Document:

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                                                                    Exhibit 10.1

April 20, 2005

VIA E-MAIL
Mr. James L. Fritzemeier
President
Advisors REIT I
Suite 230
8301 E. 21st Street North
Wichita, Kansas 67206

Dear Mr. Fritzemeir:

The process of researching and selecting a new transfer agent to whom you will
entrust your shareholder records is an important one. Several factors must be
considered. Performance and price are among the most important factors, and
American Stock Transfer & Trust Company ("AST") certainly will exceed your
expectations in both of these arenas.

The prestigious GROUP FIVE SURVEY HAS ONCE AGAIN RATED AST #1 IN CLIENT
SATISFACTION, A DISTINCTION WE HAVE ENJOYED FOR FIVE CONSECUTIVE YEARS. In spite
of this recognition, our commitment to client and shareholder satisfaction has
not waned. We recognize that, as the leader in our industry, we must continually
strive to improve the level and scope of our services.

AST acts as transfer agent and registrar for approximately 2,500 public
companies, maintaining well over 6 million shareholder accounts. As the largest
stock transfer agent in the country (judged by number of public companies as
clients), AST has time and again demonstrated the flexibility and can-do
attitude necessary to service such a diverse group of clients. The services we
offer are of the highest caliber and, because of the volume of business that we
do, we are able to deliver these services at substantial savings.

AST HAS A PROVEN TRACK RECORD OF INDUSTRY-LEADING TECHNOLOGICAL INNOVATION. Our
simple-to understand web interface, provided to both clients and shareholders,
allows full access to account review and transaction processing functionality.
WE WOULD WELCOME THE OPPORTUNITY TO PROVIDE YOU A COMPREHENSIVE DEMONSTRATION OF
OUR ONLINE CLIENT AND SHAREHOLDER CAPABILITIES.

American Stock Transfer & Trust Company will provide Advisors REIT I with
transfer and escrow services for a monthly fee of $1,300 (payable beginning in
the month in which the first escrow investment or investment file is submitted
to AST), plus a one-time fee of $25.00 per account created. In addition, there
will be a $3,500 closing fee and a $2,500 setup fee, payable upon the
appointment of AST. As outlined more specifically herein, THIS FEE ARRANGEMENT
INCLUDES ALL STANDARD TRANSFER SERVICES AND

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TRANSMISSIONS BETWEEN AST AND NFS (as described more specifically in Exhibit A).
The only other charges you will incur are out-of-pocket expenses for items such
as stationary, envelopes, printing, courier services, etc.

THE FOLLOWING SERVICES ARE ALL INCLUDED IN AST'S FLAT MONTHLY FEE:

TECHNOLOGY & INTERNET SERVICES
AST's website, www.amstock.com, offers SHAREHOLDERS the ability to:

- Retrieve account information (including outstanding certificates and checks)
24 hours a day, 7 days a week
- Review frequently asked questions, including transfer requirements.
- Download forms (e.g., affidavit of domicile, Form W8/W9, letters of
transmittal, stock power, etc.)
- Change account addresses
- Obtain a duplicate Form 1099
- Sign up for electronic delivery of proxy materials
- Review concise and plain-English descriptions of current corporate actions and
other significant company events
- Send e-mail inquiries concerning their account, or conduct an online chat
session with one of our service representatives.

AST's website offers CLIENT COMPANIES the ability to:

- Review specific shareholder accounts, utilizing a variety of available search
criteria
- Access specific account types (e.g., treasury or reserve shares) or review
specific categories of shareholder accounts (e.g., VIP accounts, officers and
directors), all at the touch of a button
- Obtain shareholder lists and other reports in a variety of formats
- Access detailed proxy information and reports
- Obtain total outstanding share balances for any date after 1996 and/or a list
of transactions affecting outstanding shares within a specified date range
- Utilize our reporting tool to generate comprehensive reports in a real-time
environment, with immediate e-mail delivery
- Issue stock options and effect delivery through the DWAC system, all via the
internet
- Update the company profile

AST's Integrated Voice Response System (IVR), permits SHAREHOLDERS to:

- Obtain account-specific information, including account balance
- Request a duplicate 1099 form, with delivery via mail or fax
- Request a transfer package, with delivery via mail or fax
- Request forms to effect address changes
- Obtain information pertaining to current corporate actions or other
significant company events.

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ANNUAL SHAREHOLDER MEETING

- Designing a customized proxy card
- Minimizing postage and material costs by sending multiple cards to a single
household in one package, or providing other merging options, at the direction
of the company
- Soliciting proxy votes for routine meetings
- Tabulating proxies
- Establishing system connections to ADP and other broker sources.
- Transmitting daily proxy tabulation reports to the company and/or its proxy
solicitor via e-mail (in addition to on-demand reports available through the
website)
- Preparing Proxy Tabulation Reports.

SHAREHOLDER SERVICES

- Providing a toll-free telephone number for shareholder and broker inquiries,
with all calls directed to our state-of-the-art call center
- Promptly addressing written correspondence, e-mails and live chat sessions

CASH DISTRIBUTION PAYMENTS

- Providing check register and other dividend reports to company

TRANSFERS/CERTIFICATE ISSUANCES

- Processing all transfers, whether routine or restricted
- Posting all debit and credit certificate transactions
- Creating book entry DRS positions
- Participating in the DRS Profile system, allowing broker "sweeps" of
registered positions
- Interfacing electronically with DTC/Cede & Co.

ACCOUNT MAINTENANCE

- Maintaining all shareholder accounts, including opening new accounts,
consolidating existing accounts and closing inactive accounts
- Processing address changes, including dividend addresses and/or seasonal
addresses
- Placing, maintaining and removing stop transfer notations
- Soliciting Social Security certifications

REPORTS

- Daily e-mail of all transfer activity detail
- Furnishing of UNLIMITED shareholder lists, sorted by company-designated
criteria
- Providing UNLIMITED sets of mailing labels.

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- Some of the available reports include:
     - Share range analysis
     - Certificate history
     - Geographic shareholder analysis
     - Net change analysis
     - Proxy tabulation results (either individual, broker or total)
     - List of largest shareholders voted or unvoted

MAILINGS

- Monitoring and suppressing undeliverable mail until correct address is located
- Distributing quarterlies and/or other company materials
- Inserting basic enclosures with check or statement mailings

WEB-BASED ORIGINAL ISSUANCE/DWAC SYSTEM

- Deposit/Withdrawal at Custodian (DWAC's) and original issuances may be
initiated from the client's desktop via the internet
- Same day processing of original issuances
- DWAC's generally credited within one hour of receipt
- Data for original issuances is entered by the client, ensuring that
information is presented exactly as requested
- Multiple requests may be submitted on the same form at the same time
- Instant e-mail notification of submissions
- Notifications e-mailed to client when matching broker instructions have not
been received
- Ability for brokers to log into the system and track the status of
company-submitted items
- Daily and monthly transactions reports sent via e-mail
- Built-in security procedures

TAX FORMS

- Filing Form 1099-DIV and 1099-B statements with the Internal Revenue Service,
as required
- Furnishing year-end 1099 forms to shareholders, and per-transaction 1099-B
statements
- Providing duplicate copies of 1099 forms via internet, mail or fax

STOCK AUDIT/CONTROL BOOKS

- Maintaining accurate records of outstanding shares
- Responding to requests for audit confirmations
- Allowing clients web access to the total outstanding share balances for any
date after 1996 and/or a list of transactions affecting outstanding shares
within a specified date range
- Tracking client-specified reserve accounts

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REGULATORY COMPLIANCE

- Comparing shareholder accounts against the Office of Foreign Assets Control
SDN list, to the extent required by law
- Performing SEC-mandated searches for lost shareholders
- Assisting the company in discharging its escheatment and/or abandoned property
obligations

All of the above-referenced services are included in AST's flat monthly fee. The
only additional charges for these services will be the associated out-of-pocket
expenses (e.g., printing, stationary and envelopes, supplies, postage and
handling, overnight couriers, etc.) and/or additional non-standard services.

I would also note that AST is a trust company licensed by the New York State
Banking Department to exercise Corporate Trust powers. Should you at any time
require Corporate Trust and Agency Services (e.g., trustee for a debt issue,
escrow agent, paying agent, tender agency, subscription agent, rights agent,
exchange agent, etc.), we would be able to provide such services at very
competitive prices.

As the leading agent in an industry wherein automation and advanced computer
technology are vital tools, we take pride in our multi-million dollar data
processing facility. Our software, developed and maintained by our in-house
professional staff, is constantly being upgraded to meet the needs of the
industry in general and our clients in particular. The flexibility of our
systems allows us to offer our services in a comprehensive, efficient and
expeditious manner, while at the same time affording our clients substantial
cost savings.

We operate in a company-owned 200,000 sq. ft. building complex. And, to insure
our ability to offer the high-quality services our clients have grown accustomed
to, all of our processing employees (including our shareholder service
representatives) are located in our central facility and are direct employees of
American Stock Transfer & Trust Company.

Stock transfer has been our one and only business for over thirty years and we
are fully committed to providing services of the highest caliber at the most
reasonable cost.

Very truly yours,
AMERICAN STOCK TRANSFER
& TRUST COMPANY
Accepted and agreed:

James L. Fritzemeier /s/
------------------------
Mr. James L. Fritzemeier, President
Advisors REIT I

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                              ADVISORS REIT I, INC.
                                 IPO SCHEDULE &
                                RESPONSIBILITIES

- REIT inserts investor information in subscription agreements for investor's
signatures
- RIA qualifies and approves investors net worth and income suitability status
- RIA obtains investor's signatures
- RIA signs the subscription agreements
- REIT holds subscription agreements until $10 million has been accumulated
- REIT overnights the $10 million worth of subscription agreements to NFS with a
disc containing a CSV file that has the following information for each separate
investor:

- Name
- Address
- Taxpayer Identification Number
- NFS Account Number
- $ amount of Investment
- Number of Shares to be issued
- CUSIP Number for Advisors REIT I, Inc.

- NFS process the subscription agreements
- NFS wires $ to AST
- NFS overnights subscription agreement copies and data files to AST
- AST executes stock purchase after confirming that it has all necessary
information to establish the shareholder accounts
- AST wires $10 million to Advisors REIT I, Inc.
- After the initial $10 million is wired the above process will continue on a
periodic basis as is necessary depending on the volume of dollars raised.
- AST's will deliver to NFS trade confirmation and monthly reconciliation files
via FTP in NFS defined format, with the following clarifications/exceptions: (a)
file will include all accounts for this issue because all accounts are to be
created through, and handled by, NFS; (b) there will be no reinvestment; (c) the
Investor Name field will consist of the first three lines of registration, minus
the last character of the third line; (d) provided that the funds are wired, the
Fed Funds Wire number need not be included in the transmission file; (e) AST
will use its categories of Account Ownership Type; (e) a process for interim
liquidations will be worked out if and when the company elects to offer such a
feature; (f) issues will be associated with a TIN and surrenders with a TOT.<Page>

                                                                    Exhibit 10.2

                                       BY

                              ADVISORS REIT I, INC.

                             a Maryland corporation

I, the undersigned, Secretary of the above named Corporation, DO HEREBY CERTIFY
that:

1.   The following resolution was duly adopted by the Board of Directors of the
Corporation at a meeting thereof duly called and held on April 22, 2005, at
which a quorum was present, the resolution has not been rescinded, and it is
still in full force and effect:

     WHEREAS, the Corporation is authorized to issue, and it has issued the
following capital stock:

<Table>
<Caption>
                                             Number of              Number of
                                               Shares                Shares
 Class                 Par Value             Authorized              Issued
<S>                   <C>                    <C>                     <C>
Common                   $ .01               10 million              87,010

Preferred             undesignated            1 million                NONE
</Table>

The address of the Corporation to which Notices may be sent is:

 300 East Lombard Street, Baltimore, Maryland 21202

NOW, THEREFORE, IT IS RESOLVED that American Stock Transfer & Trust Company
("AST") is hereby appointed transfer agent and registrar* for all said
authorized shares of the Corporation, in accordance with the general practices
of AST and its regulations set forth in the pamphlet submitted to this meeting
entitled "Regulations of the American Stock Transfer & Trust Company" (the
"Regulations").

----------
*Delete either "transfer agent" or "registrar," if the appointment is not to
cover such. **if the appointment is to cover less than the entire amount of the
authorized capital stock, the words *all said authorized shares" should be
stricken out and the class and (if the appointment is for less than all
authorized shares of a class) number of shares to be covered by the appointment
inserted in the blank space.

2.   The following are the duly appointed and qualified officers of the
Corporation, holding the respective offices set opposite their names, and the
signatures set opposite their names are their genuine signatures:

        NAME                                                SIGNATURE

                                    CHIEF
------------------------------ EXECUTIVE OFFICER--------------------------------

JAMES L. FRITZEMEIER             PRESIDENT  /s/ James L. Fritzemeier
                                          --------------------------------------

                               VICE PRESIDENT
------------------------------                ----------------------------------

                               VICE PRESIDENT
------------------------------                ----------------------------------

JAMES L. FRITZEMEIER             TREASURER      /s/ James L. Fritzemeier
                                          --------------------------------------

                                 ASSISTANT
                                 TREASURER
--------------------------------           -------------------------------------

JAMES L. FRITZEMEIER             SECRETARY   /s/ James L. Fritzemeier
                                           -------------------------------------

                                 ASSISTANT
TED E. KNOPP                     SECRETARY   /s/ James L. Fritzemeier
                                           -------------------------------------

3.   The name and address of legal counsel of the Corporation is:

                                Michael R. Biggs
                              Biggs Wilkerson, L.C.
               701 East Kellogg, Suite 565, Wichita, Kansas 67207

4.   [INTENTIONALLY DELETED]

5.   Attached is a true copy of the certificate of incorporation, as amended, of
     the Corporation.

6.   Attached is a true copy of the by-laws, as amended, of the Corporation.

7.   If any provision of the certificate of incorporation or by-laws of the
Corporation, any court or administrative order, or any other document, affects
any transfer agency or registrar function or responsibility relating to the
shares, attached is a statement of each such provision.

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8.   All certificates representing Shares which were not issued pursuant to an
effective registration statement under the Securities Act of 1933, as amended,
bear a legend in substantially the following form:

     The shares represented by this certificate have not been registered under
the Securities Act of 1933, as amended the (the "Act"). The shares may not be
sold, transferred or assigned in the absence of an effective registration for
these shares under the Act or an opinion of the Corporation's counsel that
registration is not required under the Act.

     All Shares not so registered were issued or transferred in a transaction or
series of transactions exempt from the registration provisions of the Act, and
in each such issuance or transfer, the Corporation was so advised by its legal
counsel.

9.   If any class of the Corporation's securities are registered under the
Securities Exchange Act of 1934, as amended, the most recent Form 10-K, proxy
statement and annual report to stock holders of the Corporation are attached.

10.  The initial term of AST's appointment hereunder shall be three years from
the date hereof and the appointment shall automatically be renewed for further
three year successive periods unless terminated by either party by written
notice to the other given not less than ninety (90) days before the end of the
initial or any subsequent three year period or as otherwise provided in the
Regulations. The term of this appointment shall be governed in accordance with
this paragraph, notwithstanding the cessation of active trading in the capital
stock of the Company. On termination of the appointment for any reason, AST
shall be entitled to retain all transfer records and related documents until all
amounts owing to AST have been paid in full.

11.  The Corporation will advise AST promptly of any change in any information
contained in, or attached to, this Certificate by a supplemental Certificate or
otherwise in writing.

WITNESS my hand and seal of the Corporation this 27th day of April, 2005

     Secretary                         /s/ James L. Fritzemeier
                                   ------------------------------------

                          CERTIFICATE OF APPOINTMENT OF
                             AMERICAN STOCK TRANSFER
                               & TRUST COMPANY AS

     /X/ TRANSFER AGENT                                    /X/ REGISTRAR

<Page>

1.   APPOINTMENT AS STOCK TRANSFER AGENT.

    A Certificate of Appointment ("Certificate") of American Stock Transfer &
Trust Company ("AST"), a New York banking corporation, in substantially the form
furnished by AST, shall be filed with AST by the corporation (the "Company")
with respect to the shares for which it is to act as transfer agent or registrar
(either, an "Agent") and for any such other shares as the Company may
subsequently request in writing (the "Shares"). The Company shall, by
Supplemental Certificate or otherwise in writing, advise AST of any change in
the information contained in said Certificate, and of any recapitalization of
the Shares or change in the number of issued Shares.

2.   APPOINTMENT AS INDENTURE TRUSTEE.

    The appointment of AST as trustee for debt securities shall be made by the
instrument to which it is a party and under which it is to act as trustee, and
these Regulations shall apply thereto except as otherwise provided for in said
instrument.

3.   STOCK CERTIFICATES.

    The Company shall furnish AST with a sufficient supply of blank stock
certificates for the Shares and shall review the supply at AST's request, AST
may, if the Company has not complied with such request, order a renewal of such
supply at the Company's expense. In such event, AST is authorized to direct the
printer's invoice for such certificates to be addressed to the Company and the
amount thereof shall be a direct obligation of the Company. The stock
certificates shall be signed by (or bear the facsimile signature of) the
officers of the Company authorized to sign stock certificates and, if required,
shall bear the Company's corporate seal. AST may use certificates bearing the
signature of a person who at the time of use is no longer an officer of the
Company.

4.   AST'S RELIANCE.

    AST may rely on written or oral instructions received from any person it
believes in good faith to be an officer, authorized agent or employee of the
Company, UNLESS prior thereto (a) the Company shall have advised AST in writing
that it is entitled to rely only on written instructions of designated officers
of the Company; (b) it furnishes AST with an appropriate incumbency certificate
for such officers and their signatures; and (c) the Company thereafter keeps
such designation current with an annual (or more frequent, if required)
re-filing. AST may also rely on advice, opinions or instructions received from
the Company's legal counsel. AST may, in any event, rely on advice received from
its legal counsel. AST may rely on any writing or other instruction believed by
it in good faith to have been furnished by or on behalf of the Company or a
Shareholder; or any statement of fact contained in any such writing or
instruction which it in good faith does not believe to be inaccurate; on the
apparent authority of any person to act on behalf of the Company or a
Shareholder as having actual authority to the extent of such apparent authority;
on the authenticity of any signature (manual or facsimile) appearing on any
writing; and on the conformity to original of any copy.

5.   COMPENSATION.

    AST shall be entitled to reasonable compensation for all services rendered
and shall be reimbursed for all expenses incurred (including to its legal
counsel) in connection with its acting as Agent. If AST and the Company have an
express understanding regarding such fees, the compensation shall be determined
in accordance therewith. Notwithstanding such agreement, in the event that the
scope of services to be provided by AST is increased substantially, the parties
shall negotiate in good faith to determine reasonable compensation for such
additional services. AST shall be entitled to any income earned with respect to
the deposit of any funds by or with AST for the account of the Company or its
Shareholders. Any benefits to AST from such deposits shall be deemed to have
been contemplated in connection with said reasonable compensation and as part of
said express fee arrangement. On termination of its services as Agent, AST shall
be entitled to reasonable additional compensation for the service of preparing
records for delivery to its successor or to the Company, and for forwarding and
maintaining records with respect to certificates received after such
termination.

6.   PERFORMANCE OF SERVICES.

    In the event that the Company commits any breach of its material obligations
to AST, including non-payment of any amount owing to AST, and such breach
remains uncured for more than sixty (60) days, AST shall have the right to
terminate or suspend its services without further notice to the Company. During
such time as AST may suspend its services, AST shall have no obligation to act
as transfer agent and/or registrar on behalf of the Company, and AST shall have
no duties to act in such capacity. Such suspension shall not affect AST's rights
under the Certificate or these Regulations. On termination of the appointment of
AST for any reason, AST shall be entitled to retain all transfer records and
related documents until all amounts owing to AST have been paid in full.

7.   AST AS DISTRIBUTOR OF FUNDS.

    All funds received by AST for distribution on behalf of the Company will, if
so requested, be deposited by it in a segregated bank account. The Company,
which will, upon request, be given a copy of the bank's statements for said
account, shall have the responsibility to reconcile said account. The company
shall also have the responsibility to discharge all escheat obligations relating
to said funds. If so requested by AST, the Company shall, at its expense,
furnish AST with a written opinion of its legal counsel regarding such
obligations.

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8.   LOST CERTIFICATES.

    AST shall be authorized to issue replacement certificates for stock
certificates claimed by a shareholder to have been lost, stolen or mutilated
upon receipt of an affidavit of the Shareholder to such effect and (unless
waived by the Company) receipt of payment from the Shareholder of a premium for
an Indemnity bond purchased through AST or, at the option of the Shareholder,
any surety company reasonably acceptable to AST.

9.   OVERISSUE.

    If AST acquires the Company's records from a prior transfer agent (or from
the Company) and it subsequently receives a stock certificate not reflected in
its records, if neither the Company nor AST is able to reconcile said
certificate with AST's records (so that the transfer of said certificate on the
records maintained by AST would create an overissue), the Company shall either
increase the number of its issued shares, or acquire and cancel a sufficient
number of issued shares, to correct the overissue.

10.  FURTHER LIMITATIONS ON AST'S RESPONSIBILITIES.

    AST shall not be responsible for the validity of the issuance, presentation
or transfer of stock; the genuineness of endorsements; the authority of
presentors; or the collection or payment of charges or taxes incident to the
payment issuance of transfer of stock. AST may, however, delay or decline an
issuance or transfer if it deems it to be in its or the Company's best interests
to receive evidence or assurance of such validity, authority, collection or
payment. AST shall not be responsible for any discrepancies in its records or
between its records and those of the Company, if it is a successor transfer
agent or successor registrar, unless no discrepancy existed in the records of
the Company and any predecessor transfer agent or predecessor registrar. AST
shall not be deemed to have notice of, or be required to inquire regarding, any
provision of the Company's charter or by-laws, any court or administrative
order, or any other document, unless it is specifically advised of such in a
writing from the Company, which writing shall set forth the manner in which it
affects the Shares, In no event shall AST be responsible for any transfer or
issuance not effected by it.

11.  INDEMNITIES.

    The Company shall indemnify AST against all judgments, fines, amounts paid
in settlement and reasonable expenses, including attorney's fees, if AST is made
a party to, or is threatened to be made a party to, any action or proceeding,
whether civil, administrative or investigative, by reason of the fact that AST
is or was serving as Agent, so long as it acted in good faith. The claim of
liability, or the liability, of AST or the Company to a Shareholder or another
party, or the termination of any action or proceeding by a judgment, order, or
settlement, shall not create a presumption that AST did not act in good faith.
So long as it shall provide the Company with prior notice thereof when
practicable (unless AST is not otherwise permitted to provide notice), AST shall
be entitled to comply with any direction or request issued pursuant to any
statutory, regulatory, governmental or quasi-governmental body, and the Company
shall indemnify AST for its reasonable expenses, including attorney's fees,
incurred in connection therewith. The Company shall also indemnify AST for its
reasonable expenses, including attorney's fees, incurred in seeking to enforce
the foregoing indemnities. The foregoing indemnities shall not terminate on
termination of AST's acting as Agent, and they are irrevocable. AST's acceptance
of its appointment as Agent, by its acting as such for any period, shall be
deemed sufficient consideration for the foregoing indemnities.

                                 REGULATIONS OF

================================================================================
                                    AMERICAN
                                STOCK TRANSFER &
                                  TRUST COMPANY
================================================================================

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