Document:

Advisory Agreement

 Exhibit 10.2 
 ADVISORY AGREEMENT 
 BY AND AMONG 

EMPIRE AMERICAN REALTY TRUST, INC., 
 EMPIRE AMERICAN REALTY OPERATING PARTNERSHIP, LP, 
 AND 

EMPIRE AMERICAN ADVISORS, LLC 

							
	 	 	 	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	3	  
	 2.
	 	APPOINTMENT	  	 	8	  
	 3.
	 	DUTIES OF THE ADVISOR	  	 	8	  
	 4.
	 	AUTHORITY OF ADVISOR	  	 	10	  
	 5.
	 	FIDUCIARY RELATIONSHIP	  	 	10	  
	 6.
	 	NO PARTNERSHIP OR JOINT VENTURE	  	 	10	  
	 7.
	 	BANK ACCOUNTS	  	 	10	  
	 8.
	 	RECORDS; ACCESS	  	 	10	  
	 9.
	 	LIMITATIONS ON ACTIVITIES	  	 	11	  
	 10.
	 	FEES	  	 	11	  
	 11.
	 	EXPENSES	  	 	12	  
	 12.
	 	OTHER SERVICES	  	 	13	  
	 13.
	 	REIMBURSEMENT TO THE ADVISOR	  	 	13	  
	 14.
	 	OTHER ACTIVITIES OF THE ADVISOR	  	 	14	  
	 15.
	 	THE EMPIRE AMERICAN NAME	  	 	14	  
	 16.
	 	TERM OF AGREEMENT	  	 	14	  
	 17.
	 	TERMINATION BY THE PARTIES	  	 	14	  
	 18.
	 	ASSIGNMENT TO AN AFFILIATE	  	 	15	  
	 19.
	 	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	 	15	  
	 20.
	 	INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT	  	 	16	  
	 21.
	 	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	  	 	16	  
	 22.
	 	INDEMNIFICATION BY ADVISOR	  	 	17	  
	 23.
	 	NOTICES	  	 	17	  
	 24.
	 	MODIFICATION	  	 	18	  
	 25.
	 	SEVERABILITY	  	 	18	  
	 26.
	 	GOVERNING LAW	  	 	18	  
	 27.
	 	ENTIRE AGREEMENT	  	 	18	  
	 28.
	 	NO WAIVER	  	 	18	  
	 29.
	 	PRONOUNS AND PLURALS	  	 	18	  
	 30.
	 	HEADINGS	  	 	18	  
	 31.
	 	EXECUTION IN COUNTERPARTS	  	 	18	  
	 32.
	 	THIRD PARTY BENEFICIARY	  	 	18	  

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of May 27, 2010 (the “Effective Date”), is
entered into by and among Empire American Realty Trust, Inc., a Maryland corporation (the “Company”), Empire American Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”),
and Empire American Advisors, LLC, a Delaware limited liability company. 
 WITNESSETH 

WHEREAS, the Company is a Maryland corporation created in accordance with Maryland General Corporation Law and intends to qualify as a
REIT; 
 WHEREAS, the Company is the general partner of the Operating Partnership; 

WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience, sources of information, advice,
assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of the Board of Directors of the Company, all as provided herein;
and 
 WHEREAS, the Advisor is willing to render such services, subject to the supervision of the Board of Directors of the
Company, 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, intending to be legally bound, hereby agree as follows: 

1. DEFINITIONS. As used in this Agreement, the following terms have the definitions set forth below: 

“Acquisition Expenses” means any and all expenses, exclusive of Acquisition Fees, incurred by the
Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, evaluation, acquisition, origination, making or development of any Investments, whether or not acquired, including, without limitation,
legal fees and expenses, travel and communications expenses, brokerage fees, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due
diligence. 
 “Acquisition Fee” means the fees payable to the Advisor pursuant to
Section 10(a). 
 “Advisor” means Empire American Advisors, LLC, a Delaware limited
liability company, any successor advisor to the Company, the Operating Partnership or any Person to which Empire American Advisors, LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the foregoing, a
Person hired or retained by Empire American Advisors, LLC to perform property management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Empire American
Advisors, LLC with respect to the Company or the Operating Partnership as a whole shall not be deemed to be an Advisor. 

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

  
 3 

 “Articles of Incorporation” means the Articles of Incorporation of
the Company, as amended from time to time. 
 “Asset Management Fee” means the fees payable to the
Advisor pursuant to Section 10(d). 
 “Associate Limited Partner” means
Empire American ALP, LLC, in its capacity as the associate limited partner of the Operating Partnership. 
 “Average
Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Investments before deducting depreciation, bad debts or other non-cash reserves,
computed by taking the average of such values at the end of each month during such period. For an equity interest owned in a Joint Venture, the calculation of Average Invested Assets shall take into consideration the underlying Joint
Venture’s aggregate book value for the equity interest. 
 “Board of Directors” or
“Board” means the Board of Directors of the Company. 
 “Bylaws” means the
bylaws of the Company, as amended and as the same are in effect from time to time. 

“Cause” means (x) fraud, criminal conduct, willful misconduct or illegal or negligent breach
of fiduciary duty by the Advisor or a breach of this Agreement by the Advisor; or (y) if any of the following events occur: (i) the Advisor shall violate any material provision of this Agreement, and after written notice of such violation,
shall not cure such default within thirty (30) days or have begun action within thirty (30) days to cure the default which shall be completed with reasonable diligence, (ii) 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 thirty (30) days, or (iii) 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. 

“Change of Control” means a change of control of the Company 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 the Company
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 the Company representing
9.8% or more of the combined voting power of the Company’s securities then outstanding; (ii) there occurs a merger, consolidation or other reorganization of the Company which is not approved by the Board of Directors; (iii) there
occurs a sale, exchange, transfer or other disposition of substantially all of the assets of the Company to another entity, which disposition is not approved by the Board of Directors; or (iv) there occurs a contested proxy solicitation of the
Stockholders that results in the contesting party electing candidates to a majority of the Board of Directors’ positions next up for election. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such
provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

  
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 “Competitive Real Estate Commission” means a real estate or
brokerage commission for the purchase or sale of an asset which is reasonable, customary, and competitive in light of the size, type, and location of the asset. 
 “Contract Sales Price” means the total consideration received by the Company for the sale of an Investment. 

“Dealer Manager” means Empire American Realty, LLC, or such other Person or entity selected by the Board of
Directors to act as the dealer manager for the Offering. 
 “Dealer Manager Fee” means three percent
(3.0%) of Gross Proceeds from the sale of Shares in the Primary Offering, payable to the Dealer Manager for serving as the dealer manager of such Offering. 
 “Director” means a member of the Board of Directors. 

“Distributions” means any distributions of money or other property by the Company to Stockholders, including
distributions that may constitute a return of capital for U.S. federal income tax purposes. 
 “Effective
Date” has the meaning set forth in the preamble. 
 “Excess Amount” has the
meaning set forth in Section 13. 
 “Expense Year” has the meaning set forth
in Section 13. 
 “Financing Coordination Fee” means the fees payable to the Advisor
pursuant to Section 10(e). 
 “GAAP” means United States generally accepted accounting
principals, consistently applied. 
 “Good Reason” means (x) any failure to obtain a satisfactory
agreement from any successor to the Company or the Operating Partnership to assume and agree to perform obligations under this Agreement; or (y) any material breach of this Agreement of any nature whatsoever by the Company or the Operating
Partnership. 
 “Gross Proceeds” means the aggregate purchase price of all Shares sold for the account
of the Company through all Offerings, without deduction for Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds,
the purchase price of any Share for which reduced Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Share
pursuant to the Prospectus for such Offering without reduction. 
 “Indemnitee” has the meaning set
forth in Section 21. 
 “Independent Director” has the meaning set forth in
the Articles of Incorporation. 
 “Investments” means any investments by the Company or the Operating
Partnership in Real Estate Assets, Real Estate Related Loans or any other asset. 
 “Joint Ventures”
means the joint venture or partnership arrangements (other than between the Company and the Operating Partnership) in which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer or general partner which are
established to own Investments. 

  
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 “Listing” means (i) the listing of the Shares on
a national securities exchange or (ii) the receipt by the Stockholders of securities that are listed on a national securities exchange in exchange for the Shares in a merger or any other type of transaction. 

“Loans” means any indebtedness or obligations in respect of borrowed money or evidenced by bonds, notes,
debentures, deeds of trust, letters of credit or similar instruments, including mortgages and mezzanine loans. 

“NASAA REIT Guidelines” means the Statement of Policy Regarding Real Estate Investment Trusts published by the
North American Securities Administrators Association on May 7, 2007, as may be amended from time to time. 

“Net Income” means, for any period, the Company’s total revenues applicable to such period, less the total
expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets. 

“Offering” means the public offering of Shares pursuant to a Prospectus. 

“Operating Partnership Agreement” means the Agreement of Limited Partnership of the Operating Partnership, among
the Company, the Operating Partnership and the Associate Limited Partner. 
 “OP Units” means units
of limited partnership interest in the Operating Partnership. 
 “Organization and Offering Expenses”
means all expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection with the Offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer
agent, charges of the Advisor for administrative services related to the issuance of Shares in the Offering, reimbursement of the Advisor for costs in connection with preparing supplemental sales materials, the cost of bona fide training and
education meetings held by the Company (primarily the travel, meal and lodging costs of the registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement for employees of the Company’s Affiliates to
attend retail seminars conducted by broker-dealers and, in special cases, reimbursement to soliciting broker-dealers for technology costs associated with the Offering, costs and expenses related to such technology costs, and costs and expenses
associated with facilitation of the marketing of the Shares and the ownership of Shares by such broker-dealer’s customers. 

“Other Liquidity Event” means a liquidation or the sale of all or substantially all
the Investments (regardless of the form in which such sale shall occur). For clarification purposes, a transaction of the type described in clause (ii) of the definition of Listing shall not be an Other Liquidity Event. 

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

“Primary Offering” means the portion of an Offering other than the Shares offered pursuant to the Company’s
distribution reinvestment program. 
 “Property Disposition Fee” means the fees payable to the Advisor
pursuant to Section 10(c). 
 “Prospectus” means the final prospectus of the Company filed
pursuant to Rule 424(b) of the Securities Act, as may be amended or supplemented from time to time. 
 “Real Estate
Assets” means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including, without limitation, fee or leasehold interests, options and leases) either directly or through a Joint
Venture. 

  
 6 

 “Real Estate Related Loans” means any investments in mortgage loans
and other types of real estate related debt financing, including, without limitation, mezzanine loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations in
such loans, by the Company or the Operating Partnership, either directly or through a Joint Venture. 
 “Real
Property” means real property owned from time to time by the Company or the Operating Partnership, either directly or through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located
thereon, (iii) buildings only or (iv) such investments the Board or the Advisor designate as Real Property to the extent such investments could be classified as Real Property. 

“REIT” means a “real estate investment trust” under Sections 856 through 860 of the
Code. 
 “Sale” means any transaction or series of transactions whereby: (A) the Company or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Estate Assets, Loan or other Investment or portion thereof,
including the lease of any Real Estate Assets consisting of a building only, and including any event with respect to any Real Estate Assets which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the Company
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the
Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which the Company or the Operating Partnership as
a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Real Estate Assets or portion thereof, including any event with respect to any Real Estate Assets which gives rise to insurance claims or condemnation
awards; or (D) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any Real Estate Related Loans or portion thereof
(including with respect to any Real Estate Related Loan, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a significant amount of insurance proceeds or similar
awards; or (E) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any other asset not previously
described in this definition or any portion thereof, but not including any transaction or series of transactions specified in clauses (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested
by the Company in one or more assets within 180 days thereafter. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Selling Commission” means seven percent (7.0%) of Gross
Proceeds from the sale of Shares in the Primary Offering payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 “Shares” means the shares of the Company’s capital stock, par value $0.01 per share. 
 “Soliciting Dealers” means broker-dealers who are members of the Financial Industry Regulatory Authority Inc., or that are exempt from broker-dealer registration, and who, in
either case, have executed soliciting dealer or other agreements with the Dealer Manager to sell Shares. 

“Sponsor” means Empire American holdings, LLC, a Delaware limited liability company. 

“Stockholders” means the registered holders of the Shares. 

“Subordinated Incentive Listing Fee” means the fees payable to the Associate Limited Partner or its assignees
pursuant to Section 10(f). 

  
 7 

 “Subordinated Participation In Net Sale Proceeds” means the fees
payable to the Associate Limited Partner or its assignees pursuant to Section 10(g). 
 “Subordinated
Termination Fee” means the fees payable to the Associate Limited Partner or its assignees pursuant to Section 19(b). 
 “Termination Date” means the date of termination of this Agreement. 
 “Total Operating Expenses” of a Person means the aggregate of all costs and expenses paid or incurred by such Person, but excluding Organization and Offering Expenses, interest
payments, taxes, non-cash expenditures, any Acquisitions Fees or Acquisition Expenses. The definition of “Total Operating Expenses” set forth above is intended to encompass only those expenses which are required to be treated as Total
Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated
as part of Total Operating Expenses for purposes hereof. 
 “2%/25% Guidelines” has the meaning set
forth in Section 13. 
 2. APPOINTMENT. The Company and the Operating Partnership hereby appoint
the Advisor to serve as their advisor to perform the services set forth herein on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

3. DUTIES OF THE ADVISOR. As of the Effective Date, the Advisor will use its best efforts to present to the Company and
the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the
Board. In performance of this undertaking, subject to the supervision of the Board and consistent with the provisions of the Articles of Incorporation, Bylaws and the Operating Partnership Agreement, the Advisor, directly or indirectly, shall:

 (a) serve as the Company’s and the Operating Partnership’s investment and financial advisor; 

(b) provide the daily management for the Company and the Operating Partnership and perform and supervise the various administrative
functions necessary for the day-to-day management of the operations of the Company and the Operating Partnership; 

(c) investigate, select, and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise
the performance of 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, real estate management companies, real estate operating companies,
securities investment advisors, mortgagors, the registrar and the transfer agent and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Advisor necessary or
desirable for the performance of any of the foregoing services, including, but not limited to, entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 

(d) consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company or the Operating Partnership; 

  
 8 

 (e) subject to the provisions of Section 4 hereof, (i) participate in
formulating an investment strategy and asset allocation framework, (ii) locate, analyze and select potential Investments, (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and
dispositions of Investments will be made; (iv) research, identify, review and recommend acquisitions and dispositions of Investments to the Board and make Investments on behalf of the Company and the Operating Partnership in compliance with the
investment objectives and policies of the Company; (v) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with,
Investments; (vi) enter into leases and service contracts for Real Estate Assets and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Estate Assets; (vii) actively
oversee and manage Investments for purposes of meeting the Company’s investment objectives and reviewing and analyzing financial information for each of the Investments and the overall portfolio; (viii) select Joint Venture partners,
structure corresponding agreements and oversee and monitor these relationships; (ix) oversee, supervise and evaluate Affiliated and non-Affiliated property managers who perform services for the Company or the Operating Partnership;
(x) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement; (xi) manage accounting and other record-keeping functions for the Company
and the Operating Partnership, including reviewing and analyzing the capital and operating budgets for the Real Estate Assets and generating an annual budget for the Company; (xii) recommend various liquidity events to the Board when
appropriate and (xiii) source and structure Real Estate Related Loans; 
 (f) upon request, provide the Board with
periodic reports regarding prospective investments; 
 (g) make investments in, and dispositions of, Investments within the
discretionary limits and authority as granted by the Board; 
 (h) negotiate on behalf of the Company and the Operating
Partnership with banks or other lenders for Loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate private
sales of Shares or obtain Loans for the Company and the Operating Partnership, but in no event in such a manner so that the Advisor shall be acting as broker-dealer or underwriter; provided, further, that any fees and costs payable to third
parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (i) obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of Investments or contemplated investments of the
Company and the Operating Partnership; 
 (j) from time to time, or at any time reasonably requested by the Board, make
reports to the Board of its performance of services to the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its Affiliates; 

(k) provide the Company and the Operating Partnership with all necessary cash management services; 

(l) deliver to, or maintain on behalf of, the Company copies of all appraisals obtained in connection with the investments in any
Real Estate Assets as may be required to be obtained by the Board; 
 (m) notify the Board of all proposed material
transactions before they are completed; 
 (n) effect any private placement of OP Units, tenancy-in-common (TIC) or
other interests in Investments as may be approved by the Board; 
 (o) perform investor-relations and Stockholder
communications functions for the Company; 

  
 9 

 (p) render such services as may be reasonably determined by the Board of Directors
consistent with the terms and conditions herein; 
 (q) maintain the Company’s accounting and other records and assist
the Company in filing all reports required to be filed by it with the Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies; and 
 (r) do all things necessary to assure its ability to render the services described in this Agreement. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as the Advisor or its Affiliate remains responsible for the performance of the duties set forth in
this Section 3. 
 4. AUTHORITY OF ADVISOR. 

(a) Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in
Section 9), and subject to the continuing and exclusive authority of the Board over the management of the Company, the Company, acting on the authority of the Board of Directors, hereby delegates to the Advisor the authority to perform
the services described in Section 3. 
 (b) Notwithstanding anything herein to the contrary, any Investment
with a purchase price of $15,000,000 or more, including any financing thereof, will require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 

(c) If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all
documents and other information required by them to properly evaluate the proposed transaction. 
 (d) 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; 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 the Company or the Operating Partnership prior to the date of receipt by the Advisor of such notification. 

5. FIDUCIARY RELATIONSHIP. The Advisor, as a result of its relationship with the Company and the Operating Partnership
pursuant to this Agreement, stands in a fiduciary relationship with the Stockholders and the partners of the Operating Partnership.
 6. NO PARTNERSHIP OR JOINT VENTURE. The parties to this Agreement are not partners or joint venturers with each other and nothing herein shall be construed to make them partners or joint
venturers or impose any liability as such on either of them. 
 7. BANK ACCOUNTS. The Advisor may establish and
maintain one or more bank accounts in its own name for the account of the Company or the Operating Partnership or in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse
from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor
shall upon request render appropriate accountings of such collections and payments to the Board and to the auditors of the Company. 
 8. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors
and authorized agents of the Company, at any time and from time to time. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 

  
 10 

 9. LIMITATIONS ON ACTIVITIES. Notwithstanding anything herein to the
contrary, the Advisor shall refrain from taking any action which, in its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect the status of the Company as a REIT, unless the Board has determined
that REIT qualification is not in the best interests of the Company and its Stockholders, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of
policy of any governmental body or agency having jurisdiction over the Company or its Shares, or otherwise not be permitted by the Articles of Incorporation or Bylaws, 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. 
 10. FEES.

 (a) Acquisition Fees. The Company shall pay an Acquisition Fee to the Advisor as compensation for
services rendered in connection with the investigation, selection and acquisition (by purchase, investment or exchange) of Investments. The total Acquisition Fees payable to the Advisor or its Affiliates shall equal two and one-half percent
(2.5%) of the purchase price of the Investment. The purchase price of an Investment shall equal the amount paid or allocated to the purchase, development or improvement of an Investment, inclusive of expenses related thereto, and the
amount of debt associated with such Investment. The purchase price allocable for a Joint Venture Investment shall equal the product of (i) the purchase price of the Investment and (ii) the Company’s ownership percentage in the
Joint Venture. For purposes of this section, “ownership percentage” shall be the percentage of capital stock owned by the Company, without regard to classification of such capital stock. The Company shall pay to the Advisor the
Acquisition Fee promptly upon the closing of the Investment. 
 (b) Limitation on Total Acquisition Fees, Financing
Coordination Fees and Acquisition Expenses . Pursuant to the NASAA REIT Guidelines, the total of all Acquisition Fees, Financing Coordination Fees and Acquisition Expenses payable in connection with any Investment shall not exceed six
percent (6.0%) of the “contract purchase price,” as defined in the Articles of Incorporation, of the Investment acquired. 
 (c) Property Disposition Fee. In connection with a Sale of an Investment (except for such Investments that are traded on a national securities exchange) in which the Advisor or any
Affiliate of the Advisor provides a substantial amount of services, as determined by the Independent Directors, the Company shall pay to the Advisor or its Affiliate a Property Disposition Fee equal to the lesser of (i) one-half of a
Competitive Real Estate Commission or (ii) one percent (1.0%) of the Contract Sales Price of such Investment. Any Property Disposition Fee payable under this Section 10(c) may be paid in addition to commissions paid to
non-Affiliates, provided that the total commissions (including such Property Disposition Fee) paid to all Persons by the Company for the Sale of each Investment shall not exceed six percent (6.0%) of the Contract Sales Price. 

(d) Asset Management Fee. The Company shall pay an Asset Management Fee to the Advisor as compensation for
services rendered in connection with the management of the Company’s assets in an amount equal to seventy five basis points (0.75%) per annum of Average Invested Assets. The Asset Management Fee is payable quarterly, in arrears at the end
of each calendar quarter, in the amount of 0.1875% of Average Invested Assets in the immediately preceding quarter. 

(e) Financing Coordination Fee. The Company shall pay a Financing Coordination Fee to the Advisor in connection
with the refinancing of any Loan in an amount equal to one percent (1.0%) of the amount made available and/or outstanding under any such Loan. The Advisor may reallow some or all of this Financing Coordination Fee to reimburse third
parties with whom it may subcontract to procure any such Loan. 

  
 11 

 (f) Subordinated Incentive Listing Fee. Upon Listing of the Shares, the
Company shall pay the Associate Limited Partner or its assignees a Subordinated Incentive Listing Fee in the form of an interest bearing promissory note equal to ten percent (10%) of the amount, if any, by which (i) the market value
of the outstanding Shares plus Distributions paid by the Company prior to Listing, exceeds (ii) the sum of the total amount of capital raised from investors in Shares and the amount of cash flow necessary to generate an eight percent
(8%) annual cumulative, non-compounded return to such investors. The interest bearing promissory note shall be repaid from the net sales proceeds of each Sale of an Investment that occurs after the date of the Listing. At the time of each
such Sale, the Company may pay at its discretion all or a portion of such promissory note in Shares, which may or may not be registered under the Securities Act, or cash. 
 (g) Subordinated Participation In Net Sale Proceeds. The Company shall pay the Associate Limited Partner or its assignees from time to time a Subordinated Participation In Net Sales
Proceeds equal to ten percent (10%) of remaining net sales proceeds after return of capital contributions plus payment to investors in Shares of an eight percent (8%) cumulative, pre-tax, non-compounded return on the capital contributed by
such investors. 
 (h) Exclusion of Certain Transactions. In the event the Company or the Operating
Partnership shall propose to enter into any transaction in which the Advisor, any Affiliate of the Advisor or any of the Advisor’s directors or officers has a direct or indirect interest, then such transaction shall be approved by a majority of
the Board not otherwise interested in such transaction, including a majority of the Independent Directors. 

11. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Section 10, the Company or the Operating Partnership shall pay directly or reimburse the Advisor for all of the
expenses paid or incurred by the Advisor or its Affiliates in connection with the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including, but not limited to: 

(i) Organization and Offering Expenses; provided, however, that the Company shall not reimburse the Advisor to
the extent such reimbursement would cause the total amount of Organization and Offering Expenses (including the Dealer Manager Fee and Selling Commissions) paid by the Company and the Operating Partnership to exceed fifteen percent (15.0%) of
the Gross Proceeds raised in the Primary Offering; 
 (ii) Acquisition Expenses incurred in connection with
the selection and acquisition of Investments subject to the aggregate six percent (6.0%) cap on Acquisition Fees, Financing Coordination Fees and Acquisition Expenses set forth in Section 10(b); 

(iii) the actual cost of goods and services used by the Company and obtained from entities not Affiliated with the
Advisor; 
 (iv) interest and other costs for Loans, including discounts, points and other similar fees;

 (v) taxes and assessments on income of the Company or Investments; 

(vi) costs associated with insurance required in connection with the business of the Company or by the Board;

 (vii) expenses of managing and operating Investments owned by the Company, whether payable to an
Affiliate of the Company or a non-affiliated Person; 
 (viii) all expenses in connection with payments to
the Directors for attending meetings of the Board and Stockholders; 

  
 12 

 (ix) expenses associated with a Listing, if applicable, or with the
issuance and distribution of Shares, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 

(x) expenses connected with payments of Distributions; 

(xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Company or any subsidiary
thereof or the Articles of Incorporation, Bylaws or governing documents of any subsidiary; 
 (xii) expenses
of maintaining communications with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xiii) administrative service expenses, including all costs and expenses incurred by Advisor or its Affiliates in
fulfilling its duties hereunder, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services; provided, that no reimbursement shall be made for costs
of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives a separate fee; and 
 (xiv) audit, accounting and legal fees. 
 (b) Expenses incurred by the
Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 11 shall be reimbursed no less than monthly to the Advisor. 
 12. OTHER SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set
forth in Section 3, such services shall be separately compensated at such customary rates and in such customary amounts as are agreed upon by the Advisor and the Board, including a majority of the Independent Directors, subject to the
limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 13. REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse the Advisor at the end of any fiscal quarter in which Total Operating Expenses for the four (4) consecutive fiscal
quarters then ended (the “Expense Year” ) exceed (the “Excess Amount”) the greater of two percent (2%) of Average Invested Assets or twenty-five percent (25%) of Net Income (the “2%/25%
Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company or, at the option of the Company, subtracted from the Total Operating Expenses reimbursed during the subsequent
fiscal quarter. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be carried
over and included in Total Operating Expenses in subsequent Expense Years and reimbursed to the Advisor in one or more of such years, provided that there shall be sent to the Stockholders a written disclosure of such fact, together with an
explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board. All figures used in the foregoing
computation shall be determined in accordance with GAAP applied on a consistent basis. 

  
 13 

 14. OTHER ACTIVITIES OF THE ADVISOR. Except as set forth in this
Section 14, nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and
the management of other programs advised, sponsored or organized by the Sponsor or its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee, or stockholder of the Advisor or its
Affiliates to engage in or earn fees from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services; provided, however, that
the Advisor must devote sufficient resources to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with respect to any investment in which the Company is a participant, also render
advice and service to each and every other participant therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures or other similar co-investment arrangements
with certain Persons, and pursuant to the agreements governing such Joint Ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and
service. Notwithstanding anything herein to the contrary, neither the Advisor nor any Affiliate of the Advisor may make any investment in residential properties where the investment objective is substantially similar to the investment
objectives of the Company, until such time as at least seventy five percent (75.0%) of the Gross Proceeds, following the final closing of the Offering, have been invested or committed for investment. 

The Advisor shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other partnership, corporation, firm, individual, trust or association. If the Advisor,
Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied by the
Advisor in allocating investment opportunities among the Company and competing investment entities and shall provide regular updates to the Board of the investment opportunities provided by the Advisor to competing programs in order for the Board
(including the Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their best efforts to apply such method fairly to the Company. 
 15. THE EMPIRE AMERICAN NAME. The Advisor and its Affiliates have a proprietary interest in the name “Empire American.” The Advisor hereby grants to the Company a non-transferable,
non-assignable, non-exclusive, royalty-free right and license to use the name “Empire American” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or
one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “Empire American” or any derivative thereof
and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “Empire American” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of
indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word
“Empire American.” 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 “Empire American” as a part of their name, all without the need for any consent (and without the right to object thereto) by the
Company. 
 16. TERM OF AGREEMENT. This Agreement shall continue in force for a period of one year from the
Effective Date, and thereafter it may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. 
 17. TERMINATION BY THE PARTIES. This Agreement may be terminated upon sixty (60) days written notice (i) by the Independent Directors of the Company or the Advisor, without
Cause and without penalty, (ii) by the Advisor for Good Reason or (iii) by the Advisor upon a Change of Control. The provisions of Sections 19 through 32 of this Agreement shall survive termination of this
Agreement. 

  
 14 

 18. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the
Advisor to an Affiliate with the approval of a majority of the Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without
obtaining the approval of the Directors. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a
corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Company 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 the Company and the Operating Partnership are bound by this Agreement. 

19. PAYMENTS AND DUTIES UPON TERMINATION. 
 (a) Amounts Owed. After the Termination Date, the Advisor shall be entitled to receive from the Company or the Operating Partnership within thirty (30) days after the effective
date of such termination all amounts then accrued and owing to the Advisor including all of its interest in the Company’s income, losses, distributions, and capital by payment of an amount equal to the then-present fair market value of the
Advisor’s interest, subject to the 2%/25% Guidelines to the extent applicable. 
 (b) Subordinated Termination
Fee.  
 (i) Upon termination of this Agreement, the Associate Limited Partner shall be entitled to a
Subordinated Termination Fee. The Subordinated Termination Fee, if any, will be payable in the form of an interest bearing promissory note equal to the sum of: (A) ten percent (10%) of the amount, if any, by which (1) the sum of
(v) the fair market value (determined by appraisal as of the Termination Date) of the Investments on the Termination Date, less (w) any Loans secured by such Investments, plus (x) total Distributions paid through the Termination Date
on Shares issued in Offerings through the Termination Date, less (y) any amounts distributable as of the Termination Date to limited partners who received OP Units in connection with the acquisition of any Investments upon the liquidation or
sale of such Investments (assuming the liquidation or sale of such Investments on the Termination Date), exceeds (2) the sum of the Gross Proceeds raised in all Offerings through the Termination Date (less amounts paid on or prior to the
Termination Date to purchase or redeem any Shares purchased in an Offering pursuant to the Company’s share repurchase plan) and the total amount of cash that, if distributed to those Stockholders who purchased Shares in an Offering on or prior
to the Termination Date, would have provided such Stockholders an annual eight percent (8%) cumulative, non-compounded return on the Gross Proceeds raised in all Offerings through the Termination Date, measured for the period from inception
through the Termination Date. 
 (ii) If the Associate Limited Partner receives the Subordinated Incentive
Listing Fee, it would no longer be entitled to receive Subordinated Distributions of Net Sales Proceeds or the Subordinated Termination Fee. If the Associate Limited Partner receives the Subordinated Termination Fee, it would no longer be entitled
to receive Subordinated Distributions of Net Sales Proceeds or the Subordinated Incentive Listing Fee. 

(c) Advisor’s Duties. The Advisor shall promptly upon termination of this Agreement: 

(i) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and
the Operating Partnership 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 all Investments, and
documents of the Company and the Operating Partnership then in the custody of the Advisor; and 
 (iv) cooperate
with the Company and the Operating Partnership to provide an orderly management transition. 

  
 15 

 20. INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP
AGREEMENT. To the extent that the Articles of Incorporation or the Operating Partnership Agreement impose obligations or restrictions on the Advisor or grant the Advisor certain rights which are not set forth in this Agreement, the Advisor
shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the same force and effect as if they were set forth herein. 
 21. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, including
their respective directors (collectively, the “Indemnitees ,” and each, an “Indemnitee”), from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses,
including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the
State of New York, the Articles of Incorporation or the provisions of Section II.G of the NASAA REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification of an
Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless for any loss or liability suffered by the Company and the Operating Partnership, unless all of the following conditions are
met: 
 (a) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was
in the best interest of the Company and the Operating Partnership; 
 (b) the Indemnitee was acting on behalf of, or
performing services for, the Company or the Operating Partnership; 
 (c) such liability or loss was not the result of
negligence or willful misconduct by the Indemnitee; and 
 (d) such indemnification or agreement to hold harmless is
recoverable only out of the Company’s net assets and not from the Stockholders. 
 Notwithstanding the foregoing, an
Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the
following conditions are met: 
 (a) there has been a successful adjudication on the merits of each count involving alleged
securities law violations as to the Indemnitee; 
 (b) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the Indemnitee; or 
 (c) a court of competent jurisdiction approves a settlement of
the claims against the 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 the Company or the Operating Partnership were offered or sold as to indemnification for violation of securities laws. 

In addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for legal expenses and
other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are satisfied: 
 (a) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership; 

  
 16 

 (b) the legal action is initiated by a third party who is not a Stockholder or the
legal action is initiated by a Stockholder acting in such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and 
 (c) the Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, in cases in which such Indemnitee
is found not to be entitled to indemnification. 
 22. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify
and hold harmless the Company and the Operating Partnership from contract or other liability, claims, damages, taxes or losses and related expenses including reasonable 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, intentional misconduct, gross negligence or reckless disregard of its duties; provided,
however, that the Advisor shall not be held responsible for any action of the Board in following or declining to follow any advice or recommendation given by the Advisor. 
 23. NOTICES. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other
communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses
set forth below:  
  

					
		
	 To the Company:
	  	 Empire American Realty Trust, Inc.

		  	 25 Philips Parkway

		  	 Montvale, New Jersey 07645

		  	Attention:	  	 David Newman,

		  		  	 Chief Operating Officer

		
		  	 with a copy to:

		
		  	 Proskauer Rose LLP

		  	 1585 Broadway

		  	 New York, New York 10036

		  	Attention:	  	 Peter M. Fass, Esq.

		
	 To the Operating Partnership:
	  	 Empire American Realty Operating Partnership, LP

		  	 25 Philips Parkway

		  	 Montvale, New Jersey 07645

		  	Attention:	  	 David Newman

		
		  	 with a copy to:

		
		  	 Proskauer Rose LLP

		  	 1585 Broadway

		  	 New York, New York 10036

		  	Attention:	  	 Peter M. Fass, Esq.

		
	 To the Advisor:
	  	 Empire American Advisors, LLC

		  	 25 Philips Parkway

		  	 Montvale, New Jersey 07645

		  	Attention:	  	 David Newman

		
		  	 with a copy to:

		
		  	 Proskauer Rose LLP

		  	1585 Broadway
		  	 New York, New York 10036

		  	Attention:	  	 Peter M. Fass, Esq.

  
 17 

 Any party may at any time give notice in writing to the other parties of a change in its
address for the purposes of this Section 23. 
 24. MODIFICATION. This Agreement shall not be
amended, supplemented, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 

25. 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. 

26. GOVERNING LAW. The provisions of this Agreement shall be construed and interpreted in accordance with the
laws of the State of New York as at the time in effect, without regard to the principles of conflicts of laws thereof. 

27. 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 or usage of the trade inconsistent with any of the terms hereof. 
 28. NO WAIVER. 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.

 29. PRONOUNS AND PLURALS. Whenever the context may require, any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 30. HEADINGS. 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. 
 31. 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. 
 32. THIRD PARTY BENEFICIARY. The Associate Limited Partner shall be entitled to rely on, and shall be a third party beneficiary of, the representations, warranties and agreements contained in
this Agreement. Other than the Associate Limited Partner, there are no third party beneficiaries of this Agreement and nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto and their
respective successors, heirs and permitted assigns, any rights, remedies, obligations or liabilities. 
 [Remainder of page
intentionally left blank] 

  
 18 

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

			
	EMPIRE AMERICAN REALTY TRUST, INC.
		
	By:	 	/s/ EZRA BEYMAN
		 	 Name: Ezra Beyman
 Title:
Chief Executive Officer

	
	EMPIRE AMERICAN REALTY OPERATING PARTNERSHIP, LP
		
	By:	 	Empire American Realty Trust, Inc.
		 	its General Partner
		
	By:	 	/s/ EZRA BEYMAN
		 	 Name: Ezra Beyman
 Title:
Chief Executive Officer

	
	EMPIRE AMERICAN ADVISORS, LLC
		
	By:	 	/s/ EZRA BEYMAN
		 	 Name: Ezra Beyman
 Title:
Chief Executive Officer

  
 19Management Agreement

 Exhibit 10.3 
 MANAGEMENT AGREEMENT 
 This management agreement (this
“Management Agreement”) is made and entered into as of January 27, 2010, by and among EMPIRE AMERICAN REALTY TRUST, INC., a Maryland corporation (the “Company”), EMPIRE AMERICAN REALTY OPERATING PARTNERSHIP,
LP, a Delaware limited partnership (the “OP”), and EMPIRE AMERICAN MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”). 
 WHEREAS, the OP was organized to acquire, own, operate, lease and manage real estate properties on behalf of the Company; and 
 WHEREAS, the Company intends to continue to raise money from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment in the acquisition and
rehabilitation of income-producing real estate and other real-estate related investments, which are to be acquired and held by the Company or by the OP on behalf of the Company; and 

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

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby agree as follows: 
 ARTICLE I.

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

1.1 “Account” has the meaning set forth in Section 2.3(i) hereof. 
 1.2 “Affiliate” means with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the
outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person;
(iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for
which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition, the terms “controls,” “is controlled by,” or “is under common control with” shall mean the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership or voting rights, by contract or otherwise. 

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

1.4 “Budget” has the meaning set forth in Section 2.5(c) hereof. 
 1.5 “Gross Revenues” means all amounts actually collected as rents or other charges for the use and occupancy of the Properties, but shall exclude interest and other investment income of
the Owner and proceeds received by the Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of the Owner. 

 1.6 “Improvements” means buildings, structures, equipment from time to time located on the
Properties and all parking and common areas located on the Properties. 
 1.7 “Independent Director” has the meaning set forth
in the Articles of Incorporation. 
 1.8 “Joint Venture” means the joint venture or partnership arrangements (other than
between the Company and the OP) in which the Company or the OP or any of their subsidiaries is a co-venturer or general partner which are established to own Properties. 
 1.9 “Management Fees” has the meaning set forth in Section 4.1(a) hereof. 
 1.10 “Owner” means the Company, the OP and any Joint Venture that owns, in whole or in part, any Properties. 
 1.11 “Ownership Agreements” has the meaning set forth in Section 2.3(k) hereof. 
 1.12 “Person” means an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise), trust, bank or other entity, or government or
any agency or political subdivision of a government. 
 1.13 “Plan” has the meaning set forth in Section 2.5(c)
hereof. 
 1.14 “Properties” means all real estate properties owned by the Owner and all tracts as yet unspecified but to be
acquired by the Owner containing income-producing Improvements or on which the Owner will develop or rehabilitate income-producing Improvements. 
 ARTICLE II. 
 APPOINTMENT OF THE MANAGER; SERVICES TO BE PERFORMED 

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

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

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

 

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

  

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

  
 2 

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

 

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

 

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

  

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

  

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

  

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

 

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

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

  
 3 

 (ii) All sums due to the Manager hereunder, whether for compensation,
reimbursement for expenditures, or otherwise, as herein provided, shall be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by the Manager from the Account prior to the making of any other disbursements
therefrom. 
 (iii) On or before the 30th day following the end of each calendar quarter during the term of this
Management Agreement, the Manager shall forward to the Owner all net operating proceeds from the preceding quarter, retaining at all times, however, a reserve of $5,000, in addition to any other amounts otherwise provided in the Budget. 

 

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

 

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

  

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

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

 

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

  

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

  

	 	(i)	Rental collection record; 

  

	 	(ii)	Quarterly operating statement; 

  

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

  

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

  

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

  
 4 

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

 

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

 

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

  

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

  

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

  

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

 

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

  

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

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

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

  
 5 

 3.2 Manager’s Expenses. The Manager shall, out of its own funds, pay all of its general overhead
and administrative expenses. 
 ARTICLE IV. 
 MANAGER’S COMPENSATION 
 4.1 Management Fees. 

 

	 	(a)	The Owner shall pay the Manager property management and leasing fees (the “Management Fees”), on a monthly basis, equal to five percent (5.0%) of
Gross Revenues, plus market-based leasing commissions applicable to the geographic location of the property. Except as otherwise set forth herein, the Owner shall also reimburse the Manager for any costs and expenses incurred by the Manager in
connection with managing the Properties. 

  

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

  

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

4.2 Additional Fees. In the event that the Manager provides services other than those specified herein, the Owner shall pay to the Manager a
monthly fee equal to no more than that which the Owner would pay to a third party that is not an Affiliate of the Owner or the Manager to provide such services. 
 4.3 Audit Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fees, the Owner or the Manager shall promptly
pay to the other party the amount of such overpayment or underpayment, as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management Fees for such fiscal year, the Manager shall
bear the cost of such audit. 
 ARTICLE V. 
 INSURANCE AND INDEMNIFICATION 
 5.1 Insurance to be Carried. 

 

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

  

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

  
 6 

 5.2 Cooperation with Insurers. The Manager shall cooperate with and provide reasonable access to the
Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance which is in effect or for which application has been made. The Manager shall use its best efforts to comply with all requirements of
insurers. 
 5.3 Accidents and Claims. The Manager shall promptly investigate and report in detail to the Owner all accidents, claims for
damage relating to the ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by the Owner all reports required by an insurance
company in connection with any such accident, claim, damage, or destruction. Such reports shall be given to the Owner promptly and any report not so given within ten (10) days after the occurrence of any such accident, claim, damage or
destruction shall be noted in the report delivered to the Owner pursuant to Section 2.5(b). The Manager is authorized to settle any claim against an insurance company arising out of any policy and, in connection with such claim, to
execute proofs of loss and adjustments of loss and to collect and provide receipts for loss proceeds. 
 5.4 Indemnification. The Manager
shall hold the Owner harmless from and indemnify and defend the Owner against any and all claims or liability for any injury or damage to any person or property whatsoever for which the Manager is responsible occurring in, on, or about the
Properties, including, without limitation, the Improvements when such injury or damage is caused by the negligence or misconduct of the Manager, its agents, servants, or employees, except to the extent that the Owner recovers insurance proceeds with
respect to such matter. The Owner will indemnify and hold the Manager harmless against all liability for injury to persons and damage to property caused by the Owner’s negligence and which did not result from the negligence or misconduct of the
Manager, except to the extent the Manager recovers insurance proceeds with respect to such matter. 
 ARTICLE VI. 

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

 

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

 

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

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

  
 7 

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

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

 

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

 

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

  

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

  

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

ARTICLE VII. 

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

					
	 To the Owner:
	 	Empire American Realty Trust, Inc.
		 	25 Philips Parkway
		 	Montvale, New Jersey 07645
		 	Attention:	  	David Newman,
		 		  	Chief Operating Officer
		
		 	with a copy to:
		
		 	Empire American Realty Operating Partnership, LP
		 	25 Philips Parkway
		 	Montvale, New Jersey 07645
		 	Attention:	  	David Newman

  
 8 

					
		
		  	with a copy to:
		
		  	Proskauer Rose LLP
		  	1585 Broadway
		  	New York, New York 10036
		  	Attention:	  	Peter M. Fass, Esq.
		
	 To the Manager:
	  	Empire American Management, LLC
		  	25 Philips Parkway
		  	Montvale, New Jersey 07645
		  	Attention:	  	David Newman,
		  		  	Chief Operating Officer
		
		  	with a copy to:
		
		  	Proskauer Rose LLP
		  	1585 Broadway
		  	New York, New York 10036
		  	Attention:	  	Peter M. Fass, Esq.

 7.2 Governing Law. This
Management Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of law thereof. 
 7.3 Assignment. Except as permitted in Section 2.6 hereof, this Management Agreement may not be assigned by the Manager, except to an Affiliate of the Manager, and then only upon the
consent of the Owner and the approval of a majority of the Independent Directors. Any assignee of the Manager shall be bound hereunder to the same extent as the Manager. This Agreement shall not be assigned by the Owner without the written consent
of the Manager, except to a Person which is a successor to such Owner. Such successor shall be bound hereunder to the same extent as such Owner. Notwithstanding anything to the contrary contained herein, the economic rights of the Manager hereunder,
including the right to receive all compensation hereunder, may be sold, transferred or assigned by the Manager without the consent of the Owner. 
 7.4 No Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Management Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrences. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 7.5 Amendments. This Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement
of the amendment is sought. 
 7.6 Headings. The headings of the various subdivisions of this Management Agreement are for reference only
and shall not define or limit any of the terms or provisions hereof. 
 7.7 Counterparts. This Management Agreement may be executed 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 Management 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. 

  
 9 

 7.8 Entire Agreement. This Management Agreement contains the entire agreement and understanding among
the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the
subject matter hereof. 
 7.9 Disputes. If there shall be a dispute between the Owner and the Manager relating to this Management
Agreement resulting in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable attorneys’ fees. 

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

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

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

  
 10 

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

			
	 EMPIRE AMERICAN REALTY TRUST, INC.

		
	By:	 	/s/ DAVID NEWMAN
		 	 Name: David Newman
 Title:
Chief Operating Officer

	
	EMPIRE AMERICAN REALTY OPERATING PARTNERSHIP, LP
		
	By:	 	Empire American Realty Trust, Inc.,
		 	its General Partner
		
	By:	 	/s/ DAVID NEWMAN
		 	 Name: David Newman
 Title:
Chief Operating Officer

	
	EMPIRE AMERICAN MANAGEMENT, LLC
		
	By:	 	/s/ DAVID NEWMAN
		 	 Name: David Newman
 Title:
Chief Operating Officer

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