Document:

EX-10.15

 EXHIBIT 10.15 

THIRD AMENDMENT TO TERM LOAN AGREEMENT 

THIS THIRD AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”) dated as of June 30, 2016, by and among BROADSTONE NET LEASE,
LLC, a limited liability company organized under the laws of the State of New York (the “Borrower”), BROADSTONE NET LEASE, INC., a corporation organized under the laws of the State of Maryland (the “Parent”), each of the Lenders
party hereto (the “Lenders”) and REGIONS BANK, an Alabama state banking corporation, as Administrative Agent (together with its successors and assigns, the “Administrative Agent”). 

WHEREAS, the Borrower, Parent, the financial institutions from time to time party thereto, and the Administrative Agent have entered into that
certain Term Loan Agreement dated as of May 24, 2013 (as amended and as in effect immediately prior to the effectiveness of this Amendment, the “Term Loan Agreement”), and desire to amend certain provisions of the Term Loan Agreement
on the terms and conditions contained herein; and 
 WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent desire to
amend certain provisions of the Term Loan Agreement subject to the terms and conditions of this Amendment. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 

Section 1. Specific Amendments to Term Loan Agreement. The parties hereto agree that the Term Loan Agreement is amended as
follows: 
 (a)    The Term Loan Agreement is amended by amending and restating the following definitions contained in
Section 1.1. thereof in their entirety as follows: 
 “Defaulting Lender” means, subject to
Section 3.9.(f), any Lender that (a) has failed to (i) fund all or any portion of a Loan to be made by it within 2 Business Days of the date such Loan was required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within 2 Business Days of the date when due, (b) has notified the Borrower or
the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund its
Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or
public statement) cannot be satisfied), or (c) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory
authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity
interest in that Lender or 

 
any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of
courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (c) above shall be conclusive and binding absent manifest error, and such Lender shall be
deemed to be a Defaulting Lender (subject to Section 3.9.(f)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Tangible Net Worth” means, as of a given date, stockholders’ equity of the Parent and its
Subsidiaries determined on a consolidated basis plus increases in accumulated depreciation and amortization accrued after December 31, 2014, minus (to the extent included when determining stockholders’ equity of the Parent
and its Subsidiaries): (a) the amount of any write-up in the book value of any assets reflected in any balance sheet resulting from revaluation thereof or any
write-up in excess of the cost of such assets acquired, and (b) the aggregate of all amounts appearing on the assets side of any such balance sheet for franchises, licenses, permits, patents, patent
applications, copyrights, trademarks, service marks, trade names, goodwill, treasury stock, experimental or organizational expenses and other like assets which would be classified as intangible assets under GAAP (other than lease intangible assets,
net of lease intangible liabilities), all determined on a consolidated basis. 
 (b)    The Term Loan Agreement is
further amended by adding the following definitions to Section 1.1. thereof in the appropriate alphabetical location: 

“Bail-In Action” means the exercise of any Write-Down and Conversion
Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
 - 2 - 

 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 (c)    The Term Loan Agreement is further amended by
removing Section 3.8. in its entirety. 
 (d)    The Term Loan Agreement is further amended by restating Section
4.1.(b) thereof in its entirety as follows: 
 (b)    Additional Borrowing Base Properties. If
after the Effective Date the Borrower desires that any additional Eligible Property be included in calculations of the Borrowing Base, the Borrower shall so notify the Administrative Agent in writing and provide the Administrative Agent with the
following, in form and substance reasonably satisfactory to the Administrative Agent: 
 (i)    An
executive summary of the Property including, at a minimum, the following information relating to such Property: (A) a description of such Property, such description to include the age, location, survey, current occupancy rate and physical
condition of such Property, (B) a 12-month forward rent roll if not included in the schedules attached to the Borrowing Base Certificate; 

(ii)    A Borrowing Base Certificate that includes the Unencumbered Eligible Property Value of such
Property; 
 (iii)    To the extent the owner of such Property is not the Borrower or already party to
the Guaranty, such deliveries as are required pursuant to Section 8.12 hereof (which items shall be delivered, and such Subsidiary shall become a Guarantor, prior to the date such Property is included as a Borrowing Base Property); and 

(iv)    Such other information the Administrative Agent may reasonably request in order to confirm that the
Property is an Eligible Property. 
 Upon the Administrative Agent’s receipt of all of the foregoing items which shall be in form and
substance reasonably satisfactory to the Administrative Agent, such Property shall be deemed to be a Borrowing Base Property. 

(e)    The Term Loan Agreement is further amended by adding the following at the end of Section 7.1. thereof: 

(bb)    None of the Parent, the Borrower or any Subsidiary is an EEA Financial Institution. 

(f)    The Term Loan Agreement is further amended by adding the following new Section 13.21.: 

  
 - 3 - 

 Section 13.21. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 
 Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such
liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    the effects of any Bail-in Action on any such liability,
including, if applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability;

 (ii)    a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii)     the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to receipt by the Administrative Agent of each of
the following, each in form and substance satisfactory to the Administrative Agent: 
 (a)    a
counterpart of this Amendment duly executed by the Borrower, the Parent, the Administrative Agent and Lenders constituting the Requisite Lenders; 

(b)    a Guarantor Acknowledgement substantially in the form of Exhibit A attached hereto, executed
by each Guarantor; 
 (c)    evidence that all fees, expenses and reimbursement amounts due and payable
to the Administrative Agent in connection with this Amendment have been paid; and 
 (d)    such other
documents, instruments and agreements as the Administrative Agent may reasonably request. 
 Section 3. Representations. The
Borrower represents and warrants to the Administrative Agent and the Lenders that: 
 (a)    Authorization. The
Parent, the Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment, to perform this Amendment, the Term Loan Agreement as amended by this Amendment and
each of the 

  
 - 4 - 

 
other Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. This Amendment has been duly executed and
delivered by the duly authorized officers of each Loan Party a party hereto and this Amendment, the Term Loan Agreement as amended by this Amendment and each of the other Loan Documents to which any of the Loan Parties are party, is a legal, valid
and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(b)    Compliance with Laws, etc. The execution and delivery of this Amendment and performance of this Amendment
and the Term Loan Agreement as amended by this Amendment by any Loan Party a party hereto in accordance with their respective terms do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental
Approval or violate any Applicable Law (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any
Loan Party, or any material indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the
creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 

(c)    No Default. No Default or Event of Default has occurred and is continuing as of the date hereof or will
exist immediately after giving effect to this Amendment. 
 (d)    Representations. The representations and
warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in
all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Term Loan Agreement. 

Section 4. Certain References. Each reference to the Term Loan Agreement in any of the Loan Documents shall be deemed to be a
reference to the Term Loan Agreement as amended by this Amendment. 
 Section 5. Expenses. The Borrower shall reimburse the
Administrative Agent upon demand for all reasonable, documented out-of-pocket costs and expenses (including attorneys’ fees) incurred by the Administrative Agent in
connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 

Section 6. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 Section 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 - 5 - 

 Section 8. Effect. Except as expressly herein amended, the terms and conditions of
the Term Loan Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only from the date as of which this Amendment is dated. 

Section 9. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original and shall be binding upon all parties, their successors and assigns. 
 Section 10. Definitions. All capitalized terms
not otherwise defined herein are used herein with the respective definitions given them in the Term Loan Agreement, as amended by this Amendment. 

[Signatures on Next Page] 

  
 - 6 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Term Loan Agreement to
be executed as of the date first above written. 
  

					
	 BROADSTONE NET LEASE, LLC,
 a New
York limited liability company

		
	By:	 	 Broadstone Net Lease, Inc.,

a Maryland corporation,
 Managing Member

		 
		 
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	President and Chief Financial Officer
	
	 BROADSTONE NET LEASE, INC.,
 a
Maryland corporation

		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	President and Chief Financial Officer

  
 [Signatures Continue on
Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

  

					
	REGIONS BANK, as Administrative Agent and as a Lender
		
	By:	 	 /s/ C. Vincent Hughes Jr.

		 	Name:	 	C. Vincent Hughes Jr.
		 	Title:	 	Vice President

  
 [Signatures Continue on
Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Matthew Ricketts

		 	Name:	 	Matthew Ricketts
		 	Title:	 	Managing Director

  
 [Signatures Continue on
Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

  

					
	BANK OF MONTREAL, as a Lender
		
	By:	 	 /s/ Kevin Fennell

		 	Name:	 	Kevin Fennell
		 	Title:	 	Vice President

  
 [Signatures Continue on
Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

  

							
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Francine Glandt

		 	Name:	 	Francine Glandt
		 	Title:	 	Senior Vice President, REIT Group

  
 [Signatures Continue on
Next Page] 

 [Signature Page to Third Amendment to Term Loan Agreement for Broadstone Net Lease, LLC]

  

							
	CITIZENS BANK N.A. f/n/a RBS CITIZENS, N.A., as a Lender
			
		 	By:	 	 /s/ Brad Bindas

		 		 	Name: Brad Bindas
		 		 	Title: Senior Vice President

 EXHIBIT A 

FORM OF GUARANTOR ACKNOWLEDGEMENT 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of June 30, 2016 (this “Acknowledgement”) executed by each of the undersigned (the
“Guarantors”) in favor of REGIONS BANK, as Administrative Agent (the “Administrative Agent”) and each “Lender” a party to the Term Loan Agreement referred to below (the “Lenders”). 

WHEREAS, Broadstone Net Lease, LLC, a limited liability company organized under the laws of the State of New York (the “Borrower”),
Broadstone Net Lease, Inc., a corporation organized under the laws of the State of Maryland (the “Parent”), the Lenders, the Administrative Agent and certain other parties have entered into that certain Term Loan Agreement dated as of
May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”); 

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of May 24, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Term Loan Agreement on the terms and conditions contained in the Guaranty; 

WHEREAS, the Borrower, the Parent, the Administrative Agent and the Lenders are to enter into the Third Amendment to Term Loan Agreement dated
as of the date hereof (the “Amendment”), to amend the terms of the Term Loan Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing obligations to the
Administrative Agent and the Lenders under the Guaranty, acknowledges and agrees that each of the new Term Loans made by the Lenders in connection with the Amendment constitute “Obligations” under the Term Loan Agreement and a continuing
obligation of each Guarantor under the Guaranty, and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or discharge the obligations of such
Guarantor thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3.
Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 

  
 [Signatures on Next Page]

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement
as of the date and year first written above. 
  

					
	BROADSTONE NET LEASE, INC.
		
	By:	 	                                   
                                         
                   
		 	Name:	 	                                     
                                         
     
		 	Title:	 	                                     
                                         
     

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE 2020EX TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE AI MICHIGAN, LLC,
 a New
York limited liability company

	 BROADSTONE APLB BRUNSWICK, LLC,
 a
New York limited liability company

	 BROADSTONE APLB MINNESOTA, LLC,
 a
New York limited liability company

	 BROADSTONE APLB SARASOTA, LLC,
 a
New York limited liability company

	 BROADSTONE APLB VIRGINIA, LLC,
 a
New York limited liability company

	 BROADSTONE ASDCW TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE BFW MINNESOTA, LLC,
 a
New York limited liability company

	 BROADSTONE BK EMPORIA, LLC,
 a New
York limited liability company

	 BROADSTONE BK VIRGINIA, LLC,
 a New
York limited liability company

	 BROADSTONE BNR ARIZONA, LLC,
 a New
York limited liability company

	 BROADSTONE CABLE, LLC,
 a New York
limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                    
                                       
             
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE CFW TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE EA OHIO, LLC,
 a New York
limited liability company

	 BROADSTONE EO BIRMINGHAM I, LLC,
 a
New York limited liability company

	 BROADSTONE EO BIRMINGHAM II, LLC,
 a
New York limited liability company

	 BROADSTONE EWD ILLINOIS, LLC,
 a New
York limited liability company

	 BROADSTONE FDT WISCONSIN, LLC,
 a
New York limited liability company

	 BROADSTONE FILTER, LLC,
 a New York
limited liability company

	 BROADSTONE FMFP TEXAS B2, LLC,
 a
New York limited liability company

	 BROADSTONE FMFP TEXAS B3, LLC,
 a
New York limited liability company

	 BROADSTONE GCSC FLORIDA, LLC,
 a New
York limited liability company

	 BROADSTONE KNG OKLAHOMA, LLC,
 a New
York limited liability company

	 BROADSTONE LGC NORTHEAST, LLC,
 a
New York limited liability company

	 BROADSTONE MCW WISCONSIN, LLC,
 a
New York limited liability company

	 BROADSTONE MD OKLAHOMA, LLC,
 a New
York limited liability company

	 BROADSTONE MED FLORIDA, LLC,
 a New
York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE NDC FAYETTEVILLE, LLC,
 a
New York limited liability company

	 BROADSTONE NI NORTH CAROLINA, LLC,

a New York limited liability company

	 BROADSTONE PCSC TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE PY CINCINNATI, LLC,
 a
New York limited liability company

	 BROADSTONE RM MISSOURI, LLC,
 a New
York limited liability company

	 BROADSTONE ROLLER, LLC,
 a New York
limited liability company

	 BROADSTONE SOE RALEIGH, LLC,
 a New
York limited liability company

	 BROADSTONE SNC OK TX, LLC,
 a New
York limited liability company

	 BROADSTONE TA TENNESSEE, LLC,
 a New
York limited liability company

	 BROADSTONE TB JACKSONVILLE, LLC,
 a
New York limited liability company

	 BROADSTONE TB SOUTHEAST, LLC,
 a New
York limited liability company

	 BROADSTONE TB TN, LLC,
 a Delaware
limited liability company

	 BROADSTONE TR FLORIDA, LLC,
 a New
York limited liability company

	 BROADSTONE IELC TEXAS, LLC,
 a New
York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE WI ALABAMA, LLC,
 a New
York limited liability company

	 BROADSTONE WI APPALACHIA, LLC,
 a
New York limited liability company

	 BROADSTONE WI EAST, LLC,
 a New York
limited liability company

	 GRC LI TX, LLC,
 a Delaware limited
liability company

	 TB TAMPA REAL ESTATE, LLC,
 a New
York limited liability company

	 BROADSTONE SC ILLINOIS, LLC,
 a New
York limited liability company

	 BROADSTONE SNI EAST, LLC,
 a New
York limited liability company

	 BROADSTONE RA CALIFORNIA, LLC,
 a
New York limited liability company

	 BROADSTONE PC MICHIGAN, LLC,
 a New
York limited liability company

	 BROADSTONE DHCP VA AL, LLC,
 a New
York limited liability company

	 BROADSTONE GC KENTUCKY, LLC,
 a New
York limited liability company

	 BROADSTONE WI GREAT PLAINS, LLC,
 a
New York limited liability company

	 BROADSTONE SNI GREENWICH, LLC,
 a
New York limited liability company

	 BROADSTONE BW TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE SF MINNESOTA, LLC,
 a New
York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE BEC TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE OP OHIO, LLC,
 a New York
limited liability company

	 BROADSTONE IS HOUSTON, LLC,
 a New
York limited liability company

	 BROADSTONE SPS UTAH, LLC,
 a New
York limited liability company

	 BROADSTONE NSC TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE HLC MIDWEST, LLC,
 a New
York limited liability company

	 BROADSTONE PP ARKANSAS, LLC,
 a New
York limited liability company

	 BROADSTONE BT SOUTH, LLC,
 a New
York limited liability company

	 BROADSTONE MHH MICHIGAN, LLC,
 a New
York limited liability company

	 BROADSTONE PEARL, LLC,
 a New York
limited liability company

	 BROADSTONE APLB SC, LLC,
 a New York
limited liability company

	 BROADSTONE APLB UTAH, LLC,
 a New
York limited liability company

	 BROADSTONE BFC MARYLAND, LLC,
 a New
York limited liability company

	 BROADSTONE AC WISCONSIN, LLC,
 a New
York limited liability company

	 BROADSTONE STI MINNESOTA, LLC,
 a
New York limited liability company

	 BROADSTONE APM FLORIDA, LLC,
 a New
York limited liability company

	 BROADSTONE MFEC FLORIDA, LLC,
 a New
York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

 
			
	 BROADSTONE TB NORTHWEST, LLC,
 a New
York limited liability company

	 NWR REALTY LLC,
 a Washington
limited liability company

	 BROADSTONE CI WEST, LLC,
 a New York
limited liability company

	 BROADSTONE CC PORTFOLIO, LLC,
 a New
York limited liability company

	 BROADSTONE LC FLORIDA, LLC,
 a New
York limited liability company

	 BROADSTONE BEF PORTFOLIO, LLC,
 a
New York limited liability company

	 BROADSTONE BW ARKANSAS, LLC,
 a New
York limited liability company

	 BROADSTONE BW WINGS SOUTH, LLC,
 a
New York limited liability company

	 BROADSTONE FHS TEXAS, LLC,
 a New
York limited liability company

	 BROADSTONE JFR PORTFOLIO, LLC,
 a
New York limited liability company

	 BROADSTONE KINSTON, LLC,
 a New York
limited liability company

	 BROADSTONE ASH ARKANSAS, LLC,
 a New
York limited liability company

	 BROADSTONE APLB WISCONSIN, LLC,
 a
New York limited liability company

	 BROADSTONE RL PORTFOLIO, LLC,
 a New
York limited liability company

	 BROADSTONE BW APPALACHIA, LLC,
 a
New York limited liability company

	 BROADSTONE FC PORTAGE, LLC,
 a New
York limited liability company

	 BROADSTONE MV PORTFOLIO, LLC,
 a New
York limited liability company

	 BROADSTONE NIC PENNSYLVANIA, LLC,
 a
New York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 

 [Signature Page to Broadstone Guarantor Acknowledgement-continued] 

 

			
	 BROADSTONE PEARL VIRGINIA, LLC
 a
New York limited liability company

	 BROADSTONE RCS TEXAS, LLC
 a New
York limited liability company

	 BROADSTONE RTC PORTFOLIO, LLC
 a New
York limited liability company

	
	 By: Broadstone Net Lease, LLC,
 a
New York limited liability company,
 its sole member

	
	 By: Broadstone Net Lease, Inc.
 a
Maryland corporation,
 its managing member

		
	By:	 	                                     
                                         
           
	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial OfficerEX-10.16

 EXHIBIT 10.16 

FOURTH AMENDMENT TO TERM LOAN AGREEMENT 

THIS FOURTH AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”) dated as of December 23, 2016, by and among BROADSTONE NET
LEASE, LLC (the “Borrower”), BROADSTONE NET LEASE, INC. (the “Parent”), each of the Lenders party hereto and REGIONS BANK, an Alabama state banking corporation, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Borrower, the Parent, the Lenders, the Administrative Agent and certain other parties have entered into that certain Term Loan
Agreement dated as of May 24, 2013 (as amended including by (i) that certain First Amendment to Term Loan Agreement dated as of October 11, 2013, (ii) that certain Second Amendment to Term Loan Agreement dated as of November 6,
2015, and (iii) that certain Third Amendment to Term Loan Agreement dated as of June 30, 2016, in each case, by and among the Borrower, the Parent, certain Lenders party thereto, the Administrative Agent and the other parties thereto, and
as in effect immediately prior to the effectiveness of this Amendment, the “Term Loan Agreement”); 
 WHEREAS, the parties hereto
desire to amend certain provisions of the Term Loan Agreement on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 

Section 1. Specific Amendments to Term Loan Agreement. Upon the effectiveness of this Amendment, the parties hereto agree that the
Term Loan Agreement shall be amended as follows: 
 (a)    The Term Loan Agreement is amended by amending and restating
the definition of “LIBOR” contained in Section 1.1. thereof in its entirety as follows: 

“LIBOR” means, for any Interest Period with respect to a LIBOR Loan, the rate appearing on Reuters Screen
LIBOR01 page (or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such service or if such page or service ceases to display such information from such other service or method as the
Administrative Agent may select) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period; provided that if the
rate determined as provided above would be less than zero, then such rate shall be deemed to be zero for purposes of this Agreement if and only if the aggregate amount of the outstanding principal amount of all LIBOR Loans and Borrower’s other
Indebtedness consisting of term loans bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps at any time during such Interest Period. 

(b)    The Term Loan Agreement is further amended by adding the following definition to Section 1.1. thereof in the
appropriate alphabetical location: 
 “Qualifying Swap” means any interest rate swap transaction that
(i) trades floating rate interest for fixed rate interest, (ii) was entered into as a hedge against fluctuations in interest rates in respect of Borrower’s Indebtedness that bears interest at a rate based on LIBOR, and (iii) the
parties to such interest rate swap transaction have not elected the “Zero Interest Rate Method” in the International Swaps and Derivatives Association master agreement governing such interest rate swap transaction. 

 (c)    The Term Loan Agreement is further amended by restating
Section 9.3. thereof in its entirety as follows: 
 Section 9.3. Compliance Certificate. 

At the time the financial statements are furnished pursuant to Sections 9.1. and 9.2., a certificate substantially in the
form of Exhibit G (a “Compliance Certificate”) executed on behalf of the Parent by a Financial Officer of the Parent (a) setting forth a reasonably detailed list of all Eligible Properties which the Borrower has included in
calculations of Total Unencumbered Eligible Property Value for the fiscal period covered by such Compliance Certificate; (b) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case may
be, the calculations required to establish whether the Parent was in compliance with the covenants contained in Section 10.1.; (c) setting forth in reasonable detail as of the end of such quarterly accounting period or fiscal year, as the case
may be, (i) all of Borrower’s Qualifying Swaps and the notional amounts thereof, (ii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness consisting of
term loans bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps, (iii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and
Borrower’s other Indebtedness bearing interest at a rate based on LIBOR exceeded the total notional amount of all of Borrower’s Qualifying Swaps, together with the amount of such excess during any such period; and (d) stating that no
Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Parent and/or the Borrower with respect to such event, condition or
failure. 
 (d)    Exhibit G to the Term Loan Agreement is amended by amending and restating paragraph 2 thereof in its
entirety as follows: 
 2.    Schedule 1 attached hereto accurately and completely (a) sets
forth reasonably detailed calculations required to establish compliance with Section 10.1. of the Credit Agreement and (b) setting forth in reasonable detail (i) all of Borrower’s Qualifying Swaps and the notional amounts
thereof, (ii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness consisting of term loans bearing interest at a rate based on LIBOR exceeded the total notional
amount of all of Borrower’s Qualifying Swaps, (iii) each period, if any, during which the aggregate outstanding principal amount of all LIBOR Loans and Borrower’s other Indebtedness bearing interest at a rate based on LIBOR exceeded
the total notional amount of all of Borrower’s Qualifying Swaps, together with the amount of such excess during any such period. 

Section 2. Conditions Precedent. The effectiveness of this Amendment, is subject to receipt by the Administrative Agent of the
following, each in form and substance satisfactory to the Administrative Agent: 
 (a)    a counterpart of this
Amendment duly executed by the Borrower, the Parent, the Administrative Agent and the Requisite Lenders; 

  
 2 

 (b)    a Guarantor Acknowledgement substantially in the form of Exhibit A
attached hereto, executed by each Guarantor; 
 (c)    evidence that all fees, expenses and reimbursement amounts due
and payable to the Administrative Agent have been paid; and 
 (d)    such other documents, instruments and agreements
as the Administrative Agent may reasonably request. 
 Section 3. Representations. Each of the Parent and the Borrower
represents and warrants to the Administrative Agent and the Lenders that: 
 (a)    Authorization. This Amendment
has been duly authorized by all necessary limited liability company action of the Borrower and all corporate action of the Parent, and the Parent has the requisite power and authority to execute and deliver on behalf of itself and the Borrower this
Amendment. Each of the Borrower and the Parent has the requisite power and authority to perform this Amendment and the Term Loan Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly
executed and delivered by the Borrower and the Parent and each of this Amendment and the Term Loan Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower and the Parent enforceable against the Borrower and
the Parent in accordance with their respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the availability of equitable remedies for
the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(b)    Compliance with Laws, etc. The execution and delivery by the Borrower and the Parent of this Amendment and
the performance by the Borrower and the Parent of this Amendment and the Term Loan Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise:
(i) require any Governmental Approvals or violate any Applicable Laws (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under
the organizational documents of the Parent, the Borrower or any other Loan Party, or any material indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its respective
properties are bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Parent, the Borrower or any other Loan Party other than in favor of the
Administrative Agent for its benefit and the benefit of the Lenders. 
 (c)    No Default. No Default or Event of
Default has occurred and is continuing as of the date hereof, nor will exist immediately after giving effect to this Amendment. 

Section 4. Reaffirmation of Representations by Borrower and Parent. The representations and warranties made or deemed made by the
Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation
or warranty shall be true and correct in all respects) on the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been
true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date)
and except for changes in factual circumstances specifically and expressly permitted under the Term Loan Agreement. 

  
 3 

 Section 5. Certain References. Each reference to the Term Loan Agreement in any of
the Loan Documents shall be deemed to be a reference to the Term Loan Agreement as amended by this Amendment. 
 Section 6.
Expenses. The Borrower shall reimburse the Administrative Agent upon demand for all reasonable, documented out-of-pocket costs and expenses (including reasonable
attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 

Section 7. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 9.
Effect. Except as expressly herein amended, the terms and conditions of the Term Loan Agreement and the other Loan Documents remain in full force and effect. The amendments contained in Section 1 hereof shall be deemed to have
prospective application only from the date this Amendment becomes effective. The Term Loan Agreement, as herein amended, is hereby ratified and confirmed in all respects. Nothing in this Amendment shall limit, impair or constitute a waiver of the
rights, powers or remedies available to the Administrative Agent or the Lenders under the Term Loan Agreement, as herein amended, or any other Loan Document. 

Section 10. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original and shall be binding upon all parties, their successors and assigns. Signatures hereto delivered by facsimile transmission, emailed .pdf file or other similar forms of electronic transmission shall be deemed original signatures, which
hereby may be relied upon by all parties and shall be binding on the respective signor. 
 Section 11. Loan Documents. This
Amendment and the executed Guarantor Acknowledgement substantially in the form attached hereto as Exhibit A shall be deemed to be “Loan Documents” for all purposes under the Term Loan Agreement and the other Loan Documents. 

Section 12. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given
them in the Term Loan Agreement, as amended by this Amendment. 
 [Signatures Commence on Next Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to Term Loan Agreement
to be executed as of the date first above written. 
  

					
	THE BORROWER:
	
	BROADSTONE NET LEASE, LLC
		
	By:	 	Broadstone Net Lease, Inc., Managing Member
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	President and Chief Financial Officer
	
	THE PARENT:
	
	BROADSTONE NET LEASE, INC.
		
	By:	 	 /s/ Christopher J. Czarnecki

		 	Name:	 	Christopher J. Czarnecki
		 	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Fourth Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

 
					
	THE ADMINISTRATIVE AGENT AND THE LENDERS:
	
	REGIONS BANK, as Administrative Agent and as a Lender
		
	By:	 	 /s/ C. Vincent Hughes Jr.

		 	Name:	 	C. Vincent Hughes Jr.
		 	Title:	 	Vice President

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Fourth Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

    as a Lender

		
	By:	 	 /s/ Matthew Ricketts

		 	Name:	 	Matthew Rickets
		 	Title:	 	Managing Director

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Fourth Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

					
	BANK OF MONTREAL, as a Lender
		
	By:	 	 /s/ Kevin Fennell

		 	Name:	 	Kevin Fennell
		 	Title:	 	Vice President

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Fourth Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

					
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Francine Glandt

		 	Name:	 	Francine Glandt
		 	Title:	 	Senior Vice President, REIT Group

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Fourth Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

							
	CITIZENS BANK N.A. f/n/a RBS CITIZENS, N.A., as a Lender
			
		 	By:	 	 /s/ Brad Bindas

		 		 	Name:	 	Brad Bindas
		 		 	Title:	 	Senior Vice President

  
 [Signature Page to Fourth
Amendment to Term Loan Agreement for Broadstone Net Lease, LLC] 

 EXHIBIT A 

FORM OF GUARANTOR ACKNOWLEDGEMENT 

THIS GUARANTOR ACKNOWLEDGEMENT dated as of December 23, 2016 (this “Acknowledgement”) executed by each of the undersigned (the
“Guarantors”) in favor of Regions Bank, as Administrative Agent (the “Administrative Agent”) and each “Lender” a party to the Term Loan Agreement referred to below (the “Lenders”). 

WHEREAS, Broadstone Net Lease, LLC (the “Borrower”), Broadstone Net Lease, Inc. (the “Parent”), the Lenders, the
Administrative Agent and certain other parties have entered into that certain Term Loan Agreement dated as of May 24, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Agreement”); 

WHEREAS, each of the Guarantors is a party to that certain Guaranty dated as of May 24, 2013 (as amended, restated, supplemented or
otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Term Loan Agreement on the terms and conditions contained in the Guaranty; 

WHEREAS, the Borrower, the Parent, the Administrative Agent and certain of the Lenders are to enter into the Fourth Amendment to Term Loan
Agreement dated as of the date hereof (the “Fourth Amendment”), to amend the Term Loan Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Fourth Amendment that the Guarantors execute and deliver this
Acknowledgement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms its continuing
obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Fourth Amendment, shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair or
discharge the obligations of such Guarantor thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be
an original and shall be binding upon all parties, their successors and assigns. Signatures hereto delivered by facsimile transmission, emailed .pdf file or other similar forms of electronic transmission shall be deemed original signatures, which
hereby may be relied upon by all parties and shall be binding on the respective signor. 
 [Signatures on Next Page] 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor Acknowledgement
as of the date and year first written above. 
  

			
	THE GUARANTORS:
	
	BROADSTONE NET LEASE, INC.
		
	By:	 	  

	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Second Amendment to Credit Agreement 

for Broadstone Net Lease LLC] 

 
					
	 BROADSTONE 2020EX TEXAS, LLC,

           a New York limited liability company

	 BROADSTONE AI MICHIGAN, LLC,

           a New York limited liability company

	 BROADSTONE APLB MINNESOTA, LLC,

           a New York limited liability company

	 BROADSTONE APLB SARASOTA, LLC,

           a New York limited liability company

	 BROADSTONE APLB VIRGINIA, LLC,

           a New York limited liability company

	 BROADSTONE ASDCW TEXAS, LLC,

           a New York limited liability company

	 BROADSTONE BFW MINNESOTA, LLC,

           a New York limited liability company

	 BROADSTONE BK EMPORIA, LLC,

           a New York limited liability company

	 BROADSTONE BK VIRGINIA, LLC,

           a New York limited liability company

	 BROADSTONE BNR ARIZONA, LLC,

           a New York limited liability company

	 BROADSTONE CABLE, LLC,

           a New York limited liability company

		
	By:	 	Broadstone Net Lease, LLC,
		 	    a New York limited liability company,
		 	    its sole member
		
		 	    By: Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	    By:	 	  

		 	    Name:	 	Christopher J. Czarnecki
		 	    Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

 
					
	 BROADSTONE CFW TEXAS, LLC,

           a New York limited liability company

	 BROADSTONE EA OHIO, LLC,

           a New York limited liability company

	 BROADSTONE EO BIRMINGHAM I, LLC,

           a New York limited liability company

	 BROADSTONE EO BIRMINGHAM II, LLC,

           a New York limited liability company

	 BROADSTONE EWD ILLINOIS, LLC,

           a New York limited liability company

	 BROADSTONE FDT WISCONSIN, LLC,

           a New York limited liability company

	 BROADSTONE FILTER, LLC,

           a New York limited liability company

	 BROADSTONE FMFP TEXAS B2, LLC,

           a New York limited liability company

	 BROADSTONE FMFP TEXAS B3, LLC,

           a New York limited liability company

	 BROADSTONE GCSC FLORIDA, LLC,

           a New York limited liability company

	 BROADSTONE KNG OKLAHOMA, LLC,

           a New York limited liability company

	 BROADSTONE LGC NORTHEAST, LLC,

           a New York limited liability company

	 BROADSTONE MCW WISCONSIN, LLC,

           a New York limited liability company

	 BROADSTONE MD OKLAHOMA, LLC,

           a New York limited liability company

	 BROADSTONE MED FLORIDA, LLC,

           a New York limited liability company

		
	By:	 	Broadstone Net Lease, LLC,
		 	    a New York limited liability company,
		 	    its sole member
		
		 	             By: Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	             By:	 	  

		 	             Name:	 	Christopher J. Czarnecki
		 	             Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

 
					
	 BROADSTONE NDC FAYETTEVILLE, LLC,

           a New York limited liability company

	 BROADSTONE NI NORTH CAROLINA, LLC,

           a New York limited liability company

	 BROADSTONE PCSC TEXAS, LLC,

           a New York limited liability company

	 BROADSTONE PY CINCINNATI, LLC,

           a New York limited liability company

	 BROADSTONE RM MISSOURI, LLC,

           a New York limited liability company

	 BROADSTONE ROLLER, LLC,

           a New York limited liability company

	 BROADSTONE SOE RALEIGH, LLC,

           a New York limited liability company

	 BROADSTONE SNC OK TX, LLC,

           a New York limited liability company

	 BROADSTONE TA TENNESSEE, LLC,

           a New York limited liability company

	 BROADSTONE TB JACKSONVILLE, LLC,

           a New York limited liability company

	 BROADSTONE TB SOUTHEAST, LLC,

           a New York limited liability company

	 BROADSTONE TB TN, LLC,

           a Delaware limited liability company

	 BROADSTONE TR FLORIDA, LLC,

           a New York limited liability company

	 BROADSTONE IELC TEXAS, LLC,

           a New York limited liability company

		
	By:	 	Broadstone Net Lease, LLC,
		 	    a New York limited liability company,
		 	    its sole member
		
		 	    By: Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	    By:	 	  

		 	    Name:	 	Christopher J. Czarnecki
		 	    Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

 
					
	 BROADSTONE WI ALABAMA, LLC,

           a New York limited liability company

	 BROADSTONE WI APPALACHIA, LLC,

           a New York limited liability company

	 BROADSTONE WI EAST, LLC,

           a New York limited liability company

	 GRC LI TX, LLC,

           a Delaware limited liability company

	 TB TAMPA REAL ESTATE, LLC,

           a New York limited liability company

	 BROADSTONE SC ILLINOIS, LLC,

           a New York limited liability company

	 BROADSTONE SNI EAST, LLC,

           a New York limited liability company

	 BROADSTONE RA CALIFORNIA, LLC,

           a New York limited liability company

	 BROADSTONE PC MICHIGAN, LLC,

           a New York limited liability company

	 BROADSTONE DHCP VA AL, LLC,

           a New York limited liability company

	 BROADSTONE GC KENTUCKY, LLC,

           a New York limited liability company

	 BROADSTONE WI GREAT PLAINS, LLC,

           a New York limited liability company

	 BROADSTONE SNI GREENWICH, LLC,

           a New York limited liability company

	 BROADSTONE BW TEXAS, LLC,

           a New York limited liability company

	 BROADSTONE SF MINNESOTA, LLC,

           a New York limited liability company

		
	By:	 	Broadstone Net Lease, LLC,
		 	    a New York limited liability company,
		 	    its sole member
		
		 	    By: Broadstone Net Lease, Inc.
		 		 	a Maryland corporation,
		 		 	its managing member
			
		 	    By:	 	  

		 	    Name:	 	Christopher J. Czarnecki
		 	    Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

					
	 BROADSTONE BEC TEXAS, LLC,

            a New York limited liability company

	 BROADSTONE OP OHIO, LLC,

            a New York limited liability company

	 BROADSTONE IS HOUSTON, LLC,

            a New York limited liability company

	 BROADSTONE SPS UTAH, LLC,

            a New York limited liability company

	 BROADSTONE NSC TEXAS, LLC,

            a New York limited liability company

	 BROADSTONE HLC MIDWEST, LLC,

            a New York limited liability company

	 BROADSTONE PP ARKANSAS, LLC,

            a New York limited liability company

	 BROADSTONE BT SOUTH, LLC,

            a New York limited liability company

	 BROADSTONE MHH MICHIGAN, LLC,

            a New York limited liability company

	 BROADSTONE PEARL, LLC,

            a New York limited liability company

	 BROADSTONE APLB SC, LLC,

            a New York limited liability company

	 BROADSTONE APLB UTAH, LLC,

            a New York limited liability company

	 BROADSTONE BFC MARYLAND, LLC,

            a New York limited liability company

	 BROADSTONE AC WISCONSIN, LLC,

            a New York limited liability company

	 BROADSTONE STI MINNESOTA, LLC,

            a New York limited liability company

	 BROADSTONE APM FLORIDA, LLC,

            a New York limited liability company

	 BROADSTONE MFEC FLORIDA, LLC,

            a New York limited liability company

	
	By: Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	     a Maryland corporation,
		 		 	     its managing member
		
	By:	 	  

	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

 
					
	 BROADSTONE TB NORTHWEST, LLC,

            a New York limited liability company

	 NWR REALTY LLC,

            a Washington limited liability company

	 BROADSTONE CI WEST, LLC,

            a New York limited liability company

	 BROADSTONE CC PORTFOLIO, LLC,

            a New York limited liability company

	 BROADSTONE BEF PORTFOLIO, LLC,

            a New York limited liability company

	 BROADSTONE BW ARKANSAS, LLC,

            a New York limited liability company

	 BROADSTONE BW WINGS SOUTH, LLC,

            a New York limited liability company

	 BROADSTONE FHS TEXAS, LLC,

            a New York limited liability company

	 BROADSTONE JFR PORTFOLIO, LLC,

            a New York limited liability company

	 BROADSTONE KINSTON, LLC,

            a New York limited liability company

	 BROADSTONE ASH ARKANSAS, LLC,

            a New York limited liability company

	 BROADSTONE APLB WISCONSIN, LLC,

            a New York limited liability company

	 BROADSTONE RL PORTFOLIO, LLC,

            a New York limited liability company

	 BROADSTONE BW APPALACHIA, LLC,

            a New York limited liability company

	 BROADSTONE FC PORTAGE, LLC,

            a New York limited liability company

	 BROADSTONE MV PORTFOLIO, LLC,

            a New York limited liability company

	 BROADSTONE NIC PENNSYLVANIA, LLC,

            a New York limited liability company

	
	By: Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	     a Maryland corporation,
		 		 	     its managing member
		
	By:	 	  

	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signatures Continued on
Next Page] 
 [Signature Page to Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 

for Broadstone Net Lease LLC] 

					
	 BROADSTONE PEARL VIRGINIA, LLC

            a New York limited liability company

	 BROADSTONE RCS TEXAS, LLC

            a New York limited liability company

	 BROADSTONE RTC PORTFOLIO, LLC

            a New York limited liability company

	 BROADSTONE SSH CALIFORNIA, LLC

            a New York limited liability company

	 BROADSTONE TB OZARKS, LLC

            a New York limited liability company

	 BROADSTONE FP, LLC

            a New York limited liability company

	 BROADSTONE BB PORTFOLIO, LLC

            a New York limited liability company

	 BROADSTONE CHR ILLINOIS, LLC

            a New York limited liability company

	 BROADSTONE RENAL TENNESSEE, LLC

            a New York limited liability company

	 BROADSTONE PEARL FL TX, LLC

            a New York limited liability company

	 BROADSTONE STS CALIFORNIA, LLC

            a New York limited liability company

	 BROADSTONE TS PORTFOLIO, LLC

            a New York limited liability company

	
	By: Broadstone Net Lease, LLC,
		 	a New York limited liability company,
		 	its sole member
			
		 	By:	 	Broadstone Net Lease, Inc.
		 		 	     a Maryland corporation,
		 		 	     its managing member
		
	By:	 	  

	Name:	 	Christopher J. Czarnecki
	Title:	 	President and Chief Financial Officer

  
 [Signature Page to
Guarantor Acknowledgement for Fourth Amendment to Term Loan Agreement 
 for Broadstone Net Lease LLC]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]