Document:

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                                                                    EXHIBIT 10.4

             CORPORATE PROPERTY ASSOCIATES 17 - GLOBAL INCORPORATED
                              50 ROCKEFELLER PLAZA
                               NEW YORK, NY 10020

                         FORM OF SALES AGENCY AGREEMENT

                                  [_____], 2007

Carey Financial, LLC
50 Rockefeller Plaza
New York, NY 10020

Ladies and Gentlemen:

     Corporate Property Associates 17 - Global Incorporated, a Maryland
corporation (the "Company"), hereby confirms its agreement with you as follows:

     1. Introduction. This Sales Agency Agreement (the "Agreement") sets forth
the understandings and agreements between the Company and you whereby you will
offer and sell on a best efforts basis for the account and risk of the Company,
along with a group of Selected Dealers (as defined in Section 3(c) below) to be
formed with your assistance, up to 250,000,000 shares of common stock, par value
$0.001 per share (each a "Share," and collectively, the "Shares") of the
Company, of which 50,000,000 Shares are being offered pursuant to the Company's
Distribution Reinvestment and Stock Purchase Plan (the "DRIP"), registered on
Form S-11. Shares sold to the public other than through the DRIP shall be sold
at $10 per share (subject to certain volume discounts) and shares sold through
the DRIP shall be sold at $9.50 per share (the "Offering"). The Shares are more
fully described in the Registration Statement referred to below.

     2. Representations and Warranties of the Company.

     The Company represents, warrants and agrees that:

     (a) Registration Statement and Prospectus. The Company has filed with the
Securities and Exchange Commission (the "Commission") a registration statement
on Form S-11 (File No. 333-140842), 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"), and
will prepare and file with the Commission any amendments to the registration
statement necessary for the registration statement 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 became effective (including financial statements,
exhibits and all other documents related thereto filed as a part thereof or
incorporated therein), and any registration statement filed under Rule 462(b) of
the Securities Act, are herein called the "Registration Statement" and the
"Prospectus," respectively, except that if the 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"

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shall refer to the Prospectus filed pursuant to either of such Rules from and
after the date on which it shall have been filed 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) Compliance with the Securities Act. The Registration Statement has been
prepared and filed by the Company and has been declared effective by the
Commission. Neither the Commission nor any state securities authority has issued
any order preventing or suspending the use of any Prospectus or preliminary
prospectus filed with the Registration Statement or any amendments thereto and
no proceeding for that purpose has been instituted, or to the Company's
knowledge, is threatened or contemplated by the Commission or by the states
securities authorities. At the time the Registration Statement became effective
(the "Effective Date") and at the time that any post-effective amendments
thereto or any additional registration statement filed under Rule 462(b) of the
Securities Act becomes effective, the Registration Statement or any amendment
thereto (1) complied, or will comply, as to form in all material respects with
the requirements of the Securities Act and the Regulations and (2) did not or
will not contain an untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein not misleading. When the
Prospectus or any amendment or supplement thereto is filed with the Commission
pursuant to Rule 424(b) or 424(c) of the Regulations and at all times subsequent
thereto through the date on which the Offering is terminated ("Termination
Date"), the Prospectus (as amended or as supplemented) will comply in all
material respects with the requirements of the Securities Act and the
Regulations, and will not include any untrue statement of a material fact or
omit to state a 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 Securities Act, complied when so filed
in all material respects with the Securities Act and the 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. The Company has been duly incorporated and validly exists
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 except where the failure to be so
qualified or in good standing could not have, individually or in the aggregate,
a material adverse effect on the financial condition, stockholders' equity,
results of operation or business of the Company taken as a whole (a "Material
Adverse Effect").

     (d) The Shares. The Shares, when issued, will be duly and validly issued,
fully paid and non-assessable and will conform in all material respects 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 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) Violations. 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.

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     (f) Taxes. 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), other than taxes which the Company
is contesting in good faith, 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 and are not being
contested in good faith.

     (g) Pending Action. Except as disclosed in the Registration Statement and
the Prospectus, 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 which
would reasonably be expected to have a Material Adverse Effect.

     (h) Financial Statements. The financial statements of the Company,
including the notes thereto, filed as part of the Registration Statement and
those included in the Prospectus present fairly in all material respects 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 comply with the requirements of Regulation S-X
promulgated by the Commission; and PricewaterhouseCoopers LLP, whose report is
filed with the Commission as a part of the Registration Statement, are
independent accountants as required by the Securities Act and the Regulations.

     (i) No Subsequent Material Events. 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) Investment Company Act. 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) Authorization of Agreement. This Agreement and the Advisory Agreement
(the "Advisory Agreement") among the Company, Carey Asset Management Corp. (the
"Advisor") and CPA(R):17 Limited Partnership have been duly and validly
authorized, executed and delivered by the Company and CPA(R):17 Limited
Partnership and constitute the valid agreements of the Company and CPA(R):17
Limited Partnership enforceable in accordance with their terms. The execution
and delivery of this Agreement and the Advisory Agreement, the consummation of
the transactions herein and therein contemplated and the compliance with the
terms of this Agreement and the Advisory Agreement by the Company and CPA(R):17
Limited Partnership will not conflict with or constitute a default under (1) the
Articles or bylaws of the Company or the Operating Partnership Agreement of
CPA(R):17 Limited Partnership or (2) any indenture, mortgage, deed of trust,
lease or other agreement or instrument to which the Company is a party, or (3)
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 in the case of
clauses (2) and (3), where such conflict, breach, violation or default would not
reasonably be expected to have individually or in the aggregate, a Material
Adverse Effect and except to the extent that the enforceability of the indemnity
and/or contribution provisions contained in Section 8 of this 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 Agreement or the Advisory Agreement by the
Company or

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CPA(R):17 Limited Partnership, or for the consummation of the transactions
contemplated hereby and thereby (except such as have been obtained under the
Securities Act or as may be required under state securities or "blue sky" laws
in connection with the distribution of the Shares).

     (l) Description of Agreements. 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) Qualification as a Real Estate Investment Trust. 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.
Commencing with the taxable year ending December 31, 2007, the Company is
organized and operated in conformity with the requirements for qualification as
a real estate investment trust under Sections 856 through 860 of the Code and
its proposed method of operation as described in the Prospectus will enable it
to continue to meet the requirements for taxation as a real estate investment
trust under the Code.

     3. Sales of Shares. On the basis of the representations, warranties and
covenants herein contained, but subject to the terms and conditions herein set
forth, the Company hereby appoints you as its sales agent ("Sales Agent") to
solicit purchasers, along with the Selected Dealers, for the Shares during the
period (the "Effective Term") from the Effective Date to the Termination Date,
including the Shares pursuant to the DRIP, each in the manner described in the
Registration Statement. Subject to the performance by the Company of all
obligations to be performed by it hereunder and the completeness and accuracy of
all of its representations and warranties, you agree to use your best efforts as
Sales Agent, promptly following written or telegraphic receipt of notice of the
Effective Date from the Company, to offer and sell such number of Shares as
contemplated by this Agreement at the price stated in the Prospectus.

     (a) Purchase of Shares. The purchase of Shares must be made during the
offering period described in the Prospectus, or after such offering period in
the case of purchases made pursuant to the DRIP (each such purchase hereinafter
defined as an "Order"). Persons desiring to purchase Shares are required to (i)
deliver to you or the appropriate Selected Dealer a check in the amount of $10
per Share purchased (subject to certain volume discounts or other discounts as
described in the Prospectus), or $9.50 per share for shares purchased pursuant
to the DRIP during the Offering and until the first annual valuation of the
Company's assets, payable to Deutsche Bank Trust Company Americas, as escrow
agent (the "Escrow Agent"), or (ii) authorize a debit of such amount to the
account such purchaser maintains with you, the appropriate Selected Dealer.
Subsequent to the first annual valuation of the Company' assets, the price of
shares purchased pursuant to the DRIP will be 95% of the then-current net asset
value, as estimated by the Company's advisor or another firm chosen for that
purpose. For investors residing in certain states, an order form in the form
attached to the Prospectus (each an "Order Form") must be completed and
submitted to the Company. On a daily basis, you will submit all checks received
from investors and transfer, via Federal Reserve bank wire, the total amount
debited from investor accounts for the purchase of Shares along with a list
including the name, address and telephone number of, the social security number
or taxpayer identification number of, the brokerage account number of (if
applicable), the number of Shares purchased by, any election to participate in
the DRIP by, and the total dollar amount of investment by, each investor on
whose behalf checks are submitted or the wire transfer is made. You also will
forward all Order Forms to the Company. You shall use your best efforts to wire
such funds or transmit checks to the Escrow Agent not later than noon of the
next business day after receipt by you from your customer of each Order. You
will advise the Escrow Agent 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.

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     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 Order or to accept or reject Orders in the order of
their receipt by the Company or otherwise. Within 30 days of receipt of an
Order, the Company must accept or reject such Order. If the Company elects to
reject such Order, within 10 business days after such rejection, it will notify
the purchaser of such fact and cause the return of such purchaser's funds
submitted with such application and any interest earned thereon. If you receive
no notice of rejection within 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 to make every reasonable
effort to determine that the purchase of Shares is a suitable and appropriate
investment for each potential purchaser of Shares based on information provided
by such purchaser regarding such purchaser's financial situation and investment
objectives. You agree to maintain copies of the Orders received from investors.

     (b) Closing Dates and Delivery of Shares. In no event shall a sale of
Shares to an investor be completed until at least five business days after the
date the investor receives a copy of the Prospectus. On the date Shares are
first issued to Shareholders (such date being herein referred to as the "Initial
Closing Date"), the Escrow Agent will at such time and place as instructed by
you and the Company (which instruction shall be subject to the satisfaction on
such date of the conditions contained herein), deliver to the Company or its
designee immediately available funds in an amount equal to the Escrow Funds on
deposit in the Escrow Account prior to the date designated by the Company. If,
after the Initial Closing Date, additional sales of Shares are made, on each
such date (each such date being referred to as an "Additional Closing Date") and
at each such time and place as instructed by you and the Company (which
instruction shall be subject to the satisfaction on each such date of the
conditions contained herein), the Escrow Agent shall be required to deliver to
the Company or its designee immediately available funds in an amount equal to
the Escrow Funds on deposit in the Escrow Account prior to the date specified by
the Company. The Initial Closing Date and each Additional Closing Date are each
herein referred to as a "Closing Date. " Closing dates for purchases made
pursuant to the DRIP will be as set forth in the DRIP.

     (c) Selected Dealers. The Shares offered and sold under this Agreement,
other than sales made by the Company directly to its officers and directors,
shall be offered and sold only by you as Sales Agent and by a selling group of
brokers or dealers (the "Selected Dealers"), all of whom must be members in good
standing of the National Association of Securities Dealers, Inc. (the "NASD"),
who execute Selected Dealer Agreements with you substantially in the form
attached hereto as Exhibit A, all of whom are acceptable to the Company and you
(which acceptance shall not be unreasonably withheld by you). You will assist
the Company in forming the selling group of Selected Dealers. No firm shall be
invited to join the selling group of Selected Dealers if it is (i) currently
subject to any suspension or expulsion pursuant to the rules and regulations of
the Commission, the state securities commissions of any of the fifty states, the
New York Stock Exchange, Inc. or the American Stock Exchange, Inc. as those
rules and regulations relate to broker-dealers, or the rules and regulations of
the NASD or (ii) a "discount broker" as that term is commonly understood in the
brokerage industry. The Company and the Advisor or an affiliate thereof agree to
participate in your marketing efforts to the extent that you may reasonably
request and, without limiting the generality of the foregoing, agree to visit
the offices of Selected Dealers as you may reasonably designate.

     (d) Compensation. In consideration for your execution of this Agreement,
and for the performance of your obligations hereunder, the Company agrees to pay
or cause to be paid to you a selling commission (the "Selling Commission") of
six and one-half percent ($0.65) of the price of each Share (except for Shares
sold pursuant to the DRIP, as to which no Selling Commissions shall be paid)
sold by you or by a Selected Dealer; provided, however, that your Selling
Commission shall be reduced with respect to volume sales of Shares to single
purchasers (as defined in the Prospectus). In the case of

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such volume sales to single purchasers, on orders of $250,000 or more your
Selling Commission 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 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:

<TABLE>
<CAPTION>
                         PURCHASE PRICE PER SHARE    SELLING COMMISSION PER SHARE
 VOLUME DISCOUNT RANGE   FOR INCREMENTAL SHARE IN    ON TOTAL SALE FOR INCREMENTAL
FOR A SINGLE PURCHASER     VOLUME DISCOUNT RANGE    SHARE IN VOLUME DISCOUNT RANGE
----------------------   ------------------------   ------------------------------
<S>                      <C>                        <C>
    $2000 - $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 50,380.7107 Shares rather
than 50,000 Shares for his/her or its investment of $500,000 and the Selling
Commission would be $28,940.36. 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 25,380.7107 Shares.

     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.
Selling Commissions paid will in all cases be the same for the same level of
sales.

     The Company will pay to you for reallowance to Selected Dealers only, the
amount of any due diligence expense reimbursement paid to the Selected Dealers
which you have agreed to pay in the amount of up to one-half percent of the
price of each Share sold by each Selected Dealer to which you have agreed to
make such reimbursement.

     From your total Selling Commissions, you agree to reallow to each Selected
Dealer with whom you have entered into a Selected Dealer Agreement the full
$0.65 Selling Commission per Share for Shares sold by the Company pursuant to
Orders solicited by such Selected Dealer and up to the full amount of the $0.20
per Share any Selected Dealer Fee (as defined in the Selected Dealer Agreement)
paid to you by the Company with respect to Shares solicited by the Selected
Dealer. The Company will pay to you a Wholesaling Fee of $0.15 per Share sold.
This fee is intended to cover your wholesaling expenses. No Selling Commissions,
Selected Dealer Fees or Wholesaling Fees will be paid in connection with
purchases of Shares made through the DRIP.

     No payment of Selling Commissions will be made by the Company with respect
to Orders (or portions thereof), which are rejected by the Company. In addition,
we will not pay you a Selected Dealer Fee if 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 (including such Selected Dealer Fee)
exceed the limitations prescribed by the NASD. Selling Commissions, Selected
Dealer Fees and Wholesaling Fees will be paid within five business days
following any Closing Date with respect to the Shares sold to

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purchasers whose Shares are issued on such Closing Date. Selling Commissions,
Selected Dealer Fees and Wholesaling Fees 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 Selling Commissions).

     The Company represents that neither it nor any of its affiliates have
offered or sold any Shares pursuant to this Offering, other than directly to the
Company's officers and directors, and agrees that, through the date on which the
Offering is terminated (the "Termination Date"), the Company will not offer or
sell any Shares otherwise than through you as herein provided, except to its
officers and directors.

     (e) Finders Fee. Neither the Company nor any Selected Dealer participating
in the Offering shall, directly or indirectly, pay or award any finder's fees,
commissions or other compensation to any person engaged by a potential investor
for investment advice as an inducement to such advisor to advise the purchase of
Shares; provided, however, that normal Selling Commissions payable to a
registered broker-dealer or other properly licensed person for selling Shares
shall not be prohibited hereby.

     (f) Wholesaling Activities. You hereby agree to provide the following
additional services for the Company:

          (i) reviewing sales literature prepared by the Company to be used in
the offer and sale of the Shares for compliance with the Securities Act and the
Regulations thereunder, the Conduct Rules of the National Association of
Securities Dealers, Inc. and the "blue sky" laws of any jurisdiction in which
such material is used ("Blue Sky Law"). The sales literature may include, but
not be limited to, a slide presentation, a property acquisition report, a
brochure and seminar invitations for presentation and distribution to the public
and an audio program, a video program and a brochure for presentation and
distribution to broker-dealers;

          (ii) assisting broker-dealers participating in the Offering by
coordinating broker-dealer seminars, informational meetings, distributing
brochures and other sales literature designed for broker-dealers and providing
information and answering any questions with regard to the Offering; and

          (iii) assisting the Company in enlisting broker-dealers to participate
in the Offering as Selected Dealers.

     4. Covenants. The Company covenants to you and each Selected Dealer that it
will:

     (a) Commission Orders. Use its best efforts to cause the Registration
Statement and any subsequent amendments thereto, to become effective as promptly
as possible, and will promptly notify you and confirm the notice in writing if
requested, (i) when the Registration Statement and any post-effective amendment
thereto become effective, (ii) of the issuance by the Commission or any state
securities authority of any jurisdiction of any stop order or of the initiation,
or the threatening, of any proceedings for that purpose or of the suspension of
the qualification of the Shares for offering or sale in any jurisdiction or of
the institution or threatening of any proceedings for any of such purposes,
(iii) of the receipt of any comments from the Commission with respect to the
Registration Statement, and (iv) of any request by the Commission for any
amendment to the Registration Statement as filed or any amendment or supplement
to the Prospectus or for additional information relating thereto. The Company
will make every reasonable effort to prevent the issuance by the Commission of a
stop order or a suspension order and if the Commission shall enter a stop order
or suspension order at any time, the Company will make every reasonable effort
to obtain the lifting of such order at the earliest possible moment.

     (b) Registration Statement. Deliver to you and Selected Dealers without
charge such number of copies of each preliminary prospectus filed with the
Registration Statement and each amendment thereto, and as soon as the
Registration Statement or any amendment or supplement thereto become

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effective, such number of copies of the Prospectus (as amended or supplemented),
the Registration Statement and supplements and amendments thereto, if any
(without exhibits), as you may reasonably request. The Company hereby consents
to the use of the Prospectus or any amendment or supplement thereto by you and
Selected Dealers both in connection with the Offering and for such period of
time thereafter as the Prospectus is required to be delivered in connection
therewith.

     (c) "Blue Sky" Qualifications. Endeavor in good faith, in cooperation with
you, Selected Dealers and counsel to Selected Dealers, at or prior to the time
the Registration Statement becomes effective, to seek the approval of the
Offering by the NASD, and to qualify the Shares for offering and sale under the
securities laws of all 50 states and the District of Columbia, except in those
jurisdictions you may reasonably designate (the "Designated Jurisdictions"),
provided, however, the Company shall not be obligated to subject itself to
taxation as a party doing business in any such jurisdiction. In each
jurisdiction where such qualification shall be effected, the Company will,
unless you agree that such action is not at the time necessary or advisable,
file and make such statements or reports as are or may reasonably be required by
the laws of such jurisdiction.

     (d) Amendments and Supplements. If during the time when a Prospectus is
required to be delivered under the Securities Act, any event relating to the
Company shall occur as a result of which it is necessary, in the opinion of the
Company's counsel, to amend or supplement the Prospectus in order to make the
Prospectus not misleading in light of the circumstances existing at the time it
is delivered to an investor, the Company will forthwith prepare and furnish
without expense to you and the Selected Dealers, a reasonable number of copies
of an amendment or amendments of, or a supplement or supplements to, the
Prospectus which will amend or supplement the Prospectus so that as amended or
supplemented it will 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 the light of the circumstances under which they
were made, not misleading. During the time when a Prospectus is required to be
delivered under the Securities Act, the Company shall comply in all material
respects with all requirements imposed upon it by the Securities Act, as from
time to time in force, so far as necessary to permit the continuance of sales of
the Shares in accordance with the provisions hereof and the Prospectus.

     (e) Copies of Reports. During the period the Shares remain outstanding, you
will be furnished with the following:

          (i) as soon as practicable after they have been sent by the Company to
the Shareholders or to any class of security holders of the Company or filed
with the Commission, two copies of each annual and interim financial and each
other report, application or document;

          (ii) as soon as practicable, two copies of every press release issued
by the Company and every material news item and article in respect of the
Company or its affairs released by the Company; and

          (iii) additional documents and information with respect to the Company
and its affairs as you may from time to time reasonably request.

     (f) Sales Material. Will deliver to you from time to time, all advertising
and supplemental sales material (whether designated solely for broker-dealer use
or otherwise) proposed to be used or delivered in connection with the Offering,
prior to the use or delivery to third parties of such material, and will not so
use or deliver, in connection with the Offering, any such material to which you
or your counsel shall reasonably object or disapprove within seven days of
delivery of such material to you or which shall be reasonably disapproved by
your counsel within such seven-day period.

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     (g) Use of Proceeds. Apply the proceeds from the sale of Shares as set
forth in the section of the Prospectus entitled "Estimated Use of Proceeds" and
operate the business of the Company in accordance with the descriptions of its
business set forth in the Prospectus.

     (h) Prospectus Delivery. In case you or any Selected Dealer is required to
deliver a Prospectus in connection with sales of any of the Shares at any time
nine months or more after the Effective Date, upon your or such Selected
Dealer's request, the Company will, at its expense, prepare and deliver to you
or such Selected Dealer as many copies as you may request of an amended or
supplemented Prospectus complying with Section 10(a)(3) of the Securities Act.

     (i) Financial Statements. Make generally available to its security holders
as soon as practicable, but not later than 60 days after the close of the period
covered thereby, an earnings statement of the Company (in form complying with
the provisions of Rule 158 under the Securities Act) covering a period of 12
months beginning after the Effective Date but not later than the first day of
the Company's fiscal quarter next following the Effective Date.

     (j) Compliance with Exchange Act. Comply with the requirements of the
Securities Exchange Act of 1934 ("Exchange Act") relating to the Company's
obligation to file periodic reports including annual reports on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K.

     5. Covenants of the Sales Agent. You covenant and agree with the Company as
follows;

     (a) Compliance with Laws. In connection with the offer and sale of Shares,
you shall comply with any applicable requirements of the Securities Act, the
Exchange Act and the applicable state securities or "blue sky" laws, and the
rules and regulations thereunder.

     (b) Accuracy of Information. No information supplied by you for use in the
Registration Statement will contain any untrue statements of a material fact or
omit to state any material fact necessary to make such information not
misleading.

     (c) No Additional Information. You will not give any information or make
any representation in connection with the offering of the Shares other than that
contained in the Prospectus.

     (d) Sale of Shares. You shall act as Sales Agent and solicit, directly or
through Selected Dealers, purchasers of the Shares only in the jurisdictions in
which you have been advised by the Company that such solicitations can be made
and in which you or the soliciting Selected Dealer, as the case may be, are
qualified to so act.

     6. Payment of Expenses.

     (a) Expenses. Whether or not the transactions contemplated in this
Agreement are consummated or if this Agreement is terminated, the Company will
pay, in addition to the compensation described in Section 3(d) (which you may
retain up to the point of termination unless this agreement is terminated
without any Shares being sold, in which case no such compensation shall be
paid), all fees and expenses incurred in connection with the formation,
qualification and registration of the Company and in marketing, distributing and
processing the Shares under applicable Federal and state law, and any other fees
and expenses actually incurred and directly related to the offering and sale of
the Shares and your other obligations under this Agreement, including such fees
and expenses as: (i) the preparing, printing, filing and delivering of the
Registration Statement (as originally filed and all amendments thereto) and of
any preliminary prospectus and of the Prospectus and any amendments thereof or
supplements thereto and the preparing and printing of the Selected Dealer
Agreements, this Agreement and Order Forms,

                                        9

<PAGE>

including the cost of all copies thereof and any financial statements or
exhibits relating to the foregoing supplied to you or the Selected Dealers in
quantities reasonably requested by you; (ii) the preparing and printing of the
solicitation material and related documents and the filing and/or recording of
such certified certificates or other documents necessary to comply with the laws
of the State of Maryland for the formation of a corporation and thereafter for
the continued good standing of a Company; (iii) the issuance and delivery of the
Shares, including any transfer or other taxes payable thereon; (iv) any escrow
arrangements in connection with the transactions described herein, including any
compensation or reimbursement to an escrow agent for its services as such; (v)
the qualification or registration of the Shares under state securities or "blue
sky" laws; (vi) the filing fees payable to the Commission and to the NASD; (vii)
the preparation and printing of advertising material in connection with and
relating to the Offering, including the cost of all sales literature and
investor and broker-dealer sales and information meetings; (viii) the cost and
expenses of counsel and accountants of the Company; and (ix) any other expenses
of issuance and distribution of the Shares. The Company shall also reimburse
directly all other entities for the expenses of the type described in clauses
(i) through (ix) of the preceding sentence incurred directly by those entities
at your request.

     (b) Sales Incentive Programs. Subject to the satisfactory completion of any
regulatory reviews and examinations which may be required, the prior review and
approval and the rules of the NASD (including Rule 2710 (c)(6)(B)(xiii)) and
approval by the Company or the Advisor, the Company, the Advisor and Affiliates
of the Advisor may establish sales incentive programs for your associated
persons or the associated persons of Selected Dealers only. Sales incentives
will be deemed to be additional compensation. The aggregate value of incentives
paid directly to an individual associated person during the Offering will not
exceed $100 in any given year.

     (c) Limitation. Notwithstanding the foregoing, the total compensation paid
to the Sales Agent and Selected Dealers from any source in connection with the
Offering pursuant to Section 3(d) hereof and this Section 6 shall not exceed the
limitations prescribed by the NASD. The Company and you agree to monitor the
payment of all fees and expense reimbursements to assure that the NASD
limitations are not exceeded.

     7. Conditions of Your Obligations. Your obligations hereunder shall be
subject to the continued accuracy throughout the Effective Term of the
representations, warranties and agreements of the Company, to the performance by
the Company of its obligations hereunder and to the following terms and
conditions:

     (a) Effectiveness of Registration Statement. The Registration Statement
shall have initially become effective not later than 5:30 P.M., Eastern time, on
the date of this Agreement or such later date and time as shall be consented to
in writing by you and, at any time during the term of this Agreement, no stop
order shall have been issued or proceedings therefor initiated or threatened by
the Commission; and all requests for additional information on the part of the
Commission and state securities administrators shall have been complied with to
the reasonable satisfaction of your counsel and no stop order or similar order
shall have been issued or proceedings therefor initiated or threatened by any
state securities authority in any jurisdiction in which the Company intends to
offer Shares (except in the Designated Jurisdictions).

          (i) Accountant's Letter. On the Effective Date you shall have received
from PricewaterhouseCoopers LLP a letter, in form and substance reasonably
satisfactory to you in all material respects.

     (b) Stop Orders. On the Effective Date and during the Effective Term no
order suspending the sale of the Shares in any jurisdiction (except the
Designated Jurisdictions) nor any stop order issued

                                       10

<PAGE>

by the Commission shall have been issued, and on the Effective Date and during
the Effective Term no proceedings relating to any such suspension or stop orders
shall have been instituted, or to the knowledge of the Company, shall be
contemplated.

     (c) Information Concerning the Advisor. On the Effective Date, you shall
receive a letter dated the Effective Date from the Advisor, confirming that: (1)
the Advisory Agreement has been duly and validly authorized, executed and
delivered by the Advisor and constitutes a valid agreement of the Advisor
enforceable in accordance with its terms; (2) the execution and delivery of the
Advisory Agreement, the consummation of the transactions therein contemplated
and compliance with the terms of the Advisory Agreement by the Advisor will not
conflict with or constitute a default under its articles of incorporation or
bylaws or any indenture, mortgage, deed of trust, lease or other agreement or
instrument to which the Advisor 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
Advisor, or any of its property; (3) no consent, approval, authorization or
order of any court or other governmental agency or body has been or is required
for the performance of the Advisory Agreement by the Advisor, or for the
consummation of the transactions contemplated thereby; and (4) the Advisor is a
corporation duly formed, validly existing and in good standing under the laws of
the State of Delaware and is duly qualified to do business as a foreign
corporation in each other jurisdiction in which the nature of its business would
make such qualification necessary.

     If any of the conditions specified in this Section 7 shall not have been
fulfilled when and as required by this Agreement, this Agreement and all your
obligations hereunder may be canceled by you by notifying the Company of such
cancellation in writing or by telecopy at any time, and any such cancellation or
termination shall be without liability of any party to any other party except as
otherwise provided in Sections 3(d), 6, 8, 9 and 10 hereof.

     All certificates, letters and other documents referred to in this Section 7
will be in compliance with the provisions hereof only if they are reasonably
satisfactory in form and substance to you and your counsel. The Company will
furnish you with conformed copies of such certificates, letters and other
documents, as you shall reasonably request.

     8. Indemnification.

     (a) Indemnification by the Company. Subject to the conditions set forth
below and those included in the Articles and Bylaws, the Company agrees to
indemnify and hold harmless you, each Selected Dealer and each person, if any,
who controls you or any such Selected Dealer within the meaning of Section 15 of
the Securities Act, from and against any and all loss, liability, claim, damage
and expense whatsoever (including but not limited to any and all expenses
whatsoever reasonably incurred in investigating, preparing for, defending
against or settling any litigation, commenced or threatened, or any claim
whatsoever) arising out of or based upon: (1) any untrue or alleged untrue
statement of a material fact contained (i) in the Registration Statement at the
time it became effective or in the Prospectus (as from time to time amended or
supplemented) or any related preliminary prospectus; or (ii) in any application
or other document (in this Section 8 collectively called "application") executed
by the Company or based upon information furnished by the Company and filed in
any jurisdiction in order to qualify the Shares under the securities laws
thereof; or (2) the omission or alleged omission from the Registration Statement
at the time it became effective or from the Prospectus of a material fact
required to be stated therein or necessary to make the statements therein in
light of the circumstances under which they were made not misleading; provided
however that the Company shall not be liable in any such case to the extent any
such statement or omission was made in reliance upon and in conformity with
written information furnished to the Company by you expressly for use in the
Registration Statement or related preliminary prospectus or Prospectus or any
amendment or supplement thereof or in any of such

                                       11

<PAGE>

applications or in any such sales as the case may be. Notwithstanding the
foregoing, the Company shall not indemnify the Sales Agent for any losses,
liabilities or expenses arising from or out of an alleged violation of federal
or state securities laws unless: there has been a successful adjudication on the
merits of each count involving alleged securities law violations as to the
particular indemnitee, (ii) such claims have been dismissed with prejudice on
the merits by a court of competent jurisdiction as to the particular indemnitee
or (iii) a court of competent jurisdiction approves a settlement of the claims
against a particular indemnitee and finds that indemnification of the settlement
and the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Commission and of the
published position of any state securities regulatory authority in which
securities of the Company were offered or sold as to indemnification for
violations of securities laws.

     (b) Indemnification by You. Subject to the conditions set forth below, you
agree to indemnify and hold harmless the Company, each of its directors, those
of its officers who have signed the Registration Statement and each other
person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act to the same extent as the foregoing indemnity from the Company
but only with respect to an untrue statement or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact in the
Registration Statement (as from time to time amended or supplemented) or
Prospectus, or any related preliminary prospectus, or any application made in
reliance upon or, in conformity with, written information furnished by you
expressly for use in such Registration Statement or Prospectus or any amendment
or supplement thereto, or in any related preliminary prospectus or in any of
such applications.

     (c) Procedure for Making Claims. Each indemnified party shall give prompt
notice to each indemnifying party of any claim or action (including any
governmental investigation) commenced against it in respect of which indemnity
may be sought hereunder, but failure to so notify any indemnifying party shall
not relieve it from any liability that it may have otherwise than on account of
this indemnity agreement. The indemnifying party, jointly with any other
indemnifying parties receiving such notice, shall assume the defense of such
action with counsel chosen by it and approved by the indemnified parties
defendant in such action, unless such indemnified parties reasonably object to
such assumption on the ground that there may be legal defenses available to them
which are different from or in addition to those available to such indemnifying
party. Any indemnified party shall have the right to employ a separate counsel
in any such action and to participate in the defense thereof but the reasonable
fees and expenses of such counsel shall be borne by such party unless such party
has objected in accordance with the preceding sentence, in which event such fees
and expenses shall be borne by the indemnifying parties. Except as set forth in
the preceding sentence, if an indemnifying party assumes the defense of such
action, the indemnifying party shall not be liable for any fees and expenses of
separate counsel for the indemnified parties incurred thereafter in connection
with such action. In no event shall the indemnifying parties be liable for the
reasonable fees and expenses of more than one counsel for all indemnified
parties in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or
circumstances.

     The indemnity agreements contained in this Section 8 and the warranties and
representations contained in this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified
party and shall survive any termination of this Agreement. An indemnifying party
shall not be liable to an indemnified party on account of any settlement of any
claim or action effected without the consent of such indemnifying party. The
Company agrees promptly to notify you of the commencement of any litigation or
proceedings against the Company in connection with the issue and sale of the
Shares or in connection with the Registration Statement or Prospectus.

     (d) Contribution. Subject to the limitations set forth in Section 8(a)
hereof and in order to provide for just and equitable contribution where the
indemnification provided for in this Section 8 is

                                       12
<PAGE>

unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any losses, liabilities, claims,
damages or expenses (or actions in respect thereof) referred to therein, except
by reason of the terms thereof, the Company on the one hand and you on the other
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, liabilities, claims, damages or expenses (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and you on the other from the
Offering based on the public offering price of the Shares sold and the Selling
Commissions received by you with respect to such Shares sold. If, however, the
allocation provided by the immediately preceding sentence is not permitted by
applicable law, then each applicable indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such
indemnified party in such proportion as is appropriate to reflect not only such
relative benefits referred to above but also the relative fault of the Company
on the one hand and you on the other in connection with the statements or
omissions which resulted in such losses, liabilities, claims, damages or
expenses (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative benefits received by the Company on the
one hand and you on the other shall be deemed to be in the same proportion as
the total proceeds from the Offering (net of Selling Commissions, Selected
Dealer Fees and Wholesaling Fees but before deducting expenses) received by the
Company bear to the total Selling Commissions received by you. The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the Company on the one hand or
you on the other. The Company agrees with you that it would not be just and
equitable if contribution pursuant to this subsection (d) were determined by pro
rata allocation, or by any other method of allocation which does not take
account of the equitable considerations referred to above in this subsection
(d). The amount paid or payable by an indemnified party as a result of the
losses, liabilities, claims, damages or expenses (or action in respect thereof)
referred to above in this subsection (d) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this subsection (d), you shall not be required to contribute any
amount in excess of the amount by which the total price of the Shares sold by
you to the public exceeds the amount of any damages which you have otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act or Section 10(b) of
the Securities Exchange Act of 1934, as amended) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section, any person that controls you
within the meaning of Section 15 of the Securities Act shall have the same right
to contribution as you, and each person who controls the Company within the
meaning of Section 15 of the Securities Act shall have the same right to
contribution as the Company.

     9. Representations and Agreements to Survive. All representations,
warranties and agreements contained in this Agreement or in certificates shall
remain operative and in full force and effect regardless of any investigation
made by any party, and shall survive the Termination Date.

     10. Effective Date, Term and Termination of this Agreement.

     (a) This Agreement shall become effective as of the date it is executed by
all parties hereto. You or the Company may elect to terminate this Agreement
prior to the time the Registration Statement is declared effective by the
Commission without liability of any party to any other party, except as provided
in Section 10(e) hereof.

     (b) You shall have the right to terminate this Agreement at any time during
the Effective Term without liability of any party to any other party except as
provided in Section 10(e) hereof if: (i) any representations or warranties
hereunder shall be found to have been incorrect; or (ii) the Company shall fail,
refuse or be unable to perform any condition of its obligations hereunder, or
(iii) the Prospectus shall

                                       13

<PAGE>

have been amended or supplemented despite your objection to such amendment or
supplement as provided in subsection (a) of Section 2 hereof, or (iv) all
trading on the New York Stock Exchange or the American Stock Exchange shall have
been suspended, or minimum or maximum prices for trading generally shall have
been fixed, or maximum ranges for prices for all securities shall have been
required, on the New York Stock Exchange or the American Stock Exchange by such
exchanges or by order of the Commission or any other governmental authority
having jurisdiction; or (v) the United States shall have become involved in a
war or major hostilities or a material escalation of hostilities or acts of
terrorism involving the United States or other national or international
calamity or crisis (other than hostilities including Iraq and Afghanistan); or
(vi) a banking moratorium shall have been declared by a state or federal
authority or person; or (vii) the Company shall have sustained a material or
substantial loss by fire, flood, accident, hurricane, earthquake, theft,
sabotage or other calamity or malicious act which, whether or not said loss
shall have been insured, will in your good faith opinion make it inadvisable to
proceed with the offering and sale of the Shares; or (viii) there shall have
been, subsequent to the dates information is given in the Registration Statement
and the Prospectus, such change in the business, properties, affairs, condition
(financial or otherwise) or prospects of the Company whether or not in the
ordinary course of business or in the condition of securities markets generally
as in your good faith judgment would make it inadvisable to proceed with the
offering and sale of the Shares, or which would materially adversely affect the
operations of the Company.

     (c) If this Agreement shall be terminated for reason of any failure on the
part of the Company to perform any undertaking or satisfy any condition of this
Agreement to be performed or satisfied by them pursuant to Section 7 hereof, you
may elect to terminate this Agreement without liability of any party to any
other party except as provided in Section 10(e) hereof.

     (d) The Company shall have the right to terminate this Agreement without
cause on 60 days' notice in writing to you without penalty, subject to liability
as provided in Section 10(e) hereof.

     (e) In the event this Agreement is terminated by any party pursuant to
Sections 10(a), 10(b), 10(c) or 10(d) hereof, the Company shall pay all expenses
of the Offering as required by Section 6 hereof and no party will have any
additional liability to any other party except for any liability which may exist
under Section 8 hereof; and provided further, that if you terminate your
participation in the Offering in other than good faith, the Company shall not be
responsible for the expenses described in clause (vii) of subsection (a) of
Section 6 hereof other than expenses of counsel to the Selected Dealers. In no
event will the Company be liable to reimburse you for expenses other than your
actual and reasonable out-of-pocket expenses.

     (f) If you elect to terminate this Agreement as provided in this Section
10, you shall notify the Company promptly by telephone or telegram with
confirmation by letter. If the Company elects to terminate this Agreement as
provided in this Section 10, the Company shall notify you promptly by telephone
or telegram with confirmation by letter.

     11. Notices.

     (a) All communications hereunder, except as herein otherwise specifically
provided, shall be in writing and if sent to you shall be mailed, or personally
delivered, to you at 50 Rockefeller Plaza, New York, New York 10020, and if sent
to the Company shall be mailed, or personally delivered, to the Company at 50
Rockefeller Plaza, New York, New York 10020, Attention: Mr. Wm. Polk Carey and
Mr. Gordon DuGan.

     (b) Notice shall be deemed to be given by you to the Company or by the
Company to you when it is mailed or personally delivered as provided in
subsection (a) of this Section 11.

                                       14

<PAGE>

     12. Parties. This Agreement shall inure solely to the benefit of, and shall
be binding upon you, the Company, and the controlling persons, directors and
officers referred to in Section 8 hereof, and their respective successors, legal
representatives and assigns, and no other person shall have or be construed to
have any legal or equitable right, remedy or claim under or in respect of or by
virtue of this Agreement or any provision herein contained, except that the
Selected Dealers shall have the rights granted to them pursuant to Section 8
hereof. Notwithstanding the foregoing, this Agreement may not be assigned
without the consent of the parties hereto.

     13. Construction. This Agreement shall be construed in accordance with the
laws of the State of New York applicable to agreements to be made and performed
entirely within such state.

     14. Finders' Fees. You shall have no liability for any finders' fees owed
in connection with the transactions contemplated by this Agreement.

     15. Severability. Any provision of this Agreement, which is invalid or
unenforceable in any jurisdiction, shall be ineffective to the extent of such
invalidity or unenforceability without invalidating or rendering unenforceable
the remaining provisions hereof, and any such invalidity or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provisions in
any other jurisdiction.

     16. Additional Offerings. The terms of this Agreement may be extended to
cover additional offerings of shares of the Company by the execution by the
parties hereto of an addendum identifying the shares and registration statement
relating to such additional offering. Upon execution of such addendum, the terms
"Shares", "Offering", "Registration Statement" and "Prospectus" set forth herein
shall be deemed to be amended as set forth in such addendum.

                                       15

<PAGE>

     If the foregoing correctly sets forth the understanding between you and the
Company, please so indicate in the space provided on the attached page for that
purpose, whereupon this letter shall constitute a binding agreement between us.

                                        CORPORATE PROPERTY ASSOCIATES 17 -
                                        GLOBAL INCORPORATED

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------

Accepted as of the Date first above
Written:

CAREY FINANCIAL, LLC

By:
    ---------------------------------
Its:
     --------------------------------

                                       16

<PAGE>

                                  EXHIBIT INDEX

Exhibit A - Selected Dealer AgreementEX-10.5

 

Exhibit 10.5

FORM OF ADVISORY AGREEMENT

     THIS ADVISORY AGREEMENT, dated as of [ ], 2007, is among CORPORATE PROPERTY
ASSOCIATES 17 — GLOBAL INCORPORATED, a Maryland corporation (“CPA: 17”), CPA: 17 LIMITED
PARTNERSHIP, a Delaware limited partnership of which CPA: 17 is a general partner (the
“Operating Partnership”), and CAREY ASSET MANAGEMENT CORP., a Delaware corporation and
wholly-owned subsidiary of W. P. Carey & Co. LLC (the “Advisor”).

WITNESSETH:

     WHEREAS, CPA: 17 intends to qualify as a REIT (as defined below), and the Operating
Partnership intends to qualify as a partnership, in each case for U.S. federal income tax purposes

     WHEREAS, CPA: 17 and its subsidiaries, including the Operating Partnership, desire to avail
themselves of the experience, sources of information, advice and assistance of, and certain
facilities available to, the Advisor and to have the Advisor undertake the duties and
responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board
of Directors of CPA: 17, all as provided herein; and

     WHEREAS, the Advisor is willing to render such services, subject to the supervision of the
Board of Directors, on the terms and conditions hereinafter set forth;

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following terms have the definitions
hereinafter indicated:

     “2%/25% Guidelines.” The requirement, as provided for in Section 13 hereof, that, in
the 12-month period ending on the last day of any fiscal quarter, Operating Expenses not exceed the
greater of two percent of Average Invested Assets during such 12-month period or 25% of CPA: 17’s
Adjusted Net Income over the same 12-month period.

     “Acquisition Expenses.” To the extent not paid or to be paid by the seller, lessee,
borrower or any other party involved in the transaction, those expenses, including but not limited
to travel and communications expenses, the cost of appraisals, title insurance, nonrefundable
option payments on Investments not acquired, legal fees and expenses, accounting fees and expenses
and miscellaneous expenses, related to selection, acquisition and origination of Investments,
whether or not a particular Investment ultimately is made. Acquisition Expenses shall not include
Acquisition Fees.

     “Acquisition Fees.” The Initial Acquisition Fee and the Subordinated Acquisition Fee.

     “Adjusted Investor Capital.” As of any date, the Initial Investor Capital reduced by
any Redemptions, other than Redemptions intended to qualify as a liquidity event for purposes of
this Agreement, and by any other Distributions on or prior to such date determined by the Board to
be from Cash from Sales and Financings.

     “Adjusted Net Income.” For any period, the total consolidated revenues recognized in
such period by CPA: 17, less the total consolidated expenses of CPA: 17 recognized in such period,
excluding additions to reserves for depreciation and amortization, bad debts or other similar
non-cash reserves;

 

 

provided, however, that Adjusted Net Income for purposes of calculating total allowable
Operating Expenses shall exclude any gain, losses or writedowns from the sale of CPA: 17’s assets.

     “Advisor.” Carey Asset Management Corp, a corporation organized under the laws of the
State of Delaware and wholly-owned by W. P. Carey & Co. LLC.

     “Affiliate.” An Affiliate of another Person shall include any of the following: (i)
any Person directly or indirectly owning, controlling, or holding, with power to vote ten percent
or more of the outstanding voting securities of such other Person; (ii) any Person ten percent or
more of whose outstanding voting securities are directly or indirectly owned, controlled, or held,
with 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; or (v) any legal entity for which such
Person acts as an executive officer, director, trustee or general partner.

     “Agreement.” This Advisory Agreement.

     “Appraised Value.” Value according to an appraisal made by an Independent Appraiser,
which may take into consideration any factor deemed appropriate by such Independent Appraiser,
including, but not limited to, the terms and conditions of any lease of a relevant property, the
quality of any lessee’s, borrower’s or other counter-party’s credit and the conditions of the
credit markets. The Appraised Value of a Property may be greater than the construction cost or the
replacement cost of the Property.

     “Articles of Incorporation.” Articles of Incorporation of CPA: 17 under the General
Corporation Law of Maryland, as amended from time to time, pursuant to which CPA: 17 is organized.

     “Asset Management Fee.” The Asset Management Fee as defined in Section 9(a) hereof.

     “Average Equity Value.” The equity portion of the aggregate purchase price paid by
CPA: 17 for an Investment, provided that, if (1) a later Appraised Value is obtained for the
Investment, that later Appraised Value, adjusted for other net assets and liabilities that have
economic value and are associated with that Investment, shall become the basis for calculating the
Average Equity Market Value of the Investment, and (2) for Investments in securities that CPA: 17
treats as available for sale under GAAP, the fair value of such securities as determined on a
monthly basis as of the last day of each month or, if applicable, on the date the securities are
disposed of, shall be the basis for calculating the Average Equity Market Value of such securities.

     “Average Invested Assets.” The average during any period of the aggregate book value
of CPA: 17’s Investments, before deducting reserves for depreciation, bad debts, impairments,
amortization and all other non-cash reserves, computed by taking the average of such values at the
end of each month during such period.

     “Average Market Value.” The aggregate purchase price paid by CPA: 17 for an
Investment, provided that, if a later Appraised Value is obtained for the Investment, that later
Appraised Value, adjusted for other net assets and liabilities that have economic value and are
associated with that Investment, shall become the Average Market Value for the Investment .

     “B Note.” A note representing a subordinated interest in a Loan secured by a first
mortgage on a Property.

     “Board or Board of Directors.” The Board of Directors of CPA: 17.

2

 

     “Bylaws.” The bylaws of CPA: 17.

     “Cash from Financings.” Net cash proceeds realized by CPA: 17 from the financing of
Investments or the refinancing of any indebtedness of CPA: 17.

     “Cash from Sales.” Net cash proceeds realized by CPA: 17 from the sale, exchange or
other disposition of any of its Investments after deduction of all expenses incurred in connection
therewith. Cash from Sales shall not include Cash from Financings.

     “Cash from Sales and Financings.” The total sum of Cash from Sales and Cash from
Financings.

     “Cause.” With respect to the termination of this Agreement, fraud, criminal conduct,
willful misconduct or willful or negligent breach of fiduciary duty by the Advisor that, in each
case, is determined by a majority of the Independent Directors to be materially adverse to CPA: 17,
or a breach of a material term or condition of this Agreement by the Advisor and the Advisor has
not cured such breach within 30 days of written notice thereof or, in the case of any breach that
cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a
reasonable time period to cure such breach.

     “Change of Control.” A change of control of CPA: 17 of a nature that would be
required to be reported in response to the disclosure requirements of Schedule 14A of Regulation
14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as enacted and in force on the date hereof, whether or not CPA: 17 is then subject to such
reporting requirements; provided, however, that, without limitation, a Change of Control shall be
deemed to have occurred if: (i) any “person” (within the meaning of Section 13(d) of the Exchange
Act, as enacted and in force on the date hereof) is or becomes the “beneficial owner” (as that term
is defined in Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act) of
securities of CPA: 17 representing 8.5% or more of the combined voting power of CPA: 17’s
securities then outstanding; (ii) there occurs a merger, consolidation or other reorganization of
CPA: 17 which is not approved by the Board; (iii) there occurs a sale, exchange, transfer or other
disposition of substantially all of the assets of CPA: 17 to another entity, which disposition is
not approved by the Board; or (iv) there occurs a contested proxy solicitation of the Shareholders
of CPA: 17 that results in the contesting party electing candidates to a majority of the Board’s
positions next up for election.

     “Closing Date.” The first date on which Shares were issued pursuant to an Offering.

     “Code.” Internal Revenue Code of 1986, as amended.

     “Competitive Real Estate Commission.” The real estate or brokerage commission paid
for the purchase or sale of a Property that is reasonable, customary and competitive in light of
the size, type and location of the Property.

     “Construction Fee.” A fee or other remuneration for acting as general contractor
and/or construction manager to construct improvements, supervise and coordinate projects or to
provide major repairs or rehabilitation on a Property.

     “Contract Purchase Price.” The amount actually paid for, or allocated to, the
purchase, development, construction or improvement of an Investment or, in the case of an
originated Loan, the principal amount of such Loan, exclusive, in each case, of Acquisition Fees
and Acquisition Expenses.

     “Contract Sales Price.” The total consideration received by CPA: 17 for the sale of a
Property.

3

 

     “CPA: 17.” Corporate Property Associates 17 — Global Incorporated together with its
consolidated subsidiaries, including the Operating Partnership, unless in the context of a
particular reference, it is clear that such reference refers to Corporate Property Associates 17 –
Global Incorporated excluding its consolidated subsidiaries. Unless the context otherwise
requires, any reference to financial measures of CPA: 17 shall be calculated by reference to the
consolidated financial statements of CPA: 17 and its subsidiaries, including, without limitation,
the Operating Partnership, prepared in accordance with GAAP.

     “Cumulative Return.” For the period for which the calculation is being made, the
percentage resulting from dividing (A) the total Distributions for such period (not including
Distributions out of Cash from Sales and Financings), by (B) the product of (i) either (x) until
such time as CPA: 17 has invested 90% of the net proceeds of CPA: 17’s initial Offering (excluding
net proceeds from the sale of Shares pursuant to CPA: 17’s distribution reinvestment program), the
average Adjusted Investor Capital for such period (calculated on a daily basis) or (y) from and
after such time as CPA: 17 has invested 90% of the net proceeds of CPA: 17’s initial Offering
(excluding net proceeds from the sale of Shares pursuant to CPA: 17’s distribution reinvestment
program), the net proceeds from the sale of Shares (excluding net proceeds from the sale of Shares
pursuant to CPA: 17’s distribution reinvestment program), as adjusted for Redemptions other than
Redemptions intended to qualify as a liquidity event for purposes of this Agreement, and by any
other Distributions on or prior to such date determined by the Board to be from Cash from Sales and
Financings, and (ii) the number of years (including fractions thereof) elapsed during such period.
Notwithstanding the foregoing, neither the Shares received by the Advisor or its Affiliates for any
consideration other than cash, nor the Distributions in respect of such Shares, shall be included
in the foregoing calculation.

     “Development Fee.” A fee for the packaging of a Property including negotiating and
approving plans, and undertaking to assist in obtaining zoning and necessary variances and
necessary financing for the specific Property, either initially or at a later date.

     “Directors.” The persons holding such office, as of any particular time, under the
Articles of Incorporation, whether they be the directors named therein or additional or successor
directors.

     “Distributions.” Distributions declared by the Board.

     “GAAP.” Generally accepted accounting principles in the United States.

     “Good Reason.” With respect to the termination of this Agreement, (i) any failure to
obtain a satisfactory agreement from any successor to CPA: 17 or the Operating Partnership to
assume and agree to perform CPA: 17’s or the Operating Partnership’s, as applicable, obligations
under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by
CPA: 17 or the Operating Partnership; provided that (a) such breach is of a material term or
condition of this Agreement and (b) CPA: 17 or the Operating Partnership, as applicable, has not
cured such breach within 30 days of written notice thereof or, in the case of any breach that
cannot be cured within 30 days by reasonable effort, has not taken all necessary action within a
reasonable time period to cure such breach.

     “Gross Offering Proceeds.” The aggregate purchase price of Shares sold in any
Offering.

     “Independent Appraiser.” A qualified appraiser of real estate as determined by the
Board, who is not affiliated, directly or indirectly, with CPA: 17, the Advisor or their respective
Affiliates. Membership in a nationally recognized appraisal society such as the American Institute
of Real Estate Appraisers or the Society of Real Estate Appraisers shall be conclusive evidence of
such qualification.

4

 

     “Independent Director.” A Director of CPA: 17 who meets the criteria for an
Independent Director specified in the Bylaws.

     “Individual.” Any natural person and those organizations treated as natural persons
in Section 542(a) of the Code.

     “Initial Acquisition Fee.” Any fee or commission (including any interest thereon)
paid by the Operating Partnership to the Advisor or, with respect to Section 9(d) or 9(f), by the
Operating Partnership to any party, in connection with the making of an Investment or the
development or construction of Properties by CPA: 17. A Development Fee or a Construction Fee paid
to a Person not affiliated with the Sponsor in connection with the actual development or
construction of a project after acquisition of the Property by CPA: 17 shall not be deemed an
Initial Acquisition Fee. Initial Acquisition Fees include, but are not limited to, any real estate
commission, selection fee, development fee or construction fee (other than as described above),
non-recurring management fees, loan fees, points or any fee of a similar nature, however
designated. Initial Acquisition Fees include Subordinated Acquisition Fees unless the context
otherwise requires. Initial Acquisition Fees shall not include Acquisition Expenses.

     “Initial Investor Capital.” The total amount of capital invested from time to time by
Shareholders (computed at the Original Issue Price per Share), excluding any Shares received by the
Advisor or its Affiliates for any consideration other than cash.

     “Investment.” means an investment made by CPA: 17, directly or indirectly, in a
Property, Loan or Other Permitted Investment Asset.

     “Loans.” The notes and other evidences of indebtedness or obligations acquired,
originated or entered into, directly or indirectly, by CPA: 17 as lender, noteholder, participant,
note purchaser or other capacity, including but not limited to first or subordinate mortgage loans,
construction loans, development loans, loan participations, B notes, loans secured by capital stock
or any other assets or form of equity interest and any other type of loan or financial arrangement,
such as providing or arranging for letters of credit, providing guarantees of obligations to third
parties, or providing commitments for loans. The term “Loans” shall not include leases which are
not recognized as leases for Federal income tax reporting purposes.

     “Loan Refinancing Fee.” A fee payable to the Advisor in respect of the refinancing of
a loan secured by an Investment.

     “Long-Term Net Leased Property.” A Property subject to a Net Lease which has a
remaining lease term of at least seven years (or is otherwise subject to terms the effect of which
is that there is a reasonable likelihood that the lease will have a remaining term of at least
seven years as a result of the exercise of options or otherwise) at the date such Property is
acquired or developed by CPA: 17, including Net Leased Properties accounted for under the equity
method of accounting.

     “Market Value.” The value calculated by multiplying the total number of outstanding
Shares by the average closing price of the Shares over the 30 trading days beginning 180 calendar
days after the Shares are first listed on a national security exchange or included for quotation on
Nasdaq, as the case may be.

     “Nasdaq.” The national automated quotation system operated by the National
Association of Securities Dealers, Inc.

5

 

     “Net Lease.” A lease pursuant to which the tenant is required to pay substantially
all of the costs associated with operating and maintaining the Property.

     “Offering.” The offering of Shares pursuant to a Prospectus.

     “Operating Expenses.” All consolidated operating, general and administrative expenses
paid or incurred by CPA: 17, as determined under GAAP, except the following (insofar as they would
otherwise be considered operating, general and administrative expenses under GAAP): (i) interest
and discounts and other cost of borrowed money; (ii) taxes (including state, Federal and foreign
income tax, property taxes and assessments, franchise taxes and taxes of any other nature); (iii)
expenses of raising capital, including Organization and Offering Expenses, printing, engraving, and
other expenses, and taxes incurred in connection with the issuance and distribution of CPA: 17’s
Shares and Securities; (iv) Acquisition Expenses, real estate commissions on resale of property and
other expenses connected with the acquisition, disposition, origination, ownership and operation of
Investments, including the costs of foreclosure, insurance premiums, legal services, brokerage and
sales commissions, and the maintenance, repair and improvement of property; (v) Acquisition Fees or
Subordinated Disposition Fees payable to the Advisor or any other party; (vi) distributions paid by
the Operating Partnership to the Special General Partner under the agreement of limited partnership
of the Operating Partnership in respect of gains realized on dispositions of Investments; (vii)
amounts paid to effect a redemption or repurchase of the special general partner interest held by
the Special General Partner pursuant to the agreement of limited partnership of the Operating
Partnership; and (viii) non-cash items, such as depreciation, amortization, depletion, and
additions to reserves for depreciation, amortization, depletion, losses and bad debts.
Notwithstanding anything herein to the contrary, Operating Expenses shall include the Asset
Management Fee and any Loan Refinancing Fee and, solely for the purposes of determining compliance
with the 2%/25% Guidelines, distributions of profits and cash flow made by the Operating
Partnership to the Special General Partner pursuant to the agreement of limited partnership of the
Operating Partnership, other than distributions described in clauses (vi) and (vii) of this
definition.

     “Operating Partnership.” CPA: 17 Limited Partnership, a Delaware limited partnership.

     “Organization and Offering Expenses.” Those expenses payable by CPA: 17 and the
Operating Partnership in connection with the formation, qualification and registration of CPA: 17
and in marketing and distributing Shares, including, but not limited to: (i) the preparation,
printing, filing and delivery of any registration statement or Prospectus and the preparing and
printing of contractual agreements among CPA: 17, the Operating Partnership and the Sales Agent and
the Selected Dealers (including copies thereof); (ii) the preparing and printing of the Articles of
Incorporation and Bylaws, solicitation material and related documents and the filing and/or
recording of such documents necessary to comply with the laws of the State of Maryland for the
formation of a corporation and thereafter for the continued good standing of a corporation; (iii)
the qualification or registration of the Shares under state securities or “Blue Sky” laws; (iv) any
escrow arrangements, including any compensation to an escrow agent; (v) the filing fees payable to
the SEC and to the National Association of Securities Dealers, Inc.; (vi) reimbursement for the
reasonable and identifiable out-of-pocket expenses of the Sales Agent and the Selected Dealers,
including the cost of their counsel; (vii) the fees of CPA: 17’s counsel; (viii) all advertising
expenses incurred in connection with an Offering, including the cost of all sales literature and
the costs related to investor and broker-dealer sales and information meetings and marketing
incentive programs; and (ix) selling commissions, selected dealer fees, marketing fees, incentive
fees, due diligence fees and wholesaling fees incurred in connection with the sale of the Shares.

     “Original Issue Price.” For any Share issued in an Offering, the price at which such
Share was initially offered to the public by CPA:17, regardless of whether selling commissions were
paid in connection with the purchase of such Share from CPA: 17.

6

 

     “Other Permitted Investment Asset.” An asset, other than cash, cash equivalents,
short term bonds, auction rate securities and similar short term investments, acquired by CPA: 17
for investment purposes that is not a Loan or a Property and is consistent with the investment
objectives and policies of CPA: 17.

     “Person.” An Individual, corporation, partnership, joint venture, association,
company, trust, bank, or other entity, or government or any agency or political subdivision of a
government.

     “Preferred Return.” A Cumulative Return of five percent computed from the Closing
Date through the date as of which such amount is being calculated.

     “Property or Properties.” CPA: 17’s partial or entire interest in real property
(including leasehold interests) and personal or mixed property
connected therewith. An Investment
which obligates CPA:17 to acquire a Property will be treated as a Property for purposes of this
Agreement.

     “Property Management Fee.” A fee for property management services rendered by the
Advisor or its Affiliates in connection with Properties acquired directly or through foreclosure.

     “Prospectus.” Any prospectus pursuant to which CPA: 17 offers Shares in a public
offering, as the same may at any time and from time to time be amended or supplemented after the
effective date of the registration statement in which it is included.

     “Redemptions.” An amount determined by multiplying the number of Shares redeemed by
the Original Issue Price.

     “REIT.” A real estate investment trust, as defined in Sections 856-860 of the Code.

     “Sales Agent.” Carey Financial Corporation.

     “Securities.” Any stock, shares (other than currently outstanding Shares and
subsequently issued Shares), voting trust certificates, bonds, debentures, notes or other evidences
of indebtedness, secured or unsecured, convertible, subordinated or otherwise or in general any
instruments commonly known as “securities” or any certificate of interest, shares or participation
in temporary or interim certificates for receipts (or, guarantees of, or warrants, options or
rights to subscribe to, purchase or acquire any of the foregoing), which subsequently may be issued
by CPA: 17.

     “Selected Dealers.” Broker-dealers who are members of the National Association of
Securities Dealers, Inc. and who have executed an agreement with the Sales Agent in which the
Selected Dealers agree to participate with the Sales Agent in the Offering.

     “Shareholders.” Those Persons who, at the time any calculation hereunder is to be
made, are shown as holders of record of Shares on the books and records of CPA: 17.

     “Share Market Value.” The value calculated by multiplying the total number of
outstanding Shares by the average closing price of the Shares over the 30 trading days beginning
180 calendar days after the Shares are first listed on a national security exchange or included for
quotation on Nasdaq, as the case may be.

     “Shares.” All of the shares of common stock of CPA: 17, $.001 par value, and any
other shares of common stock of CPA: 17.

7

 

     “Special General Partner.” Carey Holdings LLC and any permitted transferee of the
special general partnership interest under the agreement of limited partnership of the Operating
Partnership.

     “Sponsor.” W.P. Carey & Co. LLC and any other Person directly or indirectly
instrumental in organizing, wholly or in part, CPA: 17 or any person who will control, manage or
participate in the management of CPA: 17, and any Affiliate of any such person. Sponsor does not
include a person whose only relationship to CPA: 17 is that of an independent property manager and
whose only compensation is as such. Sponsor also does not include wholly independent third parties
such as attorneys, accountants and underwriters whose only compensation is for professional
services.

     “Subordinated Acquisition Fee.” The Subordinated Acquisition Fee as defined in
Section 9(c) hereof.

     “Subordinated Disposition Fee.” The Subordinated Disposition Fee as defined in
Section 9(f) hereof.

     “Termination Date.” The effective date of any termination of this Agreement.

     “Total Investment Cost.” With regard to any Investment, an amount equal to the sum of
the Contract Purchase Price of such Investment plus the Acquisition Fees and Acquisition Expenses
paid in connection with such Investment.

     2. Appointment. CPA: 17 hereby appoints the Advisor to serve as its advisor on the
terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment.

     3. Duties of the Advisor. The Advisor undertakes to use its best efforts to present
to CPA: 17 potential investment opportunities and to provide a continuing and suitable investment
program consistent with the investment objectives and policies of CPA: 17 as determined and adopted
from time to time by the Board. In performance of this undertaking, subject to the supervision of
the Board and consistent with the provisions of the Articles of Incorporation and Bylaws of CPA: 17
and any Prospectus pursuant to which Shares are offered, the Advisor shall, either directly or by
engaging an Affiliate:

     (a) serve as CPA: 17’s investment and financial advisor and provide research and
economic and statistical data in connection with CPA: 17’s assets and investment policies;

     (b) provide the daily management of CPA: 17 and perform and supervise the various
administrative functions reasonably necessary for the management of CPA: 17;

     (c) investigate, select, and, on behalf of CPA: 17, engage and conduct business with
such Persons as the Advisor deems necessary to the proper performance of its obligations
hereunder, including but not limited to consultants, accountants, correspondents, lenders,
technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents, banks,
builders, developers, property owners, mortgagors, and any and all agents for any of the
foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity
deemed by the Advisor necessary or desirable for the performance of any of the foregoing
services, including but not limited to entering into contracts in the name of CPA: 17 with
any of the foregoing;

     (d) consult with Directors of CPA: 17 and assist the Board in the formulation and
implementation of CPA: 17’s policies, and furnish the Board with such
information, advice and
recommendations as they may request or as otherwise may be
necessary to enable them to discharge their fiduciary duties with respect to matters coming before the Board;

8

 

     (e) subject to the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and
select potential Investments; (ii) structure and negotiate the terms and conditions of
transactions pursuant to which Investments will be made, purchased or acquired by CPA: 17;
(iii) make Investments on behalf of CPA: 17; (iv) arrange for financing and refinancing of,
make other changes in the asset or capital structure of, dispose of, reinvest the proceeds
from the sale of, or otherwise deal with the Investments; and (v) enter into leases and
service contracts for Properties and, to the extent necessary, perform all other operational
functions for the maintenance and administration of such Properties;

     (f) provide the Board with periodic reports regarding prospective Investments [and with
periodic reports, no less than quarterly, of new Investments made during the prior fiscal
quarter, which reports shall include information regarding the type of each Investment made
(in the categories provided in Section 9)];

     (g) obtain the prior approval of the Board (including a majority of the Independent
Directors) for any and all investments in Property which do not meet all of the requirements
set forth in Section 4(b) hereof;

     (h) negotiate on behalf of CPA: 17 with banks or lenders for loans to be made to CPA:
17, and negotiate on behalf of CPA: 17 with investment banking firms and broker-dealers or
negotiate private sales of Shares and Securities or obtain loans for CPA: 17, but in no
event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and
provided, further, that any fees and costs payable to third parties incurred by the Advisor
in connection with the foregoing shall be the responsibility of CPA: 17;

     (i) obtain reports (which may be prepared by the Advisor or its Affiliates), where
appropriate, concerning the value of Investments or contemplated Investments;

     (j) obtain for, or provide to, CPA: 17 such services as may be required in acquiring,
managing and disposing of Investments, including, but not limited to: (i) the negotiation,
making and servicing of Investments; (ii) the disbursement and collection of Company monies;
(iii) the payment of debts of and fulfillment of the obligations of CPA: 17; and (iv) the
handling, prosecuting and settling of any claims of or against CPA: 17, including, but not
limited to, foreclosing and otherwise enforcing mortgages and other liens securing Loans;

     (k) from time to time, or at any time reasonably requested by the Board, make reports
to the Board of its performance of services to CPA: 17 under this Agreement;

     (l) communicate on behalf of CPA: 17 with Shareholders as required to satisfy the
reporting and other requirements of any governmental bodies or agencies to Shareholders and
third parties and otherwise as requested by CPA: 17;

     (m) provide or arrange for administrative services and items, legal and other services,
office space, office furnishings, personnel and other overhead items necessary and
incidental to CPA: 17’s business and operations;

     (n) provide CPA: 17 with such accounting data and any other information requested by
CPA: 17 concerning the investment activities of CPA: 17 as shall be required to prepare and
to file all periodic financial reports and returns required to be filed with the Securities
and Exchange Commission and any other regulatory agency, including annual financial
statements;

9

 

     (o) maintain the books and records of CPA: 17;

     (p) supervise the performance of such ministerial and administrative functions as may
be necessary in connection with the daily operations of the Investments;

     (q) provide CPA: 17 with all necessary cash management services;

     (r) do all things necessary to assure its ability to render the services described in
this Agreement;

     (s) perform such other services as may be required from time to time for management and
other activities relating to the assets of CPA: 17 as the Advisor shall deem advisable under
the particular circumstances;

     (t) arrange to obtain on behalf of CPA: 17 as requested by the Board, and deliver to or
maintain on behalf of CPA: 17 copies of, all appraisals obtained in connection with
investments in Properties and Loans; and

     (u) if a transaction, proposed transaction or other matter requires approval by the
Board or by the Independent Directors, deliver to the Board or the Independent Directors, as
the case may be, all documentation reasonably requested by them to properly evaluate such
transaction, proposed transaction or other matter.

     4. Authority of Advisor.

     (a) Pursuant to the terms of this Agreement (and subject to the restrictions included
in Paragraphs (b), (c) and (d) of this Section 4 and in Section 7 hereof), and subject to
the continuing and exclusive authority of the Board over the management of CPA: 17, the
Board hereby delegates to the Advisor the authority to: (1) locate, analyze and select
Investment opportunities; (2) structure the terms and conditions of transactions pursuant to
which Investments will be made or acquired for CPA: 17; (3) make or acquire Investments in
compliance with the investment objectives and policies of CPA: 17; (4) arrange for financing
or refinancing, or make changes in the asset or capital structure of, and dispose of or
otherwise deal with, Investments; (5) enter into leases and service contracts for
Properties, and perform other property level operations; (6) oversee non-affiliated property
managers and other non-affiliated Persons who perform services for CPA: 17; and (7)
undertake accounting and other record-keeping functions at the Investment level.

     (b) The consideration paid for an Investment acquired by CPA: 17 shall ordinarily be
based on the fair market value thereof. Consistent with the foregoing provision, the
Advisor may, without further approval by the Board (except with respect to transactions
subject to paragraphs (c) and (d)) invest on behalf of CPA: 17 in an Investment so long as,
in the Advisor’s good faith judgment, (i) the Total Investment Cost of such Investment does
not exceed the fair market value thereof, and in the case of an Investment that is a
Property, shall in no event exceed the Appraised Value of such Property and (ii) the
Investment, in conjunction with CPA: 17’s other investments and proposed investments, at the
time CPA: 17 is committed to purchase or originate the Investment, is reasonably expected to
fulfill CPA: 17’s investment objectives and policies as established by the Board and then in
effect. For purposes of the foregoing, Total Investment Cost shall be measured at the date
the Investment is made and shall exclude future commitments to fund improvements.
Investments not meeting the foregoing criteria must be approved in advance by the Board.

10

 

     (c) Notwithstanding anything to the contrary contained in this Agreement, the Advisor
shall not cause CPA: 17 to make Investments that do not comply with Article VIII
(Restrictions on Investments and Activities) and related sections of the Bylaws.

     (d) The prior approval of the Board, including a majority of the Independent Directors
and a majority of the Directors not interested in the transaction, will be required for:
(i) Investments made through co-investment or joint venture arrangements with the Sponsor,
the Advisor or any of their Affiliates; (ii) Investments which are not contemplated by the
terms of a Prospectus; (iii) transactions that present issues which involve conflicts of
interest for the Advisor or an Affiliate (other than conflicts involving the payment of fees
or the reimbursement of expenses); (iv) the lease of assets to the Sponsor, any Director,
the Advisor or any Affiliate of the Advisor; (v) any purchase or sale of an Investment from
or to the Advisor or an Affiliate; and (vi) the retention of any Affiliate of the Advisor to
provide services to CPA: 17 not expressly contemplated by this Agreement and the terms of
such services by such Affiliate. In addition, the Advisor shall comply with any further
approval requirements set forth in the Bylaws.

     (e) The Board may, at any time upon the giving of notice to the Advisor, modify or
revoke the authority set forth in this Section 4. If and to the extent the Board so
modifies or revokes the authority contained herein, the Advisor shall henceforth comply with
such modification or revocation, provided however, that such modification or revocation
shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed CPA: 17 prior to the date of receipt by the
Advisor of such notification.

     5. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in
its own name for the account of CPA: 17 or in the name of CPA: 17 and may collect and deposit into
any such account or accounts, and disburse from any such account or accounts, any money on behalf
of CPA: 17, provided that no funds shall be commingled with the funds of the Advisor; and the
Advisor shall from time to time render appropriate accountings of such collections and payments to
the Board and to the auditors of CPA: 17.

     6. Records; Access. The Advisor shall maintain appropriate records of all its
activities hereunder and make such records available for inspection by the Board and by counsel,
auditors and authorized agents of CPA: 17, at any time or from time to time during normal business
hours. The Advisor shall at all reasonable times have access to the books and records of CPA: 17.

     7. Limitations on Activities. Anything else in this Agreement to the contrary
notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made
in good faith, would adversely affect the status of CPA: 17 as a REIT or of the Operating
Partnership as a partnership for Federal income tax purposes, subject CPA: 17 or the Operating
Partnership to regulation under the Investment Company Act of 1940, would violate any law, rule,
regulation or statement of policy of any governmental body or agency having jurisdiction over CPA:
17, its Shares or its Securities, or otherwise not be permitted by the Articles of Incorporation or
Bylaws or agreement of limited partnership of the Operating Partnership, except if such action
shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of the
Advisor’s judgment of the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Board. In such event the Advisor
shall have no liability for acting in accordance with the specific instructions of the Board so
given. Notwithstanding the foregoing, the Advisor, its shareholders, directors, officers and
employees, and partners, shareholders, directors and officers of the Advisor’s shareholders and
Affiliates of any of them, shall not be liable to CPA: 17, the Operating Partnership or to the
Directors or Shareholders for any act or omission by the Advisor, its shareholders, directors,
officers and employees,

11

 

or partners, shareholders, directors or officers of the Advisor’s shareholders except as
provided in Sections 20 and 22 hereof.

     8. Relationship with Directors. There shall be no limitation on any shareholder,
director, officer, employee or Affiliate of the Advisor serving as a Director or an officer of CPA:
17, except that no employee of the Advisor or its Affiliates who also is a Director or officer of
CPA: 17 shall receive any compensation from CPA: 17 for serving as a Director or officer other than
for reasonable reimbursement for travel and related expenses incurred in attending meetings of the
Board; for the avoidance of doubt, the limitations of this Section 8 shall not apply to any
compensation paid by the Advisor or any Affiliate for which CPA: 17 reimbursed the Advisor or
Affiliate in accordance with Section 10 hereof.

     9. Fees.

     (a) Asset Management Fee. (i) The Operating Partnership shall pay to the
Advisor as compensation for the advisory services rendered hereunder an asset management fee
(the “Asset Management Fee”) in an amount equal to the percentage of the Average
Equity Market Value of an Investment as specified in the following table:

	 	 	 
	Type of Investment	 	Asset Management Fee
	Long-Term Net Leased Properties

	 	0.50% of the Average Market Value
	 
	 	 
	B Notes, mortgage backed securities and
Loans

	 	1.75% of the Average Equity Value
	 
	 	 
	Investments in readily marketable real
estate securities (other than B Notes,
mortgage backed securities and Loans)
purchased on the secondary market

	 	1.50% of the Average Equity Value
	 
	 	 
	All other Investments not described in
the foregoing categories, such as
interests in entities that own real
estate or are engaged in real estate
related businesses, short-term net
leases and equity investments in real
property

	 	0.50% of the Average Market Value

     (ii) The Asset Management Fee with respect to an Investment will be calculated
monthly, beginning with the month in which CPA: 17 first makes the
Investment, and
shall be pro rated for the number of days during a month that CPA: 17 owns the
Investment. The aggregate Asset Management Fees calculated with respect to each
month shall be payable on the first business day following such month.

     (b) Initial Acquisition Fee. (i) The Advisor may receive as partial
compensation for services rendered in connection with the investigation, selection,
acquisition or origination (by purchase, investment or exchange) of any Investment, an
initial acquisition fee (an “Initial Acquisition Fee”) payable by the Operating
Partnership. The Initial Acquisition Fee payable to the Advisor in respect of an Investment
shall be payable at the time such Investment is acquired in an amount determined as
specified in the following table:

12

 

	 	 	 
	Type of Investment	 	Initial Acquisition Fee
	Long term Net Leased Properties

	 	2.5% of the aggregate Total
Investment Cost
	 
	 	 
	B
Notes, mortgage backed  securities and Loans

	 	1.0% of the sum of (x) the Average Equity Value,
plus (y) the Acquisition Fees paid by CPA: 17 in respect of the Investment.
	 
	 	 
	Investments in readily
marketable real estate
securities (other than B
notes, mortgage backed
securities and Loans)
purchased on the secondary
market

	 	None
	 
	 	 
	All other Investments not
described in the foregoing
categories, such as interests
in entities that own real
estate or are engaged in real
estate related businesses,
short term net leases and
equity investments in real
property

	 	1.75% of the sum of (x) the equity capital
invested by CPA: 17 in the Investment plus
(y) the Acquisition Fees paid by CPA: 17
in respect of the Investment.

     (ii) At the time an Investment is made, the Advisor shall determine the type of
Investment, which shall be used for the purpose of calculating all fees due
hereunder; it being understood that the Advisor shall use its reasonable judgment,
based primarily upon the economic substance of an Investment, in determining the
classification of an Investment, provided, that in the event of any dispute, the
Independent Directors shall finally determine for all purposes the type of
Investment.

     (c) Subordinated Acquisition Fee. (i) In addition to the Initial Acquisition
Fee described in Section 9(b) above, the Advisor may receive additional compensation in
connection with the investigation, selection, acquisition or origination (by purchase,
investment or exchange) of Investments a Subordinated Acquisition Fee payable by the
Operating Partnership to the Advisor or its Affiliates (the “Subordinated Acquisition
Fee”). The total Subordinated Acquisition Fees payable shall be an amount determined as
specified in the following table:

	 	 	 
	Type of Investment	 	Subordinated Acquisition Fee
	Long term Net Leased Properties

	 	2.0% of the aggregate Total Investment Cost.
	 
	 	 
	All other Investments not
described in the foregoing
category

	 	None

     (ii) The Subordinated Acquisition Fee shall be payable in three equal annual
installments on the first business day of the fiscal quarter immediately following
the fiscal quarter in which the Investment is made and the first business day of the
corresponding fiscal quarter in each of the subsequent two fiscal years. The unpaid
portion of the Subordinated Acquisition Fee with respect to any Investment will bear
interest at the rate of 5% per annum from the date of acquisition of the Investment
until the portion of the Subordinated Acquisition Fee is paid. The accrued interest
is payable on the date of each annual installment of the fees. The Subordinated
Acquisition Fee payable in any year, and accrued interest thereon, will be
subordinated to the Preferred

13

 

Return of 5% and only paid if the Preferred Return of 5% has been achieved
through the end of the prior fiscal quarter. Any portion of the Subordinated
Acquisition Fee, and accrued interest thereon, not paid due to CPA: 17’s failure to
meet the Preferred Return of 5% through any fiscal quarter end shall be paid by CPA:
17 on the first business day of the fiscal quarter next following the fiscal quarter
end through which the Preferred Return of 5% has been met.

     (d) Six Percent Limitation. The total amount of all Initial Acquisition Fees
plus Subordinated Acquisition Fees, including interest thereon, whether payable to the Advisor or a third party, and
Acquisition Expenses payable by the Operating Partnership may not exceed 6% of the aggregate
Contract Purchase Price of all Investments, measured for the period beginning with the
initial acquisition of an Investment and ending (i) on December 31 of the year in which CPA:
17 has invested 90% of the net proceeds of its initial Offering (excluding the net proceeds
from the sale of Shares pursuant to CPA: 17’s dividend reinvestment program), and (ii) on
each December 31 thereafter, unless a majority of the Directors (including a majority of the
Independent Directors) not otherwise interested in any transaction approves the excess as
being commercially competitive, fair and reasonable to CPA: 17.

     (e) Property Management Fee; Loan Refinancing Fee. No Property Management Fee
or Loan Refinancing Fee shall be paid unless approved by a majority of the Independent
Directors.

     (f) Subordinated Disposition Fee. (i) If the Advisor or an Affiliate provides
a substantial amount of services in the sale of an Investment, the Advisor or such Affiliate
shall be entitled to receive a subordinated disposition fee (the “Subordinated
Disposition Fee”) at the time of such disposition, in an amount equal to the lesser of
(1) 50% of the Competitive Real Estate Commission (if applicable) and (2) 3.0% of the
Contract Sales Price of the Investment; provided, however, that (A) the Subordinated
Disposition Fee in respect of Investments that are B Notes, mortgage backed securities and
Loans shall equal 1.0% of the equity capital invested by CPA: 17 in the Investment, and (B)
no Subordinated Disposition Fee shall be paid in respect of Investments that are readily
marketable securities.

     (ii) The total real estate commissions and Subordinated Disposition Fees CPA:
17 pays to all Persons shall not exceed an amount equal to the lesser of: (1) 6% of
the Contract Sales Price of the Investment or (2) the Competitive Real Estate
Commission. Payment of Subordinated Disposition Fees and accrued interest thereon,
will be subordinated to the Preferred Return and only paid if the Preferred Return
of 5% has been achieved through the end of the prior fiscal quarter. To the extent
that Subordinated Disposition Fees are not paid on a current basis due to the
foregoing limitation, the unpaid fees will be due and paid at such time as the
limitation has been satisfied, together with interest from the time of disposition
of the Investment to which they relate, at the rate of 5%. The Advisor shall
present to the Independent Directors such information as they may reasonably request
to review the level of services provided by the Advisor in connection with a
disposition and the basis for the calculation of the amount of the Subordinated
Disposition Fees on a quarterly basis. No payment of Subordinated Disposition Fees
shall be made prior to review and approval of such information by the Independent
Directors.

     (g) Loans From Affiliates. CPA: 17 shall not borrow funds from the Advisor or
its Affiliates unless (A) the transaction is approved by a majority of the Independent
Directors and a majority of the Directors who are not interested in the transaction as being
fair, competitive and commercially reasonable, (B) the interest and other financing charges
or fees received by the

14

 

Advisor or its Affiliates do not exceed the amount which would be charged by
non-affiliated lending institutions and (C) the terms are not less favorable than those
prevailing for comparable arm’s-length loans for the same purpose. CPA: 17 will not borrow on a long-term basis from the Advisor or its
Affiliates unless it is to provide the debt portion of a particular investment and CPA: 17
is unable to obtain a permanent loan at that time or in the judgment of the Board, it is not
in CPA: 17’s best interest to obtain a permanent loan at the interest rates then prevailing
and the Board has reason to believe that CPA: 17 will be able to obtain a permanent loan on
or prior to the end of the loan term provided by the Advisor or its Affiliates.

     (h) Changes To Fee Structure. In the event the Shares are listed on a national
securities exchange or are included for quotation on Nasdaq, CPA: 17 and the Advisor shall
negotiate in good faith to establish a fee structure appropriate for an entity with a
perpetual life. A majority of the Independent Directors must approve the new fee structure
negotiated with the Advisor. In negotiating a new fee structure, the Independent Directors
may consider any of the factors they deem relevant, including but not limited to: (a) the
size of the Advisory Fee in relation to the size, composition and profitability of CPA: 17’s
portfolio; (b) the success of the Advisor in generating opportunities that meet the
investment objectives of CPA: 17; (c) the rates charged to other REITs and to investors
other than REITs by Advisors performing similar services; (d) additional revenues realized
by the Advisor and its Affiliates through their relationship with CPA: 17, including loan
administration, underwriting or broker commissions, servicing, engineering, inspection and
other fees, whether paid by CPA: 17 or by others with whom CPA: 17 does business; (e) the
quality and extent of service and advice furnished by the Advisor; (f) the performance of
the investment portfolio of CPA: 17, including income, conservation or appreciation of
capital, frequency of problem investments and competence in dealing with distress
situations; and (g) the quality of the portfolio of CPA: 17 in relationship to the
investments generated by the Advisor for the account of other clients. The Independent
Directors shall not approve any new fee structure that is in their judgment more favorable
(taken as a whole) to the Advisor than the current fee structure.

     (i) Payment. Compensation payable to the Advisor pursuant to this Section 9
shall be paid in cash; provided, however, that any fee payable pursuant to Section 9 may be
paid, at the option of the Advisor, in the form of: (i) cash, (ii) restricted stock of CPA:
17, or (iii) a combination of cash and restricted stock. The Advisor shall notify CPA: 17
in writing annually of the form in which the fee shall be paid. Such notice shall be
provided no later than January 15 of each year. If no such notice is provided, the fee
shall be paid in cash. For purposes of the payment of compensation to the Advisor in the
form of stock, the value of each share of restricted stock shall be: (i) the Net Asset
Value per Share as determined based on the most recent appraisal of CPA: 17’s assets
performed by an Independent Appraiser, or (ii) if an appraisal has not yet been performed,
$10 per share. If shares are being offered to the public at the time a fee is paid with
stock, the value shall be the price of the stock without commissions. The Net Asset Value
determined on the basis of such appraisal may be adjusted on a quarterly or other basis by
the Board to account for significant capital transactions. Stock issued by CPA: 17 to the
Advisor in payment of fees hereunder shall be governed by the terms set forth in Schedule A
hereto, or such other terms as the Advisor and CPA: 17 may from time to time agree.

15

 

     10. Expenses.

     (a) Subject to the limitations set forth in Section 9(d), to the extent applicable, in
addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Operating
Partnership shall pay directly or reimburse the Advisor for the following expenses:

     (i) Organization and Offering Expenses; provided however, that within 60 days
after the end of the quarter in which any Offering terminates, the Advisor shall
reimburse the Operating Partnership for any Organization and Offering Expense
reimbursements received by the Advisor pursuant to this Section 10 to the extent
that such reimbursements, when added to the balance of the Organization and Offering
Expenses (excluding selling commissions, the selected dealer fee and the wholesaling
fee) paid directly by the Operating Partnership, exceed four percent of the Gross
Offering Proceeds; provided further, that the Advisor shall be responsible for the
payment of all Organization and Offering Expenses (excluding such commissions and
such fees and expense reimbursements) in excess of four percent of the Gross
Offering Proceeds;

     (ii) all Acquisition Expenses;

     (iii) to the extent not included in Acquisition Expenses, all expenses of
whatever nature reasonably incurred and directly connected with the proposed acquisition of any Investment
that does not result in the actual acquisition of the Investment, including, without
limitation, personnel costs;

     (iv) expenses other than Acquisition Expenses incurred in connection with the
investment of the funds of CPA: 17, including, without limitation, costs of
retaining industry or economic consultants and finder’s fees and similar payments,
to the extent not paid by the seller of the Investment or another third party,
regardless of whether such expenses were incurred in transactions where a fee is not
payable to the Advisor;

     (v) interest and other costs for borrowed money, including discounts, points
and other similar fees;

     (vi) taxes and assessments on income of CPA: 17, to the extent paid or advanced
by the Advisor, or on Investments and taxes as an expense of doing business;

     (vii) costs associated with insurance required in connection with the business
of CPA: 17 or by the Directors;

     (viii) expenses of managing and operating Investments owned by CPA: 17, whether
payable to an Affiliate of the Advisor or a non-affiliated Person;

     (ix) fees and expenses of legal counsel for CPA: 17;

     (x) fees and expense of auditors and accountants for CPA: 17;

     (xi) all expenses in connection with payments to the Directors and meetings of
the Directors and Shareholders;

     (xii) expenses associated with listing the Shares and Securities on a
securities exchange or Nasdaq if requested by the Board;

16

 

     (xiii) expenses connected with payments of Distributions in cash or otherwise
made or caused to be made by the Board to the Shareholders;

     (xiv) expenses of organizing, revising, amending, converting, modifying, or
terminating CPA: 17, the Operating Partnership or their respective governing
instruments;

     (xv) expenses of maintaining communications with Shareholders, including the
cost of preparation, printing and mailing annual reports and other Shareholder
reports, proxy statements and other reports required by governmental entities; and

     (xvi) all other expenses the Advisor incurs in connection with providing
services to CPA: 17, including reimbursement to the Advisor or its Affiliates for
the cost of rent, goods, materials and personnel incurred by them based upon the
compensation of the Persons involved and an appropriate share of overhead allocable
to those Persons as reasonably determined by the Advisor on a basis approved
annually by the Board (including a majority of the Independent Directors). No
reimbursement shall be made for the cost of personnel to the extent that such
personnel are used in transactions for which the Advisor receives a separate fee.

     (b) Expenses incurred by the Advisor on behalf of CPA: 17 and payable pursuant to this
Section 10 shall be reimbursed quarterly to the Advisor within 60 days after the end of each
quarter, subject to the provisions of Section 13 hereof. The Advisor shall prepare a
statement documenting the Operating Expenses of CPA: 17 within 45 days after the end of each
quarter.

     11. Other Services. Should the Board request that the Advisor or any Affiliate,
shareholder or employee thereof render services for CPA: 17 other than as set forth in Section 3
hereof, such services shall be separately compensated and shall not be deemed to be services
pursuant to the terms of this Agreement.

     12. Fidelity Bond. The Advisor shall maintain a fidelity bond for the benefit of CPA:
17 which bond shall insure CPA: 17 from losses of up to $5,000,000 and shall be of the type
customarily purchased by entities performing services similar to those provided to CPA: 17 by the
Advisor.

     13. Limitation on Expenses.

     (a) If Operating Expenses during the 12-month period ending on the last day of any
fiscal quarter of CPA: 17 exceed the greater of (i) two percent of the Average Invested
Assets during the same 12-month period or (ii) 25% of the Adjusted Net Income of CPA: 17
during the same 12-month period, then subject to paragraph (b) of this Section 13, such
excess amount shall be the sole responsibility of the Advisor and neither the Operating
Partnership nor CPA: 17 shall be liable for payment therefor. CPA: 17 may defer the payment
or distribution to the Advisor and the Special General Partner of fees, expenses and
distributions that would, if paid or distributed, cause Operating Expenses during such
12-month period to exceed the foregoing limitations; provided, however, that in determining
which items shall be paid and which may be deferred, priority will be given to the payment
of distributions to the Special General Partner over the payment to the Advisor of amounts
due under this Agreement.

     (b) Notwithstanding the foregoing, to the extent that the Advisor becomes responsible
for any excess amount as provided in paragraph (a), if a majority of the Independent
Directors finds such excess amount or a portion thereof justified based on such unusual and
non-recurring

17

 

factors as they deem sufficient, the Operating Partnership shall reimburse the Advisor
in future quarters for the full amount of such excess, or any portion thereof, but only to
the extent such reimbursement would not cause the Operating Expenses to exceed the 2%/25%
Guidelines in the 12-month period ending on the last day of such quarter. In no event shall
the Operating Expenses payable by the Operating Partnership in any 12-month period ending at
the end of a fiscal quarter exceed the 2%/25% Guidelines.

     (c) Within 60 days after the end of any twelve-month period referred to in paragraph
(a), the Advisor shall reimburse CPA: 17 for any amounts expended by CPA: 17 in such
twelve-month period that exceeds the limitations provided in paragraph (a) unless the
Independent Directors determine that such excess expenses are justified, as provided in
paragraph (b), and provided the Operating Expenses for such later quarter would not thereby
exceed the 2%/25% Guidelines.

     (d) All computations made under paragraphs (a) and (b) of this Section 13 shall be
determined in accordance with generally accepted accounting principles applied on a
consistent basis.

     (e) If the Special General Partner receives distributions pursuant to the agreement of
limited partnership of the Operating Partnership in respect of realized gains on the
disposition of an Investment, Adjusted Net Income, for purposes of calculating the Operating
Expenses, shall exclude the gain from the disposition of such Investment.

     14. Other Activities of the Advisor. Nothing herein contained shall prevent the
Advisor from engaging in other activities, including without limitation direct investment by the
Advisor and its Affiliates in assets that would be suitable for CPA: 17, the rendering of advice to
other investors (including other REITs) and the management of other programs advised, sponsored or
organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of
the Advisor or any of its Affiliates or of any director, officer, employee or shareholder of the
Advisor or its Affiliates to engage in any other business or to render services of any kind to any
other partnership, corporation, firm, individual, trust or association. The Advisor may, with
respect to any investment in which CPA: 17 is a participant, also render advice and service to each
other participant therein. Without limiting the generality of the foregoing, CPA 17 acknowledges
that the Advisor provides or will provide services to other CPA REIT funds, whether now in
existence or formed hereafter, and that the Advisor and its Affiliates may invest for their own
account. The Advisor shall be responsible for promptly reporting to the Board the existence of any
actual or potential conflict of interest that arises that may affect its performance of its duties
under this Agreement. If the Sponsor, Advisor, Director or Affiliates thereof has or have
sponsored other investment programs with similar investment objectives which have investment funds
available at the same time as CPA: 17, it shall be the duty of the Advisor to adopt a reasonable
method by which properties are to be allocated to the competing investment entities and to use its
best efforts to apply such method fairly to CPA: 17.

     The Advisor shall be required to use its best efforts to present a continuing and suitable
investment program to CPA: 17 that is consistent with the investment policies and objectives of
CPA: 17, but subject to the last sentence of the preceding paragraph, neither the Advisor nor any
Affiliate of the Advisor shall be obligated generally to present any particular investment
opportunity to CPA: 17 even if the opportunity is of character which, if presented to CPA: 17,
could be taken by CPA: 17.

     If the Advisor or its Affiliates is presented with a potential investment which might be made
by CPA: 17 and by another investment entity which the Advisor or its Affiliates advises or manages,
the Advisor shall consider, among other things, the investment portfolio of each entity, cash flow
of each

18

 

entity, the effect of the acquisition on the diversification of each entity’s portfolio,
rental payments during any renewal period, the estimated income tax effects of the purchase on each
entity, the policies of each entity relating to leverage, the funds of each entity available for
investment, the amount of equity required to make the investment and the length of time such funds
have been available for investment.

     15. Relationship of Advisor and CPA: 17. CPA: 17 and the Advisor agree that they have
not created and do not intend to create by this Agreement a joint venture or partnership
relationship between them and nothing in this Agreement shall be construed to make them partners or
joint venturers or impose any liability as partners or joint venturers on either of them.

     16. Term; Termination of Agreement. This Agreement, as amended and restated, shall
continue in force until September 30, 2008 or until 60 days after the date on which the Independent
Directors shall have notified the Advisor of their determination either to renew this Agreement for an
additional one-year period or terminate this Agreement, as required by CPA: 17’s Charter.

     17. Termination by CPA: 17. At the sole option the Board (including a majority of the
Independent Directors), this Agreement may be terminated immediately by written notice of
termination from CPA: 17 to the Advisor upon the occurrence of events which would constitute Cause
or if any of the following events occur:

     (a) If the Advisor shall breach this Agreement; provided that such breach (i) is of a
material term or condition of this Agreement and (ii) the Advisor has not cured such breach
within 30 days of written notice thereof or, in the case of any breach that cannot be cured
within 30 days by reasonable effort, has not taken all necessary action within a reasonable
time period to cure such breach;

     (b) If the Advisor shall be adjudged bankrupt or insolvent by a court of competent
jurisdiction, or an order shall be made by a court of competent jurisdiction for the
appointment of a receiver, liquidator, or trustee of the Advisor, for all or substantially
all of its property by reason of the foregoing, or if a court of competent jurisdiction
approves any petition filed against the Advisor for reorganization, and such adjudication or
order shall remain in force or unstayed for a period of 30 days; or

     (c) If the Advisor shall institute proceedings for voluntary bankruptcy or shall file a
petition seeking reorganization under the federal bankruptcy laws, or for relief under any
law for relief of debtors, or shall consent to the appointment of a receiver for itself or
for all or substantially all of its property, or shall make a general assignment for the
benefit of its creditors, or shall admit in writing its inability to pay its debts,
generally, as they become due.

     Any notice of termination under Section 16 or 17 shall be effective on the date specified in
such notice, which may be the day on which such notice is given or any date thereafter. The
Advisor agrees that if any of the events specified in Section 17(b) or (c) shall occur, it shall
give written notice thereof to the Board within 15 days after the occurrence of such event.

     18. Termination by Either Party. This Agreement may be terminated immediately without
penalty (but subject to the requirements of Section 20 hereof) by the Advisor by written notice of
termination to CPA: 17 upon the occurrence of events which would constitute Good Reason or by CPA:
17 without cause or penalty (but subject to the requirements of Section 20 hereof) by action of the
Directors, a majority of the Independent Directors or by action of a majority of the Shareholders,
in each case upon 60 days’ written notice.

19

 

     19. Assignment Prohibition. This Agreement may not be assigned by the Advisor without
the approval of the Board (including a majority of the Independent Directors); provided, however,
that such approval shall not be required in the case of an assignment to a corporation,
partnership, association, trust or organization which may take over the assets and carry on the
affairs of the Advisor, provided: (i) that at the time of such assignment, such successor
organization shall be owned substantially by an entity directly or indirectly controlled by the
Sponsor and only if such entity has a net worth of at least $5,000,000, and (ii) that the board of
directors of the Advisor shall deliver to the Board a statement in writing indicating the ownership
structure and net worth of the successor organization and a certification from the new Advisor as
to its net worth. Such an assignment shall bind the assignees hereunder in the same manner as the
Advisor is bound by this Agreement. The Advisor may assign any rights to receive fees or other
payments under this Agreement without obtaining the approval of the Board. This Agreement shall
not be assigned by CPA: 17 or the Operating Partnership without the consent of the Advisor, except
in the case of an assignment by CPA: 17 or the Operating Partnership to a corporation or other
organization which is a successor to CPA: 17 or the Operating Partnership, in which case such
successor organization shall be bound hereunder and by the terms of said assignment in the same
manner as CPA: 17 or the Operating Partnership is bound by this Agreement.

     20. Payments to and Duties of Advisor Upon Termination.

     (a) After the Termination Date, the Advisor shall not be entitled to compensation for
further services hereunder but shall be entitled to receive from CPA: 17 the following:

     (i) all unpaid reimbursements of Organization and Offering Expenses and of
Operating Expenses payable to the Advisor;

     (ii) all earned but unpaid Asset Management Fees payable to the Advisor prior
to the Termination Date;

     (iii) all earned but unpaid Acquisition Fees and interest thereon, in each case
payable to the Advisor relating to the acquisition of any Property prior to the
Termination Date;

     (iv) all earned but unpaid Subordinated Disposition Fees and interest thereon,
payable to the Advisor relating to the sale of any Investment prior to the
Termination Date; and

     (v) all earned but unpaid Property Management Fees and Loan Refinancing Fees,
if any, payable to the Advisor or its Affiliates relating to the management of any
property prior to the termination of this Agreement.

     (b) Notwithstanding the foregoing, if this Agreement is terminated by the Company for
Cause, or by the Advisor for other than Good Reason, the Advisor will not be entitled to
receive the sums in Section 20(a) (ii) through (v).

     (c) Any and all amounts payable to the Advisor pursuant to Section 20(a) that,
irrespective of the termination, were payable on a current basis prior to the Termination
Date either because they were not subordinated or all conditions to their payment had been
satisfied, shall be paid within 90 days after the Termination Date. All other amounts shall
be paid in a manner determined by the Board, but in no event on terms less favorable to the
Advisor than those represented by a note (i) maturing upon the liquidation of CPA: 17 or the
Operating Partnership or three years from the Termination Date, whichever is earlier, (ii)
with no less than

20

 

twelve equal quarterly installments and (iii) bearing a fair, competitive and
commercially reasonable interest rate (the “Note”). The Note, if any, may be
prepaid by the Operating Partnership at any time prior to maturity with accrued interest to
the date of payment but without premium or penalty. Notwithstanding the foregoing, any
amounts that relate to Investments (i) shall be an amount which provides compensation to the
Advisor only for that portion of the holding period for the respective Investments during
which the Advisor provided services to CPA: 17, (ii) shall not be due and payable until the
Investment Asset to which such amount relates is sold or refinanced, and (iii) shall not
bear interest until the Investment to which such amount relates is sold or refinanced. A
portion of the amount shall be paid as each Investment owned by CPA: 17 on the Termination
Date is sold. The portion of such amount payable upon each such sale shall be equal to (i)
such amount multiplied by (ii) the percentage calculated by dividing the fair value (at the
Termination Date) of the Investment sold by CPA: 17 divided by the total fair value (at the
Termination Date) of all Investments owned by CPA: 17 on the Termination Date.

     (d) The Advisor shall promptly upon termination.

     (i) pay over to the Operating Partnership all money collected and held for the
account of CPA: 17 pursuant to this Agreement, after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled;

     (ii) deliver to the Board a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the
period following the date of the last accounting furnished to the Board;

     (iii) deliver to the Board all assets, including Properties and Loans, and
documents of CPA: 17 then in the custody of the Advisor; and

     (iv) cooperate with CPA: 17 to provide an orderly management transition.

     21. Indemnification by CPA: 17 and the Operating Partnership.

     (a) Neither CPA: 17 nor the Operating Partnership shall indemnify the Advisor or any of
its Affiliates for any loss or liability suffered by the Advisor or the Affiliate, or hold
the Advisor or the Affiliate harmless for any loss or liability suffered by CPA: 17, unless
all of the following conditions are met:

     (i) The Advisor or Affiliate has determined, in good faith, that the course of
conduct which caused the loss or liability was in the best interests of CPA: 17;

     (ii) The Advisor or the Affiliate was acting on behalf of or performing
services for CPA: 17; and

     (iii) Such liability or loss was not the result of negligence or misconduct by
the Advisor or the Affiliate.

     (b) Notwithstanding the foregoing, the Advisor and its Affiliates shall not be
indemnified by CPA: 17 or the Operating Partnership for any losses, liabilities or expenses
arising from or out of the alleged violation of federal or state securities laws unless one
or more of the following conditions are met:

21

 

     (i) There has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the particular indemnitee;

     (ii) Such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the particular indemnitee; or

     (iii) A court of competent jurisdiction approves a settlement of the claims
against a particular indemnitee and finds that indemnification of the settlement and
the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory
authority in which securities of CPA: 17 were offered or sold as to indemnification
for violation of securities laws.

     (c) CPA: 17 and the Operating Partnership shall advance funds to the Advisor or its
Affiliates for legal expenses and other costs incurred as a result of any legal action for
which indemnification is being sought only if all of the following conditions are satisfied:

     (i) The legal action relates to acts or omissions with respect to the
performance of duties or services on behalf of CPA: 17;

     (ii) The legal action is initiated by a third party who is not a Shareholder or
the legal action is initiated by a Shareholder acting in his or her capacity as such
and a court of competent jurisdiction specifically approves such advancement; and

     (iii) The Advisor or the Affiliate undertakes to repay the advanced funds to
CPA: 17, together with the applicable legal rate of interest thereon, in cases in
which such Advisor or Affiliate is found not to be entitled to indemnification.

     (d) Notwithstanding the foregoing, the Advisor shall not be entitled to indemnification
or be held harmless pursuant to this Section 21 for any activity which the Advisor shall be
required to indemnify or hold harmless CPA: 17 pursuant to Section 22.

     (e) Any amounts paid pursuant to this Section 21 shall be recoverable or paid only out
the net assets of CPA: 17 and not from Shareholders.

     22. Indemnification by Advisor. The Advisor shall indemnify and hold harmless CPA: 17
and the Operating Partnership from liability, claims, damages, taxes or losses and related expenses
including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and
related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s
bad faith, fraud, willful misfeasance, misconduct, negligence or reckless disregard of its duties.

     23. Joint and Several Obligations. Any obligations of CPA: 17 shall be construed as
the joint and several obligations of CPA: 17 and the Operating Partnership, unless otherwise
specifically provided in this Agreement.

     24. Notices. Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is accepted by the party to whom it is given, and shall be given by being delivered
by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

	 	 	 	 	 
	 

	 	To the Board
	 	Corporate Property Associates 17 – Global

22

 

	 	 	 	 	 
	 

	 	and to CPA: 17:	 	Incorporated
	 

	 	 	 	50 Rockefeller Plaza
	 

	 	
	 	New York, NY 10020
	 
	 	 	 	 
	 

	 	To the Operating Partnership:
	 	c/o Corporate Property Associates 17 -
	 

	 	 	 	Global Incorporated
	 

	 	 	 	50 Rockefeller Plaza
	 

	 	 	 	New York, NY 10020
	 
	 	 	 	 
	 

	 	To the Advisor:
	 	Carey Asset Management Corp.
	 

	 	 	 	50 Rockefeller Plaza
	 

	 	 	 	New York, NY 10020

     Either party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 23.

     25. Modification. This Agreement shall not be changed, modified, terminated, or
discharged, in whole or in part, except by an instrument in writing signed by both parties hereto,
or their respective successors or assignees.

     26. Severability. The provisions of this Agreement are independent of and severable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

     27. Construction. This Agreement shall be governed by, construed and enforced in
accordance with the laws of the State of New York.

     28. Entire Agreement. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or
written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. This Agreement may not be modified or amended other than by an agreement
in writing.

     29. Indulgences, Not Waivers. Neither the failure nor any delay on the part of a
party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or
privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any
other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver.

     30. Gender. Words used herein regardless of the number and gender specifically used,
shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

     31. Titles Not to Affect Interpretation. The titles of Sections and subsections
contained in this Agreement are for convenience only, and they neither form a part of this
Agreement nor are they to be used in the construction or interpretation hereof.

23

 

     32. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories.

     33. Name. W.P. Carey & Co. LLC has a proprietary interest in the name “Corporate
Property Associates” and “CPA®.” Accordingly, and in recognition of this right, if at any time
CPA: 17 ceases to retain Carey Asset Management Corp., or an Affiliate thereof to perform the
services of Advisor, CPA: 17 will, promptly after receipt of written request from Carey Asset
Management Corp., cease to conduct business under or use the name “Corporate Property Associates”
or “CPA®” or any diminutive thereof and CPA: 17 shall use its best efforts to change the name of
CPA: 17 to a name that does not contain the name “Corporate Property Associates” or “CPA®” or any
other word or words that might, in the sole discretion of the Advisor, be susceptible of indication
of some form of relationship between CPA: 17 and the Advisor or any Affiliate thereof. Consistent
with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates
has in the past and may in the future organize, sponsor or otherwise permit to exist other
investment vehicles (including vehicles for investment in real estate) and financial and service
organizations having “Corporate Property Associates” or “CPA®” as a part of their name, all without
the need for any consent (and without the right to object thereto) by CPA: 17 or its Directors.

     34. Initial Investment. The Advisor has contributed to CPA: 17 $200,000 in exchange
for 22,222 Shares (the “Initial Investment”). The Advisor or its Affiliates may not sell
any of the Shares purchased with the Initial Investment during the term of this Agreement. The
restrictions included above shall not continue to apply to any Shares other than the Share acquired
through the Initial Investment acquired by the Advisor or its Affiliates. The Advisor shall not
vote any Shares it now owns or hereafter acquires in any vote for the election of Directors or any
vote regarding the approval or termination of any contract with the Advisor or any of its
Affiliates.

24

 

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

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	CORPORATE PROPERTY ASSOCIATES 17 - GLOBAL INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Gordon F. DuGan	 	 
	 

	 	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CAREY ASSET MANAGEMENT CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Gordon F. DuGan	 	 
	 

	 	 	 	Title: President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CPA®:17 LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

 

 

SCHEDULE A

     This Schedule sets forth the terms governing any Shares issued by CPA: 17 to the Advisor in
payment of advisory fees set forth in the Agreement.

     1. Restrictions. The Shares are subject to vesting over a five-year period. The
Shares shall vest ratably over a five-year period with 20% of the Shares paid in each payment
vesting on each of the first through fifth anniversary of the date hereof. Prior to the vesting of
the ownership of the Shares in the Advisor, the Shares may not be transferred by the Advisor.

     2. Immediate Vesting. Upon the expiration of the Agreement for any reason other than
a termination for Cause under paragraph 17 or upon a “Change of Control” of CPA®:17 (as defined
below), all Shares granted to the Advisor hereunder shall vest immediately and all restrictions
shall lapse. For purposes of this Schedule A, a “Change of Control” of CPA: 17 shall be deemed to
have occurred if there has been a change in the ownership of CPA: 17 of a nature that would be
required to be reported in response to the disclosure requirements of Schedule 14A of Regulation
14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as enacted and in force on the date hereof, whether or not CPA: 17 is then subject to such
reporting requirements; provided, however, that, without limitation, a Change of Control shall be
deemed to have occurred if:

     (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the
Exchange Act (other than CPA: 17, any of its subsidiaries, any trustee, fiduciary or
other person or entity holding securities under any employee benefit plan of CPA: 17
or any of its subsidiaries), together with all “affiliates” and “associates” (as
such terms are defined in Rule 14b-2 under the Exchange Act) of such person, shall
become the “beneficial owner” (as such term is defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of CPA: 17 representing 25% or
more of either (A) the combined voting power of CPA: 17’s then outstanding
securities having the right to vote in an election of the Board (“Voting
Securities”) or (B) the then outstanding common stock of CPA: 17 (in either such
case other than as a result of acquisition of securities directly from CPA: 17);

     (ii) persons who, as of the date hereof, constitute the Board (the
“Incumbent Directors”) cease for any reason, including without limitation,
as a result of a tender offer, proxy contest, merger or similar transaction, to
constitute at least a majority of the Board, provided that any person becoming a
director of CPA: 17 subsequent to the date hereof whose election or nomination for
election was approved by a vote of at least a majority of the Incumbent Directors
shall be considered an Incumbent Director; or

     (iii) the stockholders of CPA: 17 shall approve (A) any consolidation or merger
of CPA: 17 or any subsidiary where the stockholders of CPA: 17, immediately prior to
the consolidation or merger, would not, immediately after the consolidation or
merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, shares representing in the aggregate 50% or more of
the voting equity of the entity issuing cash or securities in the consolidation or
merger (or of its ultimate parent entity, if any), (B) any sale, lease, exchange or
other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the assets of
CPA: 17 or (C) any plan or proposal for the liquidation or dissolution of CPA: 17.

Schedule A-1

 

 

     Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have
occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of
securities by CPA: 17 which, by reducing the number of Shares of Common Stock outstanding,
increases (A) the proportionate number of Shares beneficially owned by any person to 25% or more of
the Shares then outstanding, or (B) the proportionate voting power represented by the Shares
beneficially owned by any person to 25% or more of the combined voting power of all then
outstanding voting Securities; provided, however, that if any person referred to in clause (A) or
(B) of this sentence shall thereafter become the beneficial owner of any additional Shares or other
Voting Securities (other than pursuant to a Share split, Share dividend, or similar transaction),
then a “Change of Control” shall be deemed to have occurred for purposes of the foregoing clause
(i).

     3. Exception. Notwithstanding anything else in this Agreement to the contrary, the
Shares shall continue to vest according to the vesting schedule in Section 1 regardless of: (a)
the expiration of the Advisory Agreement for any reason other than a termination by CPA:17 for
Cause or a resignation by the Advisor for other than Good Reason, (b) the merger of CPA: 17 and an
Affiliate of CPA: 17 or (c) any “Change of Control” of CPA: 17 in connection with a merger with an
Affiliate of CPA: 17.

Schedule A-2

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