Document:

FORM OF SUBSCRIPTION ESCROW AGREEMENT

 

THIS SUBSCRIPTION ESCROW
AGREEMENT dated as of , 2013 (this “Agreement”), is entered into among Realty Capital Securities, LLC (the “Dealer
Manager”), American Realty Capital Healthcare Trust II, Inc. (the “Company”) and UMB Bank, N.A., as
escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company intends to raise
funds from Investors (as defined below) pursuant to a public offering (the “Offering”) for gross proceeds of
not less than $2,000,000 (the “Minimum Amount”) from the sale of shares of common stock, par value
$0.01 per share, of the Company (the “Securities”), pursuant to the registration statement on Form S-11 of the
Company (No. 333-184677) (as amended, the “Offering Document”) a copy of which is attached as Exhibit A
hereto.

 

WHEREAS, the Company desires to establish
an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent in accordance with the Offering
Document, to be held for the benefit of the Investors and the Company until such time as (i) in the case of subscriptions received
from residents of Pennsylvania (“Pennsylvania Investors”), Securities sold in the Offering to all Investors
equal, in the aggregate, to $85,000,000 (the “Pennsylvania Minimum Amount”) and (ii) in the case of subscriptions
received from all other Investors, Securities sold in the Offering equal the Minimum Amount, in each case in accordance with the
terms and subject to the conditions of this Agreement.

 

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

 

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

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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If the Escrow Agent
is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after
the initial effective date of the Offering Document by the Securities and Exchange Commission (the “SEC”) (the
“Initial Escrow Period”), and instruments of payment dated not later than that date, for the purchase of Securities
providing for total purchase proceeds from all nonaffiliated sources that equal or exceed the Pennsylvania Minimum Amount, the
Escrow Agent shall promptly notify the Company. Thereafter, the Company or its agents shall send to each Pennsylvania Investor
by certified mail within ten (10) calendar days after the end of the Initial Escrow Period a notification substantially in the
form of Exhibit F. If, pursuant to such notification, a Pennsylvania Investor requests the return of his or her Investor
Funds within ten (10) calendar days after receipt of the notification (the “Request Period”), the Escrow Agent
shall promptly refund directly to each Pennsylvania Investor the collected funds deposited in the Escrow Account on behalf of such
Pennsylvania Investor or shall return the instruments of payment delivered, but not yet processed for collection prior to such
time, to the address provided on the List of Investors, upon which the Escrow Agent shall be entitled to rely, together with interest
income earned as determined in accordance with the terms and conditions specified herein (which interest shall be paid within five
business days after the first business day of the succeeding month). Notwithstanding the above, if the Escrow Agent has not received
an executed Form W-9 or substitute Form W-9 for such Pennsylvania Investor, the Escrow Agent shall thereupon remit an amount to
such Pennsylvania Investor in accordance with the provisions hereof, withholding the applicable percentage for backup withholding
in accordance with IRS regulations, as then in effect, from any interest income earned on Investor Funds (determined in accordance
with the terms and conditions specified herein) attributable to such Pennsylvania Investor. However, the Escrow Agent shall not
be required to remit such payments until the Escrow Agent has collected funds represented by such payments.

 

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

 

5.          Term
of Escrow. The “Termination Date” shall be the earliest of: (i)              , 2014, the one year anniversary of the
date the Offering Document was initially declared effective by the SEC, if the Minimum Amount has not been obtained prior to such
date; (ii) the close of business on                , 2015, the two year anniversary of the date the Offering Document was initially declared effective
by the SEC; (iii) the date on which all funds held in the Escrow Account are distributed to the Company or to Investors pursuant
to Section 3 and for Pennsylvania Investors, Section 4, and the Company has informed the Escrow Agent in writing
to close the Escrow Account; (iv) the date the Escrow Agent receives written notice from the Company that it is abandoning the
sale of the Securities; and (v) the date the Escrow Agent receives notice from the SEC or any other federal regulatory authority
that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least twenty
(20) days. After the Termination Date, the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any
additional amounts representing payments by prospective Investors.

 

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

 

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7.          Escrow
Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached
hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder
is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however,
that if (i) the conditions for the disbursement of funds under this Agreement are not fulfilled, (ii) the Escrow Agent renders
any material service not contemplated in this Agreement, (iii) there is any assignment of interest in the subject matter of this
Agreement, (iv) there is any material modification hereof, (v) if any material controversy arises hereunder, or (vi) the Escrow
Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall
be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s
fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s
obligations under this Section 7 shall survive the resignation or removal of the Escrow Agent and the assignment or termination
of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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If to the Company:

 

American Realty Capital

Healthcare Trust II, Inc.

405 Park Avenue, 15th
Floor
 New York, New York 10022
 Fax: (212) 421-5799
 Attention: Edward M. Weil, Jr., President, Chief Operating
Officer, Treasurer and Secretary

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

If to the Dealer Manager:

 

Realty Capital Securities, LLC

Three Copley Place

Suite 3300

Boston, Massachusetts 02116

Attention: Louisa Quarto, President

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

and:

 

American Realty Capital Healthcare Trust II, Inc.

405 Park Avenue, 15th Floor

New York, New York 10022

Fax: (212) 421-5799

Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary

If to Escrow Agent:

 

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention: Lara Stevens, Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

Email: lara.stevens@umb.com

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

17.         Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in counterparts, each
of which shall be deemed an original, but all of which shall constitute the same instrument.

 

18.         Resignation.
The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor escrow agent is not
appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction
to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon the Escrow Agent’s duties
hereunder shall terminate.

 

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

 

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

 

[Signature page follows]

 

    	11

    	 

    

 

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

 

AMERICAN REALTY CAPITAL HEALTHCARE TRUST
II, INC.

 

	By:	 	 
	 	Name: Edward M. Weil, Jr.	 
	 	Title: President, Chief Operating Officer, Treasurer and Secretary
	 	 	 
	REALTY CAPITAL SECURITIES, LLC	 
	 	 	 
	By:	 	 
	 	Name: Louisa Quarto	 
	 	Title: President	 
	 	 	 
	UMB BANK, N.A., as Escrow Agent	 
	 	 	 
	By:	 	 
	 	Name: Lara L. Stevens	 
	 	Title: Vice President	 

 

    	12

    	 

    

 

Exhibit A

 

Copy of Offering
Document

 

    	13

    	 

    

 

Exhibit B

 

List of Investors

 

Pursuant to the Subscription Escrow Agreement
dated as of            , 2013, among Realty Capital Securities, LLC, American Realty Capital Healthcare Trust II, Inc. (the “Company”),
and UMB Bank, N.A. (the “Escrow Agent”), the Company or its agents hereby certifies that the following Investors
have paid money for the purchase of shares of the Company’s common stock, par value $0.01 (“Securities”),
and the money has been deposited with the Escrow Agent:

 

1.            Name
of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

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

2.            Name
of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

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

 

	Dated:	 	 

 

REALTY CAPITAL SECURITIES, LLC

 

	By:	 	 
	 	Name: Louisa Quarto	 
	 	Title: President	 

 

    	14

    	 

    

 

Exhibit C

 

CERTIFICATE AS
TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

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

 

	Name/Title	Specimen Signature
	 	 
	Thomas P. D’Arcy	 
	Chief Executive Officer	Signature
	 	 
	Edward M. Weil, Jr.	 
	President, Chief Operating Officer, Treasurer and Secretary	Signature
	 	 
	Brian S. Block	 
	Executive Vice President and Chief Financial Officer	Signature

 

    	15

    	 

    

 

Exhibit C-1

 

CERTIFICATE AS
TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

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

 

	Name/Title	Specimen Signature
	 	 
	Edward M. Weil, Jr.	 
	Chief Executive Officer	Signature
	 	 
	Louisa Quarto	 
	President	Signature
	 	 
	John H. Grady	 
	Chief Operating Officer and Chief Compliance Officer	Signature

 

    	16

    	 

    

 

Exhibit D

 

ESCROW FEES AND
EXPENSES

 

Acceptance Fee

 

Review escrow agreement, establish account $3,000

DST Agency Engagement (if applicable) $250

 

Annual Fees

 

Annual Escrow Agent $2,500

BAI Files $50 per month

Outgoing Wire Transfer $15 each

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

Web Exchange Access $15 per month

Overnight Delivery/Mailings $16.50 each

IRS Tax Reporting $10 per 1099

 

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

 

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

 

    	17

    	 

    

 

Exhibit E

 

Agency and Custody
Account Direction

For Cash Balances

UMB Bank Money Market Deposit Accounts

 

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

 

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

 

UMB Bank Money Market Deposit Account (“MMDA”)

 

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

 

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

 

American Realty Capital Healthcare Trust
II, Inc.

 

	By:	 	 	 
	 	Signature	 	 
	 	 	 	 
	 	 	 
	Date	 	 

 

    	18

    	 

    

Exhibit F

 

[Form of Notice
to Pennsylvania Investors]

 

You have tendered a subscription to purchase
shares of common stock of American Realty Capital Healthcare Trust II, Inc. (the “Company”). Your subscription
is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept
subscriptions from Pennsylvania residents until an aggregate of $85,000,000 of gross offering proceeds have been received by the
Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every
120 days during the offering period Pennsylvania Investors may request that their subscription be returned. If you wish to continue
your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required.

 

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

 

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

 

	Signature:	 
	 	 
	Name:	 
	 	(please print)
	 	 
	Date:	 

 

Please send the subscription refund to:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	19PROPERTY MANAGEMENT AND LEASING AGREEMENT

 

This property management and leasing agreement
(this “Management Agreement”) is made and entered into as of the [   ] day of [         ], 2013, by and among AMERICAN
REALTY CAPITAL HEALTHCARE TRUST II, INC., a Maryland corporation (the “Company”), AMERICAN REALTY CAPITAL HEALTHCARE
TRUST II OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “OP”), and AMERICAN REALTY CAPITAL
HEALTHCARE II PROPERTIES, LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, the OP was organized to acquire,
own, operate, lease and manage real estate properties on behalf of the Company; and

 

WHEREAS, the Company intends to continue
to raise money from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment
in the acquisition and rehabilitation of income-producing real estate and other real-estate related investments, which are to be
acquired and held by the Company or by the OP on behalf of the Company; and

 

WHEREAS, the Owner desires to retain the
Manager to manage and coordinate the leasing of the real estate properties acquired by the Owner, and the Manager desires to be
so retained, all under the terms and conditions set forth in this Management Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties do hereby agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

Except as otherwise specified or as the
context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Management
Agreement:

 

1.1           “Account”
has the meaning set forth in Section 2.3(i) hereof.

 

1.2           “Affiliate”
means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to
vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%)
or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by
such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other
Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity
for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition, the
terms “controls,” “is controlled by,” or “is under common control with” shall mean the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through
ownership or voting rights, by contract or otherwise.

 

1.3           “Articles
of Incorporation” means the Articles of Incorporation of the Company, as amended from time to time.

 

1.4           “Budget”
has the meaning set forth in Section 2.5(c) hereof.

 

1.5           “Gross
Revenues” means all amounts actually collected as rents or other charges for the use and occupancy of the Properties,
but shall exclude interest and other investment income of the Owner and proceeds received by the Owner for a sale, exchange, condemnation,
eminent domain taking, casualty or other disposition of assets of the Owner.

 

    	 

    	 

    

 

1.6           “Improvements”
means buildings, structures, equipment from time to time located on the Properties and all parking and common areas located on
the Properties.

 

1.7           “Independent
Director” has the meaning set forth in the Articles of Incorporation.

 

1.8           “Joint
Venture” means the joint venture or partnership arrangements (other than between the Company and the OP) in which the
Company or the OP or any of their subsidiaries is a co-venturer or general partner which are established to own Properties.

 

1.9           “Management
Fees” has the meaning set forth in Section 4.1(a) hereof.

 

1.10         “Oversight
Fees” has the meaning set forth in Section 4.2 hereof.

 

1.11         “Owner”
means the Company, the OP and any Joint Venture that owns, in whole or in part, any Properties.

 

1.12         “Ownership
Agreements” has the meaning set forth in Section 2.3(k) hereof.

 

1.13         “Person”
means an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise),
trust, bank or other entity, or government or any agency or political subdivision of a government.

 

1.14         “Plan”
has the meaning set forth in Section 2.5(c) hereof.

 

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

 

ARTICLE II. 

APPOINTMENT OF THE MANAGER; SERVICES TO
BE PERFORMED

 

2.1           Appointment
of the Manager. The Owner hereby engages and retains the Manager as the sole and exclusive manager and agent of the Properties,
and the Manager hereby accepts such appointment, all on the terms and conditions hereinafter set forth, it being understood that
this Management Agreement shall cause the Manager to be, at law, the Owner’s agent upon the terms contained herein.

 

2.2           General
Duties. The Manager shall use commercially reasonable efforts in performing its duties hereunder to manage, operate, maintain
and lease the Properties in a diligent, careful and vigilant manner. The services of the Manager are to be of scope and quality
not less than those generally performed by professional property managers of other similar properties in the area. The Manager
shall make available to the Owner the full benefit of the judgment, experience and advice of its members and staff with respect
to the policies to be pursued by the Owner relating to the operation and leasing of the Properties.

 

2.3           Specific
Duties. The Manager’s duties include the following:

 

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

 

    	2

    	 

    

 

		(b)	Maintenance. The Manager shall cause the
Properties to be maintained in the same manner as similar properties in the area. The Manager’s duties and supervision in
this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common
areas on the Properties and the making and supervision of repair, alterations, and decoration of the Improvements, subject to
and in strict compliance with this Management Agreement and any applicable leases. Construction and rehabilitation activities
undertaken by the Manager, if any, will be limited to activities related to the management, operation, maintenance, and leasing
of the Property (e.g., repairs, renovations, and leasehold improvements).

 

		(c)	Leasing Functions. The Manager shall coordinate the leasing of the Properties and shall negotiate and use its
best efforts to secure executed leases from qualified tenants, and to execute same on behalf of the Owner, if requested, for available
space in the Properties, such leases to be in form and on terms approved by the Owner and the Manager, and to bring about complete
leasing of the Properties. The Manager shall be responsible for the hiring of all leasing agents, as necessary for the leasing
of the Properties, and to otherwise oversee and manage the leasing process on behalf of the Owner.

 

		(d)	Notice of Violations. The Manager shall forward to the Owner, promptly upon receipt, all notices of violation
or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such
recommendations regarding compliance with such notice as shall be appropriate.

 

		(e)	Personnel. Any personnel hired by the Manager to maintain, operate and lease the Property shall be the employees
or independent contractors of the Manager and not of the Owner. The Manager shall use due care in the selection and supervision
of such employees or independent contractors. The Manager shall be responsible for the preparation of and shall timely file all
payroll tax reports and timely make payments of all withholding and other payroll taxes with respect to each employee.

 

		(f)	Utilities and Supplies. The Manager shall enter into or renew contracts for electricity, gas, steam, landscaping,
fuel, oil, maintenance and other services as are customarily furnished or rendered in connection with the operation of similar
rental property in the area.

 

		(g)	Expenses. The Manager shall analyze all bills received for services, work and supplies in connection with maintaining
and operating the Properties, pay all such bills, and, if requested by the Owner, pay, when due, utility and water charges, sewer
rent and assessments, any applicable taxes, including, without limitation, any real estate taxes, and any other amount payable
in respect to the Properties. All bills shall be paid by the Manager within the time required to obtain discounts, if any. The
Owner may from time to time request that the Manager forward certain bills to the Owner promptly after receipt, and the Manager
shall comply with any such request. The payment of all bills, real property taxes, assessments, insurance premiums and any other
amounts payable with respect to the Properties shall be paid out of the Account by the Manager. All expenses shall be billed at
net cost (i.e., less all rebates, commissions, discounts and allowances, however designed).

 

		(h)	Monies Collected. The Manager shall collect all rent and other monies from tenants and any sums otherwise due
to the Owner with respect to the Properties in the ordinary course of business. In collecting such monies, the Manager shall inform
tenants of the Properties that all remittances are to be in the form of a check or money order. The Owner authorizes the Manager
to request, demand, collect and provide receipts for all such rent and other monies and to institute legal proceedings in the name
of the Owner for the collection thereof and for the dispossession of any tenant in default under its lease.

 

		(i)	Banking Accommodations. The Manager shall establish and maintain a separate checking account (the “Account”)
for funds relating to the Properties. All monies deposited from time to time in the Account shall be deemed to be trust funds and
shall be and remain the property of the Owner and shall be withdrawn and disbursed by the Manager for the account of the Owner
only as expressly permitted by this Management Agreement for the purposes of performing the obligations of the Manager hereunder.
No monies collected by the Manager on the Owner’s behalf shall be commingled with funds of the Manager. The Account shall
be maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following:

 

    	3

    	 

    

 

(i)          All
sums received from rents and other income from the Properties shall be promptly deposited by the Manager in the Account. The Manager
shall have the right to designate two (2) or more persons who shall be authorized to draw against the Account, but only for purposes
authorized by this Management Agreement.

 

(ii)         All
sums due to the Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided,
shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager from the Account
prior to the making of any other disbursements therefrom.

 

(iii)        
On or before the 30th day following the end of each calendar quarter during the term of this Management Agreement, the Manager
shall forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however, a reserve of
$5,000, in addition to any other amounts otherwise provided in the Budget.

 

		(j)	Tenant Complaints. The Manager shall maintain business-like relations with the tenants of the Properties.

 

		(k)	Ownership Agreements. The Manager has received copies of the Agreement of Limited Partnership of the OP, Articles
of Incorporation and the other constitutive documents of the Owner (collectively, the “Ownership Agreements”)
and is familiar with the terms thereof. The Manager shall use reasonable care to avoid any act or omission which, in the performance
of its duties hereunder, shall in any way conflict with the terms of the Ownership Agreements.

 

		(l)	Signs. The Manager shall place and remove, or cause to be placed and removed, such signs upon the Properties
as the Manager deems appropriate, subject, however, to the terms and conditions of the leases and to any applicable ordinances
and regulations.

 

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

 

2.5           Accounting,
Records and Reports.

 

		(a)	Records. The Manager shall maintain all office records and books of account and shall record therein, and keep
copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the
Properties. Such records shall be maintained on a double entry basis. The Owner and persons designated by the Owner shall at all
reasonable times have access to and the right to audit and make independent examinations of such records, books and accounts and
all vouchers, files and all other material pertaining to the Properties and this Management Agreement, all of which the Manager
agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by the Manager
and approved by the Owner.

 

		(b)	Quarterly Reports. On or before the 30th day following the end of each calendar quarter during the term of this
Management Agreement, the Manager shall prepare and submit to the Owner the following reports and statements:

 

		(i)	Rental collection record;

 

		(ii)	Quarterly operating statement;

 

		(iii)	Copy of cash disbursements ledger entries for such period,
if requested;

 

		(iv)	Copy of cash receipts ledger entries for such period,
if requested;

 

    	4

    	 

    

 

		(v)	The original copies of all contracts entered into by
the Manager on behalf of the Owner during such period, if requested; and

 

		(vi)	Copy of ledger entries for such period relating to security
deposits maintained by the Manager, if requested.

 

		(c)	Budgets and Leasing Plans. On or before November 15 of each calendar year, the Manager shall prepare and submit
to the Owner for its approval an operating budget (a “Budget”) and a marketing and leasing plan (a “Plan”)
on the Properties for the calendar year immediately following such submission. Each Budget and Plan shall be in the form approved
by the Owner prior to the date thereof. As often as reasonably necessary during the period covered by any Budget or Plan, the Manager
may submit to the Owner for its approval an updated Budget or Plan incorporating such changes as shall be necessary to reflect
cost overruns and the like during such period. If the Owner does not disapprove a Budget or Plan within thirty (30) days after
receipt thereof by the Owner, such Budget or Plan shall be deemed approved. If the Owner shall disapprove any Budget or Plan, it
shall so notify the Manager within said thirty (30) day period and explain the reasons therefor. The Manager will not incur any
costs other than those estimated in an approved Budget except for:

 

		(i)	maintenance or repair costs under $5,000 per Property;

 

		(ii)	costs incurred in emergency situations in which action
is immediately necessary for the preservation or safety of the Property, or for the safety of occupants or other persons on the
Property (or to avoid the suspension of any necessary service of the Property);

 

		(iii)	expenditures for real estate taxes and assessments; and

 

		(iv)	maintenance supplies calling for an aggregate purchase
price of less than $25,000 for all Properties.

 

		(d)	Returns Required by Law. The Manager shall execute and file when due all forms, reports, and returns required
by law relating to the employment of its personnel.

 

		(e)	Notices. Promptly after receipt, the Manager shall deliver to the Owner all notices, from any tenant, or any
governmental authority, that are not of a routine nature. The Manager shall also report expeditiously to the Owner notice of any
extensive damage to any part of the Properties.

 

2.6           Subcontracting.
Notwithstanding anything to the contrary contained in this Agreement, the Manager may subcontract any of its duties hereunder,
without the consent of the Owner, for a fee that may be less than the Management Fees paid hereunder. In the event that the Manager
does so subcontract any its duties hereunder, such fees payable to such third parties may, at the instruction of the Manager, be
deducted from the Management Fee and paid by the Owner to such parties, or paid directly by the Manager to such parties, in its
discretion.

 

ARTICLE III. 

EXPENSES

 

3.1           Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by the Manager in fulfilling
its duties to the Owner shall be for the account of and on behalf of the Owner. Such costs and expenses may include, without limitation,
reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Manager who are
engaged in the operation, management, maintenance and leasing of the Properties, including taxes, insurance and benefits relating
to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the operation, management,
maintenance and leasing of specific Properties. All costs and expenses for which the Owner is responsible under this Management
Agreement shall be paid by the Manager out of the Account. In the event the Account does not contain sufficient funds to pay all
of the costs and expenses, the Owner shall fund all sums necessary to meet such additional costs and expenses.

 

    	5

    	 

    

 

3.2           Manager’s
Expenses. The Manager shall, out of its own funds, pay all of its general overhead and administrative expenses.

 

ARTICLE IV. 

MANAGER’S COMPENSATION

 

4.1           Management
Fees.

 

		(a)	The Owner shall pay the Manager or any of its Affiliates property management and leasing fees (the “Management Fees”),
on a monthly basis, equal to: (i) with respect to stand-alone, single-tenant net leased Properties, one and a half percent (1.5%)
of Gross Revenues from the Properties managed; and (ii) with respect to all other types of Properties, two and a half percent (2.5%)
of Gross Revenues from the Properties managed, plus market-based leasing commissions applicable to the geographic location of the
Property. Except as otherwise set forth herein, the Owner shall also reimburse the Manager for any costs and expenses incurred
by the Manager in connection with managing the Properties.

 

		(b)	The Manager may charge a separate fee for the one-time initial rent-up or leasing-up of newly constructed Properties in an
amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the
same geographic area for similar properties.

 

		(c)	Notwithstanding the foregoing, the Manager may be entitled to receive higher fees in the event the Manager can demonstrate
to the satisfaction of the board of directors of the Company (including a majority of the Independent Directors) through empirical
data that a higher competitive fee is justified for the services rendered and the type of Property managed. As described in Section
2.6 above, in the event that the Manager properly engages one or more third parties to perform the services described herein,
the fees payable to such parties for such services will be deducted from the Management Fees, or paid directly by the Manager,
at the Manager’s option. The Manager’s compensation under this Section 4.1 shall apply to all renewals, extensions
or expansions of leases which the Manager originally negotiated.

 

4.2           Oversight
Fees. If the Owner contracts directly with one or more third parties for the services described in Section 2.3 above, the Owner
will pay such third parties customary market fees and shall pay the Manager oversight fees (the “Oversight Fees”) equal
to 1.0% of the Gross Revenues of the particular Property managed by such third parties. In no event shall the Manager (including
any Affiliate of the Manager) be entitled to both Management Fees and Oversight Fees with respect to any particular Property.

 

4.3           Additional
Fees. If the Manager provides services other than those specified herein, the Owner shall pay to the Manager a monthly fee
equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the Manager to provide
such services.

 

4.4           Audit
Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment
of Management Fees, the Owner or the Manager shall promptly pay to the other party the amount of such overpayment or underpayment,
as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management
Fees for such fiscal year, the Manager shall bear the cost of such audit.

    	6

    	 

    

 

ARTICLE V. 

INSURANCE AND INDEMNIFICATION

 

5.1           Insurance
to be Carried.

 

		(a)	The Manager shall obtain and keep in full force and effect insurance on the Properties against such hazards as the Owner and
the Manager shall deem appropriate, but in any event, insurance sufficient to comply with the leases and the Ownership Agreements
shall be maintained. All liability policies shall provide sufficient insurance satisfactory to both the Owner and the Manager and
shall contain waivers of subrogation for the benefit of the Manager.

 

		(b)	The Manager shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property
is located, employer’s liability insurance applicable to and covering all employees of the Manager at the Properties and
all persons engaged in the performance of any work required hereunder, and the Manager shall furnish the Owner certificates of
insurers naming the Owner as a co-insured and evidencing that such insurance is in effect. If any of the Manager’s duties
hereunder are subcontracted as permitted under Section 2.6, the Manager shall include in each subcontract a provision
that the subcontractor shall also furnish the Owner with such a certificate.

 

5.2           Cooperation
with Insurers. The Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance
companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made.
The Manager shall use its best efforts to comply with all requirements of insurers.

 

5.3           Accidents
and Claims. The Manager shall promptly investigate and report in detail to the Owner all accidents, claims for damage relating
to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated
costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance company in connection
with any such accident, claim, damage, or destruction. Such reports shall be given to the Owner promptly and any report not so
given within ten (10) days after the occurrence of any such accident, claim, damage or destruction shall be noted in the report
delivered to the Owner pursuant to Section 2.5(b). The Manager is authorized to settle any claim against an insurance company
arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect
and provide receipts for loss proceeds.

 

5.4           Indemnification.
The Manager shall hold the Owner harmless from and indemnify and defend the Owner against any and all claims or liability for any
injury or damage to any person or property whatsoever for which the Manager is responsible occurring in, on, or about the Properties,
including, without limitation, the Improvements when such injury or damage is caused by the negligence or misconduct of the Manager,
its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds with respect to such matter.
The Owner will indemnify and hold the Manager harmless against all liability for injury to persons and damage to property caused
by the Owner’s negligence and which did not result from the negligence or misconduct of the Manager, except to the extent
the Manager recovers insurance proceeds with respect to such matter.

 

ARTICLE VI.

TERM; TERMINATION

 

6.1           Term.
This Management Agreement shall commence on the date first above written and shall continue until terminated in accordance with
the earliest to occur of the following:

 

		(a)	One year from the date of the commencement of the term hereof. However, this Management Agreement will be automatically extended
for an unlimited number of successive one year terms at the end of each year unless any party gives sixty (60) days’ written
notice to the other parties of its intention to terminate this Management Agreement;

 

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		(b)	Immediately upon the occurrence of any of the following:

 

(i)          A
decree or order is rendered by a court having jurisdiction (A) adjudging the Manager as bankrupt or insolvent, (B) approving as
properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for the Manager under
the federal bankruptcy laws or any similar applicable law or practice, or (C) appointing a receiver, liquidator, trustee or assignee
in bankruptcy or insolvency of the Manager or a substantial part of the Manager’s assets, or for the winding up or liquidation
of its affairs, or

 

(ii)         The
Manager (A) voluntarily institutes proceedings to be adjudicated bankrupt or insolvent, (B) consents to the filing of a bankruptcy
proceeding against it, (C) files a petition, answer or consent seeking reorganization, readjustment, arrangement, composition or
relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the appointment of
a receiver, liquidator, trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its assets, (E) makes
an assignment for the benefit of creditors, (F) is unable to or admits in writing its inability to pay its debts generally as they
become due, unless such inability shall be the fault of the Owner, or (G) takes corporate or other action in furtherance of any
of the aforesaid purposes; and

 

		(c)	Upon written notice from the Owner in the event that the Manager commits an act of gross negligence or willful misconduct in
the performance of its duties hereunder.

 

Upon termination, the obligations of the
parties hereto shall cease; provided, however; that the Manager shall comply with the provisions hereof applicable in the
event of termination and shall be entitled to receive all compensation which may be due to the Manager hereunder up to the date
of such termination; provided, further, however; that if this Management Agreement terminates pursuant to
clauses (b) or (c) of this Section 6.1, the Owner shall have other remedies as may be available at law or in equity.

 

6.2           Manager’s
Obligations after Termination. Upon the termination of this Management Agreement, the Manager shall have the following duties:

 

		(a)	The Manager shall deliver to the Owner, or its designee, all books and records with respect to the Properties.

 

		(b)	The Manager shall transfer and assign to the Owner, or its designee, all service contracts and personal property relating to
or used in the operation and maintenance of the Properties, except personal property paid for and owned by the Manager. Manager
shall also, for a period of sixty (60) days immediately following the date of such termination, make itself available to consult
with and advise the Owner, or its designee, regarding the operation, maintenance and leasing of the Properties.

 

		(c)	The Manager shall render to the Owner an accounting of all funds of the Owner in its possession and shall deliver to the Owner
a statement of Management Fees claimed to be due the Manager and shall cause funds of the Owner held by the Manager relating to
the Properties to be paid to the Owner or its designee.

 

		(d)	The Manager shall cooperate with the Owner to provide an orderly transition of the Manager’s duties hereunder.

 

ARTICLE VII.

MISCELLANEOUS

 

7.1           Notices.
All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to
start the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by
either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at
the addresses set forth after their respect name below or at such different addresses as either party shall have theretofore advised
the other party in writing in accordance with this Section 7.1.

 

    	8

    	 

    

 

	 	 	 
	To the Owner:	 	American Realty Capital Healthcare Trust II, Inc.
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	American Realty Capital Healthcare Trust II Operating Partnership, L.P.
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary
	 	 	 
	 	 	and:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention: Peter M. Fass, Esq.
	 	 	James P. Gerkis
	 	 	 
	To the Manager:	 	American Realty Capital Healthcare II Properties, LLC
	 	 	405 Park Avenue
	 	 	New York, NY 10022
	 	 	Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	Proskauer Rose LLP
	 	 	Eleven Times Square
	 	 	New York, New York 10036
	 	 	Attention: Peter M. Fass, Esq.
	 	 	James P. Gerkis

 

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

 

7.3           Assignment.
Except as permitted in Section 2.6 hereof, this Management Agreement may not be assigned by the Manager, except to an Affiliate
of the Manager, and then only upon the consent of the Owner and the approval of a majority of the Independent Directors. Any assignee
of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall not be assigned by the Owner without
the written consent of the Manager, except to a Person which is a successor to such Owner. Such successor shall be bound hereunder
to the same extent as such Owner. Notwithstanding anything to the contrary contained herein, the economic rights of the Manager
hereunder, including the right to receive all compensation hereunder, may be sold, transferred or assigned by the Manager without
the consent of the Owner.

 

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7.4           No
Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this
Management 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 occurrences. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

 

7.5           Amendments.
This Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment
is sought.

 

7.6           Headings.
The headings of the various subdivisions of this Management Agreement are for reference only and shall not define or limit any
of the terms or provisions hereof.

 

7.7           Counterparts.
This Management Agreement may be executed (including by facsimile transmission) with counterpart signature pages or 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.

 

7.8           Entire
Agreement. This Management 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.

 

7.9           Disputes.
If there shall be a dispute between the Owner and the Manager relating to this Management Agreement resulting in litigation, the
prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court
shall fix as reasonable attorneys’ fees.

 

7.10         Activities
of the Manager. The obligations of the Manager pursuant to the terms and provisions of this Management Agreement shall not
be construed to preclude the Manager from engaging in other activities or business ventures, whether or not such other activities
or ventures are in competition with the Owner or the business of the Owner.

 

7.11         Independent
Contractor. The Manager and the Owner shall not be construed as joint venturers or partners of each other pursuant to this
Management Agreement, and neither party shall have the power to bind or obligate the other except as set forth herein. In all respects,
the status of the Manager to the Owner under this Management Agreement is that of an independent contractor.

 

7.12         Pronouns
and Plurals. Whenever the context may require, any pronoun used in this Management Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

[Remainder of page intentionally left
blank]

 

    	10

    	 

    

 

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

 

	 	American Realty Capital Healthcare TrusT II, Inc.
	 	 	 
	 	By:	 	 
	 	 	 	Name: Edward M. Weil, Jr.
	 	 	 	Title: President, Chief Operating Officer, Treasurer and Secretary
	 	 
	 	AMERICAN REALTY CAPITAL HEALTHCARE TRUST II Operating Partnership, L.P.
	 	 	 
	 	By:	 	American Realty Capital Healthcare Trust II, Inc.
	 	 	 	its General Partner
	 	 	 
	 	By:	 	 
	 	 	 	Name: Edward M. Weil, Jr.
	 	 	 	Title: President, Chief Operating Officer, Treasurer and Secretary
	 	 
	 	AMERICAN REALTY CAPITAL HEALTHCARE II PROPERTIES, LLC
	 	 	 	 
	 	By:	 	
        American Realty Capital Healthcare II Special Limited
Partnership, LLC 

	 	 	 	 
	 	 	 	its sole Member
	 	 	 
	 	By:	 	
        American Realty Capital VII, LLC 

	 	 	 	 
	 	 	 	its sole Member

 

	 	By:	 	 
	 	 	 	Name: Nicholas S. Schorsch
	 	 	 	Title: Manager

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