THIS MANAGEMENT AGREEMENT (this "Agreement") made this 22nd day of April, 1994, between Mt.
Pleasant Shopping Center, Angola Plaza and Shiloh Plaza, each a Michigan co-partnership (collectively, the
"Owner"), and AGREE REALTY CORPORATION (the "Agent").
W I T N E S S E T H:
WHEREAS, Owner owns certain commercial properties in various areas which are not being transferred to
Agent pursuant to the transactions to be entered into concurrently with Agent's initial public offering (the
WHEREAS, Owner is transferring to Agent as part of the Formation all of the assets of the entity which prior to
the Formation had provided management services with respect to such properties; and
WHEREAS, Owner desires that Agent shall act as the management agent for the Properties (as hereinafter
defined), upon the terms and conditions herein set forth, and Agent is willing to so act,
NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, the parties agree
1. Appointment as Agent. Owner hereby appoints Agent as the sole and exclusive management agent for the
commercial properties identified on Exhibit "A" attached hereto (the "Properties") for the term of this Agreement.
2. Term. This Agreement shall remain in full force and effect until the first to occur of the following events:
(a) Five (5) years from the date of the execution of this Agreement, such agreement shall be automatically
renewed for an additional five-year term unless Agent or Owner gives 90 days advance written notice to
terminate this Agreement.
(b) Owner sells or otherwise disposes of all of the Properties.
(c) Agent, upon 30 days advance written notice to Owner, elects to terminate this Agreement.
3. Management Functions. During the term of this Agreement, Agent will provide the following services:
(a) Collect rents, including percentage rents and other similar amounts to be paid by tenants of the Properties,
and Agent may give re