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EXHIBIT 10.7
FIRST AMENDMENT TO AMENDED AND RESTATED PROPERTY MANAGEMENT AND LEASING AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED PROPERTY MANAGEMENT AND LEASING AGREEMENT (this “Amendment”), is made and entered into as of August 27, 2020, by and among AMERICAN FINANCE TRUST, INC., a Maryland corporation (the “Company”), AMERICAN FINANCE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”), and AMERICAN FINANCE PROPERTIES, LLC, a Delaware limited liability company (the “Manager”).

WHEREAS the parties hereto entered into that certain Amended and Restated Property Management and Leasing Agreement, dated of September 6, 2016 (the “Agreement”); and

WHEREAS, the parties wish to amend the Agreement as provided herein.

NOW, THEREFORE, in consideration of the mutual promise contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the Agreement as follows:

1.Definition of “Properties”.  The defined term “Properties” set forth in Section 1.16 of the Agreement is hereby deleted in its entirety and replaced as follows:

1.13.  “Properties” means all real estate properties owned, directly or indirectly, by the Owner and all tracts as yet unspecified but to be acquired by the Owner containing income-producing Improvements or on which the Owner will develop or rehabilitate income-producing Improvements; provided, however, that “Properties” as defined herein shall exclude any Property that is (i) expressly subject to a separate property management agreement with Manager; or (ii) acquired after the Effective Date that is (x) not a triple or double net leased Property similar to any of the properties currently owned by Company immediately prior to the Effective Date or (y) an existing anchored, stabilized core retail Property, such as a power center or lifestyle center.
2.Miscellaneous. Except as expressly modified hereby the terms of the Agreement shall remain in full force and effect as written.  Any capitalized term used in this Amendment and not otherwise defined herein, shall have the meaning ascribed to such term in the Agreement.  This Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become a binding agreement when one or more counterparts have been signed by each of the parties and delivered to the other party.  Signatures on this Amendment which are transmitted by electronically shall be valid for all purposes, however any party shall deliver an original signature of this Amendment to the other party upon request.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Amended and Restated Property Management and Leasing Agreement as of the day and year first set forth above.
AMERICAN FINANCE TRUST, INC.

By:    /s/ Michael Anderson
Name:  Michael Anderson
Title:    Authorized Signatory

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

By:    /s/ Michael Anderson 
Name:  Michael Anderson
Title:    Authorized Signatory

AMERICAN FINANCE PROPERTIES, LLC

By:    /s/ James Tanaka
Name:  James Tanaka
Title:    Authorized SignatoryDocument

EXHIBIT 10.8
FIRST AMENDMENT TO AMENDED AND RESTATED LEASING AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED LEASING AGREEMENT (this “Amendment”), is entered into as of November 4, 2020, by and among AMERICAN FINANCE TRUST, INC., a Maryland corporation (the “Company”) and AMERICAN FINANCE PROPERTIES, LLC, a Delaware limited liability company (the “Leasing Agent”).

WHEREAS the Company and the Leasing are party to the Amended and Restated Leasing Agreement dated as of September 6, 2016 (the “Leasing Agreement”); and

WHEREAS, in light of the significant investment to be made by the Leasing Agent in property management infrastructure for the benefit of the Company the parties wish to amend the Leasing Agreement as provided herein.

NOW, THEREFORE, in consideration of the promise and mutual agreements herein contained, the parties hereto, intending to be legally bound hereby, agree to amend the Leasing Agreement as herein stated.

1.Defined Terms.  All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms in the Leasing Agreement.

2.Amendments. 

a.Section 2 of the Leasing Agreement is hereby deleted in its entirety and replaced as follows:

“2.    Term. The initial term of this Leasing Agreement shall commence on the Effective Date (the “Commencement Date”), shall continue in full force and effect through, and shall automatically terminate on, the later of (i) five years from the date of this Amendment and (ii) the Termination Date. The term of this Leasing Agreement may be extended for such additional periods of time as the parties agree to in writing.”

b.Section 9.6 of the Leasing Agreement is hereby deleted in its entirety and replaced as follows:

“Notices. All notices, demands requests, approvals and other communications required or permitted by this Leasing Agreement shall be in writing and shall be deemed to have been given on the earlier of the date when presented personally or otherwise delivered (whether by commercial delivery service, mail or otherwise) or on the third (3rd) day after the date when deposited in a regularly maintained mail receptacle of the United States Postal Service, postage prepaid, registered or certified, return receipt requested, addressed to Company or the Leasing Agent, as 

the case may be, at its respective address set forth below, or at such other address as the Company or the Leasing Agent may from time to time designate by written notice to the other party as herein required.

If mailed or personally delivered to an Owner and/or the Company:    

American Finance Trust, Inc.
650 Park Avenue, 30th Floor
New York, New York 10019
Telephone: (212) 415-6500
Facsimile: (212) 421-5799
Attention: Edward M. Weil, Jr., Chief Executive Offer
     Michael R. Anderson, Esq.
      
With a copy mailed to:    

Proskauer Rose LLP
70 West Madison Street, Suite 3800
Chicago, IL 60602
Attention: Mr. Michael Choate, Esq.
     
If mailed or personally delivered to the Leasing Agent:    

American Finance Properties, LLC
650 Park Avenue, 30th Floor
New York, New York 10019
Telephone: (212) 415-6500
Facsimile: (212) 421-5799
Attention: Edward M. Weil, Jr.,
     Michael R. Anderson, Esq.
      
With a copy mailed to:    

Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Attention: Mr. Jeffrey D. Marell, Esq.          
      
or to such address as either party may from time to time specify by written notice to the other. Notices shall be deemed to be received and, therefore, effective on the earlier of the date of delivery or, the third (3rd) day after the date the notice is mailed.”

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3.Certain Defined Terms. Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Third Amended and Restated Advisory Agreement, dated as of September 6, 2016, by and among the Company, American Finance Operating Partnership, L.P, and American Finance Advisors, LLC (as amended, supplemented or otherwise modified).

4.Reaffirmation. Each party hereby affirms and reaffirms the Leasing Agreement.

5.Miscellaneous.

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

b.Integration. This Amendment and the documents referred to, comprising or relating to this Amendment constitute the sole agreement of the parties with respect to the subject matter hereof and thereof and supersede all oral negotiations and prior writings with respect to the subject matter hereof and thereof.

c.Amendment and Waiver. No amendment of this Amendment, and no waiver, discharge or termination of any one or more of the provisions hereof, shall be effective unless set forth in writing and signed by all of the parties hereto.

d.Counterparts. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute one and the same Amendment. 

[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.
COMPANY:
AMERICAN FINANCE TRUST, INC.                     a Maryland corporation
By:    /s/ Michael R. Anderson 
Name: Michael R. Anderson  
Title:    Authorized Signatory

LEASING AGENT:

AMERICAN FINANCE PROPERTIES, LLC,
                        a Delaware limited liability company                    

By:    /s/ James A. Tanaka
Name:  James A. Tanaka
Title:    Authorized Signatory
 

[Signature Page to Second Amendment to Leasing Agreement]Document

EXHIBIT 10.9
SECOND AMENDMENT TO AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT
THIS SECOND AMENDMENT TO AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this “Amendment”), is entered into as of November 4, 2020, by and among AMERICAN FINANCE TRUST, INC., a Maryland corporation (the “Company”) and AMERICAN FINANCE PROPERTIES, LLC, a Delaware limited liability company (the “Property Manager”), and each Delaware limited liability company that is a signatory to this Amendment (each, an “Owner Subsidiary”).

WHEREAS the Company, the Property Manager and the Owner Subsidiaries are party to the Amended and Restated Property Management Agreement dated as of September 6, 2016 (as amended by the first amendment thereto, dated as of December 8, 2017, and as further amended, modified or supplemented from time to time, the “Property Management Agreement”); and

WHEREAS, in light of the significant investment to be made by the Property Manager in property management infrastructure for the benefit of the Company and the Owner Subsidiaries, the parties wish to amend the Property Management Agreement as provided herein.

NOW, THEREFORE, in consideration of the promise and mutual agreements herein contained, the parties hereto, intending to be legally bound hereby, agree to amend the Property Management Agreement as herein stated.

1.Defined Terms.  All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such terms in the Property Management Agreement.

2.Amendments. 

a.Section 6.1 of the Property Management Agreement is hereby deleted in its entirety and replaced as follows:

“6.1    Term. The initial term of this Property Management Agreement shall commence on the Effective Date (the “Commencement Date”), shall continue in full force and effect through, and shall automatically terminate on, the later of (i) five years from the date of this Amendment and (ii) the Termination Date. The term of this Property Management Agreement may be extended for such additional periods of time as the parties agree to in writing.”

b.Section 6.3 of the Property Management Agreement is hereby deleted in its entirety.

c.Section 8.6 of the Property Management Agreement is hereby deleted in its entirety and replaced as follows:

“Notices. Except as provided in Section 5.2(c) as to emergencies, all notices and communications required or permitted hereunder shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, addressed as follows:

If mailed or personally delivered to an Owner and/or the Company:    

American Finance Trust, Inc.
650 Park Avenue, 30th Floor
New York, New York 10019
Telephone: (212) 415-6500
Facsimile: (212) 421-5799
Attention: Edward M. Weil, Jr., Chief Executive Offer
     Michael R. Anderson, Esq.
      
With a copy mailed to:    

Proskauer Rose LLP
70 West Madison Street, Suite 3800
Chicago, IL 60602
Attention: Mr. Michael Choate, Esq.
     
If mailed or personally delivered to the Property Manager:    

American Finance Properties, LLC
650 Park Avenue, 30th Floor
New York, New York 10019
Telephone: (212) 415-6500
Facsimile: (212) 421-5799
Attention: Edward M. Weil, Jr.,
     Michael R. Anderson, Esq.
      
With a copy mailed to:    

Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Attention: Mr. Jeffrey D. Marell, Esq.          
      
or to such address as either party may from time to time specify by written notice to the other. Notices shall be deemed to be received and, therefore, effective on the earlier of the date of delivery or, the third (3rd) day after the date the notice is mailed.”

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3.Reaffirmation. Each party hereby affirms and reaffirms the Property Management Agreement.

4.Miscellaneous.

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

b.Integration. This Amendment and the documents referred to, comprising or relating to this Amendment constitute the sole agreement of the parties with respect to the subject matter hereof and thereof and supersede all oral negotiations and prior writings with respect to the subject matter hereof and thereof.

c.Amendment and Waiver. No amendment of this Amendment, and no waiver, discharge or termination of any one or more of the provisions hereof, shall be effective unless set forth in writing and signed by all of the parties hereto.

d.Counterparts. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute one and the same Amendment. 

[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.
COMPANY:
AMERICAN FINANCE TRUST, INC.                a Maryland corporation
By:    /s/ Michael R. Anderson 
Name:  Michael R. Anderson
Title:    Authorized Signatory 

PROPERTY MANAGER:

AMERICAN FINANCE PROPERTIES, LLC,
                        a Delaware limited liability company

By:    /s/ James A. Tanaka
Name:  James A. Tanaka
Title:    Authorized Signatory

[Signature Page to Second Amendment to Property Management Agreement]

OWNER SUBSIDIARIES:

ARC SWHOUTX001, LLC
ARC NWNCHSC001, LLC
ARC NCCHRNC001, LLC
ARC SWWMGPA001, LLC
ARC SRTULOK001, LLC
ARC CLORLFL001, LLC
ARC TMMONPA001, LLC
ARC WEMPSMN001, LLC
ARC TCMESTX001, LLC
ARC BHTVCMI001, LLC
ARC PRLAWKS001, LLC
ARC QSOKCOK001, LLC
ARC TSKCYMO001, LLC
ARC LCROWTX001, LLC
ARC SWWCHOH001, LLC
ARC PSFKFKY001, LLC
ARC PTSCHIL001, LLC
ARC SSSDLLA001, LLC
ARC CTCHRNC001, LLC
ARC CPOKCOK001, LLC
ARC SMWMBFL001, LLC
ARC CPFAYNC001, LLC
ARC SPSANTX001, LLC
ARC JCLOUKY001, LLC
ARC NPHUBOH001, LLC
ARC ASANDSC001, LLC
ARC NLLKLFL001, LLC
ARC RBASHNC001, LLC
ARC MCLVSNV001, LLC
ARC BBLVSNV001, LLC
ARC RGCHRNC001, LLC
ARC PCBIRAL001, LLC
ARC SSSEBFL001, LLC,
each, a Delaware limited liability company

By:    /s/ Michael Anderson    
Name:  Michael Anderson
Title:       Authorized Signatory
[Signature Page to Second Amendment to Property Management Agreement]

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