Document:

Exhibit 4.2

 

[Form of Series 2018-B Note]

Agree Limited Partnership

4.32% Senior Guaranteed Note, Series 2018-B, due September 26, 2030

 

	No. RB__-__	[Date]
	$[____________]	PPN 00855@ AF1

 

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 September 26, 2030 (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 4.32% per annum from
the date hereof, payable semiannually, on the the 31st day of March and 30th day of September in each year, commencing with March 31,
2019 or the first March 31 or September 30 following the date hereof, and on the Maturity Date, 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, Series 2018-B (herein called the “Notes”) issued pursuant to the First Supplement
dated as of September 26, 2018 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, Teachers Insurance and Annuity Association of America 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.

 

     

     

    

 

Pursuant to a Guaranty
dated as of September 26, 2018, 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.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Facility,
but not otherwise.

 

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:Exhibit 10.3

 

Execution Version

 

 

 

Agree
Limited Partnership

 

First Supplement to Uncommitted
Master Note Facility

 

Dated
as of September 26, 2018

 

Re:
         $25,000,000 4.32%, Series 2018-B, Senior Guaranteed Notes

due
September 26, 2030

 

 

 

     

     

    

 

Agree
Limited Partnership

70
E. Long Lake Road

Bloomfield
Hills, MI 48304

 

First
Supplement to Uncommitted Master Note Facility

 

Dated as of

September 26, 2018

 

To the Purchaser named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This First Supplement
to Uncommitted Master Note Facility (the “First 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 Teachers Insurance and Annuity Association of America,
as listed in Schedule A hereto (“TIAA” or the “Purchaser”).

 

Recitals

 

A.           The
Company and the Parent Guarantor have entered into the Uncommitted Master Note Facility dated as of August 3, 2017 with TIAA (as
heretofore amended and supplemented, the “Master Note Facility”); and

 

B.           The
Company desires to issue and sell, and the Purchaser desires to purchase, an initial 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 Purchaser agrees as follows:

 

1.          Authorization
of the New Series of Notes. The Company has authorized the issue and sale of $25,000,000 aggregate principal amount of its
4.32%, Series 2018-B, Senior Guaranteed Notes due September 26, 2030 (the “Series 2018-B Notes”).
The Series 2018-B Notes, 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 2018-B 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
and the Company.

 

     

     

    

 

2.          Sale
and Purchase of Series 2018-B Notes. Subject to the terms and conditions of this First 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 the Purchaser
and the Purchaser will purchase from the Company, at the Closing provided for in Section 3, Series 2018-B Notes in the
principal amount specified opposite its name in the attached Schedule A hereto at the purchase price of 100% of the principal
amount thereof.

 

3.          Closing.
The sale and purchase of the Series 2018-B Notes to be purchased by the Purchaser shall occur at the offices of Chapman and
Cutler LLP, 111 West Monroe Street, Chicago, IL 60603 at 10:00 a.m. Chicago time, at a closing (the “Closing”)
on September 26, 2018 or on such other Business Day thereafter on or prior to October 2, 2018 as may be agreed upon by
the Company and the Purchaser (the “Closing Date”). At the Closing, the Company will deliver to the Purchaser
the Series 2018-B Notes to be purchased by the Purchaser in the form of a single Series 2018-B Note (or such greater
number of Series 2018-B Notes in denominations of at least $100,000 as the Purchaser may request) dated the date of the Closing
and registered in the Purchaser’s name (or in the name of the Purchaser’s nominee), against delivery by the 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 the Purchaser
pursuant to Section 4 of this First 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 2018-B Notes to the Purchaser as provided above in this Section 3, or
any of the conditions specified in Section 4 shall not have been fulfilled to the Purchaser’s satisfaction, the Purchaser
shall, at the Purchaser’s election, be relieved of all further obligations under this Agreement, without thereby waiving
any rights the Purchaser may have by reason of such failure or such nonfulfillment.

 

4.          Conditions
to Closing. The obligation of the Purchaser to purchase and pay for the Series 2018-B Notes to be sold to the Purchaser
at the Closing is subject to the fulfillment to the 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 Purchaser hereunder, all references to “this Agreement” shall be deemed to refer to the Master
Note Facility as supplemented by this First Supplement, and all references to “Notes” therein shall be deemed to refer
to the Series 2018-B Notes, and as hereafter modified), and as provided in Section 5 of this First 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 the 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 the Purchaser an Officer’s Certificate, dated the date of the Closing certifying that such condition
has been fulfilled.

 

    	 	-2-	 

     

    

 

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 Purchaser
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 Purchaser hereunder, all references to “this Agreement” shall be deemed to
refer to the Master Note Facility as supplemented by this First Supplement, and all references to “Notes” therein shall
be deemed to refer to the Series 2018-B 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 the Purchaser as a condition to the Closing.

 

6.          Representations
of the Purchasers. The 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 2018-B Notes by such Purchaser,
except that all references to “Purchaser” therein shall be deemed to refer to the Purchaser hereunder, all references
to “this Agreement” therein shall be deemed to refer to the Master Note Facility as supplemented by this First Supplement,
and all references to “Notes” therein shall be deemed to refer to the Series 2018-B Notes.

 

7.          Maturity;
Interest. The Series 2018-B Notes will have the maturity date and bear interest at the rate set forth therein.

 

8.          Prepayments
of the Series 2018-B Notes. All prepayment provisions in Section 8 of the Master Note Facility shall apply to the Series 2018-B
Notes equally as “Notes” thereunder, subject to the definitions applicable to the Series 2018-B Notes contained
herein.

 

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 2018-B Notes
as if expressly set forth in this First Supplement and all references to “Notes” shall include the Series 2018-B
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 First Supplement and all related documents and financial information with the SVO; provided
that such costs and expenses with respect to the Series 2018-B Notes shall not exceed $5,000 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 First 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.

 

    	 	-3-	 

     

    

 

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

 

    	 	-4-	 

     

    

 

The execution hereof
shall constitute a contract between the Company, the Parent Guarantor and the Purchaser for the uses and purposes hereinabove set
forth, and this First 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 the date first
written above.

 

	 	Teachers Insurance and Annuity
	 	Association of America

 

	 	By:	Nuveen Alternatives Advisors LLC,
	 	 	its investment manager

 

	 	By	 
	 	 	Name:
	 	 	Title:

 

    	 	-5-	 

     

    

 

Information Relating to
Purchaser

 

	Name and Address of Purchaser	 	Principal Amount of
 Series 2018-B Notes to Be
 Purchased	 
	 	 	 	 	 
	Teachers Insurance and Annuity Association of America
 8500 Andrew Carnegie Boulevard
 Charlotte, North Carolina 28262
	 	$	25,000,000	 

 

Payments

 

All payments on or in respect of the Series 2018-B Notes shall
be made in immediately available funds on the due date by electronic funds transfer, through the Automated Clearing House System,
to:

 

JPMorgan Chase Bank, N.A.

ABA # 021-000-021

Account Number: 900-9-000200

Account Name: TIAA

For Further Credit to the Account Number: G07040

Reference: PPN: 00855@ AF1/Agree Limited Partnership

Maturity Date: September 26, 2030/Interest Rate: 4.32%/P&I
Breakdown

 

Payment Notices

 

All notices with respect to payments and prepayments of the
Series 2018-B Notes shall be sent to:

 

Teachers Insurance and Annuity Association of America

730 Third Avenue

New York, New York 10017

Attention: Securities Accounting Division

Phone: (212) 916-5504

Email: jpiperato@tiaa.org or mwolfe@tiaa.org

 

With a copy to:

 

JPMorgan Chase Bank, N.A.

P.O. Box 35308

Newark, New Jersey 07101

 

And to:

 

    
Schedule A
(to First Supplement)

     

    

 

Teachers Insurance and Annuity Association
of America

c/o Nuveen Alternatives Advisors LLC

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

Attention: Global Private Markets

		Telephone:	(704) 988-4349 (Ho Young Lee)

(704) 988-1000 (General Number)

		Facsimile:	(704) 988-4916

		Email:	hoyoung.lee@nuveen.com
                                         and to

Nuveen PrivatePlacements@nuveen.com

 

Contemporaneous written confirmation of any electronic funds
transfer shall be sent to the above addresses setting forth (1) the full name, private placement number, interest rate and maturity
date of the Series 2018-B Notes, (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any
special payment and (3) the name and address of the bank from which such electronic funds transfer was sent.

 

Other Notices and Communications

 

All other notices and communications shall be delivered or mailed
to:

 

Teachers Insurance and Annuity Association of America

c/o Nuveen Alternatives Advisors LLC

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

Attention: Global Private Markets

		Telephone:	(704) 988-4349 (Ho Young Lee)

(704) 988-1000 (General Number)

		Facsimile:	(704) 988-4916

		Email:	hoyoung.lee@nuveen.com
                                         and to

NuveenPrivatePlacements@nuveen.com

 

Taxpayer Identification Number: 13-1624203

 

Physical Delivery of the Series 2018-B Notes:

 

JPMorgan Chase Bank, N.A.

4 Chase Metrotech Center

3rd Floor

Brooklyn, New York 11245-0001

Attention: Physical Receive Department

For TIAA A/C #G07040

 

    	 	A-2	 

     

    

 

[Form of Series 2018-B Note]

 

Agree Limited Partnership

 

4.32% Senior Guaranteed
Note, Series 2018-B, due September 26, 2030

 

	No. RB__-__	[Date]
	$[____________]	PPN 00855@ AF1

 

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 September 26, 2030 (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 4.32% per annum from
the date hereof, payable semiannually, on the the 31st day of March and 30th day of September in each year, commencing with March 31,
2019 or the first March 31 or September 30 following the date hereof, and on the Maturity Date, 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, Series 2018-B (herein called the “Notes”) issued pursuant to the First Supplement
dated as of September 26, 2018 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, Teachers Insurance and Annuity Association of America 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 First Supplement)

     

    

 

Pursuant to a Guaranty
dated as of September 26, 2018, 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.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Master Note Facility,
but not otherwise.

 

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 the 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 2018-B Notes with the same force and effect as if each reference to “Notes” set forth therein was
modified to refer the “Series 2018-B Notes” and each reference to “this Agreement” therein was modified
to refer to the Master Note Facility as supplemented by the First Supplement. The Section references hereinafter set forth correspond
to the similar sections of the Master Note Facility which are supplemented hereby:

 

Section 5.4 Organization
and Ownership of Shares of Subsidiaries; Affiliates. Schedule 5.4 of the Master Note Facility is hereby replaced by the below
Schedule 5.4:

 

Schedule 5.4

 

Organization and Ownership
of Shares of Subsidiaries; Affiliates

(as of August 30, 2018)

 

	Subsidiary	 	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 1031, LLC	 	Delaware	 	 	100	%
	Agree 103-Middleburg Jacksonville, LLC	 	Delaware	 	 	100	%
	Agree 117 Mission, LLC	 	Michigan	 	 	100	%
	Agree 17-92, LLC	 	Florida	 	 	100	%
	Agree 2016, LLC	 	Delaware	 	 	100	%
	Agree 6 LA & MS, LLC	 	Delaware	 	 	100	%
	Agree Alcoa TN LLC	 	Tennessee	 	 	100	%
	Agree Allentown PA LLC	 	Pennsylvania	 	 	100	%
	Agree Altoona, PA, LLC	 	Delaware	 	 	100	%
	Agree Americus GA, LLC	 	Delaware	 	 	100	%
	Agree Anderson SC LLC	 	Delaware	 	 	100	%

 

    
Exhibit 2
(to Supplement)

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Ann Arbor Jackson, LLC	 	Delaware	 	 	100	%
	Agree Ann Arbor MI, LLC	 	Delaware	 	 	100	%
	Agree Ann Arbor State Street, LLC	 	Michigan	 	 	100	%
	Agree Antioch, LLC	 	Illinois	 	 	100	%
	Agree Apopka FL, LLC	 	Delaware	 	 	100	%
	Agree Appleton WI, LLC	 	Delaware	 	 	100	%
	Agree Archer Chicago IL, LLC	 	Delaware	 	 	100	%
	Agree Arlington TX LLC	 	Texas	 	 	100	%
	Agree Atchison, LLC	 	Kansas	 	 	100	%
	Agree Atlantic Beach, LLC	 	Delaware	 	 	100	%
	Agree Baltimore MD, 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 Berwyn IL LLC	 	Illinois	 	 	100	%
	Agree Bloomington MN, LLC	 	Delaware	 	 	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	%

 

    	 	EX 2-2	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree BT, LLC	 	Delaware	 	 	100	%
	Agree Buffalo Center IA, LLC	 	Delaware	 	 	100	%
	Agree Burlington, LLC	 	Delaware	 	 	100	%
	Agree Cannon Station LLC	 	Delaware	 	 	100	%
	Agree Carlinville IL, LLC	 	Delaware	 	 	100	%
	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 Columbus OH, LLC	 	Delaware	 	 	100	%
	Agree Concord, LLC	 	North Carolina	 	 	100	%
	Agree Construction Management LLC	 	Delaware	 	 	100	%
	Agree Corunna LLC	 	Michigan	 	 	100	%
	Agree Crystal River FL, LLC	 	Delaware	 	 	100	%
	Agree CW, LLC	 	Delaware	 	 	100	%
	Agree Dallas Forest Drive, LLC	 	Texas	 	 	100	%
	Agree Daniel Morgan Avenue Spartanburg SC LLC	 	South Carolina	 	 	100	%
	Agree Davenport IA, LLC	 	Delaware	 	 	100	%

 

 

    	 	EX 2-3	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Des Moines IA, LLC	 	Delaware	 	 	100	%
	Agree Development, LLC	 	Delaware	 	 	100	%
	Agree Doraville GA, LLC	 	Delaware	 	 	100	%
	Agree DT Jacksonville NC, LLC	 	Delaware	 	 	100	%
	Agree East Palatka, LLC	 	Florida	 	 	100	%
	Agree Edmond OK, LLC	 	Delaware	 	 	100	%
	Agree Egg Harbor NJ, LLC	 	Delaware	 	 	100	%
	Agree Elkhart, LLC	 	Michigan	 	 	100	%
	Agree Evergreen CO, LLC	 	Delaware	 	 	100	%
	Agree Facility No. I, L.L.C.	 	Delaware	 	 	100	%
	Agree Farmington NM, 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 GCG, LLC	 	Delaware	 	 	100	%
	Agree Grand Chute WI LLC	 	Delaware	 	 	100	%
	Agree Grand Forks, LLC	 	North Dakota	 	 	100	%
	Agree Grandview Heights OH, LLC	 	Delaware	 	 	100	%
	Agree Greenville SC, LLC	 	South Carolina	 	 	100	%

 

    	 	EX 2-4	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Harlingen LLC	 	Texas	 	 	100	%
	Agree Hazard KY, LLC	 	Delaware	 	 	100	%
	Agree Holdings I, LLC	 	Delaware	 	 	100	%
	Agree Holly Springs MS, LLC	 	Delaware	 	 	100	%
	Agree Hopkinsville KY, LLC	 	Delaware	 	 	100	%
	Agree IL & VA, LLC	 	Delaware	 	 	100	%
	Agree Indianapolis Glendale LLC	 	Delaware	 	 	100	%
	Agree Indianapolis IN II, LLC	 	Delaware	 	 	100	%
	Agree Indianapolis, LLC	 	Indiana	 	 	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 K&G Joplin MO, LLC	 	Delaware	 	 	100	%
	Agree K&G OK, 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	%

 

    	 	EX 2-5	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Ligonier PA LLC	 	Pennsylvania	 	 	100	%
	Agree Littleton CO LLC	 	Delaware	 	 	100	%
	Agree Lowell AR, LLC	 	Delaware	 	 	100	%
	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 Maumee OH, LLC	 	Delaware	 	 	100	%
	Agree McKinney TX LLC	 	Texas	 	 	100	%
	Agree MCW, LLC	 	Delaware	 	 	100	%
	Agree Memphis Getwell, LLC	 	Tennessee	 	 	100	%
	Agree Middletown OH, LLC	 	Delaware	 	 	100	%
	Agree Millsboro DE, LLC	 	Delaware	 	 	100	%
	Agree Minneapolis Clinton Ave L.L.C.	 	Minnesota	 	 	100	%
	Agree Minot ND, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-6	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Montgomery AL LLC	 	Alabama	 	 	100	%
	Agree Montgomeryville PA LLC	 	Pennsylvania	 	 	100	%
	Agree Morrow GA, LLC	 	Georgia	 	 	100	%
	Agree Mt. Dora FL, LLC	 	Delaware	 	 	100	%
	Agree Nampa ID, LLC	 	Delaware	 	 	100	%
	Agree Nashua NH, LLC	 	Delaware	 	 	100	%
	Agree Neosho MO, 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 Beach FL, LLC	 	Delaware	 	 	100	%
	Agree Novi MI LLC	 	Michigan	 	 	100	%
	Agree Onaway MI, LLC	 	Delaware	 	 	100	%
	Agree Orange & McCoy, LLC	 	Florida	 	 	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	 	Florida	 	 	100	%
	Agree Plainfield LLC	 	Michigan	 	 	100	%
	Agree Poinciana, LLC	 	Florida	 	 	100	%
	Agree Pooler GA, LLC	 	Delaware	 	 	100	%

 

    	 	EX 2-7	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Port Orange FL, LLC	 	Delaware	 	 	100	%
	Agree Port St. John, LLC	 	Delaware	 	 	100	%
	Agree Portland ME, LLC	 	Delaware	 	 	100	%
	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 RI, LLC	 	Delaware	 	 	100	%
	Agree Richmond VA, LLC	 	Delaware	 	 	100	%
	Agree Riverside IA, LLC	 	Delaware	 	 	100	%
	Agree Rochester NY LLC	 	New York	 	 	100	%
	Agree Rockford IL, LLC	 	Delaware	 	 	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	%

 

    	 	EX 2-8	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Salem OR LLC	 	Delaware	 	 	100	%
	Agree Sarasota FL, LLC	 	Delaware	 	 	100	%
	Agree SB, LLC	 	Delaware	 	 	100	%
	Agree Secaucus NJ, LLC	 	Delaware	 	 	100	%
	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 MO, LLC	 	Delaware	 	 	100	%
	Agree Springfield OH LLC	 	Delaware	 	 	100	%
	Agree St Petersburg, LLC	 	Florida	 	 	100	%
	Agree St. Augustine Shores, LLC	 	Delaware	 	 	100	%
	Agree St. Joseph MO, LLC	 	Missouri	 	 	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	%

 

    	 	EX 2-9	 

     

    

 

	Subsidiary	 	Jurisdiction
 of
 Organization	 	Percentage of Equity Interests
 Owned by Parent Guarantor,
 Company and other
 Subsidiaries (in the aggregate)	 
	Agree Terre Haute IN LLC	 	Delaware	 	 	100	%
	Agree TK, LLC	 	Delaware	 	 	100	%
	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 W 63rd Chicago IL, 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	%
	Agree Woodland Park NJ, LLC	 	Delaware	 	 	100	%
	Agree Woodstock IL, LLC	 	Delaware	 	 	100	%
	Indianapolis Store No. 16 LLC	 	Delaware	 	 	100	%
	Lawrence Store No. 203, L.L.C.	 	Delaware	 	 	100	%
	Lunacorp, LLC	 	Delaware	 	 	100	%
	Mt. Pleasant Outlot I, LLC	 	Michigan	 	 	100	%
	Mt. Pleasant Shopping Center, L.L.C.	 	Michigan	 	 	100	%
	Pharm Nashville IN, LLC	 	Delaware	 	 	100	%

 

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

 

    	 	EX 2-10	 

     

    

 

Affiliates (other than Subsidiaries)

None

 

	
        Directors and Executive Officers

        of the Parent Guarantor
	 	Position(s)
	Richard Agree	 	Executive Chairman of the Board of Directors
	Joel N. Agree	 	President, Chief Executive Officer and Director
	Clayton R. Thelen	 	Chief Financial Officer and Secretary
	Laith M. Hermiz	 	Chief Operating Officer and Executive Vice President
	Craig Erlich	 	Independent Director
	Farris G. Kalil	 	Independent Director
	W. Gregory Lehmkuhl	 	Independent Director
	John Rakolta, Jr.	 	Independent Director
	Jerome Rossi	 	Independent Director
	William S. Rubenfaer	 	Independent Director
	Leon M. 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.

 

Section 5.14. Use of Proceeds. The Company will
apply the proceeds of the sale of the Series 2018-B Notes issued hereunder to finance, among other things, acquisitions, tenant
improvements, new construction, development and redevelopment, capital expenditures, debt repayment, leasing commissions and for
general working capital.

 

    	 	EX 2-11

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