Document:

Exhibit 10.3

 

 

 

Agree
Limited Partnership

 

 

 

AIG
Asset Management (U.S.), LLC

 

 

 

$100,000,000 Uncommitted Master
Note Facility

 

 

 

Dated
as of August 3, 2017

 

 

 

     

     

    

 

Table of Contents

 

(Not a part of the Agreement)

 

	Section	Heading	Page
	 	 	 
	Section 1.	Authorization of Notes	1
	 	 	 
	Section 1.1.	Authorization	1
	Section 1.2.	Establishment of Series	1
	Section 1.3.	Guaranty	2
	 	 	 
	Section 2.	Uncommitted Note Facility	3
	 	 	 
	Section 2.1.	Facility	3
	Section 2.2.	Requests for Purchase	3
	Section 2.3.	Option to Terminate Issuance Period	3
	 	 	 
	Section 3.	Execution; Closings	4
	 	 	 
	Section 4.	Conditions to Closing	4
	 	 	 
	Section 4.1.	Representations and Warranties	4
	Section 4.2.	Performance; No Default	4
	Section 4.3.	Compliance Certificates	5
	Section 4.4.	Opinions of Counsel	5
	Section 4.5.	Purchase Permitted by Applicable Law, Etc.	6
	Section 4.6.	Sale of Other Notes	6
	Section 4.7.	Payment of Special Counsel Fees	6
	Section 4.8.	Private Placement Number	6
	Section 4.9.	Changes in Legal Structure	6
	Section 4.10.	Certain Documents	6
	Section 4.11.	Funding Instructions	7
	Section 4.12.	AIG Approvals	7
	Section 4.13.	Proceedings and Documents	7
	 	 	 
	Section 5.	Representations and Warranties of the Parent Guarantor and the Company	7
	 	 	 
	Section 5.1.	Organization; Power and Authority	7
	Section 5.2.	Authorization, Etc.	7
	Section 5.3.	Disclosure	8
	Section 5.4.	Organization and Ownership of Shares of Subsidiaries; Affiliates	8
	Section 5.5.	Financial Statements; Material Liabilities	9
	Section 5.6.	Compliance with Laws, Other Instruments, Etc.	9
	Section 5.7.	Governmental Authorizations, Etc.	9
	Section 5.8.	Litigation; Observance of Agreements, Statutes and Orders	9
	Section 5.9.	Taxes	10

 

    -i-

     

    

 

	Section 5.10.	Title to Property; Leases	10
	Section 5.11.	Licenses, Permits, Etc.	10
	Section 5.12.	Compliance with Employee Benefit Plans	11
	Section 5.13.	Private Offering	12
	Section 5.14.	Use of Proceeds; Margin Regulations	12
	Section 5.15.	Existing Indebtedness; Future Liens	13
	Section 5.16.	Foreign Assets Control Regulations, Etc.	13
	Section 5.17.	Status under Certain Statutes	14
	Section 5.18.	Notes Rank Pari Passu	14
	Section 5.19.	Environmental Matters	14
	Section 5.20.	REIT Status	15
	 	 	 
	Section 6.	Representations of the Purchasers	15
	 	 	 
	Section 6.1.	Purchase for Investment	15
	Section 6.2.	Source of Funds	15
	 	 	 
	Section 7.	Information as to the Parent Guarantor and the Company	17
	 	 	 
	Section 7.1.	Financial and Business Information	17
	Section 7.2.	Officer’s Certificate	20
	Section 7.3.	Visitation	21
	Section 7.4.	Electronic Delivery	21
	 	 	 
	Section 8.	Payment and Prepayment of the Notes	22
	 	 	 
	Section 8.1.	Required Prepayments; Maturity	22
	Section 8.2.	Optional Prepayments with Make-Whole Amount	22
	Section 8.3.	Change in Control	23
	Section 8.4.	Allocation of Partial Prepayments	24
	Section 8.5.	Maturity; Surrender, Etc.	24
	Section 8.6.	Purchase of Notes	24
	Section 8.7.	Make-Whole Amount	25
	Section 8.8.	Payments Due on Non-Business Days	26
	 	 	 
	Section 9.	Affirmative Covenants	27
	 	 	 
	Section 9.1.	Compliance with Laws	27
	Section 9.2.	Insurance	27
	Section 9.3.	Maintenance of Properties	27
	Section 9.4.	Payment of Taxes and Claims	27
	Section 9.5.	Legal Existence, Etc.	28
	Section 9.6.	Notes to Rank Pari Passu	28
	Section 9.7.	Books and Records	29
	Section 9.8.	Subsidiary Guarantors	29
	Section 9.9.	Ownership	30
	 	 	 
	Section 10.	Negative Covenants	30

 

    -ii-

     

    

 

	Section 10.1.	Transactions with Affiliates	30
	Section 10.2.	Maximum Aggregate Debt Limit	31
	Section 10.3.	Maximum Aggregate Secured Debt Limit	31
	Section 10.4.	Minimum Interest Coverage	31
	Section 10.5.	Minimum Unsecured Debt Ratio	31
	Section 10.6.	Minimum Unsecured Debt Yield	31
	Section 10.7.	Minimum Net Worth	32
	Section 10.8.	Maximum Quarterly Dividends	32
	Section 10.9.	Mergers, Consolidations, Etc.	32
	Section 10.10.	Line of Business	34
	Section 10.11.	Economic Sanctions, Etc.	34
	 	 	 
	Section 11.	Events of Default	34
	 	 	 
	Section 12.	Remedies on Default, Etc.	37
	 	 	 
	Section 12.1.	Acceleration	37
	Section 12.2.	Other Remedies	37
	Section 12.3.	Rescission	38
	Section 12.4.	No Waivers or Election of Remedies, Expenses, Etc.	38
	 	 	 
	Section 13.	Registration; Exchange; Substitution of Notes	38
	 	 	 
	Section 13.1.	Registration of Notes	38
	Section 13.2.	Transfer and Exchange of Notes	39
	Section 13.3.	Replacement of Notes	39
	 	 	 
	Section 14.	Payments on Notes	39
	 	 	 
	Section 14.1.	Place of Payment	39
	Section 14.2.	Home Office Payment	40
	Section 14.3.	FATCA Information	40

	 	 	 
	Section 15.	Expenses, Etc.	41
	 	 	 
	Section 15.1.	Transaction Expenses	41
	Section 15.2.	Survival	41
	 	 	 
	Section 16.	Survival of Representations and Warranties; Entire Agreement	41
	 	 	 
	Section 17.	Amendment and Waiver	42
	 	 	 
	Section 17.1.	Requirements	42
	Section 17.2.	Solicitation of Holders of Notes	42
	Section 17.3.	Binding Effect, Etc.	43
	Section 17.4.	Notes Held by Company, Etc.	43
	 	 	 
	Section 18.	Notices	44

 

    -iii-

     

    

 

	Section 19.	Reproduction of Documents	44
	 	 	 
	Section 20.	Confidential Information	45
	 	 	 
	Section 21.	Substitution of Purchaser	46
	 	 	 
	Section 22.	Miscellaneous	46
	 	 	 
	Section 22.1.	Successors and Assigns	46
	Section 22.2.	Accounting Terms	47
	Section 22.3.	Severability	47
	Section 22.4.	Construction, Etc.	47
	Section 22.5.	Counterparts	48
	Section 22.6.	Governing Law	48
	Section 22.7.	Jurisdiction and Process; Waiver of Jury Trial	48
	 	 	 
	Signature	 	50

 

    -iv-

     

    

 

	Schedule A	—	Defined Terms
	 	 	 
	Schedule 5.3	—	Disclosure Materials
	 	 	 
	Schedule 5.4	—	Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock
	 	 	 
	Schedule 5.15	—	Existing Indebtedness
	 	 	 
	Exhibit 4.4(a)(i)	—	Form of Opinion of Counsel to the Company and the Guarantors
	 	 	 
	Exhibit 4.4(a)(ii)	—	Form of Opinion of Special Maryland Counsel to Parent Guarantor
	 	 	 
	Exhibit 4.4(b)	—	Form of Opinion of Counsel to the Purchasers
	 	 	 
	Exhibit A	—	Form of Supplement to Uncommitted Master Note Facility
	 	 	 
	Exhibit B	—	Form of Guaranty

 

    -v-

     

    

 

Agree
Limited Partnership

70
E. Long Lake Road

Bloomfield
Hills, MI 48304

 

Uncommitted
Master Note Facility

 

Dated as of August 3,
2017

 

AIG Asset Management (U.S.), LLC and

Each AIG Affiliate (as defined herein)
which

becomes bound by certain provisions

of this Agreement as hereinafter provided

 

c/o AIG Asset Management (U.S.), LLC

2929 Allen Parkway, A36-04

Houston, Texas 77019-2155

 

Ladies and Gentlemen:

 

Agree
Limited Partnership, a Delaware limited partnership (the “Company”), and Agree
Realty Corporation, a Maryland corporation operating as a real estate investment trust (the “Parent Guarantor”),
jointly and severally, agree with AIG Asset Management (U.S.), LLC, a Delaware limited liability company (“AIG”)
and each AIG Affiliate (as defined herein) which becomes bound by this Agreement as provided herein (each, a “Purchaser”
and, collectively, the “Purchasers”) as follows. Certain capitalized and other terms used in this Agreement
are defined in Schedule A; and references to a “Schedule” or an “Exhibit” are,
unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.

 

Section 1.          Authorization
of Notes.

 

Section 1.1.          Authorization.
The Company may, from time to time and in accordance with the terms of this Agreement, authorize the issue and sale of senior
promissory notes (the “Notes”) issuable in series (each a “Series” of Notes) and guaranteed
by the Parent Guarantor and each of the Subsidiary Guarantors on the terms set forth herein. The Notes of each Series will be
substantially in the form set out in the Supplement (defined below) for such Series, in each case, with such changes therefrom,
if any, as may be approved by the purchasers of the Notes of such Series and the Company. The term “Note” and
“Notes” as used in this Agreement includes each Note delivered pursuant to any provision of this Agreement
and each Note delivered in substitution or exchange for any Note pursuant to any such provision.

 

Section 1.2.          Establishment
of Series. Each Series of Notes will be issued pursuant to a supplement to this Agreement (a “Supplement”)
in substantially the form of Exhibit A, and will be subject to the following terms and conditions:

 

     

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(a)          Notes
of a Series may be issued and sold only to AIG Affiliates, each in its sole and absolute discretion, it being the express understanding
and agreement of the parties hereto that the terms of this Agreement shall not be construed by the Company, the Parent Guarantor
or any other Person as a commitment by AIG or any AIG Affiliate;

 

(b)          subject
to Section 2.3, Notes of a Series may be issued and sold pursuant to this Agreement until the third anniversary of the date
of this Agreement or, if such anniversary is not a Business Day, the Business Day next preceding that anniversary (the period during
which Notes may be issued and sold pursuant to this Agreement is the “Issuance Period”);

 

(c)          the
aggregate principal amount of all Notes of all Series of Notes that may be issued hereunder is $100,000,000 (the “Maximum
Facility Amount”);

 

(d)          the
designation of each Series of Notes shall distinguish the Notes of one Series from the Notes of all other Series, and Notes of
a Series may be issued in tranches within a Series;

 

(e)          the
Notes of each Series and the Guaranty in respect of such Notes shall rank pari passu in right of payment with each other
Series of Notes and at least pari passu in right of payment with all other unsecured Senior Indebtedness of the Company
and the Guarantors, as the case may be;

 

(f)          the
Notes of each Series shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be subject
to such mandatory prepayments on the dates and with the Make-Whole Amounts and other payment amounts, if any, as are agreed to
between the Company, the Parent Guarantor and the purchasers thereof and provided in the Supplement under which such Notes are
issued, and shall have such additional or different conditions precedent to closing and such additional or different representations
and warranties or other terms and provisions as shall be specified in such Supplement;

 

(g)          any
additional covenants, Defaults, Events of Defaults, rights or similar provisions that are added by a Supplement for the benefit
of the Series to be issued pursuant to such Supplement shall apply to all outstanding Notes, whether or not the Supplement so provides,
provided, that any such additional covenants, Defaults or Events of Default shall not reduce or diminish any existing covenants
or Events of Default; and

 

(h)          except
to the extent provided in Subsection (f) above, all of the provisions of this Agreement shall apply to the Notes of each Series.

 

Section 1.3.          Guaranty.
The payment by the Company of all amounts due with respect to the Notes and the performance by the Company of its obligations under
this Agreement (including each Supplement) will be absolutely and unconditionally guaranteed by the Parent Guarantor and Subsidiary
Guarantors pursuant to the guaranty agreement substantially in the form of Exhibit B attached hereto and made a part
hereof (as the same may be amended, modified, extended or renewed, the “Guaranty”).

 

    	 	-2-	 

     

    

  

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 2.          Uncommitted
Note Facility.

 

Section 2.1.          Facility.
Subject to the terms and conditions of this Agreement, AIG is willing to consider from time to time, in its sole discretion and
within limits that may be authorized for purchase by AIG Affiliates, the purchase of Notes pursuant to this Agreement. The willingness
of AIG to consider such purchase of Notes is the “Facility.” Notwithstanding
the willingness of AIG to consider purchases of Notes by AIG Affiliates, this Agreement is entered into on the express understanding
that neither AIG nor any AIG Affiliate will be obligated to make or accept offers to purchase Notes, or to quote rates, spreads
or other terms with respect to specific purchases of Notes, that AIG and any AIG Affiliate may decline to purchase Notes for any
reason in their sole discretion, and the Facility is not to be construed as a commitment
by AIG or any AIG Affiliate.

 

Section 2.2.          Requests
for Purchase. The Company and the Parent Guarantor may, from time to time during the Issuance Period, make requests for purchases
of Notes in writing to AIG, specifying (a) the aggregate principal amount of Notes to be purchased, in an amount not less than
$10,000,000 and not greater than the remaining Maximum Facility Amount at the time the request is made, (b) the desired final maturity,
(c) the desired Closing Date, (d) the intended use by the Company of the proceeds from the sale of such Notes, and (e) such other
terms as the Company and the Parent Guarantor shall request. AIG may, but is under no obligation to, consider such requests, and
may provide to the Company and the Parent Guarantor quotes for interest rate spreads based upon the terms requested by the Company
and the Parent Guarantor, and may propose such other terms and conditions as AIG shall require. Any agreement reached mutually
between the Company, the Parent Guarantor and AIG shall be set forth in a written rate lock letter (each, a “Rate Lock
Letter”), which letter shall specify the interest rate to be applicable to such Notes, payment terms and such other the
terms and conditions on which such Notes may be purchased by AIG Affiliates. Upon the execution and delivery of the Rate Lock Letter
by AIG, the Company and the Parent Guarantor, and subject to the terms and conditions of this Agreement, the related Supplement
and the Rate Lock Letter, the Company will sell to AIG Affiliates and AIG Affiliates will purchase the Notes of a Series having
the terms and other provisions set forth in the Rate Lock Letter.

 

Section 2.3.          Option
to Terminate Issuance Period. The Company and the Parent Guarantor may at their option by written notice to AIG, and AIG at
its option by written notice to the Company and the Parent Guarantor, terminate the Issuance Period hereunder prior to the end
date thereof, and thereby permanently terminate the issuance and sale of any additional Notes hereunder. The termination of the
Issuance Period will be effective on the tenth Business Day after such written notice is given by the party or parties requesting
such termination. If the Issuance Period is terminated when Notes of one or more Series are outstanding, then no additional Notes
shall be issued or sold under this Agreement, but all other terms and provisions of this Agreement, the Notes, the Guaranty and
any other agreements and instruments entered into in connection herewith and therewith shall remain in full force and effect. If
the Issuance Period is terminated when no Notes are outstanding, then this Agreement shall also be deemed terminated (except for
provisions hereof that expressly survive any termination).

 

    	 	-3-	 

     

    

  

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 3.          Execution;
Closings.

 

The execution and delivery
of this Agreement shall occur on August 3, 2017 (the “Execution Date”). The sale and purchase of each Series
of Notes to be purchased by the Purchasers thereof from time to time shall occur at the offices of Chapman and Cutler LLP, 111 West
Monroe Street, Chicago, Illinois 60603 at 10:00 A.M. Chicago time, at a closing
on the date (each, a “Closing Date”) mutually agreed upon by the Company and the Purchasers of such Series and
designated in the Supplement related thereto (each, a “Closing”). At each Closing, the Company will deliver
to each Purchaser of the Series then to be issued and sold, the Notes to be purchased by such Purchaser at such Closing in the
form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated
the date of such Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such
Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer
of immediately available funds to the account identified pursuant to Section 4.11. If at a Closing the Company shall
fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified
in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election,
be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason
of such failure or such nonfulfillment.

 

Section 4.          Conditions
to Closing.

 

Each Purchaser’s
obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing for such Notes is subject to the fulfillment
to such Purchaser’s satisfaction, prior to or at such Closing, of the following conditions and the conditions specified in
the Supplement pursuant to which such Notes may be issued:

 

Section 4.1.          Representations
and Warranties. (a) The representations and warranties of the Company in this Agreement and the related Supplement shall
be correct when made and at the time of such Closing.

 

(b)          The
representations and warranties of the Guarantors in this Agreement, the related Supplement and the Guaranty shall be correct when
made and at the time of such Closing.

 

Section 4.2.          Performance;
No Default. (a) The Company shall have performed and complied with all agreements and conditions contained in this Agreement
and the related Supplement required to be performed or complied with by it prior to or at such Closing. From the date of this Agreement
until such Closing, before and after, and after giving effect to the issue and sale of the Notes at such Closing (and the application
of the proceeds thereof as contemplated by Section 5.14), no Change in Control, Default or Event of Default shall have
occurred and be continuing. Neither the Company nor any of its Subsidiaries shall have entered into any transaction since the date
of the applicable Rate Lock Letter that would have been prohibited by Section 10 had such Section applied since such
date.

 

    	 	-4-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          Each
Guarantor shall have performed and complied with all agreements and conditions contained in this Agreement and the Guaranty required
to be performed and complied with by it prior to or at such Closing, and after giving effect to the issue and sale of Notes at
such Closing (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of
Default shall have occurred and be continuing. Neither the Parent Guarantor nor any Subsidiary shall have entered into any transaction
since the date of the applicable Rate Lock Letter that would have been prohibited by Section 10 had such Section applied
since such date.

 

Section 4.3.          Compliance
Certificates.

 

(a)          Officer’s
Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of such Closing,
certifying that the conditions specified in Sections 4.1(a), 4.2(a) and 4.9 have been fulfilled.

 

(b)          Guarantor
Officer’s Certificate.  Each Guarantor shall have delivered to such Purchaser an Officer’s Certificate, dated the
date of such Closing, certifying that the conditions specified in Section 4.1(b), 4.2(b) and 4.9 have
been fulfilled.

 

(c)          Secretary’s
Certificate. The Company shall have delivered to such Purchaser a certificate of its general partner, dated the date of such
Closing, certifying as to (i) the resolutions attached thereto and other proceedings relating to the authorization, execution
and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as then in effect.

 

(d)          Guarantor
Secretary’s Certificate.  Each Guarantor shall have delivered to such Purchaser a certificate of an authorized officer,
dated the date of such Closing, certifying as to (i) the resolutions attached thereto and other legal proceedings relating
to the authorization, execution and delivery of this Agreement (in the case of the Parent Guarantor) and the Guaranty and (ii) the
Guarantor’s organizational documents as then in effect.

 

(e)          Certificates.
The certificates provided under this Section 4.3 may be combined and delivered as one or more certificates.

 

Section 4.4.          Opinions
of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date
of such Closing (a)(i) from Honigman Miller Schwartz and Cohn LLP, independent counsel for the Company and the Guarantors, covering
the matters set forth in Exhibit 4.4(a)(i) and covering such other matters incident to the transactions contemplated
hereby as such Purchaser or its counsel may reasonably request as appropriate (and the Company and the Parent Guarantor hereby
instruct their counsel to deliver such opinion to the Purchasers), (ii) from Ballard Spahr LLP, as special Maryland counsel
to the Parent Guarantor, covering the matters as appropriate for the Parent Guarantor set forth in Exhibit 4.4(a)(ii)
and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably
request as appropriate (and the Company and the Parent Guarantor hereby instruct their counsel to deliver such opinion to the Purchasers)
and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially
in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser
may reasonably request.

 

    	 	-5-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 4.5.          Purchase
Permitted by Applicable Law, Etc. On the date of such Closing such Purchaser’s purchase of Notes shall (a) be permitted
by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8)
of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character
of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T,
U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or
liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.
If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters
of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

 

Section 4.6.          Sale
of Other Notes. Contemporaneously with such Closing, the Company shall sell to each other Purchaser, and each other Purchaser
shall purchase, the Notes to be purchased by it at such Closing as specified in the applicable Supplement.

 

Section 4.7.          Payment
of Special Counsel Fees. Without limiting the provisions of Section 15.1, the Company shall have paid on or before
the date of such Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in
Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day
prior to such Closing.

 

Section 4.8.          Private
Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with
the SVO) shall have been obtained for the Series of Notes (or each tranche within such Series) to be purchased at such Closing.

 

Section 4.9.          Changes
in Legal Structure. The Obligors shall not have changed their respective jurisdiction of incorporation or organization, as
applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any
other entity, at any time following the date of the most recent financial statements referred to in Section 5.5.

 

Section 4.10.         Certain
Documents. (a) The Company, the Parent Guarantor and each Purchaser of the Notes to be issued and sold at such Closing shall
have executed and delivered a Supplement substantially in the form of Exhibit A hereto.

 

(b)          On
or before the date of the first Closing hereunder, the Guaranty shall have been executed and delivered by the Guarantors and shall
be in full force and effect. On the date of each subsequent Closing hereunder, the Guaranty shall remain in full force and effect
and the Parent Guarantor and each Subsidiary Guarantor shall have executed and delivered a written ratification of the Guaranty
in form reasonably satisfactory to the Purchasers, which ratification shall confirm that the Series of Notes to be purchased at
such Closing are guaranteed by the Parent Guarantor and each Subsidiary Guarantor under the Guaranty.

 

    	 	-6-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 4.11.         Funding
Instructions. At least three Business Days prior to the date of such Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company or the Parent Guarantor identifying (a) the name and address
of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and number into which the
purchase price for the Notes to be purchased is to be deposited.

 

Section 4.12.         AIG
Approvals. All necessary committee approvals, including credit committee approval, for the Series of Notes to be purchased
shall have been obtained.

 

Section 4.13.         Proceedings
and Documents. All legal and other proceedings in connection with the transactions contemplated by this Agreement and all documents
and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser
and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such
Purchaser or such special counsel may reasonably request.

 

Section 5.          Representations
and Warranties of the Parent Guarantor and the Company.

 

The Company and the
Parent Guarantor jointly and severally represent and warrant to AIG as of the date of this Agreement and to AIG and each Purchaser
as of the time of each Closing as follows (it being understood that the Company and the Parent Guarantor may supplement the representations
and warranties set forth in this Section 5 and the related Schedules pursuant to a Supplement entered into in connection with
the issuance of a Series of Notes; provided that no supplement to any representation or warranty shall modify any representation
or warranty (or cure any misrepresentation or error in warranty) made by the Company or the Parent Guarantor as of an earlier date):

 

Section 5.1.          Organization;
Power and Authority. Each Obligor is an entity duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, except as noted in Schedule 5.4, and is duly qualified as a foreign entity and is in good
standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure
to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Each Obligor has the legal power and authority to own or hold under lease the properties it purports to own or hold under
lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement or the Guaranty, and
the Notes, as applicable, and to perform the provisions hereof and thereof.

 

Section 5.2.          Authorization,
Etc. This Agreement, the Guaranty and the Notes have been duly authorized by all necessary legal action on the part of the
Obligors party thereto, and this Agreement and the Guaranty constitute, and upon execution and delivery thereof each Note will
constitute, a legal, valid and binding obligation of each Obligor party thereto enforceable against the Obligor party thereto in
accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

    	 	-7-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 5.3.          Disclosure.
This Agreement, and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company and
the Parent Guarantor in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the
financial statements referred to in Section 5.5, (this Agreement, and such documents, certificates or other writings
and such financial statements delivered to each Purchaser prior to the applicable Closing Date, being referred to, collectively,
as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which
they were made. Since the end of the most recent fiscal year for which audited financial statements of the Parent Guarantor have
been delivered to AIG, there has been no change in the financial condition, operations, business or properties of the Obligors
or their respective Subsidiaries except changes that individually or in the aggregate could not reasonably be expected to have
a Material Adverse Effect. There is no fact known to the Company or the Parent Guarantor that could reasonably be expected to have
a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

Section 5.4.          Organization
and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete
and correct lists (i) as of August 2, 2017 (since which date there have been no Material changes) of the Subsidiaries
of the Parent Guarantor and the Company, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization,
and the percentage of the Equity Interests outstanding owned by the Parent Guarantor, the Company, and each other Subsidiary, (ii) of
the Parent Guarantor’s and the Company’s Affiliates, other than Subsidiaries, and (iii) of the Parent Guarantor’s
and the Company’s directors, and senior officers.

 

(b)          All
of the outstanding Equity Interests of each Subsidiary shown in Schedule 5.4 as being owned by the Parent Guarantor
or the Company and their respective Subsidiaries have been validly issued, are fully paid and nonassessable (in the case of capital
stock) and are owned by the Parent Guarantor or another Subsidiary free and clear of any Lien (except as otherwise disclosed in
Schedule 5.4).

 

(c)          Each
Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization, except as noted in Schedule 5.4, and is duly qualified
as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required
by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other legal
power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business
it transacts and proposes to transact.

 

    	 	-8-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(d)          No
Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction (other than the agreements
listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability
of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Parent Guarantor,
the Company or any of their respective Subsidiaries that owns outstanding shares of capital stock or similar equity interests of
such Subsidiary.

 

Section 5.5.          Financial
Statements; Material Liabilities. The Parent Guarantor’s report on Form 10-K for the most recent fiscal year end
for which a Form 10-K has been filed with the SEC by the Parent Guarantor and its quarterly report on Form 10-Q for
the most recent quarter end for which a Form 10-Q has been filed with the SEC by the Parent Guarantor, contain consolidated
financial statements of the Parent Guarantor. All of said financial statements (including in each case the related schedules and
notes) fairly present in all material respects the consolidated financial position of the Parent Guarantor and its Subsidiaries
(including, without limitation, the Company) as of the respective dates specified in such financial statements and the consolidated
results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim
financial statements, to normal year-end adjustments). The Parent Guarantor, the Company and their Subsidiaries do not have any
Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

 

Section 5.6.          Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Obligors of this Agreement, the Guaranty
and the Notes, to which they are a party, will not (a) contravene, result in any breach of, or constitute a default under,
or result in the creation of any Lien in respect of any property of any Obligor or any of its Subsidiaries under, any indenture,
mortgage, deed of trust, loan, purchase or credit agreement, lease, charter, regulations or by-laws, partnership agreement, limited
liability company agreement or any other agreement or instrument to which any Obligor or any of its Subsidiaries is bound or by
which any Obligor or any of its Subsidiaries or any of their respective properties may be bound or affected, (b) conflict
with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to any Obligor or any of its Subsidiaries or (c) violate any provision of
any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any of its Subsidiaries.

 

Section 5.7.          Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance by the Obligors of this Agreement, the Guaranty
or the Notes, as applicable.

 

Section 5.8.          Litigation;
Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations or proceedings pending
or, to the knowledge of the Parent Guarantor or the Company, threatened against or affecting any Obligor or any of their Subsidiaries
or any property of the Obligors or any of their Subsidiaries in any court or before any arbitrator of any kind or before or by
any Governmental Authority, including, without limitation, matters disclosed in the most recent Form 10-Q or Form 10-K filings
of the Parent Guarantor that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

    	 	-9-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          Neither
the Parent Guarantor nor any of its Subsidiaries is (i) in default under any term of any agreement or instrument to which
it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator
or Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority
(including without limitation Environmental Laws, the USA PATRIOT Act or any other laws and regulations that are referred to in
Section 5.16), which default or violation, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect.

 

Section 5.9.          Taxes.
Each Obligor and their respective Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction,
and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their
properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they
have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate
Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which the Obligors or a Subsidiary, as the case may be, have established adequate reserves in accordance with
GAAP. Neither the Parent Guarantor nor the Company knows of any basis for any other tax or assessment that could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books
of the Parent Guarantor, the Company and their respective Subsidiaries in respect of Federal, state or other taxes for all fiscal
periods are adequate. The Federal income tax liabilities of the Obligors and their respective Subsidiaries are not subject to any
incomplete audit.

 

Section 5.10.         Title
to Property; Leases. The Obligors and their respective Subsidiaries have good and sufficient title to their respective properties
that individually or in the aggregate are Material, including all such properties reflected in the audited balance sheet referred
to in Section 5.5 or purported to have been acquired by the Obligors or any Subsidiary after said date (except as sold
or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement,
except for any failure to have such title as is disclosed in the Parent Guarantor’s most recent annual report on Form 10-K,
none of which could reasonably be expected to have a Material Adverse Effect. All leases that individually or in the aggregate
are Material are valid and subsisting and are in full force and effect in all material respects.

 

Section 5.11.         Licenses,
Permits, Etc. Except, in the case of subsections (a), (b) and (c) below, as could not reasonably be expected to have a
Material Adverse Effect,

 

(a)          the
Obligors and their respective Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights,
proprietary software, service marks, trademarks and trade names, or rights thereto without known conflict with the rights of others;

 

    	 	-10-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          to
the knowledge of the Parent Guarantor and the Company, no product or service of the Obligors or any of their respective Subsidiaries
infringes any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade
name or other right owned by any other Person; and

 

(c)          to
the knowledge of the Parent Guarantor and the Company, there is no violation by any Person of any right of the Obligors or any
of their respective Subsidiaries with respect to any license, permit, franchise, authorization, patent, copyright, proprietary
software, service mark, trademark, trade name or other right owned or used by the Obligors or any of their respective Subsidiaries.

 

Section 5.12.         Compliance
with Employee Benefit Plans. (a) None of the Obligors or their ERISA Affiliates sponsors, maintains or contributes to
(or has sponsored, maintained or contributed to in the last five years) any Plan that is subject to section 412 of the Code or
Title IV of ERISA.

 

(b)          Each
Obligor and each ERISA Affiliate have operated and administered each Plan (excluding Multiemployer Plans) in compliance with all
applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. No Obligor nor any ERISA Affiliate has incurred any liability pursuant
to Title I of ERISA or the penalty or excise tax provisions of the Code or ERISA relating to employee benefit plans (as defined
in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could, individually or in the aggregate,
reasonably be expected to result in the incurrence of any such liability by the Obligors or any ERISA Affiliate, or in the imposition
of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title
I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law
or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such
liabilities as would not be individually or in the aggregate Material.

 

(c)          The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the
end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes
in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan
allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001
of ERISA and the terms “current value” and “present value” have the meaning specified in
section 3 of ERISA.

 

(d)          Each
Obligor and their ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

 

    	 	-11-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(e)          The
expected postretirement benefit obligation (determined as of the last day of the Parent Guarantor’s most recently ended fiscal
year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to
liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Parent Guarantor, the Company and
their Subsidiaries is not Material.

 

(f)          The
execution and delivery of this Agreement, the Guaranty and the issuance and sale of the Notes hereunder will not involve any transaction
that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to
section 4975(c)(1)(A)-(D) of the Code. The representation in the first sentence of this Section 5.12(f) is made
in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources
of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.

 

(g)          The
Obligors and their Subsidiaries do not have any Non-U.S. Plans.

 

Section 5.13.         Private
Offering. Neither the Parent Guarantor, the Company nor anyone acting on its or their behalf has offered the Notes, the Guaranty
or any similar Securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated
in respect thereof with, any Person other than the Purchasers and other AIG Affiliates that are Institutional Investors, each of
which has been offered the Notes and the Guaranty at a private sale for investment pursuant to Section 4(a)(2) of the Securities
Act. Neither the Parent Guarantor, the Company nor anyone acting on its or their behalf has taken, or will take, any action that
would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to
the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

 

Section 5.14.         Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder as described in the
applicable Supplement. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the
purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as
to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation
of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets
of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more
than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying
or carrying” shall have the meanings assigned to them in said Regulation U.

 

    	 	-12-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 5.15.         Existing
Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct
description of all outstanding Indebtedness of the Parent Guarantor, the Company and their respective Subsidiaries as of June 30,
2017 (including a description of the principal amount outstanding and collateral therefor, if any, and guaranty thereof, if any),
since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities
of the Indebtedness of the Parent Guarantor, the Company or their respective Subsidiaries. Neither the Parent Guarantor, the Company
nor any of their respective Subsidiaries is in default and no waiver of default is currently in effect, in the payment of any principal
or interest on any Indebtedness of the Parent Guarantor, the Company or such Subsidiary, and no event or condition exists with
respect to any Indebtedness of the Parent Guarantor, the Company or any of their respective Subsidiaries the outstanding principal
amount of which exceeds $25,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or
more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled
dates of payment.

 

(b)          Except
as provided in the agreements and documents for the Indebtedness described in Schedule 5.15, neither the Parent Guarantor,
the Company nor any of their respective Subsidiaries has agreed or consented to cause or permit any of its property, whether now
owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening
of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures
Indebtedness which, individually or in the aggregate, is Material.

 

(c)          Neither
the Parent Guarantor, the Company nor any of their respective Subsidiaries is a party to, or otherwise subject to any provision
contained in, any instrument evidencing Indebtedness of the Parent Guarantor, the Company or such Subsidiary, any agreement relating
thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount
of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Parent Guarantor, the Company or any of their respective
Subsidiaries, except as referred to in Schedule 5.15.

 

Section 5.16.         Foreign
Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has
been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions
that have been imposed by the United Nations or the European Union.

 

(b)          Neither
an Obligor nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any
applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to either Obligor’s
knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money
Laundering Laws or Anti-Corruption Laws.

 

(c)          No
part of the proceeds from the sale of the Notes hereunder:

 

(i)          constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by an Obligor or any Controlled Entity,
directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person,
(B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise
in violation of any U.S. Economic Sanctions Laws;

 

    	 	-13-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(ii)         will
be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering
Laws; or

 

(iii)        will
be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would
be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)          Each
Obligor has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable
law) to ensure that each Obligor and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic
Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.17.         Status
under Certain Statutes. No Obligor nor any of their respective Subsidiaries is subject to regulation under the Investment Company
Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended,
or the Federal Power Act, as amended.

 

Section 5.18.         Notes
Rank Pari Passu. The obligations of the Company under this Agreement and the Notes and the obligations of each Guarantor under
the Guaranty rank at least pari passu in right of payment with all other unsecured Senior Indebtedness of the Company or
such Guarantor, as the case may be, including, without limitation, all unsecured Senior Indebtedness of the Company or such Guarantor,
as the case may be, described in Schedule 5.15 hereto.

 

Section 5.19.         Environmental
Matters. (a) Neither any Obligor nor any of their respective Subsidiaries has knowledge of any claim or has received any
notice of any claim, and no proceeding has been instituted raising any claim against the Obligors or any of their respective Subsidiaries
or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any
damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected
to result in a Material Adverse Effect.

 

(b)          Neither
any Obligor nor any of their respective Subsidiaries has knowledge of any facts which would give rise to any claim, public or private,
of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties
now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not
reasonably be expected to result in a Material Adverse Effect.

 

(c)          Neither
any Obligor nor any of their respective Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned,
leased or operated by any of them in a manner contrary to any Environmental Laws in each case in any manner that could reasonably
be expected to result in a Material Adverse Effect.

 

    	 	-14-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(d)          
Neither any Obligor nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental
Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(e)          All
buildings on all real properties now owned, leased or operated by the Obligors or any of their respective Subsidiaries are in compliance
with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse
Effect.

 

Section 5.20.         REIT
Status. The Parent Guarantor has taken all action necessary to qualify as a real estate investment trust under the Code for
each of the three taxable years of the Parent Guarantor most recently ended and has not taken any action which would prevent it
from maintaining such qualification at all times during the term of this Agreement. Each Subsidiary of the Parent Guarantor that
is treated as a corporation for U.S. federal income tax purposes is either (i) a “qualified REIT subsidiary” within
the meaning of section 856(i)(2) of the Code or (ii) a “taxable REIT subsidiary” within the meaning of section 856(l)
of the Code.

 

Section 6.          Representations
of the Purchasers.

 

Section 6.1.          Purchase
for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more
separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof; provided that the disposition of such Purchaser’s or their property shall at all times be
within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities
Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration
is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the
Company is not required to register the Notes.

 

Section 6.2.          Source
of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as
to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to
be purchased by such Purchaser hereunder:

 

(a)          the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined
by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for
the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and
liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same
employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed
10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set
forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or

 

    	 	-15-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          the
Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations
under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such
separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by
the investment performance of the separate account; or

 

(c)          the
Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment
fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns
more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

(d)          the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the
assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent
more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied,
neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause
the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity
of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets
of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part
VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such
investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or

 

(e)          the
Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled
by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest
in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute
the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)          the
Source is a governmental plan; or

 

    	 	-16-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(g)          the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)          the
Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.2,
the terms “employee benefit plan,” “governmental plan,” and “separate account”
shall have the respective meanings assigned to such terms in section 3 of ERISA.

 

Section 7.          Information
as to the Parent Guarantor and the Company.

 

Section 7.1.          Financial
and Business Information. The Parent Guarantor shall deliver to AIG and each holder of Notes that is an Institutional Investor:

 

(a)          Quarterly
Statements — within 60 days (or such shorter period as is the earlier of (x) 15 days greater than the
period applicable to the filing of the Parent Guarantor’s Quarterly Report on Form 10-Q (the “Form 10-Q”)
with the SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by
which such financial statements are required to be delivered under any Principal Debt Facility or the date on which such corresponding
financial statements are delivered under any Principal Debt Facility if such delivery occurs earlier than such required delivery
date) after the end of each quarterly fiscal period in each fiscal year of the Parent Guarantor (other than the last quarterly
fiscal period of each such fiscal year), duplicate copies of:

 

(i)          an
unaudited consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such quarter, and

 

(ii)         unaudited
consolidated statements of operations and comprehensive income, stockholders’ equity and cash flows of the Parent Guarantor
and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending
with such quarter,

 

setting forth in each case in
comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance
with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of the Parent Guarantor
as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of
operations and cash flows, subject to changes resulting from year-end adjustments;

 

(b)          Annual
Statements — within 105 days (or such shorter period as is the earlier of (x) 15 days greater than the period applicable
to the filing of the Parent Guarantor’s Annual Report on Form 10-K (the “Form 10-K”) with the
SEC regardless of whether the Parent Guarantor is subject to the filing requirements thereof and (y) the date by which such financial
statements are required to be delivered under any Principal Debt Facility or the date on which such corresponding financial statements
are delivered under any Principal Debt Facility if such delivery occurs earlier than such required delivery date) after the end
of each fiscal year of the Parent Guarantor, duplicate copies of

 

    	 	-17-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(i)          a
consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and

 

(ii)         consolidated
statements of operations and comprehensive income, changes in stockholders’ equity and cash flows of the Parent Guarantor
and its Subsidiaries for such year,

 

setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied
by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification
or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national
standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position
of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP,
and that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;

 

(c)          SEC
and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice
proxy statement or similar document sent by the Parent Guarantor, the Company or any of their respective Subsidiaries (x) to
its creditors under any Principal Debt Facility (excluding information sent to such creditors in the ordinary course of administration
of a credit facility, such as information relating to pricing and borrowing availability) or (y) to its public securities holders
generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested
by such holder), and each prospectus and all amendments thereto filed by the Parent Guarantor, the Company or any of their respective
Subsidiaries with the SEC and of all press releases and other statements made available generally by the Parent Guarantor, the
Company or any of their respective Subsidiaries to the public concerning developments that are Material and (iii) any valuation
information with respect to any real property of the Parent Guarantor, the Company or any of their Subsidiaries that is received
from, or provided to, a lender pursuant to the terms of a secured credit facility for which such real property serves as security
(other than Governmental Authorities);

 

(d)          Notice
of Default or Event of Default — promptly, and in any event within five Business Days after a Responsible Officer of
the Parent Guarantor or the Company becoming aware of the existence of any Default or Event of Default or that any Person has given
any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any
action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the
nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(e)          Employee
Benefit Matters — promptly, and in any event within five days after a Responsible Officer becoming aware of any of the
following, a written notice setting forth the nature thereof and the action, if any, that the Parent Guarantor, the Company or
an ERISA Affiliate proposes to take with respect thereto:

 

(i)          with
respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or

 

(ii)         the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Parent Guarantor,
the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect
to such Multiemployer Plan; or

 

(iii)        any
event, transaction or condition that could result in the incurrence of any liability by the Parent Guarantor, the Company or any
ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Parent Guarantor, the Company
or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien,
taken together with any other such liabilities or Liens then existing, could reasonably be expected to have a Material Adverse
Effect;

 

(f)          Notices
from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice
to the Parent Guarantor, the Company or any of their respective Subsidiaries from any Governmental Authority relating to any order,
ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect;

 

(g)          Resignation
or Replacement of Auditors — within ten days following the date on which the Parent Guarantor’s auditors resign
or the Parent Guarantor elects to change auditors, as the case may be, notification thereof, together with such supporting information
as the Required Holders may request; and

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(h)          Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs,
financial condition, assets or properties of the Parent Guarantor, the Company or any of their respective Subsidiaries (including
actual copies of the Parent Guarantor’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform
its obligations hereunder and under the Notes or relating to the ability of the Parent Guarantor to perform its obligations hereunder
and under the Guaranty or the ability of any Subsidiary Guarantor to perform its obligations under the Guaranty, in each such case
as from time to time may be reasonably requested by AIG or any such holder of Notes.

 

Section 7.2.          Officer’s
Certificate. Each set of quarterly and annual financial statements delivered to AIG or a holder of Notes pursuant to Section 7.1(a)
or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of the Parent Guarantor setting
forth:

 

(a)          Covenant
Compliance — the information (including detailed calculations) required in order to establish whether the Parent Guarantor
and the Company were in compliance with the requirements of Sections 10.2 through 10.8, inclusive, and any other
financial covenant added pursuant to any Supplement, during the quarterly or annual period covered by the financial statements
then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum
amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount,
ratio or percentage then in existence). In the event that the Parent Guarantor or any Subsidiary has made an election to measure
any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this
Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial
Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election;

 

(b)          Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused
to be made, under his or her supervision, a review of the transactions and conditions of the Parent Guarantor, the Company or their
respective Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to
the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or
event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without
limitation, any such event or condition resulting from the failure of the Parent Guarantor, the Company or any of their respective
Subsidiaries to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Parent
Guarantor or the Company shall have taken or proposes to take with respect thereto; and

 

(c)          Subsidiary
Guarantors – setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that each Subsidiary
that is required to be a Subsidiary Guarantor pursuant to Section 9.8 is a Subsidiary Guarantor, in each case, as of the date
of such certificate of Senior Financial Officer.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 7.3.          Visitation.
The Parent Guarantor and the Company shall permit the representatives of AIG and each holder of Notes that is an Institutional
Investor:

 

(a)          No
Default — if no Default or Event of Default then exists, at the expense of AIG or such holder and upon reasonable prior
notice to the Parent Guarantor and the Company, to visit the principal executive office of the Parent Guarantor or the Company,
as the case may be, to discuss the affairs, finances and accounts of the Parent Guarantor, the Company and their respective Subsidiaries
with the Parent Guarantor’s and the Company’s officers, and (with the consent of the Parent Guarantor and the Company,
which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Parent Guarantor
and the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Parent Guarantor,
the Company or each of their respective Subsidiaries, all at such reasonable times and as often as may be reasonably requested
in writing; and

 

(b)          Default
— if a Default or an Event of Default then exists, at the expense of the Parent Guarantor and the Company, to visit and inspect
any of the offices or properties of the Parent Guarantor, the Company or any of their respective Subsidiaries, to examine all their
respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective
affairs, finances and accounts with their respective officers and independent public accountants (and by this provision each of
the Parent Guarantor and the Company authorize said accountants to discuss the affairs, finances and accounts of the Parent Guarantor,
the Company and their respective Subsidiaries), all at such times and as often during regular business hours as may be requested.

 

Section 7.4.          Electronic
Delivery. Financial statements, opinions of independent certified public accountants, other information and Officer’s
Certificates that are required to be delivered by the Parent Guarantor pursuant to Sections 7.1(a), (b) or (c)
and Section 7.2 shall be deemed to have been delivered if the Parent Guarantor satisfies any of the following requirements
with respect thereto:

 

(a)          such
financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate
satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered
to AIG and each holder of a Note by e-mail at the e-mail address for AIG set forth in Section 18 or for a holder as
set forth in such holder’s Schedule A attached to the related Supplement or as communicated from time to time in a separate
writing delivered to the Obligors;

 

(b)          the
Parent Guarantor shall have timely filed Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a)
or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s
Certificate satisfying the requirements of Section 7.2 available on its home page on the internet, which is located at http://agreerealty.com
as of the date of this Agreement;

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(c)          such
financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s
Certificate(s) satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c)
are timely posted by or on behalf of the Parent Guarantor on IntraLinks or on any other similar website to which each holder of
Notes has free access; or

 

(d)          the
Parent Guarantor shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and shall
have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which each
Purchaser or holder of Notes has free access;

 

provided however, that
in no case shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any
waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement);
provided further, that in the case of any of clauses (b), (c) or (d), the Parent Guarantor shall have given AIG or such
holder of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such posting or
filing in connection with each delivery, provided further, that upon request of AIG or such holder to receive paper copies
of such forms, financial statements and Officer’s Certificates or to receive them by e-mail, the Parent Guarantor will promptly
e-mail them or deliver such paper copies, as the case may be, to AIG or such holder.

 

Section 8.          Payment
and Prepayment of the Notes.

 

Section 8.1.          Required
Prepayments; Maturity. Each Series of Notes will be subject to required prepayments, if any, as and to the extent set forth
in the Supplement relating to such Series. Upon any partial prepayment of the Notes of any Series pursuant to Section 8.2
or Section 8.3, the principal amount of each required prepayment of such Series of Notes, if any, becoming due under
this Section 8.1 on and after the date of such prepayment shall be reduced in the same proportion as the aggregate
unpaid principal amount of the Note of such Series is reduced as a result of such prepayment.

 

Section 8.2.          Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below, prepay at any time all,
or from time to time any part of the Notes, in an amount not less than 10% of the aggregate principal amount of the Notes (without
regard to Series) then outstanding, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date
of such prepayment, and the applicable Make-Whole Amount determined for the prepayment date with respect to such principal amount.
The Company will give each holder of Notes being so prepaid written notice of each optional prepayment under this Section 8.2
not less than 10 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify
such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal
amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.4), and the interest
to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate
of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the
date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to
such prepayment, the Company shall deliver to each holder of Notes to be prepaid a certificate of a Senior Financial Officer specifying
the calculation of such Make-Whole Amount as of the specified prepayment date.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 8.3.          Change
in Control.

 

(a)          Notice
of Change in Control. The Company will, within five (5) days after the occurrence of any Change in Control, give written notice
(the “Change in Control Notice”) of such Change in Control to each holder of Notes. Such Change in Control
Notice shall contain and constitute an offer to prepay the Notes as described in Section 8.3(b) hereof and shall be accompanied
by the certificate described in Section 8.3(e).

 

(b)          Offer
to Prepay Notes. The offer to prepay Notes shall be an offer to prepay, in accordance with and subject to this Section 8.3,
all, but not less than all, the Notes held by each holder on a date specified in such offer (the “Proposed Prepayment
Date”). Such Proposed Prepayment Date shall be not less than 15 days and not more than 30 days after the date of
such offer.

 

(c)          Acceptance/Rejection.
A holder of Notes may accept the offer to prepay made pursuant to this Section 8.3 by causing a notice of such
acceptance to be delivered to the Company not later than 15 days after receipt by such holder of the most recent offer of
prepayment. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.3 shall
be deemed to constitute a rejection of such offer by such holder.

 

(d)          Prepayment.
Prepayment of the Notes to be prepaid pursuant to this Section 8.3 shall be at 100% of the principal amount of
such Notes, together with interest on such Notes accrued to the date of prepayment, but without Make-Whole Amount or other premium.
The prepayment shall be made on the Proposed Prepayment Date.

 

(e)          Officer’s
Certificate.  Each offer to prepay the Notes pursuant to this Section 8.3 shall be accompanied by a certificate, executed
by a Senior Financial Officer and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that
such offer is made pursuant to this Section 8.3; (iii) the principal amount of each Note offered to be prepaid;
(iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that
the conditions of this Section 8.3 have been fulfilled; and (vi) in reasonable detail, the nature and
date or proposed date of the Change in Control.

 

(f)          Certain
Definitions.  Any one of the following shall constitute a “Change in Control”:

 

(i)          any
“person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange
Act, whether or not applicable), other than the Parent Guarantor or the Company or any employee benefit plan of the Parent Guarantor
or the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of more than 50% of the total voting power in the aggregate of all classes of shares of the capital stock of the
Parent Guarantor then outstanding entitled to vote generally in elections of directors; or

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(ii)         during
any period of 12 consecutive months after the date of original issuance of the Notes of a Series, persons who at the beginning
of such 12-month period constituted the Board of Directors of the Parent Guarantor, together with any new persons whose election
was approved by a vote of a majority of the persons then still comprising the Board of Directors of the Parent Guarantor who were
either members of the Board of Directors of the Parent Guarantor at the beginning of such period or whose election, designation
or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors
of the Parent Guarantor.

 

Section 8.4.          Allocation
of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal
amount of the Notes to be prepaid shall be allocated pro rata among all holders of the Notes at the time outstanding in proportion,
as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. All partial
prepayments made pursuant to Section 8.3 shall be applied only to the Notes of the holders who have elected to participate
in such prepayment.

 

Section 8.5.          Maturity;
Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each
Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day),
together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after
such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole
Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be
surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal
amount of any Note.

 

Section 8.6.          Purchase
of Notes. Neither the Parent Guarantor nor the Company will nor will they permit any Affiliate to purchase, redeem, prepay
or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the
Notes in accordance with the terms of this Agreement (including any Supplement) and the Notes or (b) pursuant to an offer
to purchase made by the Parent Guarantor, the Company or an Affiliate to the holders of all Notes at the time outstanding upon
the same terms and conditions; provided any such offer shall provide each holder with sufficient information to enable it
to make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days; provided further,
if the holders of more than 33 1/3% of the principal amount of the Notes then outstanding accept such offer, the Company shall
promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer
shall be extended by the number of days necessary to give each such remaining holder at least 3 Business Days from its receipt
of such notice to accept such offer; provided further, at the time of such purchase or offer to purchase and immediately
after giving effect thereto, (A) no Default or Event of Default would exist and (B) the Company would be permitted by
the provisions of Sections 10.2 and 10.3 to incur at least $1.00 of additional Indebtedness. The Company will
promptly cancel all Notes acquired by it, the Parent Guarantor or any Affiliate pursuant to any payment, prepayment or purchase
of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 8.7.          Make-Whole
Amount. The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if
any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount
of such Called Principal; provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining
the Make-Whole Amount, the following terms have the following meanings:

 

“Called
Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

“Discounted
Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to
such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis
as that on which interest on such Note is payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

“Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% (50 basis points) plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business
Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or
such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run
U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal
as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average
Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent
yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask Yield(s)”
Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest
to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment
Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

If such yields
are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of (x) 0.50% (50 basis points) plus (y) the
yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have
been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal
Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term
equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant
maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating
linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average
Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average
Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable
Note.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

“Remaining
Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (a) such Called
Principal into (b) the sum of the products obtained by multiplying (i) the principal component of each Remaining Scheduled
Payment with respect to such Called Principal by (ii) the number of years, computed on the basis of a 360-day year comprised
of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such
Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 

“Remaining
Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and
interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date; provided that if such Settlement Date is not a date on which interest
payments are due to be made under the terms of such Note, then the amount of the next succeeding scheduled interest payment will
be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to
Section 8.2 or 12.1.

 

“Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.

 

Section 8.8.          Payments
Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth
in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next
succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next
succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the
Maturity Date of such Note as designated in such Note) that is due on a date that is not a Business Day shall be made on the next
succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding
Business Day.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 9.          Affirmative
Covenants.

 

During the Issuance
Period and so long thereafter as any of the Notes are outstanding, the Company and the Parent Guarantor, jointly and severally,
covenant that:

 

Section 9.1.          Compliance
with Laws. Without limiting Section 10.11, the Company and the Parent Guarantor will, and will cause each of their
respective Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject,
including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred
to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other
governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses,
in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations
or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.2.          Insurance.
The Company and the Parent Guarantor will, and will cause each of their respective Subsidiaries to, maintain, with financially
sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and
contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the
same or a similar business and similarly situated.

 

Section 9.3.          Maintenance
of Properties. The Company and the Parent Guarantor will, and will cause each of their respective Subsidiaries to, maintain
and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than
due to ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times;
provided that this Section 9.3 shall not prevent either the Company, the Parent Guarantor or any of their respective
Subsidiaries from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable
in the conduct of its business and the Company and the Parent Guarantor have concluded that such discontinuance could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.4.          Payment
of Taxes and Claims. The Company and the Parent Guarantor will, and will cause each of their respective Subsidiaries to, file
all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such
returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income
or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which
sums have become due and payable that have or might become a Lien on properties or assets of either of the Company, the Parent
Guarantor or any of their respective Subsidiaries; provided that neither the Company, the Parent Guarantor nor any of their
respective Subsidiaries need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability or validity
thereof is contested by the Company, the Parent Guarantor or such Subsidiary on a timely basis in good faith and in appropriate
proceedings, and the Company, the Parent Guarantor or such Subsidiary has established adequate reserves therefor in accordance
with GAAP on the books of the Company, the Parent Guarantor or such Subsidiary or (b) the nonpayment of all such taxes, assessments,
charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 9.5.          Legal
Existence, Etc. Subject to Section 10.9, the Company and the Parent Guarantor will at all times preserve and keep
in full force and effect their respective legal existence. The Company and the Parent Guarantor will at all times preserve and
keep in full force and effect the legal existence of each of their respective Subsidiaries (unless merged into an Obligor or a
Wholly-owned Subsidiary) and all rights and franchises of the Obligors and their respective Subsidiaries unless, in the good faith
judgment of the Company and the Parent Guarantor, the termination of or failure to preserve and keep in full force and effect such
legal existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect.

 

Without limiting the
foregoing:

 

(a)          the
Company will at all times take such action as may be necessary to maintain its status as a “partnership” and not as
an association taxable as a corporation, in any such case for Federal income tax purposes and will not cause or permit any modification,
waiver, supplement or amendment of the Limited Partnership Agreement to be entered into if giving effect thereto would result in
a Default or Event of Default; and

 

(b)          the
Parent Guarantor will at all times maintain its qualification as a real estate investment trust under the Code and the applicability
to the Parent Guarantor and its stockholders of the method of taxation provided for in sections 856 and 857(b) of the Code
and any successor provision thereto and will continue to operate as a self-directed and self-administered real estate investment
trust and will not engage in any business other than the business of acting as a real estate investment trust and serving as the
general partner of the Company.

 

Section 9.6.          Notes
to Rank Pari Passu. (a) The Notes and all other obligations under this Agreement of the Company are and at all times shall
rank at least pari passu in right of payment with all other present and future unsecured Senior Indebtedness of the Company
which is not expressed to be subordinate or junior in rank to any other unsecured Senior Indebtedness of the Company.

 

(b)          Without
limiting clause (a) above, if at any time and from time to time, any Principal Debt Facility while the same remains in existence
becomes secured by a Lien on any assets of the Parent Guarantor, the Company or any of their Subsidiaries (“Previously
Unsecured Debt”), then the Parent Guarantor and the Company will, and will cause each of their Subsidiaries that has
provided any such Lien to, concurrently grant to and for the benefit of the holders of the Notes a similar Lien ranking pari
passu with the Lien provided to or for the benefit of the Previously Unsecured Debt, over the same assets of the Parent Guarantor,
the Company or such Subsidiary as are encumbered under such Lien securing such Previously Unsecured Debt, under documents in form
and substance reasonably satisfactory to the Required Holders with such Lien to be the subject of an intercreditor agreement among
the lenders under the Previously Unsecured Debt and the holders of Notes, which shall be reasonably satisfactory in form and substance
to the Required Holders.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(c)          The
holders of the Notes acknowledge and agree that any Lien securing the Notes pursuant to the foregoing clause (b) shall be automatically
discharged and released pursuant to the written request, and at the expense, of the Company, provided that (i) any
Lien securing the associated Previously Unsecured Debt referenced in the foregoing clause (b) has been released and discharged,
and the Company so certifies to the holders of the Notes in a certificate which accompanies such request for release and discharge
and (ii) at the time of such release and discharge, the Company shall deliver a certificate of a Responsible Officer to the
holders of the Notes to the effect that no Default or Event of Default exists.

 

Section 9.7.          Books
and Records. Each of the Company and the Parent Guarantor will, and will cause each of its Subsidiaries to, maintain proper
books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal
or regulatory jurisdiction over the Obligors or such Subsidiary, as the case may be. Each of the Company and the Parent Guarantor
will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect
all transactions and dispositions of assets. The Obligors and their Subsidiaries have devised a system of internal accounting controls
sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions
and dispositions of assets and the Obligors will, and will cause each of their Subsidiaries to, continue to maintain such system.

 

Section 9.8.          Subsidiary
Guarantors. (a) Each of the Parent Guarantor and the Company will cause each Subsidiary that guarantees or otherwise
becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness
under any Principal Debt Facility to concurrently therewith deliver the following to each of holder of a Note:

 

(i)          an
executed joinder to the Guaranty;

 

(ii)         a
certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on behalf
of such Subsidiary to the same effect, mutatis mutandis, as those contained in Section 5 of this Agreement (but
with respect to such Subsidiary and such joinder rather than the Company);

 

(iii)        documents
to evidence the due organization, existence and good standing of such Subsidiary and the due authorization by all requisite action
on the part of such Subsidiary of the execution and delivery of such joinder and the performance by such Subsidiary of its obligations
under the Guaranty; and

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(iv)        an
opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such joinder
as the Required Holders may reasonably request.

 

(b)          Release
of Guarantors. Each of the Parent Guarantor and the Company may request in writing that the holders of the Notes release a
Subsidiary Guarantor from the Guaranty, if: (i) after giving effect to such release, such Subsidiary does not have any liability
as a guarantor, borrower, co-borrower or otherwise with respect to any Indebtedness under any Principal Debt Facility, (ii) no
Default or Event of Default exists after giving effect to such release and (iii) if any fee or other form of consideration
is given to any holder of Indebtedness under any Principal Debt Facility directly related to releasing such Subsidiary Guarantor,
the holders of the Notes shall receive equivalent consideration (or other form of consideration reasonably acceptable to the Required
Holders). Together with any such request, each of the Parent Guarantor and the Company shall deliver to the holders of the Notes
an Officer’s Certificate certifying that the conditions set forth in immediately preceding clauses (i), (ii) and (iii)
will be true and correct upon the release of such Subsidiary Guarantor. No later than 10 Business Days following the receipt by
the holders of the Notes of such written request and the related Officer’s Certificate and so long as the conditions set
forth in immediately preceding clauses (i), (ii) and (iii) will be true and correct, the release shall be effective automatically
and each holder of Notes shall execute and deliver, at the sole cost and expense of the Parent Guarantor and the Company, such
documents as the Parent Guarantor and the Company may reasonably request to evidence such release.

 

Section 9.9.          Ownership.
The Parent Guarantor shall own, directly or indirectly, at least 51% of the outstanding partnership interests of the Company and
shall remain the sole general partner of the Company.

 

Section 10.         Negative
Covenants.

 

During the Issuance
Period and so long thereafter as any of the Notes are outstanding, the Company and the Parent Guarantor, jointly and severally,
covenant that:

 

Section 10.1.          Transactions
with Affiliates. Each of the Company and the Parent Guarantor will not, and will not permit any Subsidiary to, enter into directly
or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease,
sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Obligors or another
Subsidiary) except pursuant to the reasonable requirements of the Company’s, the Parent Guarantor’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Parent Guarantor, the Company or such Subsidiary than would
be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 10.2.          Maximum
Aggregate Debt Limit.  Each of the Company and the Parent Guarantor will not, and will not cause or permit any of their Subsidiaries
to, incur any Indebtedness (including, without limitation, Acquired Indebtedness) if, immediately after giving effect to the incurrence
of such Indebtedness and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all
outstanding Indebtedness of the Obligors and their Subsidiaries (determined on a consolidated basis in accordance with GAAP) is
greater than 60% of the sum of (without duplication) (i) the Total Assets of the Obligors and their Subsidiaries as of the
last day of the then most recently ended fiscal quarter and (ii) the aggregate purchase price of any real estate assets or
mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds
were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Obligors or any of
their Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional
Indebtedness, determined on a consolidated basis in accordance with GAAP.

 

Section 10.3.          Maximum
Aggregate Secured Debt Limit. Each of the Company and the Parent Guarantor will not, and will not cause or permit any of their
Subsidiaries to, incur any Indebtedness (including, without limitation, Acquired Indebtedness) secured by any Lien on any property
or assets of the Obligors or any of their Subsidiaries, whether owned on the date of this Agreement or thereafter acquired, if,
immediately after giving effect to the incurrence of such Indebtedness and the application of the proceeds therefrom on a pro forma
basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all outstanding Indebtedness
of the Obligors and their Subsidiaries which is secured by any Lien on any property or assets of the Obligors or any of their Subsidiaries
is greater than 40% of the sum of (without duplication) (i) the Total Assets of the Obligors and their Subsidiaries as of
the last day of the then most recently ended fiscal quarter and (ii) the aggregate purchase price of any real estate assets
or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds
were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Obligors or any of
their Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional
Indebtedness, determined on a consolidated basis in accordance with GAAP.

 

Section 10.4.          Minimum
Interest Coverage. Each of the Company and the Parent Guarantor will not at any time permit the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters
then most recently ended to be less than 1.50 to 1.00.

 

Section 10.5.          Minimum
Unsecured Debt Ratio. Each of the Company and the Parent Guarantor will, and will cause its Subsidiaries to, have at all times
Total Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Indebtedness of
the Obligors and their Subsidiaries, determined on a consolidated basis in accordance with GAAP.

 

Section 10.6.          Minimum
Unsecured Debt Yield. Each of the Company and the Parent Guarantor will not at the end of each calendar quarter permit the
Net Operating Income generated by the Total Unencumbered Assets for such calendar quarter period ending on such date multiplied
by 4 to be less than 11.5% of Unsecured Indebtedness.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 10.7.          Minimum
Net Worth. Each of the Company and the Parent Guarantor will at the end of each calendar quarter keep and maintain Consolidated
Net Worth at an amount not less than $267,026,531.

 

Section 10.8.          Maximum
Quarterly Dividends. The Parent Guarantor shall not declare or pay any distributions or dividends except from cash flow available
for distributions or dividends and earned during the immediately preceding fiscal year, and in any event not in excess of 95%
of Funds From Operations on a rolling four calendar quarter basis. The total of common and preferred stock dividends in any calendar
quarter may exceed Funds From Operations for the quarter only to the extent necessary for the Parent Guarantor to retain its status
as a real estate investment trust under the provisions of Code sections 856 and 857 and for state income tax purposes and
avoid payment of federal or state income or excise tax. Notwithstanding the foregoing, during the continuance of any Event of
Default, aggregate distributions shall not exceed the minimum amount that the Parent Guarantor must distribute to its shareholders
in order to qualify as a real estate investment trust under the provisions of Code sections 856 and 857 and for state income
tax purposes.

 

Section 10.9.          Mergers,
Consolidations, Etc. Each of the Company and the Parent Guarantor will not consolidate with or be a party to a merger with
any other Person, or sell, lease or otherwise dispose of all or substantially all of its assets; provided that:

 

(a)          the
Company may consolidate or merge with or into any other Person if (i) the Person which results from such consolidation or merger
(the “Surviving Person”) is organized under the laws of any state of the United States or the District of Columbia,
and, if the Company is not the Surviving Person (1) the due and punctual payment of the principal of and premium, if any,
and interest on all of the Notes, according to their tenor, and the due and punctual performance and observation of all of the
covenants in the Notes and this Agreement to be performed or observed by the Company are expressly assumed in writing by the Surviving
Person and the Surviving Person shall furnish to the holders of the Notes an opinion of counsel satisfactory to the Required Holders
to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid
and binding contract and agreement of the Surviving Person enforceable in accordance with its terms, except as enforcement of such
terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles and (2) the Parent Guarantor and the Subsidiary Guarantors shall have
affirmed in writing their obligations under the Guaranty, and (ii) at the time of such consolidation or merger and immediately
after giving effect thereto, (A) no Default or Event of Default would exist and (B) the Surviving Person would be permitted
by the provisions of Sections 10.2 and 10.3 to incur at least $1.00 of additional Indebtedness;;

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          the
Company may sell or otherwise dispose of all or substantially all of its assets to any Person for consideration which represents
the fair market value of such assets (as determined in good faith by the Board of Directors of Parent Guarantor) at the time of
such sale or other disposition if (i) the acquiring Person (the “Acquiring Person”) is a Person organized
under the laws of any state of the United States or the District of Columbia, (ii) the due and punctual payment of the principal
of and premium, if any, and interest on all the Notes, according to their tenor, and the due and punctual performance and observance
of all of the covenants in the Notes and in this Agreement to be performed or observed by the Company are expressly assumed in
writing by the Acquiring Person and the Acquiring Person shall furnish to the holders of the Notes an opinion of counsel satisfactory
to the Required Holders to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes
the legal, valid and binding contract and agreement of such Acquiring Person enforceable in accordance with its terms, except as
enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles, (iii) the Parent Guarantor and the Subsidiary Guarantors
shall have affirmed in writing their obligations under the Guaranty and (iv) at the time of such sale or disposition and immediately
after giving effect thereto, (A) no Default or Event of Default would exist and (B) the Acquiring Person would be permitted
by the provisions of Sections 10.2 and 10.3 to incur at least $1.00 of additional Indebtedness;

 

(c)          the
Parent Guarantor may consolidate or merge with or into any other Person if (i) the Surviving Person is organized under the
laws of any state of the United States or the District of Columbia and, if the Parent Guarantor is not the Surviving Person, the
due and punctual performance and observation of all of the covenants in this Agreement and the Guaranty to be performed or observed
by the Parent Guarantor are expressly assumed in writing by the Surviving Person and the Surviving Person shall furnish to the
holders of the Notes an opinion of counsel satisfactory to the Required Holders to the effect that the instrument of assumption
has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the Surviving
Person enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles, and (ii) at the time of such consolidation or merger and immediately after giving effect thereto, (A) no
Default or Event of Default would exist and (B) the Surviving Person would be permitted by the provisions of Sections 10.2 and
10.3 to incur at least $1.00 of additional Indebtedness; and

 

(d)          the
Parent Guarantor may sell or otherwise dispose of all or substantially all of its assets to any Person for consideration which
represents the fair market value of such assets (as determined in good faith by the Board of Directors of the Parent Guarantor)
at the time of such sale or other disposition if (i) the Acquiring Person is a Person organized under the laws of any state
of the United States or the District of Columbia, (ii) the due and punctual performance and observance of all of the covenants
in this Agreement and the Guaranty to be performed or observed by the Parent Guarantor are expressly assumed in writing by the
Acquiring Person and the Acquiring Person shall furnish to the holders of the Notes an opinion of counsel satisfactory to the Required
Holders to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal,
valid and binding contract and agreement of such Acquiring Person enforceable in accordance with its terms, except as enforcement
of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles, and (iii) at the time of such sale or disposition and
immediately after giving effect thereto,  (A) no Default or Event of Default would exist and (B) the Acquiring Person would
be permitted by the provisions of Sections 10.2 and 10.3 to incur at least $1.00 of additional Indebtedness.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 10.10.         Line
of Business. Each of the Company and the Parent Guarantor will not and will not permit any Subsidiary to engage in any business
if, as a result, the general nature of the business in which the Obligors and their Subsidiaries, taken as a whole, would then
be engaged would be substantially changed from the general nature of the business in which the Obligors and their Subsidiaries,
taken as a whole, or any business substantially related or incidental thereto are engaged on the date of this Agreement.

 

Section 10.11.         Economic
Sanctions, Etc. Each of the Company and the Parent Guarantor will not and will not permit any Controlled Entity to (a) become
(including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly
have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction
involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder or any
affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder,
or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.

 

Section 11.         Events
of Default.

 

An “Event
of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)          the
Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

(b)          the
Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable;
or

 

(c)          the
Company or the Parent Guarantor default in the performance of or compliance with any term contained in Section 7.1(d)
or Sections 10.2 through 10.7 or any covenant in a Supplement that provides that it shall have the benefit of
this paragraph (c); or

 

(d)          any
Obligor defaults in the performance of or compliance with any term contained herein or in any Supplement (other than those referred
to in Sections 11(a), (b) and (c)) or defaults in the performance of or compliance with any
term contained in the Guaranty and any such default is not remedied within 30 days after the earlier of (i) a Responsible
Officer of the Obligors obtaining actual knowledge of such default and (ii) the Obligors receiving written notice of such
default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically
to this Section 11(d)); or

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(e)          any
representation or warranty made in writing by or on behalf of any Obligor or by any officer of any Obligor in this Agreement (including
any Supplement) or the Guaranty, as the case may be, or in any writing furnished in connection with the transactions contemplated
hereby or thereby proves to have been false or incorrect in any material respect on the date as of which made; or

 

(f)          (i) the
Parent Guarantor, the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of
any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal
amount of at least $25,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with
respect thereto, or (ii) the Parent Guarantor, the Company or any Subsidiary is in default in the performance of or compliance
with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $25,000,000 (or its
equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other
condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one
or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly
scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than
the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x) the
Parent Guarantor, the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity
or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $25,000,000 (or its
equivalent in the relevant currency of payment), or (y) one or more Persons have the right to require the Company or any Subsidiary
to purchase or repay such Indebtedness; or

 

(g)          any
Obligor (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files,
or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other
petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other
similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment
of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part
of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose
of any of the foregoing; or

 

(h)          a
court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by an Obligor, a custodian,
receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property,
or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or
for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up
or liquidation of an Obligor, or any such petition shall be filed against an Obligor and such order shall not have been reversed
or vacated or such petition shall not be dismissed within 60 days; or

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(i)          a
final judgment or judgments for the payment of money aggregating in excess of $25,000,000 (or its equivalent in the relevant currency
of payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the Obligors
or any of their respective Subsidiaries, and which judgments are not, within 60 days after entry thereof, bonded, discharged
or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or

 

(j)          if
(i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or
a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii)
a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall
have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall
have notified the Parent Guarantor, the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings,
(iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA)
under all Plans, determined in accordance with Title IV of ERISA, shall exceed $25,000,000, (iv) the aggregate present
value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such
Non-U.S. Plans allocable to such liabilities, (v) the Parent Guarantor, the Company or
any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA
or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Parent Guarantor, the Company
or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the Parent Guarantor, the Company or any Subsidiary establishes
or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the
liability of the Parent Guarantor, the Company or any Subsidiary thereunder, (viii) the Parent Guarantor, the Company or any
Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws,
statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the Parent
Guarantor, the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall
mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;
and any such event or events described in clauses (i) through (ix) above, either individually or together with any other such event
or events, could reasonably be expected to have a Material Adverse Effect; or

 

(k)          the
Guaranty shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by
any Governmental Authority that the Guaranty is invalid, void or unenforceable or any Guarantor shall contest or deny in writing
the validity or enforceability of any of its obligations under the Guaranty; provided that the foregoing shall not apply
to the release or termination of the Guaranty by a Subsidiary Guarantor pursuant to and in compliance with Section 9.8(b).

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

As used in Section 11(j), the
terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned
to such terms in section 3 of ERISA.

 

Section 12.         Remedies
on Default, Etc.

 

Section 12.1.          Acceleration.
(a) If an Event of Default with respect to the Parent Guarantor or the Company described in Section 11(g), (h)
or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi)
of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has
occurred, all the Notes then outstanding shall automatically become immediately due and payable.

 

(b)          If
any other Event of Default has occurred and is continuing, any holder or holders of more than 51% in principal amount of the Notes
at the time outstanding may at any time at its or their option, by notice or notices to the Parent Guarantor and the Company, declare
all the Notes then outstanding to be immediately due and payable.

 

(c)          If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder
or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice
or notices to the Parent Guarantor and the Company, declare all the Notes held by it or them to be immediately due and payable.

 

Upon any Notes becoming
due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature
and the entire unpaid principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including, but not
limited to, interest accrued thereon at the applicable Default Rate) and (ii) the Make-Whole Amount determined in respect
of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and
every case without presentment, demand, protest or further notice, all of which are hereby waived. The Parent Guarantor and the
Company acknowledge, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes
free from repayment by the Company (except as herein specifically provided for), and that the provision for payment of a Make-Whole
Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended
to provide compensation for the deprivation of such right under such circumstances.

 

Section 12.2.          Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become
or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding
may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding,
whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation
of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 12.3.          Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders
of not less than 51% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul
any such declaration and its consequences if (a) the Parent Guarantor and the Company have paid all overdue interest on the
Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason
of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by
applicable law) any overdue interest in respect of the Notes, at the applicable Default Rate, (b) neither the Parent Guarantor,
the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all
Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have
been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the
payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will
extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

 

Section 12.4.          No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in
exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers
or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of
any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Parent Guarantor and the Company under Section 15, the Parent Guarantor and
the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses
of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable
attorneys’ fees, expenses and disbursements.

 

Section 13.         Registration;
Exchange; Substitution of Notes.

 

Section 13.1.          Registration
of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and
address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof
and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver
or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note
shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall
not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional
Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 13.2.          Transfer
and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated officer
(all as specified in Section 18(iv)) for registration of transfer or exchange (and in the case of a surrender for registration
of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s
attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee
of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s
expense (except as provided below), one or more new Notes (as requested by the holder thereof) of the same Series (and tranche,
if any) as such surrendered Note in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of
the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially
in the form of Exhibit 1 to the related Supplement. Each such new Note shall be dated and bear interest from the date
to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have
been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in
respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000; provided that
if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a Series, one Note of such Series
may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name
of its nominee), shall be deemed to have made the representation set forth in Section 6.2.

 

Section 13.3.          Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated officers (all as specified in Section 18(iv))
of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which
evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such
loss, theft, destruction or mutilation), and

 

(a)          in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to the Company (provided that if the holder
of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000
or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory),
or

 

(b)          in
the case of mutilation, upon surrender and cancellation thereof,

 

within 10 (ten) Business Days thereafter,
the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date
to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon.

 

Section 14.         Payments
on Notes.

 

Section 14.1.          Place
of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due
and payable on the Notes shall be made in New York, New York at the principal office of JPMorgan Chase Bank, N.A. in
such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so
long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office
of a bank or trust company in such jurisdiction.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 14.2.          Home
Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained
in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal,
Make-Whole Amount, if any, and interest and all other amounts becoming due hereunder by the method and at the address specified
for such purpose below such Purchaser’s name in Schedule A to the Supplement pursuant to which such Notes were
issued or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company
in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that
upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note,
such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal
executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior
to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse
thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to
the Company in exchange for a new Note or Notes of the same Series (and tranche, if any) pursuant to Section 13.2.
The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note
as the Purchasers have made in this Section 14.2.

 

Section 14.3.          FATCA
Information. By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly
complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in
the case of any such holder that is a United States Person, such holder’s United States tax identification number or other
forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA
and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such
holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i)
of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and
to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any)
to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to
provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information
under FATCA and, in such event, the Company shall treat any such information it receives as confidential.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 15.         Expenses,
Etc.

 

Section 15.1.          Transaction
Expenses. Whether or not the transactions contemplated hereby (including by any Supplement) are consummated, the Parent Guarantor
and the Company, jointly and severally, agree to pay all costs and expenses (including reasonable attorneys’ fees of a special
counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other
holder of a Note in connection with such transactions and in connection with any Supplements (and the issuance of Notes thereunder),
amendments, waivers or consents under or in respect of this Agreement, the Notes or the Guaranty (whether or not such Supplement,
amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing
or defending (or determining whether or how to enforce or defend) any rights under this Agreement (including any Supplement), the
Notes or the Guaranty or in responding to any subpoena or other legal process or informal investigative demand issued in connection
with this Agreement (including any Supplement), the Notes or the Guaranty, or by reason of being a holder of any Note, (b) the
costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company,
the Parent Guarantor or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby
(including any Supplement) and by the Notes and the Guaranty and (c) the costs and expenses incurred in connection with the
initial filing of this Agreement and any Supplement and all related documents and financial information with the SVO; provided,
that such costs and expenses under this clause (c) shall not exceed $3,500 for each Series or tranche of Notes. If required
by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). The Parent Guarantor
and the Company, jointly and severally, agree to pay, and will save each Purchaser and each other holder of a Note harmless from
(i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained
by a Purchaser or other holder in connection with its purchase of the Notes), (ii) any and all wire transfer fees that any
bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a holder of
a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty, cost,
fee, expense (including reasonable attorney’s fees and expenses) or obligation resulting from the consummation of the transactions
contemplated hereby, including the use of the proceeds of the Notes by the Company.

 

Section 15.2.          Survival.
The obligations of the Parent Guarantor and the Company under this Section 15 will survive the payment or transfer
of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Supplement, the Notes and the Guaranty,
and the termination of this Agreement or any Supplement.

 

Section 16.         Survival
of Representations and Warranties; Entire Agreement.

 

All representations
and warranties contained herein, in any Supplement or in the Guaranty shall survive the execution and delivery of this Agreement,
such Supplement, the Notes and the Guaranty, the purchase or transfer by any Purchaser of any Note or portion thereof or interest
therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation
made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or
other instrument delivered by or on behalf of any Obligor pursuant to this Agreement, any Supplement or the Guaranty shall be deemed
representations and warranties of such Obligor under this Agreement, such Supplement or the Guaranty, as the case may be, provided,
that the representations and warranties contained in any Supplement shall only be made for the benefit of the Purchasers which
are party to such Supplement and the holders of the Notes issued pursuant to such Supplement, including subsequent holders of any
Note issued pursuant to such Supplement, and shall not require the consent of the holders of existing Notes. Subject to the preceding
sentence, this Agreement (including every Supplement), the Notes and the Guaranty embody the entire agreement and understanding
between each Purchaser and the Obligors and supersede all prior agreements and understandings relating to the subject matter hereof.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 17.         Amendment
and Waiver.

 

Section 17.1.          Requirements.
This Agreement (including any Supplement), the Notes and the Guaranty may be amended, and the observance of any term hereof or
of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Guarantors,
the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Sections 1,
2, 3, 4, 5, 6 or 21 hereof or the corresponding provision of any Supplement, or any defined
term (as it is used therein or in such corresponding provision of any Supplement), will be effective as to any Purchaser unless
consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder
of each Note at the time outstanding affected thereby (or, prior to the date of Closing, each Purchaser), (i) subject to the
provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment
of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount
on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent
to any such amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2
upon the satisfaction of the conditions to Closing that appear in Section 4 or in any Supplement, as applicable, (iii) amend
any of Sections 8, 11(a), 11(b), 12, 17 or 20 (or any corresponding provision in
any Supplement), or (iv) reduce or alter the scope of the Guaranty or release any Guarantor from liability under the Guaranty,
except pursuant to Section 9.8(b). As used herein and in the Notes, the term “this Agreement” and references
thereto shall mean this Agreement, as it may from time to time be amended or supplemented.

 

Notwithstanding anything
to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one or more Series of
Notes consistent with Sections 1.2 and 4 hereof without obtaining the consent of any holder of any other Series of
Notes.

 

Section 17.2.          Solicitation
of Holders of Notes.

 

(a)          Solicitation.
The Parent Guarantor and the Company will provide each Purchaser and each holder of the Notes (irrespective of the amount of Notes
then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser
or holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any
of the provisions hereof, of any Supplement, of the Guaranty or of the Notes. The Parent Guarantor and the Company will deliver
executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17
to each Purchaser or holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives
the consent or approval of, the requisite Purchasers or holders of Notes.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

(b)          Payment.
Neither the Parent Guarantor nor the Company will directly or indirectly pay or cause to be paid any remuneration, whether by way
of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser
or holder of Notes as consideration for or as an inducement to the entering into by any Purchaser or holder of Notes of any waiver
or amendment of any of the terms and provisions hereof (including any Supplement), of the Guaranty or of the Notes unless such
remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same
terms, ratably to each Purchaser and holder of Notes then outstanding even if such Purchaser or holder did not consent to such
waiver or amendment.

 

(c)          Consent
in Contemplation of Transfer. Any consent made pursuant to this Section 17 by the holder of any Note that has transferred
or has agreed to transfer such Note to the Parent Guarantor, the Company, any Subsidiary, any Affiliate of the Parent Guarantor
or the Company or any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer
for or merging with an Obligor and/or any of its Affiliates, in each case in connection with such consent as a condition to such
transfer, shall be void and of no force or effect except solely as to such holder with respect to such Note, and any amendments
effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for
such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be
void and of no force or effect except solely as to such transferring holder with respect to such Note.

 

Section 17.3.          Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 applies equally to all Purchasers
and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Parent Guarantor and the Company
without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend
to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right
consequent thereon. No course of dealing between the Parent Guarantor, the Company and the Purchaser or holder of any Note nor
any delay in exercising any rights hereunder, under the Guaranty or under any Note shall operate as a waiver of any rights of any
Purchaser or any holder of such Note.

 

Section 17.4.          Notes
Held by Company, Etc. Solely for the purpose of determining whether the Purchasers or the holders of the requisite percentage
of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given
under this Agreement (including any Supplement), the Notes or the Guaranty, or have directed the taking of any action provided
herein (including any Supplement) or in the Notes or in the Guaranty to be taken upon the direction of the holders of a specified
percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Parent Guarantor,
the Company or any of their respective Affiliates shall be deemed not to be outstanding.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 18.         Notices.

 

Except to the extent
otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by
telefacsimile if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery
service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by
an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent:

 

(i)          if
to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A
to the Supplement pursuant to which such Purchaser purchased its Notes or at such other address as such Purchaser or nominee shall
have specified to the Company in writing,

 

(ii)         if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing,

 

(iii)        if
to the Parent Guarantor, to the Parent Guarantor at 70 East Long Lake Road, Bloomfield Hills, Michigan 48304, Attention: Finance,
or at such other address as the Parent Guarantor shall have specified to the Purchaser or holder of each Note in writing,

 

(iv)        if
to the Company, to the Company at its address set forth at the beginning hereof, Attention: Finance or at such other address as
the Company shall have specified to the Purchaser or holder of each Note in writing, or

 

(v)         if
to AIG, to AIG Asset Management (U.S.), LLC at 2929 Allen Parkway, A36-04, Houston, Texas 77019-2155; email: to both John.Verzosa@aig.com
and AIGGIGPVTPLACEMENTOPERATIONS@aig.com.

 

Notices under this Section 18
will be deemed given only when actually received.

 

Section 19.         Reproduction
of Documents.

 

This Agreement, the
Guaranty and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at any Closing (except the Notes themselves), and (c) financial
statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser
by any photographic, photostatic, electronic, digital or other similar process and such Purchaser may destroy any original document
so reproduced. The Parent Guarantor and the Company agree and stipulate that, to the extent permitted by applicable law, any such
reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not
the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business)
and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19
shall not prohibit the Parent Guarantor, the Company or any other holder of Notes from contesting any such reproduction to the
same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 20.         Confidential
Information.

 

For the purposes of
this Section 20, “Confidential Information” means information delivered to AIG or any Purchaser
by or on behalf of the Parent Guarantor, the Company, or any Subsidiary in connection with the transactions contemplated by or
otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately
identified when received by such Purchaser as being confidential information of the Parent Guarantor, the Company or such Subsidiary,
as the case may be; provided that such term does not include information that (a) was publicly known or otherwise known
to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission
by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other
than through disclosure by the Parent Guarantor, the Company or any of their respective Subsidiaries or (d) constitutes financial
statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will
maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith
to protect confidential information of third parties delivered to such Purchaser; provided that such Purchaser may deliver
or disclose Confidential Information to (i) its directors, trustees, officers, employees, agents, attorneys and affiliates
(to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes), (ii) its
financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in
accordance with the terms of this Section 20, (iii) any other Purchaser or holder of any Note, (iv) any Institutional
Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed
in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20),
(v) any Person from which it offers to purchase any security of the Parent Guarantor or the Company (if such Person has agreed
in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20),
(vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or,
in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such
Purchaser’s investment portfolio or (viii) any other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response
to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if
an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure
to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s
Notes, the Guaranty and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be
bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable
request by the Parent Guarantor and the Company in connection with the delivery to any holder of a Note of information required
to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement
or its nominee), such holder will enter into an agreement with the Parent Guarantor and the Company embodying the provisions of
this Section 20.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

In the event that as
a condition to receiving access to information relating to the Obligors or its Subsidiaries in connection with the transactions
contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from
this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the
Parent Guarantor and the Company, this Section 20 shall supersede any such other confidentiality undertaking.

 

Section 21.         Substitution
of Purchaser.

 

Each Purchaser shall
have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder,
by written notice to the Parent Guarantor and the Company, which notice shall be signed by both such Purchaser and such Affiliate,
shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate
of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any
reference to such Purchaser in this Agreement (other than in this Section 21) shall be deemed to refer to such Affiliate
in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate
thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Parent Guarantor
and the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other
than in this Section 21) shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser,
and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

 

Section 22.         Miscellaneous.

 

Section 22.1.          Successors
and Assigns. All covenants and other agreements contained in this Agreement (including all covenants and other agreements contained
in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and
assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.9,
the Parent Guarantor and the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the
Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

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	Agree Limited Partnership	Uncommitted Master Note Facility

 

Section 22.2.          Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given
to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP.
In the event of any change in GAAP after the date hereof or any other change in accounting procedures which would affect the computation
of any financial covenant, ratio or other requirement set forth herein, then upon the request of the Company or the Required Holders,
the Company, the Guarantors, and the holders of Notes shall negotiate promptly, diligently and in good faith in order to amend
the provisions of this Agreement such that such financial covenant, ratio or other requirement shall continue to provide substantially
the same financial tests or restrictions of the Company and the Guarantors as in effect prior to such accounting change, as determined
by the Required Holders in their good faith judgment. Until such time as such amendment shall have been executed and delivered
by the Company, the Guarantors and the Required Holders (i) such financial covenants, ratio and other requirements, and all financial
statements and other documents required to be delivered under this Agreement, shall be calculated and reported as if such change
had not occurred and (ii) the Parent Guarantor shall provide to each holder of a Note that is an Institutional Investor financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to such change in generally accepted accounting
principles. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section
10 and the definition of “Indebtedness”), any election by the Company to measure any financial liability using
fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 –
Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement
or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been
made.

 

Section 22.3.          Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such
provision in any other jurisdiction.

 

Section 22.4.          Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each
other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.

 

Defined terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition
of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution
therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall
be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof”
and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Sections, Schedules and Exhibits shall be construed to refer
to Sections of, and Schedules and Exhibits to, this Agreement, and (e) any reference to any law or regulation herein shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

 

    	 	-47-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

For the avoidance of
doubt, all Schedules and Exhibits attached to this Agreement, and all Supplements executed in connection with this Agreement, shall
be deemed to be a part hereof.

 

Section 22.5.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto.

 

Section 22.6.          Governing
Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State.

 

Section 22.7.          Jurisdiction
and Process; Waiver of Jury Trial. (a) The Parent Guarantor and the Company, each for itself, irrevocably submits to
the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York,
over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted
by applicable law, the Parent Guarantor and the Company, each for itself, irrevocably waives and agrees not to assert, by way
of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

(b)          The
Company agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the
nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject
to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New
York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

 

(c)          The
Parent Guarantor and the Company, each for itself, consents to process being served by or on behalf of any holder of Notes in any
suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified,
priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation
requested, to it at its address specified in Section 18 or at such other address of which such holder shall then have
been notified pursuant to said Section. The Parent Guarantor and the Company, each for itself, agrees that such service upon receipt
(i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall,
to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to
it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States
Postal Service or any reputable commercial delivery service.

 

    	 	-48-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

(d)          Nothing
in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law,
or limit any right that the holders of any of the Notes may have to bring proceedings against the Parent Guarantor or the Company
in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any
other jurisdiction.

 

(e)          The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith.

 

*     *     *     *     *

 

    	 	-49-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

If you are in agreement
with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon
this Agreement shall become a binding agreement between and among you, the Parent Guarantor and the Company.

 

	 	Very truly yours,
	 	 
	 	Agree Limited Partnership,
	 	a Delaware limited partnership

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	Agree Realty Corporation,
	 	a Maryland corporation

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	-50-	 

     

    

 

	Agree Limited Partnership	Uncommitted Master Note Facility

 

This Agreement is hereby accepted and agreed to as of the date
thereof.

 

	 	AIG Asset Management (U.S.), LLC

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Agree Limited Partnership

 

Defined Terms

 

As used herein, the
following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“2015 Note
Purchase Agreement” means that certain Note Purchase Agreement dated as of May 28, 2015 between the Parent Guarantor,
the Company and the Purchasers listed on Schedule A thereto.

 

“2016 Note
Purchase Agreement” means that certain Note Purchase Agreement dated as of July 28, 2016 between the Parent Guarantor,
the Company and the Purchasers listed on Schedule A thereto.

 

“2017 Note
Purchase Agreement” means that certain Note Purchase Agreement dated as of August 3, 2017 between the Parent Guarantor,
the Company and the Purchasers listed on Schedule A thereto.

 

“Acquired
Indebtedness” means Indebtedness of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed
in connection with the acquisition of assets from such Person, in each case, other than Indebtedness incurred in connection with,
or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Indebtedness shall be deemed to be incurred
on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.

 

“Acquiring
Person” is defined in Section 10.9(b).

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and with respect to the Parent
Guarantor, shall include any Person beneficially owning or holding, directly or indirectly, 20% or more of any class of voting
or equity interests of the Parent Guarantor or any Subsidiary or any Person of which the Parent Guarantor and its Subsidiaries
beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any class of voting or equity interests. Unless
the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the
Parent Guarantor.

 

“Agreement”
means this Uncommitted Master Note Facility, including all Schedules and Exhibits attached to this Agreement and all Supplements
executed in connection herewith, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

 

“AIG”
is defined in the first paragraph of this Agreement.

  

    	 	Schedule A
(to Uncommitted Master Note Facility)
	 

     

    

 

“AIG Affiliate”
means (a) any corporation or other entity controlling, controlled by, or under common control with, AIG or (b) any managed
account or investment fund which is managed by AIG or an AIG Affiliate described in clause (a) of this definition. For purposes
of this definition, the terms “control,” “controlling” and “controlled” means the ownership,
directly or through subsidiaries, of a majority of a corporation’s or other entity’s voting stock or equivalent voting
securities or interests.

 

“Annual Capital
Expenditure Adjustment” means for all properties, an amount equal to (i) $0.10 multiplied by (ii) the aggregate
net rentable area (determined on a square feet basis) of all properties multiplied by (iii) the number of days in such period divided
by (iv) 365.

 

“Annual Debt
Service Charge” for any period means the maximum amount which is payable during such period for interest on, and original
issue discount of, Indebtedness of the Obligors and their Subsidiaries and the amount of dividends which are payable during such
period in respect of any Disqualified Stock.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity,
including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money
Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug
trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions
Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC,
(b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under
U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially
owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described
in clause (a) or (b).

 

“Board of
Directors” means the board of directors of the Parent Guarantor or any committee of that board duly authorized to act
generally or in any particular respect for the Obligors hereunder.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required
or authorized to be closed.

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate
stock), warrants or options to purchase any thereof.

 

“Change in
Control” is defined in Section 8.3(f).

 

“Closing”
is defined in Section 3.

 

    	 	A-2	 

     

    

 

“Closing Date”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from
time to time.

 

“Company”
means Agree Limited Partnership, a limited partnership or any successor that becomes such in the manner prescribed in Section 10.9.

 

“Confidential
Information” is defined in Section 20.

 

“Consolidated
Income Available for Debt Service” for any period means Earnings from Operations of the Obligors and their Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication):
(i) interest on Indebtedness of the Obligors and their Subsidiaries, (ii) provision for taxes of the Obligors and their
Subsidiaries based on income, (iii) amortization of debt discount and other deferred financing costs, (iv) provisions
for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting
from a change in accounting principles in determining Earnings from Operations for such period, (vi) amortization of deferred
charges and (vii) all other non-cash charges determined on a consolidated basis in accordance with GAAP.

 

“Consolidated
Net Worth” means as of any date of determination, an amount equal to the Total Assets at such date, minus Total
Liabilities of the Parent Guarantor and its Subsidiaries outstanding on such date.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled”
and “Controlling” shall have meanings correlative to the foregoing.

 

“Controlled
Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled
Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates.

 

“Debtor Relief
Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws
of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default.

 

“Default Rate”
means, with respect to each Note, that rate of interest per annum that is the greater of (i) 2.00% above the rate of interest
then in effect on such Note or (ii) 2.00% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York,
New York as its “base” or “prime” rate.

 

    	 	A-3	 

     

    

 

“Disclosure
Documents” is defined in Section 5.3.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of
any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other
than Capital Stock which is redeemable solely in exchange for common stock), (ii) is convertible into or exchangeable or exercisable
for Indebtedness or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part (other
than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock), in each case on or
prior to the maturity of the Notes.

 

“Earnings
from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary
items, and property valuation losses, as reflected in the financial statements of the Parent Guarantor and its Subsidiaries for
such period determined on a consolidated basis in accordance with GAAP.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for
such purposes.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including but not limited to those
related to Hazardous Materials.

 

“Equity Interests”
means in the case of a corporation, shares of Capital Stock of any class or series, including warrants, rights, participating interests
or options to purchase or otherwise acquire any class or series of capital stock or Securities exchangeable for or convertible
into any class or series of Capital Stock, and in the case of any other Person or entity shall mean any class or series of partnership
interests, units, membership interests or like interests constituting equity, and in the case of each of the foregoing, any part
or portion thereof or participation in any of the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under
section 414 of the Code.

 

“Event of
Default” is defined in Section 11.

 

    	 	A-4	 

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect.

 

“Execution
Date” is defined in Section 3.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or
official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
agreement between the United States of America and any other jurisdiction,
which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into
pursuant to section 1471(b)(1) of the Code.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“Funds From
Operations” means, with respect to the Parent Guarantor and its consolidated Subsidiaries, with respect to the immediately
prior four quarter period, net income (or loss), plus depreciation, amortization and impairment charges on depreciable real estate
assets and after adjustments for unconsolidated partnerships and joint ventures as hereafter provided. Notwithstanding contrary
treatment under GAAP, for purposes hereof, (a) “Funds From Operations” shall include, and be adjusted to take
into account, the Company’s interests in unconsolidated partnerships and joint ventures, on the same basis as consolidated
partnerships and subsidiaries, as provided in the “white paper” issued in April 2002 by the National Association of
Real Estate Investment Trusts, and (b) net income (or loss) shall not include gains (or, if applicable, losses) resulting from
or in connection with (i) restructuring of indebtedness, (ii) sales of property, (iii) sales or redemptions of preferred stock,
(iv) non-cash charges, or (v) non-recurring charges.

 

“GAAP”
and “generally accepted accounting principles” mean generally accepted accounting principles, as in effect from
time to time, as used in the United States of America applied on a consistent basis.

 

“Governmental
Authority” means

 

(a)          the
government of

 

(i)          the
United States of America or any State or other political subdivision thereof, or

 

(ii)         any
other jurisdiction in which the Parent Guarantor or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction
over any properties of the Parent Guarantor or any Subsidiary, or

 

    	 	A-5	 

     

    

 

(b)          any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity,
political party, any official of a political party, candidate for political office, official of any public international organization
or anyone else acting in an official capacity.

 

“Guarantors”
means, collectively, (a) the Parent Guarantor and (b) each of the Subsidiary Guarantors.

 

“Guaranty”
is defined in Section 1.3.

 

“Hazardous
Material” means any and all pollutants, toxic or hazardous wastes or any other substances, including all substances listed
in or regulated in any Environmental Law that might pose a hazard to health and safety, the removal of which may be required or
the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal,
release, discharge, spillage, seepage, or filtration of which is or shall be restricted, regulated, prohibited or penalized by
any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum,
petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant
to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7,
12, 17.2 and 18 and any related definitions in this Schedule A, “holder” shall mean the beneficial
owner of such Note whose name and address appears in such register.

 

“Indebtedness”
of the Obligors or any Subsidiary means, without duplication, any indebtedness of the Obligors or any Subsidiary, whether or not
contingent, in respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness
for borrowed money secured by any Lien existing on property owned by an Obligor or any Subsidiary, (iii) the reimbursement
obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued
to provide credit enhancement or support with respect to other indebtedness of the Obligors or any Subsidiary otherwise reflected
as Indebtedness hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services,
except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all obligations of the Obligors or any Subsidiary with respect
to redemption, repayment or other repurchase of any Disqualified Stock, (v) any lease of property by the Obligors or any Subsidiary
as lessee which is reflected on the Parent Guarantor’s consolidated balance sheet as a capitalized lease in accordance with
GAAP, or (vi) interest rate swaps, caps or similar agreements and foreign exchange contracts, currency swaps or similar agreements,
to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters
of credit) would appear as a liability on the Parent Guarantor’s consolidated balance sheet in accordance with GAAP, and
also includes, to the extent not otherwise included, any obligation by the Obligors or any Subsidiary to be liable for, or to pay,
as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Indebtedness of
another Person (other than the Obligors or any Subsidiary) (it being understood that Indebtedness shall be deemed to be incurred
by the Obligors or any Subsidiary whenever the Obligors or such Subsidiary shall create, assume, guarantee or otherwise become
liable in respect thereof).

 

    	 	A-6	 

     

    

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional
Investor” means (a) any purchaser of a Note, (b) any holder of a Note holding (together with one or more of
its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company,
savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any
broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund
of any holder of any Note.

 

“Issuance
Period” is defined in Section 1.2(b).

 

“Lien”
means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind
other than restrictions on transfer of Securities arising under the Securities Act or state “blue sky” laws.

 

“Limited Partnership
Agreement” means that certain First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership,
dated April 22, 1994; Amendment to the First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership,
dated July 8, 1994; and Second Amendment to the First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership,
dated March 20, 2013.

 

“Make-Whole
Amount” is defined in Section 8.7 and includes, in connection with any particular Series of Notes, the make-whole,
breakage or other amounts provided for in the Supplement in respect of such Series of Notes.

 

“Material”
means material in relation to the business, operations, financial condition, assets or properties of the Parent Guarantor, the
Company and their respective Subsidiaries taken as a whole.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, financial condition, assets, or
properties of the Parent Guarantor, the Company and their respective Subsidiaries taken as a whole, (b) the ability of the
Company to perform its obligations under this Agreement and the Notes, (c) the ability of the Parent Guarantor to perform
its obligations under this Agreement and the Guaranty, or (d) the validity or enforceability of this Agreement, the Notes
or the Guaranty.

 

“Maturity
Date” is defined in the first paragraph of each Note.

 

    	 	A-7	 

     

    

 

“Maximum Facility
Amount” is defined in Section 1.2(c).

 

“Multiemployer
Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of
ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners or any successor thereto.

 

“NAIC Annual
Statement” is defined in Section 6.2(a).

 

“Net Operating
Income” means for any real property and for any period, an amount equal to the following (without duplication): (a) the
aggregate gross revenues from the operations of such real property during such period (exclusive of any rental or other income
from (i) any lease in respect of such real property to tenants in any proceedings under any Debtor Relief Laws during the
subject period that was not paid on the date rent was due to be paid by such tenant taking into account any applicable grace or
cure period provided for by the terms of such lease, (ii) any lease in respect of such real property to tenants in any proceedings
under any Debtor Relief Laws that did not physically occupy such real property during the entirety of such period, and (iii) any
leases in respect of such real property to tenants, which leases have been rejected in any proceeding under Debtor Relief Laws
during the subject period), plus (b) the aggregate gross revenues from any ground leases, minus (c) all expenses and other proper
charges incurred in connection with the operation of such real property during such period (including accruals for real estate
taxes and insurance and an amount equal to the greater of (x) 3% of rents and (y) actual management fees paid in cash, but excluding
capital expenditures, debt service charges, income taxes, depreciation, amortization and other non-cash expenses), which expenses
and accruals shall be calculated in accordance with GAAP minus (d) the Annual Capital Expenditure Adjustment.

 

“Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States
of America by an Obligor or any Subsidiary primarily for the benefit of employees of an Obligor or one or more Subsidiaries residing
outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to
ERISA or the Code.

 

“Notes”
is defined in Section 1.1.

 

“Obligors”
means, collectively, the Company and each Guarantor.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“OFAC Sanctions
Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC
Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

    	 	A-8	 

     

    

 

“Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Parent Guarantor, the Company,
or a Subsidiary Guarantor, as the case may be, whose responsibilities extend to the subject matter of such certificate.

 

“Parent Guarantor”
is defined in the introduction to this Agreement.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business
entity or Governmental Authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is
or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding
five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or
any ERISA Affiliate may have any liability other than a Multiemployer Plan.

 

“Previously
Unsecured Debt” is defined in Section 9.6(b).

 

“Principal
Debt Facility” means (i) that certain Amended and Restated Revolving Credit and Term Loan Agreement, dated December 15,
2016, among the Company, as Borrower, PNC Bank, National Association, as Administrative Agent and the other lenders party thereto
(as the same may be amended, modified, restated, amended and restated, or refinanced from time to time) (the “Bank Credit
Facility”) (ii) the 2015 Note Purchase Agreement (as the same may be amended, modified, restated, amended and restated,
or refinanced from time to time), (iii) the 2016 Note Purchase Agreement (as the same may be amended, modified, restated, amended
and restated, or refinanced from time to time), (iv) the 2017 Note Purchase Agreement (as the same may be amended, modified, restated,
amended and restated, or refinanced from time to time) and (v) any unsecured bank line of credit or other unsecured bilateral
facility or debt private placement under which the Parent Guarantor, the Company or any Subsidiary is an obligor in a principal
amount outstanding or available for borrowing equal to or greater than $25,000,000.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible
or intangible, choate or inchoate.

 

“Proposed
Prepayment Date” is defined in Section 8.3(b).

 

“PTE”
is defined in Section 6.2(a).

 

“Purchaser”
is defined in the introduction to this Agreement.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified
Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such
term as set forth in Rule 144A(a)(1) under the Securities Act.

 

    	 	A-9	 

     

    

 

“Rate Lock
Letter” is defined in Section 2.2.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is
advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment
advisor.

 

“Required
Holders” means, at any time, (i) prior to the first Closing, AIG and (ii) from and after the first Closing,
the holders of at least 51% in principal amount of all Notes at the time outstanding (exclusive of Notes then owned by the Parent
Guarantor or any of its Affiliates).

 

“Responsible
Officer” means any Senior Financial Officer and, in the case of any particular matter in respect of which this Agreement
requires or provides for action by a Responsible Officer, any other officer of the Parent Guarantor, the Subsidiary Guarantors
or the Company with responsibility for the administration of such matter.

 

“SEC”
means the Securities and Exchange Commission of the United States, or any successor thereto.

 

“Securities”
or “Security” shall have the same meaning as in Section 2(a)(1) of the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

 

“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company or
the Parent Guarantor.

 

“Senior Indebtedness”
means all Indebtedness of the Company or Guarantor, as applicable, which is not expressed to be subordinate or junior in rank to
any other Indebtedness of the Company or Guarantor, as applicable.

 

“Series”
is defined in Section 1.1.

 

“Source”
is defined in Section 6.2.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining
to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions
imposed under U.S. Economic Sanctions Laws.

 

“Subsidiary”
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and
one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the
absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person,
and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one
or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture
can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).
Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the
Parent Guarantor.

 

    	 	A-10	 

     

    

 “Subsidiary Guarantor” means each
Subsidiary that has executed and delivered the Guaranty or has executed and delivered a joinder to the Guaranty.

 

“Supplement”
is defined in Section 1.2.

 

“Surviving
Person” is defined in Section 10.9(a).

 

“SVO”
means the Securities Valuation Office of the NAIC or any successor to such office.

 

“Total Assets”
means the sum of (without duplication) (i) Undepreciated Real Estate Assets and (ii) all other assets (excluding accounts
receivable and intangibles) of the Obligors and their Subsidiaries, all determined on a consolidated basis in accordance with GAAP.

 

“Total Liabilities”
means, without duplication, total liabilities of the Parent Guarantor and its consolidated Subsidiaries reported in accordance
with GAAP.

 

“Total Unencumbered
Assets” means the sum of (without duplication) (i) those Undepreciated Real Estate Assets which are not subject
to a Lien securing Indebtedness and (ii) all other assets (excluding accounts receivable, intangibles and unconsolidated equity
interests in funds and joint ventures) of the Obligors not subject to a Lien securing Indebtedness, all determined on a consolidated
basis in accordance with GAAP; provided that the aggregate amount of “notes receivable” of the Obligors (determined
on a consolidated basis in accordance with GAAP) included in any determination of Total Unencumbered Assets shall not exceed 5%
of the sum of (without duplication) (x) those Undepreciated Real Estate Assets which are not subject to a Lien securing Indebtedness
and (y) all other assets (excluding notes receivable, accounts receivable, intangibles and unconsolidated equity interests
in funds and joint ventures) of the Obligors not subject to a Lien securing Indebtedness, all determined on a consolidated basis
in accordance with GAAP; provided further, in order for any Undepreciated Real Estate Asset or any other asset to be included
as a “Total Unencumbered Asset” hereunder, such asset must be entirely owned directly by an Obligor.

 

“Undepreciated
Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets of
the Obligors and their Subsidiaries on such date, before depreciation and amortization, all determined on a consolidated basis
in accordance with GAAP.

 

“United States
Person” has the meaning set forth in section 7701(a)(30) of the Code.

 

    	 	A-11	 

     

    

  

“Unsecured
Indebtedness” means Indebtedness of the Obligors or any of their Subsidiaries which is not secured by a Lien on any property
or assets of the Obligors or any of their Subsidiaries.

 

“USA PATRIOT
Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA Patriot Act) Act of 2001, as amended from
time to time, and the rules and regulations promulgated thereunder from time to time in effect.

 

“U.S. Economic
Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by
the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime,
including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability
and Divestment Act and any other OFAC Sanctions Program.

 

“Wholly-owned
Subsidiary” means, at any time, any Subsidiary one hundred percent (100%) of all of the equity interests (except directors’
qualifying shares) and voting interests of which are owned by any one or more of the Parent Guarantor, the Company and the Company’s
or the Parent Guarantor’s other Wholly-owned Subsidiaries at such time.

 

    	 	A-12	 

     

    

 

Disclosure Materials

 

None.

 

    	 	Schedule 5.3
(to Uncommitted Master Note Facility)
	 

     

    

 

Organization and Ownership
of Shares of Subsidiaries; Affiliates

 

(a)

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	2355 Jackson Avenue, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree 103-Middleburg Jacksonville, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree 1031, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree 117 Mission, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree 17-92, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree 2016, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Alcoa TN LLC	 	Tennessee	 	 	100	%
	 	 	 	 	 	 	 
	Agree Altoona PA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Allentown PA LLC	 	Pennsylvania	 	 	100	%
	 	 	 	 	 	 	 
	Agree Anderson SC LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Ann Arbor Jackson, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Ann Arbor State Street, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Antioch, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Appleton WI, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Apopka FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Archer Chicago IL, LLC	 	Delaware	 	 	100	%

  

    	 	
Schedule 5.4
(to Uncommitted Master Note Facility)

	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Arlington TX LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Atchison, LLC	 	Kansas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Atlantic Beach, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Baton Rouge LA LLC	 	Louisiana	 	 	100	%
	 	 	 	 	 	 	 
	Agree Beecher LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Belton MO LLC	 	 Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Belvidere IL LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Berkeley Solano, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Berwyn IL LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Boynton, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Brenham TX, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Brighton, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Bristol & Fenton Project, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Brooklyn OH LLC	 	Ohio	 	 	100	%
	 	 	 	 	 	 	 
	Agree Buffalo Center IA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Burlington, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Cannon Station LLC  (Ft Oglethorpe)	 	Delaware	 	 	100	%

 

    	 	5.4-2	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Cedar Park TX, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Center Point Birmingham AL LLC	 	Alabama	 	 	100	%
	 	 	 	 	 	 	 
	Agree Chandler, LLC	 	Arizona	 	 	100	%
	 	 	 	 	 	 	 
	Agree Charlotte County, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Charlotte Poplar, LLC	 	North Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Chicago Kedzie, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Cochran GA, LLC	 	Georgia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Columbia SC LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Concord, LLC	 	North Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Construction Management, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Corunna LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree CW, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Dallas Forest Drive, LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Daniel Morgan Ave Spartanburg LLC	 	South Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Davenport IA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Development, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Des Moines IA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree East Palatka, LLC	 	Florida	 	 	100	%

 

    	 	5.4-3	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree DT Jacksonville NC, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree East Palatka, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Egg Harbor NJ, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Elkhart, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Evergreen CO, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Facility No. 1, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Forest MS LLC	 	Mississippi	 	 	100	%
	 	 	 	 	 	 	 
	Agree Forest VA LLC	 	Virginia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Fort Mill SC, LLC	 	South Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Fort Walton Beach, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Fort Worth TX, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Fuquay Varina LLC	 	North Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Grand Chute WI LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Grand Forks LLC	 	North Dakota	 	 	100	%
	 	 	 	 	 	 	 
	Agree Grandview Heights OH, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Harlingen LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Hazard KY, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Holdings I, LLC	 	Delaware	 	 	100	%

 

    	 	5.4-4	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Holly Springs MS, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Hopkinsville KY, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Indianapolis Glendale LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Indianapolis, LLC	 	Indiana	 	 	100	%
	 	 	 	 	 	 	 
	Agree Indianapolis IN II, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Jackson MS, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Jacksonville NC, LLC	 	North Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Johnstown, LLC	 	Ohio	 	 	100	%
	 	 	 	 	 	 	 
	Agree Joplin MO LLC	 	Missouri	 	 	100	%
	 	 	 	 	 	 	 
	Agree Junction City KS LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Kirkland WA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Lake in the Hills, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Lake Zurich IL, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Leawood, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Lebanon VA LLC	 	Virginia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Lejune Springfield IL, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Ligonier PA LLC	 	Pennsylvania	 	 	100	%
	 	 	 	 	 	 	 
	Agree Littleton CO LLC	 	Delaware	 	 	100	%

 

    	 	5.4-5	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Lowell, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Lyons GA LLC	 	Georgia	 	 	100	%
	 	 	 	 	 	 	 
	Agree M-59 LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Madison AL LLC	 	 Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Madisonville TX LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Magnolia Knoxville TN LLC	 	Tennessee	 	 	100	%
	 	 	 	 	 	 	 
	Agree Mall of Louisiana, LLC	 	Louisiana	 	 	100	%
	 	 	 	 	 	 	 
	Agree Manchester LLC	 	Connecticut	 	 	100	%
	 	 	 	 	 	 	 
	Agree Mansfield, LLC	 	Connecticut	 	 	100	%
	 	 	 	 	 	 	 
	Agree Marietta, LLC	 	Georgia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Marshall MI Outlot, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree McKinney TX LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree MCW, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Memphis Getwell, LLC	 	Tennessee	 	 	100	%
	 	 	 	 	 	 	 
	Agree Minneapolis Clinton Ave, LLC	 	Minnesota	 	 	100	%
	 	 	 	 	 	 	 
	Agree Minot ND, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Montgomery AL LLC	 	Alabama	 	 	100	%
	 	 	 	 	 	 	 
	Agree Montgomeryville PA LLC	 	Pennsylvania	 	 	100	%

 

    	 	5.4-6	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Morrow GA, LLC	 	Georgia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Mt. Dora FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree New Lenox 2 LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree New Lenox, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree North Las Vegas, LLC	 	Nevada	 	 	100	%
	 	 	 	 	 	 	 
	Agree North Miami FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Novi MI LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Orange & McCoy, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Oxford Commons AL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Palafox Pensacola FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Pensacola LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Pensacola Nine Mile LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Pinellas Park, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Plainfield, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Poinciana LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Port Orange FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Port St. John LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Portland ME, LLC	 	Delaware	 	 	100	%

 

    	 	5.4-7	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Portland OR LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Provo UT, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Rancho Cordova I LLC	 	California	 	 	100	%
	 	 	 	 	 	 	 
	Agree Rancho Cordova II LLC	 	California	 	 	100	%
	 	 	 	 	 	 	 
	Agree Rapid City SD, LLC	 	South Dakota	 	 	100	%
	 	 	 	 	 	 	 
	Agree Realty Services, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Realty South-East, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Richmond VA LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Rochester NY LLC	 	New York	 	 	100	%
	 	 	 	 	 	 	 
	Agree Roseville CA, LLC	 	California	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Amite LA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Arlington TX, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Gulfport MS, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Jackson MS, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Port Richey FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree RT Villa Rica GA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Salem OR, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Sarasota FL, LLC	 	Delaware	 	 	100	%

 

    	 	5.4-8	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Shelby, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Silver Springs Shores, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Southfield & Webster, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Southfield LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Spartanburg SC LLC	 	South Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Agree Spring Grove, LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Springfield  IL  LLC	 	Illinois	 	 	100	%
	 	 	 	 	 	 	 
	Agree Springfield OH, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree St. Augustine Shores, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree St. Joseph MO, LLC	 	Missouri	 	 	100	%
	 	 	 	 	 	 	 
	Agree St Petersburg LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Statesville NC, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Statham GA, LLC	 	Georgia	 	 	100	%
	 	 	 	 	 	 	 
	Agree Stores, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Sun Valley NV LLC	 	Nevada	 	 	100	%
	 	 	 	 	 	 	 
	Agree Sunnyvale CA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Tallahassee, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Terre Haute IN LLC	 	Delaware	 	 	100	%

 

    	 	5.4-9	 

     

    

 

	Subsidiaries	 	Jurisdiction of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	 	 	 	 	 	 
	Agree Topeka KS, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Tri-State Lease, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Upland CA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Venice, LLC	 	Florida	 	 	100	%
	 	 	 	 	 	 	 
	Agree Vero Beach FL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Walker, LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Agree Wawa Baltimore, LLC	 	Maryland	 	 	100	%
	 	 	 	 	 	 	 
	Agree Wheaton IL, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Whittier CA, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Agree Wichita Falls TX LLC	 	Texas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Wichita, LLC	 	Kansas	 	 	100	%
	 	 	 	 	 	 	 
	Agree Wilmington, LLC	 	North Carolina	 	 	100	%
	 	 	 	 	 	 	 
	Indianapolis Store No. 16, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Lawrence Store No. 203, L.L.C	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Lunacorp, LLC (f/ka Agree Asset Services, LLC)	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Mt. Pleasant Outlot I, LLC	 	Delaware	 	 	100	%
	 	 	 	 	 	 	 
	Mt Pleasant Shopping Center LLC	 	Michigan	 	 	100	%
	 	 	 	 	 	 	 
	Pharm Nashville IN, LLC	 	Delaware	 	 	99	%

 

    	 	5.4-10	 

     

    

 

Note: The above list excludes dormant Subsidiaries that do
not own any property.

 

	Affiliates (other than Subsidiaries)
	None

 

	Directors and Executive Officers

of the Parent Guarantor	 	Position(s)
	Richard Agree	 	Executive Chairman of the Board of Directors
	Joey Agree	 	Chief Executive Officer and Director
	Kenneth R. Howe	 	Interim Chief Financial Officer and Secretary
	Laith Hermiz	 	Chief Operating Officer
	Farris Kalil	 	Independent Director
	John Rakolta, Jr.	 	Independent Director
	Jerome Rossi	 	Independent Director
	William Rubenfaer	 	Independent Director
	Leon Schurgin	 	Independent Director
	Merrie S. Frankel	 	Independent Director

 

Directors and Executive Officers of the Company

 

The sole general partner of the Company
is the Parent Guarantor. Please see the directors and senior officers of the Parent Guarantor listed above.

 

(d)          Agreements
restricting Subsidiaries’ dividend distributions and other distributions of profits: None

 

    	 	5.4-11	 

     

    

 

Existing Indebtedness and
Future Liens

of

the Parent Guarantor, the Company and their respective Subsidiaries

(collectively referred to as the “Company” in this Schedule 5.15)

 

(a)          The
following schedule details the line limits, collateralized availability and the outstanding balances of our various borrowings
as of June 30, 2017 (in thousands):

 

	 	 	Line	 	 	Amount	 	 	Amount	 
	 Borrowings	 	Limit	 	 	Collateralized	 	 	Borrowed	 
	Unsecured Revolving Credit Facility	 	$	250,000	 	 	 	  $	 	 	$	48,000	 
	Unsecured Term Loan due 2019	 	 	19,685	 	 	 	 	 	 	 	19,685	 
	Unsecured Term Loan due 2023	 	 	40,000	 	 	 	 	 	 	 	40,000	 
	Unsecured Term Loan due 2024	 	 	35,000	 	 	 	 	 	 	 	35,000	 
	Unsecured Term Loan due 2024	 	 	65,000	 	 	 	 	 	 	 	65,000	 
	Senior Notes due 2025	 	 	50,000	 	 	 	 	 	 	 	50,000	 
	Senior Notes due 2027	 	 	50,000	 	 	 	 	 	 	 	50,000	 
	Senior Notes due 2028	 	 	60,000	 	 	 	 	 	 	 	60,000	 
	Mortgage Loan due 2018 (10 properties)	 	 	25,000	 	 	 	25,000	 	 	 	25,000	 
	Mortgage Loan due 2020 (7 properties)	 	 	4,357	 	 	 	4,357	 	 	 	4,357	 
	Mortgage Loan due 2020 (1 property)	 	 	3,007	 	 	 	3,007	 	 	 	3,007	 
	Mortgage Loan due 2023 (12 properties)	 	 	23,640	 	 	 	23,640	 	 	 	23,640	 
	Mortgage Loan due 2023 (1 property)	 	 	5,213	 	 	 	5,213	 	 	 	5,213	 
	Mortgage Loan due 2026 (3 properties)	 	 	7,603	 	 	 	7,603	 	 	 	7,603	 
	Total Debt	 	$	638,505	 	 	$	68,820	 	 	$	436,505	 

 

(c)          Agreements
restricting incurrence of additional debt by the Subsidiaries:

None

  

    	 	

Schedule 5.15
(to Uncommitted Master Note Facility)

	 

     

    

 

Form of Opinion of Counsel

to the Company and the Parent Guarantor

 

To the Purchasers listed on Schedule A

to the [_____] Supplement to the

Master Note Facility (the “Purchasers”)

 

		Re:	Uncommitted Master Note Facility dated as of August 3, 2017 regarding the issuance and
sale of _______________ (collectively the “Notes”) pursuant to the [_____] Supplement by Agree
Limited Partnership, a Delaware limited partnership (“Borrower”)

 

Ladies and Gentlemen:

 

We have acted as counsel
for Borrower and Agree Realty Corporation, a Maryland corporation operating as a real estate investment trust (the “Trust”),
the general partner of Borrower, in connection with the Master Note Facility (as defined in Section I.B. below) and for the subsidiary
guarantors listed on Schedule 1 attached hereto as the “Subsidiaries” in connection with the execution and delivery
of the Guaranty (as defined below) by such entities, as applicable.

 

Capitalized terms used
herein but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Master Note Facility.
This opinion is delivered to you at the request of Borrower pursuant to Section 4.4(a) of the Master Note Facility.

 

I.           Documents
and Materials Examined

 

In providing these
opinions, we have examined the following documents and materials all dated as of the date hereof (“Effective Date”)
unless otherwise noted.

 

A.           [____]%,
Series [____], Senior Guaranteed Notes, due [__________], in the aggregate principal amount of [$___________].

 

B.           Uncommitted
Master Note Facility dated as of August 3, 2017 among Borrower, the Trust and AIG Asset Management (U.S.), LLC (the “Master
Note Facility”).

 

C.           The
[_____] Supplement dated as of [__________, 20__] to the Master Note Facility among Borrower, the Trust and each of the Purchasers
listed therein (the “Supplement”).

 

D.           Guaranty
by the Trust and the Subsidiaries in favor of the holders of the Notes (the “Guaranty”).

 

E.           The
organizational documents and resolutions (the “Organizational Documents”) of Borrower, the Trust, and each of
the Subsidiaries and the various parties acting as general partner of any of the Subsidiaries, as set forth on Exhibit A hereto.

  

    	 	

Exhibit 4.4(a)(i)

(to Uncommitted Master Note Facility)

	 

     

    

 

The documents described
in this Section I are sometimes collectively referred to as the “Documents.” The documents described in Subsections
(A) through (D) of this Section I are sometimes collectively referred to as the “Master Facility Documents.”

 

II.          Assumptions

 

In rendering the opinions
set forth in Section III hereof, we have relied upon the following assumptions (none of which we have independently investigated
or verified):

 

A.           The
Documents submitted to us as originals are authentic, true, accurate and complete, the Documents submitted to us as copies conform
to original documents which are themselves authentic, true, accurate and complete, and the factual matters asserted therein were
true, accurate and complete when asserted and remain true, accurate and complete as of the date hereof. All signatures on the Documents
are genuine, and all individual signatories have the requisite legal capacity.

 

B.           At
the time of the execution of the Master Note Facility and the Supplement by each Purchaser: (i) each Purchaser had full power
and authority to execute and deliver the Master Note Facility and the Supplement and to perform its obligations thereunder; (ii)
execution, delivery and performance of the Master Note Facility and the Supplement had been authorized by all requisite action
by each Purchaser. Each of the Master Note Facility and the Supplement has been duly executed, delivered and/or accepted by each
Purchaser, and, constitutes the legal, valid and binding obligation of each Purchaser, enforceable against each Purchaser in accordance
with its terms.

 

C.           Each
Purchaser has full power and authority to purchase the Notes specified opposite such Purchaser’s name in [Schedule A] to
the Supplement; the amounts payable for the purchase of the Notes have been or will be duly funded by each Purchaser in accordance
with the terms of the Master Note Facility and the Supplement.

 

D.           Each
Purchaser is and will be in compliance with all applicable laws, rules and regulations, and has received all requisite consents,
approvals, authorizations and orders from any applicable governmental authority, to the extent required as a result of such Purchaser’s
regulatory status and relevant to its purchase of the Notes, performance of its obligations under the Master Note Facility and
the Supplement and enforcement of its rights with respect thereto.

 

E.           The
Trust is a validly existing Maryland corporation, in good standing under the law of Maryland, with the corporate power and authority
(i) in its individual capacity to authorize, execute and deliver the Master Facility Documents to which the Trust is a party and
perform its obligations thereunder, and (ii) to act as the General Partner of Borrower and, in such capacity, to authorize, execute
and deliver on behalf of Borrower, the Master Facility Documents to which Borrower is a party. The Master Facility Documents to
which the Trust is a party or which the Trust is executing as the General Partner of Borrower have been duly authorized by the
requisite corporate action by the Trust and have been duly executed and delivered by the Trust (to the extent that execution and
delivery is governed by Maryland law).

 

    	 	4.4(a)(i)-2	 

     

    

 

 

III.         Opinions

 

Based upon our review
of the Documents and upon the assumptions set forth in Section II, and subject to the exceptions and limitations set forth
in Section IV, it is our opinion that:

 

A.           Borrower
is a validly existing Delaware limited partnership, in good standing in Delaware, with the requisite limited partnership power
and authority to (i) issue and sell the Notes, and (ii) execute and deliver, and perform its obligations under the Master
Note Facility, the Supplement and the Notes.

 

B.           The
execution, delivery and performance of the Master Note Facility, the Supplement and the Notes have been duly authorized by the
requisite limited partnership action of Borrower. The Master Note Facility, the Supplement and the Notes have been duly executed
and delivered by Borrower and constitute the valid and binding obligations of Borrower, enforceable against Borrower in accordance
with their respective terms.

 

C.           The
Master Note Facility, the Supplement and the Guaranty constitute the valid and binding obligations of the Trust, enforceable against
the Trust in accordance with their respective terms.

 

D.           Based
solely on the respective certifications regarding filing of organizational documents, status and good standing issued by the applicable
officials in their respective jurisdictions of formation, each of the Subsidiaries is a validly existing limited liability company
and in good standing in the state in which it is organized and in each state in which, to our actual knowledge, it owns real estate
described in the Master Note Facility. Each of the Subsidiaries has the requisite limited liability company power and authority
to execute, deliver, and perform its obligations under, the Guaranty.

 

E.           The
execution, delivery and performance of the Guaranty have been duly authorized by the requisite limited liability company action
by each of the Subsidiaries. The Guaranty has been duly executed and delivered by each of the Subsidiaries, and constitutes the
valid and binding obligations of each of the Subsidiaries, enforceable against each of the Subsidiaries in accordance with its
terms.

 

F.           The
execution, delivery and performance by Borrower of the Master Note Facility and the Supplement, and the issue and sale of the Notes
by Borrower, as of the date hereof, do not (i) violate any provision of Borrower’s Organizational Documents, (ii) to our
actual knowledge, result in the breach by Borrower of, or constitute a default by Borrower under, (x) the agreements listed on
Schedule 2 attached hereto, or (y) any other indenture, mortgage, deed of trust, lease, sublease or other agreement binding upon
Borrower, which breach or default, in the case of the preceding clause (y), would reasonably be expected to have a material adverse
effect, (iii) to our actual knowledge, result in the creation or imposition of any Lien upon any of the property of Borrower under
any indenture, mortgage or other agreement binding upon Borrower, or (iv) violate any statutory Law (as defined in Section IV.I.
hereof) or rule or regulation thereunder (including any applicable order or decree of any court or governmental instrumentality
known to us) which, to our actual knowledge, is applicable to the execution and delivery of the Master Note Facility or the Supplement.
No consent, approval or other action of any partner of Borrower other than the Trust, as general partner, (which consent, approval
or other action has been obtained, taken or given, as applicable) is required to authorize Borrower’s issuance of, and the
performance of its obligations under, the Notes, and to our current actual knowledge, no other consent, approval or other action
is required to authorize Borrower’s execution, delivery and agreement to perform its obligations under the Master Note Facility
or the Supplement (except those which have been obtained, if any).

 

    	 	4.4(a)(i)-3	 

     

    

 

G.           The
execution, delivery and performance by the Trust of the Master Note Facility, the Supplement and the Guaranty do not (i) to our
actual knowledge, result in a breach by the Trust of, or constitute a default by the Trust under, (x) the agreements listed on
Schedule 2, attached hereto, or (y) any other indenture, mortgage, deed of trust, lease, sublease or other agreement binding upon
the Trust, which breach or default, in the case of the preceding clause (y), would be reasonably expected to have a material adverse
effect, (ii) to our actual knowledge, result in the creation or imposition of any Lien upon any of the property of the Trust under
any indenture, mortgage or other agreement binding upon the Trust, or (iii) violate any statutory Law or rule or regulation thereunder
(including any applicable order or decree of any court or governmental instrumentality known to us) which, to our actual knowledge
(as to factual matters only), is applicable to the execution and delivery of the Master Note Facility, the Supplement or the Guaranty
by the Trust.

 

H.           The
execution, delivery and performance by each Subsidiary of the Guaranty, as of the date hereof, do not (i) violate any provision
of such Subsidiary’s Organizational Documents, (ii) to our actual knowledge, result in the breach by such Subsidiary of,
or constitutes a default by such Subsidiary under, any indenture, mortgage, deed of trust, lease, sublease or other agreement binding
upon such Subsidiary, which breach or default in the case of the preceding clause (ii), would be reasonably expected to have a
material adverse effect on such Subsidiary or (iii) to our actual knowledge, result in the creation or imposition of any lien upon
any of the property of such Subsidiary under any indenture, mortgage or other agreement binding upon such Subsidiary, or (iv) violate
any statutory Law or rule or regulation thereunder (including any applicable order or decree of any court or governmental instrumentality
known to us) which, to our actual knowledge (as to factual matters only), is applicable to the execution and delivery of the Guaranty
by such Subsidiary.

 

I.           As
of the date hereof, to our actual knowledge, there is no action, suit or proceeding pending or threatened (in writing) before any
court or governmental agency or authority or any arbitrator against Borrower, the Trust, or the Subsidiaries questioning the validity
of any of the Master Facility Documents.

 

J.           As
of the date hereof, no consent, approval, authorization or order of any New York, Delaware, Michigan or federal governmental
authority is required of the Trust, Borrower or the Subsidiaries for the issuance and sale by Borrower of the Notes to the Purchasers,
the execution, delivery and performance of the Guaranty by the Subsidiaries, or the execution, delivery or performance by Borrower
and the Trust of the Master Facility Documents, except such as may be required under the Blue Sky laws, as to which we express
no opinion; provided that no opinion is given or intended herein as to any such consents, approvals, authorizations, or orders
that may be required of any Purchaser as a result of such Purchaser’s regulatory status for its acquisition and funding of
the Notes.

 

    	 	4.4(a)(i)-4	 

     

    

 

K.          Based
solely on a certificate of officers of Borrower and the Trust, and without any independent investigation or verification, neither
Borrower nor the Trust is, or immediately after the sale of the Notes to be sold pursuant to the Master Note Facility and the Supplement
and the application of the proceeds from such sale (as described in the Master Note Facility and the Supplement) will be, an “investment
company” or a company “controlled” by an “investment company” as such terms are defined in the Investment
Company Act of 1940, as amended.

 

L.           No
registration of the Notes or the Guaranty under the Securities Act of 1933, as amended (the “Securities Act”), is required
for the sale of the Notes or the issuance of Guaranty to the Purchasers pursuant to the Master Note Facility and the Supplement,
and neither the Master Note Facility nor the Supplement is required to be qualified under the Trust Indenture Act of 1939, as amended,
in each case assuming (i) that the offer or sale of the Notes was made in accordance with the representations and warranties
of Section 5.13 of the Master Note Facility and the Supplement, and (ii) that the Purchasers’ representations in Section
6 of the Master Note Facility and the Supplement are accurate and complete.

 

M.Assuming the accuracy and completeness
of the description of the intended use of proceeds as described in Section 5.14 of the Master Note Facility and the Supplement,
none of the execution, delivery or performance of the Master Note Facility or the Supplement by Borrower and the Trust, or the
sale, issuance, execution or delivery of the Notes will violate Regulations T, U or X of the Board of Governors of the Federal
Reserve System, to the extent they are applicable to Borrower or the Trust.

 

IV.          Exceptions
and Limitations

 

The foregoing opinions
are subject to the following exceptions and limitations:

 

A.           Any
limitations imposed by and the effect of all applicable bankruptcy, fraudulent conveyance or transfer, reorganization, insolvency,
moratorium or similar laws at any time generally in effect with respect to the enforcement of creditors’ rights.

 

B.           The
enforceability of the Master Facility Documents and the rights and remedies set forth therein are subject to established and evolving
principles of equity, commercial reasonableness and conscionability and to the limitations imposed by applicable law on (i) the
exercise and availability of remedies and defenses; (ii) the enforceability of purported waivers of rights and defenses; (iii)
the availability of equitable remedies and defenses generally; and (iv) the granting of rights, remedies or security in excess
of those available under applicable law.

 

C.           Notwithstanding
anything contained in the Master Facility Documents, the Purchasers may be limited to recovering only reasonable expenses with
respect to enforcement or collection of the obligations under the Master Facility Documents.

 

    	 	4.4(a)(i)-5	 

     

    

 

D.           No
opinion is given with respect to the effect of any state or federal securities laws (except as set forth in Subsections L and M
of Section III hereof), ERISA, pension or employee benefit, antitrust, insurance, bank regulatory (except as set forth in Subsection
M of Section III hereof), or truth-in-lending or other credit laws or regulations which may be applicable to this transaction.
We also disclaim any opinion with respect to specialized laws that are not customarily covered in opinion letters of this kind,
such as tax, insolvency, bankruptcy, fraudulent conveyance, environmental, intellectual property, labor, and health and safety
laws, and the effects of such specialized laws.

 

E.           No
opinion is given with respect to the effect of the law of any jurisdiction (other than the State of New York) which limits
the rates of interest legally chargeable or collectible.

 

F.           To
the extent that any opinion relates to the enforceability or applicability of the choice of New York law or the choice of
New York forum provisions of the Master Facility Documents, our opinion is given in reliance on N.Y. Gen. Oblig. Law Sections
5-1401 and 5-1402 and N.Y. CPLR 327(b) and is subject to the qualification that such enforceability or applicability may be limited
by public policy considerations or choice of law principles of any jurisdiction or venue, other than the courts of the State of
New York, in which enforcement or application of such provisions, or of a judgment upon an agreement containing such provisions,
is sought.

 

G.           We
express no opinion as to whether courts of any jurisdiction would enforce a waiver of objection to jurisdiction or venue or an
objection based on forum non conveniens or any other provisions relating to the operations of courts, court rules, service
of process, witnesses at a trial, discovery, rules of evidence or the conduct of litigation in such court.

 

H.           No
opinion is given with respect to any late charges, penalties, forfeitures, liquidated or other pre-measured damages or limitations
thereon or any prepayment premiums payable following a default to the extent that a court finds enforcement thereof would constitute
a penalty or unreasonable liquidated damages or would result in a forfeiture.

 

    	 	4.4(a)(i)-6	 

     

    

 

I.           These
opinions are based solely on (i) the Law of the State of Michigan, (ii) the Law of the State of New York, (iii) the Delaware
Revised Uniform Limited Partnership Act (the “DRULPA”) and the Delaware Revised Limited Liability Company Act
(the “DLLCA”), and (iv) where applicable, the federal Law of the United States. We are not admitted to
practice in the State of Delaware and, with respect to the opinions set forth above, insofar as they relate to any Delaware laws,
with your permission, we (i) have limited our review to standard compilations available to us of the DRULPA and the DLLCA, which
we have assumed to be accurate and complete, and (ii) have not reviewed case law. The enforceability opinions in Section III(E)
are based solely on the internal laws of the State of New York, and we provide no opinion on the enforceability of the Guaranty
under any other laws. We disclaim any opinion concerning the laws of any other jurisdiction, or any other statutes or laws of the
named jurisdictions or the effect thereof. We recognize, and you have acknowledged, that we are not admitted to practice in certain
other states in which one or more Subsidiaries are organized (the “Other States”), and with respect to the opinions
set forth above to the extent such opinions would necessarily involve an analysis of the effect of the laws of such Other states,
we have, with your permission, rendered such opinions on the basis that, hypothetically, the Subsidiaries were organized not in
the Other States but in the State of Michigan, and, accordingly (i) that the governing law as to organizational matters as
to such entities would be Michigan law, (ii) that the Subsidiaries’ various state filings and certifications of state officials
as to such filings, as well as status, good standing and the like are equivalent functionally and as to the information provided
therein to applicable state filings, certifications and similar documents in Michigan and (iii) that the Subsidiaries’ internal
documents, such as operating agreements, resolutions and the like, are governed solely by Michigan law. All references to the “Law”
or “laws” of the aforesaid jurisdictions are limited solely to the statutes, and, other than with respect to Delaware
laws, the judicial and administrative decisions, and the rules and regulations of the governmental agencies of the applicable jurisdiction,
but excluding the statutes and ordinances, the administrative decisions, and the rules and regulations of counties, towns, municipalities
and special political subdivisions (whether created or enabled through legislative action at the federal, state or regional level),
and judicial decisions to the extent that they deal with any of the foregoing; and we have only considered the applicability of
laws (in addition to the previously enumerated Delaware laws) that a lawyer in the State of Michigan or New York exercising
customary professional diligence would reasonably recognize as being applicable to Borrower, the Trust or the Subsidiaries, or
the transactions described in the Master Facility Documents.

 

J.           Our
opinions in paragraphs III(F)(ii) and (iii), III(G)(i) and (ii), and III(H)(ii) and (iii) any agreements referenced therein (i)
exclude the impact of (A) financial covenants and similar provisions therein that require financial calculations or determinations
to ascertain compliance, (B) cross-default provisions and (C) provisions relating to the occurrence of a “material adverse
effect” or “material adverse change” or similar words or concepts and (ii) to the extent the referenced agreements
are governed by the laws of States that are not Laws covered by the opinions expressed in this opinion letter, are given (A) based
on the plain meaning of such agreements and (B) assuming that the contract terms are construed as would be the case if they were
governed by the internal laws of New York.

 

K.          Opinions
given “to our actual knowledge”, referring to “actual knowledge” or other references to matters “known
to us” are based solely on, and are limited to, the current conscious awareness of the individual attorneys of this law firm
who (i) participated in the preparation of this letter or (ii) participated in a material way in the representation of Borrower,
the Trust and the Subsidiaries in connection with the execution and delivery of the Master Facility Documents; and no review of
the files maintained by this law firm or other investigation or due diligence was undertaken by us in connection with, or is to
be inferred from, such opinions.

 

L.           We
disclaim any opinion as to the impact of the distribution provisions of the Michigan Business Corporation Act on the validity,
binding effect, enforceability, or compliance with law of any guaranty or related security agreement provided by direct and indirect
corporate subsidiaries of the Borrower or on such subsidiary’s power to enter into such guaranty or related security agreement
or their due authorization if, at the time any such guaranty or related security agreement is authorized, provided or paid upon,
the criteria under such provisions permitting distributions are not satisfied.

 

    	 	4.4(a)(i)-7	 

     

    

 

M.          These opinions are given solely
to the Purchasers, and these opinions may not be relied upon by any other person or entity or in connection with any other matter,
except that (i) transferees, successors and assigns which acquire the Notes or any portion thereof for value, in good faith, and
without actual notice of a defect or existing uncured default thereunder may rely on these opinions; and (ii) copies of these opinions
may be provided for review but not reliance to (a) potential transferees, successors and assigns, (b) any governmental or regulatory
agency (including, without limitation, NAIC) having jurisdiction over you and (c) any court of law or other tribunal in connection
with any matter relating to the Master Facility Documents.

 

N.           These
opinions are given only as of the date hereof, as applicable pursuant to the express terms of our opinions, and do not contemplate,
and no opinion is given with respect to, future events or subsequent changes in law or fact.

 

	 	Very truly yours,
	 	 
	 	HONIGMAN MILLER SCHWARTZ AND

COHN LLP

 

    	 	4.4(a)(i)-8	 

     

    

 

Form of Opinion of Special
Maryland Counsel

to the Parent Guarantor

 

To the Purchasers of the Senior Notes

(as such terms are defined herein)

listed in Schedule A attached hereto

 

		Re:	Agree Limited Partnership, a Delaware limited partnership (the “Company”) (i) Uncommitted
Master Note Facility, dated as of August 3, 2017 (the “Master Note Facility”), by and among the Company, Agree Realty
Corporation, a Maryland corporation and the sole general partner of the Company (the “Guarantor”), and AIG Asset Management
(U.S.), LLC and (ii) the [_____] Supplement to the Master Note Facility dated as of [__________] (the “Supplement”)
by and among the Company, the Guarantor and the purchasers listed in Schedule A attached thereto (each a “Purchaser”
and, collectively, the “Purchasers”), with respect to the issuance and sale by the Company of [$________] aggregate
principal amount of its [____]%, Series [____], Senior Guaranteed Notes, due [__________] (the “Senior Notes”)

 

Ladies and Gentlemen:

 

We have acted as Maryland
corporate counsel to the Guarantor in connection with the above-referenced matter, and we have been requested to provide you with
our opinion as Maryland corporate counsel to the Guarantor with respect to certain aspects of Maryland law pursuant to Section
4.4 of the Master Note Facility and the Supplement.

 

We understand that the
Company, the Guarantor and the Subsidiary Guarantors (as defined herein) are also being represented in this matter by Honigman
Miller Schwartz and Cohn LLP, and we understand that, except as to those issues specifically opined to herein, you will be relying
upon the opinion of Honigman Miller Schwartz and Cohn LLP. We did not participate in the negotiation or drafting of the Master
Note Facility, the Supplement, the Notes or the Guaranty (as such terms are defined herein).

 

In connection with our
representation of the Guarantor, and as a basis for the opinion hereinafter set forth, we have examined the originals, or copies
certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the
“Documents”):

 

		(i)	the corporate charter of the Guarantor (the “Charter”) represented by Articles of Incorporation
filed with the State Department of Assessments and Taxation of Maryland (the “Department”) on December 15, 1993, Articles
of Amendment filed with the Department on April 7, 1994, two Articles Supplementary filed with the Department on December 8, 2008,
Articles Supplementary filed with the Department on September 21, 2012, Articles of Amendment filed with the Department on May
8, 2013, two Articles Supplementary filed with the Department on July 31, 2013, Articles of Amendment filed with the Department
on May 5, 2015 and Articles of Amendment filed with the Department on May 3, 2016;

  

    	 	

Exhibit 4.4(a)(ii)

(to Uncommitted Master Note Facility)

	 

     

    

 

To the Purchasers of the Senior Notes

listed in Schedule A attached hereto

[__________]

Page 2

 

		(ii)	the Amended and Restated Bylaws of the Guarantor, adopted as of May 8, 2013 (the “Bylaws”);

 

		(iii)	resolutions adopted, or other actions taken, by the board of directors (the “Board of Directors”)
of the Guarantor on or as of [__________] (the “Directors’ Resolutions”);

 

		(iv)	the First Amended and Restated Agreement of Limited Partnership of the Company, as amended (the
“Partnership Agreement”);

 

		(v)	a status certificate of the Department, dated as of a recent date, to the effect that the Guarantor
is duly incorporated and existing under the laws of the State of Maryland;

 

		(vi)	the Master Note Facility and the Supplement;

 

		(vii)	each Note, dated as of [__________], representing the Senior Notes and registered in the name of
the applicable Purchaser or in the name of such Purchaser’s nominee (collectively, the “Notes”);

 

		(viii)	the Guaranty, dated as of [__________] (the “Guaranty”), made by the Guarantor, the
Company and each of the other guarantors named on the signature pages thereto (collectively, the “Subsidiary Guarantors”),
with respect to the Senior Notes;

 

		(ix)	a certificate of officers of the Guarantor, dated as of the date hereof (the “Officers’
Certificate”), executed by [Joey Agree, the President and Chief Executive Officer of the Guarantor, and Kenneth Howe, the
Interim Chief Financial Officer and Secretary of the Guarantor], to the effect that, among other things, the Charter, the Bylaws,
the Directors’ Resolutions and the Partnership Agreement are true, correct and complete, have not been rescinded or modified
and are in full force and effect on the date of the Officers’ Certificate, and certifying as to, among other things, the
manner of adoption of the Directors’ Resolutions and the form, approval, execution and delivery of the Master Note Facility,
the Supplement, the Notes and the Guaranty; and

 

    	 	4.4(a)(ii)-2	 

     

    

 

To the Purchasers of the Senior Notes

listed in Schedule A attached hereto

[__________]

Page 3

 

		(x)	such other laws, records, documents, certificates, opinions and instruments as we have deemed necessary
to render this opinion, subject to the limitations, assumptions and qualifications noted below.

 

Insofar as the opinions
and other matters set forth herein constitute, or are based upon, factual matters, we have relied solely upon the Officers’
Certificate and our knowledge. The words “our knowledge” signify that in the course of our representation of the Guarantor
in matters with respect to which we have been engaged as Maryland corporate counsel to the Guarantor, no information has come to
our attention that would give us actual knowledge or actual notice of the inaccuracy of the statement, opinion or other matters
so qualified. We have undertaken no independent investigation or verification of any such statements, opinions or matters. The
words “our knowledge” are intended to be limited to the knowledge of the lawyers within our firm who have rendered
legal services to the Guarantor in connection with the Master Note Facility, the Supplement, the Notes and the Guaranty.

 

In rendering the opinions
expressed below, we have assumed the following to the extent relevant to such opinions:

 

		a.	each individual executing any of the Documents on behalf of a party (other than the Guarantor)
is duly authorized to do so;

 

		b.	each individual executing any of the Documents, whether on behalf of such individual or another
person, is legally competent to do so;

 

		c.	each of the parties (other than the Guarantor) executing any of the Documents has duly authorized
and validly executed and delivered each of the Documents to which such party is a signatory, and such party’s obligations
set forth therein are legal, valid and binding and are enforceable in accordance with their respective terms;

 

		d.	any Documents submitted to us as originals are authentic; the form and content of any Documents
submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents
as executed and delivered; any Documents submitted to us as certified, photostatic or facsimile copies conform to the original
documents; all signatures on all Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true
and complete; all representations, warranties and statements contained in the Documents (other than representations, warranties
and statements of the Guarantor as to legal matters on which opinions are rendered herein) are true and complete; and there has
been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of
any of the Documents, by action or omission of the parties or otherwise;

 

    	 	4.4(a)(ii)-3	 

     

    

 

To the Purchasers of the Senior Notes

listed in Schedule A attached hereto

[__________]

Page 4

 

		e.	all certificates submitted to us, including, but not limited to, the Officers’ Certificate,
are correct and complete both when given and as of the date hereof;

 

		f.	the Company is the sole member of each of the Subsidiary Guarantors;

 

		g.	the consummation of the transactions contemplated by the Master Note Facility, the Supplement,
the Notes and the Guaranty will result in receipt by each of the Subsidiary Guarantors of good and valuable consideration, and
such transactions are fair and reasonable to each of the Subsidiary Guarantors;

 

		h.	in no event will the aggregate principal amount of all senior notes issued under the Master Note
Facility, as supplemented from time to time, exceed $100,000,000; and

 

		i.	the Guarantor is entering into, and will execute and deliver, and perform its obligations under,
the Master Note Facility, the Supplement, the Notes and the Guaranty, together with any related documents, instruments and agreements,
in furtherance of the conduct of its business in a manner that will enable it to qualify (or, once qualified, to maintain its qualification)
as a real estate investment trust under Section 856 et seq. of the Internal Revenue Code of 1986, as amended.

 

Based upon our review
of the foregoing, and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of
this letter:

 

		1.	The Guarantor has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the State of Maryland.

 

		2.	The Guarantor, acting in its own capacity and in its capacity as the general partner of the Company,
on behalf of the Company, acting in its own capacity and in its capacity as the sole member of each of the Subsidiary Guarantors,
on behalf of each of the Subsidiary Guarantors, as applicable, has the requisite corporate power and authority to execute and deliver,
and perform its obligations under, the Master Note Facility, the Supplement, the Notes and the Guaranty.

 

    	 	4.4(a)(ii)-4	 

     

    

 

To the Purchasers of the Senior Notes

listed in Schedule A attached hereto

[__________]

Page 5

 

		3.	The execution and delivery by the Guarantor, acting in its own capacity and in its capacity as
the general partner of the Company, on behalf of the Company, acting in its own capacity and in its capacity as the sole member
of each of the Subsidiary Guarantors, on behalf of each of the Subsidiary Guarantors, as applicable, of the Master Note Facility,
the Supplement, the Notes and the Guaranty have been duly authorized by all necessary corporate action on the part of the Guarantor
required under the Charter and Bylaws and the Maryland General Corporation Law (the “MGCL”), and the Master Note Facility,
the Supplement, the Notes and the Guaranty have been duly executed and delivered by the Guarantor, acting in its own capacity and
in its capacity as the general partner of the Company, on behalf of the Company, acting in its own capacity and in its capacity
as the sole member of each of the Subsidiary Guarantors, on behalf of each of the Subsidiary Guarantors, as applicable.

 

		4.	The execution, delivery and performance of the Master Note Facility, the Supplement, the Notes
and the Guaranty by the Guarantor, acting in its own capacity and in its capacity as the general partner of the Company, on behalf
of the Company, acting in its own capacity and in its capacity as the sole member of each of the Subsidiary Guarantors, on behalf
of each of the Subsidiary Guarantors, as applicable, will not (i) contravene any provision of the MGCL or (ii) result in any violation
of the provisions of the Charter or Bylaws.

 

		5.	No consent, approval, authorization, order of, or qualification with any court or governmental
agency or authority of the State of Maryland is required to be obtained by the Guarantor, acting in its own capacity and in its
capacity as the general partner of the Company, on behalf of the Company, acting in its own capacity and in its capacity as the
sole member of each of the Subsidiary Guarantors, on behalf of each of the Subsidiary Guarantors, as applicable, pursuant to the
MGCL in connection with the execution and delivery of the Master Note Facility, the Supplement, the Notes and the Guaranty, except
for such as have been obtained.

 

    	 	4.4(a)(ii)-5	 

     

    

 

To the Purchasers of the Senior Notes

listed in Schedule A attached hereto

[__________]

Page 6

 

In addition to the qualifications
set forth above, the opinions set forth herein are also subject to the following qualifications: (i) the opinions set forth herein
are limited to the corporation laws of the State of Maryland, and no opinions are expressed herein concerning any laws other than
the corporation laws of the State of Maryland; (ii) no opinions are expressed with respect to the legality, binding effect or enforceability
of the Master Note Facility, the Supplement, the Notes and the Guaranty, or any of them; (iii) no opinions are expressed with respect
to the compliance with or applicability of any state or federal securities, tax, environmental, consumer credit, lending, financial
institution, real estate syndication, labor or employment laws, or laws regarding fraudulent conveyances, nor is any opinion expressed
herein as to the applicability or effect of the Investment Company Act of 1940, as amended; (iv) our opinion expressed in paragraph
5 above is based upon our consideration of only those consents, approvals, authorizations, orders and qualifications, pursuant
to the MGCL, if any, which we as attorneys licensed in the State of Maryland reasonably believe to be typically applicable to transactions
of the type contemplated by the Master Note Facility, the Supplement, the Notes and the Guaranty; (v) no opinions are expressed
with respect to the limited partnership actions or limited liability company actions that may be required for the Company and the
Subsidiary Guarantors to authorize, execute, deliver or perform the Master Note Facility, the Supplement, the Notes, the Guaranty
or any other document, instrument or agreement to which the Company or the Subsidiary Guarantors is a party; (vi) the opinions
set forth herein are limited to the matters specifically stated herein and no other opinions shall be inferred beyond the matters
specifically stated; and (vii) the opinions set forth herein are limited to laws in effect, and facts and circumstances presently
existing and brought to our attention, as of the date hereof, and we assume no obligation to supplement this opinion if applicable
laws change after the date hereof, or if we become aware of any facts or circumstances which now exist or which occur or arise
in the future that may change the opinions expressed herein after the date hereof.

 

The opinions presented
in this letter are solely for your use in connection with the matters contemplated by the Master Note Facility, the Supplement,
the Notes and the Guaranty. This opinion letter may not be relied upon by you for any other purpose, or furnished to, assigned
to, quoted to, or relied upon by any other person, firm or other entity for any purpose, without our prior written consent in each
instance, which may be granted or withheld in our sole discretion, provided, however, that subsequent institutional holders of
the Notes may rely on this opinion, and a copy of this opinion letter may be furnished to, but not relied on by, (i) the National
Association of Insurance Commissioners, (ii) potential transferees of the Notes, (iii) any state, federal or provincial authority
or independent banking or insurance board or body having regulatory jurisdiction over a Purchaser in the exercise of their regulatory
due diligence, and (iv) any court of law or other tribunal in connection with any matter related to the Master Note Facility, the
Supplement, the Notes and the Guaranty. In addition, we consent to reliance hereupon, subject to the limitations and qualifications,
and based on the assumptions, herein contained, by Honigman Miller Schwartz and Cohn LLP in the delivery to you of its opinion
in connection with the transactions contemplated by the Master Note Facility, the Supplement, the Notes and the Guaranty.

 

	 	Very truly yours,

 

    	 	4.4(a)(ii)-6	 

     

    

 

Schedule
A

Purchasers
of the Senior Notes

 

    	 	A-1	 

     

    

 

Form of Opinion of Counsel
to the Purchasers

 

[Provided on a case by case basis.]

 

    Exhibit 4.4(b)
(to Uncommitted Master Note Facility)

     

    

 

[Form of Supplement]

 

 

 

Agree
Limited Partnership

 

[Number] Supplement to Uncommitted
Master Note Facility

 

Dated
as of ______________________

 

Re:$____________ _____%, Series _______,
Senior Guaranteed Notes

due
_____________________

 

 

  

    	 	

Exhibit a
(to Uncommitted Master Note Facility)

	 

     

    

 

Agree
Limited Partnership

70
E. Long Lake Road

Bloomfield
Hills, MI 48304

 

[Number]
Supplement to Uncommitted Master Note Facility

 

Dated as of

____________________,
20__

 

To the Purchaser(s) named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This [Number] Supplement
to Uncommitted Master Note Facility (the “Supplement”) is among Agree Limited Partnership, a Delaware limited
partnership (the “Company”), and Agree Realty Corporation, a Maryland corporation operating as a real estate
investment trust (the “Parent Guarantor”), and the institutional investors named on Schedule A attached
hereto (the “Purchasers”).

 

Recitals

 

A.           The
Company and the Parent Guarantor have entered into the Uncommitted Master Note Facility dated as of August 3, 2017 with AIG Asset
Management (U.S.), LLC [and certain AIG Affiliates as purchasers thereunder, pursuant to one or more supplements thereto] (as heretofore
amended and supplemented, the “Master Note Facility”); and

 

B.           The
Company desires to issue and sell, and the Purchasers desire to purchase, [an initial] [an additional] Series of Notes (as defined
in the Master Note Facility) pursuant to the Master Note Facility and in accordance with the terms set forth below;

 

Now,
Therefore, the Company and the Purchasers agree as follows:

 

1.          Authorization
of the New Series of Notes. The Company has authorized the issue and sale of $__________ aggregate principal amount of its
_____%, Series [____], Senior Guaranteed Notes due _________, ____ (the “Series [____] Notes”). The
Series [____] Notes, [together with the Series ____ Notes issued pursuant to the _________ Supplement] and each
Series of Notes which may from time to time hereafter be issued pursuant to the provisions of the Master Note Facility, are collectively
referred to as the “Notes” (such term shall also include any such notes issued in substitution therefor pursuant
to Section 13 of the Master Note Facility). The Series [____] Notes shall be substantially in the form set out in Exhibit 1
hereto with such changes therefrom, if any, as may be approved by the Purchaser(s) and the Company.

 

     

     

    

 

2.          Sale
and Purchase of Series [____] Notes. Subject to the terms and conditions of this Supplement and the Master Note Facility
and on the basis of the representations and warranties hereinafter set forth, the Company will issue and sell to each of the Purchasers,
and the Purchasers will purchase from the Company, at the Closing provided for in Section 3, Series [____] Notes in the
principal amount specified opposite their respective names in the attached Schedule A hereto at the purchase price of 100%
of the principal amount thereof. The obligations of the Purchasers hereunder are several and not joint obligations and no Purchaser
shall have any liability to any Person for the performance or non-performance by any other Purchaser hereunder.

 

3.          Closing.
The sale and purchase of the Series [____] Notes to be purchased by each Purchaser shall occur at the offices of [Purchasers’
Counsel Address] at 10:00 a.m. Chicago time, at a closing (the “Closing”) on ______, ____ or on such other
Business Day thereafter on or prior to _______, ____ as may be agreed upon by the Company and the Purchasers (the “Closing
Date”). At the Closing, the Company will deliver to each Purchaser the Series [____] Notes to be purchased by such
Purchaser in the form of a single Series [____] Note (or such greater number of Series [____] Notes in denominations
of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name
(or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of
the Company in accordance with wire transfer instructions provided by the Company to such Purchaser pursuant to Section 4
of this Supplement, as it relates to Section 4.11 of the Master Note Facility. If, at the Closing, the Company shall fail
to tender such Series [____] Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified
in Section 4 shall not have been fulfilled to any Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s
election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have
by reason of such failure or such nonfulfillment.

 

4.          Conditions
to Closing. The obligation of each Purchaser to purchase and pay for the Series [____] Notes to be sold to such Purchaser
at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to the Closing, of the conditions set
forth in Section 4 of the Master Note Facility (it being understood that all references to “Purchaser” therein shall
be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to refer to the
Master Note Facility as supplemented by this Supplement, and all references to “Notes” therein shall be deemed to refer
to the Series [____] Notes, and as hereafter modified), and to the following additional conditions:

 

    	 	A-2	 

     

    

 

(a)          as
provided in Section 5 of this Supplement, except as supplemented, amended or superseded by the representations and warranties
set forth in Exhibit 2 hereto (which changes are subject to the approval of each Purchaser), each of the representations and
warranties of the Company and the Parent Guarantor set forth in Section 5 of the Master Note Facility shall be correct as of the
date of Closing and the Company and the Parent Guarantor each shall have delivered to each Purchaser an Officer’s Certificate,
dated the date of the Closing certifying that such condition has been fulfilled;

 

(b)          contemporaneously
with the Closing, the Company shall sell to each Purchaser, and each Purchaser shall purchase, the Series [____] Notes to
be purchased by such Purchaser at the Closing as specified in Schedule A; and

 

(c)          [Set
forth any modifications and additional conditions]

 

5.          Representations
and Warranties of the Company and the Parent Guarantor. With respect to each of the representations and warranties contained
in Section 5 of the Master Note Facility, each of the Company and the Parent Guarantor represents and warrants to the Purchasers
that, as of the date hereof, such representations and warranties are true and correct (A) except that all references to “Purchaser”
therein shall be deemed to refer to the Purchasers hereunder, all references to “this Agreement” shall be deemed to
refer to the Master Note Facility as supplemented by this Supplement, and all references to “Notes” therein shall be
deemed to refer to the Series [____] Notes, and (B) except for changes to such representations and warranties or the
Schedules referred to therein, which changes are set forth in the attached Exhibit 2 and which are in all respects satisfactory
to such Purchaser as a condition to the Closing.

 

6.          Representations
of the Purchasers. Each Purchaser confirms to the Company that the representations set forth in Section 6 of the Master
Note Facility are true and correct on the date hereof with respect to the purchase of the Series [____] Notes by such Purchaser,
except that all references to “Purchaser” therein shall be deemed to refer to the Purchasers hereunder, all references
to “this Agreement” therein shall be deemed to refer to the Master Note Facility as supplemented by this Supplement,
and all references to “Notes” therein shall be deemed to refer to the Series [____] Notes.

 

7.          Maturity;
Interest. [Here insert scheduled prepayments, if any, on the Series [____] Notes.] The Series [____] Notes will have
the maturity date and bear interest at the rate set forth therein.

 

8.          Prepayments
of the Series [____] Notes. [All prepayment provisions in Section 8 of the Master Note Facility shall apply to the Series [____]
Notes equally as “Notes” thereunder, subject to the definitions applicable to the Series [____] Notes contained
herein.] [If applicable, here insert special provisions for Series [____] Notes including prepayment provisions applicable
to Series [____] Notes (including Make-Whole Amount or any applicable premium, if any) and the definition of “Default
Rate” for the Series [____] Notes and the definition of “Business Day” related to the calculation of a Make-Whole
Amount or any applicable premium for the Series [____] Notes.]

 

    	 	A-3	 

     

    

 

9.            Applicability
of Master Note Facility. Except as otherwise expressly provided herein (and expressly permitted by the Master Note Facility),
all of the provisions of the Master Note Facility are incorporated by reference herein, shall apply to the Series [____] Notes
as if expressly set forth in this Supplement and all references to “Notes” shall include the Series [____] Notes.
Without limiting the foregoing, the Company and the Parent Guarantor agree to pay all costs and expenses incurred in connection
with the initial filing of this Supplement and all related documents and financial information with the SVO; provided that
such costs and expenses with respect to the Series [____] Notes shall not exceed [$________] per Series or tranche of such Notes.
Capitalized terms used herein without definition have the respective meanings ascribed to them in the Master Note Facility (as
amended from time to time).

 

10.         Governing
Law. This Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State.

 

11.         Agreement
to be Bound. The Company, the Parent Guarantor and each Purchaser agree to be bound by and comply with the terms and provisions
of the Master Note Facility as fully and completely as if such Purchaser were an original signatory to the Master Note Facility.

 

[12.         Additional
Provisions. The Series [____] Notes are subject to the following additional provisions:][include whether any additional
covenants are subject to Section 11(c) of the Master Note Facility]:

 

[Include additional provisions,
as applicable]

 

    	 	A-4	 

     

    

 

The execution hereof
shall constitute a contract between the Company, the Parent Guarantor and the Purchaser(s) for the uses and purposes hereinabove
set forth, and this Supplement may be executed in any number of counterparts, each executed counterpart constituting an original
but all together only one agreement.

 

	 	Agree Limited Partnership,
	 	a Delaware limited partnership

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	Agree Realty Corporation,
	 	a Maryland corporation

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

	Accepted as of __________, _____	 

 

	 	[Variation]

 

	 	By	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	A-5	 

     

    

 

Information Relating to
Purchasers

 

	Name and Address of Purchaser	 	Principal 
 Amount of
 Series ______
 Notes to Be
 Purchased	 
	 	 	 	 
	[Name of Purchaser]	 	$		 
	 	 	 	 	 		 
	(1)	 	All payments by wire transfer of immediately available funds to:	 	 		 
	 	 	 	 	 	 	 
	 	 	with sufficient information to identify the source and application of such funds.	 	 	 	 
	 	 	 	 	 	 	 
	(2)	 	All notices of payments and written confirmations of such wire transfers:	 	 	 	 
	 	 	 	 	 	 	 
	(3)	 	All other communications:	 	 	 	 
	 	 	 	 	 	 	 
	(4)	 	Tax Identification Number	 	 	 	 

  

    	 	

Schedule A
(to Supplement)

	 

     

    

 

[Form of Series ____ Note]

Agree Limited Partnership

[Coupon]% Senior Guaranteed Note, Series[_____] due [Maturity Date]

 

	No. R__-__	[Date]
	$[____________]	PPN [________]

 

For
Value Received, the undersigned, Agree Limited Partnership (herein called
the “Company”), a limited partnership organized and existing under the laws of Delaware, hereby promises to
pay to [_____________________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on [_________, _____] (the “Maturity Date”) with interest
(computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of [Coupon]%
per annum from the date hereof, payable [semiannually], on the [___] day of [__________] and [_________] in each year, commencing
[_________, _____], until the principal hereof shall have become due and payable, and (b) to the extent permitted by law,
(x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on
any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the
hereinafter defined Master Note Facility).

 

Payments of principal
of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America
at the principal office of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall
have designated by written notice to the holder of this Note as provided in the Master Note Facility referred to below.

 

This Note is one of
the Senior Guaranteed Notes (herein called the “Notes”) issued pursuant to the _____ Supplement dated as of
_________, 20__ to the Uncommitted Master Note Facility dated as of August 3, 2017 (as from time to time amended, the “Master
Note Facility”), between Agree Realty Corporation (the “Parent Guarantor”), the Company, AIG Asset
Management (U.S.), LLC and the Purchasers from time to time referred to therein and is entitled to the benefits thereof. Each holder
of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20
of the Master Note Facility and (ii) made the representations set forth in Section 6.2 of the Master Note Facility.
Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the
Master Note Facility.

 

This Note is a registered
Note and, as provided in the Master Note Facility, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

  

    	 	

Exhibit 1
(to Supplement)

	 

     

    

 

Pursuant to a Guaranty
dated as of [________, 2017], the Parent Guarantor, operating as a real estate investment trust and certain subsidiaries, have
each absolutely and unconditionally guaranteed payment in full of the principal of, Make-Whole Amount, if any, and interest on
this Note and performance by the Company of all of its obligations contained in the Master Note Facility all on the terms set forth
in such Guaranty.

 

[The Company will make
required prepayments of principal on the dates and in the amounts specified in the [_____] Supplement to the Master Note Facility
dated [_________].] [This Note is [also] subject to [optional] prepayment, in whole or from time to time in part, at the times
and on the terms specified in the [_____] Supplement to Master Note Facility dated [_________], but not otherwise.] [This Note
is not subject to prepayment.]

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Master Note Facility.

 

This Note shall
be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the
law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

	 	Agree Limited Partnership

 

	 	By:	Agree Realty Corporation,
	 	 	Its sole general partner

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	EX 1-2	 

     

    

 

Supplemental Representations

 

The Company represents
and warrants to each Purchaser that except as hereinafter set forth in this Exhibit 2, each of the representations and warranties
set forth in Section 5 of the Master Note Facility is true and correct in all material respects as of the date hereof with respect
to the Series [____] Notes with the same force and effect as if each reference to “Notes” set forth therein was
modified to refer the “Series [____] Notes” and each reference to “this Agreement” therein was modified
to refer to the Master Note Facility as supplemented by the _______ Supplement. The Section references hereinafter set forth correspond
to the similar sections of the Master Note Facility which are supplemented hereby:

 

[Supplemental representations,
subject to Purchaser approval]

  

    	 	

Exhibit 2
(to Supplement)

	 

     

    

 

Form of Guaranty

 

    	 	

Exhibit B
(to Uncommitted Master Note Facility)EX-4.1

 Exhibit 4.1 

FIRST AMENDMENT 
 TO

 AMENDED AND RESTATED RIGHTS AGREEMENT 

This FIRST AMENDMENT (this “First Amendment”) to the AMENDED AND RESTATED RIGHTS AGREEMENT, dated effective as of
January 25, 2015 (the “Agreement”), is entered into as of October 20, 2017 by and between Golden Entertainment, Inc., a Minnesota corporation (formerly known as Lakes Entertainment, Inc.) (the “Company”), and Wells
Fargo Shareowner Services, a division of Wells Fargo Bank, National Association (the “Rights Agent”). 
 WITNESSETH 

WHEREAS, the Company and the Rights Agent previously entered into the Agreement; and 

WHEREAS, pursuant to Section 23(a)(i)(y) of the Agreement, the Board of Directors of the Company may amend the
Agreement to change the Final Expiration Date (as defined in the Agreement) to another date, including an earlier date, and the Board has approved and adopted this First Amendment to change the Final Expiration Date to the date hereof. 

NOW, THEREFORE, in consideration of the foregoing premises and mutual agreements set forth in this First Amendment, the
Company and the Rights Agent agree as follows: 
 1. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Agreement. 
 2. Clause (i) of Section 7(a) of the Agreement is hereby amended to
delete such clause and to replace it with the following new clause (i): “(i) October 20, 2017 (the “Final Expiration Date”),”. 

3. This First Amendment shall be effective as of the “Closing” (as defined therein) under that certain Membership
Interest Purchase Agreement by and among W2007/ACEP Managers Voteco, LLC, W2007/ACEP Holdings, LLC and the Company dated as of June 10, 2017, as the same may be amended from time to time. 

4. This First Amendment may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an
original and all such counterparts shall together constitute one and the same document. 
 5. This First Amendment shall be
deemed to be a contract made under the internal laws of the State of Minnesota and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such
State. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have caused this First Amendment to be
duly executed as of the date and year first above written. 
  

					
	 GOLDEN ENTERTAINMENT, INC.,

a Minnesota corporation

		
	By:	 	/s/ Charles H. Protell
		 	Name:	 	Charles H. Protell
		 	Title:	 	Executive Vice President, Chief Strategy Officer and Chief Financial Officer

  

					
	 WELLS FARGO SHAREOWNER SERVICES,

A DIVISION OF WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as
Rights Agent

		
	By:	 	/s/ Allison M. Seeley
		 	Name:	 	Allison M. Seeley
		 	Title:	 	Officer – Client Services

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