Document:

Form of Escrow Agreement

 Exhibit 4.5 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this
“Agreement”) made and entered into as of this              day of
                    , 20     by and among Wells Investment Securities, Inc., a Georgia corporation (the
“Dealer Manager”), Wells Real Estate Investment Trust III, Inc., a Maryland corporation (the “Company”), and UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the laws of
the United States of America (the “Escrow Agent”). 
 RECITALS 
 WHEREAS, the Company proposes to offer and sell shares of common stock (the “Shares”), on a best-efforts basis, for
at least $2,500,000 and up to $5,000,000,000 of gross proceeds (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of $10.00 per share (the
“Offering”) to investors pursuant to the Company’s Registration statement on Form S-11 (File No. 333-163411), as amended from time to time (the “Offering Document”). 
 WHEREAS, the Dealer Manager will be engaged by the Company to offer and sell the Shares on a best efforts basis through a network of
participating broker-dealers (the “Dealers”). 
 WHEREAS, the Company has agreed that the subscription
price paid by subscribers for shares will be refunded to such subscribers if at least $2,500,000 of gross offering proceeds from persons who are not affiliated with the Company or Wells Real Estate Advisory Services III, LLC (the
“Advisor”) (the “Minimum Offering”) has not been raised within one year from the date the Offering Document becomes effective with the Securities and Exchange Commission (the “Closing Date,”).

 WHEREAS, the Dealer Manager and the Company desire to establish an escrow account (the “Escrow
Account”), as further described herein in which funds received from subscribers will, except as otherwise specified herein, be deposited into an account entitled “Wells Real Estate Investment Trust III, Inc. Subscription Account”
and the Company desires that the Escrow Agent act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will remain in the Escrow Account until the conditions of Section 3
hereof has been met. 
 WHEREAS, the Escrow Agent has engaged Boston Financial Data Services, Inc. (the “Transfer
Agent”) to examine for “good order” subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting the Transfer Agent shall be acting solely in the
capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager. 
 WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount of the purchase price for its subscription: (i) by

 
check made payable to the order of UMB Bank, N.A., as Escrow Agent for Wells Real Estate Investment Trust III, Inc. in U.S. dollars or (ii) by draft, wire transfer of immediately available
funds or Automated ClearingHouse (ACH) in U.S. dollars transmitted directly to the Escrow Account made payable as provided in Section 11(2) (collectively, the “Payment Instruments”). 
 AGREEMENT 
 NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of this Agreement as follows: 
 1.
Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares pursuant to the Offering Document, the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled
“UMB Bank, N.A., as Escrow Agent for Wells Real Estate Investment Trust III, Inc.” This Agreement shall be effective on the date on which the Offering Document becomes effective. Except as otherwise set forth herein for the Pennsylvania
Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of (i) the date upon which the Escrow Agent receives confirmation from the Company and the Dealer Manager that the
Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the termination of the Offering by the Company prior to the receipt of the Minimum Offering (the “Escrow Period”). 
 2. Operation of the Escrow. 
 (a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of
“UMB Bank, N.A., as Escrow Agent for Wells Real Estate Investment Trust III, Inc.” Completed subscription agreements and Payment Instruments for the purchase price shall be remitted by the broker dealers or registered investment advisors,
as applicable, on behalf of persons subscribing to purchase Shares directly to the Escrow Agent as provided for in Section 11(2) within the time periods required by Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The Escrow
Agent hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers in a manner in which they may be separately accounted for by the records of the Transfer Agent so that the requirements of Section 3 of this Agreement can be
met. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this Agreement. Prior to disbursement of the funds deposited in the Escrow Account, upon receipt of the Payment Instruments, Escrow Agent shall fax
or scan a listing of the subscriber name and purchase price to the Transfer Agent, together with all other subscription documents sent with the Payment Instruments. Prior to disbursement of the funds deposited in the Escrow Account, such funds shall
not be subject to claims by creditors of the Company or any of its affiliates. If any of the Payment Instruments are returned to the Escrow Agent for nonpayment prior to receipt of the Break Escrow Affidavit (as described below), the Escrow Agent
shall promptly notify the Transfer Agent and the Company in writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable in the amount of such returned payment and the
Transfer Agent shall delete the appropriate account from the records maintained by the Transfer Agent. Within 30 days from the date of receipt of each subscription, the Company will determine whether or not the subscription is to be accepted or
rejected in whole or in part. Within 10 business days of receipt by the Escrow Agent of written notice from the

  

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Company, or as soon thereafter as practicable, that a subscription has been rejected, the Escrow Agent shall transfer by check the funds and all interest, if any, earned thereon, of any
subscribers whose subscription has been rejected since the commencement of the Offering. The Transfer Agent will maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the
subscriber’s name and address, (ii) the subscriber’s social security number, (iii) the number of Shares purchased by such subscriber, and (iv) the amount paid by such subscriber for such Shares. During the Escrow Period
neither the Company nor the Dealer Manager will be entitled to any principal funds received into the Escrow Account. 
 (b)
Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in
the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company
shall direct (other than any funds received from Pennsylvania Subscribers, which cannot be released until the conditions of Section 3 has been met); provided, however, that the Escrow Agent shall not disburse the funds of a subscriber, the
subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the
Escrow Agent and Transfer Agent stating that at least the Minimum Offering has been timely raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Affidavit”).
The Affidavit shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest, as
directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent, earned on such subscriber’s subscription payments while such payments were held in the Escrow Account. 
 (c) If the Escrow Agent has not received a Break Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly create and
dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in the Escrow Account, together with any interest thereon to the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer
Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any, returned to Pennsylvania subscribers pursuant to Section 3) shall be free and clear of any and all claims of the Company
or any of its creditors. 
  

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 3. Distribution of the Funds from Pennsylvania Subscribers. 
 (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be distributed
in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into
the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow
Account) equal or exceed $166,700,000, whereupon the Escrow Agent shall (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Pennsylvania Subscribers received by the Escrow Agent for accepted
subscriptions and (ii) disburse directly to the Pennsylvania Subscribers any interest earned on such Pennsylvania Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not
disburse to the Company those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. 
 (b) If the Company has not received total subscriptions of at least $166,700,000 within 120 days of the date the Company first receives a
subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right of Pennsylvania
Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the “Request
Period”), the Escrow Agent shall promptly refund, with a pro rata share of any interest earned thereon and without deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the Pennsylvania
Subscriber. 
 (c) The funds of Pennsylvania Subscribers who do not request the return of their funds within the Request Period
shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall
follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a Pennsylvania Subscriber after a Successive Escrow
Period shall include a pro rata share of any interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the offering by the Company prior to the receipt of $166,700,000 of total
subscriptions, (ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed $166,700,000 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the
Escrow Account that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 
 (d) If the Company has not received and accepted total subscriptions of at least $166,700,000 within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Pennsylvania
Subscribers will be promptly returned in full to such

  

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Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely.

 4. Funds in the Escrow Account. Upon receipt of funds from subscribers to the Offering, the Escrow Agent shall hold such funds in
escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested and reinvested in accounts and investments permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at the direction
of the Company. All funds in the Escrow Account shall at all times be placed in interest-bearing accounts unless otherwise determined by the Company (except for the funds from Pennsylvania Subscribers in the Escrow Account which must be maintained
in an interest-bearing account following the Initial Escrow Period).  
 The Escrow Agent shall be entitled to sell or
redeem any such investment as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. 
 Income, if any, resulting from the investment of the funds in the Escrow Account shall be distributed according to this Agreement.

 The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company)
on the account balance in the Escrow Account and the activity in the account since the last report. 
 5. Duties of the Escrow Agent. The
Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or
bound by, any other agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any
obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to
perform such person’s obligations under any such document. 
 6. Liability of the Escrow Agent and the Transfer Agent;
Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Escrow Agreement or with respect to the form of
execution of the same. Each of the Escrow Agent and the Transfer Agent shall not be liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent or the Transfer Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent or the Transfer Agent to be
genuine and to be signed or presented by the proper person(s). Each of the Escrow Agent and the Transfer Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that
the Escrow Agent or the Transfer Agent, as

  

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appropriate, was grossly negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall give its prior written consent thereto. 
 Either of the Escrow Agent and the Transfer Agent may consult legal counsel and shall
exercise reasonable care in the selection of such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in
accordance with the reasonable opinion or instructions of such counsel. 
 Each of the Escrow Agent and the Transfer Agent shall not be
responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held
or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent or the Transfer Agent be responsible or liable in any respect on account of the identity, authority or rights of the
persons executing or delivering or purporting to execute or deliver any document, property or this Agreement. 
 In the event that either the
Escrow Agent or the Transfer Agent shall become involved in any arbitration or litigation relating to the funds in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 
 The Company, hereby agrees to indemnify both the Escrow Agent and the Transfer Agent for, and to hold it harmless against any loss, liability or expense
incurred in connection herewith without gross negligence, recklessness or willful misconduct on the part of either of the Escrow Agent or the Transfer Agent, including without limitation legal or other fees arising out of or in connection with its
entering into this Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. Neither the Escrow Agent, nor
the Transfer Agent, shall be under any obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that
neither shall be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow
Agent. 
 7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as
set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent
under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 
 8. Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise
create a lien, encumbrance or other claim against such monies or borrow against the same. 
  

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 9. Dispute. In the event of any disagreement between the undersigned or the person or persons named
in instructions given pursuant to this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent shall be entitled
to refuse to comply with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or
become liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) The rights of the
adverse claimants shall have been fully and finally adjudicated in a court of competent jurisdiction over the parties and money, papers and property involved herein or affected hereby, or (b) All differences shall have been adjusted by
agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10. Resignation of
Escrow Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before the date specified
for such resignation or removal to take effect; upon the effective date of such resignation or removal: 
 (a)
All cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations
hereunder shall cease and terminate; or 
 (b) If no such successor escrow agent has been designated by such
date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in
writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction; and 
 (c) Further, if no such successor escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the
Escrow Agent may pay into such court all monies and property deposited with Escrow Agent under this Agreement. 
 11. Notices. All
notices, demands and requests required or permitted to be given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and
confirmed by phone or (iii) mailed by registered or certified mail, with return receipt requested, or by overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have
designated by notice in writing to the other parties in the manner provided by this paragraph: 
  

			
	(1) If to Company:	  	Wells Real Estate Investment Trust III, Inc.
		  	 6200 The Corners Parkway, Suite 250
 Norcross, Georgia 30092

		  	Telephone:
                        
		  	Fax:                         

  

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		  	Company Wire Instructions:
		  	To be provided by the Company
		
	(2) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number: To be provided by UMB Bank, N.A.
		  	 Account Name: UMB Bank, N.A., as Escrow Agent for Wells Real
 Estate Investment Trust III, Inc.

		
		  	Checks Payable Information:
		  	 UMB Bank, N.A., as Escrow Agent for Wells Real Estate Investment
 Trust III, Inc.

		  	 Attention: Lara Stevens, Corporate Trust
 1010 Grand Boulevard, 4th Floor
 M/S 1020409
 Kansas City, Missouri 64106

		
	(3) If to Dealer Manager:	  	Wells Investment Securities, Inc.

					
		  	  
	  	
		  	  
	  	
		  	  
	  	

			
		  	Telephone:
		  	Fax:

 12. Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the State of Missouri without regard to the principles of conflicts of law. 
 13.
Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 14. Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 15. Assignability. This Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 
  

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 16. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts
of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 17.
Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 
 18. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection herewith.
No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any
right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 19. Earnings Allocation; Tax Matters;
Patriot Act Compliance; OFAC Search Duties. The Company or its agent shall be responsible for all tax reporting under this Escrow Agreement. The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation
requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its policy and
procedures, of each Payment Instrument and shall inform the Company if a Payment Instrument fails the OFAC search. 
 20. Miscellaneous.
This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly
prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or
ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 
 21. Third Party Beneficiaries. The Transfer Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or
obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the Transfer Agent and any Party hereto. 
 22. Termination of the Escrow Agreement. This Agreement, except for Sections 6 and 10 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final
termination of this Agreement shall occur on the date that all funds held in the Escrow Account are distributed either (a) to the Company or to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account or
(b) to a successor escrow agent upon written instructions from the Company. 
  

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 23. Relationship of Parties. The Dealer Manager and the Company are unaffiliated with the Escrow
Agent, and this Agreement does not create any partnership or joint venture among either the Dealer Manager or the Company and the Escrow Agent. 
 [SIGNATURE PAGES FOLLOW] 
  

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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove: 
  

			
	 DEALER MANAGER:
  
 WELLS INVESTMENT SECURITIES, INC.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 COMPANY:
  
 WELLS REAL ESTATE INVESTMENT
 TRUST III,
INC.

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 ESCROW AGENT:
  
 UMB BANK, N.A.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

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 EXHIBIT A 
 ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
		
	 Review escrow agreement and establish account
	  	$	3,000	  
		
	 Annual Fee
	  			
		
	 Maintain account
	  	$	3,000	  
		
	 Transaction Fees
	  			
		
	 (a) per outgoing wire transfer
	  	$	35.00	  
		
	 (b) per Form 1099 (Int., B or Misc.)
	  	$	10.00 	* 
		
	 (c) per investment purchase, sale or settlement
	  	$	35.00 	** 

  
  

	*	Not anticipated to be charged 

	**	Excludes money market mutual fund transactions 

 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while
a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than
normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. Acceptance and first year annual fees will be
payable at the initiation of the escrow and annual fees will be payable in advance thereafter. Other fees and expenses will be billed as incurred. 
  

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 EXHIBIT B 
 Form of Subscriber List 
 Pursuant to the Escrow Agreement dated as of
                             , 20    , by and among Wells Real
Estate Investment Trust III, Inc. (the “Company”), UMB Bank, N.A., as escrow agent (the “Escrow Agent”), and Wells Investment Securities, Inc. (the “Dealer Manager”), the Dealer Manager hereby
notifies the Escrow Agent that, as of the date set forth below, the following Subscribers have submitted subscription funds for the purchase of shares of common stock of the Company (the “Shares”), such subscription funds have been
deposited with Escrow Agent in accordance with the Escrow Agreement: 
  

	 	1.	Name of Subscriber 

 Address

 Tax Identification Number 
 Number of Shares subscribed for 
 Amount of money paid and deposited with Escrow
Agent 
  

	 	2.	Name of Subscriber 

 Address

 Tax Identification Number 
 Number of Shares subscribed for 
 Amount of money paid and deposited with Escrow
Agent 
  

	 	. . .	Name of Subscriber 

 Address

 Tax Identification Number 
 Number of Shares subscribed for 
 Amount of money paid and deposited with Escrow
Agent 
  

					
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
	Date:	 	                              
        , 20        	 	

  

 - 13 -Form of Advisory Agreement

 Exhibit 10.1 
 FORM OF ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT,
dated as of                 , 2010, is between WELLS REAL ESTATE INVESTMENT TRUST III, INC., a Maryland corporation (the “Company”), and WELLS REAL
ESTATE ADVISORY SERVICES III, LLC, a Georgia limited liability company (the “Advisor”). 
 W I T N E S S E T H

 WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-11 (No.
333-163411) (the “Registration Statement”) covering the issuance of common stock; 
 WHEREAS, the Company intends to
qualify as a REIT (as defined below), and intends to invest its funds in investments permitted by the terms of the Company’s Articles of Incorporation and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities available
to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the parties hereto agree as follows: 
 1. Definitions. As used in this Advisory
Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition
Expenses. Any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8(b), incurred by the Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition, origination or development of
any Property, Loan or other Permitted Investment whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired,
accounting fees and expenses, and title insurance premiums. 
 Acquisition Fees. Any and all fees and commissions,
exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with purchase, development, origination or construction of any
Property, Loan or other Permitted Investment. Included in the computation of such fees or commissions shall be any real estate commissions, acquisition fees, finder’s fees, selection fees, Development Fees, Construction Fees, nonrecurring
management fees, loan fees, points, or any other fees or commissions of a similar nature. Excluded shall be

 
Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 
 Adjusted Cost. (A) As of any date of determination and until such time as the Company completes an Asset-based Valuation, the
sum of: (a) the actual amount invested on behalf of the Company in Properties, Loans and other Permitted Investments as of the date of determination; plus (b) (1) with respect to Joint Ventures, the actual amount invested on behalf of
the Company in the Joint Ventures as of the date of determination plus (2) the Company’s allocable share of capital improvements. 
 (B) On and after such time as the Company completes an Asset-based Valuation, “Adjusted Cost” means, as of any date of determination, the lesser of (1) the amount determined in accordance
with paragraph (A) above or (2) the aggregate value of the Company’s interest in the Properties, Loans and other Permitted Investments and Joint Ventures as established in connection with the most recent Asset-based Valuation. 

 Advisor. Wells Real Estate Advisory Services III, LLC, a Georgia limited liability company, any successor advisor to
the Company, or any Person(s) to which Wells Real Estate Advisory Services III, LLC or any successor advisor subcontracts substantially all of its functions. 
 Affiliate or Affiliated. An Affiliate of another Person includes only the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other
Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive
officer, director, trustee, or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive
officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program (or Affiliate of Advisor-sponsored program) unless (i) the entity owns
10% or more of the voting equity interests of such program or (ii) a majority of the board (or equivalent governing body) of such program is comprised of Affiliates of the entity. 
 Appraised Value. The “As Is” fair market value according to an appraisal made by an Independent Appraiser. 
 Articles of Incorporation. The Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of
the Annotated Code of Maryland, as amended from time to time. 
 Asset-based Valuation. An estimate of the value of a
share of the Company’s common stock approved by the Board of Directors of the Company and based in part on an estimate of the value of the Company’s assets (as opposed to an estimate based solely on the most recent price paid for a share
of the Company’s common stock in an offering of such shares). 
 Asset Management Fee. The Asset Management Fee
payable to the Advisor as defined in Section 8(a). 
  

 2 

 Asset Management Fee Percentage. The Asset Management Fee Percentage equals 0.75%.

 Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end
of each month during such period. 
 Board of Directors or Board. The persons holding such office, as of any
particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Company, as the same are in effect from time to time. 
 Capped O&O Expenses. All Organizational and Offering Expenses other than selling commissions and the dealer manager fee as described under “Plan of Distribution” in the Registration Statement. 
 Cash from Financings. Net cash proceeds realized by the Company from the financing of Property, Loans or other Permitted Investments
or from the refinancing of any Company indebtedness. 
 Cash from Sales. Net cash proceeds realized by the Company from
the sale, exchange or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash from Financings. 
 Cash from Sales and Financings. The total sum of Cash from Sales and Cash from Financings. 
 Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 Company. Wells Real Estate Investment Trust III, Inc., a corporation organized under the laws of the State of Maryland. 

Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is
reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Conflicts Committee.
“Conflicts Committee” shall have the meaning set forth in the Articles of Incorporation. 
 Construction Fee. A
fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
  

 3 

 Contract Sales Price. The total consideration received by the Company for the sale of
a Property, Loan or other Permitted Investment. 
 Development Fee. A fee for the packaging of a Property, including
negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 Director. A member of the Board of Directors of the Company. 
 Disposition Fee. The Disposition Fee as defined in Paragraph 8(d). 
 Distributions. Any distributions of money or other property by the Company to owners of Shares, including distributions that may
constitute a return of capital for federal income tax purposes. 
 Financing Fee. The Financing Fee as defined in
Paragraph 8(c). 
 Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Company through
an Offering, without deduction for Organization and Offering Expenses. 
 Guaranteed Obligations. The Guaranteed
Obligations as defined in Paragraph 20. 
 Guarantor. The Guarantor as defined in Paragraph 20. 
 Independent Appraiser. A person or entity with no material current or prior business or personal relationship with the Advisor or the
Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a
nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers (“S.R.E.A.”) shall be conclusive evidence of such qualification. 
 Invested Capital. The amount calculated by multiplying the total number of Shares purchased by stockholders by the issue price,
reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. For purposes of calculating the
Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated net of (1) Distributions of Cash from Sales and Financings, except to the extent
such Distributions would be required to achieve a cumulative, non-compounded, annual return of 8%, and (2) Distributions other than from Cash from Sales and Financings to the extent such Distributions provide a cumulative, non-compounded,
annual return in excess of 8%, as all such amounts are computed on a daily basis based on a three hundred sixty-five day year. 
 Joint Venture. Any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part on behalf of the Company, any Property, Loan or other Permitted Investment. 
  

 4 

 Listing. The listing of the Shares on a national securities exchange or
over-the-counter market. 
 Loans. Mortgage loans and other types of debt financing investments made by the Company or
the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, and including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans,
construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 NASAA Guidelines. The
NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
 Net Asset Value.
The excess of (i) the aggregate of the Adjusted Cost over (ii) the aggregate outstanding amount of debt of the Company, the Partnership, and the Joint Ventures (as adjusted for the Company’s interest in such Joint Ventures) and any
accrued interest thereon (excluding debt borrowed for purposes other than acquiring or refinancing Properties). 
 Net
Income. For any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income
for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
 Net Sales Proceeds. In the case of a transaction described in clause (i) (A) of the definition of Sale, the proceeds of any such transaction less the amount of all real estate commissions
and closing costs paid by the Company. In the case of a transaction described in clause (i) (B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of any legal and other selling expenses
incurred in connection with such transaction. In the case of a transaction described in clause (i) (C) of such definition, Net Sales Proceeds means the proceeds of any such transaction actually distributed to the Company from the joint
venture. In the case of a transaction described in clause (ii) of the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby and reinvested in one or more
Properties within 180 days thereafter and less the amount of any real estate commissions, closing costs, and legal and other selling expenses incurred by or allocated to the Company in connection with such transaction or series of transactions. Net
Sales Proceeds shall not include any reserves established by the Company in its sole discretion. 
 Offering. Any
offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 Operating
Expenses. All costs and expenses incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but
excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection
with the issuance, distribution, transfer, registration and Listing of

  

 5 

 
the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance
with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests,
mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
 Organization and Offering Expenses. All expenses incurred by and to be paid from the assets of the Company in connection with and in preparing the Company for registration of and subsequently
offering and distributing its Shares to the public, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); expenses for printing, engraving and
mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal and State laws,
including taxes and fees, accountants’ and attorneys’ fees. 
 Partnership. Wells Real Estate Investment Trust
Operating Partnership III, L.P., a Delaware limited partnership formed to own and operate properties on behalf of the Company. 
 Permitted Investments. All investments (other than Properties and Loans) in which the Company acquires an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to
its Articles of Incorporation, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 Person. An individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c)
(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code,
joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 Property or Properties. Any real property or properties transferred or conveyed to the Company or the Partnership,
either directly or indirectly, and/or any real property or properties transferred or conveyed to a Joint Venture or partnership in which the Company is, directly or indirectly, a co-venturer or partner. 
 Property Manager. Any entity that has been retained to perform and carry out at one or more of the Properties property management
services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at
such Property. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code.

  

 6 

 Sale or Sales means (i) any transaction or series of transactions whereby:
(A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground
lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture or partnership in which it is, directly or indirectly, a co-venturer or partner; or (C) any Joint Venture
or partnership (in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner) sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof,
including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i) (A),
(i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 
 Shares. The Company’s shares of common stock, par value $0.01 per share. 
 Stockholders. The registered holders of the Shares. 
 Stockholders’ 8% Return means, as of any date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital (calculated like simple interest on a daily
basis based on a three hundred sixty-five day year). 
 Subordinated Incentive Fee. The fee payable to the Advisor under
certain circumstances if the Shares are listed on a national securities exchange or over-the-counter market as defined in Paragraph 8(f). 
 Subordinated Performance Fee Due Upon Termination. Subordinated Performance Fee Due Upon Termination means a fee equal to (1) 15% of the amount, if any, by which (a) the Appraised Value
of the Company’s Properties at the Termination Date, less amounts of all indebtedness secured by the Company’s Properties, plus the fair market value of all other Loans and Permitted Investments of the Company at the Termination Date, less
amounts of indebtedness related to such Loans and Permitted Investments, plus total Distributions (excluding any stock dividend and Distributions paid on Shares that have been redeemed by the Company) through the Termination Date exceeds
(b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through the Termination Date to then-existing Stockholders less (2) any prior
payment to the Advisor of a Subordinated Share of Net Sales Proceeds. For the purpose of the foregoing calculations, all asset values and liabilities shall be adjusted to exclude the portion of such amounts allocable to minority interest holders not
otherwise considered in the calculation in the value of Joint Ventures. 
 Subordinated Share of Net Sales Proceeds. The
Subordinated Share of Net Sales Proceeds as defined in Paragraph 8(e). 
  

 7 

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

 (d) investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems
necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any
other capacity deemed by the

  

 8 

 
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company with any of the foregoing;

 (e) consult with the officers and the Board of the Company and assist the Board in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company; 
 (f) oversee the performance by the Property Managers of their duties,
including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 
 (g) oversee the
performance by the loan servicers of their duties, including collection, and other loan administration services; 
 (h) conduct
periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the related Property Manager of its duties;

 (i) review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each
Property Manager and aggregate these property budgets into the Company’s overall budget; 
 (j) review and analyze on-going
financial information pertaining to each Property, Loan and other Permitted Investment and the overall portfolio of Properties, Loans and other Permitted Investments; 
 (k) formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and
disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
 (l) subject to the provisions
of Paragraphs 3(m) and 4 hereof, (i) locate, analyze and select potential investments in Properties, Loans and other Permitted Investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investment
in Properties, Loans and other Permitted Investments will be made; (iii) make investments in Properties, Loans and other Permitted Investments on behalf of the Company or the Partnership in compliance with the investment objectives and policies
of the Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, any Property, Loan or
other Permitted Investment; (v) enter into leases and service contracts, as applicable, for each Property, Loan or other Permitted Investment including oversight of Affiliated companies that perform property management services or loan
servicing for the Company; (vi) oversee non-affiliated property managers and loan servicers and other non-affiliated Persons who perform services for the Company; and (vii) to the extent necessary, perform all other operational functions
for the maintenance and administration of such Property, Loan or other Permitted Investment; 
  

 9 

 (m) obtain the prior approval of the Board for any and all investments in Properties, Loans
and other Permitted Investments (as well as any financing acquired by the Company or the Partnership in connection with such investment); 
 (n) if a transaction requires approval by the Board of Directors, deliver to the Board of Directors all documents required by them to properly evaluate the proposed investment in the Property, Loan or
other Permitted Investment; 
 (o) negotiate on behalf of the Company with banks or lenders for loans to be made to the Company,
and negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of Shares and other securities or obtain loans for the Company, but in no event in such a way so that the Advisor shall be acting as
broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company; 
 (p) obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties, Loans and other Permitted Investments; 
 (q) from time to time, or at
any time reasonably requested by the Board, provide information or make reports to the Board related to its performance of services to the Company under this Agreement; 
 (r) from time to time, or at any time reasonably requested by the Board, make reports to the Board of the investment opportunities it has presented to other Advisor-sponsored programs or that it has
pursued directly or through an Affiliate; 
 (s) provide the Company with all necessary cash management services; 
 (t) deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in Properties,
Loans and other Permitted Investments; 
 (u) notify the Board of all proposed material transactions before they are completed;

 (v) at the direction of Company management, prepare the Company’s periodic reports and other filings made under the
Securities Exchange Act of 1934, as amended, and the Company’s Post-Effective Amendments to the Registration Statement as well as all related prospectuses, prospectus supplements and supplemental sales literature and assist in connection with
the filing of such documents with the appropriate regulatory authorities; and 
 (w) do all things necessary to assure its
ability to render the services described in this Agreement. 
 4. Modification or Revocation of Authority of Advisor.
The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Paragraph 3, provided however, that such modification or revocation shall be effective upon receipt by the Advisor and
shall not be applicable to investment transactions to which the

  

 10 

 
Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit
into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the
Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 
 6. Records; Access. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Board and by counsel, auditors and
authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company. 
 7. Limitations on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from
taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or
(c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, or the Articles of Incorporation or Bylaws, except if such action shall be
ordered by the Board, in which case the Advisor shall notify promptly the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
from the Board. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and
stockholders, directors and officers of the Advisor’s Affiliates shall not be liable to the Company or to the Board or stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or
officers of the Advisor’s Affiliates except as provided in Paragraphs 18 and 19 of this Agreement. 
 8.
Fees. 
 (a) Asset Management Fee. Subject to the overall limitations contained below in this
Section 8(a), commencing on the date hereof, the Advisor shall be paid for the asset management services included in the services described in Section 3 a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth
of the product of the Asset Management Fee Percentage multiplied by the Adjusted Cost calculated on the last day of each preceding month. For purposes of clarity, the Asset Management Fee payment due in February 2010 will be based on
January 31, 2010 Adjusted Cost amounts. 
 (b) Acquisition Fees. The Advisor shall receive, as compensation for
services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, Acquisition Fees in an amount

  

 11 

 
equal to 2.0% of Gross Proceeds, payable by the Company upon the Company’s receipt of Gross Proceeds; provided that upon termination of this Agreement, the Advisor will be obligated to
reimburse the Company for any Acquisition Fee that has not been allocated to the purchase price of Company Properties, Loans and other Permitted Investments as provided for in Section 8.7 of the Articles of Incorporation. 
 (c) Financing Fee. In the event of any debt financing obtained (whether or not drawn), acquired or otherwise assumed by or for the
Company, the Company will pay to the Advisor an annual fee (a “Financing Fee”) equal to (i) 0.20% of the amount available under the financing at the Company, Partnership, or any direct or indirect subsidiary level and (ii) 0.20%
of the portion that is attributable to the Company’s direct or indirect investment in a Joint Venture or partnership in which the Company or the Partnership is, directly or indirectly, a co-venturer or partner. The Financing Fee includes the
reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with third parties with respect to the Financing
Fee. Notwithstanding the annual nature of the fee, in no event will the Company pay an aggregate amount of more than 0.50% (or, in the case of a Joint Venture, the portion of 0.50% attributable to the Company’s investment in the Joint Venture)
of the amount available under the financing or any refinancing of any particular financing. 
 (d) Disposition Fee. If
the Advisor or an Affiliate provides a substantial amount of the services (as determined by the Conflicts Committee) in connection with the Sale of one or more Properties, Loans or other Permitted Investments, the Advisor or such Affiliate shall
receive at closing a Disposition Fee of up to 3.0% of the sales price of such Property, Loan or other Permitted Investment. Any Disposition Fee payable under this section may be paid in addition to real estate commissions paid to non-Affiliates,
provided that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property disposed of shall not exceed an amount equal to the lesser of (i) 6.0% of the aggregate Contract Sales Price
of each Property or (ii) the Competitive Real Estate Commission for each Property. 
 (e) Subordinated Share of Net
Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum of the Stockholders’
8% Return and 100% of Invested Capital. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (f) Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15.0% of the amount by which (i) the market value of the outstanding stock of the Company,
measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus
the total of all Distributions paid to then existing Stockholders from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital, and (B) the total Distributions
required to be paid to the then existing Stockholders in order to pay the Stockholders’ 8% Return from inception through the date Market Value is determined. The Advisor shall have the option to receive such fee in the form of cash (subject to
availability), Shares, a promissory note to be negotiated in light of then-existing market

  

 12 

 
conditions or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Net Sales Proceeds. In
the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee or Subordinated Share of Net Sales Proceeds, including the Subordinated Performance Fee Due Upon Termination, will be paid to the Advisor.

 (g) Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to
establish a fee structure appropriate for a perpetual-life entity. 
 9. Expenses. 
 (a) Reimbursable Expenses. In addition to the compensation paid to the Advisor pursuant to Paragraph 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor (to the extent not reimbursable by another party, such as the dealer manager) in connection with the services it provides to the Company pursuant to this
Agreement, including, but not limited to: 
 (i) the Organization and Offering Expenses; provided, however, that
within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent (i) Capped O&O Expenses borne by the Company exceed 2.0% of the Gross Proceeds raised in a completed offering
and (ii) Organization and Offering Expenses borne by the Company exceed 15% of the Gross Proceeds raised in a completed Offering; 
 (ii) Acquisition Fees and Acquisition Expenses payable to unaffiliated Persons incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments; 

(iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated with the
Advisor; 
 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees;

 (v) taxes and assessments on income or assets and taxes as an expense of doing business; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board; 
 (vii) expenses of managing and operating Properties, Loans and other Permitted Investments owned by the Company, whether
payable to an Affiliate of the Company or a non-affiliated Person; 
 (viii) all expenses in connection with
payments to the Board and meetings of the Board and Stockholders; 
  

 13 

 (ix) expenses associated with Listing or with the issuance and distribution
of securities other than the Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Company to the
Stockholders; 
 (xi) expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or
of amending the Articles of Incorporation or the Bylaws; 
 (xii) expenses of maintaining communications with
Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii) administrative service expenses, including all costs and expenses incurred by Advisor in fulfilling its duties
hereunder. Such costs and expenses may include reasonable wages and salaries and other employee-related expenses of all employees of Advisor who are engaged in the management, administration, operations, and marketing of the Company, including
taxes, insurance and benefits relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to their services provided hereunder; and 
 (xiv) audit, accounting and legal fees. 
 No reimbursement shall be made for costs of personnel of the Advisor or its Affiliates to the extent that such personnel perform services in connection with services for which the Advisor receives the
Acquisition Fee or the Disposition Fee. 
 (b) Other Services. Should the Board request that the Advisor or any director,
officer or employee thereof render services for the Company other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Conflicts Committee, subject to the
limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 (c) Timing of and Limitations on Reimbursements. 
 (i)
Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each
quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. 
 (ii)
Notwithstanding anything else in this Section 9 to the contrary, the expenses enumerated in Section 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in an offering. 
 (iii) The Company shall not reimburse the Advisor at the end of any fiscal quarter Operating Expenses that, in the four
consecutive fiscal quarters then ended (the

  

 14 

 
“Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the
Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors which the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified, any Excess Amount
paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then within 60 days after the end of any fiscal quarter of the Company for which total reimbursed Operating
Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall send to the stockholders a written disclosure of such fact, together with an explanation of the factors the Conflicts
Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board of Directors. All figures used in the foregoing computation
shall be determined in accordance with generally accepted accounting principles applied on a consistent basis. 
 10.
Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of the Company which bond shall insure the Company from losses of up to $10,000,000 and shall be of the type customarily purchased by entities performing
services similar to those provided to the Company by the Advisor. 
 11. Other Activities of the Advisor.

 (a) General. Nothing herein contained shall prevent the Advisor from engaging in other activities,
including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the
right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor
may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall report to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust
or association. 
 (b) Policy with Respect to Allocation of Investment Opportunities. Before the Advisor
presents an investment opportunity that would in its judgment be suitable for the Company to another Advisor-sponsored program, the Advisor shall determine in its sole discretion that the investment opportunity is more suitable for such other
program than for the Company based on factors such as the following: the investment objectives and criteria of each program; the cash requirements and anticipated cash flow of each program; the size of the investment opportunity; the effect of the
acquisition on diversification of each program’s investments by type of commercial property, geographic area and tenant base; the estimated income tax effects of the purchase on each entity; the policies of each program relating to leverage;
the funds of each entity available

  

 15 

 
for investment and the length of time such funds have been available for investment. In the event that an investment opportunity becomes available that is, in the sole discretion of the Advisor,
equally suitable for both the Company and another Advisor-sponsored program, then the Advisor may offer the other program the investment opportunity if it has had the longest period of time elapse since it was offered an investment opportunity. The
Advisor will use its reasonable efforts to fairly allocate investment opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be
allowed provided (1) the Board is provided with notice of such policy at least 60 days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of investment opportunities among such programs. The
Advisor shall provide the Conflicts Committee with any information reasonably requested so that the Conflicts Committee can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent the
Advisor or an Affiliate from pursuing an investment opportunity directly rather than offering it to the Company or another Advisor-sponsored program so long as the Advisor is fulfilling its obligation to present a continuing and suitable investment
program to the Company which is consistent with the investment policies and objectives of the Company. 
 12. Relationship
of Advisor and Company. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either
of them. 
 13. Representations and Warranties. 
 (a) Of the Company. To induce the Advisor to enter into this Agreement, the Company hereby represents and warrants that: 

(i) The Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of
Maryland with all requisite corporate power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 
 (ii) The Company’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement
constitutes the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms
hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the
assets of the Company pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exception or other
action by or notice to any court or administrative or governmental body pursuant to, the Articles of Incorporation or Bylaws or any law, statute, rule or regulation to which the Company is subject, or any agreement, instrument, order, judgment or
decree by which the Company is bound, in any such case

  

 16 

 
in a manner that would have a material adverse effect on the ability of the Company to perform any of its obligations under this Agreement. 
 (b) Of the Advisor. To induce the Company to enter into this Agreement, the Advisor represents and warrants that: 
 (i) The Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Georgia with all requisite limited liability company power and authority and all material licenses, permits and authorizations necessary to carry out the transactions contemplated by this Agreement. 
 (ii) The Advisor’s execution, delivery and performance of this Agreement have been duly authorized. This Agreement
constitutes a valid and binding obligation of the Advisor, enforceable against the Advisor in accordance with its terms. The Advisor’s execution and delivery of this Agreement and its fulfillment of and compliance with the respective terms
hereof do not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the
Advisor’s assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or other
action by or notice to any court or administrative or governmental body pursuant to, the Advisor’s articles of organization or operating agreement, or any law, statute, rule or regulation to which the Advisor is subject, or any agreement,
instrument, order, judgment or decree by which the Advisor is bound, in any such case in a manner that would have a material adverse effect on the ability of the Advisor to perform any of its obligations under this Agreement. 
 (iii) The Advisor has received copies of the Articles of Incorporation, Bylaws, and the Registration Statement and of the
Partnership’s limited partnership agreement and is familiar with the terms thereof, including without limitation the investment limitations included therein. Advisor warrants that it will use reasonable care to avoid any act or omission that
would conflict with the terms of the Articles of Incorporation, Bylaws, the Registration Statement, or the Partnership’s limited partnership agreement in the absence of the express direction of the Conflicts Committee. 
 14. Term; Termination of Agreement. This Agreement shall continue in force until the first anniversary of the date hereof,
subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. The Company, acting through the Board, will evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal
shall be for a term of no more than one year. 
 15. Termination by Either Party. This Agreement may be terminated
upon 60 days written notice without cause or penalty, by either party (by majority of the Conflicts Committee or a majority of the Board of Directors of the Advisor, as the case may be). The provisions of Sections 1, 6, 7, 12, and 17 through 30
survive termination of this Agreement. 
  

 17 

 16. Assignment to an Affiliate. This Agreement may be assigned by the Advisor
to an Affiliate with the approval of a majority of the Conflicts Committee, which approval shall not be unreasonably withheld or delayed. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the
approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to all of the assets,
rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 
 17. Payments to and Duties of Advisor upon Termination. 
 (a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled
to receive from the Company within 30 days after the effective date of such termination the following: 
 (i) all
unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.; and 
 (ii) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated
Incentive Fee. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)
deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to the Board all assets, including Properties, Loans and other Permitted Investments, and documents of the
Company then in the custody of the Advisor; and 
 (iv) cooperate with the Company to provide an orderly
management transition. 
 18. Indemnification by the Company. The Company shall indemnify and hold harmless the
Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable
attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland or the Articles of Incorporation.
Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Paragraph 18 for any activity which the Advisor shall be required to

  

 18 

 
indemnify or hold harmless the Company pursuant to Paragraph 19. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 19. Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability,
claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the
Advisor’s bad faith, fraud, willful misfeasance, misconduct, or reckless disregard of its duties. 
 20. Parent
Guarantee. Wells Real Estate Funds, Inc., a George corporation and the parent company of the Advisor (the “Guarantor”), will in all respects guarantee the due and proper performance of the services to be provided under this
Agreement by the Advisor, which guarantee shall extend to include any renewal or amendment to this Agreement, provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such
consent not to be unreasonably withheld. If the Advisor fails to perform all or any of its obligations, duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement
(unless relieved from the performance of any part of this Agreement by statute, by the decision of a court or tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause
to be performed such Guaranteed Obligations. This guarantee is a guarantee of performance of the Guaranteed Obligations and not of payment of any liabilities of the Advisor. The termination of the Advisor shall constitute a termination of this
guarantee. This guarantee will be applicable to and binding upon the successors and assigns of Guarantor. 
 21.
Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

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

 Either party may
at any time give notice in writing to the other party of a change in its address for the purposes of this Paragraph 21. 
 22.
Modification. This Agreement shall not be changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
  

 19 

 23. Severability. The provisions of this Agreement are independent of and
severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 24. Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State
of Georgia. 
 25. Entire Agreement. This Agreement contains the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

 26. Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right,
remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 27. Gender. Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 28. Titles Not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 29. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories. 
 30. Name. Wells Real Estate Advisory Services III, LLC and its Affiliates have a proprietary interest in the name
“Wells.” Accordingly, and in recognition of this right, if at any time the Company ceases to retain Wells Real Estate Advisory Services III, LLC. or an Affiliate thereof to perform the services of Advisor, the Company will, promptly after
receipt of written request from Wells Real Estate Advisory Services III, LLC, cease to conduct business under or use the name “Wells” or any derivative thereof and the Company shall use its best efforts to change the name of the Company to
a name that does not contain the name “Wells” or any other word or words that might, in the sole discretion of the Advisor, be susceptible of indication of

  

 20 

 
some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its
Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Wells” as a part
of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Board. 
 [Signatures appear on next page.] 
  

 21 

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

			
	WELLS REAL ESTATE INVESTMENT TRUST III, INC.
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

  

			
	WELLS REAL ESTATE ADVISORY SERVICES III, LLC
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President

 [Signature
Page to Advisory Agreement between Wells Real Estate Investment Trust III, Inc. and Wells Real Estate Advisory Services III, LLC]

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