Document:

SECOND AMENDMENT TO

 

ADVISORY AGREEMENT 

 

This SECOND AMENDMENT
TO ADVISORY AGREEMENT is entered into as of April 13, 2012, among American Realty Capital Healthcare Trust, Inc. (the “Company”),
American Realty Capital Healthcare Trust Operating Partnership, L.P. (the “OP”) and American Realty Capital
Healthcare Advisors, LLC (the “Advisor”).

 

RECITALS

 

WHEREAS, the
Company, the OP and the Advisor entered into that certain Advisory Agreement (the “Advisory Agreement”), dated
as of February 18, 2011, as amended on June 23, 2011; and

 

WHEREAS, pursuant
to Section 24 of the Advisory Agreement, the Company, the OP and the Advisor desire to make certain amendments to the Advisory
Agreement.

 

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

 

		1.	Amendment to Section 1 of the Advisory Agreement. Effective April 13, 2012, Section 1 of the Advisory Agreement is hereby
supplemented by adding the following definition:

 

“NAREIT FFO”
means funds from operations, or FFO, consistent with the standards established by the White Paper on FFO approved by the Board
of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, as revised in February 2004 and as modified
by NAREIT from time to time.

 

		2.	Amendment to Section 10(d) of the Advisory Agreement. Effective April 13, 2012, Section 10(d) of the Advisory Agreement
is hereby replaced in its entirety with the following:

 

“(d)Asset Management
Fee. The Company shall pay an Asset Management Fee to the Advisor or its assignees as compensation for services
rendered in connection with the management of the Company’s assets in an amount equal to 0.75% per annum of Average
Invested Assets; provided, however, that the Asset Management Fee shall be reduced by any amounts payable as an
Oversight Fee (as defined in the Management Agreement), such that the aggregate of the Asset Management Fee and the Oversight
Fee does not exceed 0.75% per annum of Average Invested Assets. The Asset Management Fee is payable on the first business day
of each month for the respective current month in the amount of 0.0625% of Average Invested Assets of such date. The Asset
Management Fee will be reduced to the extent that NAREIT FFO, as adjusted, during the six months ending on the last day of
the calendar quarter immediately preceding the date that such Asset Management Fee is payable, is less than the Distributions
declared with respect to such six month period. For purposes of this determination, NAREIT FFO, as adjusted, is NAREIT FFO
adjusted to (i) include acquisition fees and related expenses which is deducted in computing NAREIT FFO; and (ii) include
non-cash restricted stock grant amortization, if any, which is deducted in computing NAREIT FFO.”

 

[Signature page follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound hereby, have duly executed this agreement as of the date first set forth above.

 

	AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC.
	 	 	 	 
	By:	/S/Edward M. Weil	 
	 	Name:	Edward M. Weil, Jr.	 
	 	Title:	President	 
	 	 	 	 
	AMERICAN REALTY CAPITAL HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.
	 	 	 	 
	By:	American Realty Capital Healthcare Trust, Inc.,
	 	 	 	 
	 	its General Partner
	 	 	 	 
	By:	/S/Edward M. Weil	 
	 	Name:	Edward M. Weil, Jr.	 
	 	Title:	President	 
	 	 	 	 
	AMERICAN REALTY CAPITAL HEALTHCARE ADVISORS, LLC
	 	 	 	 
	By:	American Realty Capital Healthcare Trust Special Limited Partner, LLC,
	 	 	 	 
	 	its Member
	 	 	 	 
	By:	American Realty Capital Trust V, LLC,
	 	 	 	 
	 	its Managing Member
	 	 	 	 
	By:	/S/ Nicholas S. Schorsch	 
	 	Name:	Nicholas S. Schorsch	 
	 	Title:	Authorized SignatorySECOND AMENDMENT TO

 

ADVISORY AGREEMENT 

 

This SECOND AMENDMENT
TO ADVISORY AGREEMENT is entered into as of April 13, 2012, among American Realty Capital Trust III, Inc. (the “Company”),
American Realty Capital Operating Partnership III, L.P. (the “OP”) and American Realty Capital Advisors III,
LLC (the “Advisor”).

 

RECITALS

 

WHEREAS, the
Company, the OP and the Advisor entered into that certain Advisory Agreement (the “Advisory Agreement”), dated
as of March 31, 2011, as amended on June 23, 2011; and

 

WHEREAS, pursuant
to Section 24 of the Advisory Agreement, the Company, the OP and the Advisor desire to make certain amendments to the Advisory
Agreement.

 

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

 

		1.	Amendment to Section 1 of the Advisory Agreement. Effective April 13, 2012, Section 1 of
the Advisory Agreement is hereby supplemented by adding the following definition:

 

“NAREIT FFO”
means funds from operations, or FFO, consistent with the standards established by the White Paper on FFO approved by the Board
of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, as revised in February 2004 and as modified
by NAREIT from time to time.

 

		2.	Amendment to Section 10(d) of the Advisory Agreement. Effective April 13, 2012, Section 10(d) of the Advisory Agreement
is hereby replaced in its entirety with the following:

 

“(d)      Asset Management Fee.
The Company shall pay an Asset Management Fee to the Advisor or its assignees as compensation for services rendered in connection
with the management of the Company’s assets in an amount equal to 0.75% per annum of Average Invested Assets; provided,
however, that the Asset Management Fee shall be reduced by any amounts payable as an Oversight Fee (as defined in the Management
Agreement), such that the aggregate of the Asset Management Fee and the Oversight Fee does not exceed 0.75% per annum of Average
Invested Assets. The Asset Management Fee is payable on the first business day of each month for the respective current month in
the amount of 0.0625% of Average Invested Assets as of such date. The Asset Management Fee will be reduced to the extent that NAREIT
FFO, as adjusted, during the six months ending on the last day of the calendar quarter immediately preceding the date that such
Asset Management Fee is payable, is less than the Distributions declared with respect to such six month period. For purposes of
this determination, NAREIT FFO, as adjusted, is NAREIT FFO adjusted to (i) include acquisition fees and related expenses which
is deducted in computing NAREIT FFO; and (ii) include non-cash restricted stock grant amortization, if any, which is deducted in
computing NAREIT FFO.”

 

[Signature page follows.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound hereby, have duly executed this agreement as of the date first set forth above.

 

	 	AMERICAN REALTY CAPITAL TRUST III, INC.
	 	 
	 	By:	/S/Edward M. Weil
	 		Name: Edward M. Weil, Jr.
	 	 	Title:   President

 

	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP III, L.P.
	 	 
	 	By:	American Realty Capital Trust III, Inc.,
	 	 	its General Partner

 

	 	By:	/S/Edward M. Weil
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title:   President

 

	 	AMERICAN REALTY CAPITAL ADVISORS III, LLC
	 	 
	 	By:	American Realty Capital Trust III Special Limited Partner, LLC,
	 	 	its Member
	 	 
	 	By:	AR Capital, LLC,
	 	 	its Managing Member

 

	 	By:	/S/ Nicholas S. Schorsch
	 	 	Name: Nicholas S. Schorsch
	 	 	Title:   Authorized SignatoryAMENDED AND RESTATED

INVESTMENT OPPORTUNITY ALLOCATION AGREEMENT

 

This AMENDED AND RESTATED
INVESTMENT OPPORTUNITY ALLOCATION AGREEMENT (this “Agreement”) is dated as of April 12, 2012, by and between
American Realty Capital Daily Net Asset Value Trust, Inc., a Maryland corporation (“ARC DNAV”) and American
Realty Capital Trust III, Inc., a Maryland corporation (“ARCT III” and ARC DNAV, will be known hereafter as,
the “ARC Funds”).

 

WHEREAS, each ARC Fund
is a public real estate investment trust sponsored by AR Capital, LLC, a Delaware limited liability company (“AR Capital”),
or its Affiliates;

 

WHEREAS, ARCT III is
externally managed and advised by American Realty Capital Advisors III, LLC, a Delaware limited liability company (“ARCT
III’s Advisor”), pursuant to that certain Advisory Agreement, dated as of March 31, 2011, as amended from time
to time, by and among ARCT III, American Realty Capital Operating Partnership III, L.P. and ARCT III’s Advisor;

 

WHEREAS, ARC DNAV is
externally managed and advised by American Realty Capital Advisors II, LLC, a Delaware limited liability company (“ARC
DNAV’s Advisor” and together with ARCT III’s Advisor, the “ARC Fund Advisors”), pursuant
to that certain Advisory Agreement, dated as of August 15, 2011, as amended from time to time, by and among ARC DNAV, ARC DNAV’s
Advisor, and American Realty Capital Operating Partnership II, L.P.;

 

WHEREAS, ARC DNAV’s
Advisor and ARCT III’s Advisor are, directly or indirectly, wholly owned by AR Capital or its Affiliates;

 

WHEREAS, each ARC Fund
has invested in, or may in the future invest in, the Target Assets; and

 

WHEREAS, the ARC Funds
wish to delineate their respective rights and obligations with respect to each other in connection with investing in the Target
Assets.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein made and intending to be legally bound, the parties hereto hereby agree as follows:

 

ARTICLE I

INVESTMENT OPPORTUNITIES

 

		1.1	Investment Allocation.

 

(a)If any
ARC Fund Advisor determines that one or more proposed property acquisition is appropriate for its ARC Fund, and assuming each ARC
Fund has sufficient capital to support such acquisition, such proposed property acquisition shall be submitted to the board of
directors of each ARC Fund for a vote on whether to pursue such proposed property acquisition. If the board of directors of more
than one ARC Fund approves to pursue such proposed property acquisition, the acquisition of such properties shall be allocated
as set forth immediately below.

 

    	 

    	 

    
 

 

For purposes of
illustration only, assuming ARCT III and ARC DNAV elect to pursue the proposed property acquisition in accordance with this Section,
and the last property acquired by ARC DNAV closed on July 1, 2011, and by ARCT III closed on June 1, 2011, (i) if one property
is available, ARC III shall be entitled to purchase such property, (ii) if two properties are available, ARC DNAV and ARCT III
shall each be able to purchase one property, and (iii) if three or more properties are available, ARC III shall be entitled to
purchase two properties and ARC DNAV shall purchase the other property. Assuming further that ARC DNAV and ARCT III each last purchased
a property on May 1, 2011, the ARC Fund with the smallest property portfolio based on gross purchase price shall be entitled to
purchase the property. The decision with respect to the specific properties to be acquired by each ARC Fund shall be agreed upon
by the ARC Fund Advisors of such ARC Funds.

 

(b)If any
ARC Fund that elects to pursue the proposed property acquisitions in accordance with Section 1.1(a) has sufficient capital to acquire
all such proposed properties, the acquisition of such properties shall be allocated as follows: (i) if the ARC Funds pursuing such
proposed property acquisitions is greater than the number of properties available, in chronological order starting with the ARC
Fund that has not acquired a property for the longest period of time or (ii) if the number of proposed property acquisitions is
equal to or greater than the number of ARC Funds pursuing such acquisitions and (A) the number of properties being acquired is
divisible by the number of ARC Funds participating in such acquisitions to a whole number, equally among all such ARC Funds or
(B) the number of properties being acquired is not divisible by the number of ARC Funds participating in such acquisitions to a
whole number, first equally among all such ARC Funds to the extent possible, and then in chronological order starting with the
ARC Fund that has not acquired a property for the longest period of time.

 

(c)If any
ARC Fund that elects to pursue the proposed property acquisitions in accordance with Section 1.1(a) has sufficient capital to acquire
some, but not all, the properties allocated to it pursuant to Section 1.1(b), the ARC Fund with sufficient capital shall be entitled
to purchase the remaining properties.

 

(d)The decision
with respect to the specific properties to be acquired by each ARC Fund pursuant to this Section 1.1 shall be agreed upon by the
ARC Fund Advisors of such ARC Funds. With respect to any allocation of properties pursuant to this Section 1.1 based on the chronological
order starting with the ARC Fund that has not acquired a property for the longest period of time, if the ARC Funds last acquired
a property on the same date, the allocation of such properties shall be to the ARC Fund with the smallest property portfolio based
on gross purchase price.

 

ARTICLE II

MISCELLANEOUS

 

2.1Definitions.
Capitalized terms used herein without definition have the meanings ascribed to them in Schedule I hereto.

 

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2.2Termination.
This Agreement shall terminate, with respect to a specific ARC Fund, on the earlier of the date on which (i) the Advisory Agreement
that such ARC Fund is party to terminates or expires in accordance with its terms and (ii) the ARC Fund Advisor for such ARC Fund
is no longer majority owned and controlled by AR Capital or its Affiliates.

 

2.3Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy),
and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered against receipt
or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile
transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt requested,
addressed as set forth below (or to such other address as may be hereafter notified by the respective parties hereto in accordance
with this Section 2.3):

 

	
        ARC DNAV:
	
        American Realty Capital Daily Net
Asset Value Trust, Inc.

405 Park Avenue

New York, New York 10022

Attention: Edward M. Weil, Jr.

Fax: (212) 421-5999

	 	 
	with a copy to:	
        Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Peter M. Fass, Esq.

Fax: (212) 969-2900

	 	 
	ARCT III:	
        

        American Realty Capital Trust III, Inc.

        405 Park Avenue

        New York, New York 10022

        Attention: Edward M. Weil, Jr.

        Fax: (212) 421-5999

	 	 
	with a copy to:	
        Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Peter M. Fass, Esq.

Fax: (212) 969-2900

 

2.4Binding
Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and assigns as provided herein.

 

2.5Integration.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof,
and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any
course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

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2.6Amendments;
Waivers. This Agreement and the terms hereof may not be amended, supplemented or modified except in an instrument in writing
executed by the parties hereto. No waiver of any term or condition hereof or obligation hereunder shall be valid unless made in
writing and signed by the party to which performance is due.

 

2.7GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF
THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES
DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.

 

2.8WAIVER
OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

2.9No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

 

2.10Section
Headings. The section and subsection headings in this Agreement are for convenience in reference only and shall not be deemed
to alter or affect the interpretation of any provisions hereof.

 

2.11Counterparts.
This Agreement may be executed (including by facsimile transmission) by the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

2.12Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

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

 

	 	American Realty Capital Trust III, Inc.
	 	 	 
	 	 	 
	.	By:	/s/ Nicholas S. Schorsch
	 	 	Name:  Nicholas S. Schorsch
	 	 	Title:    Chief Executive Officer
	 	 	 
	 	American Realty Capital Daily Net Asset Value Trust, Inc.
	 	 	 
	 	 	 
	 	 	 
	.	By:	/s/ Edward M. Weil, Jr.
	 	 	Name:  Edward M. Weil, Jr.
	 	 	Title:    President

 

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Schedule I

 

“Affiliate” means, with respect to a specified
Person, any Person directly or indirectly controlling, controlled by, or under common control with the specified Person.

 

“Person” means any individual, general partnership,
limited partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative or association and
the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so permits.

 

“Target Assets” means freestanding, single-tenant
real estate assets net leased to investment grade and other creditworthy tenants.

 

 

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