Document:

Exhibit 10.1

 

ESCROW AGREEMENT

 

THIS SUBSCRIPTION ESCROW
AGREEMENT dated as of September 25, 2014 (this “Agreement”), is entered into among Realty Capital Securities,
LLC (the “Dealer Manager”), American Realty Capital – Retail Centers of America II, Inc. (the “Company”)
and UMB Bank, N.A., as escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company intends to raise
funds from Investors (as defined below) pursuant to a public offering (the “Offering”) for gross proceeds of
not less than $2,000,000 (the “Minimum Amount”) from the sale of shares of common stock, par value
$0.01 per share, of the Company (the “Securities”), pursuant to the registration statement on Form S-11 of the
Company (No. 333-196594) (as amended, the “Offering Document”) a copy of which is attached as Exhibit A
hereto.

 

WHEREAS, the Company desires to establish
an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent in accordance with the Offering
Document, to be held for the benefit of the Investors and the Company until such time as (i) in the case of subscriptions received
from residents of Pennsylvania (“Pennsylvania Investors”), Securities sold in the Offering to all Investors
equal, in the aggregate, to $156,250,000 (the “Pennsylvania Minimum Amount”), (ii) in the case of subscriptions
received from residents of Washington (“Washington Investors”), Securities sold in the Offering to all Investors
equal, in the aggregate, to $20,000,000 (the “Washington Minimum Amount”) and (iii) in the case of subscriptions
received from all other Investors, Securities sold in the Offering equal the Minimum Amount, in each case in accordance with the
terms and subject to the conditions of this Agreement.

 

WHEREAS, the Escrow
Agent is willing to accept appointment as escrow agent only for the express duties set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be
legally bound, hereby agree as follows:

 

1.          Proceeds
to be Escrowed. On or before the date (the “Initial Effective Date”) the Offering Document was initially
declared effective by the Securities and Exchange Commission (the “SEC”), the Company shall establish an escrow
account with the Escrow Agent to be invested in accordance with Section 6 hereof entitled “ESCROW ACCOUNT FOR THE
BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL – RETAIL CENTERS OF AMERICA II, INC.” (including such
abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire
transfers and other funds received from subscribers of Securities (“Investors”, which term shall also include
Washington Investors and Pennsylvania Investors unless the context otherwise requires) in payment for the Securities (“Investor
Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor
Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow
Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received
by and made payable to it in payment for the Securities to be endorsed for favor of the Escrow Agent and delivered to the Escrow
Agent for deposit in the Escrow Account.

 

The Company shall,
and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for Investor Funds from Washington Investors
and Pennsylvania Investors in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the
Company or its agents in this regard.

 

The Escrow Agent shall
have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds.
If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been
released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such,
upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend
or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable
laws or to eliminate practices that are not consistent with the purposes of the Offering.

 

    	 

    	 

    

  

2.          Investors.
Investors will be instructed by the Dealer Manager or any soliciting dealers retained by the Dealer Manager in connection with
the Offering (the “Soliciting Dealers”) to remit the purchase price in the form of checks (hereinafter “instruments
of payment”) payable to the order of, or funds wired in favor of, “UMB BANK, N.A., ESCROW AGENT FOR AMERICAN REALTY
CAPITAL – RETAIL CENTERS OF AMERICA II, INC.” Any checks made payable to a party other than the Escrow Agent shall
be returned to the Dealer Manager or Soliciting Dealer that submitted the check. By 12:00 p.m. (EST) the next business day
after receipt by the Escrow Agent of instruments of payment from the Offering, the Company or the Dealer Manager shall furnish
the Escrow Agent with a list of the Investors who have paid for the Securities showing the name, address, tax identification number,
the amount of Securities subscribed for purchase, the amount paid and whether such Investors are Washington Investors or Pennsylvania
Investors. The information comprising the identity of Investors shall be provided to the Escrow Agent in substantially the format
set forth in the list of investors attached hereto as Exhibit B (the “List of Investors”). The Escrow
Agent shall be entitled to conclusively rely upon the List of Investors in determining whether Investors are Washington Investors
or Pennsylvania Investors, and shall have no duty to independently determine or verify the same.

 

When a Soliciting Dealer’s
internal supervisory procedures are conducted at the site at which the subscription agreement and the check for the purchase of
Securities were initially received by Soliciting Dealer from the subscriber, such Soliciting Dealer shall transmit the subscription
agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check for the purchase
of Securities and subscription agreement. When, pursuant to such Soliciting Dealer’s internal supervisory procedures, such
Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review
Office”), such Soliciting Dealer shall transmit the check for the purchase of Securities and subscription agreement to
the Final Review Office by the end of the next business day following Soliciting Dealer’s receipt of the subscription agreement
and the check for the purchase of Securities. The Final Review Office will, by the end of the next business day following its receipt
of the subscription agreement and the check for the purchase of Securities, forward both the subscription agreement and such check
to the Escrow Agent. If any subscription agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company,
then the subscription agreement and check for the purchase of Securities will be returned to the rejected subscriber within ten
(10) business days from the date of rejection.

 

All Investor Funds
deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or
creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands
and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow Account and no such funds shall
become the property of the Company, or any other entity except as released to the Company pursuant to Sections 3, 4
or 5 hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose other than to fulfill
its obligations as Escrow Agent hereunder. The Company and the Escrow Agent will treat all Investor information as confidential.
The Escrow Agent shall not be required to accept any Investor Funds which are not accompanied by the information on the List of
Investors.

 

3.          Disbursement
of Funds. Once proceeds from the sale of Securities equal the Minimum Amount (excluding Securities sold to Washington Investors
and Pennsylvania Investors), the Company shall notify the Escrow Agent of the same in writing. Further, if the Minimum Amount has
not been sold on or prior to the Termination Date, the Company shall notify the Escrow Agent in writing of such. At the end of
the third business day following the Termination Date (as defined in Section 6), the Escrow Agent shall notify the Company
of the amount of the Investor Funds received. If the Minimum Amount has been obtained on or before the Termination Date, the Escrow
Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s
Chief Executive Officer, President or Chief Financial Officer to disburse the Investor Funds, subject to Sections 3, 4
or 5, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account, except
for amounts payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding.
The Escrow Agent agrees that funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent
receives written instructions to release the funds from the Company’s Chief Executive Officer, President or Chief Financial
Officer.

 

    	 

    	 

    

 

If the Company notifies
the Escrow Agent in writing that the Minimum Amount has not been obtained prior to the Termination Date, the Escrow Agent shall,
promptly following the Termination Date, but in no event more than ten (10) business days after the Termination Date, refund to
each Investor by check, funds deposited in the Escrow Account, or shall return the instruments of payment delivered to Escrow Agent
if such instruments have not been processed for collection prior to such time, directly to each Investor at the address provided
on the List of Investors. Included in the remittance shall be a proportionate share of the income earned in the account allocable
to each Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors
who have not provided an executed Form W-9 or substitute Form W-9 (or the applicable substitute Form W-8 for foreign investors),
the Escrow Agent shall withhold the applicable percentage of the earnings attributable to those Investors in accordance with Internal
Revenue Service (“IRS”) regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to
remit any payments until funds represented by such payments have been collected by the Escrow Agent.

 

If the Escrow Agent
receives written notice from the Company that the Company intends to reject an Investor’s subscription, the Escrow Agent
shall pay to the applicable Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of
the rejection, by first class United States Mail at the address provided on the List of Investors, or at such other address as
shall be furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received
by the Escrow Agent, together with the interest earned on such Investor Funds (determined in accordance with the terms and conditions
specified herein).

 

4.          Disbursement
of Proceeds for Pennsylvania Investors. Notwithstanding the foregoing, proceeds from sales of Securities to Pennsylvania Investors
will not count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from sales of Securities
to Pennsylvania Investors will not be released from the Escrow Account until the Pennsylvania Minimum Amount is obtained. If the
Pennsylvania Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company
and, upon receiving acknowledgement of such notice and written instructions from the Company’s Chief Executive Officer, President
or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow
Account representing proceeds from Pennsylvania Investors, except for amounts payable by the Company to the Escrow Agent pursuant
to Exhibit D to this Agreement that remain outstanding. The Escrow Agent agrees that the Pennsylvania Minimum Amount in
the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release
the funds from the Company’s Chief Executive Officer, President or Chief Financial Officer.

 

If the Pennsylvania
Minimum Amount has not been obtained prior to the Termination Date, upon written instructions from the Company’s Chief Executive
Officer, President or Chief Financial Officer, the Escrow Agent shall promptly refund to each Pennsylvania Investor by check funds
deposited in the Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have
not been processed for collection prior to such time, directly to each Pennsylvania Investor at the address provided on the List
of Investors. Included in the remittance shall be a proportionate share of the income earned in the account allocable to each Pennsylvania
Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors
who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of
the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent
shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent.

 

If the Escrow Agent
is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after
the Initial Effective Date (the “Initial Escrow Period”), and instruments of payment dated not later than that
date, for the purchase of Securities providing for total purchase proceeds from all nonaffiliated sources that equal or exceed
the Pennsylvania Minimum Amount, the Escrow Agent shall promptly notify the Company. Thereafter, the Company or its agents shall
send to each Pennsylvania Investor by certified mail within ten (10) calendar days after the end of the Initial Escrow Period a
notification substantially in the form of Exhibit F. If, pursuant to such notification, a Pennsylvania Investor requests
the return of his or her Investor Funds within ten (10) calendar days after receipt of the notification (the “Request
Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania Investor the collected funds deposited
in the Escrow Account on behalf of such Pennsylvania Investor or shall return the instruments of payment delivered, but not yet
processed for

 

    	 

    	 

    

 

collection prior to such time, to the address
provided on the List of Investors, upon which the Escrow Agent shall be entitled to rely, together with interest income earned
as determined in accordance with the terms and conditions specified herein (which interest shall be paid within five business days
after the first business day of the succeeding month). Notwithstanding the above, if the Escrow Agent has not received an executed
Form W-9 or substitute Form W-9 for such Pennsylvania Investor, the Escrow Agent shall thereupon remit an amount to such Pennsylvania
Investor in accordance with the provisions hereof, withholding the applicable percentage for backup withholding in accordance with
IRS regulations, as then in effect, from any interest income earned on Investor Funds (determined in accordance with the terms
and conditions specified herein) attributable to such Pennsylvania Investor. However, the Escrow Agent shall not be required to
remit such payments until the Escrow Agent has collected funds represented by such payments.

 

The Investor Funds
of Pennsylvania Investors who do not request the return of their Investor Funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically
upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and
payment procedure set forth above with respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence
of the earliest of (i) the Termination Date, (ii) the receipt and acceptance by the Company of subscriptions for the purchase of
Securities with total purchase proceeds that equal or exceed the Pennsylvania Minimum Amount and the disbursement of the Escrow
Account on the terms specified herein, and (iii) all funds reflecting purchases by Pennsylvania Investors and held in the Escrow
Account having been returned to the Pennsylvania Investors in accordance with the provisions hereof.

 

5.          Disbursement
of Proceeds for Washington Investors. Notwithstanding the foregoing, proceeds from sales of Securities to Washington Investors
will not count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from sales of Securities
to Washington Investors will not be released from the Escrow Account until the Washington Minimum Amount is obtained. If the Washington
Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon
receiving acknowledgement of such notice and written instructions from the Company’s Chief Executive Officer, President or
Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account
representing proceeds from Washington Investors, except for amounts payable by the Company to the Escrow Agent pursuant to Exhibit
D to this Agreement that remain outstanding. The Escrow Agent agrees that the Washington Minimum Amount in the Escrow Account
shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds from
the Company’s Chief Executive Officer, President or Chief Financial Officer.

 

If the Washington Minimum
Amount has not been obtained prior to the Termination Date, upon written instructions from the Company’s Chief Executive
Officer, President or Chief Financial Officer, the Escrow Agent shall promptly refund to each Washington Investor by check funds
deposited in the Escrow Account in respect of purchases by Washington Investors, or shall return the instruments of payment delivered
to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Washington Investor
at the address provided on the List of Investors. Included in the remittance shall be a proportionate share of the income earned
in the account allocable to each Washington Investor’s investment in accordance with the terms and conditions specified herein,
except that in the case of Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall
withhold the applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding
the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been
collected by Escrow Agent.

 

6.          Term
of Escrow. This Escrow Agreement shall terminate (the “Termination Date”) on the earliest of: (i) September
25, 2015, the one year anniversary of the Initial Effective Date, if the Minimum Amount has not been obtained prior to such date;
(ii) the close of business on September 25, 2016, the two year anniversary of the Initial Effective Date; (iii) the date on which
all funds held in the Escrow Account are distributed to the Company or to Investors pursuant to Section 3 and for Pennsylvania
Investors, Section 4 and for Washington Investors, Section 5, and the Company has informed the Escrow Agent in writing
to close the Escrow Account; (iv) the date the Escrow Agent receives written notice from the Company that it is abandoning the
sale of the Securities; and (v) the date the Escrow Agent receives notice from the SEC or any other federal regulatory authority
that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty
(20) days.

 

    	 

    	 

    

  

After the Termination Date, the Company
and its agents shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective
Investors.

 

7.          Duty
and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and hold them subject
to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the Dealer
Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering the
Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered as
adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to
herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation,
the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto),
and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not
be responsible for or be required to enforce any of the terms or conditions of the Offering Document or any other document related
to the Offering (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other
party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request,
consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or
other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. Concurrent with the
execution of this Agreement, the Company and the Dealer Manager shall each deliver to the Escrow Agent an authorized signers form
in the form of Exhibit C or Exhibit C-1 to this Agreement, as applicable. The Escrow Agent shall be under no obligation
to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction.
The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement. The Escrow Agent
shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction
determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. The Escrow Agent
is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any other person
by reason of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise,
shall be read into this Agreement against the Escrow Agent. If any disagreement between any of the parties to this Agreement, or
between any of them and any other person, including any Investor, resulting in adverse claims or demands being made in connection
with the matters covered by this Agreement, or if the Escrow Agent is in doubt as to what action it should take hereunder, the
Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder,
so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable
in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain
from acting until (i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent
jurisdiction, or (ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested
persons, and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing,
the Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction
and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or
levies. If any controversy should arise with respect to this Agreement, the Escrow Agent shall have the right, at its option, to
institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. IN NO EVENT SHALL
THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER
(INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES
AND REGARDLESS OF THE FORM OF ACTION. The parties hereto agree that the Escrow Agent has no role in the preparation of the Offering
Document or any other document related to the Offering (including the subscription agreement and exhibits thereto) and makes no
representations or warranties with respect to the information contained therein or omitted therefrom. The Escrow Agent shall have
no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax laws concerning
the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto)
or the issuance, offering or sale of the Securities. The Escrow Agent shall have no duty or obligation to monitor the application
and use of the Investor Funds once transferred to the Company, that being the sole obligation and responsibility of the Company.

 

    	 

    	 

    

  

8.          Escrow
Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached
hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder
is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however,
that if (i) the conditions for the disbursement of funds under this Agreement are not fulfilled, (ii) the Escrow Agent renders
any material service not contemplated in this Agreement, (iii) there is any assignment of interest in the subject matter of this
Agreement, (iv) there is any material modification hereof, (v) if any material controversy arises hereunder, or (vi) the Escrow
Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall
be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s
fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s
obligations under this Section 8 shall survive the resignation or removal of the Escrow Agent and the assignment or termination
of this Agreement.

 

9.        Investment
of Investor Funds. The Investor Funds shall be deposited in the Escrow Account in accordance with Section 1. The Escrow
Agent is hereby directed to invest all funds received under this Agreement, including principal and interest in, the UMB Bank Money
Market Deposit Account, as directed in writing in the form of Exhibit E to this Agreement. In the absence of written investment
instructions from the Company to the contrary, the Escrow Agent is hereby directed to invest the Investor Funds in the UMB Bank
Money Market Deposit Account. Notwithstanding the foregoing, Investor Funds shall not be invested in anything other than “Short
Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The following are not
permissible investments: (a) money market mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s
acceptance; (e) commercial paper; and (f) municipal securities. Any interest received by the Escrow Agent with respect to the Investor
Funds, including reinvested interest shall become part of the Investor Funds, and shall be disbursed pursuant to Section 3,
for Pennsylvania Investors, Section 4 and for Washington Investors, Section 5.

 

The Escrow Agent shall
be entitled to sell or redeem any such investments as necessary to make any payments or distributions required under this Agreement.
The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to this
Agreement, or for any loss resulting from the sale of such investment. The parties acknowledge that the Escrow Agent is not providing
investment supervision, recommendations, or advice.

 

On or prior to the
date of this Agreement, the Company shall provide the Escrow Agent with a certified tax identification number by furnishing an
appropriate IRS form W-9 or W-8 (or substitute Form W-9 or W-8) and other forms and documents that the Escrow Agent may reasonably
request, including without limitation a tax form for each Investor. The Company understands that if such tax reporting documentation
is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to
withhold a portion of any interest or other income earned on the Investor Funds pursuant to this Agreement. For tax reporting purposes,
all interest and other income from investment of the Investor Funds shall, as of the end of each calendar year and to the extent
required by the IRS, be reported as having been earned by the party to whom such interest or other income is distributed, in the
year in which it is distributed.

 

The Company agrees
to indemnify and hold the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and
other expenses that may be assessed against the Escrow Agent on or with respect to any payment or other activities under this Agreement
unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent
jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this Section
shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

 

10.          Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission
if sent by facsimile/email transmission bearing an authorized signature to the facsimile number/email address given below, and
written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal
Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the
fifth day

  

    	 

    	 

    

  

after mailing, if mailed to the party to whom notice is to be
given, by first class mail, registered or certified, postage prepaid, and properly addressed, return receipt requested, to the
party as follows:

 

If to the Company:

 

American Realty Capital – Retail Centers of
America II, Inc.

405 Park Avenue, 15th Floor

New York, New York 10022

Fax: (212) 421-5799

Attention: Nicholas S. Schorsch, Chief Executive Officer
and Chairman of the Board of Directors

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

If to the Dealer Manager:

 

Realty Capital Securities, LLC

One Beacon Street, 14th Floor

Boston, MA 02108

Attention: Louisa H. Quarto, President

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

and:

 

American Realty Capital – Retail Centers of
America II, Inc.

405 Park Avenue, 15th Floor

New York, New York 10022

Fax: (212) 421-5799

Attention: Nicholas S. Schorsch, Chief Executive Officer
and Chairman of the Board of Directors

 

If to Escrow Agent:

 

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention: Lara L. Stevens, Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

Email: lara.stevens@umb.com

 

    	 

    	 

    

  

Any party may change its address for purposes
of this Section by giving the other party written notice of the new address in the manner set forth above.

 

11.        Indemnification
of Escrow Agent. The Company and the Dealer Manager hereby agree to, jointly and severally, indemnify, defend and hold harmless
the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable
counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against
the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless
such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily
caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination
of this Agreement and the resignation or removal of the Escrow Agent.

 

12.        Successors
and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors
and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged,
or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business
and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this
Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution
or filing of any instrument or paper or the performance of any further act.

 

13.        Governing
Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal
laws of the State of New York, without giving effect to the principles of conflicts of laws thereof.

 

14.        Severability.
If any provision of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable,
said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain
in full force and effect.

 

15.        Amendments;
Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions
hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving
compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or warranty
contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver
of any such condition, or of the breach of any other provision, term, covenant, representation, or warranty of this Agreement.
The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Agreement shall be consistent
with the terms of the Offering.

 

16.        Entire
Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the escrow
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with
regard to such escrow.

 

17.        Section
Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

 

18.        Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in counterparts, each
of which shall be deemed an original, but all of which shall constitute the same instrument. Copies, telecopies, facsimiles, electronic
files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original
documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law.

 

19.        Resignation.
The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor escrow agent is not
appointed by the Company within the 30-day period following such notice,

 

    	 

    	 

    

  

the Escrow Agent may petition any court
of competent jurisdiction to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon the
Escrow Agent’s duties hereunder shall terminate.

 

20.        References
to Escrow Agent. Other than the Offering Document, any of the other documents related to the Offering (including the subscription
agreement and exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including,
without limitation, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers,
or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s
behalf, unless the Escrow Agent shall first have given its specific written consent thereto. Notwithstanding the foregoing, any
amendment or supplement to the Offering Document or any other document related to the Offering (including the subscription agreement
and exhibits thereto) that revises, alters, modifies, changes or adds to the description of the Escrow Agent or its rights, powers
or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s
behalf, unless the Escrow Agent has first given specific written consent thereto.

 

21.        Patriot
Act Compliance; OFAC Search Duties. The Company shall provide to the Escrow Agent upon the execution of this Agreement any
documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001,
as amended from time to time. The Escrow Agent, or its agent, shall complete a search with the Office of Foreign Assets Control
(“OFAC Search”), in compliance with its policy and procedures, of each subscription check for the purchase of
Securities and shall inform the Company if a subscription check for the purchase of Securities fails the OFAC Search.

 

[Signature page follows]

 

    	 

    	 

    

  

IN WITNESS WHEREOF,
the parties hereto have caused this Subscription Escrow Agreement to be executed the date and year first set forth above.

 

AMERICAN REALTY CAPITAL – RETAIL
CENTERS OF AMERICA II, INC.

 

	By:	 /s/ Nicholas S. Schorsch	 
	 	Name: Nicholas S. Schorsch	 
	 	Title:   Chief Executive Officer
	 	 	 
	REALTY CAPITAL SECURITIES, LLC	 
	 	 	 
	By:	 /s/ Louisa H. Quarto	 
	 	Name: Louisa H. Quarto	 
	 	Title:   President	 
	 	 	 
	UMB BANK, N.A., as Escrow Agent	 
	 	 	 
	By:	 /s/ Lara L. Stevens	 
	 	Name: Lara L. Stevens	 
	 	Title: Vice President	 

 

    	 

    	 

    

  

Exhibit A

 

Copy of Offering Document

 

    	 

    	 

    

  

Exhibit B

 

List of Investors

 

Pursuant to the Escrow Agreement dated
as September 25, 2014, among Realty Capital Securities, LLC, American Realty Capital – Retail Centers of America II,
Inc. (the “Company”), and UMB Bank, N.A. (the “Escrow Agent”), the Company or its agents
hereby certifies that the following Investors have paid money for the purchase of shares of the Company’s common stock, par
value $0.01 (“Securities”), and the money has been deposited with the Escrow Agent:

 

		1.	Name
of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

Is Investor a resident of Pennsylvania (Yes or No)?

Is Investor a resident of Washington (Yes or No)?

 

	 	2.	Name of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

Is Investor a resident of Pennsylvania (Yes or No)?

Is Investor a resident of Washington (Yes or No)?

 

	Dated:	 	 

 

REALTY CAPITAL SECURITIES, LLC

 

	By:	 	 
	 	Name: Louisa H. Quarto	 
	 	Title:   President	 

 

    	 

    	 

    

  

Exhibit C

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of American Realty Capital –
Retail Centers of America II, Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned
account on behalf of American Realty Capital – Retail Centers of America II, Inc.

 

	Name/Title	 	Specimen Signature
	 	 	 
	Nicholas S. Schorsch	 	 
	Chairman and Chief Executive Officer	 	Signature
	 	 	 
	Edward M. Weil, Jr.	 	 
	President, Chief Operating Officer and Secretary	 	Signature
	 	 	 
	Peter M. Budko	 	 
	Executive Vice President and Chief Investment Officer	 	Signature
	 	 	 
	Nicholas Radesca	 	 
	Chief Financial Officer 	 	Signature

 

    	 

    	 

    

 

Exhibit C-1

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of Realty Capital Securities,
LLC and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Realty Capital
Securities, LLC.

 

	Name/Title	 	Specimen Signature
	 	 	 
	Nicholas A. Schorsch	 	 
	Chairman and Chief Executive Officer	 	Signature
	
         

        Edward M. Weil, Jr.
	 	 
	President, Chief Operating Officer and Secretary	 	Signature
	 	 	 
	Peter M. Budko	 	 
	Executive Vice President and Chief Investment Officer	 	Signature
	 	 	 
	Nicholas Radesca	 	 
	Chief Financial Officer	 	Signature

 

    	 

    	 

    

  

Exhibit D

 

ESCROW FEES AND EXPENSES

 

Acceptance Fee

 

Review escrow agreement, establish account $3,000

DST Agency Engagement (if applicable) $250

 

Annual Fees

 

Annual Escrow Agent $2,500

Outgoing Wire Transfer $15 each

Daily Recon File to Transfer Agent $2.50 per Bus.
Day

Web Exchange Access $15 per month

Overnight Delivery/Mailings $16.50 each

IRS Tax Reporting $10 per 1099

 

Fees specified are for the regular, routine
services contemplated by the Subscription Escrow Agreement, and any additional or extraordinary services, including, but not limited
to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence,
will be charged based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related
to the administration of the Subscription Escrow Agreement (other than normal overhead expenses of the regular staff) such as,
but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will
be reimbursable.

 

Acceptance fee and first year Annual Escrow
Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be billed in advance and
transactional fees will be billed in arrears. Other fees and expenses will be billed as incurred.

 

    	 

    	 

    

  

Exhibit E

 

Agency and Custody Account Direction

For Cash Balances

UMB Bank Money Market Deposit Accounts

 

Direction to use the following UMB Bank
Money Market Deposit Accounts for Cash Balances for the escrow account (the “Account”) created under the Subscription
Escrow Agreement to which this Exhibit E is attached.

 

You are hereby directed to deposit, as
indicated below, or as we shall direct further in writing from time to time, all cash in the Account in the following money market
deposit account of UMB Bank, N.A. (“Bank”):

 

UMB Bank Money Market Special

 

We acknowledge that we have full power
to direct investments in the Account.

 

We understand that we may change this direction
at any time and that it shall continue in effect until revoked or modified by us by written notice to you.

 

American Realty Capital – Retail
Centers of America II, Inc.

 

	By:	 	 
	 	Signature	 
	 	 	 
	 	 
	Date	 

 

    	 

    	 

    

 

Exhibit F

 

[Form of Notice to Pennsylvania Investors]

 

You have tendered a subscription to purchase
shares of common stock of American Realty Capital – Retail Centers of America II, Inc. (the “Company”).
Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the
Company to accept subscriptions from Pennsylvania residents until an aggregate of $156,250,000 of gross offering proceeds have
been received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received
by the Company, every 120 days during the offering period Pennsylvania Investors may request that their subscription be returned.
If you wish to continue your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further
is required.

 

If you wish to terminate your subscription
for the Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the
Escrow Agent, UMB Bank, N.A. at 1010 Grand Blvd., 4th Floor, Mail Stop: 1020409, Kansas City, Missouri 64106, Attn: Lara L. Stevens,
Corporate Trust.

 

I hereby terminate my prior subscription
to purchase shares of common stock of American Realty Capital – Retail Centers of America II, Inc. and request the return
of my subscription funds. I certify to American Realty Capital – Retail Centers of America II, Inc. that I am a resident
of Pennsylvania.

 

	Signature:	 
	 	 
	Name:	 
	 	(please print)
	 	 
	Date:	 

 

Please send the subscription refund to:Exhibit 10.2

 

PROPERTY MANAGEMENT AGREEMENT

by and between

 

AMERICAN REALTY CAPITAL RETAIL II ADVISORS,
LLC

and

 

AMERICAN REALTY CAPITAL − RETAIL
CENTERS OF AMERICA II, INC.

 

    	 

    	 

    

 

PROPERTY MANAGEMENT AGREEMENT

TABLE OF CONTENTS

 

	ARTICLE 1   Definitions	1
	1.1.	Definitions	1
	1.2.	Certain Defined Terms	1
	ARTICLE 2   Engagement of the Property Manager	2
	2.1.	Engagement	2
	2.2.	Status of the Property Manager; Limitation on Authority	2
	ARTICLE 3   Duties of the Property Manager	2
	3.1.	Duties; Standard of Performance	2
	3.2.	Specific Duties of the Property Manager	2

 

	 	A.	Collection of Moneys; Enforcement of Rights	2
	 	B.	Property Documents	3
	 	C.	Maintenance	3
	 	D.	Services	4
	 	E.	Taxes	4
	 	F.	Insurance; Reports and Claims	4
	 	G.	Compliance with Laws; Matters of Record	5
	 	H.	Construction	5
	 	I.	Employees	6
	 	J.	Notices	6
	 	K.	Extraordinary Services	6
	 	L.	Lease Obligations	6
	 	M.	Third-Party Property Managers	6
	 	N.	Inspections	7
	 	O.	Accounting Services	7

 

	3.3.	Contracts	7
	3.4.	Use of Property	7
	3.5.	Cash Management.	7

 

	 	A.	Clearing Account	7
	 	B.	Order of Priority of Funds in Clearing Account	7
	 	C.	Operating Account	7

 

	3.6.	Indemnification	9
	3.7.	Complaints and Notices	10
	3.8.	Tenant Insurance Certificates	10
	3.9.	Licenses and Authorizations.	10
	3.10.	Asbestos and Similar Compliance Matters	11

 

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	3.11.	Special Billings	11
	ARTICLE 4   Accounting, Records, Reports	11
	4.1.	Records	11
	4.2.	Reports and Supporting Documentation	11
	4.3.	Budgets	12
	4.4.	Audit	13
	ARTICLE 5   Expenses and Compensation	13
	5.1.	Payment of Expenses	13
	5.2.	Expenditure Authorization.	14

 

	 	A.	Utilities	14
	 	B.	Expenses per Budget	15
	 	C.	Emergencies	15

 

	5.3.	Compensation for Management Services.	15

 

	 	A.	Management Fee	15
	 	B.	Transition Fee	16
	 	C.	Construction Fee	16

 

	ARTICLE 6   Term	17
	6.1.	Term	17
	6.2.	Sale of Properties	17
	6.3.	Termination for Cause.	17
	6.4.	Effect of Termination	18
	ARTICLE 7   Representations and Warranties of the Property Manager	18
	7.1.	Organization	19
	7.2.	Authorization	19
	7.3.	Validity	19
	7.4.	Licenses	19
	7.5.	Independent Contractor	19
	ARTICLE 8   Miscellaneous	19
	8.1.	Company’s Rights	19
	8.2.	Company’s Representative	19
	8.3.	No Personal Liability	20
	8.4.	Nature of Relationship	20
	8.5.	No Third Party Beneficiaries	20
	8.6.	Notices	20
	8.7.	Amendments	21
	8.8.	Exhibits	21

 

    	ii

    	 

    

 

	8.9.	Laws	21
	8.10.	No Implied Waivers	21
	8.11.	Severability	22
	8.12.	Governing Law	22
	8.13.	Benefit and Assignment	22
	8.14.	Headings	22
	8.15.	Counterparts	22
	8.16.	Entire Agreement	22

 

		SCHEDULE A	Transition Fee

 

    	iii

    	 

    

  

PROPERTY MANAGEMENT AGREEMENT

 

THIS PROPERTY MANAGEMENT
AGREEMENT is made as of September 25, 2014 (the “Property Management Agreement”) by and between AMERICAN
REALTY CAPITAL − RETAIL CENTERS OF AMERICA II, INC., a Maryland corporation (the “Company”) and AMERICAN
REALTY CAPITAL RETAIL II ADVISORS, LLC, a Delaware limited liability company (the “Property Manager”).

 

WHEREAS, the Company
intends to raise money from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for
investment in the acquisition of certain real estate and other real estate-related investments, some or all of which are to be
acquired and held by the Owner (as hereinafter defined) on behalf of the Company; and

 

WHEREAS, the Company
is retaining the Property Manager to manage and coordinate the day-to-day operations of the Properties acquired by the Owner, and
the Property Manager desires to be so retained, all under the terms and conditions set forth in this Property Management Agreement.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound hereby, do hereby agree, as follows:

 

ARTICLE
1

Definitions

 

1.1.          Definitions.
The following defined terms used in this Property Management Agreement shall have the meaning specified below:

 

“Owner”
means the Company, the operating partnership of which the Company is the general partner, and all Owner Subsidiaries that own,
in whole or in part, on behalf of the Company, any Properties.

 

“Owner Subsidiary”
or “Owner Subsidiaries” means an entity or entities formed by or at the direction of the Company to directly
own, in whole or in part, on behalf of the Company, any Properties.

 

“Properties”
means all real estate properties owned, directly or indirectly, by the Owner and all tracts as yet unspecified but to be acquired
by the Owner containing income-producing improvements or on which the Owner will develop or rehabilitate income-producing improvements.

 

1.2.          Certain
Defined Terms. Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Advisory Agreement,
dated as of September 25, 2014, by and between the Company and American Realty Capital Retail II Advisors, LLC (the “Advisory
Agreement”).

 

    	 

    	 

    

 

ARTICLE
2

Engagement of the Property Manager

 

2.1.          Engagement.
The Company hereby engages and retains the Property Manager to manage, operate and maintain the Properties as property manager
on behalf of the Owner, on the terms in this Property Management Agreement, and the Property Manager accepts such engagement and
agrees to perform such service on such terms; it being understood, that the Property Manager may engage
a third party (each a “Sub-Manager”) as the Property Manager deems necessary or desirable, without the consent
of the Company, and may delegate to a Sub-Manager all or a portion of the services to be provided hereunder to such Sub-Manager.
Any fees payable to a Sub-Manager (i) shall be the responsibility of the Property Manager out of payments received from the Company
and (ii) may, at the instruction of the Property Manager, be deducted from the Operating Account (as hereinafter defined) or the
fees payable hereunder and paid by the Owner to such Sub-Manager, or be paid directly by the Property Manager to such Sub-Manager,
in the Property Manager’s sole discretion.

 

2.2.          Status
of the Property Manager; Limitation on Authority. The Property Manager shall act under this Property Management Agreement as
an independent contractor and not as the Owner’s agent or employee. The Property Manager shall not have the right, power
or authority to enter into agreements or incur liability on behalf of the Owner except as expressly set forth herein. Any action
taken by the Property Manager which is not expressly permitted by this Property Management Agreement shall not bind the Owner.

 

ARTICLE
3

Duties of the Property Manager

 

3.1.          Duties;
Standard of Performance. The Property Manager shall devote its commercially reasonable efforts to performing its duties hereunder
to manage, operate and maintain the Properties in a diligent, careful and professional manner to maximize all potential revenues
to the Owner Subsidiaries and to minimize expenses and losses to the Owner Subsidiaries. The services of the Property Manager are
to be of a scope and quality not less than those generally performed by first class, professional managers of properties similar
in type and quality to the Properties and located in the same market area as the Properties. The Property Manager will at all times
act in good faith, in a commercially reasonable manner and in a fiduciary capacity with respect to the proper protection of and
accounting for each Owner Subsidiary’s assets; it being understood, that, the Property Manager’s
fiduciary relationship with each Owner Subsidiary is limited solely to the proper protection of and accounting for the Owner Subsidiary’s
assets and the Property Manager owes no other fiduciary duties to the Owner or security holders of any Owner entity.

 

3.2.          Specific
Duties of the Property Manager. Without limiting the obligations of the Property Manager under other provisions of this Property
Management Agreement, the Property Manager will have the following specific duties:

 

A.           Collection
of Moneys; Enforcement of Rights. The Property Manager will use diligent, commercially reasonable efforts to collect all rent
and other payments due from tenants in the Properties and any other sums due the Owner Subsidiaries regarding the

 

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Properties. To the extent
tenant leases affecting any Property so require, the Property Manager shall timely make or verify any calculations that are required
to determine the amount of rent due from tenants, including without limitation calculating percentage rent, operating expense “pass-throughs”
and consumer price index adjustments and, where required, shall give timely notice thereof to tenants.

 

The Property Manager
will promptly and diligently enforce the Owner Subsidiaries’ rights under any tenant leases affecting any Property, including
without limitation taking the following actions where appropriate, in accordance with the procedures specified in the Property
Manager’s property management handbook in effect as of the date hereof: (i) terminating tenancies, (ii) instituting and prosecuting
actions, and evicting tenants, (iii) settling, compromising and releasing such actions or suits or re-instituting such tenancies,
(iv) recovering rents and other sums due by legal proceedings in a court of general jurisdiction, (v) signing and serving such
notices as are deemed necessary by the Property Manager, and (vi) recovering rents and other sums due by legal proceedings in a
magistrates court or similar jurisdiction; in each case, the Property Manager shall promptly notify the Company of such action
in writing. If authorized by the Company, the Property Manager shall consult an attorney for the purpose of enforcing an Owner
Subsidiary’s rights or taking any such actions and the Company shall have the right to designate counsel for any matter and
to control all litigation affecting or arising out of the operation of any Property. The Property Manager shall keep the Company
informed of any dissatisfaction with the law firm or such services or the reasonableness of the cost thereof.

 

B.           Property
Documents. The Property Manager will pay all sums out of the applicable Operating Account from time to time due from each Owner
Subsidiary and otherwise comply with the obligations of each Owner Subsidiary under any mortgages, deed of trust, leases, easements,
restrictions, service contracts and other agreements now or hereafter affecting the Properties as instructed by the Company (the
“Property Documents”).

 

C.           Maintenance.
Subject to the applicable Budget or any Company constraints, the Property Manager shall perform or cause to be performed under
contract or agreement with contractors, subcontractors or consultants, entered into in the name and on behalf of each Owner Subsidiary,
all ordinary maintenance, repairs, alterations, replacements and installations, do all decorating and landscaping, and purchase
all supplies necessary for (i) the proper operation of each Property, (ii) the fulfillment of the applicable Owner Subsidiary’s
obligations under any lease of space in any Property, (iii) the fulfillment of the Owner’s obligations under any mortgage
encumbering any Property of which the Property Manager has actual knowledge, and (iv) compliance with all covenants, conditions
and restrictions affecting any Property of which the Property Manager has actual knowledge.

 

Subject to the applicable
Budget or the Company’s constraints, the Property Manager shall obtain all necessary receipts, releases, waivers, discharges
and assurances necessary to keep each Property free of any mechanics’, laborers’, materials suppliers’ or vendors’
liens in connection with work, materials or supplies for which the Property Manager contracts. All such documentation shall be
in such form as reasonably specified and required by the Company.

 

    	3

    	 

    

 

D.           Services.
The Property Manager shall arrange for, and negotiate contracts on behalf of the Owner Subsidiaries for, gas, electricity, water,
telephone, trash collection, sewer, elevator service, landscaping, janitorial service, security service and such other services
as are, or will be, furnished to the Properties for terms of not greater than one year, unless otherwise approved by the Company.
All such service contracts shall be entered into by the Property Manager for the account of and in the name of the applicable Owner
Subsidiary and shall be terminable on thirty (30) days’ notice or less, unless otherwise approved by the Company. The funds
necessary to pay for such services shall be paid from the applicable Operating Account. All utilities contracts shall be in the
name of the applicable Owner Subsidiary, with all notices to be addressed to the Company, with a copy to the Property Manager,
at the Property Manager’s address.

 

E.           Taxes.
Promptly following receipt, the Property Manager shall send to the Company all notices concerning the Properties regarding taxes
or valuations. The Owner shall pay all such taxes unless the Owner requests the Property Manager to pay such taxes, in which case
the Property Manager shall pay such taxes from the applicable Operating Account. Upon the Company’s written request, the
Property Manager in conjunction with an outside third party named by the Company, shall protest and attempt to reduce the property
taxes or adjust the valuation for any Property through administrative appeal for a fee to be negotiated.

 

F.           Insurance;
Reports and Claims. The Property Manager shall, on behalf of and at each Owner Subsidiary’s expense, procure and maintain
throughout the term hereof through Independent Insurance Advisors, as each Owner Subsidiary’s designated insurance representative,
insurance coverages with respect to each Property, including: (i) all-risk replacement value property damage coverage insuring
the full value of the Properties and the applicable Owner Subsidiary’s personal property and fixtures and rent loss coverage
for at least twelve (12) months; (ii) commercial general liability and umbrella liability coverages in an amount not less than
$10,000,000 combined single limit per occurrence and in the aggregate per year; and (iii) such other insurance as the Property
Manager deems appropriate. All insurance policies shall have provisions giving the Property Manager thirty (30) days’ prior
notice of cancellation, non-renewal or material modification of the coverage. All insurance policies maintained by the Owner with
respect to the Properties shall be issued through insurers with an A.M. Best rating of A or better and shall include waiver of
subrogation provisions in favor of the Owner. The Property Manager, any Sub-Manager engaged by the Property Manager in accordance
with Section 2.1 of this Property Management Agreement, the Company and the Company’s Representative as defined in Section
8.2 hereof shall be named as additional insureds (with form CG 2010 85 or equivalent) on any liability insurance maintained by
the Owner on each Property, and such liability insurance shall be primary to and not contribute with any liability insurance maintained
by the Property Manager.

 

The Property Manager
shall promptly investigate and make a full, timely, written report to the Company and Independent Insurance Advisors as to all
accidents, claims for damages relating to the ownership or operation and maintenance of any Property, and any damage or destruction
to any Property and the estimated cost of repair thereof. Thereafter, unless otherwise directed by the Company, Independent Insurance
Advisors will timely process all casualty insurance claims on behalf of the applicable Owner Subsidiary, obtain the necessary documentation
therefor and the Property Manager will prepare any and all reports required by

 

    	4

    	 

    

 

Independent Insurance
Advisors or any insurance company in connection therewith. All such reports shall be timely filed with the insurance company as
required under the terms of the insurance policy involved. The Property Manager is authorized to settle any and all claims against
insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of
receipts and the collection of money. Finally, the Property Manager will fully cooperate with and assist all liability insurance
carriers and their authorized agents and adjusters in defending, litigating or settling any liability claims.

 

G.           Compliance
with Laws; Matters of Record. Subject to the other provisions of this Property Management Agreement, the Property Manager will
take such action as may be necessary to comply with any and all laws applicable to any Property and the Property Manager’s
employees and all known ordinances, regulations and orders relative to the use, operation, repair and maintenance of the Properties
and with the rules, regulations or orders of the local Board of Fire Underwriters or other similar body. Expenses incurred in so
complying and in correcting any such violation shall be included in the Budget or otherwise approved in advance by the Company.
The Property Manager agrees to perform all obligations of each Owner Subsidiary and pay all costs, expenses and other amounts (including,
without limitation, any liquidated damages) which each Owner Subsidiary or the Property Manager may be required to pay in accordance
with, and to comply and cause a Property to comply in all respects with all of the terms and conditions of, any reciprocal easement
agreement, any ground lease, mortgage, deed of trust or other security instruments affecting such Property of which the Property
Manager has actual knowledge, or any other agreement or document of record now affecting such Property or hereafter executed or
filed with the Company’s written consent (each, herein referred to as a “Matter of Record,” and collectively
as the “Matters of Record”) during the term of this Property Management Agreement. Further, the Property Manager
shall not cause, or fail to take commercially reasonable actions to prevent, a divestiture of title from any of the Owner Subsidiaries
under any encumbrance or any other Matter of Record. Each Owner Subsidiary shall be responsible for any expenses, costs or other
amounts paid by the Property Manager in respect of compliance with this Section 3.2(G) which are not otherwise included in the
applicable Budget.

 

H.           Construction.
If the Company has authorized any construction or renovation on any Property, including but not limited to construction of tenant
finish-out, and the Company has requested in writing the services of the Property Manager with regard to any construction, renovation
or tenant finish-out, then the Property Manager will (i) review and forward to the Company all space planning layouts, drawings,
plans and specifications pertaining to such construction, together with a recommendation as to approval thereof by the Company;
(ii) supervise third party contractors responsible for construction or renovation work for a fee to be negotiated; (iii) solicit
or supervise the solicitation of competitive bids following the Company’s guidelines for all construction contracts in excess
of $10,000; (iv) require that all construction contracts and subcontracts contain provisions adequately protecting the applicable
Owner Subsidiary, in accordance with local procedures and any requirements of the Company, against mechanic’s, materialman’s
or similar liens affecting such Property and requiring ten percent (10%) retainage until at least thirty (30) days after completion;
(v) inspect all work in place; (vi) prepare and review all draws requested for submission to the Company and, if requested by the
Company, pay all draw requests on approval by the Company; and (vii) compile

  

    	5

    	 

    

  

all documentation
related to a construction project necessary for the release of any lender reserves related to such construction project.

 

I.           Employees:
The Property Manager has the right to be reimbursed for (i) employees that are employed at the Properties or at management field
offices or corporate offices, should there be no office located on site. These employees shall be charged to the respective Property
on the basis of the percentage of time spent attending to such Property based on actual wages and fringe benefits, unless the Company
and the Property Manager agree in writing to another basis; and (ii) roving maintenance personnel to the extent needed at the Properties
from time to time, and these employees shall be charged to the respective Properties at a reasonable hourly rate pre-approved by
the Company and only for the actual and reasonably necessary time spent on such Property by such personnel. The Company shall have
no right to supervise or direct such agents or employees.

 

J.           Notices.
The Property Manager will promptly notify the Company of any of the following if in any way relating to the Properties: notice
of any claim of violation of any governmental or legal requirement, any notice of any claim of liability, any summons or other
legal process, any damage, any default or alleged default by landlord or tenant under any lease, and any other material information.
The Property Manager will fully cooperate with the Company in all legal and arbitration proceedings relating to any Property.

 

K.          Extraordinary
Services. For those efforts of the Property Manager requested by an Owner Subsidiary or the Company, which are not standard,
recurring property management activities and not anticipated to occur at least once per year, the Property Manager shall be compensated
on a basis to be agreed to in writing and in advance by such Owner Subsidiary (or the Company on its behalf) and the Property Manager.
For illustrative purposes, examples of such additional services include, but are not limited to, efforts related to estoppel certificates,
subordination and non-disturbance agreements, information pertaining to sale or financing of any Property, tax matters (other than
ad valorum real estate taxes), casualty or condemnation to any Property, lawsuit defense, except for intentional misdeeds of the
Property Manager, and other items of a similar non-recurring nature.

 

L.           Lease
Obligations. The Property Manager shall perform all duties of the landlord under all leases insofar as such duties relate to
operation, maintenance and day-to-day management of the Properties. The Property Manager shall also provide or cause to be provided,
at each Owner Subsidiary’s expense, all services normally provided to tenants of like premises, including where applicable
and without limitation, gas, electricity or other utilities required to be furnished to tenants under leases, normal repairs and
maintenance, and cleaning, and janitorial service. The Property Manager shall arrange for and supervise the performance of all
installations and improvements in space leased to any tenant which are either expressly required under the terms of the lease of
such space or that are customarily provided to tenants. The Property Manager shall maintain business-like relations with the tenants
of the Properties.

 

M.        Third-Party
Property Managers. The Property Manager shall be responsible for overseeing the performance of any third-party property managers
appointed in accordance with this Property Management Agreement.

 

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N.           Inspections.
The Property Manager shall conduct periodic on-site property visits to some or all (as the Company or its designee deems reasonably
necessary or desirable) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of
the third-party property managers and on-site personnel of the Property Manager.

 

O.           Accounting
Services. The Property Manager shall use the Company’s accounting application and follow the Company’s processes
required in connection with the preparation of the Budget and financial reporting for each of the Properties.

 

3.3.          Contracts.
In fulfilling its duties to the Owner, the Property Manager may and hereby is authorized to enter into any leases, contracts or
other agreements on behalf of the Owner in the ordinary course of the management, operation and maintenance and leasing of the
Properties.

 

3.4.          Use
of Property. The Property Manager will not knowingly permit the use of any Property for any purpose which might impair any
policy of insurance on such Property or which might render any loss insured thereunder uncollectible or which would be in violation
of any applicable law. The Property Manager will operate and maintain the Properties according to the highest standards achievable
consistent with the Company’s authorization. The Property Manager will use commercially reasonable efforts to secure compliance
by tenants with their respective leases.

 

3.5.          Cash
Management.

 

A.           Clearing
Account. The Property Manager shall cause all gross revenue in respect of each Property to be transmitted directly into an
individual clearing account (each a “Clearing Account”) controlled by the applicable Owner Subsidiary, established
with a financial institution to be determined by the Property Manager (the “Clearing Bank”), except to the extent
the payments in respect of a Property are required by a lender to be made into a lockbox account, in which case payments will be
deposited in the Clearing Account for such Property after release from such lockbox account. Without in any way limiting the foregoing
if the Property Manager receives any gross revenue from a Property, then (i) such amounts shall not be commingled with any other
funds or property of the Property Manager, and (ii) the Property Manager shall deposit such amounts in the Clearing Account for
such Property within one (1) business day of receipt.

 

B.           Order
of Priority of Funds in Clearing Account. On the 10th day of each month, all funds deposited into each Clearing
Account shall be applied on such date in the following order of priority: (i) first, if applicable, to make the required
payments of debt service, including late payment charges, if any, for such Property; and (ii) second, any remaining funds
in such Clearing Account shall be swept by the Clearing Bank into the Operating Account (as hereinafter defined) for such Property
and applied and disbursed in accordance with this Property Management Agreement.

 

C.           Operating
Account. All monies swept from each Clearing Account by the Clearing Bank shall be deposited in a separate depository account
for each Property in the applicable Owner Subsidiary’s name (each an “Operating Account”). Each Operating
Account

  

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shall be opened by the
Property Manager, upon receipt of a fully-executed Owner Subsidiary Property Management Agreement between the Property Manager
and the applicable Owner Subsidiary and a W9 completed by such Owner Subsidiary, at U.S. Bank, N.A. or another bank to be determined
by the Property Manager. The signature card for each Operating Account shall indicate that the Property Manager is dealing with
the Operating Account as a fiduciary of the applicable Owner Subsidiary. Each Operating Account and all funds therein shall at
all times be the property of the applicable Owner Subsidiary. Each Owner Subsidiary shall have electronic banking system access
to its Operating Account, which shall permit it to obtain account information and make withdrawals from such Operating Account.

 

Notwithstanding anything
to the contrary contained herein, the Company may direct payments or deposits received by the Property Manager to an operating
account relating to any Property to be controlled by the Owner Subsidiary and direct payments to be made into the Operating Account.
In such event, the Property Manager shall provide the Owner Subsidiary with all information necessary to make payments of expenses
with respect to such Property.

 

The Property Manager
shall remit to each Owner Subsidiary monthly, on or before the 20th day of each month, excess cash as of the end of
the preceding month, held in the Operating Account and not applied to the payment of (i) the applicable Owner Subsidiary’s
expenses as herein provided, (ii) expenses permitted by Section 5.1 hereof, and (iii) amounts payable to the Property Manager in
accordance with Section 5.3 hereof, less applicable reserves for real estate taxes, debt service, capital improvements or operating
expenses and Ten Thousand Dollars ($10,000) as reserve for working capital and other contingencies, and any additional amount as
the Company may authorize for such purposes. The remittance of funds to an Owner Subsidiary shall be compatible with the financial
reports provided by the Property Manager pursuant to Section 4.2.

 

If an Owner Subsidiary
should make any request for a distribution other than the standard monthly distribution to such Owner Subsidiary on or before the
20th day of each month as noted immediately above, such request by the Owner Subsidiary must be directed to the Property
Manager in writing with a minimum of two (2) full working days’ advance notice. Except to the extent it would cause there
to be insufficient funds to pay amounts due to the Property Manager under Section 5.1 and Section 5.3 hereof, every attempt will
be made to process the additional distribution request through the Property Manager’s accounting department in a timely manner,
but the Property Manager will not process any distribution based on a telephone call or be expected to accomplish such distribution
with less than two (2) full working days’ advance written notice.

 

Other than the monthly
distribution noted above, if required by state law, the Property Manager will deposit security deposits and/or advance rentals
in separate accounts in the name of the applicable Owner Subsidiary at said financial institution. All monies held in Operating
Accounts shall in no event be commingled with the Property Manager’s own funds or with funds held by the Property Manager
for the account of other parties. The Property Manager shall have no proprietary interest in the Operating Accounts, or in any
other account authorized hereby, and all sums collected by the Property Manager relating to each of the Properties and all sums
placed in such account or accounts by the applicable Owner Subsidiary or the Company will be the property of such Owner Subsidiary
and held in trust by the Property Manager for such Owner

 

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Subsidiary. The
Property Manager agrees to pay all invoices directly from the Operating Account unless directed otherwise by the applicable
Owner Subsidiary or the Company. The Property Manager may draw on each Operating Account only to pay (i) operating expenses
permitted by Section 5.1 hereof, (ii) amounts payable to the applicable Owner Subsidiary, (iii) amounts payable to the
Property Manager under Section 5.3 hereof, and (iv) a specified amount to a payee which the applicable Owner Subsidiary may
from time to time expressly authorize in writing.

 

Each of the Management
Fee, the Transition Fee and the Construction Fee shall be paid to the Property Manager in accordance with Section 5.3 hereof. In
accordance with and pursuant to Section 4.2 hereof, the Property Manager shall prepare and submit an invoice to the Company which
shall include a computation of the fees paid to the Property Manager in accordance with Section 5.3 and any expenses to be reimbursed
to the Property Manager in accordance with Sections 5.1 and 5.2. The Company shall have the right to review such invoice and obtain
any supporting documentation with respect thereto from the Property Manager. To the extent that the Company believes the computation
provided by the Property Manager is inconsistent with the computation permitted hereunder, the Company and the Property Manager
shall work together in good faith to reach a computation of such fees which is reasonably agreeable to both parties. If the Company
and the Property Manager agree that one or more of the fees paid to the Property Manager for a prior period exceeded the amount
permitted hereunder, the Property Manager shall deduct the amount of such excess from the fees it is to be paid in accordance with
Section 5.3 hereof for the current calendar month.

 

3.6.          Indemnification.
The Owner shall indemnify, defend and hold the Property Manager and any Sub-Manager directly or indirectly engaged by the Property
Manager in accordance with Section 2.1 of this Property Management Agreement harmless from and against all claims, damages
and costs (including counsel fees) arising out of or in connection with the management of the Properties and the operation thereof,
except for acts of the Property Manager or a Sub-Manager, as applicable, taken outside of the scope of this Property Management
Agreement or an agreement with the Sub-Manager, as applicable, and the Property Manager’s, or a Sub-Manager’s, as applicable,
engagement in acts of negligence, misconduct or fraud. Notwithstanding anything to the contrary stated herein, the Property Manager
shall be held strictly accountable for all receipts and disbursements; and the Property Manager shall indemnify and hold the Owner
harmless from and against all claims, damages and costs (including counsel fees) arising out of or in connection with the management
of the Properties and the operation thereof to the extent such claims arise out of or result from acts of the Property Manager
taken outside of the scope of this Property Management Agreement or the Property Manager’s engagement in acts of negligence,
misconduct or fraud. The Property Manager shall indemnify the Company and its Affiliates from any claims, damages and costs (including
counsel fees) arising out of or in connection with the acts of the Property Manager taken in connection with the management of
the Properties and the operation thereof or the Property Manager’s engagement in acts of negligence, misconduct or fraud.
The indemnities herein contained shall not apply to any claim with respect to which and to the extent the indemnified party is
covered by insurance; provided, that the foregoing exclusion does not invalidate the indemnified party’s insurance
coverage. Each party will procure a waiver of subrogation with respect to claims against the other party under policies in which
the other party is not a named insured, and shall promptly notice the other party in the event that any such waiver is unobtainable
or is obtainable

  

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only upon payment of
an additional premium. If such waiver is obtainable only upon payment of an additional premium, the other party shall have the
right at its option to pay such additional premium.

 

3.7.          Complaints
and Notices. The Property Manager shall promptly handle complaints and requests from tenants, concessionaires and licensees.
The Property Manager shall notify the Company promptly of: (A) any notice received by the Property Manager or known to the Property
Manager of violation of any governmental requirements (and make recommendations regarding compliance therewith); (B) any notice
received by the Property Manager or known to the Property Manager of violation of covenants, conditions and restrictions affecting
any Property or noncompliance with loan documents affecting any Property, if any; (C) any fire, accident or other casualty
or damage to any Property; (D) any condemnation proceedings, rezoning or other governmental order, lawsuit or threat thereof involving
any Property known to the Property Manager; (E) any violations relative to the leasing, use, repair and maintenance of any Property
under governmental laws, rules, regulations, ordinances or like provisions known to the Property Manager; or (F) any violation
of any insurance requirement of which the Property Manager has actual knowledge. The Property Manager shall promptly deliver to
the Company copies of any documentation in its possession relating to such matters. The Property Manager shall keep the Company
reasonably informed of the status of the particular matter through the final resolution thereof. In the event the Property Manager
becomes aware of any fire or other damage to any Property or violation or alleged violation of laws respecting hazardous materials,
the Property Manager shall immediately give telephonic notice thereof to the Company. The Property Manager shall complete all necessary
and customary loss reports in connection with any fire or other damage to any Property. The Property Manager shall retain in the
records it maintains for each Property copies of all supporting documentation with reference to such notices.

 

3.8.          Tenant
Insurance Certificates. The Property Manager shall use its commercially reasonable efforts to obtain from all tenants certificates
of insurance and renewals thereof required to be furnished by the terms of their leases. The Property Manager shall forward copies
of the certificates to the Company if requested by the Company. The Property Manager shall establish systems and procedures to
enforce lease requirements with regard to insurance certificates.

 

3.9.          Licenses
and Authorizations.

 

A.           The
Property Manager shall obtain and keep in full force and effect all licenses, permits, consents and authorizations as may be necessary
for the maintenance, operation, management, repair, servicing or occupancy of each Property. All of such licenses, permits, consents
and authorizations shall be in the name of the applicable Owner Subsidiary, if required in writing by the Company.

 

B.           The
Property Manager hall obtain and keep in full force and effect all real estate and business licenses and governmental authorizations,
at the applicable Owner Subsidiary’s expense, (including qualifications to do business) as may be necessary for the proper
performance by the Property Manager of its duties and obligations under this Property

 

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Management Agreement.
All such licenses and authorizations shall be in the name of the Property Manager.

 

3.10.         Asbestos
and Similar Compliance Matters. If any Property is subject to the Occupational Safety and Health Administration’s regulations
relating to asbestos, or to any state law or regulation relating to asbestos, or to any state law or regulation relating to carcinogenic
or toxic chemicals, the Property Manager shall, at the applicable Owner Subsidiary’s expense, comply with such laws and regulations
as they relate to such Property.

 

3.11.         Special
Billings. For purposes of this Property Management Agreement, the term “Special Billing” is defined as any
periodic billing requirement or change in a billing rate charged to a tenant under such tenant’s lease as a result of a Property’s
operating expenses, a tenant’s volume of business, or a CPI or other index, including, but not limited to, such items as
commonly are described as expense pass-throughs, recoveries, escalations, CAM or CPI adjustments, and percentage sales or rent.
Within ninety (90) days after the date each Property is acquired and becomes subject to this Property Management Agreement, the
Property Manager shall deliver a statement to the Company describing all of the information, data and documents which the Property
Manager has used to establish a basis for calculation of Special Billings for each tenant at the Properties. During the term of
this Property Management Agreement, the Property Manager shall be responsible for sending Special Billings to each tenant in accordance
with the terms of such tenant’s lease.

 

ARTICLE
4

Accounting, Records, Reports

 

4.1.          Records.
The Property Manager shall establish and maintain a comprehensive system of office records, books and accounts, as well as an accounting
and management reporting system that will duly account for all transactions relating to the Properties in a format consistent with
the Company’s accounting system. The Company and others designated by the Company shall, with prior notice to the Property
Manager, have access to such records, books and accounts and to all vouchers, files and all other material pertaining to the Properties
and this Property Management Agreement, all of which the Property Manager agrees to keep safe, available and separate from any
records not having to do with the Properties. All of such books, records and other information concerning such Property shall be
the property of the applicable Owner Subsidiary; and within sixty (60) days following termination of this Property Management Agreement,
the Property Manager shall deliver the original copies to the Company or its designate. The Property Manager or its representatives
shall have the right to inspect such books, records and other information and to make copies thereof during a two-year period following
the termination of this Property Management Agreement unless the Company requests and receives all such books and records upon
termination of this Property Management Agreement.

 

4.2.          Reports
and Supporting Documentation. The Property Manager shall, during the term of this Property Management Agreement, deliver monthly
reports to the Company relating to the management and operation of the Properties for the preceding calendar month, not later than
thirty (30) days after the end of the preceding month. Reports will be delivered to the Company in an electronic format consistent
with the Company’s accounting system for each

 

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Property. The
Property Manager shall deliver to the Company the following for the preceding month, for each Property and with respect to
clause (1), (2) and (8), shall also provide the information with respect to the Properties in the aggregate:

 

(1)         a
profit and loss statement;

 

(2)         a
balance sheet;

 

(3)         a
general ledger;

 

(4)         a
cash receipts and disbursement journal;

 

(5)         all
bank statements and bank reconciliations;

 

(6)         an
aged schedule of delinquent accounts receivable;

 

(7)         the
current rent roll;

 

(8)         a
calculation of the fees paid in accordance with Section 5.3 hereof; and

 

(9)         a
construction report, if applicable.

 

4.3.          Budgets.
The Property Manager shall prepare and submit to the Company a proposed operating and capital budget, including an itemized statement
of the estimated receipts and disbursements in reasonable detail, which shall include, without limitation, reasonable detail as
to employee expenses to be reimbursed to the Property Manager for the operation, repair and maintenance of each of the Properties
(each a “Budget”), in each case for the calendar year immediately following such submission. Each Budget will
be in the form approved by the Company prior to the date thereof. Thereafter, on or before the date specified each year by the
Company (but not later than November 1st), the Property Manager shall prepare and submit to the Company preliminary Budgets for
the next calendar year followed by final Budgets for the next calendar year, incorporating any reasonable changes requested by
the Company. Such Budgets shall: (A) be prepared in accordance with the Company’s accounting system, (B) be prepared on a
cash or modified cash basis, as directed by the Company, and (C) show a month by month projection of income, expenses, capital
expenditures, reserves, and other non-recurring items. In connection with any acquisition of a Property by the Owner, the Property
Manager will prepare a Budget for such Property for the remainder of the calendar year.

 

The Company will approve
or disapprove each Budget within a reasonable time after the receipt of same, but not later than thirty (30) days after the submission
thereof to the Company. The Property Manager will make any reasonable changes to each Budget that are requested by the Company.
At such time as the Company shall request, which in no event shall exceed three (3) requests per calendar year, the Property Manager
shall submit to the Company for its approval an updated Budget incorporating such changes as shall be necessary to reflect cost
over-runs and the like or other changes occurring subsequent to the prior Budget during such period. If the Company does not disapprove
of such revised Budget within 30 days after receipt thereof by the Company, such Budget shall be deemed approved. If the Company
shall disapprove of any such Budget, the Property Manager shall submit a revised Budget, as

 

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applicable, within ten
(10) days of receipt of notice of disapproval, and the Company shall have ten (10) days to provide notice to the Property Manager
if it disapproves of any such further revised Budget.

 

The Property Manager
shall implement each Budget and use its commercially reasonable efforts to ensure that the actual cost of operating each Property
shall not exceed the applicable Budget. The Budgets shall constitute an authorization for the Property Manager to expend necessary
monies to manage and operate the Properties in accordance with the respective Budgets and subject to the provisions of this Property
Management Agreement until subsequent Budgets are approved. The approval of non-recurring costs and capital improvements in a Budget
shall constitute an authorization for the Property Manager to collect bids for the expenditure and present a final recommendation
to the Company for expenditure of monies to implement such items called for in such Budget.

 

The Property Manager
shall provide supporting information reasonably requested by the Company in connection with their review of any Budget submitted
by the Property Manager for its review.

 

Without affecting any
other limitation imposed by this Property Management Agreement and except as may be expressly provided to the contrary elsewhere
in this Property Management Agreement, the Property Manager shall secure the prior written approval of the Company prior to incurring
any liability or obligation for any item in excess of $10,000 that is not reflected on the applicable Budget approved in writing
by the Company.

 

4.4.          Audit.
At its option, the Company may at any time upon five (5) business days’ advance written notice to the Property Manager, cause
the books and financial operations of any Property to be audited by an auditor to be selected by the Company including the internal
auditing staff of the Company or any of its Affiliates. The Property Manager agrees to cooperate with such auditor and to make
any of its facilities located at such Property or the Property Manager’s office available to such auditor. Any adjustments
in amounts due and owing by either the Company or the Property Manager shall be paid promptly but no later than fifteen (15) days
following receipt of the audit. The audit shall be at the Owner’s expense.

 

ARTICLE
5

Expenses and Compensation

 

5.1.          Payment
of Expenses. Notwithstanding any contrary provision of this Property Management Agreement, the Property Manager shall be obligated
to make payments required under this Property Management Agreement only to the extent of funds derived from the Properties or provided
by the Owner. The Property Manager shall reimburse itself from funds derived from the Properties for all expenses properly incurred
by the Property Manager under this Property Management Agreement which are either set forth in the applicable Budget or approved
by the Company, except to the extent the Property Manager is permitted to incur such expense without the Company’s approval
in accordance with this Property Management Agreement. All expenses related specifically to the operation and maintenance of the
Properties will be billed to the respective Properties. These expenses shall include, but not be limited to:

 

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(1)         documented
postage (mailing of rental statements, late notices; legal correspondence; general correspondence to tenants, vendors, etc.);

 

(2)         mileage
incurred by the Property Manager, director of property management or other personnel of the Property Manager for travel to/from
a Property and all other mileage specifically related to the operation of the Properties; specific backup will be provided. Mileage
to be charged at the then-current rate pursuant to Internal Revenue Service (IRS) guidelines;

 

(3)         documented
copies (for mass tenant mailings, copying required upon sale or other legal matters and extensive tenant or lease issues);

 

(4)         a
proportionate share of after-hours emergency phone service which is charged to the common area maintenance and billed to tenants
in accordance with each tenant’s specific lease language;

 

(5)         preparation,
printing and distribution of leasing brochures and site plans for the Properties;

 

(6)         a
proportionate share of office equipment and supplies located at the on-site or management field office should one be established
and used for the benefit of the Properties; and

 

(7)         compensation
and benefits of property management, accounting, lease administration, executive and supervisory personnel of the Property Manager.

 

Expenses which will
be paid by the Property Manager and not billed to the Properties or the Owner shall include, but may not be limited to:

 

(1)         office
furniture, phone systems and monthly bills, fixtures, space rental, etc. incurred by the Property Manager in its corporate offices
and/or general management offices; and

 

(2)         compensation
and all expenses applicable to time spent on matters other than the Properties.

 

The Company may, at
its sole discretion, expressly approve in writing the payment or reimbursement to the Property Manager of any specific expense
otherwise excluded or excepted above; and, unless expressly stated to the contrary in such written approval, such approval shall
apply only to the specific expense itemized and/or up to the amount specified in such approval.

 

5.2.          Expenditure
Authorization.

 

A.           Utilities.
The Property Manager shall pay from the applicable Operating Account the actual amount incurred for utilities each month for each
Property without the Company’s further consent or signature on such check or withdrawal, notwithstanding that a lesser amount
therefor may have been projected or allocated in the Budget for such Property approved by the Company.

 

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B.           Expenses
per Budget. With respect to each Property, to the extent set forth in the most recent Budget for such Property approved by
the Company, and if requested by the Company, the Property Manager will make all payments for debt service on mortgages secured
by such Property, for taxes and/or for the applicable Owner Subsidiary’s insurance. In addition, with respect to each Property,
to the extent set forth in the most recent Budget for such Property approved by the Company and without further consent of the
Company, the Property Manager shall pay each and every expense properly incurred in the ordinary course of managing the Properties
during the calendar year covered by the Budget; provided, that, if such expenses exceed the Budget for such Property
approved by the Company by more than ten percent (10%) during the calendar year covered by the Budget (each, an “Overrun”),
the Company may elect to terminate this Property Management Agreement solely with respect to such Property, it being
understood, that, such termination shall constitute the Company’s sole remedy with respect to such Overrun
and such Overrun shall not be deemed a breach of this Property Management Agreement, but such termination shall not prevent liability
for any other breach by the Property Manager under this Property Management Agreement; and provided further, that,
the Company shall not be permitted to so terminate this Property Management Agreement if such Budget excess (i) was due to amounts
incurred for insurance, taxes and/or utilities, and/or (ii) was caused by or resulted from the following acts: (a) acts of God;
(b) flood, fire or explosion; (c) acts of terror, war, invasion, riot or other civil unrest; (d) government order or law that becomes
effective after the approval of the Budget and was not known to the Property Manager prior to the approval of the Budget; (e) actions,
embargoes or blockades in effect after the approval of the Budget; (f) action by any governmental authority that occurs after the
approval of the Budget and was not known to the Property Manager prior to the approval of the Budget; and (g) national or regional
emergency (each of (a) through (g), a “Force Majeure Event”). If the Property Manager suffers a Force Majeure
Event, it shall give notice to the Company, stating the anticipated period of time the event is expected to continue and shall
use commercially reasonable efforts to ensure the effects of such Force Majeure Event are minimized.

 

C.           Emergencies.
Notwithstanding the foregoing, if emergency action is necessary to prevent damage to any Property or danger to persons, the Property
Manager may incur such expenses as are reasonably necessary without the prior written approval of the Company to protect such Property
or persons. The Property Manager will give prompt telephone and written notice to the Company of any such emergency repairs for
which prior approval is not required.

 

5.3.          Compensation
for Management Services.

 

A.           Management
Fee. On or before the last business day of each month, the Property Manager shall pay itself from the respective Operating
Accounts as compensation for its management services hereunder in an amount (the “Management Fee”) equal to
four percent (4%) of the “Gross Rental Receipts” for such month (as hereinafter defined), other than in respect of
stand-alone, single-tenant net leased properties which are not part of a shopping center, and two percent (2%) of “Gross
Rental Receipts” for such month in respect of any stand-alone, single-tenant net leased properties that are not part of a
shopping center.  For the avoidance of doubt, a separately platted, single-tenant, net leased building that is part
of a shopping center shall be a Property subject to the four percent (4%) of the “Gross Rental Receipts” calculation.
The term “Gross Rental Receipts” as used herein is defined as all

 

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receipts of every kind
and nature actually collected from the operation of the Property, determined on a cash basis, including without limitation, all
fixed rents (including parking rents not excluded below), common area maintenance reimbursements, tax and insurance reimbursements,
percentage rental payments, utility reimbursements, late fees, vending machine collections, service charges, rental interruption
insurance, and a fifteen percent (15%) administrative charge for common area expenses (if such an allowable expense is collected
from tenants pursuant to tenant leases), and all other forms of miscellaneous income actually collected in cash by the Owner Subsidiaries
or by the Property Manager from tenants of the Properties, net forfeited security deposits, but excluding (i) any income from investment
of cash including the interest on the Operating Account, (ii) security deposits, and any portion of forfeited security deposits
allocable to compensation for loss or damage, (iii) payments for physical installations or finish-out work, (iv) payments in the
nature of indemnification or compensation for loss, damage or liability sustained, including but not limited to insurance proceeds
and condemnation awards, (v) all purchase discounts, rental and ad valorem tax refunds or rebates, (vi) any repair or other such
expense reimbursement from individual tenants, (vii) any sums which, under normal accounting practice, are attributable
to capital, (viii) executive suite expenses, if any, (e.g. personnel, equipment, etc.) paid by tenants and (ix) such other additional
income the Company and the Property Manager mutually agree to eliminate.

 

B.           Transition
Fee. For duties performed by the Property Manager in reviewing and abstracting an Owner Subsidiary’s leases and contracts,
preparing ledgers, creating a database of such Owner Subsidiary’s tenants and vendors, establishing Property bank account(s),
and similar necessary, preliminary functions, the Property Manager shall pay itself from the applicable Operating Account a one-time
fee (the “Transition Fee”) in the amount shown on Schedule A attached hereto and incorporated herein by this
reference. The Transition Fee shall be paid within thirty (30) days after execution of an Investment Property Management Agreement
with respect to a particular Property by all parties thereto or within thirty (30) days after receipt of all leases and other documents
necessary to perform a full set up of any Property, whichever is later. The Transition Fee shall be based on the number of tenants
with active leases in such Property, including those tenants whose lease term and/or rental have not yet commenced, but who have
executed leases with the applicable Owner Subsidiary, as of the Commencement Date of the applicable Investment Property Management
Agreement.

 

C.           Construction
Fee. For duties performed by the Property Manager pursuant to Section 3.2(H) hereof, the Property Manager shall pay itself
from the applicable Operating Account a fee (“Construction Fee”) equal to six percent (6%) of the construction
hard costs. In no event shall the Construction Fee be less than Five Hundred and No/100 Dollars ($500). Actual costs shall not
include fees paid by the Owner for architectural or engineering services or construction permits. No fee shall be paid for actual
costs of tenant improvements for services for which the tenant is responsible for payment. The Construction Fee shall be paid within
ten (10) days after completion of tenant’s improvements for each individual tenant or completion of capital or Property improvement
projects.

 

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ARTICLE
6

Term

 

6.1.          Term.
The initial term of this Property Management Agreement shall commence on the date hereof (the “Commencement Date”),
shall continue in full force and effect for one (1) year, and shall be automatically renewed for an unlimited number of successive
one (1) year periods, subject to earlier termination as hereinafter provided. The term of this Property Management Agreement may
be extended for such additional periods of time as the parties agree to in writing.

 

6.2.          Sale
of Properties. This Property Management Agreement shall automatically terminate, in respect of a Property, upon the consummation
of any sale or other disposition of such Property by the applicable Owner Subsidiary to any entity not affiliated with the Owner.

 

6.3.          Termination
for Cause.

 

(A)         The
Company may terminate this Property Management Agreement at any time, effective immediately upon written notice to the Property
Manager, if (i) the Property Manager has materially breached this Property Management Agreement; provided, that (a) the
Property Manager does not cure any such material breach within thirty (30) days of receiving notice of such material breach from
the Company, or (b) if such material breach is not of a nature that can be remedied within such period, the Property Manager does
not diligently take all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there
is fraud, criminal conduct, or willful misconduct by the Property Manager; (iii) a court of competent jurisdiction enters a decree
or order for relief in respect of the Property Manager in any involuntary case under the applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Property Manager or for any substantial part of any of its property or orders the winding up or liquidation of
the Property Manager’s affairs; or (iv) the Property Manager commences a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case
under any such law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of the Property Manager or for any substantial part of any of its property, or makes any general
assignment for the benefit of creditors, or fails generally to pay its debts as they become due. The Property Manager agrees that
if any of the events specified in subsections (iii) or (iv) above occur, it shall give written notice thereof to the Company within
seven (7) days after the occurrence of such event.

 

(B)         The
Property Manager may terminate this Property Management Agreement at any time, effective immediately upon written notice to the
Company, if (i) the Company has materially breached this Property Management Agreement; provided, that (a) the Company does
not cure any such material breach within thirty (30) days of receiving notice of such material breach from the Property Manager,
or (b) if such material breach is not of a nature that can be remedied within such period, the Company does not diligently take
all reasonable steps to cure such breach or does not cure such breach within sixty (60) days; (ii) there is fraud, criminal conduct,
or willful misconduct by the Company; (iii) a court of competent jurisdiction

 

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enters a decree or order
for relief in respect of the Company in any involuntary case under the applicable bankruptcy, insolvency or other similar law now
or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company or for any substantial part of any of its property or orders the winding up or liquidation of the Company’s affairs;
or (iv) the Company commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company
or for any substantial part of any of its property, or makes any general assignment for the benefit of creditors, or fails generally
to pay its debts as they become due. The Company agrees that if any of the events specified in subsections (iii) or (iv) above
occur, it shall give written notice thereof to the Property Manager within seven (7) days after the occurrence of such event.

 

(C)         For
the avoidance of doubt, a material breach of the Leasing Agreement by and between the Company and the Property Manager, dated as
of the date hereof, shall be a material breach of this Property Management Agreement.

 

6.4.          Effect
of Termination. The termination of this Property Management Agreement for any reason shall not affect any right, obligation
or liability which has accrued under this Property Management Agreement on or before the effective date of such termination. Each
agreement between the Property Manager and a Sub-Manager with respect to any of the Property Manager’s duties under this
Property Management Agreement shall terminate immediately upon the termination of this Property Management Agreement. Upon termination
of this Property Management Agreement for any reason, the Property Manager will cooperate with the Company in an effort to achieve
an efficient transition of the management of the Properties without detriment to the rights of the Company or the Owner or to the
continued management of the Properties. Without limiting the foregoing, the Property Manager will, before receiving final payment
of any fees, facilitate the retrieval of or deliver to the Company or to such person or persons as the Company may direct, all
Property Documents, permits, books, records and accounts, rent rolls, insurance policies, files and other materials relating to
the Properties, including without limitation any bank account signature cards or other documentation required to transfer sole
control over the Operating Accounts to the applicable Owner Subsidiary or its designate. The Property Manager shall facilitate
the retrieval by the Company or the Company’s Representative of all personal property of the Company or Owner, whether on
the Properties or elsewhere. Within forty-five (45) days after the termination of this Property Management Agreement, the Property
Manager will deliver a final accounting to the Company reflecting all income and expenses of the Properties as of the date of termination.

 

ARTICLE
7

Representations and Warranties

of the Property Manager

 

To induce the Company
to enter into this Property Management Agreement, the Property Manager makes the following representations and warranties, which
shall survive the execution and termination of this Property Management Agreement:

 

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7.1.          Organization.
The Property Manager is duly organized, validly existing and in good standing under the laws of the state of Delaware. The Property
Manager has all power and authority required to execute, deliver and perform this Property Management Agreement.

 

7.2.          Authorization.
The execution, delivery and performance of this Property Management Agreement has been duly authorized by all necessary action
on the part of the Property Manager.

 

7.3.          Validity.
This Property Management Agreement constitutes a legal, valid and binding agreement of the Property Manager enforceable against
the Property Manager in accordance with its terms except as limited by bankruptcy, insolvency, receivership and similar laws of
general application.

 

7.4.          Licenses.
During the entire term of this Property Management Agreement, the Property Manager shall cause all persons performing licensable
activities to have and to maintain in full force and effect all licenses, including, without limitation, any real estate broker’s
license obtained by the Property Manager, which the real estate licensing law requires and all permits necessary to perform its
obligations under this Property Management Agreement and shall pay all taxes, fees or charges imposed on the business engaged in
by the Property Manager hereunder.

 

7.5.          Independent
Contractor. The Property Manager’s status under this Property Management Agreement is that of an independent contractor
and not as an agent or employee of the Owner.

 

ARTICLE
8

Miscellaneous

 

8.1.          Company’s
Rights. Nothing in this Property Management Agreement shall be deemed to limit the Company’s right to do anything regarding
any Property which an owner of such Property would otherwise be entitled to do, including but not limited to the right to enter
upon such Property, to inspect such Property, to perform any repair or maintenance thereof, and to do anything required of the
Property Manager hereunder if the Property Manager fails to do so in a timely manner.

 

8.2.          Company’s
Representative. The Company may designate one (1) representative to serve as the Company’s representative in all dealings
with the Property Manager hereunder (the “Company’s Representative”). Whenever the approval or consent
or other action of the Company is called for hereunder, such approval, consent or action shall be processed through the Company’s
Representative unless the Company notifies the Property Manager otherwise in writing. The Company’s Representative may be
changed at the discretion of the Company, at any time, by writing delivered to the Property Manager. Except as may be expressly
provided to the contrary elsewhere in this Property Management Agreement, whenever the approval or consent or other action of the
Company is called for under this Property Management Agreement, if the Property Manager requests such approval, consent or other
action of the Company’s Representative and does not receive a response from the Company’s Representative within five
(5) business days after making such request, the Property Manager shall make a

  

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second request for approval
or consent or other action of the Company’s Representative specifying that unless a response is received within two (2) days
after making such request, the request shall be deemed approved by the Company.

 

8.3.          No
Personal Liability. THE PROPERTY MANAGER’S DIRECTORS, SHAREHOLDERS, OFFICERS, EMPLOYEES, AGENTS AND REPRESENTATIVES
SHALL NOT BE PERSONALLY LIABLE FOR ANYTHING RELATED TO THIS PROPERTY MANAGEMENT AGREEMENT. THE COMPANY, ITS DIRECTORS, SHAREHOLDERS,
OFFICERS, EMPLOYEES, AGENTS AND REPRESENTATIVES, SHALL NOT BE PERSONALLY LIABLE FOR ANYTHING RELATED TO THIS PROPERTY MANAGEMENT
AGREEMENT.

 

8.4.          Nature
of Relationship. The Property Manager shall be responsible for all of its employees, the supervision of all persons performing
services regarding the Properties, and for determining the manner of performance of all services for which the Property Manager
is responsible hereunder. The Property Manager is an independent contractor and not an agent or employee of the Company or the
Owner. Nothing in this Property Management Agreement, nor any acts of the parties hereto, shall be deemed or construed by the parties
hereto, or either of them, or any third party, to create the relationship of principal and agent, employer and employee, or a partnership
or joint venture, between or among the Owner, the Company and the Property Manager.

 

8.5.          No
Third Party Beneficiaries. Neither this Property Management Agreement nor any part thereof nor any service, relationship or
other matter alluded to herein shall inure to the benefit of any third party, to any trustee in bankruptcy, to any assignee for
the benefit of creditors, to any receiver by reason of insolvency, to any other fiduciary or officer representing a bankruptcy
or insolvent estate of either party, or to the creditors or claimants of such an estate. Without limiting the generality of the
foregoing sentence, it is specifically understood and agreed that insolvency or bankruptcy of either an Owner Subsidiary or the
Company, on the one hand or the Property Manager on the other hand, shall at the option of the other void all rights of such insolvent
or bankrupt party hereunder (or so many of such rights as the other party shall elect to void).

 

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

 

If mailed or personally

delivered to an Owner

		and/or the Company:	American Realty Capital − Retail Centers of

America II, Inc.
 405 Park Avenue
 New York, New York
10022
 Telephone: (212) 415-6500
 Facsimile: (212) 421-5799
 Attention:     Mr. Edward M. Weil, Jr., President

Mr. James A. Tanaka, Esq.

 

    	20

    	 

    

  

		With a copy mailed to:	Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attention: Mr.     Peter M. Fass, Esq.

Mr. Michael J. Choate, Esq.

 

If mailed or personally

		delivered to the Property Manager:	American Realty Capital Retail II Advisors, LLC

405 Park Avenue

New York, New York 10022

Telephone: (212) 415-6500

Facsimile: (212) 421-5799

Attention: Mr.     Edward M. Weil, Jr.

Mr. James A. Tanaka, Esq.

 

		With a copy mailed to:	Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attention: Mr.     Peter M. Fass, Esq.

Mr. Michael J. Choate, Esq.

 

		With a copy mailed to:	Lincoln Retail REIT Services, LLC

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention: Mr.     Robert Dozier

Mr. Gregory Courtwright

 

or to such address as either party may
from time to time specify by written notice to the other. Notices shall be deemed to be received and, therefore, effective on the
earlier of the date of delivery or, the third (3rd) day after the date the notice is mailed.

 

8.7.          Amendments.
This Property Management Agreement may not be amended except by further agreement in writing executed by each party to be bound
thereby.

 

8.8.          Exhibits.
All exhibits or addenda to this Property Management Agreement are intended to be attached to this Property Management Agreement
and, whether or not so attached, are incorporated herein by reference as if set forth in full.

 

8.9.          Laws.
The term “laws” as used in this Property Management Agreement means all applicable constitutional provisions, statutes,
ordinances, codes and rules and regulations of any governmental body having jurisdiction over any Property, the parties or this
Property Management Agreement.

 

8.10.         No
Implied Waivers. No failure or delay by either party in exercising any right or remedy under this Property Management Agreement
and no course of dealing between the parties shall operate as a waiver of any such right or remedy nor shall any single or partial
exercise of any right or remedy by either party under this Property Management Agreement preclude any other or further exercise
of such right or remedy. The rights and remedies available

 

    	21

    	 

    

  

to the parties are cumulative
and not exclusive of any other rights and remedies provided by law or equity.

 

8.11.         Severability.
Whenever possible each provision of this Property Management Agreement shall be interpreted in such manner as to be effective and
valid under all applicable laws. However, if any provision of this Property Management Agreement is invalid under any applicable
law, such provision shall be ineffective only to the extent of such invalidity without invalidating the remaining provisions of
this Property Management Agreement and, to the fullest extent possible, this instrument shall be interpreted so as to give effect
to the stated written intent of the parties.

 

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

 

8.13.         Benefit
and Assignment. This Property Management Agreement shall be binding upon the Company and the Property Manager and their respective
successors and assigns and shall inure to the benefit of the Company, its successors and assigns. Except as provided in Section
2.1 of this Property Management Agreement, the Property Manager may not assign or transfer any of its rights or obligations under
this Property Management Agreement to a third party without the prior written consent of the Owner and the approval of a majority
of independent directors of the Company and any such assignment without the prior written consent of the Owner and the approval
of a majority of independent directors of the Company shall be void and of no effect.

 

8.14.         Headings.
The captions and headings in this Property Management Agreement are for convenience only and do not limit or amplify any provision
of this Property Management Agreement.

 

8.15.         Counterparts.
This Property Management Agreement may be executed in any number of counterparts and each shall be considered an original and together
they shall constitute one Agreement.

 

8.16.         Entire
Agreement. This Property Management Agreement sets forth the entire Agreement and understanding between the parties regarding
the subject matter of this Property Management Agreement and supersedes all prior agreements and understandings.

 

Signature page follows on next page.

 

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IN WITNESS WHEREOF,
the parties have executed this Property Management Agreement as of the date first above written.

 

	 	AMERICAN REALTY CAPITAL RETAIL II ADVISORS, LLC
	 	 	 
	 	By:	American Realty Capital Retail II Special Limited Partnership, LLC
	 	 	Its Member
	 	 	 
	 	By:	American Realty Capital IV, LLC
	 	 	Its Managing Member
	 	 	 
	 	By:	/s/ Nicholas S. Schorsch
	 	 	Name: Nicholas S. Schorsch
	 	 	Title: Authorized Signatory

 

	 	AMERICAN REALTY CAPITAL − RETAIL CENTERS OF AMERICA II, INC.
	 	 	 
	 	By	/s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: President, Chief Operating Officer and Secretary

 

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SCHEDULE
A

Transition Fee

 

Pursuant to Paragraph 5.3B

 

	Number of
 Tenants	 	 	0-9	 	 	10-17	 	 	18-24	 	 	25 or more	 
	 	Fee	 	 	$	1,000	 	 	$	1,500	 	 	$	2,000	 	 	$	2,500	 

 

    	24

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