Document:

Form of Dealer Manager Agreement

 Exhibit 4.1 
  
 FORM OF DEALER MANAGER AGREEMENT 
  
 WELLS REAL ESTATE INVESTMENT TRUST II, INC. 
  
 Up to 
 600,000,000 Shares of Common
Stock 
 ($6,000,000,000) 
  
 DEALER MANAGER AGREEMENT 
  
                             , 2003 
  
 Wells Investment Securities, Inc. 
 6200 The Corners Parkway 
 Suite 250 
 Atlanta, Georgia 30092 
  
 Ladies and Gentlemen: 
  
 Wells Real Estate Investment Trust II, Inc., a Maryland corporation (the
“Company”), is registering for public sale a maximum of 600,000,000 shares of its common stock, $.01 par value per share (the “Shares” or the “Stock”) to be issued and sold (the “Offering”) for an aggregate
purchase price of $6,000,000,000 (600,000,000 shares to be offered to the public, including 60,000,000 shares to be offered pursuant to the Company’s dividend reinvestment plan). Such Stock is to be sold for a per share cash purchase price of
$10.00, and the minimum purchase by any one person shall be 100 Shares (except as otherwise indicated in the Prospectus or in any letter or memorandum from the Company to Wells Investment Securities, Inc. (the “Dealer Manager”)). Terms not
defined herein shall have the same meaning as in the Prospectus. The Stock is being registered with the SEC (as defined herein) as part of a registration of 600,000,000 shares. In connection therewith, the Company hereby agrees with you, the Dealer
Manager, as follows: 
  
 1. Representations and Warranties of
the Company. 
  
 The Company represents and warrants to the
Dealer Manager and each dealer with whom the Dealer Manager has entered into or will enter into a Selected Dealer Agreement in the form attached to this Agreement as Exhibit A (said dealers being hereinafter referred to as the
“Dealers”) that: 
  
 1.1 A registration statement with
respect to the Company has been prepared by the Company in accordance with applicable requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and regulations (the “Rules and
Regulations”) of the Securities and Exchange Commission (the “SEC”) promulgated 

 thereunder, covering the Shares. Said registration statement, which includes a preliminary prospectus, was initially
filed with the SEC on                     , 2003. Copies of such registration statement and each amendment thereto have been or will be
delivered to the Dealer Manager. (The registration statement and prospectus contained therein, as finally amended and revised at the effective date of the registration statement, are respectively hereinafter referred to as the “Registration
Statement” and the “Prospectus,” except that if the Prospectus first filed by the Company pursuant to Rule 424(b) under the Securities Act shall differ from the Prospectus, the term “Prospectus” shall also include the
Prospectus filed pursuant to Rule 424(b)). 
  
 1.2 The Company has
been duly and validly organized and formed as a corporation under the laws of the state of Maryland, with the power and authority to conduct its business as described in the Prospectus. 
  
 1.3 The Registration Statement and Prospectus comply with the Securities Act and the Rules and Regulations and do not
contain any untrue statements of material facts or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; provided, however, that the foregoing provisions of this Section
1.3 will not extend to such statements contained in or omitted from the Registration Statement or Prospectus as are primarily within the knowledge of the Dealer Manager or any of the Dealers and are based upon information furnished by the Dealer
Manager in writing to the Company specifically for inclusion therein. 
  
 1.4 The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus. 
  
 1.5 No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the
Company of this Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the Securities Act or applicable state securities laws. 
  
 1.6 There are no actions, suits or proceedings pending or to the knowledge of the Company, threatened against the Company at
law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, which will have a material adverse effect on the business or property of the Company.

  
 1.7 The execution and delivery of this Agreement, the
consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not conflict with or constitute a default under any charter, by-law, indenture, mortgage, deed of trust, lease, rule,
regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity and/or contribution provisions
contained in Section 4 of this Agreement may be limited under applicable securities laws. 
  

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 1.8 The Company has full legal right, power and authority to enter into this Agreement and to perform the
transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 4 of this Agreement may be limited under applicable securities laws. 
  
 1.9 At the time of the issuance of the Shares, the Shares will have been duly
authorized and validly issued, and upon payment therefor, will be fully paid and nonassessable and will conform to the description thereof contained in the Prospectus. 
  
 2. Covenants of the Company. 
  

The Company covenants and agrees with the Dealer Manager that: 
  

2.1 It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration Statement,
including all amendments and exhibits thereto, as the Dealer Manager may reasonably request. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies as the Dealer Manager may reasonably request in
connection with the offering of the Shares of: (a) the Prospectus in preliminary and final form and every form of supplemental or amended prospectus; (b) this Agreement; and (c) any other printed sales literature or other materials (provided that
the use of said sales literature and other materials has been first approved for use by the Company and all appropriate regulatory agencies). 
  
 2.2 It will furnish such proper information and execute and file such documents as may be necessary for the Company to qualify the Shares for offer and
sale under the securities laws of such jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required. The Company will furnish to the Dealer Manager a copy of such
papers filed by the Company in connection with any such qualification. 
  
 2.3 It will: (a) use its best efforts to cause the Registration Statement to become effective; (b) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Dealer Manager; (c) file every
amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC; and (d) if at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement, it will use its best
efforts to obtain the lifting of such order at the earliest possible time. 
  
 2.4 If at any time when a Prospectus is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Company or the Dealer Manager, the Prospectus or any other
prospectus then in effect would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will
promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will 
  

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 effect the preparation of an amended or supplemental prospectus which will correct such statement or omission. The
Company will then promptly prepare such amended or supplemental prospectus or prospectuses as may be necessary to comply with the requirements of Section 10 of the Securities Act. 
  
 3. Obligations and Compensation of Dealer Manager. 
  
 3.1 The Company hereby appoints the Dealer Manager as its agent and principal distributor for the purpose of selling for
cash up to a maximum of 600,000,000 Shares through the Dealers, all of whom shall be members of the National Association of Securities Dealers, Inc. (NASD). The Dealer Manager may also sell Shares for cash directly to its own clients and customers
at the public offering price and subject to the terms and conditions stated in the Prospectus. The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Shares on said terms and conditions. The
Dealer Manager represents to the Company that it is a member of the NASD and that it and its employees and representatives have all required licenses and registrations to act under this Agreement. 
  
 The Dealer Manager agrees to be bound by the terms of the Escrow Agreement
executed as of                     , 2003 by Bank of America, as escrow agent, the Dealer Manager and the Company, a copy of which is
enclosed. 
  
 3.2 Promptly after the effective date of the
Registration Statement, the Dealer Manager and the Dealers shall commence the offering of the Shares for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted.
The Dealer Manager and the Dealers will suspend or terminate offering of the Shares upon request of the Company at any time and will resume offering the Shares upon subsequent request of the Company. 
  
 3.3 Except as provided in the “Plan of Distribution” section of the
Prospectus, as compensation for the services rendered by the Dealer Manager, the Company agrees that it will pay to the Dealer Manager selling commissions in the amount of 7% of the gross proceeds of the Shares sold. Notwithstanding the foregoing,
no commissions, payments or amount whatsoever will be paid to the Dealer Manager under this Section 3.3 unless or until 250,000 Shares have been sold by the Dealer Manager and its Dealers (the “Minimum Offering”), or in connection with
commissions payable with respect to sales made to residents of the States of New York and Pennsylvania, until 250,000 Shares (from all sources), have been sold. Until the Minimum Offering is obtained, investments will be held in escrow and, if the
Minimum Offering is not obtained, will be returned to the investors in accordance with the Prospectus. The Company will not be liable or responsible to any Dealer for direct payment of commissions to such Dealer, it being the sole and exclusive
responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the above, at its discretion, the Company may act as agent of the Dealer Manager by making direct payment of commissions to such Dealers without incurring
any liability therefor. 
  

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 3.4 The Dealer Manager represents and warrants to the Company and each person and firm that signs the
Registration Statement that the information under the caption “Plan of Distribution” in the Prospectus and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, any
preliminary prospectus, the Prospectus, or any amendment or supplement thereto does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading. 
  
 3.5 The Dealer Manager represents and warrants to
the Company that it will not represent or imply that the escrow holder, as identified in the Prospectus, has investigated the desirability or advisability of investment in the Company, or has approved, endorsed or passed upon the merits of the
Shares or the Company, nor will they use the name of said escrow holder in any manner whatsoever in connection with the offer or sale of the Shares other than by acknowledgement thus it has agreed to serve as escrow holder. 
  
 4. Indemnification. 
  
 4.1 The Company will indemnify and hold harmless the Dealers and the Dealer
Manager, their officers and directors and each person, if any, who controls such Dealer or Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which
such Dealers or Dealer Manager, their officers and directors, or such controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in any Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto or in the Prospectus or any
amendment or supplement to the Prospectus or (ii) in any blue sky application or other document executed by the Company or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any
jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter called a “Blue Sky Application”), or (b) the omission or alleged
omission to state in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus or any amendment or
supplement to the Prospectus or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading, and will reimburse each Dealer or Dealer Manager, its officers and directors and each such controlling person, for any legal or other expenses reasonably incurred by such Dealer or Dealer Manager, its officers and directors and each such
controlling person, in connection with investigating 
  

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 or defending such loss, claim, damage, liability or action; provided that the Company will not be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished
(x) to the Company by the Dealer Manager or (y) to the Company or the Dealer Manager by or on behalf of any Dealer specifically for use in the preparation of the Registration Statement or any such post-effective amendment thereof, any such Blue Sky
Application or any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto; and further provided that the Company will not be liable in any such case if it is determined that such Dealer or the Dealer
Manager was at fault in connection with the loss, claim, damage, liability or action. 
  
 4.2 The Dealer Manager will indemnify and hold harmless the Company and each person or firm which has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section
15 of the Securities Act, from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or (ii) any Blue Sky
Application, or (b) the omission to state in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to
make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus,
or in any amendment or supplement to the Prospectus or the omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein in the light of the circumstances under which they were made not
misleading in each case to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer Manager specifically
for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such post-effective amendments thereof or any such Blue Sky Application or any such preliminary prospectus or the Prospectus or any such amendment
thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the Dealer Manager and will reimburse the aforesaid parties, in connection with investigation or
defending such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have. 
  
 4.3 Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager and each of their directors
(including any persons named in any of the Registration Statements with his consent, as about to become a director), each of their officers who has signed any of the Registration Statements and each person, if any, who controls the Company and the
Dealer Manager within the meaning of Section 15 of the 
  

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 Securities Act from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, any
such director or officer, or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement
or alleged untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or (ii) in any Blue Sky Application, or (b) the omission or alleged
omission to state in the Registration Statement (including the Prospectus as a part thereof or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus, or in any amendment
or supplement to the Prospectus or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company
or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such Dealer in the preparation of the Registration Statement or any such post-effective amendments thereof or any such Blue Sky Application or any such
preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by such Dealer or Dealer’s
representations or agents in violation of Section VII of the Selected Dealer Agreement or otherwise. Each such Dealer will reimburse the Company and the Dealer Manager and any such directors or officers, or controlling person, in connection with
investigating or defending any such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which such Dealer may otherwise have. 
  
 4.4 Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 4, notify in writing the indemnifying party of the commencement thereof and the omission so to notify the indemnifying party will
relieve it from any liability under this Section 4 as to the particular item for which indemnification is then being sought, but not from any other liability which it may have to any indemnified party. In case any such action is brought against any
indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense
thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 4.5) incurred by such indemnified party in
defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be
liable to any such 
  

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 indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying
party. 
  
 4.5 The indemnifying party shall pay all legal fees and
expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims
arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or
brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is
finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record
representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by
another law firm. 
  
 4.6 The indemnity agreements contained in
this Section 4 shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of any Dealer, or any person controlling any Dealer or by or on behalf of the Company, the Dealer Manager or any officer or
director thereof, or by or on behalf of the Company or the Dealer Manager, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement. A successor of any Dealer or of any of the parties to this Agreement, as the case
may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 4. 
  
 5. Survival of Provisions. 
  
 The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in
full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or
any person controlling the Company, and (c) the acceptance of any payment for the Shares. 
  
 6. Applicable Law. 
  
 This
Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of Georgia; provided however, that causes of action for violations of federal or state securities laws shall not
be governed by this Section. 
  

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 7. Counterparts. 
  
 This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an
original contract, but all counterparts, when taken together, shall constitute one and the same Agreement. 
  
 8. Successors and Amendment. 
  
 8.1 This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors. Nothing in this
Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein. This Agreement shall inure to the benefit of the Dealers to the extent set forth in Sections 1 and
4 hereof. 
  
 8.2 This Agreement may be amended by the written
agreement of the Dealer Manager and the Company. 
  
 9.
Term. 
  
 Any party to this Agreement shall have the right
to terminate this Agreement on 60 days’ written notice. 
  
 10. Confirmation. 
  
 The Company hereby agrees
and assumes the duty to confirm on its behalf and on behalf of dealers or brokers who sell the Shares all orders for purchase of Shares accepted by the Company. Such confirmations will comply with the rules of the SEC and the NASD, and will comply
with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager. 
  
 11. Suitability of Investors. 
  
 The Dealer Manager will offer Shares, and in its agreements with Dealers will require that the Dealers offer Shares, only to persons who meet the
financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company and will only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or
that such qualification is not required. In offering Shares, the Dealer Manager will, and in its agreements with Dealers, the Dealer Manager will require that the Dealer comply with the provisions of all applicable rules and regulations relating to
suitability of investors, including without limitation, the provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. 
  

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 12. Submission of Orders. 
  
 12.1 Those persons who purchase Shares will be instructed by the Dealer Manager or the Dealer to make their checks payable
to an escrow agent for the Company, whenever appropriate, or the Company after the Minimum Offering has been achieved. The Dealer Manager and any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly
to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer Manager or Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods
described in this Section 12. Transmittal of received investor funds will be made in accordance with the following procedures. 
  
 12.2 Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which
subscription documents and checks are received from subscribers, checks will be transmitted in care of the Dealer Manager by the end of the next business day following receipt by the Dealer for deposit to an escrow agent, where appropriate, or to
the Company after the Minimum Offering has been achieved. 
  
 12.3
Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location, checks will be transmitted by the end of the next business day following receipt by the Dealer to the office
of the Dealer conducting such final internal supervisory review (the “Final Review Offices”). The Final Review Office will in turn by the end of the next business day following receipt by the Final Review Office, transmit such checks in
care of the Dealer Manager for deposit to an escrow agent, where appropriate, or the Company, after the Minimum Offering has been achieved. 
  
 12.4 Where the Dealer Manager is involved in the distribution process, checks will be transmitted by the Dealer Manager for deposit to an escrow agent,
where appropriate, or the Company, after the Minimum Offering has been achieved as soon as practicable, but in any event by the end of the second business day following receipt by the Dealer Manager. Checks of rejected subscribers will be promptly
returned to such subscribers. 
  
 [Remainder of this page was
intentionally left blank.] 
  

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

	Very truly yours,
	 
	 WELLS REAL ESTATE
 INVESTMENT TRUST II, INC.

		
	 By:
	 	

	 	 	 Leo F. Wells, III
 President

  
  
 Accepted and agreed as of the 
 date first above written. 
  
 WELLS INVESTMENT SECURITIES, INC. 
  

		
	 By:
	 	

	 	 	 Leo F. Wells, III
 President

  

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 EXHIBIT A 
  
 WELLS REAL ESTATE INVESTMENT TRUST II, INC. 
  
 Up to 
 600,000,000 Shares of Common Stock 
 ($6,000,000,000) 
  
 FORM OF SELECTED DEALER AGREEMENT 
  
 Ladies and Gentlemen: 
  
 Wells Investment Securities, Inc., as the dealer manager (“Dealer Manager”) for Wells Real Estate Investment Trust
II, Inc. (the “Company”), a Maryland corporation, invites you (the “Dealer”) to participate in the distribution of shares of common stock (“Shares”) of the Company subject to the following terms: 
  
 I. Dealer Manager Agreement 
  
 The Dealer Manager and the Company have entered into that certain Dealer
Manager Agreement dated                         , 2003, in the form attached hereto as Exhibit A. By your acceptance of
this Agreement, you will become one of the Dealers referred to in such Dealer Manager Agreement between the Company and the Dealer Manager and will be entitled and subject to the indemnification provisions contained in such Dealer Manager Agreement,
including specifically the provisions of such Dealer Manager Agreement (Section 4.3) wherein each Dealer severally agrees to indemnify and hold harmless the Company, the Dealer Manager and each officer and director thereof, and each person, if any,
who controls the Company and the Dealer Manager within the meaning of the Securities Act of 1933, as amended. Except as otherwise specifically stated herein, all terms used in this Agreement have the meanings provided in the Dealer Manager
Agreement. The Shares are offered solely through broker-dealers who are members of the National Association of Securities Dealers, Inc. (“NASD”). 
  
 Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Prospectus. Nothing in this Agreement
shall be deemed or construed to make Dealer an employee, agent, representative or partner of the Dealer Manager or of the Company, and Dealer is not authorized to act for the Dealer Manager or the Company or to make any representations on their
behalf except as set forth in the Prospectus and such other printed information furnished to Dealer by the Dealer Manager or the Company to supplement the Prospectus (“supplemental information”). 
  
 II. Submission of Orders 
  
 Those persons who purchase Shares will be instructed by the Dealer to make
their checks payable to an escrow agent for the Company, whenever appropriate, or the 

 Company after 250,000 Shares have been sold by the Dealer Manager and its Dealers (the “Minimum Offering”). Any
Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer which conform to the
foregoing instructions shall be transmitted for deposit pursuant to one of the methods in this Article II. Transmittal of received investor funds will be made in accordance with the following procedures: 
  
 Where, pursuant to the Dealer’s internal supervisory procedures,
internal supervisory review is conducted at the same location at which subscription documents and checks are received from subscribers, checks will be transmitted in care of the Dealer Manager by the end of the next business day following receipt by
the Dealer for deposit to an escrow agent for the Company, whenever appropriate, or the Company after the Minimum Offering has been achieved. 
  
 Where, pursuant to the Dealer’s internal supervisory procedures, final and internal supervisory review is conducted at a different location, checks
will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office will in turn by the
end of the next business day following receipt by the Final Review Office, transmit such checks for deposit to an escrow agent for the Company, whenever appropriate, or the Company after the Minimum Offering has been achieved. 
  
 III. Pricing 
  
 Shares shall be offered to the public at the offering price of $10.00 per Share payable in cash. Except as otherwise
indicated in the Prospectus or in any letter or memorandum sent to the Dealer by the Company or Dealer Manager, a minimum initial purchase of 100 Shares is required. Except as otherwise indicated in the Prospectus, additional investments may be made
in cash in minimal increments of at least 2.5 Shares. The Shares are nonassessable. Dealer hereby agrees to place any order for the full purchase price. 
  
 IV. Dealers’ Commissions 
  
 Except for discounts described in or as otherwise provided in the “Plan of Distribution” section of the Prospectus, the Dealer’s selling
commission applicable to the total public offering price of Shares sold by Dealer which it is authorized to sell hereunder is 7% of the gross proceeds of Shares sold by it and accepted and confirmed by the Company, which commission will be paid by
the Dealer Manager. For these purposes, a “sale of Shares” shall occur if and only if a transaction has closed with a securities purchaser pursuant to all applicable offering and subscription documents and the Company has thereafter
distributed the commission to the Dealer Manager in connection with such transaction. The Dealer affirms that the Dealer Manager’s liability for commissions payable is limited solely to the proceeds of commissions receivable 
  

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 associated therewith, and the Dealer hereby waives any and all rights to receive payment of commissions due until such
time as the Dealer Manager is in receipt of the commission from the Company. In addition, as set forth in the Prospectus, the Dealer Manager may, in its sole discretion, reallow out of its dealer manager fee a marketing fee and due diligence expense
reimbursement of up to 1.5% of the gross proceeds of Shares sold by Dealers participating in the offering of Shares as marketing fees or to reimburse representatives of such Dealers the costs and expenses of attending educational conferences and
seminars conducted by the Company or the Dealer Manager. 
  
 The
parties hereby agree that the foregoing commission is not in excess of the usual and customary distributors’ or sellers’ commission received in the sale of securities similar to the Shares, that Dealer’s interest in the offering is
limited to such commission from the Dealer Manager and Dealer’s indemnity referred to in Section 4 of the Dealer Manager Agreement, and that the Company is not liable or responsible for the direct payment of such commission to the Dealer.

  
 V. Payment 
  
 Payments of selling commissions will be made by the Dealer Manager (or by the
Company as provided in the Dealer Manager Agreement) to Dealer within 30 days of the receipt by the Dealer Manager of the gross commission payments from the Company. 
  
 VI. Right to Reject Orders or Cancel Sales 
  
 All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by
the Company, which reserves the right to reject any order. Orders not accompanied by a Subscription Agreement Signature Page and the required check in payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only
after actual receipt of payment therefor. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check or the equivalent in payment for the Shares within 15
days of sale, the Company reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Dealer Manager any commission theretofore paid with respect
to such order. 
  
 VII. Prospectus and Supplemental Information

  
 Dealer is not authorized or permitted to give, and will not
give, any information or make any representation concerning the Shares except as set forth in the Prospectus and supplemental information. The Dealer Manager will supply Dealer with reasonable quantities of the Prospectus, any supplements thereto
and any amended Prospectus, as well as any supplemental information, for delivery to investors, and Dealer will deliver a copy of the Prospectus and all supplements thereto and any amended Prospectus to each investor to whom an offer is made prior
to or simultaneously with the first solicitation of an offer to sell the Shares to an investor. The Dealer agrees that it will not send or give 
  

 -3- 

 any supplements thereto and any amended Prospectus to that investor unless it has previously sent or given a Prospectus
and all supplements thereto and any amended Prospectus to that investor or has simultaneously sent or given a Prospectus and all supplements thereto and any amended Prospectus with such supplemental information. Dealer agrees that it will not show
or give to any investor or prospective investor or reproduce any material or writing which is supplied to it by the Dealer Manager and marked “dealer only” or otherwise bearing a legend denoting that it is not to be used in connection with
the sale of Shares to members of the public. Dealer agrees that it will not use in connection with the offer or sale of Shares any material or writing which relates to another Company supplied to it by the Company or the Dealer Manager bearing a
legend which states that such material may not be used in connection with the offer or sale of any securities other than the Company to which it relates. Dealer further agrees that it will not use in connection with the offer or sale of Shares any
materials or writings which have not been previously approved by the Dealer Manager. Each Dealer agrees, if the Dealer Manager so requests, to furnish a copy of any revised preliminary Prospectus to each person to whom it has furnished a copy of any
previous preliminary Prospectus, and further agrees that it will itself mail or otherwise deliver all preliminary and final Prospectuses required for compliance with the provisions of Rule 15c2-8 under the Securities Exchange Act of 1934. Regardless
of the termination of this Agreement, Dealer will deliver a Prospectus in transactions in the Shares for a period of 90 days from the effective date of the Registration Statement or such longer period as may be required by the Securities Exchange
Act of 1934. On becoming a Dealer, and in offering and selling Shares, Dealer agrees to comply with all the applicable requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. 
  
 VIII. License and Association Membership 
  
 Dealer’s acceptance of this Agreement constitutes a representation to
the Company and the Dealer Manager that Dealer is a properly registered or licensed broker-dealer, duly authorized to sell Shares under Federal and state securities laws and regulations and in all states where it offers or sells Shares, and that it
is a member in good standing of the NASD. This Agreement shall automatically terminate if the Dealer ceases to be a member in good standing of such association, or in the case of a foreign dealer, so to conform. Dealer agrees to notify the Dealer
Manager immediately if Dealer ceases to be a member in good standing, or in the case of a foreign dealer, so to conform. The Dealer Manager hereby agrees to abide by the Rules of Fair Practice of the NASD and to comply with Rules 2730, 2740, 2420
and 2750 of the NASD Conduct Rules. 
  
 X. Anti-Money Laundering
Compliance Programs 
  
 Dealer’s acceptance of this Agreement
constitutes a representation to the Company and the Dealer Manager that Dealer has established and implemented anti-money laundering compliance programs in accordance with proposed NASD Rule 3011 and Section 352 of the Money Laundering Abatement Act
reasonably expected to detect and cause the reporting of suspicious transactions in connection with the sale of Shares of the Company. 
  

 -4- 

 X. Limitation of Offer 
  
 Dealer will offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any
suitability letter or memorandum sent to it by the Company or the Dealer Manager and will only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required.
In offering Shares, Dealer will comply with the provisions of the Rules of Fair Practice set forth in the NASD Manual, as well as all other applicable rules and regulations relating to suitability of investors, including without limitation, the
provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. 
  
 XI. Termination 
  
 Dealer will suspend or terminate its offer and sale of Shares upon the request of the Company or the Dealer Manager at any time and will resume its offer
and sale of Shares hereunder upon subsequent request of the Company or the Dealer Manager. Any party may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement and
the exhibits hereto are the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto. 
  
 This Agreement may be amended at any time by the Dealer Manager by written notice to the Dealer, and any such amendment shall be deemed accepted by Dealer
upon placing an order for sale of Shares after he has received such notice. 
  
 XII. Privacy Laws 
  
 The Dealer
Manager and Dealer (each referred to individually in this section as “party”) agree as follows: 
  
 A. Each party agrees to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”),
(ii) the privacy standards and requirements of any other applicable Federal or state law, and (iii) its own internal privacy policies and procedures, each as may be amended from time to time. 
  
 B. Each party agrees to refrain from the use or disclosure of nonpublic
personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and 
  
 C. Each party shall be responsible for determining which customers have opted
out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) as provided by each to identify customers that have exercised their opt-out rights. In
the event either party uses or 
  

 -5- 

 discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise
required by applicable law, that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal
information of any customer that is identified on the List as having opted out of such disclosures. 
  
 XIII. Notice 
  
 All notices will be in writing and will be duly given to the Dealer Manager when mailed to 6200 The Corners Parkway, Suite 250, Atlanta, Georgia 30092,
and to Dealer when mailed to the address specified by Dealer herein. 
  
 XIV. Attorney’s Fees and Applicable Law 
  
 In any
action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney’s fees. This Agreement shall be construed under the laws of the State of Georgia and
shall take effect when signed by Dealer and countersigned by the Dealer Manager. 
  

	 THE DEALER MANAGER:

	
	WELLS INVESTMENT SECURITIES, INC.
		
	 By:
	 	

	 	 	 Leo F. Wells, III
 President

  
 Attest: 
  

		
	 By:
	 	

	Name:	 	

	Title:	 	

  
 We have read the foregoing Agreement
and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities is true
and correct, and we agree to advise you of any change in such list during the term of this Agreement. 
  
 1. Identity of Dealer: 
  
 Name:                                     
                                        
                                        
                                        
                                        
                                        
        
  

 -6- 

	 Type of
 entity:                                     
                                        
                                        
                                        
                                        
                                      
         (to be completed by Dealer) (corporation, partnership or proprietorship)

	 
	 Organized in the State of:
                                        
                                        
                                        
                                        
                                     
             (to be completed by
Dealer)             (State)

	 
	 Licensed as broker-dealer in the following
 States:                                     
                                        
                                        
                                        
                                        
                                      
             (to be completed by Dealer)

	 
	Tax I.D.
#:                                       
                                        
                                        
                                        
                                        
                           
	 
	2. Person to receive notice pursuant to Section XI.
	 
	Name:                                     
                                        
                                        
                                        
                                        
                                      
	 
	Company:                                     
                                        
                                        
                                        
                                        
                               
	 
	Address:                                     
                                        
                                        
                                        
                                        
                                  
	 
	City, State and Zip
Code:                                       
                                        
                                        
                                        
                                       
 
	 
	Telephone No.:
(    )                                  
                                        
                                        
                                        
                                        
               
	 
	Telefax No.:
(        )                              
                                        
                                        
                                        
                                        
                    

  

	
	 AGREED TO AND ACCEPTED BY THE DEALER:

	
	
 (Dealer’s Firm Name)

	 

	 By:
	 	

	 	 	Signature
		
	Title	 	

  

 -7-Form of Advisory Agreement

 Exhibit 10.1 
  
 FORM OF ADVISORY AGREEMENT 
  
 THIS ADVISORY AGREEMENT, dated as of             , 2003, is by and between
WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation (the “Company”), and WELLS CAPITAL, INC., a Georgia corporation (the “Advisor”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement
(                        ) on Form S-11 covering its common stock, par value $.01 (the “Shares”), to be offered
to the public, and the Company may subsequently issue securities other than such Shares (“Securities”) or otherwise raise additional capital; 
  
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of the
Registration Statement and Sections 856 through 860 of the Code (as defined below); 
  
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors of the Company all as provided herein; and 
  
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth. 
  
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
  
 1. Definitions. As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated:

  
 Acquisition Expenses. Any and all expenses incurred by
the Company, the Advisor, or any Affiliate of either in connection with the selection, acquisition or development of any Property, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses,
costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, and title insurance premiums. 

 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any
person or entity to any other person or entity (including any fees or commissions paid by or to any Affiliate of the Company or the Advisor) in connection with purchase, development or construction of any Property, including, without limitation,
real estate commissions, acquisition fees, finder’s fees, selection fees, nonrecurring management fees, consulting fees, loan fees, points, or any other fees or commissions of a similar nature. 
  
 Advisor. Wells Capital, Inc., a Georgia corporation, any successor
advisor to the Company, or any person or entity to which Wells Capital, Inc. or any successor advisor subcontracts substantially all of its functions. 
  
 Affiliate or Affiliated. As to any individual, corporation, partnership, trust or other association (other than the Excess Shares Trust), (i) any
Person or entity directly or indirectly; through one or more intermediaries controlling, controlled by, or under common control with another person or entity; (ii) any Person or entity, directly or indirectly owning or controlling ten percent (10%)
or more of the outstanding voting securities of another Person or entity; (iii) any officer, director, partner, or trustee of such Person or entity; (iv) any Person ten percent (10%) or more of whose outstanding voting securities are directly or
indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) if such other Person or entity is an officer, director, partner, or trustee of a Person or entity, the Person or entity for which such Person or entity acts in
any such capacity. 
  
 Appraised Value. Value according to
an appraisal made by an Independent Appraiser. 
  
 Articles of
Incorporation. The Articles of Incorporation of the Company under Title 2 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time. 
  
 Asset Management Fee. The fee payable to the Advisor for day-to-day professional management services in connection
with the Company and its Properties pursuant to this Agreement. 
  
 Average Invested Assets. For a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties and Loans secured by real estate before reserves for depreciation
or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
  
 Board of Directors or Board. The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company,
whether they be the Directors named therein or additional or successor Directors. 
  
 Bylaws. The bylaws of the Company, as the same are in effect from time to time. 
  

 2 

 Cash from Financings. Net cash proceeds realized by the Company from the financing of Company
Property or from the refinancing of any Company indebtedness. 
  
 Cash from Sales. Net cash proceeds realized by the Company from the sale, exchange or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. Cash from Sales shall not include Cash
from Financings. 
  
 Cash from Sales and Financings. The
total sum of Cash from Sales and Cash from Financings. 
  
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor, breach of this Agreement, a default by the Sponsor under the
guarantee by the Sponsor to the Company or the bankruptcy of the Sponsor. 
  
 Code. Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same
may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
  
 Company. Wells Real Estate Investment Trust II, Inc., a corporation organized under the laws of the State of Maryland. 
  
 Company Property. Any and all property, real, personal or otherwise,
tangible or intangible, which is transferred or conveyed to the Company (including all rents, income, profits and gains therefrom), and which is owned or held by, or for the account of, the Company. 
  
 Competitive Real Estate Commission. A real estate or brokerage
commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. The total of all real estate commissions paid by the Company to all Persons (including the
Subordinated Disposition Fee payable to the Advisor) in connection with any Sale of one or more of the Company’s Properties shall not exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six percent (6%) of the gross sales
price of the Property or Properties. 
  
 Contract Purchase
Price. The amount actually paid or allocated (as of the date of purchase) to the purchase, development, construction or improvement of Property, exclusive of Acquisition Fees and Acquisition Expenses. 
  
 Contract Sales Price. The total consideration received by the Company
for the sale of a Company Property. 
  

 3 

 Cumulative Return. For the period for which the calculation is being made, the percentage
resulting from dividing (A) the total Distributions paid on each Distribution date during such period (without regard to Distributions paid out of Cash from Sales and Financings), by (B) the product of (i) the average Invested Capital for such
period (calculated on a daily basis), and (ii) the number of years (including fractions thereof) elapsed during such period. 
  
 Director. A member of the Board of Directors of the Company. 
  
 Distributions. Any distributions of money or other property by the Company to owners of Shares, including
distributions that may constitute a return of capital for federal income tax purposes. 
  
 Equity Interest. The stock of or other interests in, or warrants or other rights to purchase the stock of or other interests in, any entity that has borrowed money from the Company or that is a tenant of the
Company or that is a parent or controlling Person of any such borrower or tenant. 
  
 Equity Shares. Transferable shares of beneficial interest of the Company of any class or series, including common shares or preferred shares. 
  
 Final Closing Date. The last date on which purchasers of Shares offered pursuant to the Prospectus are issued such
Shares. 
  
 Good Reason. With respect to the termination of
this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform the Company’s obligations under this Agreement; or (ii) any material breach of this Agreement of any nature
whatsoever by the Company. 
  
 Gross Proceeds. The
aggregate purchase price of all Shares sold for the account of the Company through the Offering, without deduction for Selling Commissions, volume discounts, the marketing support fee and due diligence expense reimbursement or Organization and
Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Selling Commissions are paid to the Managing Dealer or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be
deemed to be $10.00. 
  
 Independent Appraiser. A qualified
appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (“M.A.I.”) or the Society of Real Estate Appraisers
(“S.R.E.A.”) shall be conclusive evidence of such qualification. 
  
 Independent Director. A Director who is not and within the last two years has not been directly or indirectly associated with the Advisor by virtue of (i) ownership of an interest in the Advisor or its
Affiliates, (ii) employment by the Advisor or its Affiliates, (iii) service as an officer or director of the Advisor or its Affiliates, (iv) performance of 
  

 4 

 services, other than as a Director, for the Company, (v) service as a director or trustee of more than three real estate
investment trusts advised by the Advisor, or (vi) maintenance of a material business or professional relationship with the Advisor or any of its Affiliates. A business or professional relationship is considered material if the gross revenue derived
by the Director from the Advisor and Affiliates exceeds 5.0% of either the Director’s annual gross revenue during either of the last two years or the Director’s net worth on a fair market value basis. An indirect relationship shall include
circumstances in which a Director’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law, or brothers- or sisters-in-law is or has been associated with the Advisor, any of its Affiliates, or the Company.

  
 Independent Expert. A person or entity with no material
current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company. 
  
 Invested Capital. The amount calculated by multiplying the total
number of Shares purchased by stockholders by the issue price, reduced by the portion of any Distribution that is attributable to Net Sales Proceeds and by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for
redemption of Shares. 
  
 Joint Ventures. The joint venture
or general partnership arrangements in which the Company is a co-venturer or general partner which are established to acquire Properties. 
  
 Listing. The listing of the Shares of the Company on a national securities exchange or over-the-counter market. 
  
 Managing Dealer. Wells Investment Securities, Inc., an Affiliate of
the Advisor, or such entity selected by the Board of Directors to act as the managing dealer for the Offering. Wells Investment Securities, Inc. is a member of the National Association of Securities Dealers, Inc. 
  
 Net Income. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses
(as defined herein) shall exclude the gain from the sale of the Company’s assets. 
  
 Net Sales Proceeds. In the case of a transaction described in clause (i)(A) of the definition of Sale, the proceeds of any such transaction less the amount of all real estate commissions and closing costs paid
by the Company. In the case of a transaction described in clause (i)(B) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of any legal and other selling expenses incurred in connection with such
transaction. In the case of a transaction described in clause (i)(C) of such definition, Net Sales Proceeds means the proceeds of any such transaction 
  

 5 

 actually distributed to the Company from the Joint Venture. In the case of a transaction or series of transactions
described in clause (i)(D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction less the amount of all commissions and closing costs paid by the Company. In the case of a transaction described in clause (ii) of
the definition of Sale, Net Sales Proceeds means the proceeds of such transaction or series of transactions less all amounts generated thereby and reinvested in one or more Properties within 180 days thereafter and less the amount of any real estate
commissions, closing costs, and legal and other selling expenses incurred by or allocated to the Company in connection with such transaction or series of transactions. Net Sales Proceeds shall also include, in the case of any Property consisting of
a building only, any amounts that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale. Net Sales Proceeds shall not include any reserves established by the Company in its sole discretion. 
  
 Offering. The initial public offering of Shares pursuant to the
Prospectus. 
  
 Operating Expenses. All costs and expenses
incurred by the Company, as determined under generally accepted accounting principles, which in any way are related to the operation of the Company or to Company business, including (a) advisory fees, (b) the Performance Fee and (c) the Subordinated
Incentive Fee, but excluding (i) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax
incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) the
Advisor’s subordinated 10% share of Net Sales Proceeds, (vi) the Property Management Fee and (vii) Acquisition Fees and Acquisition Expenses, real estate commissions on the sale of property, and other expenses connected with the acquisition,
and ownership of real estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
  
 Organizational and Offering Expenses. Any and all costs and expenses,
other than Selling Commissions, the 2.5% marketing support and due diligence expense reimbursement fee, and the Soliciting Dealer Servicing Fee incurred by the Company, the Advisor or any Affiliate of either in connection with the formation,
qualification and registration of the Company and the marketing and distribution of its Shares, including, without limitation, the following: legal, accounting and escrow fees; printing, amending, supplementing, mailing and distributing costs;
filing, registration and qualification fees and taxes; telegraph and telephone costs; and all advertising and marketing expenses, including the costs related to investor and broker-dealer sales meetings. The Organizational and Offering Expenses paid
by the Company in connection with the formation of the Company will not exceed 2.0% of the Gross Proceeds raised in connection with such Offering. 
  

 6 

 Performance Fee. The fee payable to the Advisor upon termination of this Agreement under certain
circumstances if certain performance standards have been met and the Subordinated Incentive Fee has not been paid. 
  
 Person. An individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c)(17) of the Code), a
portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity,
or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, but does not include (i) an underwriter that
participates in a public offering of Equity Shares for a period of 60 days following the initial purchase by such underwriter of such Equity Shares in such public offering, or (ii) Wells Capital, Inc., during the period ending December 31, 200_,
provided that the foregoing exclusions shall apply only if the ownership of such Equity Shares by an underwriter or Wells Capital, Inc. would not cause the Company to fail to qualify as a REIT by reason of being “closely held” within the
meaning of Section 856(a) of the Code or otherwise cause the Company to fail to qualify as a REIT. 
  
 Property or Properties. (i) The real properties, including the buildings located thereon, or (ii) the real properties only, or (iii) the buildings
only, which are acquired by the Company, either directly or through joint venture arrangements or other partnerships. 
  
 Prospectus. “Prospectus” has the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities
Act”), including a preliminary Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for
the purpose of offering and selling securities to the public. 
  
 Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Property, exclusive of Acquisition Fees and Acquisition Expenses. 
  
 Registration Statement. The Registration Statement (No.
                        ) on Form S-11 of which the Prospectus is a part. 
  
 REIT. A “real estate investment
trust” under Sections 856 through 860 of the Code. 
  
 Sale or Sales. (i) Any transaction or series of transactions whereby: (A) the Company sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting
of the building only, and including any event with respect to any Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company sells, grants, transfers, 
  

 7 

 conveys, or relinquishes its ownership of all or substantially all of the interest of the Company in any Joint Venture in
which it is a co-venturer or partner; or (C) any Joint Venture in which the Company as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any event with respect to
any Property which gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of transactions specified in clause (i)(A), (i)(B), or (i)(C) above in which the proceeds of such transaction or series of
transactions are reinvested in one or more Properties within 180 days thereafter. 
  
 Securities. Any Equity Shares, Excess Shares, as such term is defined in the Company’s Articles of Incorporation, any other stock, shares or other evidences of equity or beneficial or other interests,
voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of
interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
  
 Shares. The up to 600,000,000 shares of the common stock of the
Company to be sold in the offering. 
  
 Soliciting Dealers.
Broker-dealers who are members of the National Association of Securities Dealers, Inc., or that are exempt from broker-dealer registration, and who, in either case, have executed participating broker or other agreements with the Managing Dealer to
sell Shares. 
  
 Sponsor. Any Person directly or indirectly
instrumental in organizing, wholly or in part, the Company or any Person who will control, manage or participate in the management of the Company, and any Affiliate of such Person. Not included is any Person whose only relationship with the Company
is that of an independent property manager of Company assets, and whose only compensation is as such. Sponsor does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for
professional services. 
  
 Stockholders. The registered
holders of the Company’s Shares. 
  
 Stockholders’ 6%
Return. As of each date, an aggregate amount equal to an 6% cumulative, noncompounded, annual return on Invested Capital. 
  
 Subordinated Disposition Fee. The Subordinated Disposition Fee as defined in Paragraph 9(c). 
  
 Subordinated Incentive Fee. The fee payable to the Advisor under
certain circumstances if the Shares are listed on a national securities exchange or over-the-counter market. 
  

 8 

 Termination Date. The date of termination of the Agreement. 
  
 Total Property Cost. With regard to any Company Property, an amount
equal to the sum of the Real Estate Asset Value of such Property plus the Acquisition Fees and Acquisition Expenses paid in connection with such Property. 
  
 2%/25% Guidelines. The requirement pursuant to the guidelines of the North American Securities Administrators Association, Inc. that, in any 12
month period, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12 month period or 25% of the Company’s Net Income over the same 12 month period. 
  
 Valuation. An estimate of value of the assets of the Company as
determined by an Independent Expert. 
  
 2. Appointment.
The Company hereby appoints the Advisor to serve as its advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
  
 3. Duties of the Advisor. The Advisor undertakes to use its best efforts to present to the Company potential
investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Directors. In performance of this
undertaking, subject to the supervision of the Directors and consistent with the provisions of the Registration Statement, Articles of Incorporation and Bylaws of the Company, the Advisor shall, either directly or by engaging an Affiliate:

  
 (a) serve as the Company’s investment and financial
advisor and provide research and economic and statistical data in connection with the Company’s assets and investment policies; 
  
 (b) provide the daily management of the Company and perform and supervise the various administrative functions reasonably necessary for the management of
the Company; 
  
 (c) investigate, select, and, on behalf of the
Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and any and all agents for any of the
foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the
name of the Company with any of the foregoing; 
  

 9 

 (d) consult with the officers and Directors of the Company and assist the Directors in the formulation
and implementation of the Company’s financial policies, and, as necessary, furnish the Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and
in connection with any borrowings proposed to be undertaken by the Company; 
  
 (e) subject to the provisions of Paragraphs 3(g) and 4 hereof, (i) locate, analyze and select potential investments in Properties, (ii) structure and negotiate the terms and conditions of transactions pursuant to
which investment in Properties will be made; (iii) make investments in Properties on behalf of the Company or the Partnership in compliance with the investment objectives and policies of the Company; (iv) arrange for financing and refinancing and
make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with the investments in, Property; and (v) enter into leases and service contracts for Company Property and, to the
extent necessary, perform all other operational functions for the maintenance and administration of such Company Property; 
  
 (f) provide the Directors with periodic reports regarding prospective investments in Properties; 
  
 (g) obtain the prior approval of the Directors (including a majority of all
Independent Directors) for any and all investments in Properties; 
  
 (h) negotiate on behalf of the Company with banks or lenders for loans to be made to the Company, and negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of Shares and Securities or
obtain loans for the Company, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the
foregoing shall be the responsibility of the Company; 
  
 (i)
obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Company in Properties; 
  
 (j) from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of
services to the Company under this Agreement; 
  
 (k) from time to
time, or at any time reasonably requested by the Board, make reports to the Board of the investment opportunities it has presented to the Wells-sponsored programs or has pursued directly or through an affiliate; 
  
 (l) at any time reasonably requested by the Board furnish other information
requested by the Board; 
  

 10 

 (m) provide the Company with all necessary cash management services; 
  
 (n) do all things necessary to assure its ability to render the services
described in this Agreement; 
  
 (o) deliver to or maintain on
behalf of the Company copies of all appraisals obtained in connection with the investments in Properties; and 
  
 (p) notify the Board of all proposed material transactions before they are completed. 
  
 4. Authority of Advisor. 
  
 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to the continuing
and exclusive authority of the Directors over the management of the Company, the Directors hereby delegate to the Advisor the authority to (1) locate, analyze and select investment opportunities, (2) structure the terms and conditions of
transactions pursuant to which investments will be made or acquired for the Company, (3) acquire Properties in compliance with the investment objectives and policies of the Company, (4) arrange for financing or refinancing Property, (5) enter into
leases and service contracts for the Company’s Property, and perform other property management services, (6) oversee non-affiliated property managers and other non-affiliated Persons who perform services for the Company; and (7) undertake
accounting and other record-keeping functions at the Property level. 
  
 (b) Notwithstanding the foregoing, any investment in Properties, including any acquisition of Property by the Company or the Partnership (as well as any financing acquired by the Company in connection with such acquisition), will require
the prior approval of the Directors (including a majority of the Independent Directors). 
  
 (c) If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents required by them to properly evaluate the proposed investment in the Property.

  
 The prior approval of a majority of the Independent Directors
and a majority of the Directors not otherwise interested in the transaction will be required for each transaction with the Advisor or its Affiliates. 
  
 The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the
extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Property as thereafter require prior approval,
provided however, that such modification or 
  

 11 

 revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which
the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
  
 5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company or in the name of
the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Directors may approve, provided that no funds shall
be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 
  
 6. Records; Access. The Advisor shall maintain appropriate records of
all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all
reasonable times have access to the books and records of the Company. 
  
 7. Limitations on Activities. Anything else in this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of
the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the
Company, its Shares or its Securities, or otherwise not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of
the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event the Advisor shall have no liability for acting in
accordance with the specific instructions of the Board so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be
liable to the Company or to the Directors or stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates except as provided in Paragraphs 20 and
21 of this Agreement. 
  
 8. Relationship with Directors.
Directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, or directors, officers or stockholders of any director, officer or corporate parent of an Affiliate may serve as a Director and
as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or officer other
than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors. 
  

 12 

 9. Fees. 
  

(a) Acquisition Fees and Expenses. The Advisor may receive, as compensation for services rendered in connection with the investigation,
selection and acquisition (by purchase, investment or exchange) of Property an Acquisition Fee, payable by the Company, in an amount equal to up to 3.0% of Gross Proceeds and Acquisition Expenses in an amount equal to up to 0.5% of Gross Proceeds.

  
 (b) Subordinated Disposition Fee. If the Advisor
or an Affiliate provides a substantial amount of the services (as determined by a majority of the Independent Directors) in connection with the Sale of one or more Properties, the Advisor or an Affiliate shall receive a Subordinated Disposition Fee
equal to the lesser of (i) one-half of a Competitive Real Estate Commission or (ii) 3% of the sales price of such Property or Properties. The Subordinated Disposition Fee will be paid only if Stockholders have received total Distributions in an
amount equal to the sum of their aggregate Invested Capital and their aggregate Stockholders’ 6% Return. To the extent that Subordinated Disposition Fees are not paid by the Company on a current basis due to the foregoing limitation, the unpaid
fees will be accrued and paid at such time as the subordination conditions have been satisfied. The Subordinated Disposition Fee may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real estate
commissions paid to all Persons by the Company shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of a Property or (ii) the Competitive Real Estate Commission. In the event this Agreement is terminated prior to such
time as the Stockholders have received total Distributions in an amount equal to 100% of Invested Capital plus an amount sufficient to pay the Stockholders’ 6% Return through the Termination Date, an appraisal of the Properties then owned by
the Company shall be made and the Subordinated Disposition Fee on Properties previously sold will be deemed earned if the Appraised Value of the Properties then owned by the Company plus total Distributions received prior to the Termination Date
equals 100% of Invested Capital plus an amount sufficient to pay the Stockholders’ 6% Return through the Termination Date. Upon Listing, if the Advisor has accrued but not been paid such Subordinated Disposition Fee, then for purposes of
determining whether the subordination conditions have been satisfied, Stockholders will be deemed to have received a Distribution in the amount equal to the product of the total number of Shares outstanding and the average closing price of the
Shares over a period, beginning 180 days after Listing, of 30 days during which the Shares are traded. 
  
 (c) Subordinated Share of Net Sales Proceeds. The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount
equal to 10% of Net Sales Proceeds remaining after the Stockholders have received Distributions equal to the sum of the Stockholders’ 6% Return and 100% of Invested Capital. Following Listing, no Subordinated Share of Net Sales Proceeds will be
paid to the Advisor. 
  
 (d) Subordinated Incentive
Fee. Upon Listing, the Advisor shall be paid the Subordinated Incentive Fee in an amount equal to 10% of the amount by which (i) the market value of the Company, measured by taking the average closing price or 
  

 13 

 average of bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with
such period beginning 180 days after Listing (the “Market Value”), plus the total Distributions paid to Stockholders from the Company’s inception until the date of Listing, exceeds (ii) the sum of (A) 100% of Invested Capital and (B)
the total Dividends required to be paid to the Stockholders in order to pay the Stockholders’ 6% Return from inception through the date the Market Value is determined. The Company shall have the option to pay such fee in the form of cash,
Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a deferred, subordinated share of Net Sales Proceeds from a Sale or Sales of a
Property. 
  
 (e) Loans from Affiliates. If any
loans are made to the Company by an Affiliate of the Advisor, the maximum amount of interest that may be charged by such Affiliate shall be the lesser of (i) 1.0% above the prime rate of interest charged from time to time by The Bank of New York and
(ii) the rate that would be charged to the Company by unrelated lending institutions on comparable loans for the same purpose. The terms of any such loans shall be no less favorable than the terms available between non-Affiliated Persons for similar
commercial loans. 
  
 (f) Changes to Fee Structure.
In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. A majority of the Independent Directors must approve the new fee structure negotiated with the
Advisor. In negotiating a new fee structure, the Independent Directors shall consider all of the factors they deem relevant, including, but not limited to: (i) the amount of the advisory fee in relation to the asset value, composition and
profitability of the Company’s portfolio; (ii) the success of the Advisor in generating opportunities that meet the investment objectives of the Company; (iii) the rates charged to other REITs and to investors other than REITs by advisors
performing the same or similar services; (iv) additional revenues realized by the Advisor and its Affiliates through their relationship with the Company, including loan administration, underwriting or broker commissions, servicing, engineering,
inspection and other fees, whether paid by the REIT or by others with whom the REIT does business; (v) the quality and extent of service and advice furnished by the Advisor; (vi) the performance of the investment portfolio of the REIT, including
income, conversion or appreciation of capital, and number and frequency of problem investments; and (vii) the quality of the Property portfolio of the Company in relationship to the investments generated by the Advisor for its own account. The new
fee structure can be no more favorable to the Advisor than the current fee structure. 
  
 10. Expenses. 
  
 (a) In
addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the
Company pursuant to this Agreement, including, but not limited to: 
  

 14 

 (i) the Company’s Organizational and Offering Expenses; provided, however, that the Company shall
have no obligation to reimburse such expenses until it has raised gross proceeds in the offering of $2.5 million and provided further that within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the
Company for any Organizational and Offering Expenses reimbursement received by the Advisor pursuant to this Paragraph 10, to the extent that such reimbursement exceeds 2% of the Gross Proceeds. The Advisor shall be responsible for the payment of all
the Company’s Organizational and Offering Expenses in excess of 2% of the Gross Proceeds; 
  
 (ii) Acquisition Expenses incurred in connection with the selection and acquisition of Properties at the lesser of the actual cost or 90% of the
competitive rate charged by unaffiliated persons providing similar goods and services in the same geographic location; 
  
 (iii) the actual cost of goods and services used by the Company and obtained from entities not affiliated with the Advisor, other than Acquisition
Expenses, including brokerage fees paid in connection with the purchase and sale of securities; 
  
 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
  
 (v) taxes and assessments on income or Property and taxes as an expense of
doing business; 
  
 (vi) costs associated with insurance required
in connection with the business of the Company or by the Directors: 
  
 (vii) expenses of managing and operating Properties owned by the Company, whether payable to an Affiliate of the Company or a non-affiliated Person. 
  
 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and Stockholders; 
  
 (ix) expenses associated with Listing or with the issuance and distribution
of Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, Listing and registration fees, and other Organization and Offering Expenses; 
  
 (x) expenses connected with payments of Distributions in cash or otherwise
made or caused to be made by the Company to the Stockholders; 
  
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Company or the Articles of Incorporation; 
  

 15 

 (xii) expenses of maintaining communications with Stockholders, including the cost of preparation,
printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
  
 (xiii) administrative service expenses (including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the
extent that such personnel perform services in transactions for which the Advisor receives a separate fee); and 
  
 (xiv) audit, accounting and legal fees. 
  
 (b) Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the
Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after the end of each quarter. 
  
 11. Other Services. Should the Directors request that the Advisor or
director, officer or employee thereof render services for the Company other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of
the Company, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
  
 12. Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of the Company which bond shall insure
the Company from losses of up to $10 million per occurrence and shall be of the type customarily purchased by entities performing services similar to those provided to the Company by the Advisor. 
  
 13. Reimbursement to the Advisor. The Company shall not reimburse the
Advisor at the end of any fiscal quarter Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net
Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that
such excess was justified, based on unusual and nonrecurring factors which they deem sufficient, the Excess Amount may be carried over and included in Operating Expenses in subsequent Expense Years, and reimbursed to the Advisor in one or more of
such years, provided that Operating Expenses in any Expense Year, including any Excess Amount to be paid to the Advisor, shall not exceed the 2%/25% Guidelines. Within 60 days after the end of any fiscal quarter of the Company for which total
Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, there shall be sent to the stockholders a written disclosure of such fact, together with an explanation of the factors the Independent Directors considered in determining that
such excess expenses were justified. Such determination 
  

 16 

 shall be reflected in the minutes of the meetings of the Board of Directors. The Company will not reimburse the Advisor
or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting
principles applied on a consistent basis. 
  
 14. Other
Activities of the Advisor. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs
advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in any other business or to render
services of any kind to any other partnership, corporation, firm, individual, trust or association. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other
participant therein. The Advisor shall report to the Directors the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s
obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Directors knowledge of such condition or
circumstance. If the Sponsor, Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company, it shall be the duty of the
Directors (including the Independent Directors) to adopt the method set forth in the Registration Statement or another reasonable method by which properties are to be allocated to the competing investment entities and to use their best efforts to
apply such method fairly to the Company. 
  
 The Advisor shall be
required to use its best efforts to present a continuing and suitable investment program to the Company which is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be
obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character which, if presented to the Company, could be taken by the Company. The Advisor or its Affiliates may make such an investment
in a property only after (i) such investment has been offered to the Company and all public partnerships and other investment entities affiliated with the Company with funds available for such investment and (ii) such investment is found to be
unsuitable for investment by the Company, such partnerships and investment entities. 
  
 In the event that the Advisor or its Affiliates is presented with a potential investment which might be made by the Company and by another investment entity which the Advisor or its Affiliates advises or manages, the
Advisor shall consider the investment portfolio of each entity, cash flow of each entity, the effect of the acquisition on the diversification of each entity’s portfolio, rental payments during any renewal period, the estimated income tax
effects of the purchase on each entity, the policies of each entity relating to leverage, the funds of each entity available for investment and the 
  

 17 

 length of time such funds have been available for investment. In the event that an investment opportunity becomes
available which is suitable for both the Company and a public or private entity which the Advisor or its Affiliates are Affiliated, then the entity which has had the longest period of time elapse since it was offered an investment opportunity will
first be offered the investment opportunity. The Advisor may consider the property for private placement only if such property is deemed inappropriate for any investment entity which is advised or managed by the Advisor, including the Company.

  
 15. Relationship of Advisor and Company. The Company
and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. 
  
 16. Term; Termination of Agreement. This Agreement shall continue in
force until the first anniversary of the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. It is the duty of the Directors to evaluate the performance of the Advisor or annually before
renewing the Agreement, and each such renewal shall be for a term of no more than one year. 
  
 17. Termination by Either Party. This Agreement may be terminated upon 60 days written notice without Cause or penalty, by either party (by a majority of the Independent Directors of the Company or a majority
of the Board of Directors of the Advisor, as the case may be). 
  
 18. Assignment to an Affiliate. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to
receive fees or other payments under this Agreement without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a
corporation or other organization which is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the
Company is bound by this Agreement. 
  
 19. Payments to and
Duties of Advisor upon Termination. Payments to the Advisor pursuant to this Section 19 shall be subject to the 2%/25% Guidelines to the extent applicable. 
  

(a) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive
from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
  

 18 

 (b) Upon termination, the Advisor shall be entitled to payment of the Performance Fee if performance
standards satisfactory to a majority of the Board of Directors, including a majority of the Independent Directors, when compared to (a) the performance of the Advisor in comparison with its performance for other entities, and (b) the performance of
other advisors for similar entities, have been met. If Listing has not occurred, the Performance Fee, if any, shall equal 10% of the amount, if any, by which (i) the appraised value of the Properties on the Termination Date, less the amount of all
indebtedness secured by Properties and Secured Equipment Leases, plus the total Distributions paid to stockholders from the Company’s inception through the Termination Date, exceeds (ii) Invested Capital plus an amount equal to the
Stockholders’ 6% Return from inception through the Termination Date. The Advisor shall be entitled to receive all accrued but unpaid compensation and expense reimbursements in cash within 30 days of the Termination Date. All other amounts
payable to the Advisor in the event of a termination shall be evidenced by a promissory note and shall be payable from time to time. 
  
 (c) The Performance Fee shall be paid in 12 equal quarterly installments without interest on the unpaid balance, provided, however, that no payment will
be made in any quarter in which such payment would jeopardize the Company’s REIT status, in which case any such payment or payments will be delayed until the next quarter in which payment would not jeopardize REIT status. Notwithstanding the
preceding sentence, any amounts which may be deemed payable at the date the obligation to pay the Performance Fee is incurred which relate to the appreciation of the Company’s Properties shall be an amount which provides compensation to the
Advisor only for that portion of the holding period for the respective Properties during which the Advisor provided services to the Company. 
  
 (d) If Listing occurs, the Performance Fee, if any, payable thereafter will be as negotiated between the Company and the Advisor. The Advisor shall not be
entitled to payment of the Performance Fee in the event this Agreement is terminated because of failure of the Company and the Advisor to establish, pursuant to Paragraph 9(h) hereof, a fee structure appropriate for a perpetual-life entity at such
time, if any, as Listing occurs. 
  
 (e) The Advisor shall
promptly upon termination: 
  
 (i) pay over to the Company all
money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
  
 (ii) deliver to the Directors a full accounting, including a statement
showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Directors; 
  
 (iii) deliver to the Directors all assets, including Properties, and documents of the Company then in the custody of the
Advisor; and 
  

 19 

 (iv) cooperate with the Company to provide an orderly management transition. 
  
 20. Indemnification by the Company. The Company shall indemnify and
hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including
reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by the laws of the State of Maryland or the Articles of
Incorporation of the Company. Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification or be held harmless pursuant to this Paragraph 20 for any activity which the Advisor shall be required to indemnify or hold harmless
the Company pursuant to Paragraph 21. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
  
 21. Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company from contract or other liability, claims, damages, taxes
or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith,
fraud, willful misfeasance, misconduct, negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation given by
the Advisor. 
  
 22. Notices. Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it
is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

	 To the Directors and to the Company:
	  	Wells Real Estate Investment Trust II, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Atlanta, Georgia 30092
	 	  	 
	 To the Advisor:
	  	Wells Capital, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Atlanta, Georgia 30092

  
 Either party may at
any time give notice in writing to the other party of a change in its address for the purposes of this Paragraph 22. 
  
 23. Modification. This Agreement shall not be changed, modified terminated, or discharged, in whole or in part, except by an instrument in writing
signed by both parties hereto, or their respective successors or assignees. 
  

 20 

 24. Severability. The provisions of this Agreement are independent of and severable from each
other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
  
 25. Construction. The provisions of this Agreement shall be construed
and interpreted in accordance with the laws of the State of Florida. 
  
 26. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
  
 27. Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
  
 28.
Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

  
 29. Titles Not to Affect Interpretation. The titles of
paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  
 30. Execution in Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
  
 31. Name. Wells Capital, Inc. has a proprietary interest in the name “Wells.” Accordingly, and in recognition of this right, if at any
time the Company ceases to retain Wells Capital, Inc. or an Affiliate thereof to perform the services of Advisor, the Directors of the Company will, promptly after receipt of written request from Wells 
  

 21 

 Capital, Inc., cease to conduct business under or use the name “Wells” or any diminutive thereof and the
Company shall use its best efforts to change the name of the Company to a name that does not contain the name “Wells” or any other word or words that might, in the sole discretion of the Advisor, be susceptible of indication of some form
of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or
otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Wells” as a part of their name, all without the need for any consent (and without the
right to object thereto) by the Company or its Board. 
  
 32.
Initial Investment. The Advisor has contributed to the Company $200,000 in exchange for 20,000 units of limited partnership interest (“Units”) in Wells Operating Partnership II, L.P. (“Units”) (the “Initial
Investment”). The Advisor or its Affiliates may not sell any of the Units purchased with the Initial Investment for a period of one year following completion of the Offering and may only sell Units or the Shares issuable upon the redemption of
the Units representing the Initial Investment through the market on which the Shares are normally traded. The restrictions included above shall not apply to any Shares, other than the Shares acquired through the Initial Investment, acquired by the
Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors or any vote regarding the approval or termination of any contract with the Advisor or any of its
Affiliates. 
  
 [Signatures on the following page]

  

 22 

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

	WELLS REAL ESTATE
	INVESTMENT TRUST II, INC.
		
	 	 	 
	 By:
	 	

	 Name:
	 	

	 Its:
	 	

  

	WELLS CAPITAL, INC.
		
	 By:
	 	

	 Name:
	 	

	 Its:
	 	

  
 :
             
  

 23

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