
of this Leasing Agreement. If the Owner enters into another listing or leasing agreement with another real estate broker with respect
to the Property, the Owner shall exclude the Prospective Tenants under this Section 3.3 from any such other agreement
for the period required herein.

 

		3.4	Terms of Lease. The Owner reserves the right to determine all terms, conditions and provisions
of any lease and to reject any lease in its discretion.

 

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		3.5	Sale by Owner. Whenever the Owner shall sell or convey its interest in a Property or any
part thereof, the obligation to pay any Leasing Fees under this Leasing Agreement from and after the date of such sale shall cease
as of the date of such sale, provided that the Company shall not be absolved from liability for Leasing Fees earned, payable or
due hereunder as of such date.

 

		3.6	No Additional Payments. The compensation to the Leasing Agent provided herein includes all
costs, taxes, fees and charges, and no additional payments shall be made to the Leasing Agent hereunder in connection with any
lease.

 

		3.7	Payment of Leasing Fees. The Leasing Fees shall be paid to the Leasing Agent in accordance
with this Section 3. In accordance with and pursuant to Section 4.6, the Leasing Agent or a Sub-Agent shall
prepare and submit an invoice to the Company which shall include a computation of the Leasing Fees payable to the Leasing Agent.
The Company shall have the right to review such invoice and obtain any supporting documentation with respect thereto from the Leasing
Agent. To the extent that the Company believes the computation provided by the Leasing Agent or a Sub-Agent is inconsistent with
the computation permitted hereunder, the Company and the Leasing Agent or a Sub-Agent which provided the computation shall work
together in good faith to reach a computation of such fees which is reasonably agreeable to both parties. If the Company and the
Leasing Agent or a Sub-Agent, as the case may be, agree that any of the Leasing Fees paid to the Leasing Agent for a prior period
exceeded the amount permitted hereunder, the Leasing Agent shall deduct the amount of such excess from the fees it is to be paid
in accordance herewith for the then current period.

 

		4.	Duties and Authority of the Leasing Agent.

 

		4.1	Leasing Functions. The Leasing Agent shall coordinate the leasing of the Properties and
shall negotiate and use its commercially reasonable efforts to secure executed leases from qualified tenants, and to execute same
on behalf of the Owner, if requested, for available space in the Properties, such lease to be in form and on terms approved by
the Owner. The Leasing Agent shall be responsible for the hiring of all Sub-Agents, as determined by the Leasing Agent to be necessary
for the leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of each Owner.

 

		4.2	Duties; Standard of Performance. The Leasing Agent shall devote its commercially reasonable
efforts to performing its duties hereunder to lease the Properties in a diligent, careful and professional manner. The services
of the Leasing Agent are to be of a scope and quality not less than those generally performed by first class, professional leasing
or listing managers of properties similar in type and quality to the Properties and located in the same market area as the Properties.
The Leasing Agent will at all times act in good faith and in a commercially reasonable manner with respect to performing the leasing
services hereunder with respect to the Properties.

 

		4.3	Deposits. The Leasing Agent is authorized to conditionally accept a deposit from any prospective
tenant in connection with the presentation of a proposed written offer to the Owner, but neither the Company nor any other Owner
shall thereby incur any liability or obligation to such proposed tenant, the Leasing Agent, or any other third party by reason
of the acceptance of such a deposit by the Leasing Agent. The Leasing Agent will at all times act in good faith, in a commercially
reasonable manner and in a fiduciary capacity with respect to the proper protection of and accounting for any deposit accepted
by the Leasing Agent; it being understood, that, the Leasing Agent’s fiduciary relationship with each Owner Subsidiary is
limited solely to the proper protection of and accounting for such deposits and the Leasing Agent owes no other fiduciary duties
to the Owner or security holders of any Owner entity.

 

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		4.4	Leasing Plans.

 

		4.4.1	Within sixty (60) days of a Property becoming subject to this Leasing Agreement, the Leasing Agent
shall prepare and submit, or cause to be prepared and submitted, to the Company a marketing and leasing plan with respect to each
such Property (each a “Plan”) for the calendar year (or portion thereof) immediately following such submission.
Thereafter, on or before the date specified each year by the Company (but not later than November 1st), the Leasing Agent
shall prepare and submit to the Company preliminary Plans for the next calendar year followed by final Plans for the next calendar
year, incorporating any reasonable changes requested by the Company. In connection with any acquisition of a Property by the Owner,
the Leasing Agent will prepare a Plan for such Property for the remainder of the calendar year. Each Plan will be in the form approved
by the Company prior to the date thereof.

 

		4.4.2	The Company will approve or disapprove a Plan within a reasonable time after the receipt of the
Plan, but not later than thirty (30) days after the submission thereof to the Company. The Leasing Agent will make any reasonable
changes to each Plan that are requested by the Company. At such time as the Company shall request, which in no event shall exceed
three (3) requests per calendar year, the Leasing Agent shall submit to the Company for its approval an updated Plan incorporating
such changes as shall be necessary to reflect changes occurring subsequent to the prior Plan during such period. If the Company
does not disapprove of such revised Plan within 30 days after receipt thereof by the Company, such Plan shall be deemed approved.
If the Company shall disapprove of any such Plan, the Leasing Agent shall submit a revised Plan within ten (10) days of receipt
of notice of disapproval, and the Company shall have ten (10) days to provide notice to the Leasing Agent if it disapproves of
any such further revised Plan.

 

		4.4.3	The Leasing Agent shall provide supporting information reasonably requested by the Company in connection
with its review of any Plan submitted by the Leasing Agent.

 

		4.5	Advertising. The Leasing Agent is authorized to advertise in accordance with the Budget,
at the Owner’s expense, the Property and to place “For Lease” and similar signs on the Property, subject to the
Company’s reasonable approval over the type and location of such signs. The Company and the Leasing Agent agree to cooperate
so as to keep each other informed of the publication or distribution of any publicity releases relating to the Property. The Leasing
Agent shall not otherwise publish, display or distribute any marketing flyers or advertisements without the Owner’s prior
written consent, not to be unreasonably withheld, conditioned or delayed.

 

		4.6	Monthly Report. The Leasing Agent shall prepare and furnish to the Company, as soon as possible
after the end of each month during the term of this Leasing Agreement and in no event later than the twentieth (20th) day of the
month, a monthly report, in reasonable detail, summarizing the Leasing Agent’s or a Sub-Agent’s, as applicable, activities
hereunder and the results obtained therefrom for the previous month. The report shall be in a form reasonably acceptable to the
Company and shall include such information regarding advertising, people contacted, property showings and related matters as the
Company reasonably requests.

 

		4.7	Limitation on Authority. Notwithstanding any provision to the contrary contained herein,
the Leasing Agent expressly acknowledges, confirms and agrees that it is acting as an independent contractor and not as the Company’s
or any other Owner’s agent. Except as expressly set forth herein, the Leasing Agent has no authority to incur liabilities
on behalf of the Company or any other Owner or to enter into, execute, make or acknowledge any contract, covenant, agreement, lease
or representation pertaining to the Property without the express prior written approval of the Company. Any action taken by the
Leasing Agent which is not expressly permitted by this Leasing Agreement shall not bind the Company or any other Owner. The Leasing
Agent agrees that it shall, and shall cause each Sub-Agent it retains pursuant to Section 1.1, in all oral and written
communications with prospective tenants, to advise such prospective tenants that any and all lease proposals are proposals only
and are contingent upon the negotiation and final execution by the Owner and by the prospective tenant of a mutually acceptable
and definitive lease embodying the full terms of their agreement. The Leasing Agent further acknowledges and agrees that all oral
and written lease offers received by the Leasing Agent or a Sub-Agent, as applicable, shall be delivered to the Company and shall
not be binding or obligatory on the Owner until the Owner accepts such offer and evidences such acceptance by the execution of
a written contract relating thereto.

 

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		4.8	Representations. The Leasing Agent shall make no representations or warranties of any kind,
express or implied, concerning the Property or any other matter without the prior written consent of the Company, not to be unreasonably
withheld, conditioned or delayed. The Company, on behalf of each Owner, represents and warrants to the Leasing Agent that such
Owner (i) is the sole fee simple title owner to the Property and (ii) has the right to enter into lease agreements and
occupancy agreements with respect to the Property. The Company represents and warrants that it is authorized and has the capacity
to execute and deliver this Leasing Agreement. The Company, on behalf of each Owner, hereby authorizes the Leasing Agent to furnish
full disclosure to a prospective tenant of all information with respect to the Property furnished by the Company to the Leasing
Agent.

 

		4.9	Professional Consultants. In regard to the marketing and leasing of the Property, the Leasing
Agent will utilize the services of such attorneys, accountants and financial and other professionals as the Company may from time
to time designate at the Owner’s sole cost and expense.

 

		5.	Representations and Warranties of the Company. To induce the Leasing Agent to enter into
this Leasing Agreement, the Company, on its own behalf and on behalf of each Owner, makes the following representations and warranties,
which shall survive the execution and termination of this Leasing Agreement:

 

		5.1	Organization. The Company is duly organized, validly existing and in good standing under
the laws of the state of Maryland. The Company has all power and authority required to execute, deliver and perform this Leasing
Agreement, both on its own behalf and on behalf of each Owner.

 

		5.2	Authorization. The execution, delivery and performance of this Leasing Agreement has been
duly authorized by all necessary action on the part of the Company.

 

		5.3	Validity. This Leasing Agreement constitutes a legal, valid and binding agreement of the
Company enforceable against the Company in accordance with its terms except as limited by bankruptcy, insolvency, receivership
and similar laws of general application.

 

		6.	Representations and Warranties of the Leasing Agent. To induce the Company to enter into
this Leasing Agreement, the Leasing Agent makes the following representations and warranties, which shall survive the execution
and termination of this Leasing Agreement:

 

		6.1	Organization. The Leasing Agent is duly organized, validly existing and in good standing
under the laws of the state of Delaware. The Leasing Agent has all power and authority required to execute, deliver and perform
this Leasing Agreement.

 

		6.2	Authorization. The execution, delivery and performance of this Leasing Agreement has been
duly authorized by all necessary action on the part of the Leasing Agent.

 

		6.3	Validity. This Leasing Agreement constitutes a legal, valid and binding agreement of the
Leasing Agent enforceable against the Leasing Agent in accordance with its terms except as limited by bankruptcy, insolvency, receivership
and similar laws of general application.

 

		6.4	Licenses. During the entire term of this Leasing Agreement, the Leasing Agent shall cause
all persons performing licensable activities to have and to maintain in full force and effect all licenses, including, without
limitation, any real estate broker’s license, which the real estate licensing law requires and all permits necessary to perform
its obligations under this Leasing Agreement and shall pay all taxes, fees or charges imposed on the business engaged in by the
Leasing Agent hereunder.

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		6.5	Independent Contractor. The Leasing Agent’s status under this Leasing Agreement is
that of an independent contractor and not as an agent or employee of the Company or any other Owner.

 

		7.	Indemnity. The Owner shall indemnify, hold harmless and defend the Leasing Agent, any Sub-Agent
and their respective Affiliates and officers, directors, employees, agents and representatives from all losses, damages, costs,
claims and liabilities (including, without limitation, court costs and reasonable attorneys’ fees relating thereto) arising
out of or related to (a) any materially incorrect information supplied by the Owner concerning the Property; or (b) any
act or omission by the Owner or any of its agents or representatives (other than the Leasing Agent or a Sub-Agent) constituting
negligence, willful misconduct or a material breach or default under this Leasing Agreement by the Company. The Leasing Agent shall
indemnify, hold harmless and defend the Company and any other Owners from all losses, damages, costs, claims and liabilities (including,
without limitation, court costs and reasonable attorney’s fees relating thereto) arising out of or related to (a) any
misrepresentation or failure to disclose material information regarding the Property to a prospective tenant by the Leasing Agent,
a Sub-Agent or any agent or representative of the Leasing Agent provided the Company or any other Owner has provided the Leasing
Agent with adequate information and authority to make full and accurate representations and disclosures regarding the Property;
(b) any material fact known by the Leasing Agent or a Sub-Agent relating to any tenant or proposed transaction which the Leasing
Agent fails to disclose to the Company; (c) any act or omission by the Leasing Agent, a Sub-Agent or any of their agents or
representatives constituting negligence, willful misconduct or a material breach or default under this Leasing Agreement by the
Leasing Agent; or (d) any acts of the Leasing Agent, a Sub-Agent or their agents or representatives taken outside of the scope
of this Leasing Agreement. The indemnities herein contained shall not apply to any claim with respect to which and to the extent
the indemnified party is covered by insurance; provided, that the foregoing exclusion does not invalidate the indemnified party’s
insurance coverage. Each party will procure a waiver of subrogation with respect to claims against the other party under policies
in which the other party is not a named insured, and shall promptly notify the other party in the event that any such waiver is
unobtainable or is obtainable only upon payment of an additional premium. If such waiver is obtainable only upon payment of an
additional premium, the other party shall have the right at its option to pay such additional premium.

 

		8.	Termination.

 

		8.1	Termination Upon Notice. Either the Company or the Leasing Agent may terminate this Leasing
Agreement upon written notice delivered to the other party at least sixty (60) days prior to the end of any term. The effective
date of any such termination shall be the last day of the term in which such notice is given.

 

		8.2	Termination for Cause.

 

		8.2.1	The Company may terminate this Leasing Agreement at any time, effective immediately upon written
notice to the Leasing Agent, if (i) the Leasing Agent has materially breached this Leasing Agreement; provided, that
(a) the Leasing Agent does not cure any such material breach within thirty (30) days of receiving notice of such material
breach from the Company, or (b) if such material breach is not of a nature that can be remedied within such period, the Leasing
Agent does not diligently take all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there
is fraud, criminal conduct, or willful misconduct by the Leasing Agent; (iii) a court of competent jurisdiction enters a decree
or order for relief in respect of the Leasing Agent in any involuntary case under the applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Leasing Agent or for any substantial part of any of its property or orders the winding up or liquidation of the
Leasing Agent’s affairs; or (iv) the Leasing Agent commences a voluntary case under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any
such law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Leasing Agent or for any substantial part of any of its property, or makes any general assignment
for the benefit of creditors, or fails generally to pay its debts as they become due. The Leasing Agent agrees that if any of the
events specified in subsections (iii) or (iv) above occur, it shall give written notice thereof to the Company within
seven (7) days after the occurrence of such event.

 

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		8.2.2	The Leasing Agent may terminate this Leasing Agreement at any time, effective immediately upon
written notice to the Company, if (i) the Company has materially breached this Leasing Agreement; provided, that (a) the
Company does not cure any such material breach within thirty (30) days of receiving notice of such material breach from the Leasing
Agent, or (b) if such material breach is not of a nature that can be remedied within such period, the Company does not diligently
take all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there is fraud, criminal
conduct, or willful misconduct by the Company; (iii) a court of competent jurisdiction enters a decree or order for relief
in respect of the Company in any involuntary case under the applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company
or for any substantial part of any of its property or orders the winding up or liquidation of the Company’s affairs; or (iv) the
Company commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or
for any substantial part of any of its property, or makes any general assignment for the benefit of creditors, or fails generally
to pay its debts as they become due. The Company agrees that if any of the events specified in subsections (iii) or (iv) above
occur, it shall give written notice thereof to the Leasing Agent within seven (7) days after the occurrence of such event.

 

		8.2.3	For the avoidance of doubt, a material breach of the Property Management Agreement which continues
beyond the expiration of any applicable grace, notice or cure period, shall be a material breach of this Leasing Agreement.

 

		8.3	Effect of Termination. The termination of this Leasing Agreement for any reason shall not
affect any right, obligation or liability which has accrued under this Leasing Agreement on or before the effective date of such
termination. Each agreement between the Leasing Agent and a Sub-Agent with respect to any of the Leasing Agent’s duties under
this Leasing Agreement shall terminate immediately upon the termination of this Leasing Agreement. Upon termination of this Leasing
Agreement for any reason, the Leasing Agent will cooperate with the Company in an effort to achieve an efficient transition of
the leasing of the Properties without detriment to the rights of the Company or any other Owner or to the continued leasing of
the Properties.

 

		9.	Miscellaneous.

 

		9.1	Discrimination. The Owners, the Leasing Agent, a Sub-Agent or a third party shall not refuse
to display or lease the Property to any person because of race, color, religion, national origin, sex, marital status or physical
disability.

 

		9.2	Entire Agreement. This Leasing Agreement constitutes the entire agreement between the Company
and the Leasing Agent with respect to the matters set forth herein and supersedes all prior discussions, negotiations and agreements,
whether oral or written. No amendment of this Leasing Agreement shall be valid or binding unless made in writing and signed by
both the Company and the Leasing Agent.

 

		9.3	Successors: Assignment. This Leasing Agreement shall be binding upon the Company, each Owner
and the Leasing Agent and their respective successors and assigns and shall inure to the benefit of the Company, its successors
and assigns. Except as provided in Section 1.1, the Leasing Agent may not assign or transfer any of its rights or obligations
under this Leasing Agreement to a third party without the prior written consent of the Owner and the approval of a majority of
independent directors of the Company and any such assignment without the prior written consent of the Owner and the approval of
a majority of independent directors shall be void and of no effect.

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		9.4	Governing Law. This Leasing Agreement shall be governed by and construed in accordance with
the laws of the State of New York, without regard to the principles of conflicts of law thereof.

 

		9.5	Headings. The paragraph headings in this Leasing Agreement are inserted for convenience
only and are not intended to be used in construing the substance of any of the provisions of this Leasing Agreement.

 

		9.6	Notices. All notices, demands requests, approvals and other communications required or permitted
by this Leasing Agreement shall be in writing and shall be deemed to have been given on the earlier of the date when presented
personally or otherwise delivered (whether by commercial delivery service, mail or otherwise) or on the third (3rd) day after the
date when deposited in a regularly maintained mail receptacle of the United States Postal Service, postage prepaid, registered
or certified, return receipt requested, addressed to Company or the Leasing Agent, as the case may be, at its respective address
set forth below, or at such other address as the Company or the Leasing Agent may from time to time designate by written notice
to the other party as herein required.

  

	 	If mailed or personally delivered to the 	American Finance Trust, Inc.
	 	Company:	405 Park Avenue
	 	 	New York, New York 10022
	 	 	Telephone:	(212) 415-6500
	 	 	Facsimile:	(212) 421-5799
	 	 	Attention:	Mr. William Kahane
	 	 	 	Mr. Jesse Galloway, Esq.
	 	 	 	 
	 	With a copy mailed to:	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, NY 10036
	 	 	Attention:	Mr. Peter M. Fass, Esq.
	 	 	 	Mr. Steven Fishman, Esq.
	 	 	 	 
	 	If mailed or personally	American Finance Properties, LLC
	 	delivered to the Leasing Agent:	405 Park Avenue
	 	 	New York, New York 10022
	 	 	Telephone:	(212) 415-6500
	 	 	Facsimile:	(212) 421-5799
	 	 	Attention:	Mr. William Kahane
	 	 	 	Mr. Jesse Galloway, Esq.
	 	 	 	 
	 	With a copy mailed to:	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	 	1285 Avenue of the Americas
	 	 	New York, NY 10019
	 	 	Attention:	Mr. Jeffrey D. Marell, Esq.
	 	 	 
	 	With a copy mailed to:	Lincoln Retail REIT Services, LLC
	 	 	2000 McKinney Avenue, Suite 1000
	 	 	Dallas, Texas 75201
	 	 	Attention:	Mr. Robert Dozier
	 	 	 	Mr. Gregory Courtwright

 

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		9.7	Construction. If any of the provisions of this Leasing Agreement shall for any reason be
held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other provisions
hereof and this Leasing Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained
herein.

 

		9.8	Number Gender. Whenever used herein, the singular number shall include the plural, and the
plural shall include the singular, and the use of any gender shall be applicable to all genders.

 

		9.9	Other Brokers. The Company expressly acknowledges that the Leasing Agent may cooperate with
other real estate brokers (each a “Cooperating Broker”) in discharging and performing the duties and obligations
of the Leasing Agent set forth in this Leasing Agreement, and that the Leasing Agent may pay such Cooperating Brokers a leasing
fee for services in leasing the Properties provided by such Cooperating Brokers.

 

		9.10	Effectiveness of Property Management Agreement. This Leasing Agreement shall not become
effective for any purpose until the Effective Time, and prior to the Effective Time, the Original Leasing Agreement shall remain
in full force and effect; and in the event that Closing under the Merger Agreement does not occur or the Merger Agreement is terminated
in accordance with its terms, then this Leasing Agreement shall not take effect and the Original Leasing Agreement shall continue
in full force and effect.

 

[Signature page follows on next page.]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Leasing Agreement as of the date first above written.

 

	 	AMERICAN FINANCE PROPERTIES, LLC
	 	 
	 	By:	American Realty Capital Trust V Special Limited Partner, LLC
	 	 	Its Sole Member
	 	 	 
	 	By:	AR Global Investments, LLC 
	 	 	Its Sole Member
	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	 	Name:  Jesse C. Galloway
	 	 	Title:   Authorized Signatory
	 	 	 
	 	AMERICAN FINANCE TRUST, INC.
	 	 	 
	 	By	/s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title:   Chief Executive Officer

 

    	 	10Exhibit 10.4

 

Execution Version

 

AMENDED AND RESTATED

PROPERTY MANAGEMENT AND LEASING AGREEMENT

 

This Amended and Restated Property Management
and Leasing Agreement (this “Management Agreement”) is made and entered into as of September 6, 2016, by and
among AMERICAN FINANCE TRUST, INC., a Maryland corporation (the “Company”), AMERICAN FINANCE OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership (the “OP”), and AMERICAN FINANCE PROPERTIES, LLC, a Delaware limited liability
company (the “Manager”).

 

WHEREAS, the OP was organized to acquire,
own, operate, lease and manage real estate properties on behalf of the Company;

 

WHEREAS, pursuant to that certain Agreement
and Plan of Merger (the “Merger Agreement”), dated as of the date hereof, by and among the Company, Genie Acquisition.
LLC (“Merger Sub”), American Realty Capital Operating Partnership V, L.P., American Realty Capital – Retail
Centers of America, Inc. (“RCA”) and American Realty Capital Retail Operating Partnership, L.P. (“RCA
OP”), (i) RCA was merged with and into Merger Sub, with Merger Sub being the surviving entity in the merger and (ii)
RCA OP was merged with and into the OP, with the OP being the surviving entity in the merger;

 

WHEREAS, the Company, the OP and the Manager
entered into that certain Property Management and Leasing Agreement, dated as of April 4, 2013 (the “Original Management
Agreement”);

 

WHEREAS, in accordance with Section 6.5
of the Original Management Agreement and in connection with the Merger Agreement, the Company, the OP and the Manager desire to
amend and restate the Original Management Agreement as set forth in this Management Agreement with the effectiveness of such amendment
and restatement conditioned on, subject to, and only at, the Effective Time (as defined in the Merger Agreement, and such date
being the “Effective Date”), and in the event that Closing (as defined in the Merger Agreement) does not occur
or the Merger Agreement is terminated in accordance with its terms, then this Management Agreement shall not take effect and the
Original Management Agreement shall continue in full force and effect;

 

WHEREAS, the Company intends to continue
to raise money from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment
in the acquisition and rehabilitation of income-producing real estate and other real-estate related investments, which are to be
acquired and held by the Company or by the OP on behalf of the Company; and

 

WHEREAS, the Owner desires to retain the
Manager to manage and coordinate the leasing of the real estate properties acquired by the Owner, and the Manager desires to be
so retained, all under the terms and conditions set forth in this Management Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties do hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Except as otherwise specified or as the context may otherwise
require, the following terms have the respective meanings set forth below for all purposes of this Management Agreement:

 

1.1          “Account”
has the meaning set forth in Section 2.3(i) hereof.

 

1.2          “Affiliate”
means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote,
ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more
of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other
Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv)
any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person
acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,”
“is controlled by,” or “is under common control with” shall mean the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights,
by contract or otherwise. 

 

     

     

    

 

1.3          “Articles
of Incorporation” means the Articles of Incorporation of the Company, as amended from time to time.

 

1.4          “Budget”
has the meaning set forth in Section 2.5(c) hereof.

 

1.5          “Gross
Revenues” means all amounts actually collected as rents or other charges for the use and occupancy of the Properties,
but shall exclude interest and other investment income of the Owner and proceeds received by the Owner for a sale, exchange, condemnation,
eminent domain taking, casualty or other disposition of assets of the Owner.

 

1.6          “Improvements”
means buildings, structures, equipment from time to time located on the Properties and all parking and common areas located on
the Properties.

 

1.7          “Independent
Director” has the meaning set forth in the Articles of Incorporation.

 

1.8          “Joint
Venture” means the joint venture or partnership arrangements (other than between the Company and the OP) in which the
Company or the OP or any of their subsidiaries is a co-venturer or general partner which are established to own Properties.

 

1.9          
“Owner” means the Company, the OP and any Joint Venture that owns, in whole or in part, any Properties.

 

1.10        “Ownership
Agreements” has the meaning set forth in Section 2.3(k) hereof.

 

1.11        “Person”
means an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise),
trust, bank or other entity, or government or any agency or political subdivision of a government.

 

1.12        “Plan”
has the meaning set forth in Section 2.5(c) hereof.

 

1.13        “Properties”
means all real estate properties owned, directly or indirectly, by the Owner and all tracts as yet unspecified but to be acquired
by the Owner containing income-producing Improvements or on which the Owner will develop or rehabilitate income-producing Improvements;
provided, however, that “Properties” as defined herein shall exclude any Property acquired after the Effective Date
that is (x) not a triple or double net leased Property similar to any of the properties currently owned by Company immediately
prior to the Effective Date or (y) an existing anchored, stabilized core retail Property, such as a power center or lifestyle center.

 

ARTICLE II

 

APPOINTMENT OF THE MANAGER; SERVICES TO
BE PERFORMED

 

 

2.1          Appointment
of the Manager. The Owner hereby engages and retains the Manager as the sole and exclusive manager and agent of the Properties,
and the Manager hereby accepts such appointment, all on the terms and conditions hereinafter set forth, it being understood that
this Management Agreement shall cause the Manager to be, at law, the Owner’s agent upon the terms contained herein.

 

     

     

    

 

2.2          General
Duties. The Manager shall use commercially reasonable efforts in performing its duties hereunder to manage, operate, maintain
and lease the Properties in a diligent, careful and vigilant manner. The services of the Manager are to be of scope and quality
not less than those generally performed by professional property managers of other similar properties in the area. The Manager
shall make available to the Owner the full benefit of the judgment, experience and advice of its members and staff with respect
to the policies to be pursued by the Owner relating to the operation and leasing of the Properties. 

 

2.3          Specific
Duties. The Manager’s duties include the following:

 

	 	(a)	Lease Obligations. The Manager shall perform all duties of the landlord under all leases insofar as such duties relate to the operation, maintenance, and day-to-day management of the Properties. The Manager shall also provide or cause to be provided, at the Owner’s expense, all services normally provided to tenants of like premises, including, where applicable and without limitation, gas, electricity or other utilities required to be furnished to tenants under leases, normal repairs and maintenance, and cleaning and janitorial service. The Manager shall arrange for and supervise the performance of all installations and improvements in space leased to any tenant which are either expressly required under the terms of the lease of such space or which are customarily provided to tenants.

 

	 	(b)	Maintenance. The Manager shall cause the Properties to be maintained in the same manner as similar properties in the area. The Manager’s duties and supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to and in strict compliance with this Management Agreement and any applicable leases. Construction and rehabilitation activities undertaken by the Manager, if any, will be limited to activities related to the management, operation, maintenance, and leasing of the Property (e.g., repairs, renovations, and leasehold improvements).

 

	 	(c)	Leasing Functions. The Manager shall coordinate the leasing of the Properties and shall negotiate and use its best efforts to secure executed leases from qualified tenants, and to execute same on behalf of the Owner, if requested, for available space in the Properties, such leases to be in form and on terms approved by the Owner and the Manager, and to bring about complete leasing of the Properties. The Manager shall be responsible for the hiring of all leasing agents, as necessary for the leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of the Owner.

 

	 	(d)	Notice of Violations. The Manager shall forward to the Owner, promptly upon receipt, all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate.

 

	 	(e)	Personnel. Any personnel hired by the Manager to maintain, operate and lease the Property shall be the employees or independent contractors of the Manager and not of the Owner. The Manager shall use due care in the selection and supervision of such employees or independent contractors. The Manager shall be responsible for the preparation of and shall timely file all payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee.

 

	 	(f)	Utilities and Supplies. The Manager shall enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar rental property in the area.

 

	 	(g)	Expenses. The Manager shall analyze all bills received for services, work and supplies in connection with maintaining and operating the Properties, pay all such bills, and, if requested by the Owner, pay, when due, utility and water charges, sewer rent and assessments, any applicable taxes, including, without limitation, any real estate taxes, and any other amount payable in respect to the Properties. All bills shall be paid by the Manager within the time required to obtain discounts, if any. The Owner may from time to time request that the Manager forward certain bills to the Owner promptly after receipt, and the Manager shall comply with any such request. The payment of all bills, real property taxes, assessments, insurance premiums and any other amounts payable with respect to the Properties shall be paid out of the Account by the Manager. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed).

 

     

     

    

 

	 	(h)	Monies Collected. The Manager shall collect all rent and other monies from tenants and any sums otherwise due to the Owner with respect to the Properties in the ordinary course of business. In collecting such monies, the Manager shall inform tenants of the Properties that all remittances are to be in the form of a check or money order. The Owner authorizes the Manager to request, demand, collect and provide receipts for all such rent and other monies and to institute legal proceedings in the name of the Owner for the collection thereof and for the dispossession of any tenant in default under its lease.

 

	 	(i)	Banking Accommodations. The Manager shall establish and maintain a separate checking account (the “Account”) for funds relating to the Properties. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of the Owner and shall be withdrawn and disbursed by the Manager for the account of the Owner only as expressly permitted by this Management Agreement for the purposes of performing the obligations of the Manager hereunder. No monies collected by the Manager on the Owner’s behalf shall be commingled with funds of the Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:

 

	 	(i)	All sums received from rents and other income from the Properties shall be promptly deposited by the Manager in the Account. The Manager shall have the right to designate two (2) or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Management Agreement.

 

	 	(ii)	All sums due to the Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager from the Account prior to the making of any other disbursements therefrom.

 

	 	(iii)	On or before the 30th day following the end of each calendar quarter during the term of this Management Agreement, the Manager shall forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however, a reserve of $5,000, in addition to any other amounts otherwise provided in the Budget.

 

	 	(j)	Tenant Complaints. The Manager shall maintain business-like relations with the tenants of the Properties.

 

	 	(k)	Ownership Agreements. The Manager has received copies of the Agreement of Limited Partnership of the OP, Articles of Incorporation and the other constitutive documents of the Owner (collectively, the “Ownership Agreements”) and is familiar with the terms thereof. The Manager shall use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, shall in any way conflict with the terms of the Ownership Agreements.

 

	 	(l)	Signs. The Manager shall place and remove, or cause to be placed and removed, such signs upon the Properties as the Manager deems appropriate, subject, however, to the terms and conditions of the leases and to any applicable ordinances and regulations.

 

2.4          Approval
of Leases, Contracts, Etc. In fulfilling its duties to the Owner, the Manager may and hereby is authorized to enter into any
leases, contracts or agreements on behalf of the Owner in the ordinary course of the management, operation, maintenance and leasing
of the Properties.

 

     

     

    

 

2.5          Accounting,
Records and Reports.

 

	 	(a)	Records. The Manager shall maintain all office records and books of account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties. Such records shall be maintained on a double entry basis. The Owner and persons designated by the Owner shall at all reasonable times have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and this Management Agreement, all of which the Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by the Manager and approved by the Owner.

  

	 	(b)	Quarterly Reports. On or before the 30th day following the end of each calendar quarter during the term of this Management Agreement, the Manager shall prepare and submit to the Owner the following reports and statements:

 

	 	(i)	Rental collection record;

 

	 	(ii)	Quarterly operating statement;

 

	 	(iii)	Copy of cash disbursements ledger entries for such period, if requested;

 

	 	(iv)	Copy of cash receipts ledger entries for such period, if requested;

 

	 	(v)	The original copies of all contracts entered into by the Manager on behalf of the Owner during such period, if requested; and

 

	 	(vi)	Copy of ledger entries for such period relating to security deposits maintained by the Manager, if requested.

 

	 	(c)	Budgets and Leasing Plans. On or before November 15 of each calendar year, the Manager shall prepare and submit to the Owner for its approval an operating budget (a “Budget”) and a marketing and leasing plan (a “Plan”) on the Properties for the calendar year immediately following such submission. Each Budget and Plan shall be in the form approved by the Owner prior to the date thereof. As often as reasonably necessary during the period covered by any Budget or Plan, the Manager may submit to the Owner for its approval an updated Budget or Plan incorporating such changes as shall be necessary to reflect cost overruns and the like during such period. If the Owner does not disapprove a Budget or Plan within thirty (30) days after receipt thereof by the Owner, such Budget or Plan shall be deemed approved. If the Owner shall disapprove any Budget or Plan, it shall so notify the Manager within said thirty (30) day period and explain the reasons therefor. The Manager will not incur any costs other than those estimated in an approved Budget except for:

 

	 	(i)	maintenance or repair costs under $5,000 per Property;

 

	 	(ii)	costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of the Property, or for the safety of occupants or other persons on the Property (or to avoid the suspension of any necessary service of the Property);

 

	 	(iii)	expenditures for real estate taxes and assessments; and

 

	 	(iv)	maintenance supplies calling for an aggregate purchase price of less than $25,000 for all Properties.

 

	 	(d)	Returns Required by Law. The Manager shall execute and file when due all forms, reports, and returns required by law relating to the employment of its personnel.

 

     

     

    

 

	 	(e)	Notices. Promptly after receipt, the Manager shall deliver to the Owner all notices, from any tenant, or any governmental authority, that are not of a routine nature. The Manager shall also report expeditiously to the Owner notice of any extensive damage to any part of the Properties.

 

2.6          Subcontracting.
Notwithstanding anything to the contrary contained in this Agreement, the Manager may subcontract any of its duties hereunder,
without the consent of the Owner, for a fee. In the event that the Manager does so subcontract any its duties hereunder, such fees
payable to such third parties will be paid by the Owner to such parties.

 

ARTICLE III

 

EXPENSES

 

3.1          Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by the Manager in fulfilling
its duties to the Owner shall be for the account of and on behalf of the Owner. Such costs and expenses may include, without limitation,
reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Manager who are
engaged in the operation, management, maintenance and leasing of the Properties, including taxes, insurance and benefits relating
to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the operation, management,
maintenance and leasing of specific Properties. All costs and expenses for which the Owner is responsible under this Management
Agreement shall be paid by the Manager out of the Account. In the event the Account does not contain sufficient funds to pay all
of the costs and expenses, the Owner shall fund all sums necessary to meet such additional costs and expenses.

 

3.2          Manager’s
Expenses. The Manager shall, out of its own funds, pay all of its general overhead and administrative expenses.

 

ARTICLE IV

 

INSURANCE AND INDEMNIFICATION

 

4.1          Insurance
to be Carried.

 

	 	(a)	The Manager shall obtain and keep in full force and effect insurance on the Properties against such hazards as the Owner and the Manager shall deem appropriate, but in any event, insurance sufficient to comply with the leases and the Ownership Agreements shall be maintained. All liability policies shall provide sufficient insurance satisfactory to both the Owner and the Manager and shall contain waivers of subrogation for the benefit of the Manager.

 

	 	(b)	The Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located, employer’s liability insurance applicable to and covering all employees of the Manager at the Properties and all persons engaged in the performance of any work required hereunder, and the Manager shall furnish the Owner certificates of insurers naming the Owner as a co-insured and evidencing that such insurance is in effect. If any of the Manager’s duties hereunder are subcontracted as permitted under Section 2.6, the Manager shall include in each subcontract a provision that the subcontractor shall also furnish the Owner with such a certificate.

 

4.2          Cooperation
with Insurers. The Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance
companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made.
The Manager shall use its best efforts to comply with all requirements of insurers.

 

     

     

    

 

4.3          Accidents
and Claims. The Manager shall promptly investigate and report in detail to the Owner all accidents, claims for damage relating
to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated
costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance company in connection
with any such accident, claim, damage, or destruction. Such reports shall be given to the Owner promptly and any report not so
given within ten (10) days after the occurrence of any such accident, claim, damage or destruction shall be noted in the report
delivered to the Owner pursuant to Section 2.5(b). The Manager is authorized to settle any claim against an insurance company
arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect
and provide receipts for loss proceeds.

 

4.4          Indemnification.
The Manager shall hold the Owner harmless from and indemnify and defend the Owner against any and all claims or liability for any
injury or damage to any person or property whatsoever for which the Manager is responsible occurring in, on, or about the Properties,
including, without limitation, the Improvements when such injury or damage is caused by the negligence or misconduct of the Manager,
its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds with respect to such matter.
The Owner will indemnify and hold the Manager harmless against all liability for injury to persons and damage to property caused
by the Owner’s negligence and which did not result from the negligence or misconduct of the Manager, except to the extent
the Manager recovers insurance proceeds with respect to such matter.

 

ARTICLE V

 

TERM; TERMINATION

 

5.1          Term.
This Management Agreement shall commence on the Effective Date and shall continue until terminated in accordance with the earliest
to occur of the following:

 

		(a)	October 1, 2018. However, the term of this Management Agreement
will be automatically renewed for an unlimited number of successive one (1) year periods thereafter, subject to earlier termination
as hereinafter provided;

 

	 	(b)	Immediately upon the occurrence of any of the following:

  

	 	
        (i)
	
        Either the Company or the Manager delivers written
notice to the other party at least sixty (60) days prior to the end of any term; for the avoidance of doubt, the effective date
of any such termination shall be the last day of the term in which such notice is given;

	 	 	 
	 	(ii)	A decree or order is rendered by a court having jurisdiction
        (A) adjudging the Manager as bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization, readjustment,
        arrangement, composition or similar relief for the Manager under the federal bankruptcy laws or any similar applicable law or practice,
        or (C) appointing a receiver, liquidator, trustee or assignee in bankruptcy or insolvency of the Manager or a substantial part
        of the Manager’s assets, or for the winding up or liquidation of its affairs, or

 

	 	(iii)	The Manager (A) voluntarily institutes proceedings to be adjudicated bankrupt or insolvent, (B) consents to the filing of a bankruptcy proceeding against it, (C) files a petition, answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the appointment of a receiver, liquidator, trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its assets, (E) makes an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts generally as they become due, unless such inability shall be the fault of the Owner, or (G) takes corporate or other action in furtherance of any of the aforesaid purposes; and

 

	 	(c)	Upon written notice from the Owner in the event that the Manager commits an act of gross negligence or willful misconduct in the performance of its duties hereunder.

 

     

     

    

 

The term of this Management Agreement may be extended for such
additional periods of time as the parties agree to in writing. Upon termination, the obligations of the parties hereto shall cease;
provided, however; that the Manager shall comply with the provisions hereof applicable in the event of termination and shall
be entitled to receive all compensation which may be due to the Manager hereunder up to the date of such termination; provided,
further, however; that if this Management Agreement terminates pursuant to clauses (b) or (c) of this Section
5.1, the Owner shall have other remedies as may be available at law or in equity.

 

5.2          Manager’s
Obligations after Termination. Upon the termination of this Management Agreement, the Manager shall have the following duties:

 

	 	(a)	The Manager shall deliver to the Owner, or its designee, all books and records with respect to the Properties.

 

	 	(b)	The Manager shall transfer and assign to the Owner, or its designee, all service contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by the Manager. Manager shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult with and advise the Owner, or its designee, regarding the operation, maintenance and leasing of the Properties.

 

	 	(c)	The Manager shall render to the Owner an accounting of all funds of the Owner in its possession and shall cause funds of the Owner held by the Manager relating to the Properties to be paid to the Owner or its designee.

 

	 	(d)	The Manager shall cooperate with the Owner to provide an orderly transition of the Manager’s duties hereunder.

 

ARTICLE VI

 

MISCELLANEOUS

 

6.1          Notices.
All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to
start the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by
either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at
the addresses set forth after their respect name below or at such different addresses as either party shall have theretofore advised
the other party in writing in accordance with this Section 6.1.

 

	To the Owner:	American Finance Trust , Inc.
	 	405 Park Avenue
	 	New York, NY 10022
	 	Attention:  Edward M. Weil, Jr., President
	 	 
	 	with a copy to:
	 	 
	 	American Finance Operating Partnership, L.P.
	 	405 Park Avenue
	 	New York, NY 10022
	 	Attention:  Edward M. Weil, Jr.

  

	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention:  Peter M. Fass, Esq.

 

     

     

    

 

	To the Manager:	American Finance Properties, LLC
	 	405 Park Avenue
	 	New York, NY 10022
	 	Attention:  W Edward M. Weil, Jr., Chief Operating Officer
	 	 
	 	with a copy to:
	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, New York 10019
	 	Attention:  Jeffrey D. Marell, Esq.

 

6.2          Governing
Law. This Management Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to the principles of conflicts of law thereof.

 

6.3          Assignment.
Except as permitted in Section 2.6 hereof, this Management Agreement may not be assigned by the Manager, except to an Affiliate
of the Manager, and then only upon the consent of the Owner and the approval of a majority of the Independent Directors. Any assignee
of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall not be assigned by the Owner without
the written consent of the Manager, except to a Person which is a successor to such Owner. Such successor shall be bound hereunder
to the same extent as such Owner. Notwithstanding anything to the contrary contained herein, the economic rights of the Manager
hereunder, including the right to receive all compensation hereunder, may be sold, transferred or assigned by the Manager without
the consent of the Owner.

 

6.4          No
Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Management 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 occurrences. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

6.5          Amendments.
This Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment
is sought. 

 

6.6          Headings.
The headings of the various subdivisions of this Management Agreement are for reference only and shall not define or limit any
of the terms or provisions hereof.

 

6.7          Counterparts.
This Management Agreement may be executed (including by facsimile transmission) with counterpart signature pages or 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.

 

6.8          Entire
Agreement. This Management 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.

  

6.9          Disputes.
If there shall be a dispute between the Owner and the Manager relating to this Management Agreement resulting in litigation,
the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as
the court shall fix as reasonable attorneys’ fees.

 

6.10        Activities
of the Manager. The obligations of the Manager pursuant to the terms and provisions of this Management Agreement shall not
be construed to preclude the Manager from engaging in other activities or business ventures, whether or not such other activities
or ventures are in competition with the Owner or the business of the Owner.

 

     

     

    

 

6.11        Independent
Contractor. The Manager and the Owner shall not be construed as joint venturers or partners of each other pursuant to this
Management Agreement, and neither party shall have the power to bind or obligate the other except as set forth herein. In all respects,
the status of the Manager to the Owner under this Management Agreement is that of an independent contractor.

 

6.12        Pronouns
and Plurals. Whenever the context may require, any pronoun used in this Management Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

6.13       Effectiveness of Property Management Agreement.
This Management Agreement shall not become effective for any purpose until the Effective Time, and prior to the Effective Time,
the Original Management Agreement shall remain in full force and effect; and in the event that Closing under the Merger Agreement
does not occur or the Merger Agreement is terminated in accordance with its terms, then this Management Agreement shall not take
effect and the Original Management Agreement shall continue in full force and effect.

  

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IN WITNESS WHEREOF, the parties have executed
this Management Agreement as of the date first above written.

 

	 	AMERICAN FINANCE TRUST , INC.
	 	 
	 	By:	 /s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: Chief Executive Officer

 

	 	AMERICAN FINANCE OPERATING PARTNERSHIP, L.P.
	 	 
	 	By:  	American Finance Trust , Inc.
	 	 	its General Partner

 

	 	By:	 /s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: Chief Executive Officer

 

	 	AMERICAN FINANCE PROPERTIES, LLC
	 	 
	 	By:  	American Realty Capital Trust V Special Limited
	 	 	Partner, LLC, its sole Member

 

	 	By:  	AR Global Investments, LLC, its sole Member
	 	 	 
	 	By:  	 /s/ Jesse C. Galloway
	 	 	Name: Jesse C. Galloway
	 	 	Title: Authorized Signatory

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