Document:

Advisory Agreement

 Exhibit 10.1 
 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of September 15, 2005, is
between Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited liability company (“Company”), and Wells Investment Management Company, LLC, a Georgia limited liability company (“Advisor”). 
 WITNESSETH 
 WHEREAS, Company is offering for sale, on a confidential private placement basis, to “accredited investors” as that term is defined in Rule 501 of Regulation D promulgated pursuant to the Securities Act of 1933, as amended,
up to 150,000 shares of its membership interests (the “Shares”) pursuant to the terms of Company’s Confidential Private Placement Memorandum, which is comprised of the Confidential Private Placement Circular, together with the
Confidential Supplemental Disclosure Memorandum, each dated September 15, 2005 (and as the same may be amended and supplemented, the “Offering Memorandum”); 
 WHEREAS, Company, Advisor and Wells Management Company, Inc., a Georgia corporation that is the sponsoring member of Company (“Sponsoring Member”) have entered in that certain
Operating Agreement of Company dated as of September 1, 2005 (the “Operating Agreement”) pursuant to which Advisor was appointed by Sponsoring Member, and Advisor accepted the appointment, to serve as the Manger of Company on behalf
of Sponsoring Member (and in such capacity Advisor is referred to as the “Manager” in the Operating Agreement), with the duties, responsibilities, power and authority set forth in the Operating Agreement; and 
 WHEREAS, to facilitate the performance by Advisor of its services as the Manager of Company pursuant to the Operating Agreement
and better ensure the receipt by Company of certain benefits from the experience, sources of information, advice, assistance and certain facilities available to Advisor, Advisor and Company desire to set forth their mutual agreement with respect to
certain matters to complement and support their relationship established in the Operating Agreement and described in the Offering Memorandum. 
 NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1.        Definitions.    Capitalized terms used herein and not
otherwise defined shall have the respective meanings ascribed to them in the Operating Agreement. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses.    Any and all expenses incurred by Company, Advisor, or any Affiliate of either on
behalf of Company in connection with the selection, acquisition or development of any Property, whether or not acquired, including, without limitation, legal fees, travel expenses, property appraisals, title insurance premium expenses, allocable
employee costs and other closing costs relating to the selection, acquisition and development of Properties. 
 Asset
Management Fee.    The Asset Management Fee payable to Advisor as defined in Section 8 of this Agreement. 
  

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 Distributions.    Any distributions of money or other property
by Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Independent Appraiser. A person or entity with no material current or prior business or personal relationship with the Advisor or any of its officers or directors, who is engaged to a substantial extent in the business of rendering
opinions regarding the value of assets of the type held by Company, and who is a qualified appraiser of real estate as determined by the Investment Committee of Company. Designated membership in a nationally recognized appraisal association such as
the Appraisal Institute (“MAI”) shall be conclusive evidence of such qualification. 
 Property
Manager.    Any entity that has been retained to perform and carry out at one or more of the Properties property management services, excluding persons, entities or independent contractors retained or hired to perform
facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
 Termination Date.    The date of termination of the Agreement. 
 2.        Appointment.    Company hereby appoints Advisor to serve as its advisor and asset manager on the terms and conditions set forth in
the Operating Agreement or this Agreement, and Advisor hereby accepts such appointment. 
 3.        Duties and Authority of Advisor. 
 (a)        Establishment and Maintenance of Investment Committee.    As a condition to Advisor’s service as the Manager of Company under the Operating Agreement, and to
Advisor’s performance hereunder, Advisor agrees that it shall establish and maintain as its governing body a “board of directors”, and that the members of its board of directors shall function as the Investment Committee of Company,
as contemplated by the Operating Agreement and described in the Offering Memorandum. Advisor also agrees that it shall establish and maintain as management positions and operating functional areas within Advisor the following, and Advisor hereby
confirms that persons holding such positions and/or hearing such functional areas are as set forth opposite the respective positions and areas. 
  

			
	 Management Positions
	  	
	 Senior Vice President – Acquisitions
	  	 David H. Steinwedell

	 Senior Vice President – Asset Management
	  	 Donald R. Henry

	 President and Portfolio Manager
	  	 Kevin A. Hoover

	 Senior Vice President – Dispositions
	  	 F. Parker Hudson

		
	 Core Functional Areas
	  	
	 Acquisitions
	  	 David H. Steinwedell

	 Asset Management
	  	 Donald R. Henry

	 Portfolio Manager
	  	 Kevin A. Hoover

	 Dispositions
	  	 F. Parker Hudson

  

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 Advisor agrees to notify Company promptly of any change (or expected change) in the membership of the
Investment Committee or the holder or head of any of the above positions or functional areas, 
 (b)        Management and Operational Responsibilities. In addition to the duties undertaken by Advisor as the Manager pursuant to Section 7.2 of the Operating Agreement, which
Section 7.2 is incorporated herein by reference, Advisor undertakes to use its reasonable best efforts (1) to present to Company potential investment opportunities to provide a continuing and suitable investment program consistent with
(A) the investment objectives and policies of Company as determined and adopted from time to time by the Board and (B) the investment allocation method described at Section 11(b) of this Agreement and (2) to manage, administer,
promote, maintain, and improve the Properties on an overall portfolio basis in a diligent manner. The services of Advisor are to be of scope and quality not less than those generally performed by professional asset managers of other similar property
portfolios. Advisor shall make available the full benefit of the judgment, experience and advice of the members of Advisor’s organization and staff with respect to the duties it will perform under this Agreement. Advisor shall also obtain
Property Managers, which may include Affiliates of Advisor, to manage, promote, and lease Properties. To facilitate Advisor’s performance of these undertakings, but subject to the restrictions and limitations included in Sections 4 and 7 of
this Agreement and Section 7.6 of the Operating Agreement, which is incorporated herein by reference, and to the continuing and ultimate authority of Sponsoring Member over the management of Company, Company hereby delegates to Advisor the
authority to, and Advisor hereby agrees to, either directly or by engaging an Affiliate: 
 (i)        serve as Company’s investment and financial advisor and provide research and economic and statistical data in connection with Company’s assets and investment policies; 

(ii)       provide the daily management of Company and perform and supervise the
various administrative functions reasonably necessary for the management of Company; 
 (iii)      maintain and preserve the books and records of Company, including a record reflecting the Members and their ownership of Shares (and acting as the agent to effect any permitted transfer of Shares)
and maintaining the accounting and other record-keeping functions at the Property and Company levels; 
 (iv)      investigate, select, and, on behalf of Company, engage and conduct business with such Persons as Advisor deems necessary to the proper performance of its obligations under the Operating Agreement or
hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers,
insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents for any of the foregoing, including Affiliates of Advisor, and Persons acting in 

  

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any other capacity deemed by Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into
contracts in the name of Company with any of the foregoing; 
 (v)       drawing upon the expertise and experience of the officers of Advisor, key personnel utilized by Advisor and the Investment Committee, furnish Company with advice and recommendations with respect
to the making of investments that are consistent with the investment objectives and policies of Company; 
 (vi)      oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 
 (vii)     conduct periodic on-site property visits to some or all (as Advisor deems reasonably
necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the related Property Manager of its duties; 
 (viii)    review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these
property budgets into Company’s overall budget; 
 (ix)      review and
analyze on-going financial information pertaining to each Property and the overall portfolio of Properties; 
 (x)       formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing, and
disposition of Properties on an overall portfolio basis; 
 (xi)      subject
to the provisions of Section 4 hereof, (A) locate, analyze and select potential investments in Properties, (B) structure and negotiate the terms and conditions of transactions pursuant to which investment in Properties will be made;
(C) make investments in Properties on behalf of Company in compliance with the investment objectives and policies of Company; (D) arrange for financing and refinancing and make other changes in the asset or capital structure of, and
dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, Property; (E) enter into leases and service contracts for Property, including oversight of Affiliated companies that perform property management
services for Company; (F) oversee non-affiliated property managers and other non-affiliated Persons who perform services for Company; and (G) to the extent necessary, perform all other operational functions for the maintenance and
administration of such Property; 
 (xii)     obtain the prior approval of the
Investment Committee for any and all investments in Properties (as well as any financing acquired by Company in connection with such investment); 
  

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 (xiii)    negotiate on behalf of Company with banks
or lenders for loans to be made to Company, and negotiate on behalf of Company with investment banking firms and broker-dealers or negotiate private sales of Shares and other securities or obtain loans for Company, but in no event in such a way so
that Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by Advisor in connection with the foregoing shall be the responsibility of Company; 
 (xiv)    obtain reports (which may be prepared by Advisor or its Affiliates), where appropriate,
concerning the value of investments or contemplated investments of Company in Properties; 
 (xv)     provide Company with all necessary cash management services; 
 (xvi)    deliver to or maintain on behalf of Company copies of all appraisals obtained in connection with the investments in Properties; 
 (xvii)   from time to time, or at any time reasonably requested by Sponsoring Member, provide information
or make reports to Sponsoring Member related to its performance of services under this Agreement; 
 (xviii)  from time to time, or at any time reasonably requested by Sponsoring Member, make reports to Sponsoring Member of the investment opportunities it has presented to other Advisor-sponsored programs or that it has pursued
directly or through an Affiliate; 
 (xix)    notify Sponsoring Member of all proposed
material transactions before they are completed; 
 (xx)     at the direction of
Sponsoring Member, prepare and assist with the filing of any reports, documents, registration statements, private placement memorandums, supplements and supplemental sales literature that may be required to be filed by Company with the appropriate
regulatory authorities; and 
 (xxi)    do all things necessary to assure its ability to
render the services described in the Operating Agreement or this Agreement, 
 4.        Modification or Revocation of Authority of Advisor.    Sponsoring Member, acting for Company pursuant to the ultimate authority of Sponsoring Member
under the Operating Agreement, at any time upon the giving of notice to Advisor, may modify or revoke the authority or approvals set forth in Section 3 of this Agreement, provided however, that such modification or revocation shall be effective
upon receipt by Advisor and shall not be applicable to investment transactions to which Advisor has committed Company prior to the date of receipt by Advisor of such notification. 
 5.        Bank Accounts.    Advisor may establish and
maintain one or more bank accounts in its own name for the account of Company or in the name of Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any 

  

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money on behalf of Company, under terms and conditions as the Investment Committee may approve, provided that no funds shall be commingled with the funds of
Advisor; and Advisor shall from time to time render appropriate accountings of such collections and payments to Sponsoring Member and to the auditors of Company. 
 6.        Records; Access.    Advisor shall maintain appropriate records of all its activities hereunder and make
such records available for inspection by Sponsoring Member and by counsel, auditors and authorized agents of Company, at any time or from time to time during normal business hours. Advisor shall at all reasonable times have access to the books and
records of Company. 
 7.        Limitations on
Activities.    Anything else in this Agreement and the Operating Agreement to the contrary notwithstanding, Advisor shall refrain from taking any action that, in its judgment made in good faith, would (a) subject
Company to regulation under the Investment Company Act of 1940, as amended, or (b) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over Company, its Shares or its other securities,
or the articles of organization of Company or the Operating Agreement, except if such action shall be ordered by Sponsoring Member, in which case Advisor shall notify promptly Sponsoring Member of Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from Sponsoring Member. In such event, Advisor shall have no liability for acting in accordance with the specific instructions of
Sponsoring Member so given. Notwithstanding the foregoing, Advisor, its directors, officers, employees and members, and stockholders, directors and officers of Advisor’s Affiliates, shall not be liable to Company or to the Members for any actor
omission by Advisor, its directors, officers, members or employees, or stockholders, directors or officers of Advisor’s Affiliates, except as set forth in Sections 17 and 18 of this Agreement. 
 8.        Fees. 
 (a)        Asset Management Fee.    Commencing on the date hereof, but
subject to Company having Real Estate Assets (as defined in the Operating Agreement) in its portfolio, Advisor shall be entitled to receive an annual Asset Management Fee of 0.75% (75 basis points) of the aggregate value of Company’s Real
Estate Assets, which aggregate value (“Fund Net Asset Value”) shall be determined as provided in subsections (d) and (e) hereof. The Asset Management Fee shall be payable by Company monthly in an amount equal to one-twelfth
(1/12) of 0.75% of Fund Net Asset Value in effect as of the last day of the immediately preceding month. Any portion of the Asset Management Fee may be deferred upon Advisor’s request and paid in a subsequent month or year. 
 (b)        Acquisition Fees.    Commencing on the date hereof, Advisor
shall be entitled to receive an Acquisition Fee up to 2.0% of gross offering proceeds for various services which will include the review and evaluation of potential real property acquisitions. 
 (c)        Organization and Offering Fee.    Commencing on the date
hereof, Advisor shall be entitled to receive Organization and Offering Fees of 0.5% of gross offering proceeds for reimbursement of organization and offering expenses that will be advanced by Wells Management. 
  

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 (d)        Annual Determination of Fund Asset
Value.    Fund Net Asset Value shall be the amount that reflects the value of all Real Estate Assets of Company, net of all debt and other financial obligations of Company, that has been determined and approved by the
Investment Committee of Company, in good faith and consistent with applicable fiduciary duties. The Investment Committee shall determine Fund Net Asset Value at least annually, no later than 90 days following the end of each fiscal year of Company.
In connection with such determinations by the Investment Committee, Advisor shall cause to be prepared for each fiscal year of Company, beginning with the first full fiscal year of Company after termination of the Offering, an appraisal of all the
Real Estate Assets of Company. For each such year, the appraisal for at least one-third of the Real Estate Assets of Company shall be performed by an Independent Appraiser, and the appraisal for the remaining Real Estate Assets (i) shall be
performed by personnel of Advisor or its Affiliates who have appropriate types and levels of experience suitable for such purposes and (ii) shall be reviewed and approved by the Independent Appraiser. The Real Estate Assets selected for
appraisal by an Independent Appraiser shall be rotated from year to year so that, over each consecutive three-year period, all Real Estate Assets in Company’s portfolio will be appraised by an Independent Appraiser. Based upon such appraisals
(and the overall review and approval by the Independent Appraiser), Advisor shall prepare and deliver a proposed determination of Fund Net Asset Value to the Investment Committee for its review, approval or modification, consistent with the
appraisal (and overall review and approval) of the Independent Appraiser and such other relevant considerations as the Investment Committee determines to be appropriate in the good faith discharge of its fiduciary duty to Company. When approved or
determined by the Investment Committee, the resulting Fund Net Asset Value shall be effective as of such date for calculations of the Asset Management Fee, shall be reported to Investors as required by the Operating Agreement or otherwise, and shall
remain effective for such purpose unless and until the Investment Committee shall approve a new or revised determination of Fund Net Asset Value, whether pursuant to a recommendation by Advisor or otherwise. 
 (e)        Interim Determinations of Fund Net Asset Value.    In
addition to the annual determination of Fund Net Asset Value as provided in subsection (d), Advisor (i) may prepare and recommend to the Investment Committee for its approval or modification a revised determination of Fund Net Asset Value, from
time to time during a fiscal year of Company, based upon intervening developments that Advisor determines, in good faith and consistent with its fiduciary duty to Company as the Manager under the Operating Agreement, have affected the value of
Company’s Real Estate Assets or the amount of Company’s debt or other financial obligations, and (ii) Advisor shall prepare and recommend to the Investment Committee such a revised determination of Fund Net Asset Value no later than
the end of the next month following a month in which there is a change in Company’s portfolio of Real Estate Assets. The Investment Committee shall consider and act with reasonable promptness upon any such recommendation by Advisor, whether it
is to approve, modify or reject the revised determination, and in the event of a recommendation pursuant to clause (ii) of the preceding sentence, the Investment Committee shall act thereon no later than the end of the second month following
such a change in Company’s portfolio of Real Estate Assets. Any change approved by the Investment Committee to Fund Net Asset Value shall become effective, and shall be reported to Investors, in the same manner as set forth in subsection
(d) with respect to the required annual determination of Fund Net Asset Value. 
  

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 9.         Expenses.

 (a)        Reimbursable Expenses.    In addition to the
compensation paid to Advisor pursuant to Section 8 hereof, Company shall pay directly to reimburse Advisor for all of the expenses paid or incurred by Advisor (to the extent not reimbursable by another party, such as the Dealer-Manager) in
connection with the services it provides to Company pursuant to this Agreement, including, but not limited to: 
     (i)        Acquisition Expenses, but only to the extent incurred for matters not covered by the services required to be performed by Advisor pursuant to this Agreement;

     (ii)       the actual cost of goods and
services used by Company and obtained from entities not affiliated with Advisor; 
     (iii)      interest and other costs for borrowed money, including discounts, points and other similar fees; 
     (iv)      taxes and assessments on income or Property and taxes as
an expense of doing business; 
     (v)       costs
associated with insurance required in connection with the business of Company or with respect to persons who serve in a management role on behalf of Company; 
     (vi)      expenses of managing and operating Properties owned by Company, whether payable to an Affiliate of Company or a non-affiliated
Person; 
     (vii)     expenses connected with payments of
Distributions in cash or otherwise made or caused to be made by Company to the Members; 
     (viii)    expenses of organizing, redomesticating, merging, liquidating or dissolving Company or of amending the Operating Agreement; 
     (ix)      expenses of maintaining communications with Members,
including the cost of preparation, printing, and mailing annual reports or any other reports required by government entities to be sent to Members; 
     (x)       audit, accounting and legal fees. 
 (b)        Other Services.    Should Sponsoring Member request that Advisor or any director, officer or employee thereof render
services for Company other than as set forth in Section 3, such services shall be separately compensated at such rates and in such amounts as are agreed by Advisor and Sponsoring Member on behalf of Company, subject to the limitations contained
in the Operating Agreement, and shall not be deemed to be services pursuant to the terms of this Agreement. 
  

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 (c)        Timing of and Limitations on
Reimbursements.    Expenses incurred by Advisor on behalf of Company and payable pursuant to this Section 9 shall be reimbursed no less than monthly to Advisor. Advisor shall prepare a statement documenting the expenses
of Company during each quarter, and shall deliver such statement to Company within 45 days after the end of each quarter. 
 10.        Fidelity Bond.    Advisor shall maintain a fidelity bond for the benefit of Company, which bond shall insure Company from losses of up to $10,000,000 and
shall be of the type customarily purchased by entities performing services similar to those provided to Company by Advisor. 
 11.        Other Activities of Advisor. 
 (a)        General.    Nothing herein contained shall prevent Advisor from engaging in other activities, including, without limitation, the rendering of advice to other
Persons and the management of other programs advised, sponsored or organized by Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or member of Advisor or its Affiliates to engage in
any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association. Advisor may, with respect to any investment in which Company is a participant, also render advice and service to each
and every other participant therein. Advisor shall report to Company and Sponsoring Member the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest
between Advisor’s obligations to Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. 
 (b)        Policy with Respect to Allocation of Investment Opportunities.    Before Advisor presents an investment opportunity
that would in its judgment be suitable for Company to another program that is an Affiliate of Advisor, Advisor shall determine,   based upon a decision of the Investment Committee,   that the investment opportunity is more
suitable for such other program than for Company,   based on factors such as the following (as more fully described in the Offering Memorandum): value of the Property; investment strategy of each program;   credit grade
classification of tenants; whether targets for diversification, including location,   tenant, industry and lease expiration,   have been satisfied for each program;   and other special considerations,   for
example, ownership of a neighboring Property by one program,   that may lead to allocation of a Property to a particular program despite the Property qualifying for an alternative program.   In addition to the foregoing,
  Advisor shall consider the factors set forth in Section 7.8(e) of the Operating Agreement, which Section 7.8(e) is incorporated herein by reference. If an investment opportunity becomes available that is, in the opinion of
Advisor, based upon a decision of the Investment Committee, equally suitable for both Company and another program that is an Affiliate of Advisor, then Advisor may offer the other program the investment opportunity if it has had the longest period
of time elapse since it was offered an investment opportunity. Advisor shall document and keep complete and accurate records of such allocations and the basis therefore. Advisor will use its reasonable best efforts to fairly allocate investment
opportunities in accordance with such allocation method and will promptly disclose any material deviation from such policy or the establishment of a new policy, which shall be allowed, provided that (1) Sponsoring Member is provided with notice
of such policy at least 60 

  

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days prior to such policy becoming effective and (2) such policy provides for the reasonable allocation of investment opportunities among such programs.
Advisor shall provide Sponsoring Member with any information reasonably requested so that Sponsoring Member can insure that the allocation of investment opportunities is applied fairly. Nothing herein shall be deemed to prevent Advisor or an
Affiliate from pursuing an investment opportunity directly rather than offering it to Company or another program that is an Affiliate of Advisor, so long as Advisor is fulfilling its obligation to present a continuing and suitable investment program
to Company that is consistent with the investment policies and objectives of Company. 
 12.        Relationship of Advisor and Company.    In performance of its duties under this Agreement, Advisor shall be an independent contractor and not an employee
of Company. Further, Company and Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or otherwise to impose any liability as such on either of
them. 
 13.        Term; Termination of
Agreement.    This Agreement shall continue in force until the first anniversary of the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. Company, acting
through Sponsoring Member, will evaluate the performance of Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
 14.        Termination by Either Party.    This Agreement may be terminated upon 60 days written notice without cause or
penalty, by either party (with Sponsoring Member acting on behalf of Company). The provisions of Sections 1,6,7 and 16 through 26 survive termination of this Agreement. 
 15.        Assignment to an Affiliate.    This Agreement may be assigned by Advisor to an Affiliate with the approval of
Sponsoring Member. Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of Sponsoring Member. This Agreement shall not be assigned by Company without the consent of Advisor, except in
the case of an assignment by Company to a Person that is a successor to all of the assets, rights and obligations of Company, in which case such successor shall be bound hereunder and by the terms of said assignment in the same manner as Company is
bound by this Agreement. 
 16.        Payments to and Duties of Advisor upon
Termination.    After the Termination Date, Advisor shall not be entitled to compensation for further services hereunder, but it shall be entitled to receive from Company, within 30 days after the Termination Date, all
unpaid reimbursements of expenses and all earned but unpaid fees payable to Advisor as of the Termination Date. Advisor shall, promptly following the Termination Date, (i) pay over to Company all money collected and held for the account of
Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; (ii) deliver to Sponsoring Member a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; (iii) deliver to Sponsoring Member all assets, including Properties, and documents of Company then in
the custody of Advisor; and (iv) cooperate with Company to provide an orderly management transition. 
  

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 17.        Indemnification by
Company.    Company shall indemnify and hold harmless Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the
performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations
imposed by the laws of the State of Georgia or the Operating Agreement. Notwithstanding the foregoing, Advisor shall not be entitled to indemnification or be held harmless pursuant to this Section 17 for any activity that Advisor shall be
required to indemnify or hold harmless Company pursuant to Section 18. Any indemnification of Advisor may be made only out of the net assets of Company and not from the Members. 
 18.        Indemnification by Advisor.    Advisor shall
indemnify and hold harmless Company and Sponsoring Member from contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and are incurred by reason of Advisor’s bad faith, willful misfeasance, misconduct, or reckless disregard of its duties. 
 19.        Notices.    Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Operating Agreement or accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	 To Sponsoring Member:
	    	 Wells Management Company, Inc.

		    	 6200 The Corners Parkway, Suite 250

		    	 Norcross, Georgia 30092

		    	 Facsimile No.: (770) 243-8198

		    	 Attn: Leo F. Wells, III, President

		
	 To Company:
	    	 Wells Mid-Horizon Value-Added Fund I, LLC

		    	 c/o Sponsoring Member at the address above.

		
	 To Advisor:
	    	 Wells Investment Management Company, LLC

		    	 6200 The Corners Parkway, Suite 250

		    	 Norcross, Georgia 30092

		    	 Facsimile No.: (770) 243-8198

		    	 Attn: Kevin A, Hoover, President

 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Section 19. 
 20.        Modification.    Subject to the provisions of Section 4, this Agreement shall not be changed, modified, terminated, or discharged, in whole or in
part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees. 
  

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 21.        Governing
Law.    This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted, construed and enforced in accordance with, the laws of the State of Georgia, without regard to the
choice of law principles thereof. 
 22.        Entire
Agreement.    Together with the Operating Agreement, this Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. 
 23.        Indulgences, Not Waivers.    Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall nay single or partial exercise of any right, remedy, power or privilege, nor shall any waiver of such right, remedy, power or privilege with respect to any occurrence be construed as a waiver of
such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 24.        Gender.    Words used herein regardless of the
number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 25.        Titles Not to Affect Interpretation.    The titles
of Sections, paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 26.        Execution in Counterparts.    This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when the counterparts hereof, taken together, bear
the signatures of all of the parties reflected hereon as the signatories. 
 [Signatures on next page] 
  

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

			
	“Company”
	
	 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC

		
	 By:
	 	 WELLS MANAGEMENT COMPANY, INC.,

		 	 its Sponsoring Member

		
	 By:
	 	 

		 	 Leo F. Wells, III

		 	 President

	
	“Advisor”
	
	 WELLS INVESTMENT MANAGEMENT COMPANY, LLC

		
	 By:
	 	 

		 	 Kevin A. Hoover

		 	 President

 AMENDMENT TO 
 ADVISORY AGREEMENT 
 This Amendment to Advisory Agreement (this
“Amendment”) is executed this December 22, 2008, but effective for all purposes as of September 15, 2005, between Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited liability company (“Company”), and Wells
Investment Management Company, LLC, a Georgia limited liability company (“Advisor”). 
 R E C I
T A L S: 
 A.        Company and Advisor are parties
to the Advisory Agreement dated September 15, 2005 (the “Advisory Agreement”). 
 B.        Section 8 of the Advisory Agreement provides, in relevant part, that Company is to pay Advisor the Asset Management Fee, which. is calculated as a percentage the aggregate value of
Company’s Real Estate Assets, net of all debt and other financial obligations of the Company. 
 C.        Notwithstanding the language of Section 8 of the Advisory Agreement referred above, both Company and Advisor have at all times intended that the Asset Management Fee should be
calculated as a percentage of the aggregate gross value of Company’s Real Estate Assets, without reduction for any debt or other financial obligations of Company; Company’s disclosures to its investors and prospective investors have
described the Asset Management Fee as being calculated as a percentage of the gross aggregate value of Company’s Real Estate Assets; and Company and Advisor have at all times calculated and paid the Asset Management Fee as a percentage of the
aggregate gross value of Company’s Real Estate Assets. 
 D.        Company and
Advisor desire to amend the Advisory Agreement to correct the erroneous provision regarding the calculation of the Asset Management Fee. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 1.        Terms. Except as otherwise specifically set forth in this Amendment, all
capitalized terms used herein shall have the meanings given such terms in the Advisory Agreement. 
 2.        Amendment to Section 8(a). The first complete sentence of Section 8(a) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following:

     Commencing on the date hereof, but subject to Company having Real Estate Assets
(as defined in the Operating Agreement) in its portfolio, Advisor shall be entitled to receive an annual Asset Management Fee of 0.75% (75 basis points) of the aggregate value of Company’s Real Estate Assets, which aggregate value (“Fund
Gross Asset Value”) shall be determined as provided in subsections (d) and (e) hereof. 

 3.        Amendment to
Section 8(d).    The first complete sentence of Section 8(d) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following: 
     Fund Gross Asset Value shall be the amount that reflects the gross value of all Real Estate
Assets of Company, without reduction for any debt or other financial obligations of Company, that has been determined and approved by the Investment Committee of Company, in good faith and consistent with applicable fiduciary duties. 
 4.        Amendment to Section 8(e).    The first complete
sentence of Section 8(e) of the Advisory Agreement is hereby deleted in its entirety and replaced with the following: 
     In addition to the annual determination of Fund Gross Asset Value as provided in subsection (d), Advisor (i) may prepare and recommend to the Investment Committee for its approval or
modification a revised determination of Fund Gross Asset Value, from time to time during a fiscal year of Company, based upon intervening developments that Advisor determines, in good faith and consistent with its fiduciary duty to Company as the
Manager under the Operating Agreement, have affected the value of Company’s Real Estate Assets, and (ii) Advisor shall prepare and recommend to the Investment Committee such a revised determination of Fund Gross Asset Value no later than
the end of the next month following a month in which there is a change in Company’s portfolio of Real Estate Assets. 
 5.        Fund Gross Asset Value.    All references in the Advisory Agreement to “Fund Net Asset Value” are hereby replaced with the term “Fund Gross
Asset VaIue.” 
 6.        Effective
Date.    For all purposes this Amendment shall be effective as of September 15, 2005, as if part of the original Advisory Agreement. 
 7.        Ratification of Advisory Agreement.    Except as set forth herein, the terms of the Advisory Agreement are
hereby confirmed, ratified and approved in their entirety, and shall continue in full force and effect. 
 8.        Further Assurances.    Each party to this Amendment agrees that it will execute and deliver such other instruments and documents as any party hereto may
reasonably determine to be necessary or advisable to effect and evidence the transactions contemplated by this Amendment. 
 9.        Recitals.    The Recitals to this Amendment are hereby incorporated into the body hereof in their entirety. 
 10.      Counterparts.    This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original and all of which taken together shall be deemed one and the same instrument. 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date
first above written. 
  

							
	 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC, a Georgia limited liability company

		
	 By:
	 	 WELLS MANAGEMENT COMPANY, INC., its Sponsoring Member

			
		 	 By:
	 	 

		 		 	 Name:
	 	 M. SCOTT MEADOWS

		 		 	 Title:
	 	 SENIOR VICE PRESIDENT

							
	
	 WELLS INVESTMENT MANAGEMENT COMPANY, LLC, a Georgia limited liability company

		
	 By:
	 	 

		 	 Name:
	 	 Kevin A. Hoover

		 	 Title:
	 	 PresidentDealer Manager Agreement

 Exhibit 10.2 
 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC 
 Up to 150,000 Shares of Membership Interests 
 DEALER-MANAGER AGREEMENT 
 September 15, 2005 
 Wells Investment
Securities, Inc. 
 6200 The Corners Parkway 
 Norcross, Georgia 30092-3365 
 Ladies and Gentlemen: 
 Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited liability company (the “Company”), is offering for
sale, on a confidential private placement basis, to “accredited investors” as that term is defined in Rule 501 of Regulation D promulgated pursuant to the Securities Act of 1933, as amended (“Securities Act”),
up to 150,000 shares of its membership interests (the “Shares”). The Company desires for Wells Investment Securities, Inc. (the “Dealer-Manager” or “you”) to act as its agent in connection with
the offer and sale of the Shares to such investors (the “Offering”). Except as described in the Offering Memorandum (as defined below) or in Section 5.4 hereof, the Shares are to be sold for a per Share cash price,
subject to the reductions described immediately following paragraphs, as follows: 
  

			
	Distribution Channel	  	Price Per Share
	 Registered Investment Advisers
	  	$   952.50   
	 Broker/Dealers
	  	$1,000.00   

 The $952.50 sales price per Share for sales by Registered Investment Advisers
reflects the Dealer-Manager’s agreement to waive selling commissions and a portion of its Dealer-Manager fee on such sales as described below. The sales price per Share by the Dealer-Manager to certain persons who are employees of a Company
affiliate (or immediate family members of such employees) shall be further reduced to $945 per Share, which reflects the Dealer-Manager’s agreement to waive its entire Dealer-Manager fee for purchases of Shares by such persons. 
 The price per Share on sales by Broker/Dealers shall be reduced for certain volume purchases of Shares as described elsewhere in this
Agreement, which reflects a reduction in the selling commissions payable to the Dealer-Manager with respect to such volume purchases. 
 In connection with the sale of the Shares, the Company hereby agrees with you, as the Dealer-Manager, as follows: 
  

	1.	 Representations and Warranties of the Company. As an inducement to the Dealer-Manager to enter into this Agreement, the Company represents and
warrants to the Dealer-Manager, each broker/dealer registered with the National Association of Securities Dealers, Inc. (“NASD”) with whom the Dealer-Manager enters into a Selected Dealer Agreement in the form attached to this
Agreement as Exhibit A (said broker/dealers being hereinafter referred to as the “Broker/Dealers”), and each investment adviser registered under the Investment Advisers Act of 1940, as amended (“Advisers
Act”), with whom the Dealer-Manager enters into an RIA Placement Agreement in the form attached to this Agreement as Exhibit B (said registered investment advisers being hereinafter referred to as the “Registered Investment
Advisers”), that: 

  

	 	1.1.	 The Company has prepared a Confidential Private Placement Memorandum, which is comprised of the Confidential Private Placement Circular, together with the
Confidential Supplemental Disclosure Memorandum, each dated September 15, 2005 (and as the same may be amended and supplemented, the “Offering Memorandum”) in accordance with requirements of the Securities Act, and applicable
rules and regulations (the “Rules and Regulations”) of the Securities and Exchange Commission (“SEC”) promulgated thereunder, for the conduct of a private offering exclusively to accredited investors pursuant to the
exemption from registration under the Securities Act contained in Rule 506 of Regulation D of the SEC. 

  

 1 

	 	1.2.	 On the date hereof and on the date the Minimum Offering (as defined in this Agreement) is obtained, the Offering Memorandum complied or will comply with
applicable requirements of the Securities Act and the Rules and Regulations. The Offering Memorandum does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading. On the date of the Offering Memorandum, and on the date the Minimum Offering is obtained, the Offering Memorandum did not or will not, as the case
may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that the foregoing provisions of this Section 1.2 will not extend to such statements contained in or omitted from the Offering Memorandum, as amended or supplemented, as are primarily within the knowledge of the
Dealer-Manager or any of the Broker/Dealers or Registered Investment Advisers and are based upon information furnished by any such person in writing to the Company specifically for inclusion therein. 

  

	 	1.3.	 No order preventing or suspending the use of the Offering Memorandum has been issued, and no proceedings for that purpose are pending, threatened or, to the
knowledge of the Company, contemplated by the SEC; and to the knowledge of the Company, no order suspending the offering of the Shares in any jurisdiction has been issued, and no proceedings for that purpose have been instituted or threatened or are
contemplated. 

  

	 	1.4.	 The Company intends to use the funds received from the sale of the Shares as set forth in the Offering Memorandum. 

  

	 	1.5.	 The Company has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, and the Company has duly
authorized, executed and delivered this Agreement. 

  

	 	1.6.	 The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the terms of this Agreement
by the Company will not conflict with or constitute a default or violation under any charter, operating agreement, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental
instrumentality or court, domestic or foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 6 of this Agreement may be limited under
applicable securities laws. 

  

 2 

	 	1.7.	 No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this
Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the securities laws of certain states, if any, that we have identified to you. 

  

	 	1.8.	 The Shares have been duly authorized and, upon payment therefor as provided in this Agreement, will be validly issued, fully paid and nonassessable and will
conform to the description thereof contained in the Offering Memorandum. 

  

	2.	 Representations and Warranties of the Dealer-Manager. As an inducement to the Company to enter into this Agreement, the Dealer-Manager represents
and warrants to the Company that: 

  

	 	2.1.	 The Dealer-Manager is a member of the NASD in good standing and is a broker/dealer registered as such under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and under the securities laws of the states in which the Shares are to be offered and sold. The Dealer-Manager and its employees and representatives have all required licenses and registrations to act under this
Agreement. 

  

	 	2.2.	 The Dealer-Manager has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, and the
Dealer-Manager has duly authorized, executed and delivered this Agreement. 

  

	 	2.3.	 The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the terms of this Agreement by the
Dealer-Manager will not conflict with or constitute a default or violation under any charter, by-law, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality
or court, domestic or foreign, having jurisdiction over the Dealer-Manager, except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 6 of this Agreement may be limited under applicable
securities laws. 

  

	 	2.4.	 No consent, approval, authorization or other order of any governmental authority is required in connection with the execution, delivery or performance by the
Dealer-Manager of this Agreement. 

  

	 	2.5.	 The information under the caption “Plan of Distribution” in the Offering Memorandum and all other information furnished to the Company by the
Dealer-Manager in writing for inclusion in the Offering Memorandum or for specific other use in connection therewith does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading. 

  

	3.	 Covenants of the Company. The Company covenants and agrees with the Dealer-Manager that: 

  

	 	3.1.	 The Company will, at no expense to the Dealer-Manager, furnish the Dealer-Manager with such number of printed and numbered (and/or otherwise coded) copies
of the Offering Memorandum, including all amendments, supplements and exhibits thereto, as the Dealer-Manager may reasonably request. The Company will similarly furnish to the Dealer-Manager and others designated by the Dealer-Manager as many copies
of this Agreement and any printed sales literature or other materials approved by the Company (and its counsel) for use in connection with the private offering of the Shares, as the Dealer-Manager may reasonably request in connection with the
offering of the Shares. 

  

 3 

	 	3.2.	 The Company will furnish such information and execute and file such documents as may be necessary for the Company to qualify the offer and sale of the Shares for
an exemption from the registration and qualification provisions under the securities laws of such jurisdictions as the Dealer-Manager may reasonably designate and will file and make in each year such statements and reports as may be required
therefor or in connection therewith. The Company will furnish to the Dealer-Manager a copy of such papers filed by the Company in connection with any such exemption from qualification or registration. 

  

	 	3.3.	 The Company will: (a) furnish copies of any proposed amendment or supplement of the Offering Memorandum to the Dealer-Manager and (b) if at any time
the SEC shall issue any stop order suspending or enjoining the offer and sale of the Shares, or any state securities administration shall issue any order or take other action to suspend or enjoin the sale of the Shares, the Company will promptly
notify the Dealer-Manager and will use its best efforts to obtain the lifting of such order or to prevent such other action at the earliest possible time. 

  

	 	3.4.	 If at any time when a private placement memorandum is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of
either the Company or the Dealer-Manager, the Offering Memorandum would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in view of the circumstances under which they were
made, not misleading, the Company will promptly notify the Dealer-Manager thereof (unless the information shall have been received from the Dealer-Manager) and will effect the preparation of an amendment or supplement to the Offering Memorandum that
will correct such statement or omission. 

  

	 	3.5.	 The Company will comply with all requirements imposed upon it by the Securities Act and the Exchange Act, by the rules and regulations of the SEC promulgated
thereunder as from time to time in effect, and by all state securities laws and regulations of those states in which an exemption from the qualification or registration provisions has been obtained, to permit the continuance of offers and sales of
the Shares in accordance with the provisions hereof and of the Offering Memorandum. 

  

	 	3.6.	 With respect to the covenant of the Dealer-Manager in Section 4.5, the Company agrees to make available appropriate personnel or representatives (authorized
to act on behalf of the Company) to respond to questions or requests by potential investors or the Dealer-Manager as contemplated by such Section 4.5. 

  

	 	3.7.	 The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (a) the preparation and printing of the
Offering Memorandum and of each amendment or supplement thereto, (b) the preparation and delivery to the Dealer-Manager of this Agreement, the Selected Dealer Agreement, the RIA Placement Agreement and such other documents as may be required in
connection with the offering, sale, issuance and delivery of the Shares, (c) the fees and disbursements of the Company’s counsel, accountants and other advisors, (d) the fees and expenses related to the exemption of the offer and sale
of the Shares from the registration and qualification provisions under securities laws of such applicable jurisdictions in accordance with the provisions of Section 3.2 hereof, including the fees and disbursements of counsel in connection with
the preparation of any Blue Sky survey and any supplement thereto, (e) the printing and delivery to the Dealer-Manager of copies of the Offering 

  

 4 

	 	 
Memorandum, and (f) the costs and expenses of the Company relating to investor presentations undertaken in connection with the offering of the Shares,
including, without limitation, expenses associated with the production of slides and graphics, fees and expenses of any consultants engaged in connection with presentations with the prior approval of the Company, and travel and lodging expenses of
the representatives of the Company and any such consultants. 

  

	4.	 Covenants of the Dealer-Manager. The Dealer-Manager covenants and agrees with the Company that: 

  

	 	4.1.	 In connection with the offer and sale of the Shares, the Dealer-Manager will comply with all requirements imposed upon it by the Securities Act and the Exchange
Act, by the rules and regulations of the SEC promulgated thereunder or other federal regulations applicable to the offering, the sale of Shares or its other activities in connection therewith, and by all applicable state securities laws and
regulations, as from time to time in effect, and by this Agreement, and the Dealer-Manager will deliver a copy of the Offering Memorandum (as numbered and/or otherwise coded by the Company) to each potential investor. The Dealer-Manager will not
deliver to any potential investor or any other person any copy (or other reproduction) of the Offering Memorandum that is not so numbered and/or otherwise coded and that is not specifically identified as being delivered to such person. The
Dealer-Manager will not offer the Shares for sale in any jurisdiction unless and until it has been advised that the offer and sale of the Shares are exempt from the registration provisions of the securities and other laws of such jurisdiction
applicable thereto. 

  

	 	4.2.	 The Dealer-Manager will use its best efforts (a) to ensure that only persons who are accredited investors receive a copy of the Offering Memorandum, if such
person is being or will be approached as a potential investor and (b) without limitation, to comply with applicable requirements of Regulation D relating to prohibitions on general solicitation and advertising in connection with the offer and
sale of the Shares. The Dealer-Manager shall prepare, maintain and furnish to the Company specific information (in the form of a detailed register or other list) about each person to whom a copy of the Offering Memorandum is delivered by the
Dealer-Manager (or by any person acting on its behalf) and, in the case of each person who is being approached as a potential investor, information about the basis on which a pre-delivery assessment was made that such person is an accredited
investor and such delivery is consistent with the requirements of Regulation D. 

  

	 	4.3.	 The Dealer-Manager will provide the Company with such information relating to the offer and sale of the Shares by it as the Company may from time to time
reasonably request or as may be requested to enable the Company to prepare such reports of sale as may be required to be filed under applicable Federal or state securities laws. 

  

	 	4.4.	 The Dealer-Manager will make no representations concerning the offering except as set forth in the Offering Memorandum or as otherwise approved in writing by the
Company expressly for use in connection with the offering. 

  

	 	4.5.	 In accordance with requirements of Regulation D for the conduct of the offering as a private placement that is exempt from registration under the Securities Act,
the Dealer-Manager agrees that any potential investor to whom a copy of the Offering Memorandum is delivered shall be informed of his or her right to ask questions of (and to receive 

  

 5 

	 	 
answers or other information from) the Company with respect to the Shares, the offering, the Company or any related matter, to the extent the Company can
provide such answers or information without unreasonable expense or effort. The Dealer-Manager agrees to take appropriate actions to ensure that each such potential investor is so informed and is provided the opportunity to exercise such right,
including by notifying the Company of any request made by a potential investor in the exercise of such right. 

  

	5.	 Obligations and Compensation of Dealer-Manager. 

  

	 	5.1.	 The Company hereby appoints the Dealer-Manager as its agent during the Offering Period (as defined in Section 5.3) for the purpose of finding, on a best
efforts, confidential private placement basis, accredited investors to purchase the Shares for cash through the Broker/Dealers and the Registered Investment Advisers. The Dealer-Manager may also arrange for the sale of Shares for cash directly to
its own clients and customers at the offering prices and subject to the terms and conditions stated in the Offering Memorandum. The Dealer-Manager hereby accepts such agency and agrees to use its best efforts to find accredited investors for the
Shares on said terms and conditions, commencing as soon as practicable. 

  

	 	5.2.	 The Dealer-Manager agrees to execute and be bound by the terms of the Escrow Agreement dated as of September 15, 2005 among Wachovia Bank, N.A., as escrow
agent, the Dealer-Manager and the Company, in substantially the form attached hereto as Exhibit C. 

  

	 	5.3.	 The “Offering Period” shall mean that period during which Shares may be offered for sale, commencing on the date hereof, during which period
offers and sales of the Shares shall occur continuously unless and until the offering is terminated as provided in Section 11 hereof, except that the Dealer-Manager shall suspend or terminate offering of the Shares upon request of the Company
at any time and shall resume offering the Shares upon subsequent request of the Company. The Offering Period shall in all events terminate upon the sale of all of the Shares. Upon termination of the Offering Period, the Dealer-Manager’s agency
and this Agreement shall terminate without further obligation on the part of the Dealer-Manager or the Company, except as set forth in this Agreement. 

  

	 	5.4.	 Except as may be provided in the “Plan of Distribution” section of the Offering Memorandum, as compensation for the services to be performed by the
Dealer-Manager, the Company agrees that it will pay to the Dealer-Manager selling commissions plus a Dealer-Manager fee as set forth in the table and following description below. Unless otherwise indicated, all references to “base price”
or “gross offering proceeds” per Share below and elsewhere in this Agreement shall mean $1,000 per Share, and all percentages expressed in the table below and elsewhere in this Agreement will be calculated on the $1,000 base price per
Share. 

  

					
	Distribution Channel	  	  Selling Commissions    	 	  Dealer-Manager Fee  
	 Registered Investment Advisers
	  	0.0%	 	0.75%
	 Broker/Dealers
	  	4.0%	 	1.5%  

 The Dealer-Manager hereby agrees to waive its Dealer-Manager fee for sales of
Shares to investors who are employees of a Company affiliate (or immediate family members of such employees). 
  

 6 

 The amount of selling commissions paid to the Dealer-Manager (and the resulting sales
price per Share to investors) on sales of Shares by Broker/Dealers shall be reduced on aggregate purchases of more than 500 Shares by a single investor (regardless of when each purchase is made by such investor during the offering period) as set
forth in the table below. 
  

					
	No. of Shares	  	Commission Percentage	 	Price Per Share
			
	501 to 1,000	  	3%	 	$990.00
			
	1,001 to 1,500	  	2%	 	$980.00
			
	Above 1,500	  	1%	 	$970.00

 The Company will also reimburse the Dealer-Manager for its reimbursement of the
bona fide due diligence expenses of Broker/Dealers engaged by the Dealer-Manager in an amount up to 0.5% of the gross offering proceeds from sales of Shares attributable to such Broker/Dealers. 
 Notwithstanding the foregoing, no commissions, payments or amounts whatsoever will be paid to the Dealer-Manager under this
Section 5.4 unless or until 10,000 Shares have been sold in the Offering (the “Minimum Offering”). Until the Minimum Offering is obtained, subscription funds received from investors will be held in escrow. If the Minimum
Offering is not obtained within the time periods specified in the Offering Memorandum, subscription funds will be returned to the investors in accordance with the Offering Memorandum. The Company will not be liable or responsible to any
Broker/Dealer for direct payment of commissions to such Broker/Dealer, it being the sole and exclusive responsibility of the Dealer-Manager for payment of commissions to Broker/Dealers. Notwithstanding the above, in its discretion (if requested by
the Dealer-Manager), the Company may make (or cause to be made) direct payment of commissions to such Broker/Dealers, on behalf of the Dealer-Manager, without incurring any liability therefor. 
  

	 	5.5.	 The Dealer-Manager will not represent or imply that Wachovia Bank, N.A., as the escrow agent identified in the Offering Memorandum, has investigated the
desirability or advisability of an investment in the Company or has approved, endorsed or passed upon the merits of the Shares or the Company, nor will the Dealer-Manager use the name of said escrow agent in any manner whatsoever in connection with
the offer or sale of the Shares other than by acknowledgment that it has agreed to serve as escrow agent. 

  

	6.	 Indemnification. 

  

	 	6.1.	 The Company will indemnify and hold harmless the Broker/Dealers, the Registered Investment Advisers and the Dealer-Manager, their officers and directors (and
persons holding equivalent positions) and each person, if any, who controls any such Broker/Dealer, Registered Investment Adviser or the Dealer-Manager within the meaning of Section 15 of the Securities Act (the “Indemnified
Persons”) from and against any losses, claims, damages or liabilities (“Losses”), joint or several, to which such Indemnified Persons may become subject, under the Securities Act or otherwise, insofar as such Losses
(or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Offering 

  

 7 

	 	 
Memorandum or any amendment or supplement thereto or in the Offering Memorandum or (ii) in any blue sky application or other document executed by the
Company or on its behalf specifically for the purpose of exempting the offer and sale of the Shares from the qualification or registration provisions under the securities laws of any jurisdiction or based upon written information furnished by the
Company under the securities laws thereof (any such application, document or information being hereinafter called a “Blue Sky Application”); (b) the omission or alleged omission to state in the Offering Memorandum or any
amendment or supplement thereto or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading; or (c) any untrue statement or alleged untrue statement of a material fact
contained in the Offering Memorandum or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading. The Company will reimburse each Indemnified Person for any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending such Loss, Notwithstanding the foregoing provisions of
this Section 6.1, the Company will not be liable in any such case to the extent that any such Loss or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon
and in conformity with written information furnished (x) to the Company by the Dealer-Manager or (y) to the Company or the Dealer-Manager by or on behalf of any Broker/Dealer or Registered Investment Adviser specifically for use in the
preparation of the Offering Memorandum or any amendment or supplement thereto or any such Blue Sky Application, and, further, the Company will not be liable in any such case if it is determined that such Broker/Dealer, Registered Investment Adviser
or the Dealer-Manager was at fault in connection with the Loss, expense or action. Notwithstanding the foregoing, the Company shall not indemnify or hold harmless an Indemnified Person for any Losses or expenses arising from or out of an alleged
violation of federal or state securities laws by such party unless one or more of the following conditions are met: (a) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the
particular Indemnified Person; (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular Indemnified Person; and (c) a court of competent jurisdiction approves a settlement
of the claims against a particular Indemnified Person and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of
the published position of any state securities regulatory authority in which the Shares were offered or sold as to indemnification for violations of securities laws. 

  

	 	6.2.	 The Dealer-Manager will indemnify and hold harmless the Company, its sponsor, its manager, and each director and officer (and any person holding an equivalent
position) thereof, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act (each a “Company Indemnitee”), from and against any Losses to which any of the Company Indemnitees may
become subject, under the Securities Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Offering Memorandum or any
amendment or supplement thereto or (ii) any Blue Sky Application; (b) the omission to state in the Offering Memorandum or any amendment or supplement thereto or in any Blue Sky Application a material fact required to be stated therein or
necessary to make the statements therein not misleading, in the case of each of clauses (a) and (b) to the extent, but only to the extent, that such untrue statement or 

  

 8 

	 	 
omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer-Manager specifically for
use with reference to the Dealer-Manager in the preparation of the Offering Memorandum or any such amendments or supplements thereto or any such Blue Sky Application; (c) any failure to comply with the covenants in Section 4 of this
Agreement; or (d) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the Dealer-Manager. The Dealer-Manager will reimburse the aforesaid parties for any legal or other expenses
reasonably incurred by them in connection with investigating or defending such Loss, expense or action. This indemnity agreement will be in addition to any liability that the Dealer-Manager may otherwise have. 

  

	 	6.3.	 Each Broker/Dealer and Registered Investment Adviser severally will indemnify and hold harmless the Company, its sponsor and its manager, the Dealer-Manager,
each of their officers and directors (and persons holding equivalent positions), and each person, if any, who controls the Company and the Dealer-Manager within the meaning of Section 15 of the Securities Act (each, a “Broker/Dealer or
RIA Indemnified Person”) from and against any Losses to which a Broker/Dealer or RIA Indemnified Person may become subject, under the Securities Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are
based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Offering Memorandum or any amendment or supplement thereto or (ii) in any Blue Sky Application; (b) the omission or alleged
omission to state in the Offering Memorandum or any amendment or supplement thereto or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of each of
clauses (a) and (b) to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company
or the Dealer-Manager by or on behalf of such Broker/Dealer or Registered Investment Adviser specifically for use with reference to such Broker/Dealer or Registered Investment Adviser in the preparation of the Offering Memorandum or any such
amendments or supplements thereto or any such Blue Sky Application; or (c) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by such Broker/Dealer or Registered Investment Adviser or
their respective representatives or agents in violation of Section VII of the Selected Dealer Agreement as to Broker/Dealers, Section V of the RIA Placement Agreement as to Registered Investment Advisers, or otherwise. Each such Broker/Dealer or
Registered Investment Adviser will reimburse each Broker/Dealer/RIA Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action. This indemnity
agreement will be in addition to any liability that such Broker/Dealer or Registered Investment Adviser may otherwise have. 

  

	 	6.4.	 Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 6, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party so to notify the indemnifying party will relieve
the indemnifying party from any liability under this Section 6 as to the particular item for which indemnification is then being sought, but not from any other liability that it may have to any indemnified party. If any such action is
brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent 

  

 9 

	 	 
it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such
participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 6.5) incurred by such indemnified party in defending itself, except for
such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such
indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. Any indemnified party shall not be bound to perform or refrain from performing any act pursuant to the terms of any
settlement of any claim or action effected without the consent of such indemnified party. 

  

	 	6.5.	 The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however,
that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding
that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be
obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and if a majority of such indemnified parties is unable to agree on which
law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the
extent of services performed by such law firm, and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. 

  

	 	6.6.	 If the indemnity agreements contained in this Section 6 are for any reason unavailable or insufficient to hold harmless an indemnified party in respect of
any Losses or expenses referred to herein, then each indemnifying party shall contribute to the aggregate amount of such Losses and expenses incurred by such indemnified party, as incurred, (a) in such proportion as is appropriate to reflect
the relative benefits received by the Company, on the one hand, and the Dealer-Manager or Broker/Dealer or Registered Investment Adviser, on the other hand, from the offering of the Shares in question or (b) if the allocation provided by clause
(a) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) but also the relative fault of the Company, on the one hand, and of the Dealer-Manager or
Broker/Dealer or Registered Investment Adviser, on the other hand, in connection with the statements or omissions that resulted in such Losses or expenses, as well as any other relevant equitable considerations. 

 The relative benefits received by the Company, on the one hand, and the Dealer-Manager or Broker/Dealer or Registered Investment
Adviser, on the other hand, in connection with the Offering shall be deemed to be in the same respective proportions as (a) the total net proceeds from the offering (before deducting expenses) received by the Company and (b) the total
selling commission and any Dealer-Manager fee actually received by the Dealer-Manager or Broker/Dealer or Registered Investment Adviser, and in the case of a Registered Investment Adviser, the amount of compensation received by it from its customers
in respect of the sale of Shares to such customers, bear to the aggregate offering price of the Shares sold. The relative fault of the Company, on the one hand, and 

  

 10 

 
the Dealer-Manager or Broker/Dealer or Registered Investment Adviser, on the other hand, shall be determined by reference to, among other things, whether any
such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Dealer-Manager or Broker/Dealer or Registered Investment Adviser, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. It is understood that it would not be just and equitable if contribution pursuant to this Section 6.6 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to above in this Section 6.6. The aggregate amount of Losses and expenses incurred by an indemnified
party and referred to above in this Section 6.6 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
 Notwithstanding the provisions of this Section 6.6, the Dealer-Manager or Broker/Dealer or Registered Investment Adviser, shall not
be required to contribute any amount in excess of the amount by which the total price at which the Shares sold by it exceeds the amount of any damages that such Dealer-Manager or the Broker/Dealer or Registered Investment Adviser has otherwise been
required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 
 No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this Section 6.6, the Company’s sponsor, manager and their directors and executive officers (and persons
holding equivalent positions), and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, shall have the same rights to contribution as the Company, and each director and officer (and any person
holding an equivalent position) and each person, if any, who controls the Dealer-Manager or any Broker/Dealer or Registered Investment Adviser, within the meaning of Section 15 of the Securities Act, shall have the same rights to contribution
as the Dealer-Manager or such Broker/Dealer or Registered Investment Adviser. 
  

	7.	 Survival of Provisions. 

  

	 	7.1.	 The respective agreements, representations and warranties of the Company and the Dealer-Manager set forth in this Agreement shall remain operative and in full
force and effect regardless of (a) any investigation made by or on behalf of the Dealer-Manager or any Broker/Dealer or Registered Investment Adviser, or any person controlling the Dealer-Manager or any Broker/Dealer or Registered Investment
Adviser, or by or on behalf of the Company or any person controlling the Company, and (b) the acceptance of any payment for the Shares. 

  

	 	7.2.	 The obligations of the Company to pay the Dealer-Manager pursuant to Section 5.4, Section 5.5 and Sections 6 through 10 shall survive the termination
of this Agreement. 

  

	8.	 Applicable Law. This Agreement is executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of
the State of Georgia; provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Section. 

  

 11 

	9.	 Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original
contract, but all counterparts, when taken together, shall constitute one and the same Agreement. 

  

	10.	 Successors and Amendment. 

  

	 	10.1.	 This Agreement shall inure to the benefit of and be binding upon the Dealer-Manager and the Company and their respective successors. Nothing in this Agreement is
intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein. This Agreement also shall inure to the benefit of Broker/Dealers and Registered Investment Advisers, when and as
engaged by the Dealer-Manager, to the extent set forth in Sections 1, 5 and 6 hereof. 

  

	 	10.2.	 This Agreement may be amended only by the written agreement of the Dealer-Manager and the Company. 

  

	11.	 Term. Any party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice. 

 

	12.	 Confirmation of Admission of Investors. The Company hereby agrees and assumes the duty to provide written notification to each subscriber for
Shares who has been accepted as an investor, and thus has been admitted as a member of the Company, of such acceptance within a reasonable period of time thereof. 

  

	13.	 Suitability of Investors. The Dealer-Manager will offer the Shares on a best efforts, confidential private placement basis, and in its agreements
with Broker/Dealers or Registered Investment Advisers, will require that such persons offer Shares, only to persons who are accredited investors and who meet any suitability requirements set forth in the Offering Memorandum or in any suitability
letter or memorandum sent to it by the Company, and will only make offers to persons in such jurisdictions in which it is advised in writing that the offer and sale of the Shares is exempt from the qualification and registration provisions of the
securities law of such jurisdictions. In offering the Shares, the Dealer-Manager will (and in its agreements with Broker/Dealers or Registered Investment Advisers, the Dealer-Manager will require that such persons) comply with the provisions of all
applicable rules and regulations relating to exemption from the registration provisions of the Securities Act and the securities laws of applicable jurisdictions, including, without limitation, the provisions relating thereto set forth in
Section 4 hereof. 

  

	14.	 Submission of Orders. 

  

	 	14.1.	 Accredited investors who subscribe to purchase the Shares will be instructed by the Dealer-Manager or the Broker/Dealer or Registered Investment Adviser, as the
case may be, to make their checks (or other medium of payment, herein referred to as a “check”) payable to “Wells Value-Added Fund I (Special Account).” The Dealer-Manager and any Broker/Dealer or Registered Investment Adviser
who receives a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer-Manager or Broker/Dealer or
Registered Investment Adviser that conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section 14. 

  

 12 

	 	14.2.	 Where, pursuant to a Broker/Dealer’s or Registered Investment Adviser’s internal supervisory procedures, internal supervisory review is conducted at
the same location at which subscription documents and checks are received from subscribers, checks will be transmitted by the end of the next business day following receipt by the Broker/Dealer or Registered Investment Adviser (i) to the
Dealer-Manager or (ii) if directed by the Dealer-Manager, either to the escrow agent for the Company or, after the Minimum Offering has been achieved, to the special segregated account to be established by the Dealer-Manager with Wachovia Bank,
N.A., or such other financial institution designated by the Company, for purposes of the offering (the “Special Segregated Account”). 

  

	 	14.3.	 Where, pursuant to a Broker/Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location, checks will be
transmitted by the end of the next business day following receipt by the Broker/Dealer to the office of such agent conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office will in
turn by the end of the next business day following receipt by the Final Review Office, transmit such checks (i) to the Dealer-Manager or (ii) if directed by the Dealer-Manager, either to the escrow agent for the Company or, after the
Minimum Offering has been achieved, to the Special Segregated Account. 

  

	 	14.4.	 Where the Dealer-Manager is involved directly in making a sale of Shares, or where the Dealer-Manager receives checks from a Broker/Dealer or Registered
Investment Adviser, checks will be transmitted by the Dealer-Manager for deposit either to the escrow agent for the Company or, after the Minimum Offering has been achieved, to the Special Segregated Account, as soon as practicable, but in any event
by noon of the next business day following receipt by the Dealer-Manager. Checks of rejected potential investors will be promptly returned to such potential investors. 

  
 [Signatures on Next Page] 
  

 13 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance
in the-space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written. 
  

			
	 Very truly yours,

	
	 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC

		
	 By:
	 	 Wells Investment Management Company, LLC,

		 	   its Manager

		
	 By:
	 	 

		 	 Kevin A. Hoover

		 	 President

  

			
	 Accepted and agreed, as of the
 date first above written:

	
	 WELLS INVESTMENT SECURITIES, INC.

		
	 By:
	 	 

		 	 Philip M. Taylor
 President

  

 14 

 Exhibit A 
 WELLS MID-HORIZON VALUE-ADDED FUND I, LLC 
 Up to $150,000,000 of Shares of Membership Interests 
 SELECTED DEALER AGREEMENT 
                                        
     , 2005 
 To the Broker/Dealer Identified 
 on the Signature Page Hereto: 
 Wells Investment Securities, Inc., as the dealer-manager (“Dealer-Manager”) for Wells Mid-Horizon Value-Added Fund I, LLC, a Georgia limited liability company (the “Company”),
invites you (sometimes referred to as “Broker/Dealer”) to participate in the offering of shares of membership interests of the Company (the “Shares”), on a confidential private placement basis,
exclusively to accredited investors (as defined herein) subject to the following terms: 
  

	 	I.	 Dealer-Manager Agreement 

 The Dealer-Manager and the Company have entered into that certain Dealer-Manager Agreement dated September 15, 2005, a copy of which is provided herewith. By your execution and acceptance of this Agreement, you
will become one of the Broker/Dealers referred to in the Dealer-Manager Agreement and hereby make, as to yourself, the representations and warranties contained in Section 2, the covenants contained in Section 4, and the indemnity
agreements contained in Section 6.3 of the Dealer-Manager Agreement, and otherwise will be entitled to and subject to the indemnification provisions contained in the Dealer-Manager Agreement, including the provisions wherein the Broker/Dealers
severally agree to indemnify and hold harmless the Company, its sponsor, its manager, the Dealer-Manager and each officer and director (and any person holding an equivalent position) thereof, and each person, if any, who controls the Company and the
Dealer-Manager within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Except as otherwise specifically
stated herein, all terms used in this Agreement have the meanings provided in the Dealer-Manager Agreement. 
 Broker/Dealer
hereby agrees to use its best efforts to sell the Shares on a confidential private placement basis only to “accredited investors,” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act, for cash in
accordance with the terms of the Confidential Private Placement Memorandum of the Company, which is comprised of the Confidential Private Placement Circular, together with the Confidential Supplemental Disclosure Memorandum, each dated
September 15, 2005 (and as same may have been amended or supplemented through the date hereof, the “Offering Memorandum”). Nothing in this Agreement shall be deemed or construed to make Broker/Dealer an employee, agent,
representative or partner of the Dealer-Manager or of the Company, and Broker/Dealer is not authorized to act for the Dealer-Manager or the Company or to make any representations on their behalf except as set forth in the Offering Memorandum and
such other printed information furnished to Broker/Dealer by the Dealer-Manager or the Company to supplement the Offering Memorandum (“Supplemental Information”). 
  

 A-1 

	 	II.	 Submission of Orders 

 Accredited investors who subscribe to purchase Shares will be instructed by Broker/Dealer to make their checks (or other medium of payment, herein referred to as a “check”) payable to “Wells
Value-Added Fund I (Special Account).” If Broker/Dealer receives a check not conforming to the foregoing instructions, Broker/Dealer shall return such check directly to such subscriber not later than the end of the next business day
following its receipt. Checks received by Broker/Dealer that conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the follow methods: 
 (a)        Where, pursuant to Broker/Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which
subscription documents and checks are received from subscribers, checks will be transmitted by the end of the next business day following receipt by Broker/Dealer (i) to the Dealer-Manager or (ii) if directed by the Dealer-Manager, either
to the escrow agent for the Company or, after the Minimum Offering has been achieved, to the Special Segregated Account as defined in the Dealer-Manager Agreement. 
 (b)        Where, pursuant to Broker/Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location,
checks will be transmitted by the end of the next business day following receipt by Broker/Dealer to the office of Broker/Dealer conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office
will in turn, by the end of the next business day following receipt by the Final Review Office, transmit such checks (i) to the Dealer-Manager or (ii) if directed by the Dealer-Manager, either to the escrow agent for the Company or, after
the Minimum Offering has been achieved, to the Special Segregated Account. 
 Subscription documents from an investor whose
check or other payment of subscription funds has been transmitted to the Dealer-Manager (or, at the direction of the Dealer-Manager, either to the escrow agent or the Special Segregated Account) will be transmitted simultaneously to the
Dealer-Manager by hand delivery or by a nationally recognized overnight courier company for delivery not later than the second business day after transmission. 
  

	 	III.	 Pricing 

 Except as otherwise indicated in the Offering Memorandum, or with respect to the volume discounts or sales to employees and affiliates of the Broker/Dealer as described below, Broker/Dealer agrees to sell the Shares for a per Share cash
price of $1,000 per Share. With respect to aggregate purchases by a particular investor of more than 500 Shares from the Broker/Dealer, regardless of when the purchase is made during the offering period, Broker/Dealer agrees to sell such additional
number of Shares at the reduced cash price per Share set forth below, such reduced price reflecting the reduction in the amount of commission on such sale of Shares indicated below: 
  

					
	No. of Shares	  	 Commission
 Percentage
	 	Price Per Share
			
	501 to 1,000	  	3%	 	$990.00
			
	1,001 to 1,500	  	2%	 	$980.00
			
	Above 1,500	  	1%	 	$970.00

  

 A-2 

 In addition, Broker/Dealer may waive, on purchases of Shares by employees or other
affiliates of Broker/Dealer, all or a portion of the commission that otherwise would be paid or reallowed to Broker/Dealer by the Dealer-Manager on account of such sales, thereby resulting in a reduced price per Share for sales to such persons in an
amount equal to the portion of the commission so waived. 
  

	 	IV.	 Commissions and Other Reallowances 

 Broker/Dealer’s selling commission for its sale of Shares will be 4% with respect to the first 500 Shares sold to a particular investor, and reduced to 3%, 2% and 1% on sales above 500 Shares as set forth in
Section III hereof, which commission will be paid by the Dealer-Manager. Commissions payable are calculated as a percentage of the base price of $1,000.00 per Share, regardless of the actual per Share price paid by an investor. Therefore,
commissions payable at the 4%, 3%, 2% and 1% rates are equal to $40, $30, $20 and $10 per Share, respectively. For these purposes, a “sale of Shares” shall occur if and only if a transaction has closed with a securities purchaser pursuant
to the applicable offering and subscription documents, and the Company has thereafter caused the amount of the commission to be distributed to the Dealer-Manager in connection with such transaction. Broker/Dealer hereby waives any and all rights to
receive payment of commissions until such time as the Dealer-Manager is in receipt of the commissions from the Company or its designee. Broker/Dealer affirms that the Dealer-Manager’s liability for commissions payable is limited solely to the
proceeds of commissions receivable associated therewith. 
 As set forth in the Offering Memorandum, the Dealer-Manager may
reallow a portion of its Dealer-Manager fee (up to one-half thereof, or 0.75% of gross offering proceeds) as marketing fees to Broker/Dealer, subject to compliance with the terms of this Agreement (and any separately executed marketing fee
agreement) between the Dealer-Manager and Broker/Dealer. The Dealer-Manager also may reimburse bona fide due diligence expenses of Broker/Dealer in an amount up to 0.5% of the gross offering proceeds. 
 The parties hereby agree that the foregoing commissions and other reallowances are not in excess of the usual and customary
distributor’s or seller’s commission received in the sale of securities similar to the Shares, that Broker/Dealer’s interest in the offering is limited to such commission from the Dealer-Manager, Broker/Dealer’s indemnity
referred to in Section 6 of the Dealer-Manager Agreement, and the Sponsoring Member’s carried interest sharing agreement described in the Offering Memorandum, and that the Company is not liable or responsible for the direct payment of such
commission or other amount to Broker/Dealer. 
  

	 	V.	 Payment 

 Payments of selling commissions or reallowance of a portion of the Dealer-Manager fee will be made by the Dealer-Manager (or by the Company or its designee on behalf of the Dealer-Manager as provided in the Dealer-Manager Agreement) to
Broker/Dealer within 30 days of the receipt thereof by the Dealer-Manager. Broker/Dealer acknowledges that if the Company or its designee pays selling commissions to the Dealer-Manager, the Company is relieved of any obligation for selling
commissions to Broker/Dealer. The Company may rely on and use the preceding acknowledgement as a defense against any claim by Broker/Dealer for selling commissions the Company or its designee pays to the Dealer-Manager but that the Dealer-Manager
fails to remit to Broker/Dealer. 
  

	 	VI.	 Right to Reject Orders 

 All orders, whether initial or additional, are subject to acceptance, and will only become effective upon confirmation, by the Company, which reserves the right to reject any order. Orders may be rejected 

  

 A-3 

 
by the Company or the Dealer-Manager if they are not accompanied by the required subscription documents in good order, including but not limited to a
Subscription Agreement Signature Page and the required check in payment for the Shares. Pending the sale of 10,000 Shares in the offering (“Minimum Offering”), subscription funds will be held in an escrow account as described in the
“Plan of Distribution” section of the Offering Memorandum. After the Minimum Offering has been reached, the Shares for which subscriptions to purchase have been accepted by the Company will be issued in book entry form on the records of
the Company. If a subscription is rejected, canceled or rescinded for any reason, Broker/Dealer agrees to return to the Dealer-Manager any commission theretofore paid with respect to such order. 
  

	 	VII.	 Offering Memorandum and Supplemental Information 

 Broker/Dealer is not authorized or permitted to give, and will not give, any information or make any representation concerning the Shares except as set forth in the Offering Memorandum and
Supplemental Information. The Dealer-Manager, upon receipt of a completed Certificate of Representative (“COR”) (a copy of which is attached as Exhibit “I”), will supply Broker/Dealer with a numbered and labeled Offering
Memorandum, as well as any Supplemental Information, for delivery to investor named in the COR. Broker/Dealer will deliver a copy of the Offering Memorandum and all supplements or amendments thereto to each investor to whom an offer is made prior to
or simultaneously with the first solicitation of an offer to sell the Shares to a potential accredited investor. The Broker/Dealer agrees that it will not send or give any supplement or amendment to the Offering Memorandum (or any Supplemental
Information) to an investor unless it has previously sent or given an Offering Memorandum and all prior supplements and amendments to the Offering Memorandum to that investor or has. simultaneously sent or given an Offering Memorandum and all
supplements and amendments to the Offering Memorandum with such Supplemental Information. 
 Broker/Dealer agrees that it
will not reproduce or show or give to any investor or prospective investor any material or writing that is supplied to it by the Dealer-Manager and marked “Broker/Dealer Only” or otherwise bearing a legend denoting that it is not to be
used in connection with the sale of the Shares to accredited investors. Broker/Dealer agrees that it will not use, in connection with the offer or sale of the Shares, any material or writing that relates to another company supplied to it by the
Company or the Dealer-Manager bearing a legend that states that such material may not be used in connection with the offer or sale of any securities other than the company to which it relates. Broker/Dealer further agrees that it will not use in
connection with the offer or sale of the Shares any materials or writings that have not been previously approved by the Dealer-Manager. 
 In participating in the offering of the Shares, Broker/Dealer agrees to comply with all applicable requirements under the securities laws of all other applicable jurisdictions, the Exchange Act and the Securities Act.

  

	 	VIII.	 License, Association Membership and Compliance 

 (a)        Broker/Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer-Manager that Broker/Dealer is a
duly registered or licensed broker/dealer, duly authorized to sell the Shares under Federal and state securities laws and regulations and in all states where it offers or sells the Shares, that it is a member in good standing of the NASD, and that
it will abide by any applicable provision of the Rules of Fair Practice of the NASD and to comply with Rules 2730, 2740, 2750 and 2430 of the NASD Conduct Rules in participating in the offering. 
 (b)        The Dealer-Manager represents and warrants to Broker/Dealer that the Dealer-Manager is
a duly registered or licensed broker/dealer, duly authorized to sell the Shares under Federal and state 

  

 A-4 

 
securities laws and regulations and in all states where it offers or sells Shares, and that it is a member of the NASD. The Dealer-Manager hereby agrees to
abide by any applicable provision of the Rules of Fair Practice of the NASD and to comply with Rules 2730, 2740, 2750 and 2430 of the NASD Conduct Rules. 
 (c)        This Agreement shall automatically terminate if either the Dealer-Manager or Broker/Dealer ceases to be a member in good standing of the NASD. Each party agrees to
notify the other party immediately if it ceases to be a member in good standing. 
  

	 	IX.	 Anti-Money Laundering Compliance Programs 

 Broker/Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer-Manager that Broker/Dealer has established and implemented an anti-money laundering compliance program
(“AML Program”) in accordance with applicable law, including NASD Rule 3011, SEC Rules and Section 352 of the Money Laundering Abatement Act, that, among other things, is reasonably expected to detect and cause the reporting of
suspicious transactions in connection with the sale of the Shares. Broker/Dealer hereby agrees (a) if requested by the Dealer-Manager, to furnish a copy of its AML Program to the Dealer-Manager for review, (b) to promptly notify the
Dealer-Manager of any material change to its AML Program, and (c) to update and revise its AML Program as necessary or prudent to maintain compliance with all such laws and regulations. 
  

	 	X.	 Limitation of Offer 

 The Shares shall be offered and sold on a confidential private placement basis by Broker/Dealer only to accredited investors. Broker/Dealer agrees to certify to the Dealer-Manager that each investor is an accredited
investor to whom its sells Shares and has met any suitability requirements set forth in the Offering Memorandum or in any suitability letter or memorandum sent to Broker/Dealer by the Company or the Dealer-Manager, and that the investment in the
Shares is a suitable and appropriate investment for the investor. Broker/Dealer will make offers only to investors in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. In
participating in the offering of the Shares, the Broker/Dealer will comply with applicable rules and regulations relating to the determination of suitability of accredited investors. In order to evidence this suitability determination, Broker/Dealer
agrees to execute such form as the Dealer-Manager may require with respect to any accredited investor who purchases the Shares. In offering Shares, Broker/Dealer will also comply with applicable Rules of Fair Practice of the NASD. 
  

	 	XI.	 Privacy Laws 

 The Dealer-Manager and Broker/Dealer agree to abide by and comply with (a) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”), (b) the privacy standards and requirements of any other
applicable Federal or state law, (c) its own internal privacy policies and procedures, and (d) Broker/Dealer agrees to abide by and comply with the privacy policies and procedures of Wells Real Estate Funds, Inc. (“Wells REF”)
and its affiliates as posted on the Wells REF website or as otherwise published, each as may be amended from time to time. 
  

	 	XII.	 Termination; Assignment 

 Broker/Dealer will suspend or terminate its offer and sale of the Shares upon the request of the Company or the Dealer-Manager at any time and will resume its offer and sale of the Shares hereunder upon subsequent
request of the Company or the Dealer-Manager. Any party may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the giving of such notice. 
  

 A-5 

 This Agreement is the entire agreement of the parties and supersedes all prior agreements, if any,
between the parties hereto relating to the subject matter hereof and shall bind and inure to the benefit of the successors and permitted assigns of the parties hereto. 
 This Agreement may be amended at any time by the Dealer-Manager by written notice to Broker/Dealer, and any such amendment shall be deemed accepted by Broker/Dealer upon placing an order for sale
of the Shares after Broker/Dealer has received such notice. Broker/Dealer may not assign, in whole or in part, this Agreement or its rights and obligations under this Agreement without the prior written consent of the Dealer-Manager. 
  

	 	XIII.	 Confidentiality 

 Broker/Dealer acknowledges that the information contained in the Offering Memorandum is highly confidential (the “Confidential Information”) and shall be treated as such. Broker/Dealer agrees not to use, release, disseminate,
reproduce, misuse or misappropriate (for Broker/Dealer’s benefit or the benefit of any other person or entity) or transfer, either verbally or by any other means, any part of the Confidential Information to any other person or entity, other
than (a) to prospective offerees in accordance with the Offering Memorandum, or (b) to any accountant, attorney or other professional specifically retained by Broker/Dealer to assist it in evaluating the Confidential Information. If
Broker/Dealer retains an accountant, attorney or other professional to provide advice in connection with the evaluation of the Confidential Information, Broker/Dealer agrees to obtain from any such person who receives Confidential Information a
commitment to maintain the confidentiality of such information in accordance with the terms of this Section XIII. Broker/Dealer covenants that it will return all Confidential Information upon the request of the Company or the Dealer-Manager and in
the event of the termination of this Agreement. 
  

	 	XIV.	 Notice 

 Except as otherwise provided in this Agreement, all notices, requests, consents and other communications under this Agreement shall be in writing and shall be delivered by hand, by facsimile transmission, by overnight mail or nationally
recognized courier service, or by first-class certified or registered mail, return receipt requested, postage prepaid: (a) if to the Dealer-Manager, at 6200 The Corners Parkway, Norcross, Georgia 30092-3365, Attention: Kirk A. Montgomery, and
(b) if to Broker/Dealer, at the address specified by Broker/Dealer on the Broker/Dealer Signature page to this Agreement, or such other address that a party may designate in writing to the other party in accordance with this Section XIV.
Notices provided in accordance with this Section XIV shall be deemed delivered upon personal delivery, receipt by telecopy or overnight mail, or seven business days after deposit in the mail in accordance with the above. 
  

	 	XV.	 Survival 

 The respective indemnities, representations, warranties and covenants of Broker/Dealer and the Dealer-Manager as set forth in this Agreement shall remain in full force and effect and shall survive the termination of this Agreement,

  

	 	XVI.	 Headings 

 The headings of the sections of this Agreement are used for convenience only and shall not affect the meaning or construction of the contents of this Agreement. 
  

 A-6 

	 	XVII.	 Enforcement 

 The failure to enforce or to require the performance at any time of any of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions, and shall not affect either the validity of this Agreement or any
part hereof or the right of any party thereafter to enforce each and every provision in accordance with the terms of this Agreement. 
  

	 	XVIII.	 Severability 

 If any severable provision of this Agreement is held to be invalid or unenforceable by any judgment of a court of competent jurisdiction, the remainder of this Agreement shall not be affected by such judgment, and this Agreement shall be
carried out as nearly as possible according to its original terms and intent. 
  

	 	XIX.	 Counterparts 

 This Agreement may be executed in any number of counterparts, all of which constitute one agreement, and each such counterpart shall be deemed to have been made, executed and delivered on the date first set forth above. 
  

	 	XX.	 Attorneys’ Fees and Applicable Law 

 In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorneys’ fees. This Agreement shall be construed and
enforced under the laws of the State of Georgia and shall take effect when signed by both Broker/Dealer and the Dealer-Manager. 
 If you wish to accept this invitation and be bound by the terms hereof, please indicate your acceptance and agreement by completing and executing the Signature Page that follows below, whereupon this letter shall constitute a binding
agreement between us. 
  

			
	 Very truly yours,

	
	 WELLS INVESTMENT SECURITIES, INC.

		
	 By:
	 	 

		 	 Philip M. Taylor

		 	 President

  

 A-7 

 BROKER/DEALER SIGNATURE PAGE 
 We have read the foregoing Selected Dealer Agreement governing the offer and sale of Shares, and we hereby accept and agree to the terms and conditions therein set forth, as of the date first set
forth above. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer, and are fully authorized to sell securities, is true and correct, and we agree to advise the Dealer-Manager of any
change in such list during the term of this Agreement. 
  

	1.	 Identity of Broker/Dealer. 

  

			
	 Name:
	 	  

  

			
	 Type of entity:
	  	  

		  	 (to be completed by Broker/Dealer) (corporation, partnership or proprietorship)

  

			
	 Organized in the State of:
	  	  

		  	(to be completed by Broker/Dealer)

  

			
	Licensed as Broker/Dealer	  	

			
	 in the following States:
	  	  

		  	(to be completed by Broker/Dealer)

  

			
	Tax I.D. #:	  	  

  

	2.	 Person to receive notice pursuant to Section XIV. 

  

			
	Name:	  	  

  

			
	Company:	  	  

  

			
	Address:	  	  

  

			
	City, State and Zip Code:	  	  

  

			
	Telephone No.: (        )	  	  

  

			
	Telefax No.: (        )	  	  

  

			
	e-mail address:	  	  

 AGREED TO AND ACCEPTED BY BROKER/DEALER: 
  

			
	                                         
                                         
    
	  	
	(Broker/Dealer’s Firm Name)	  	

  

					
	 By:
	 	                                         
                                       
	  	
	 Signature
	  	

  

											
	 Printed Name:
	 	                                         
                          
	  		  	 Date:
	  	  
	 	

  

					
	 Title:
	 	                                         
                                    
	 	

  

 A-8

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