Obligor No. 0184735387
Amendment No. 6 to Business Loan Agreement
THIS AGREEMENT is made as of April 30, 2003, by and between STANDARD FEDERAL BANK N.A., a
national banking association formerly known as Michigan National Bank (the "Bank"), AGREE LIMITED
PARTNERSHIP, a Delaware limited partnership ("Borrower"), and AGREE REALTY CORPORATION, a
Maryland corporation ("Guarantor").
A. Borrower and the Bank entered into a Business Loan Agreement, dated September 30, 1996, as amended by
First Amendment dated October 1, 1997, a Second Amendment dated October 19, 1998, a Third Amendment
dated December 19, 1999, a Fourth Amendment dated February 11, 2001 and a Fifth Amendment dated April
30, 2002 (the "Loan Agreement"), pursuant to which the Bank has extended to the Borrower a Line of Credit, as
evidenced by a Seventh Amended and Restated Promissory Note (Line of Credit), dated April 30, 2002, in the
principal amount of $5,000,000.00 (the "Note"), secured by various Second Mortgages, Assignments of Leases
and Rents, Security Agreements and Fixture Financing Statements, and Deed of Trusts dated May and June,
1996 (the "Mortgages"), and various Second Assignments of Leases and Rents, dated May and June, 1996 (the
"Assignments"), and supported by an Amended and Restated Guaranty, executed by the Guarantor, dated
September 30, 1996 (the "Guaranty"). The foregoing documents and any other documents and instruments
executed in conjunction therewith are herein referred to collectively as the "Loan Documents".
B. The Borrower has requested a modification to certain of the terms and provisions of the Loan Documents and
the Bank and Guarantor are agreeable thereto, on the terms and conditions herein provided.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and of other good and valuable
consideration the receipt and sufficiency whereof are hereby acknowledged, Borrower, Guarantor and the Bank
hereby agree as follows:
1. The Borrower