Document:

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                                                                    Exhibit 10.1

                           Carey Financial Corporation
                              50 Rockefeller Plaza
                               New York, NY 10020

                  CORPORATE PROPERTY ASSOCIATES 15 INCORPORATED

                            SELECTED DEALER AGREEMENT

                               October ____, 2002

Ladies/Gentlemen:

         We have agreed to use our best efforts to sell, along with a group of
selected dealers (collectively, the "Selected Dealers") to be formed with our
assistance, shares of common stock (the "Shares") of Corporate Property
Associates 15 Incorporated (the "Company") including those which are being
offered pursuant to the Company's 2001 Dividend Reinvestment and Share Purchase
Plan, registered on Form S-11, Registration No. 333-55584 (the "DRIP"). The
Shares are being offered by us, as Sales Agent for the Company, and by the
Selected Dealers. The terms of the offering of the Shares (the "Offering") are
more fully described in one or more prospectuses (collectively the
"Prospectus"), receipt of which you hereby acknowledge.

         We are hereby inviting you to act as a Selected Dealer for the
Offering, subject to the other terms and conditions set forth below. You hereby
confirm that you are a member in good standing of the National Association of
Securities Dealers, Inc. (the "NASD"), that you have complied with all
applicable federal and state broker-dealer registration requirements and that
you are not a "discount broker" as that term is commonly understood in the
brokerage industry. Upon execution of this Selected Dealer Agreement (the
"Selected Dealer Agreement"), you agree to be bound by the terms and conditions
of the Sales Agency Agreement between us, as Sales Agent and the Company (the
"Sales Agency Agreement") (to the extent such terms apply to the Selected
Dealers), a copy of which is attached hereto as Exhibit A and of which this
Selected Dealer Agreement is a part.

         Capitalized terms used herein and not otherwise defined herein shall
have the same meaning as in the Sales Agency Agreement.

         The Company represents, warrants and agrees that it

         (a) The Company has filed with the Securities and Exchange Commission
(the "Commission") the Registration Statement and amendments thereto on Form
S-11 (File No. 333-xxxxx), containing a preliminary prospectus, for the
registration of the Shares under the Securities Act of 1933, as amended (the
"Securities Act") and the regulations thereunder (the "Regulations"), and will
prepare and file with the Commission any amendments to the registration
statement necessary for it to become effective, including an amended preliminary
prospectus. The registration statement, as amended, and the amended prospectus
on file with the Commission at the time the registration statement becomes
effective (including financial
<PAGE>
statements, exhibits and all other documents filed as a part thereof or
incorporated therein), and any registration statement related thereto filed
under Rule 462(b) of the Securities Act, are herein called the "Registration
Statement" and the "Prospectus," respectively, except that if a Registration
Statement is amended by a post-effective amendment, the term "Registration
Statement" shall, from and after the declaration of effectiveness of such
post-effective amendment, refer to the Registration Statement as so amended and
the term "Prospectus" shall refer to the prospectus as so amended, and if the
Prospectus filed by the Company pursuant to Rule 424(b) or 424(c) of the
Regulations shall differ from the Prospectus on file at the time the
Registration Statement or any post-effective amendment shall become effective,
the term "Prospectus" shall refer to the Prospectus filed pursuant to either of
such Rules from and after the date on which it shall have been mailed for filing
with the Commission. Further, if a separate prospectus is filed and becomes
effective with respect solely to the DRIP (a "DRIP Prospectus"), the term
"Prospectus" shall refer to such DRIP Prospectus from and after the declaration
of effectiveness of such DRIP Prospectus.

         (b) The Registration Statement has been prepared and filed by the
Company in conformity with the Act and the applicable instructions and
Regulations. The Commission has not issued any order preventing or suspending
the use of any prospectus or preliminary prospectus filed with the Registration
Statement or any amendments thereto. At the time the Registration Statement
becomes effective (the "Effective Date") and at the time that any post-effective
amendments thereto become effective and at all times subsequent thereto up to
the Termination Date (as defined in Section 3(d) hereof), the Registration
Statement and Prospectus (as amended or as supplemented) will contain all
statements which are required to be stated therein in accordance with the Act
and the Regulations and will in all respects conform to the requirements of the
Act and the Regulations, and will not include 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, in the light of the circumstances
under which they were made, not misleading, and each preliminary prospectus
filed as part of the Registration Statement as originally filed or as part of
any amendment thereto, or filed pursuant to Rule 424 under the Act, complied
when so filed in all material respects with the Act and Regulations and did not
contain an untrue statement of a material fact or omit to state 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.

         (c) The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Maryland with full
power and authority to conduct the business in which it is engaged in as
described in the Prospectus. The Company is duly qualified to do business as a
foreign corporation and is in good standing in each other jurisdiction in which
it owns or leases property of a nature, or transacts business of a type, that
would make such qualification necessary.

         (d) The Shares, when issued, will be duly and validly issued, fully
paid and non-assessable and will conform to the description thereof contained in
the Prospectus; no holder thereof will be subject to personal liability for the
obligations of the Company solely by reason of being such a holder; such Shares
are not subject to the preemptive rights of any shareholder of
<PAGE>
the Company; and all corporate action required to be taken for the
authorization, issue and sale of such Shares has been validly and sufficiently
taken.

         (e) The Company is not in violation of its Articles of Incorporation
("Articles") or Bylaws or in default in the performance or observance of any
material obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, loan agreement, note, lease or other agreement or
instrument to which it is a party or by which it or any of its properties is
bound.

         (f) The Company has filed all Federal, state and foreign income tax
returns which have been required to be filed on or before the due date (taking
into account all extensions of time to file) and has paid or provided for the
payment of all taxes indicated by said returns and all assessments received by
the Company to the extent that such taxes or assessment have become due.

         (g) There is no action, suit or proceeding pending or, to the best of
the knowledge, information and belief of the Company, threatened to which the
Company is a party, before or by any court or governmental agency or body.

         (h) The financial statements of the Company filed as part of the
Registration Statement and those included in the Prospectus present fairly the
financial position of the Company as of the date indicated and the results of
its operations for the periods specified; said financial statements have been
prepared in conformity with generally accepted accounting principles applied on
a consistent basis; and PricewaterhouseCoopers LLP, whose report is filed with
the Commission as a part of the Registration Statement, are independent
accountants as required by the Act and the Regulations.

         (i) Since the respective dates as of which information is given in the
Registration Statement and the Prospectus, except as may otherwise be stated in
or contemplated by the Registration Statement and the Prospectus, (a) there has
not been any material adverse change in the condition (financial or otherwise)
of the Company or in the earnings, affairs or business prospects of the Company,
whether or not arising in the ordinary course of business, and (b) there have
not been any material transactions entered into by the Company except in the
ordinary course of business.

         (j) The Company does not intend to conduct its business so as to be an
"investment company" as that term is defined in the Investment Company Act of
1940, as amended and the rules and regulations thereunder, and it will exercise
reasonable diligence to ensure that it does not become an "investment company"
within the meaning of the Investment Company Act of 1940.

         (k) This Selected Dealer Agreement, the Sales Agency Agreement and
Advisory Agreement (the "Advisory Agreement") between the Company and Carey
Asset Management Corp. (the "Advisor") have been duly and validly authorized,
executed and delivered by the Company and constitute the valid agreements of the
Company enforceable in accordance with their terms. The execution and delivery
of this Selected Dealer Agreement, the Sales Agency
<PAGE>
Agreement and the Advisory Agreement, the consummation of the transactions
herein and therein contemplated and the compliance with the terms of this
Selected Dealer Agreement, the Sales Agency Agreement and the Advisory Agreement
by the Company will not conflict with or constitute a default under the Articles
or Bylaws or any indenture, mortgage, deed of trust, lease or other agreement or
instrument to which the Company is a party, or any law, order, rule or
regulation, writ, injunction or decree of any government, governmental
instrumentality or court, domestic or foreign, having jurisdiction over the
Company, or any of its property, except to the extent that the enforceability of
the indemnity and/or contribution provisions contained in Section 8 of this
Selected Dealer Agreement may be limited under applicable securities law; and no
consent, approval, authorization or order of any court or other governmental
agency or body has been or is required for the performance of this Selected
Dealer Agreement, the Sales Agency Agreement or the Advisory Agreement by the
Company, or for the consummation of the transactions contemplated hereby and
thereby (except such as have been obtained under the Act or as may be required
under state securities or "blue sky" laws in connection with the distribution of
the Shares).

         (l) The Company is not a party to or bound by any contract or other
instrument of a character required to be described in the Registration Statement
or the Prospectus or to be filed as an exhibit to the Registration Statement
that is not described and filed as required.

         (m) The Company intends to satisfy the requirements of the Internal
Revenue Code of 1986 as amended (the "Code") for qualification of the Company as
a real estate investment trust. The Company has elected to be treated as a real
estate investment trust under the Code and will direct the investment of the
proceeds of the offering of the Shares in such a manner, and will otherwise
operate the business of the Company, so as to comply with such requirements.

         (n) The Company complies with the applicable privacy provision of the
Gramm-Leach-Bliley Act and the applicable provisions of the USA Patriot Act, in
all material respects.

         Upon notification by us, you may offer the Shares at the public
offering price stated in the Prospectus, subject to the terms and conditions
hereof. The public offering price of the Shares and the amount of your Selling
Commission that is re-allowed by us to you with respect to volume sales of
Shares to "single purchasers" on orders of $250,000 or more (as defined in the
Prospectus) shall be reduced by the amount of the Share purchase price discount.
In the case of such volume sales to single purchasers, your Selling Commission
will be reduced for each incremental Share purchase in the total volume ranges
set forth in the table below. Such reduced Share price purchase price will not
affect the amount received by the company for investment. The following table
sets forth the reduced Share purchase price and Selling Commission payable to
you:
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<TABLE>
<CAPTION>
                                                                            Selling Commission Per Share on
                 Volume Discount         Purchase Price Per Share For      Total Sale for Incremental Share
                   Range for a           Incremental Share In Volume                      in
               "Single Purchaser"               Discount Range                   Volume Discount Range
               ------------------               --------------                   ---------------------
<S>                                      <C>                               <C>
           $    2,000 - $  250,000                 $10.00                                $0.65
           $  250,001 - $  500,000                 $ 9.85                                $0.50
           $  500,001 - $  750,000                 $ 9.70                                $0.35
           $  750,001 - $1,000,000                 $ 9.60                                $0.25
           $1,000,001 - $5,000,000                 $ 9.50                                $0.15
</TABLE>

         As an example, a single purchaser would receive 50,380 Shares (rather
than 50,000 Shares) for his investment of $500,000 and the Selling Commission
would be $28,940. The discount would be calculated as follows: On the first
$250,000 of the investment there would be no discount and the purchaser would
receive 25, 000 shares at $10 per share. On the remaining $250,000, the per
share price would be $9.85 and the purchaser would receive 25,380 shares.

         A refund will be made to the purchaser for any fractional Shares based
on the public offering price if such refund is in excess of $1.00. In the
example, $7.00 would be refunded for the fractional Share.

         Selling Commissions for purchases of $5,000,000 or more are negotiable
but in no event will the proceeds to the Company be less than $9.35 per Share.
We agree to re-allow to you a Selected Dealer Fee of one percent of the full
price of each Share sold by you.

         Additionally, we may, in our sole discretion pay you a one-half percent
marketing fee, which will be based on such factors as volume of Shares sold by
you, marketing support and bona fide conference fees incurred. We may in our
sole discretion pay Selling Commissions of $0.50 per Share sold for Shares
purchased under the DRIP.

         You may elect, in your sole discretion, to not accept any Selling
Commission for Shares that you sell. In that event, these Shares shall be sold
net of all Selling Commissions and the marketing fee, at a price per Share of
$9.35.

         No payment of commissions or the Selected Dealer Fee will be made in
respect of Orders (or portions thereof) which are rejected by the Company.
Selling Commissions and the Selected Dealer Fee will be paid on each Closing
Date with respect to Shares sold to purchasers whose Shares are issued on such
Closing Date. Selling Commissions and the Selected Dealer Fee will be payable
only with respect to transactions lawful in the jurisdictions where they occur.
Purchases of Shares by W. P. Carey & Co. LLC, its Affiliates or any Selected
Dealer or any of their employees shall be net of commissions.

         In no event shall the aggregate underwriting compensation to be paid to
us, you and the other Selected Dealers in connection with the Offering and sale
of the Shares exceed 10% of the gross proceeds of the Offering (not including
due diligence expenses of up to one-half percent of the gross proceeds of the
Offering).
<PAGE>
         Orders for Shares (each an "Order") must be made during the offering
period described in the Prospectus (except for Orders made pursuant to the DRIP,
which may be made on an ongoing basis, pursuant to the terms of the DRIP). An
order form, in the form attached to the Prospectus, (each an "Order Form") must
be used in placing an Order for investors residing in certain states and, for
all other investors, Orders may be placed through such procedures as are
normally used by you for the sale of REIT shares and agreed to by the Company.
Persons desiring to purchase Shares are required to comply with such procedures
and, in certain states, to execute or have executed on their behalf one copy of
the Order Form. Subscribers purchasing shares by check must make such checks
payable to the Escrow Agent. By noon of the business day following receipt of
funds by you, either by check or by a sweep of customer accounts, you will
deliver via overnight delivery service a check payable to The Bank of New York,
Escrow Agent, or other acceptable form of payment, for the full amount of each
Order along with an Order Form for each such Order and a list showing the name,
address and telephone number of, the social security number or taxpayer
identification number of, the number of Shares purchased, any election to
participate in the DRIP by, and the total dollar amount of the investment by,
each investor on whose behalf a check or other payment is delivered. You will
advise The Bank of New York whether the funds you are submitting are
attributable to individual retirement accounts, Keogh plans, or any other
employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974 or from some other type of investor.

         All Orders solicited by you will be strictly subject to review and
acceptance by the Company, and the Company reserves the right in its absolute
discretion to reject any such Order or to accept or reject Orders in the order
of their receipt by the Company or otherwise. You agree to maintain, for at
least six years, records of the information used by you to determine whether an
investment in Shares is suitable and appropriate for a potential investor in
Shares.

         If the Company elects to reject an Order (such rejection to occur
within 30 days after receipt by the Company of such Order), the Company shall,
within 10 business days after such rejection, inform you of such rejection and
return the funds (and any interest earned thereon) and other documents submitted
by the rejected purchaser to you for transmission to such purchaser. If no
notice of rejection is received by you with the foregoing time limits or if
funds submitted by the purchaser are released from escrow to the Company within
the foregoing time limits, the Order shall be deemed accepted.

         You agree that you will use your best efforts in offering the Shares
and will offer the Shares only in jurisdictions in which you are currently
registered as a securities dealer and only in accordance with the securities
laws of such jurisdictions.

         You covenant and agree with respect to your participation in the
Offering to comply with any applicable requirements of the Securities Act of
1933 (the "`33 Act") and of the Securities Exchange Act of 1934 (the "`34 Act"),
and the published rules and regulations of the Securities and Exchange
Commission thereunder, and the Conduct Rules of the NASD including but not
limited to Rule 2730, Rule 2740 and IM 2740, Rule 2420 and IM 2420 and Rule 2750
and IM 2750.
<PAGE>
         We shall have full authority to take such action as we may deem
advisable in respect of all matters pertaining to the Offering. Neither you nor
any other person is authorized to give any information or make any
representations other than those contained in the Prospectus and sales
literature furnished by the Company in connection with the Offering, and you
agree not to give any such information or make any such representations. You
acknowledge that we will rely upon your agreements in this paragraph and in the
preceding paragraph in connection with the Sales Agency Agreement. No Selected
Dealer is authorized to act as agent for us when offering any of the Shares to
the public or otherwise, it being understood that you and each other Selected
Dealer are independent contractors with us. Nothing herein contained shall
constitute you or the Selected Dealers an association, unincorporated business,
partnership or separate entity with each other or an association or partner with
us. Nothing contained in this paragraph is intended to operate as, and the
provisions of this paragraph shall not constitute, a waiver by you of compliance
with any provision of the '33 Act or of the rules and regulations thereunder.

         The Company will provide you with such number of copies of the enclosed
Prospectus and such number of copies of amendments and supplements thereto, and
certain supplemental sales material prepared by the Company, as you may
reasonably request for use by you in connection with the offer and sales of the
Shares. In the event you elect to use any such supplemental sales material, you
agree that such material shall not be used in connection with the offer and sale
of the Shares unless accompanied or preceded by the Prospectus as then currently
in effect and as it may be amended or supplemented in the future, and you
expressly agree not to prepare or use any sales material other than the approved
sales material. To the extent that information is provided to you marked "For
Broker/Dealer Use Only," "Internal Use Only" or with other similar language, you
covenant and agree not to provide such information to prospective investors. You
agree that you will not use any other offering materials without the prior
written consent of the Company and us.

         This Selected Dealer Agreement shall terminate at the close of business
on the 45th day after the completion of the sale of all of the Shares by the
Company, unless earlier terminated or unless the Sales Agency Agreement is
terminated, in which event this Selected Dealer Agreement will automatically
terminate. Either party may terminate this Selected Dealer Agreement at any time
by written notice, and we shall notify you promptly in the event of any early
termination of this Selected Dealer Agreement.

         We will furnish to you a Blue Sky Memorandum naming the jurisdictions
in which we believe the Shares have been qualified for sale under, or are exempt
from the requirements of, the respective securities laws of such jurisdictions,
but we assume no responsibility or obligation as to your right to sell Shares in
any jurisdiction.

         Your obligations under this Selected Dealer Agreement shall be subject
to the continued accuracy throughout the Effective Term of the representations,
warranties and agreements of the Company under the Sales Agency Agreement, this
Selected Dealer Agreement and the attached Addendum A and to the performance by
the Company of its obligations under such agreements and to the terms and
conditions set forth in Section 7 of the Sales Agency Agreement.
<PAGE>
         You confirm that you are familiar with '33 Act Release No. 4968 and
Rule 15c2-8 under the '34 Act, relating to the distribution of preliminary and
final prospectuses, and confirm that you have complied, and will comply,
therewith. You shall not directly or indirectly pay or award any finder's fees,
commissions or other compensation to any persons engaged by an investor for
investment advice as an inducement to such adviser to advise a potential
investor to purchase Shares. In addition, you agree not to receive any rebates
or give-ups or to participate in any reciprocal business arrangements (other
than for the underwriting arrangements described herein) which would violate any
restrictions on the Company contained in the Prospectus.

         Addendum A attached hereto is hereby incorporated by reference.

         All representations, warranties and agreements contained in this
Selected Dealer Agreement (including Addendum A), the Sales Agency Agreement or
in certificates submitted to you pursuant to this Selected Dealer Agreement or
Sales Agency Agreement shall remain operative and in full force and effect,
regardless of any investigation made by, or on behalf of, you or any person who
controls you, and shall survive the initial closing and termination of the
Offering.

         Any communication from you should be in writing addressed to Carey
Financial Corporation, 50 Rockefeller Plaza, New York, NY 10020. Any notice from
us to you shall be deemed to have been duly given if mailed or telegraphed to
you at the address to which this Selected Dealer Agreement is mailed.

         Please confirm your agreement hereto by signing and returning at once
to us the enclosed duplicate of this Selected Dealer Agreement (including
Addendum A), including the information requested in Schedule A attached thereto.
This Selected Dealer Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and to be
performed entirely within such state.

                                            Very truly yours,

CAREY FINANCIAL CORPORATION,
Sales Agent

By:_________________________________        ACCEPTED, as of _______________

Its:________________________________        [Selected Dealer]

CORPORATE PROPERTY ASSOCIATES 15            By:_________________________________
INCORPORATED, the Company

                                            Its:________________________________
By:_________________________________

Its:________________________________
<PAGE>
                     SCHEDULE A TO SELECTED DEALER AGREEMENT

                           SELECTED DEALER INFORMATION

                [PLEASE PRINT OR TYPE ALL REQUESTED INFORMATION]

                            ________________________

SELECTED/DEALER NAME:___________________________________________________________

SELECTED/DEALER ADDRESS:________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

PHONE NUMBER:___________________________________________________________________

NAME OF PERSON SIGNING SELECTED DEALER AGREEMENT:_______________________________

________________________________________________________________________________

TITLE OF PERSON SIGNING SELECTED DEALER AGREEMENT:______________________________

________________________________________________________________________________<PAGE>
                                                                    Exhibit 10.2

                                ESCROW AGREEMENT

         ESCROW AGREEMENT made as of October _____, 2002, by and among CORPORATE
PROPERTY ASSOCIATES 15 INCORPORATED, a Maryland corporation (the "Company"),
CAREY FINANCIAL CORPORATION, a Delaware corporation (the "Sales Agent"), and THE
BANK OF NEW YORK, a New York corporation (the "Escrow Agent").

         WHEREAS, the Company has filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form S-11 (File No.
333-xxxxx), containing a related preliminary prospectus, for the registration of
the Shares under the Securities Act of 1933, as amended (the Securities Act")
and the regulations thereunder (the "Regulations"), the registration statement
and any amendments thereto, and any registration statement related thereto filed
under Rule 462(b) of the Securities Act are herein called the "Registration
Statement." Any prospectus relating to such Registration Statement and any
amendments thereto are herein called the "Prospectus."

         WHEREAS, the Company and the Sales Agent will enter into a Sales Agency
Agreement (the "Sales Agency Agreement"), pursuant to which the Sales Agent and
a group of selected dealers (each a "Selected Dealer," collectively the
"Selected Dealers") and a group of selected investment advisors (each a
"Selected Investment Advisor," collectively the "Selected Investment Advisors")
will offer and sell to the public on a best efforts bases of 60,000,000 shares
of common stock of the Company (including any additional shares registered on a
registration statement filed under Rule 462(b) relating hereto, the "Shares").

         WHEREAS, the Company has sole discretion in determining whether to
accept or reject any orders for the Shares;

         WHEREAS, the Company, in compliance with the terms of the proposed
offering described in the Registration Statement and Rule 15c2-4 under the
Securities Exchange Act of 1934, as amended, (the "Exchange Act") proposes to
establish an escrow account with the Escrow Agent for the deposit of payments
for the Shares; and

         WHEREAS, the foregoing recitals are statements of the Company and the
Sales Agent and not of the Escrow Agent;

         NOW, THEREFORE, in consideration of the mutual promises herein made and
for other good and valuable consideration, the parties hereby agree as follows:

         1. Subject to Section 6 hereof, for the period commencing on the date
of the Prospectus and terminating not later than 60 days following: (a) the date
two years from the date of the Prospectus, or (b) the date on which the offering
of the Shares otherwise terminates, whichever first occurs, but in no case prior
to 60 days after the final disposition of the money and property held in escrow
hereunder, the parties hereby appoint the Escrow Agent in accordance with the
terms and conditions set forth herein, and the Escrow Agent hereby accepts such
appointment and agrees to receive, hold and disburse the proceeds from the sale
of the Shares in accordance herewith. The Company and the Sales Agent agree to
promptly notify the Escrow Agent of the date of the Prospectus (or if the
offering of the Shares is extended, the date of termination of such extension)
and the date, if any, referred to in clause (b) above.
<PAGE>
         2. (a) The Sales Agent shall deliver, and shall cause each Selected
Dealer or Selected Investment Advisor to directly or indirectly deliver,
proceeds (the "Escrow Funds") received from purchasers of the Shares (each an
"Investor") to the Escrow Agent at The Bank of New York, c/o United States Trust
Company of New York, 30 Broad Street, 14th Floor, New York, New York 10004,
Attention: Ana Espinosa, by noon of the next business day after receipt of the
proceeds by the Selected Dealer. The Escrow Agent shall have no obligation or
responsibility to determine whether the Sales Agent or any Selected Dealer or
Selected Investment Advisor has delivered to the Escrow Agent all or any part of
the proceeds received from an Investor. All deliveries of proceeds shall be
accompanied by: (i) the name and address of, the social security number or
taxpayer identification number of, the brokerage account number of (if
applicable), the number of Shares purchased by and the total dollar amount of
the investment by, each Investor on whose behalf proceeds are delivered to the
Escrow Agent, and (ii) a statement advising the Escrow Agent of the aggregate
amount of Escrow Funds delivered attributable to individual retirement accounts,
Keogh plans, or any other employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974 ("ERISA") (these investors
collectively referred to as "Plan Investors") or from some other type of
investor ("Non-Plan Investors"). Funds delivered to the Escrow Agent may be in
the form of checks payable to "The Bank of New York, as Escrow Agent" and drawn
on an account of an Investor, Selected Dealer or Selected Investment Advisor or
wire transfer from the Sales Agent or certain Selected Dealers or Selected
Investment Advisors identified to the Escrow Agent by the Company or the Sales
Agent. The Company shall comply fully with the Interest and Dividend Tax
Compliance Act of 1983, and the Escrow Agent shall have no responsibility
thereunder.

         (b) Prior to the delivery of any payments from Investors, the Company
shall deliver to the Escrow Agent a copy of the Prospectus, certified by the
Company to be a true copy, and a copy of the order of the Commission declaring
effective the Registration Statement as soon as practicable after the Company's
receipt thereof. It is understood that the copy of the Prospectus is being
delivered to the Escrow Agent solely for the purpose of notifying the Escrow
Agent of the effective date of the Registration Statement and that the Escrow
Agent is not charged with any duty to review the Prospectus or to inquire into
the effectiveness of the Registration Statement.

         (c) All funds received from Plan Investors shall be deposited and
maintained in a separate account opened by the Escrow Agent ("Plan Subaccount").
All funds received from Non-Plan Investors shall be deposited and maintained in
a separate account opened by the Escrow Agent ("Non-Plan Subaccount").

         (d) All Escrow Funds shall be invested in the Cash Reserve Account or
similar account meeting the requirements of Rule 15c2-4, including a Reserve
Balance Account while the escrow is handled by United States Trust Company of
New York, as agent for The Bank of New York. All investments attributable to
Escrow Funds shall be made by the Escrow Agent in the name of "The Bank of New
York, as Escrow Agent." The income derived from such investments shall be
distributed to the Investors or, in the case of Investors ("AMEX Investors")
solicited by American Express Financial Advisors, Inc. ("AMEX"), to AMEX for the
account of such AMEX Investors, in either case as Escrow Interest in accordance
with the provisions of Section 3(a), (b) or (c) hereof, whichever shall be
applicable.
<PAGE>
         3. (a) Upon receipt by the Escrow Agent of instructions signed by the
Sales Agent and the Company, the Escrow Agent will from time to time pay to the
Company and/or to any other person designated in such instructions the Escrow
Funds in accordance with such instructions. Such instructions also shall include
the times and places at which such Escrow Funds are to be paid and the amount
and method of payment. The Company shall give the Escrow Agent three business
days advance oral notification of the contents of such instructions. Within
fifteen calendar days after the date on which Escrow Funds are paid to the
Company or other designated person pursuant to the instructions described above,
the Escrow Agent shall remit interest earned on such Escrow Funds, if and only
if, such Escrow Funds have been held by the Escrow Agent for at least twenty
days, or more, ("Escrow Interest") to Investors on whose behalf such Escrow
Funds were deposited or, in the case of AMEX Investors, to AMEX for the account
of such AMEX Investors, as applicable, as follows:

         (A) In the case of an Plan Investor, the interest earned on all Escrow
         Funds maintained in the Plan Subaccount opened in accordance with
         Section 2(c) hereof based on the length of time its subscription
         payment has been held by the Escrow Agent. Such remission shall be made
         either directly to, or pursuant to instruction received from, the Plan
         Investor or an investment advisor acting on behalf of such Investor, or
         in the case of AMEX Plan Investors, in a lump sum directly to AMEX for
         the account of such AMEX Investors. The payment of Escrow Interest to
         AMEX shall be accompanied by a listing, in a form acceptable to AMEX,
         of the AMEX Plan Investors to whom interest should be paid and their
         respective AMEX account numbers.

         (B) In the case of a Non-Plan Investor, its pro rata share of interest
         earned on all Escrow Funds maintained in the Non-Plan Subaccount opened
         in accordance with Section 2(c) hereof based on the length of time its
         subscription payments have been held by the Escrow Agent. Such
         remission shall be made either directly to, or pursuant to instructions
         received from, the Non-Plan Investor or an agent acting on behalf of
         such Investor, or, in the case of AMEX Non-Plan Investors, in a lump
         sum directly to AMEX for the account of such AMEX Investors. The
         payment of Escrow Interest to AMEX shall be accompanied by a listing,
         in a form acceptable to AMEX, of the AMEX Non-Plan Investors to whom
         interest should be paid and their respective AMEX account number.

Escrow Interest earned, but not payable to Investors or AMEX Investors pursuant
to the above shall be paid to the Company, as instructed in writing.

         (b) If, during the period any Escrow Funds are held by the Escrow
Agent, the Company determines that: (i) an Investor will not be issued Shares
because the Company determines that such Investor is not acceptable, or (ii) a
portion of an Investor's order is rejected, the Company shall: (A) furnish the
Escrow Agent with the name of such Investor and the amount of such Investor's
order which must be returned, and (B) direct the Escrow Agent to, and the Escrow
Agent shall, return to such Investor or, in the case of an AMEX Investor, to
AMEX for the account of such Investor, within eight business days of the Escrow
Agent's receipt of such information, the amount of such Investor's order
(including any Escrow Interest attributable to such amount) which must be
returned.

                                      -3-
<PAGE>
         (c) In the event that, prior to the date, one year from the date of the
Prospectus (the "Anniversary Date"), the Registration Statement is withdrawn
from registration with the Commission or, if not so withdrawn, the Escrow Agent
has not received the instructions described in Section 3(a) hereof, the Escrow
Agent shall, within 10 business days following the Anniversary Date, or after
receipt of written notice from the Company and the Sales Agent that the
Registration Statement has been withdrawn, as the case may be, remit to or for
the account of each Investor its respective share of the Escrow Funds then held
by the Escrow Agent on behalf of such Investor, together with such Investor's
respective share of Escrow Interest, based on the length of time such Investor's
payments have been held by the Escrow Agent and determined in accordance with
Section 3(a) hereof. Such remission shall be made either directly to, or
pursuant to instructions received from, the Investor or an agent acting on
behalf of such Investor or, in the case of AMEX Investors, in a lump sum to AMEX
for the account of such AMEX Investors. Notwithstanding the foregoing, the
Escrow Agent shall use its best efforts to remit such Escrow Funds and Escrow
Interest to or for the account of each Investor within five business days
following the earlier of the dates specified above.

         4. (a) The Escrow Agent shall perform the following functions with
respect to funds it receives from the Sales Agent, Selected Dealers or Selected
Investment Advisors by check drawn on an Investor's account or wire transfers on
behalf of Investors:

         (i) Collect the mail received at the address referred to Section 2(a)
         hereof prior to 12:00 noon New York time on each business day;

         (ii) Before the close of business on the business day on which funds
         are received from Non-Plan Investors, deposit checks or wire transfers
         attributable to such Non-Plan Investors into the Non-Plan Subaccount
         established pursuant to Section 2(c) hereof;

         (iii) Before the close of business on the business day on which funds
         are received from an Plan Investor, deposit such funds into the Plan
         Subaccount established pursuant to Section 2(c) hereof;

         (iv) Verify that, for each Investor whose name was submitted to the
         Escrow Agent by the Sales Agent or any Selected Dealer or Selected
         Investment Advisor in connection with the delivery of funds to the
         Escrow Agent, payment for the Shares subscribed for by such Investor
         has been made either by check or by wire transfer as described in
         Section 2(a) hereof and notify the Company in writing as soon as
         practicable if any such payment is not received or if payment on any
         check is refused by the bank or financial institution on which such
         check is drawn.

         (v) Within 48 hours of the close of business on the business day on
         which funds are received, send to the Company and to the Company's
         transfer agent by Express Mail or other next day delivery service, a
         report listing the aggregate face amount of all checks and the amount
         of wire transfers received and the Selected Dealer or Selected
         Investment Advisor the funds were received from.

                                      -4-
<PAGE>
         5. (a) Notwithstanding anything to the contrary contained in this
Escrow Agreement, the Escrow Agent shall in no case or event be liable for the
failure of any of the conditions of this Escrow Agreement or damage caused by
the exercise of its duties, if acting in good faith, in any particular manner,
or for any reason (including, without limitation, the liquidation of investments
of the Escrow Funds), for any mistake of fact or law, for any error of judgment,
or for any action taken or omitted by it, or any action suffered by it to be
taken or omitted, except gross negligence or willful misconduct with reference
to the Escrow Funds or Escrow Interest, and the Escrow Agent, if acting in good
faith, shall not be liable or responsible for its failure to ascertain the terms
or conditions, or to comply with any of the provisions, of any agreement,
contract or other document delivered to it or referred to herein, nor shall the
Escrow Agent, if acting in good faith, be liable or responsible for forgeries or
false personation or for its good faith determination of the authority of any
person executing this Escrow Agreement or for the value or validity or
genuineness or collection of any check from an Investor delivered to the Escrow
Agent hereunder. The Escrow Agent shall have no responsibility with respect to
the use or application of any funds or other property paid or delivered by the
Escrow Agent to the Company pursuant to the provisions hereof. The Escrow Agent
shall not be liable to the other parties hereto or to anyone else for any loss
which may be incurred by reason of any investment of any monies it holds
hereunder in its capacity as Escrow Agent.

         (b) In the absence of gross negligence or willful misconduct on the
part of the Escrow Agent, the Escrow Agent may rely conclusively upon and shall
not be liable for, and shall be indemnified and held harmless for, acting upon
any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth, completeness and
acceptability of any information therein contained) which is believed by the
Escrow Agent to be genuine and to be signed or presented by the proper person or
persons. The Escrow Agent shall not be bound by any notice or demand, or any
waiver, modification, termination or rescission of this Escrow Agreement or any
of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent
signed by the proper party or parties and, if the duties or rights of the Escrow
Agent are affected, unless it shall give its prior written consent thereto.

         (c) The Escrow Agent shall have the right to assume, in the absence of
written notice to the contrary from the proper person or persons, that a fact or
an event by reason of which an action would or might be taken by the Escrow
Agent does not exist or has not occurred, without incurring liability for any
action taken or omitted, or any action taken or omitted by it or to be taken or
omitted, in good faith and in the exercise of its own best judgment, in reliance
upon such assumption.

         (d) To the extent that the Escrow Agent becomes liable for the payment
of taxes, including withholding taxes, in respect of income derived from the
investment of funds held hereunder or any payment made hereunder, the Escrow
Agent may pay such taxes from the funds held. The Escrow Agent may withhold from
any payment of monies held by it hereunder such amount as the Escrow Agent
estimates to be sufficient to provide for the payment of such taxes not yet
paid, and may use the sum withheld for that purpose. The Escrow Agent shall be
indemnified and held harmless against any liability for taxes and for any
penalties or interest in respect of taxes on such

                                      -5-
<PAGE>
investment income or payments in the manner provided in Section 6(e) hereof. The
Escrow Agent shall provide to each Investor, or, in the case of AMEX Investors,
to AMEX all information necessary regarding on whose behalf such withholdings
have been made so that the proper adjustments may be made to the escrow interest
payment received by the Investor or to the Investor's AMEX account.

         (e) The Escrow Agent shall be indemnified and held harmless by the
Company and the Sales Agent, jointly and severally, from and against any costs,
liabilities, claims, judgments and other expenses, including reasonable counsel
fees and disbursements, or loss suffered by the Escrow Agent in connection with
or directly or indirectly arising out of or relating to this Escrow Agreement,
the services of the Escrow Agent hereunder, the money or other property held by
it hereunder or any income earned from investment of such money, provided,
however, that such indemnification shall not apply to any such expenses, losses,
claims or demands caused by the gross negligence or willful misconduct of the
Escrow Agent or its officers, employees or agents. Promptly after the receipt by
the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall, if a claim in respect
thereof is to be made against any of the other parties hereto, notify such other
parties thereof in writing; but the failure by the Escrow Agent promptly to give
such notice shall not relieve any party from any liability which such party may
have to the Escrow Agent hereunder. For the purposes hereof, the term "expense
or loss" shall include all amounts paid or payable to satisfy any claim, demand
or liability, or in settlement of any claim, demand, action, suit or proceeding
settled with the express written consent of the Escrow Agent, all reasonable
costs and expenses, including, but not limited to, counsel fees and
disbursements, paid or incurred in investigating or defending against any claim,
demand, action, suit or proceeding. Notwithstanding anything in this subsection
(e) to the contrary, an indemnifying party shall not be liable for any
settlement of any such claim, demand, action, suit or proceeding effected
without its written consent.

         (f) Should any dispute or conflicting claims arise with respect to the
payment or ownership or right of possession of the Escrow Funds or Escrow
Interest, the Escrow Agent shall be entitled, in its sole discretion, to refuse
to comply with any and all claims, demands, or instructions with respect to, and
to retain possession of, such Escrow Funds or Escrow Interest so long as such
dispute or conflict shall continue and the Escrow Agent shall not be liable for
its failure or refusal to comply with such conflicting claims, demands or
instructions. The Escrow Agent shall be entitled to refuse to act until such
disputes or conflicting claims have been settled either by mutual agreement
among the parties concerned or by the final order, decree or judgment of a court
or other tribunal of competent jurisdiction in the United States of America and
the expiration of time for appeal without perfection of any appeal, but the
Escrow Agent shall be under no duty whatsoever to institute or defend any such
proceeding.

         (g) The Escrow Agent's duties are only such as are herein specifically
provided, being purely ministerial in nature, and that the Escrow Agent shall
use reasonable diligence in the performance of its obligations hereunder, but
shall incur no liability whatever, except for willful misconduct or gross
negligence, so long as the Escrow Agent has acted in good faith. The Escrow
Agent shall have no duty to enforce any obligation of any person to make any
payment or delivery, or to direct or cause any payment or delivery to be made,
or to enforce any obligation of any person to perform any other act. The Escrow
Agent shall be under no liability to the other parties

                                      -6-
<PAGE>
hereto or to anyone else by reason of any failure on the part of any party
hereto or any maker, guarantor, endorser or other signatory of any document or
any other person to perform such person's obligations under any such document.
Except for amendments to this agreement referred to below and except for joint
instructions given to the Escrow Agent by the other parties hereto relating to
the escrow deposit under this agreement, the Escrow Agent shall not be obligated
to recognize any agreement between any or all of the persons referred to herein,
notwithstanding that references thereto may be made herein and whether or not it
has knowledge thereof. The Escrow Agent is not a party to, and is not bound by,
any agreement or other document out of which this Escrow Agreement may arise or
any other agreement or other document in connection with the Company.

         6. Notwithstanding anything to the contrary contained in this Escrow
Agreement, the Escrow Agent (a) may resign from its duties under this Escrow
Agreement by giving 30 calendar days' prior written notice of such resignation
to the other parties hereto and (b) may be discharged from its duties under this
Escrow Agreement upon the receipt from each of the other parties hereto of 30
calendar days' prior written notice of such discharge. Upon the resignation or
discharge of the Escrow Agent, the Company shall retain a substitute escrow
agent to perform the functions theretofore performed by the Escrow Agent under
this Escrow Agreement. As soon as practicable after its resignation, the Escrow
Agent shall turn over to a successor escrow agent appointed by the other parties
hereto all money and property held hereunder upon presentation of a document
appointing the new escrow agent and its acceptance thereof. If no new escrow
agent is so appointed prior to the effectiveness of such resignation or
discharge, the Escrow Agent may deposit the aforesaid money and property with
any court it deems appropriate.

         7 (a) The Company shall compensate the Escrow Agent in accordance with
the fee schedule attached hereto as Exhibit A.

         (b) It is understood that fees and usual charges agreed upon for the
Escrow Agent's services hereunder shall be considered compensation for its
ordinary services as contemplated by this Escrow Agreement and in the event the
conditions of this Escrow Agreement are not promptly fulfilled by parties other
than the Escrow Agent or that the Escrow Agent renders any service hereunder not
provided for in, or contemplated by, this Escrow Agreement, or that there is any
modification hereof, or that any controversy arises hereunder or that the Escrow
Agent is made a party to, or intervenes in, or that there is, any litigation
pertaining to this Escrow Agreement or the subject matter thereof, the Escrow
Agent and its legal counsel shall be reasonably compensated for services
rendered in connection with, and reimbursed for all reasonable costs and
expenses occasioned by, such events and the Escrow Agent shall have the right to
retain all documents and/or other things of value at any time held by it
hereunder, except Escrow Funds, Escrow Interest or subscription material, until
such fees, costs and expenses shall be paid. The Company hereby promises to pay
the foregoing sums upon demand.

         (c) It is understood that from time to time on and after the date
hereof, the other parties hereto shall deliver or cause to be delivered to the
Escrow Agent such further documents and instruments and shall do and cause to be
done such further acts as the Escrow Agent reasonably shall request (it being
understood that the Escrow Agent shall have no obligation to make any such

                                      -7-
<PAGE>
request) to carry out more effectively the provisions and purposes of this
Escrow Agreement, to evidence compliance herewith or to assure itself that it is
protected in acting hereunder.

         8. If, after the receipt by the Escrow Agent of any check or instrument
pursuant hereto, the Escrow Agent shall inform the Company and the Sales Agent
that such check or instrument has been entered for collection by it hereunder
and is uncollectable and payment of the funds represented by such check or
instrument has been made pursuant to the terms of this Escrow Agreement, then
the Company shall immediately reimburse the Escrow Agent for such payment plus
interest thereon, and the Escrow Agent shall deliver the returned check or
instrument to the Company provided, however, that nothing contained herein shall
require the Escrow Agent to invest or pay out funds which it has reason to
believe are uncollectable or prior to funds respecting such check or instrument
having been paid (it being understood that the Escrow Agent shall be under no
duty to investigate the collectability of any such funds). The Escrow Agent
shall have no duty or responsibility to enforce collection of any check
delivered to the Escrow Agent hereunder. Notwithstanding anything to the
contrary contained herein, the Escrow Agent shall not be required to advance its
own funds to the Company, the Sales Agent or any Selected Dealer, Selected
Investment Advisor or any Investor for any purpose under this Agreement.

         9. All distributions of payments for Shares by the Escrow Agent to
Investors or to any other person or entity pursuant to this Escrow Agreement
shall be made by check, payable in accordance with Section 3(a) hereof. All
payments by the Escrow Agent to the Company shall be made in immediately
available funds, if and to the extent that the funds on deposit with the Escrow
Agent are immediately available at the time of such payment.

         10. The Company may at any time assign its right to receive up to 85%
of the amount of the Escrow Funds attributable to Non-Plan Investors as security
for borrowings from third parties, provided that any such assignment shall be
subordinate to the rights of Investors to receive, and no such assignment shall
in any way prevent the return to Investors of, the Escrow Funds and Escrow
Interest in accordance with Sections 3(a) and (b) hereof. The Escrow Agent shall
accept and acknowledge instructions for the payment of the Escrow Funds in
accordance with the provisions of Section 3(a) hereof designating any such third
party for such payment. It is specifically understood that, in order for the
parties hereto to change such instructions pursuant to this Escrow Agreement,
any party that has been assigned the right to receive Escrow Funds shall join in
the execution of an agreement changing such instructions or shall otherwise give
its written consent to such agreement. The Escrow Agent may rely on any
instructions it receives pursuant to this Section 10 until it receives properly
executed instructions which specifically supersede such previously received
instructions. The Company hereby agrees not to submit instructions altering
previously submitted instructions concerning payment of Escrow Funds to third
parties unless such new instructions are signed or consented to in writing by
such third party. All reasonable expenses incurred by the Escrow Agent as a
result of any such assignment referred to above shall be paid by the Company.

         11. All notices, requests, demands, communications and instructions
required or desired to be given under this Escrow Agreement shall be in writing
and shall be deemed to be duly given if delivered personally or sent by
registered or certified U.S. mail, postage prepaid, return receipt requested, to
the following addresses:

                                      -8-
<PAGE>
         To the Escrow Agent:

                The Bank New York
                c/o United States Trust Company of New York
                30 Broad Street, 14th Floor
                New York, New York 10004
                Attention: Ana Espinosa,

         To the Company:

                Corporate Property Associates 15 Incorporated
                50 Rockefeller Plaza
                New York, New York  10020
                Attention: Susan Hyde, Senior Vice President and  Secretary

         To the Sales Agent:

                Carey Financial Corporation
                50 Rockefeller Plaza
                New York, NY  10020
                Attention:  Stephen H. Hamrick

or to such other address and to the attention of such other person as any of the
above may have furnished to the other parties by personal delivery or registered
or certified mail, return receipt requested.

         12. The Company shall deliver to the Escrow Agent a certificate of the
secretary of the Company as to: (a) the authority of certain officers thereof to
act on behalf of the Company both in connection with this Escrow Agreement, and
(b) the incumbency and signatures of such officers, and the Escrow Agent may act
in reliance on such certificate and upon the instructions or directions, or any
other certificate, communication or other document, given to it in accordance
with the terms of this Escrow Agreement by the Company through a person
authorized so to act in such certificate.

         13. The Sales Agent shall deliver to the Escrow Agent a certificate of
the secretary or any assistant secretary of the Sales Agent as to: (a) the
authority of certain officers thereof to act on behalf of the Sales Agent in
connection with this Escrow Agreement, and (b) the incumbency and signatures of
such officers, and the Escrow Agent may act in reliance on such certificate and
upon the instructions or directions, or any other certificate, communication or
other document, given to it in accordance with the terms of this Escrow
Agreement by the Sales Agent through a person authorized so to act in such
certificate.

         14. Nothing in this Escrow Agreement is intended to or shall confer
upon anyone other than the parties hereto any legal or equitable right, remedy
or claim. This Escrow Agreement shall be deemed to be an agreement made under
the laws of the State of New York and for all

                                      -9-
<PAGE>
purposes shall be construed and enforced in accordance with and governed by the
laws of New York applicable to agreements made and to be wholly performed within
such State. Notwithstanding the foregoing, each party recognizes that each
Investor is a third party beneficiary of this Escrow Agreement. Each of the
other parties hereto hereby irrevocably consents to the jurisdiction of the
courts of the State of New York and of any Federal court located in such state
in connection with any action, suit or other proceeding arising out of or
relating to this Escrow Agreement or any action taken or omitted hereunder, and
waives personal service of any summons, complaint or other process and agrees
that the service thereof may be made by certified or registered mail directed to
such person at such person's address for purposes of notices hereunder. Should
the person so served fail to appear or answer within the time prescribed by law,
that person shall be deemed in default and judgment may be entered by the Escrow
Agent against that person for the amount of other relief as demanded in any
summons, complaint or other process so served.

         15. This Escrow Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, and all such counterparts shall
constitute but one and the same instrument.

         16. This agreement shall terminate on the final disposition of the
monies and property held in escrow hereunder, provided that the rights of the
Escrow Agent and the obligations of the other parties hereto under Sections 5, 7
and 14 hereof shall survive the termination hereof.

         17. The Escrow Agent represents and warrants to the Company and the
Sales Agent that it satisfies the requirements of Section 3(a)(6) of the
Exchange Act and the requirements of NASD Notice to Members 84-7 with respect to
qualifications of escrow agents.

         18. (a) All amounts referred to herein are expressed in United States
Dollars and all payments by the Escrow Agent shall be made in such dollars.

         (b) If, for any reasons, the escrow deposit is not received by the
Escrow Agent as contemplated herein, the other parties hereto shall reimburse
the Escrow Agent for all expenses, including counsel fees and disbursements,
paid or incurred by it, in making preparations for providing the services
contemplated hereby.

         (c) This Escrow Agreement shall be construed without regard to any
presumption or other rule requiring construction against the party causing such
instrument to be drafted. The terms "hereby," "hereof." "hereto," "hereunder"
and any similar terms, as used in this agreement, refer to this agreement in its
entirety and not only to the particular portion of this agreement where the term
is used. The word "person" shall mean any natural person, partnership,
corporation, government and any other form of business or legal entity. All
words or terms used in this agreement, regardless of the number or gender in
which they are used, shall be deemed to include any other number and any other
gender as the context may require. This agreement shall not be admissible in
evidence to construe the provision of any prior agreement. The rule of ejusdem
generis shall not be applicable herein to limit a general statement, which is
followed by or referable to an enumeration of specific matters, to matters
similar to the matters specifically mentioned.

                                      -10-
<PAGE>
         (d) This agreement and the rights and obligations hereunder of any
party hereto may be assigned by those parties only to a successor to the
relevant party's entire business with the prior written consent of all other
parties. This agreement shall be binding upon and inure to the benefit of each
party's respective successors, heirs and permitted assigns. No other person
shall acquire or have any rights under or by virtue of this agreement. This
Escrow Agreement constitutes the entire agreement of the parties and supersedes
all other prior agreements or understandings, written or oral, among the parties
with respect to the subject matter hereof and may not be waived or modified, in
whole or in part, except by a writing signed by each of the parties hereto. No
waiver of any provision of this Escrow Agreement in any instance shall be deemed
to be a waiver of the same or any other provision in any other instance. Failure
of any party to enforce any provision of this Escrow Agreement shall not be
construed as a waiver of its rights under such provision.

         (e) The representations and warranties contained in this agreement
shall survive the execution and delivery hereof.

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

                                       CORPORATE PROPERTY ASSOCIATES 15
                                       INCORPORATED

                                       By:
                                          -------------------------------------
                                       Name:
                                       Title:

                                       THE BANK OF NEW YORK

                                       By:
                                          -------------------------------------
                                       Name:
                                       Title:

                                       CAREY FINANCIAL CORPORATION

                                       By:
                                          -------------------------------------
                                       Name:
                                       Title:

Exhibit Index
Exhibit A - Fee Schedule

                                      -11-
<PAGE>
                                    EXHIBIT A

                                  FEE SCHEDULE

<TABLE>
<S>                                                              <C>
Initial Fee                                                      $    2,500
                                                                  ------------

Covers acceptance of appointment as Escrow
Agent, including complete study of drafts of
Escrow Agreement and all supporting
documents in connection therewith,
conferences until final Agreement is agreed
upon, execution of final Agreement, deposit
of funds into the Plan Subaccount and the
Non-Plan Subaccount and maintenance and
custody thereof.

Annual Administration Fee:                                       $    8,500
 (Payable each year in advance)                                   ------------

Payment by check, per check                                      $       25
                                                                  ------------
Wire transfer of funds, per wire                                 $       25
                                                                  ------------
Preparation and filing appropriate
 federal tax forms, per 1099                                     $      N/A
                                                                  ------------
</TABLE>

NOTE:

Charges for any services not specifically covered in this schedule will be
billed commensurate with the services rendered. This schedule reflects charges
which are now in effect for the normal and regular services of the Escrow Agent
and are minimal only, subject to modification where unusual conditions or
requirements prevail, and does not include counsel fees or expenses and
disbursements, which will be billed at cost. The Escrow Agent does not
anticipate incurring counsel expense unless an unusual problem or disagreement
needing legal interpretation should arise.

                                      -12-

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